Unaudited Quarterly Consolidated Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Consolidated Financial Information


	For the Quarter Ended
	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
	(in thousands, except per share data)
Revenues ⁽¹⁾	$	295,949	$	358,899	$	312,766	$	262,979
Gross profit	137,615		189,379		163,824		126,238
Income from operations	32,578		47,831		39,884		8,356
Net income⁽²⁾	24,710		39,198		35,676		19,913
Net income attributable to common shareholders ⁽²⁾	24,710		39,198		35,676		19,913
Basic income per common share ⁽³⁾	$	0.34	$	0.55	$	0.52	$	0.29
Diluted income per common share ⁽³⁾	$	0.33	$	0.55	$	0.51	$	0.29

⁽¹⁾ Due to the seasonal nature of our products, we experience decreased revenues in the fourth quarter of the year relative to the other quarters.

⁽²⁾ During the three months ended December 31, 2019, we reduced a portion of the valuation allowance recorded against certain deferred tax assets, resulting in a tax benefit. See Note 13 — Income Taxes for more information.

⁽³⁾ Basic and diluted income per common share are computed independently for each of the quarters presented. Therefore, the sum of the quarters may not equal the annual amounts presented in the consolidated statements of operations.


	For the Quarter Ended
	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
	(in thousands, except per share data)
Revenues⁽¹⁾	$	283,148	$	328,004	$	261,064	$	215,989
Gross profit	139,873		181,400		139,059		99,822
Income (loss) from operations	25,922		37,064		13,895		(13,937)
Net income (loss)	16,454		34,377		10,492		(10,886)
Net income (loss) attributable to common shareholders ⁽²⁾	12,523		30,426		6,520		(118,685)
Basic income (loss) per common share	$	0.15	$	0.37	$	0.08	$	(1.72)
Diluted income (loss) per common share	$	0.15	$	0.35	$	0.07	$	(1.72)

⁽¹⁾ Due to the seasonal nature of our products, we experience decreased revenues in the fourth quarter of the year relative to the other quarters.

⁽²⁾ The balance in ‘Net income (loss) attributable to common shareholders’ for the three months ended December 31, 2018 was impacted by the repurchase and conversion of Series A Convertible Preferred Stock. See Note 10 — Equity and the consolidated statement of operations for more information.