Note 20 - Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Quarterly Financial Information [Text Block]

20. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The tables below present quarterly financial information for

2019

and

2018:

	2019
	Three Months Ended
	March 31			June 30			September 30			December 31
	(in thousands, except per share data)
Operating revenues	$	128,686		$	133,000		$	128,994		$	123,497
Operating expenses and costs		118,999			119,789			121,461			141,381
Operating income (loss)		9,687			13,211			7,533			(17,884	)
Non-operating income (loss)		3,472			(197	)		490			2,457
Interest expense		(2,040	)		(2,059	)		(2,178	)		(2,377	)
Income tax (expense) benefit		(2,818	)		(2,301	)		(1,264	)		4,168
Net income (loss)	$	8,301		$	8,654		$	4,581		$	(13,636	)
Net income (loss) per common share:
Basic	$	1.40		$	1.47		$	0.80		$	(2.37	)
Diluted	$	1.39		$	1.45		$	0.79		$	(2.37	)
Average common shares outstanding:
Basic		5,921			5,901			5,756			5,751
Diluted		5,985			5,949			5,799			5,751

	201 8
	Three Months Ended
	March 31			June 30			September 30			December 31
	(in thousands, except per share data)
Operating revenues	$	119,458		$	135,302		$	140,325		$	138,176
Operating expenses and costs		115,702			125,285			127,172			123,500
Operating income		3,756			10,017			13,153			14,676
Non-operating (loss) income		(879	)		632			935			(4,704	)
Interest expense		(1,160	)		(1,355	)		(1,711	)		(2,019	)
Income tax expense		(330	)		(2,005	)		(3,129	)		(1,883	)
Net income	$	1,387		$	7,289		$	9,248		$	6,070
Net income per common share:
Basic	$	0.22		$	1.18		$	1.53		$	1.02
Diluted	$	0.22		$	1.17		$	1.52		$	1.01
Average common shares outstanding:
Basic		6,168			6,159			6,034			5,975
Diluted		6,264			6,229			6,088			6,029