| Quarterly Financial Information [Text Block] |
18. Selected Quarterly Financial Data—UNAUDITED
Unaudited quarterly financial data are as follows (in thousands, except per share amounts):
| |
|
1st Quarter |
|
|
2nd Quarter |
|
|
3rd Quarter |
|
|
4th Quarter |
|
| Year Ended December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
124,128 |
|
|
$ |
55,241 |
|
|
$ |
72,517 |
|
|
|
94,748 |
|
| Operating (loss) income |
|
|
71,811 |
|
|
|
(28,041 |
) |
|
|
(19,510 |
) |
|
|
349 |
|
| Net (loss) income (1) |
|
|
65,980 |
|
|
|
(5,904 |
) |
|
|
(13,339 |
) |
|
|
(8,947 |
) |
| Basic and diluted (loss) earnings per common share (2) |
|
|
0.46 |
|
|
|
(0.04 |
) |
|
|
(0.09 |
) |
|
|
(0.06 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year Ended December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
116,080 |
|
|
$ |
134,701 |
|
|
$ |
132,221 |
|
|
$ |
151,894 |
|
| Operating income |
|
|
(30,976 |
) |
|
|
37,379 |
|
|
|
35,399 |
|
|
|
16,847 |
|
| Net (loss) income (1) |
|
|
(47,761 |
) |
|
|
36,389 |
|
|
|
75,899 |
|
|
|
9,559 |
|
| Basic and diluted earnings per common share (2) |
|
|
(0.34 |
) |
|
|
0.25 |
|
|
|
0.53 |
|
|
|
0.07 |
|
| (1) |
During 2020, we recorded a derivative (gain) loss of $(61.9) million, 15.4 million, 11.2 million, and $11.5 million in the first, second, third and fourth quarters, respectively. During 2020, we recorded gain on debt transactions of $47.5 million. During 2020, we recorded income tax expense (benefit) of $6.5 million, ($8.7) million, ($21.1) million and ($6.9) million in the first, second, third and fourth quarters, respectively. During 2019, we recorded a derivative loss (gain) of $48.9 million, ($1.8) million, ($5.9) million, and $18.7 million in the first, second, third and fourth quarters, respectively. During 2019, we recorded income tax expense (benefit) of $0.2 million, ($11.7) million, ($55.5) million and ($8.2) million in the first, second, third and fourth quarters, respectively. |
| (2) |
The sum of the individual quarterly earnings (loss) per common share may not agree with the yearly amount due to each quarterly calculation is based on income for that quarter and the weighted average common shares outstanding for that quarter. |
|