Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Data

v3.3.1.900
Selected Quarterly Financial Data
12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data
15. Selected Quarterly Financial Data (Unaudited)

The Company’s real estate brokerage commissions and financing fees are seasonal, which can affect an investor’s ability to compare the Company’s financial condition and results of operation on a quarter-by-quarter basis. Historically, this seasonality has caused the Company’s revenue, operating income, net income and cash flows from operating activities to be lower in the first half of the year and higher in the second half of the year, particularly in the fourth quarter. The concentration of earnings and cash flows in the last six months of the year, particularly in the fourth quarter, is due to an industry-wide focus of clients to complete transactions towards the end of the calendar year. In addition, the Company’s gross margins are typically lower during the second half of each year due to its commission structure for some of its senior investment sales and financing professionals. These senior investment sales and financing professionals are on a graduated commission schedule whose commission rates generally increase as they meet certain production thresholds.

 

    Three Months Ended  
    Dec. 31
2015
    Sep. 30
2015
    Jun. 30
2015
    Mar. 31
2015
    Dec. 31
2014
    Sep. 30
2014
    Jun. 30
2014
    Mar. 31
2014
 
    (in thousands, except per share data)  

Consolidated Financial Statement Data:

               

Total revenues

  $ 203,156      $ 165,876      $ 173,482      $ 146,541      $ 172,444      $ 150,889      $ 134,265      $ 114,590   

Cost of services

    129,664        102,010        105,557        86,158        109,836        92,269        79,601        68,396   

Operating income

    33,930        27,418        29,529        23,774        27,097        23,721        21,726        12,062   

Net income

    19,949        15,176        17,556        13,669        16,430        13,523        12,796        6,782   

Earnings per share:

               

Basic

  $ 0.51      $ 0.39      $ 0.45      $ 0.35      $ 0.42      $ 0.35      $ 0.33      $ 0.17   

Diluted

  $ 0.51      $ 0.39      $ 0.45      $ 0.35      $ 0.42      $ 0.35      $ 0.33      $ 0.17