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Quarterly Results of Operations (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations (Unaudited)
Quarterly Results of Operations (Unaudited)
The following table sets forth a summary of the Company’s consolidated unaudited quarterly results of operations for the years ended December 31, in thousands of dollars, except per share amounts.
 
Quarters
 
First
 
Second
 
Third
 
Fourth
Revenue:
 
 
 
 
 
 
 
2018
$
326,968

 
$
379,743

 
$
375,830

 
$
393,662

2017
$
344,700

 
$
390,532

 
$
375,800

 
$
402,747

Cost of services sold:
 
 
 
 
 
 
 
2018
$
243,030

 
$
253,390

 
$
238,690

 
$
256,088

2017
$
237,563

 
$
267,822

 
$
249,418

 
$
268,673

Net Income (loss):
 
 
 
 
 
 
 
2018
$
(28,519
)
 
$
5,951

 
$
(13,667
)
 
$
(75,713
)
2017
$
(9,683
)
 
$
13,467

 
$
21,984

 
$
231,455

Net income (loss) attributable to MDC Partners Inc.:
 
 
 
 
 
 
 
2018
$
(29,416
)
 
$
3,406

 
$
(16,125
)
 
$
(81,598
)
2017
$
(10,566
)
 
$
11,253

 
$
18,493

 
$
222,668

Income (loss) per common share:
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
2018
$
(0.56
)
 
$
0.02

 
$
(0.32
)
 
$
(1.46
)
2017
$
(0.21
)
 
$
0.14

 
$
0.25

 
$
3.33

Diluted
 
 
 
 
 
 
 
2018
$
(0.56
)
 
$
0.02

 
$
(0.32
)
 
$
(1.46
)
2017
$
(0.21
)
 
$
0.14

 
$
0.24

 
$
3.30


The above revenue, cost of services sold, and income (loss) have primarily been affected by acquisitions and divestitures.
Historically, with some exceptions, the Company’s fourth quarter generates the highest quarterly revenues in a year. The fourth quarter has historically been the period in the year in which the highest volumes of media placements and retail related consumer marketing occur.
Income (loss) have been affected as follows:
•
The fourth quarter of 2018 and 2017 included a foreign exchange loss of $13,324 and $660, respectively.
•
The fourth quarter of 2018 and 2017 included stock-based compensation charges of $1,534 and $7,480, respectively.
•
The fourth quarter of 2018 and 2017 included changes in deferred acquisition resulting in income of $8,979 and $18,173, respectively.
•
The fourth quarter of 2018 included goodwill and other asset impairment charges of $56,732 and the third and fourth quarter of 2017 included goodwill impairment charges of $29,631 and $18,893, respectively.
•
The fourth quarter of 2018 included income tax expense related to the establishment of the Company’s valuation allowance of $49,447. The fourth quarter of 2017 included income tax benefit of $226,466 relating to the decrease to the valuation allowance.