| QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Selected financial information for interim quarterly periods is presented below (in thousands, except per share data). Earnings (loss) per common share are computed independently for each of the quarters presented, and the sum of the quarterly earnings (loss) per share may not necessarily equal the total for the year:
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Three Months Ended |
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Mar. 31 |
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Jun. 30 |
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Sep. 30 (1)
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Dec. 31 (2)
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2017 |
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Operating revenues |
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$ |
54,527 |
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$ |
57,878 |
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$ |
61,385 |
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$ |
57,531 |
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Operating income (loss) |
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$ |
(5,056 |
) |
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$ |
(276 |
) |
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$ |
(122,773 |
) |
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$ |
(8,359 |
) |
Net income (loss) |
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$ |
(5,787 |
) |
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$ |
(3,072 |
) |
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$ |
(81,215 |
) |
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$ |
61,459 |
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Net income (loss) attributable to common shares |
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$ |
(5,620 |
) |
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$ |
(2,787 |
) |
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$ |
(81,448 |
) |
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$ |
61,694 |
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Earnings (loss) per common share - basic |
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$ |
(0.27 |
) |
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$ |
(0.13 |
) |
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$ |
(3.91 |
) |
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$ |
2.89 |
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Earnings (loss) per common share - diluted |
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$ |
(0.27 |
) |
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$ |
(0.13 |
) |
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$ |
(3.91 |
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$ |
2.89 |
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Three Months Ended |
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Mar. 31 |
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Jun. 30 |
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Sep. 30 |
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Dec. 31 (3)
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2016 |
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Operating revenues |
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$ |
62,582 |
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$ |
63,351 |
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$ |
65,006 |
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$ |
56,289 |
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Operating income (loss) |
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$ |
(805 |
) |
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$ |
(3,509 |
) |
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$ |
2,366 |
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$ |
(1,421 |
) |
Net income (loss) |
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$ |
(3,950 |
) |
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$ |
(4,510 |
) |
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$ |
(802 |
) |
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$ |
(5,648 |
) |
Net income (loss) attributable to common shares |
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$ |
(3,818 |
) |
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$ |
1,938 |
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$ |
(560 |
) |
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$ |
(5,538 |
) |
Earnings (loss) per common share - basic |
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$ |
(0.19 |
) |
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$ |
0.09 |
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$ |
(0.03 |
) |
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$ |
(0.27 |
) |
Earnings (loss) per common share - diluted |
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$ |
(0.19 |
) |
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$ |
0.09 |
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$ |
(0.03 |
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$ |
(0.27 |
) |
_______________
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(1) |
The third quarter of 2017 includes adjustments that were immaterial to the fiscal year ended December 31, 2017 and to prior periods. The impact of the corrections made in the third quarter 2017 was a $1.2 million increase in operating loss, including a $0.2 million increase in operating expense, a $0.7 million increase in general and administrative expense, $0.3 million increase in loss on impairment, a $0.9 million increase in tax benefit, a $0.3 million increase in net loss and net loss attributable to common shares, a $0.02 increase in loss per common share.
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(2) |
The fourth quarter of 2017 includes adjustments that were immaterial to the fiscal year ended December 31, 2017 and to prior periods. The impact of the corrections made in the fourth quarter 2017 was a $0.3 million increase in operating loss, including a $0.4 million increase in operating expense, a $0.2 million decrease in depreciation and amortization expense, a $0.1 million decrease in general and administrative expense, a $0.2 million decrease in gains on asset dispositions, a $1.2 million increase in interest expense, a $0.2 million increase in tax benefit, a $1.4 million decrease in net loss and net loss attributable to common shares, a $0.05 decrease in loss per common share.
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(3) |
The fourth quarter of 2016 includes adjustments that were immaterial to the fiscal year ended December 31, 2016 and to prior periods. The impact of the corrections made in the fourth quarter of 2016 was a $1.7 million decrease in operating income, including a $2.0 million increase in operating expense, a $0.5 million decrease in depreciation and amortization expense and a $0.3 million decrease in gains on asset dispositions, a $1.0 million increase in net loss and net loss attributable to common shares and a $0.05 increase in loss per common share.
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