Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

Quarterly results of operations for the years ended December 31, 2019 and 2018 are summarized below:

	Three Months Ended
	March 31			June 30		September 30		December 31
	(in thousands, except per-share amounts)
2019
Operating revenue	$	855,796		$	1,012,956	$	991,968	$	969,816
Operating income	87,804			163,938		124,681		124,624
Net income	56,076			114,501		83,464		81,214
Basic earnings per share	0.82			1.67		1.22		1.19
Diluted earnings per share	0.82			1.67		1.22		1.18
2018
Operating revenue	$	704,138		$	851,771	$	904,330	$	862,795
Operating income (loss)	(38,797		)	108,521		145,125		136,065
Net income (loss)	(44,922		)	11,254		97,480		91,937
Basic earnings (loss) per share	(0.66		)	0.16		1.43		1.35
Diluted earnings (loss) per share	(0.66		)	0.16		1.42		1.34

Interim results are not necessarily indicative of the results that may be expected for other interim periods or for the full year. The air transportation business is subject to significant seasonal fluctuations as demand is generally greater in the second and third quarters of each year. The air transportation business is also volatile and highly affected by economic cycles and trends.