Table of Contents CITIZENS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) but stepped down from the Audit Committee, the Compensation Committee and the Executive Committee as of such date. (14) QUARTERLY FINANCIAL INFORMATION (Unaudited) (15) SUBSEQUENT EVENTS December 31, 2020 | 10-K 122 The Foundation Settlement Agreement, among other things, provided for certain governance arrangements, including certifying the Company's board membership as it existed as of August 12, 2020, as well as the repurchase by the Company of all of the Company's shares of Class B common stock held by the Foundation. On February 6, 2021,  Baylor University and Southwestern Baptist Theological Seminary, the two sole charitable beneficiaries of the Foundation (the “Foundation Beneficiaries”) gained control of the Foundation and entered into a Mutual Agreement for Compromise, Settlement and Release with the Company and its individual directors (the “Foundation Settlement Agreement”) to resolve the litigation that had been filed by the Foundation against the Company and its eight individual board members captioned  Harold E. Riley Foundation v. Claus, et al.  in the District Court (the “Colorado Court”) for Arapahoe County, Colorado (the “Colorado Litigation”). On February 10, 2021, the Colorado Court entered an order granting final approval of the Foundation Settlement Agreement. The Company has evaluated the impact of subsequent events as defined by the accounting guidance through the date this report was issued. The following table contains selected unaudited financial data for each quarter. (In thousands, except per share amounts) Fourth Quarter Third Quarter Second Quarter First Quarter 2020 Revenues $ 64,968 59,825 58,341 55,722 Benefits and expenses 67,317 67,996 57,903 57,957 Federal income tax expense (benefit) (3,887) (256) 1,465 1,349 Net income (loss) 1,538 (7,915) (1,027) (3,584) Net income (loss) available to common shareholders 1,538 (7,915) (1,027) (3,584) Basic & Diluted earnings (losses) per share of Class A common stock 0.03 (0.16) (0.02) (0.07) Basic & Diluted earnings (losses) per share of Class B common stock 0.01 (0.07) (0.01) (0.04) (In thousands, except per share amounts) Fourth Quarter Third Quarter Second Quarter First Quarter 2019 Revenues $ 69,806  61,467  56,866  62,406  Benefits and expenses 64,878  59,335  60,189  60,398  Federal income tax expense (benefit) (23) 86  1,242  5,810  Net income (loss) 4,951  2,046  (4,565) (3,802) Net income (loss) available to common shareholders 4,951  2,046  (4,565) (3,802) Basic & Diluted earnings (losses) per share of Class A common stock 0.10  0.04  (0.09) (0.08) Basic & Diluted earnings (losses) per share of Class B common stock 0.05  0.02  (0.04) (0.04)