v3.20.2

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues	$ 15,574	$ 15,762	$ 46,464	$ 47,175
Operating expenses
Cost of services	7,422	7,542	22,235	22,630
Selling, general and administrative expenses	3,459	2,506	9,326	7,535
Depreciation and amortization	2,088	1,873	6,163	5,698
Total operating expenses	12,969	11,921	37,724	35,863
Income from operations	2,605	3,841	8,740	11,312
Other income (expense)
Interest expense	(931)	(1,315)	(3,100)	(4,044)
Other income	6	5	813	604
Total other expense	(925)	(1,310)	(2,287)	(3,440)
Income before income tax expense	1,680	2,531	6,453	7,872
Income tax expense	(452)	(712)	(1,576)	(2,056)
Net income	$ 1,228	$ 1,819	$ 4,877	$ 5,816
Weighted average number of common shares outstanding:
Basic (in shares)	3,421,794	3,410,936	3,421,794	3,410,936
Diluted (in shares)	3,440,772	3,431,229	3,440,772	3,431,229
Basic net income per common share (in dollars per share)	$ 0.36	$ 0.53	$ 1.43	$ 1.71
Diluted net income per common share (in dollars per share)	$ 0.36	$ 0.53	$ 1.42	$ 1.70

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2(a),(d))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

OTELCO INC. 10-Q