(23)QUARTERLY FINANCIAL DATA (UNAUDITED)

The following tables present certain quarterly financial data for the year ended December 31, 2019 (in thousands except per share amounts).


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter

Revenue	$	394,356	$	392,515	$	395,507	$	461,326
Cost of services		293,334		299,237		304,622		345,694
Selling, general and administrative		49,720		50,864		48,062		53,894
Depreciation and amortization		16,743		17,050		16,659		18,634
Restructuring and integration charges, net		961		428		183		175
Impairment losses		1,506		2,063		—		166
Income from operations		32,092		22,873		25,981		42,763
Other income (expense)		(4,150)		(1,914)		(806)		(6,428)
Provision for income taxes		(7,466)		(7,345)		(5,196)		(5,670)
Non-controlling interest		(1,474)		(1,816)		(1,878)		(2,402)
Net income attributable to TTEC stockholders	$	19,002	$	11,798	$	18,101	$	28,263

Weighted average shares outstanding
Basic		46,203		46,318		46,481		46,487
Diluted		46,590		46,684		46,768		46,831

Net income per share attributable to TTEC stockholders
Basic	$	0.41	$	0.25	$	0.39	$	0.61
Diluted	$	0.41	$	0.25	$	0.39	$	0.60

Included in Other income (expense) in the second quarter is a $2.4 million benefit related to the fair value adjustment of contingent consideration for an acquisition.

Included in Other income (expense) in the third quarter is a $1.4 million benefit on recovery of receivables in connection with the consulting business that is being wound down and a $0.7 million benefit on the sale of trademarks.

Included in Other Income (expense) for each of the quarters is an interest expense charge related to the future purchase for the remaining 30% of the Motif acquisition - $1.3 million, $0.5 million, $0.8 million and $2.1 million in the first, second, third and fourth quarters, respectively.

Included in the Provision for Income Taxes is: a $0.2 million expense in the fourth quarter, a $0.2 million expense in the third quarter, a $0.1 million expense in the second quarter, and a $0.2 million expense in the first quarter related to changes in tax contingent liabilities; a $1.6 million benefit in the fourth quarter, a $0.2 million benefit in the third quarter, a $0.1 million benefit in the second quarter and a $0.1 million expense in the first quarter related to return to provision adjustments; a $2.8 million benefit in the fourth quarter related to tax rate changes; a $2.2 million expense in the fourth quarter, and a $2.3 million expense in the second quarter related to changes in valuation allowances; a $0.2 million benefit in the second quarter and a $0.7 million benefit in the first quarter related to restructuring charges; and a $0.1 million benefit in the fourth quarter, a $0.2 million expense in the third quarter, a $0.1 million expense in the second quarter, and a $0.1 million expense in the first quarter of other items. Without these items our effective tax rate for the year ended December 31, 2019 would have been 22.9%.

The following tables present certain quarterly financial data for the year ended December 31, 2018 (in thousands except per share amounts).


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter

Revenue	$	375,249	$	349,853	$	364,936	$	419,133
Cost of services		283,370		274,260		286,925		313,372
Selling, general and administrative		47,045		44,245		43,321		47,817
Depreciation and amortization		17,924		16,811		17,317		17,127
Restructuring and integration charges, net		849		1,034		2,716		1,532
Impairment losses		1,120		—		—		332
Income from operations		24,941		13,503		14,657		38,953
Other income (expense)		(16,907)		(6,553)		(6,020)		(6,336)
Provision for income taxes		(2,102)		(653)		(1,893)		(11,835)
Non-controlling interest		(1,341)		(779)		(1,369)		(449)
Net income (loss) attributable to TTEC stockholders	$	4,591	$	5,518	$	5,375	$	20,333

Weighted average shares outstanding
Basic		45,871		46,016		46,172		46,193
Diluted		46,452		46,401		46,316		46,390

Net income per share attributable to TTEC stockholders
Basic	$	0.10	$	0.12	$	0.12	$	0.44
Diluted	$	0.10	$	0.12	$	0.12	$	0.44

Included in Other income (expense) in the first quarter is a $15.6 million expense related to the impairment of the full value of an equity investment and related bridge loan. Also included is a $0.7 million gain on the purchase of an acquisition.

Included in Other income (expense) in the second quarter and fourth quarter was a $2.0 million loss and a $0.4 million gain, respectively, related to a business unit which was classified as assets held for sale but subsequently reclassified to assets held and used.

Included in Other Income (expense) for each of the quarters is an interest expense charge related to the future purchase for the remaining 30% of the Motif acquisition - $1.9 million, $3.1 million, $3.0 million and $1.9 million in the first, second, third and fourth quarters, respectively.

Included in the Provision for Income Taxes is a $3.6 million expense in the fourth quarter, a $1.1 million benefit in the third quarter, a $1.0 million benefit in the second quarter related to changes in tax contingent liabilities, a $3.0 million benefit in the fourth quarter, a $0.2 million expense in the third quarter, a $0.5 million benefit in the second quarter related to return to provision adjustments, a $4.2 million benefit in the first quarter related to impairment of an equity investment, a $0.2 million expense in the first quarter, $0.1 million of expense in the second quarter, $0.1 million of expense in the third quarter and $0.1 million of expense in the fourth quarter related to the disposition of assets, a $1.5 million expense in the fourth quarter related to changes in valuation allowances, a $0.1 million benefit in the first quarter, a $0.2 million benefit in the second quarter and a $0.4 million benefit in the third quarter related to excess taxes on equity compensation, a $0.5 million benefit in the fourth quarter, a $0.7 million benefit in the third quarter, a $0.2 million benefit in the second quarter, a $0.6 million benefit in the first quarter related to restructuring charges, a $0.9 million benefit in the fourth quarter, $0.1 million of expense in the third quarter and a $0.2 million expense in the first quarter of other items. Without these items our effective tax rate for the year ended December 31, 2018 would have been 25.6%.