Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Information

v3.20.1
Selected Quarterly Financial Information
 12 Months Ended
Dec. 31, 2019
Selected Quarterly Financial Information [Abstract]  
Selected Quarterly Financial Information SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The unaudited quarterly results for years ended December 31, 2019 and 2018 were prepared in accordance with GAAP, and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. Quarterly income per share is based on the weighted average number of shares outstanding during the quarter. Because of changes in the number of shares outstanding during the quarters due to the exercise of stock options and issuance of common stock, the sum of quarterly earnings per share may not equal earnings per share for the year.

Three Months Ended

March 31,

June 30,

September 30,

December 31,

(in thousands of dollars except per share information)

2019:

Total revenues

$

19,765

$

25,230

$

17,603

$

21,923

Total operating costs and expenses

14,182

14,461

16,137

14,127

Operating income

5,546

6,370

1,501

7,776

Income (loss) from continuing operations

830

(871)

(3,858)

1,051

Income (loss) from discontinued operations

5,671

(162)

(61)

(37)

Net income (loss)

6,501

(1,033)

(3,919)

1,014

Basic net income (loss) per share

$

0.10

$

(0.01)

$

(0.07)

$

0.02

Diluted net income (loss) per share

$

0.10

$

(0.01)

$

(0.07)

$

0.02

Basic income (loss) from continuing operations per share

$

0.01

$

(0.01)

$

(0.07)

$

0.02

Diluted income (loss) from continuing operations per share

$

0.01

$

(0.01)

$

(0.07)

$

0.02

Deferred income tax expense (benefit) for the three months ended September 30, 2019 included a $4.8 million charge to increase the valuation allowances on US deferred tax assets and for the three months ended December 31, 2019 included $1.7 million benefit as a result of a decrease in valuation allowances on deferred tax assets.

Three Months Ended

March 31,

June 30,

September 30,

December 31,

(in thousands of dollars except per share information)

2018:

Total revenues

$

27,645

$

24,426

$

25,266

$

27,606

Total operating costs and expenses

14,631

19,017

7,940

12,433

Operating income

13,038

5,723

17,320

15,206

Income from continuing operations

8,711

887

78,626

10,504

Loss from discontinued operations

(52)

(343)

(21)

(80)

Net income

8,659

544

78,605

10,424

Basic net income per share

$

0.15

$

0.02

$

1.31

$

0.17

Diluted net income per share

$

0.15

$

0.02

$

1.28

$

0.17

Basic income from continuing operations per share

$

0.15

$

0.02

$

1.31

$

0.17

Diluted income from continuing operations per share

$

0.15

$

0.02

$

1.28

$

0.17

As discussed further in Note 8, deferred income tax expense (benefit) for the three months ended September 30 and December 31, 2018 included $(66.6) million and $9.0 million, respectively, related to the recognition of deferred tax assets as well as adjustments to valuation allowances.