SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 15. Quarterly Results (unaudited) (in thousands except for per share data) (a) Fourth quarter results of 2003 include favorable adjustments to revenue and expenses totaling $2.5 million, related to true-ups of management’s estimates and settlements of disputes with Sprint and a $0.4  million benefit related to a change in vacation benefit accrual for employees. (b) Second quarter results of 2002 include the loss of $4.9 million, net of tax effects on the other than temporary write- down of the VeriSign stock. Per share earnings may not add to the full year values as each per share calculation stands on its own. SHENANDOAH TELECOMMUNICATIONS COMPANY ■  38 For the year ended December 31, 2003 First Second Third Fourth Total Revenues $ 24,947 $ 24,844 $ 27,582 $ 28,488 $ 105,861 Operating income 4,150 2,402 4,976 7,100 18,628 Income from  Continuing operations 1,931 1,044 2,717 4,069 9,761 Income from discontinued operations, net of taxes 22,628 - (23) (216) 22,389 Cumulative effect of change in accounting (76) - - - (76) Net income (a) $ 24,483 $ 1,044 $ 2,694 $ 3,853 $ 32,074 Income (loss) per share — Continuing operations-diluted $ 0.26 $ 0.14 $ 0.36 $ 0.53 $ 1.28 Discontinued operations -diluted 2.99 - - (0.03) 2.94 Cumulative effect of change in accounting — diluted (0.01) - - - Net income per share — basic $ 3.24 $ 0.14 $ 0.36 $ 0.51 $ Net income per share - diluted 3.23 0.14 0.35 0.50 4.22 For the year ended December 31, 2002 First Second Third Fourth Total Revenues $ 20,697 $ 22,186 $ 24,631 $ 25,460 $ 92,974 Operating income 2,316 2,617 2,371 2,034 9,338 Income (loss) from  Continuing operations 370 (3,984) 383 338 (2,893) Income from Discontinued operations, net of taxes 1,786 1,870 1,841 1,915 7,412 Net income (b) $ 2,156 $ (2,114) $ 2,224 $ 2,253 $ 4,519 Income (loss) per share — Continuing operations -diluted $ 0.05 $ (0.53) $ 0.05 $ 0.04 $ Discontinued operations -diluted 0.24 0.25 0.24 0.25 0.98 Net income per share — basic $ 0.29 $ (0.28) $ 0.29 $ 0.30 $ Net income per share - diluted 0.29 (0.28) 0.29 0.30 0.60 2.98