BUSINESS SEGMENTS (Tables)

Segment information is as follows:


	Three months ended March 31,
	2020		2019
Operating income
DynaEnergetics	$	8,606	$	23,110
NobelClad	1,476		1,830
Segment operating income	10,082		24,940

Unallocated corporate expenses	(2,617)		(3,317)
Stock-based compensation	(1,118)		(1,171)
Other income (expense), net	115		(21)
Interest expense, net	(238)		(373)
Income before income taxes	$	6,224	$	20,058


	Three months ended March 31,
	2020		2019
Depreciation and amortization
DynaEnergetics	$	1,772	$	1,399
NobelClad	834		797
Segment depreciation and amortization	$	2,606	$	2,196
Corporate and other (1)	$	100	$	—
Consolidated depreciation and amortization	$	2,706	$	2,196

(1) Prior to Q4 2019, the Company fully allocated corporate and other depreciation to the segments.

The disaggregation of revenue earned from contracts with customers based on the geographic location of the customer is as follows.