QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2020

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Schedule of unaudited quarterly financial information

	2020
	First		Second		Third		Fourth
	Quarter		Quarter(1)		Quarter		Quarter
	(in thousands, except share and per share data)
Revenues	$	701,399	$	627,370	$	794,980	$	816,414
Operating expenses		693,580		606,945		755,198		786,162
Operating income		7,819		20,425		39,782		30,252
Other income (costs)		(5,434)		309		(604)		(53)
Income tax provision		483		4,854		9,774		6,285
Net income	$	1,902	$	15,880	$	29,404	$	23,914
Earnings per common share
Basic	$	0.07	$	0.62	$	1.15	$	0.94
Diluted	$	0.07	$	0.61	$	1.11	$	0.89
Average common shares outstanding
Basic		25,390,377		25,463,559		25,470,094		25,427,449
Diluted		26,246,800		26,217,957		26,592,457		26,734,287

	2019
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
	(in thousands, except share and per share data)
Revenues	$	711,839	$	771,490	$	787,563	$	717,418
Operating expenses(2)		703,248		736,290		756,355		728,647
Operating income(2)		8,591		35,200		31,208		(11,229)
Other costs(3)		(1,995)		(1,640)		(7,866)		(798)
Income tax provision (benefit)		1,708		9,184		7,072		(6,478)
Net income (loss)(2)(3)	$	4,888	$	24,376	$	16,270	$	(5,549)
Earnings (loss) per common share(4)
Basic(2)(3)	$	0.19	$	0.95	$	0.64	$	(0.22)
Diluted(2)(3)	$	0.18	$	0.92	$	0.62	$	(0.22)
Average common shares outstanding
Basic		25,570,415		25,554,286		25,527,982		25,490,393
Diluted		26,512,349		26,431,592		26,416,595		25,490,393

(1) Quarterly results for the second quarter of 2020 do not reflect typical seasonal trends in business levels due to the negative impact of the COVID-19 pandemic on demand for the Company’s services which resulted in lower revenues and operating results for second quarter 2020.

(2) Fourth quarter 2019 includes a noncash impairment charge of $26.5 million (pre-tax), or $19.8 million (after-tax) and $0.78 per diluted share, related to a portion of the goodwill, customer relationship intangible assets, and revenue equipment associated with the acquisition of truckload and dedicated businesses within the ArcBest segment. See Note D.

(3) Includes nonunion pension expense, including settlement, for the first three quarters of 2019. In third quarter 2019, when the benefit obligation of the plan was settled, nonunion defined benefit pension expense, including settlement and termination expense, totaled $6.7 million (pre-tax), or $6.0 million (after-tax) and $0.23 diluted share. See Note I for annual amounts of nonunion pension expense, including settlement and termination expense.

(4) The Company used the two-class method for calculating earnings per share. See Note L.