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Selected Quarterly Financial Data
 12 Months Ended
Dec. 31, 2014
Selected Quarterly Financial Data [Abstract]  
Selected Quarterly Financial Data

(14)Selected Quarterly Financial Data (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Quarter Ended

 

 

March 31,

 

June 30,

 

September 30,

 

December 31,

 

March 31,

 

June 30,

 

September 30,

 

December 31,

 

 

2013

 

2013

 

2013

 

2013

 

2014

 

2014

 

2014

 

2014

 

 

(in thousands, except per share amounts)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare

$
35,727 

$
33,871 

$
32,646 

$
32,896 

$
39,984 

$
37,592 

$
38,600 

$
39,813 

Commuter

 
14,707 

 
14,722 

 
14,949 

 
15,201 

 
16,043 

 
15,050 

 
15,078 

 
15,605 

COBRA

 
3,492 

 
3,673 

 
3,837 

 
4,045 

 
4,038 

 
3,701 

 
9,544 

 
14,713 

Other

 
2,189 

 
2,295 

 
2,139 

 
2,889 

 
2,555 

 
2,414 

 
4,776 

 
8,326 

Total revenues

 
56,115 

 
54,561 

 
53,571 

 
55,031 

 
62,620 

 
58,757 

 
67,998 

 
78,457 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (excluding amortization of internal use software)

 
20,613 

 
19,932 

 
19,300 

 
22,073 

 
22,797 

 
21,157 

 
24,951 

 
31,321 

Sales and marketing, technology and development and general and administrative

 
23,541 

 
23,167 

 
23,832 

 
23,232 

 
24,498 

 
25,169 

 
30,771 

 
35,127 

Amortization and change in contingent consideration

 
4,462 

 
4,725 

 
554 

 
1,871 

 
4,420 

 
4,549 

 
5,688 

 
6,335 

Total operating expenses

 
48,616 

 
47,824 

 
43,686 

 
47,176 

 
51,715 

 
50,875 

 
61,410 

 
72,783 

Income from operations

 
7,499 

 
6,737 

 
9,885 

 
7,855 

 
10,905 

 
7,882 

 
6,588 

 
5,674 

Other, net

 
(352)

 
(349)

 
(316)

 
(57)

 
(243)

 
(242)

 
215 

 
(594)

Income before income taxes

 
7,147 

 
6,388 

 
9,569 

 
7,798 

 
10,662 

 
7,640 

 
6,803 

 
5,080 

Income tax provision

 
(2,511)

 
(2,396)

 
(1,818)

 
(2,478)

 
(4,218)

 
(3,053)

 
(2,690)

 
(1,982)

Net income

$
4,636 

$
3,992 

$
7,751 

$
5,320 

$
6,444 

$
4,587 

$
4,113 

$
3,098 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$
0.14 

$
0.12 

$
0.23 

$
0.15 

$
0.19 

$
0.13 

$
0.12 

$
0.09 

Diluted

$
0.14 

$
0.11 

$
0.22 

$
0.15 

$
0.18 

$
0.13 

$
0.11 

$
0.08 

Shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 
32,226 

 
33,473 

 
34,134 

 
34,638 

 
34,831 

 
35,117 

 
35,234 

 
35,393 

Diluted

 
33,841 

 
35,047 

 
35,785 

 
36,313 

 
36,303 

 
36,340 

 
36,152 

 
36,517 

 

 

In the third and fourth quarters of fiscal 2013, the Company made fair value adjustments to the contingent consideration liability related to the BCI acquisition as are disclosed within Note 1 to our consolidated financial statements under “Fair Value of Financial Instruments.”