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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)
Summarized quarterly results for the years ended December 31, 2018 and 2017 are as follows:

Three months ended 2018
 
Year ended
 
March 31
 
June 30
 
September 30
 
December 31
 
December 31, 2018

 
 
 
 
 
 
 
 
 
Revenues, net
$
206,973

 
$
210,112

 
$
231,124

 
$
234,903

 
$
883,112

Gross profit(1)
$
68,872

 
$
70,463

 
$
78,967

 
$
79,955

 
$
298,257

Net income
$
23,158

 
$
14,462

 
$
15,249

 
$
3,857

 
$
56,726

Earnings per share:
 
 
 
 
 
 
 
 
 
Basic
$
0.67

 
$
0.42

 
$
0.44

 
$
0.11

 
$
1.65

Diluted
$
0.66

 
$
0.41

 
$
0.43

 
$
0.11

 
$
1.62

Weighted-average number of shares used in computing earnings per share:
 
 
 
 
 
 
 
 
 
Basic
34,446,265

 
34,511,777

 
34,458,520

 
34,388,025

 
34,451,008

Diluted
35,302,926

 
35,142,388

 
35,207,991

 
34,921,388

 
35,030,984


 
 
 
 
 
 
 
 
 
Stock compensation expense
$
5,074

 
$
6,893

 
$
5,344

 
$
6,590

 
$
23,901

Amortization of intangibles
$
3,947

 
$
3,761

 
$
6,718

 
$
5,951

 
$
20,377

 
 
 
 
 
 
 
 
 
 

Three months ended 2017
 
Year ended
 
March 31
 
June 30
 
September 30
 
December 31
 
December 31, 2017
 
 
 
 
 
 
 
 
 


Revenues, net
$
183,033

 
$
189,057

 
$
192,345

 
$
197,875

 
$
762,310

Gross profit(1)(2)(3)
$
63,961

 
$
65,323

 
$
69,268

 
$
68,616

 
$
267,168

Net income/(loss)
$
16,788

 
$
20,378

 
$
21,077

 
$
(9,355
)
 
$
48,888

Earnings/(loss) per share:
 
 
 
 
 
 
 
 
 
Basic(4)
$
0.50

 
$
0.60

 
$
0.62

 
$
(0.27
)
 
$
1.44

Diluted(4)
$
0.48

 
$
0.58

 
$
0.60

 
$
(0.27
)
 
$
1.39

Weighted-average number of shares used in computing earnings per share:
 
 
 
 
 
 
 
 
 
Basic(4)
33,845,560

 
33,819,320

 
33,838,374

 
34,086,711

 
33,897,916

Diluted(4)
35,108,882

 
34,993,226

 
35,043,987

 
34,086,711

 
35,110,210


 
 
 
 
 
 
 
 
 
Stock compensation expense
$
5,956

 
$
5,107

 
$
5,708

 
$
6,270

 
$
23,041

Amortization of intangibles
$
3,498

 
$
3,507

 
$
3,487

 
$
3,483

 
$
13,975



(1) Exclusive of depreciation and amortization.

(2) During the quarter ended December 31, 2017, the Company early adopted ASU No. 2017-12, Derivative and Hedging ("Topic 815"), Targeted Improvements to Accounting for Hedging Activities. Pursuant to this adoption effective January 1, 2017, the Company recorded settlement gain/(loss) on cash flow hedges in cost of revenues and operating expenses, as applicable, in the consolidated statements of income for each of the quarters of 2017. Refer Note 18 for further details.

(3) Effective January 1, 2018, the Company adopted ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost. Pursuant to this, the Company retrospectively included only the service cost component of the net periodic benefit cost in the same line item or items on the 2017 and 2016 consolidated statements of income as other compensation costs arising from services rendered by the respective employees during the period. The interest cost, expected return on plan assets and amortization of actuarial gains/loss, have been reclassified from “Cost of revenues”, “General and administrative expenses” and “Selling and marketing expenses” to “Other income, net”.

(4) Total of quarterly basic and diluted earnings per share and weighted average number of shares used in computing earnings per share will not be equal to year end basic and diluted earnings per share and weighted average number of shares used in computing earnings per share, respectively. For the quarter ended December 31, 2017, nil weighted average common shares were considered anti-dilutive and not included in computing diluted earnings per share.