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Selected Quarterly Financial Information (unaudited)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Information

Note 25: Selected Quarterly Financial Information (unaudited)

The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period.

 

 

 

2020(1)

 

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

 

 

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Year

 

($ in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

351

 

 

$

123

 

 

$

208

 

 

$

212

 

 

$

894

 

Total operating expenses

 

 

337

 

 

 

165

 

 

 

210

 

 

 

427

 

 

 

1,139

 

Income (loss) before income taxes

 

 

9

 

 

 

(56

)

 

 

(12

)

 

 

(221

)

 

 

(280

)

Net income (loss)

 

 

8

 

 

 

(48

)

 

 

(7

)

 

 

(154

)

 

 

(201

)

Basic earnings (loss) per share

 

$

0.09

 

 

$

(0.56

)

 

$

(0.08

)

 

$

(1.81

)

 

$

(2.36

)

Diluted earnings (loss) per share

 

$

0.09

 

 

$

(0.56

)

 

$

(0.08

)

 

$

(1.81

)

 

$

(2.36

)

 

(1)

The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

 

 

 

2019(1)

 

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

 

 

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Year

 

($ in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

450

 

 

$

454

 

 

$

466

 

 

$

468

 

 

$

1,838

 

Total operating expenses

 

 

365

 

 

 

390

 

 

 

384

 

 

 

384

 

 

 

1,523

 

Income before income taxes

 

 

75

 

 

 

54

 

 

 

70

 

 

 

74

 

 

 

273

 

Net income

 

 

55

 

 

 

39

 

 

 

50

 

 

 

72

 

 

 

216

 

Basic earnings per share

 

$

0.59

 

 

$

0.43

 

 

$

0.59

 

 

$

0.83

 

 

$

2.43

 

Diluted earnings per share

 

$

0.58

 

 

$

0.43

 

 

$

0.59

 

 

$

0.83

 

 

$

2.42

 

 

(1)

The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.