NOTE 18 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)


UAL	Quarter Ended
(In millions, except per share amounts)	March 31		June 30		September 30		December 31
2016
Operating revenue	$	8,195	$	9,396	$	9,913	$	9,052
Income from operations		649		1,060		1,624		1,005
Net income		313		588		965		397
Basic earnings per share		0.88		1.78		3.02		1.26
Diluted earnings per share		0.88		1.78		3.01		1.26
2015
Operating revenue	$	8,608	$	9,914	$	10,306	$	9,036
Income from operations		741		1,445		1,899		1,081
Net income		508		1,193		4,816		823
Basic earnings per share		1.33		3.14		12.83		2.24
Diluted earnings per share		1.32		3.14		12.82		2.24

UAL’s quarterly financial data is subject to seasonal fluctuations and historically its second and third quarter financial results, which reflect higher travel demand, are better than its first and fourth quarter financial results. UAL’s quarterly results were impacted by the following significant items (in millions):


	Quarter Ended
	March 31		June 30		September 30		December 31
2016
Operating:
Impairment of assets	$	—	$	412	$	—	$	—
Cleveland airport lease restructuring		74		—		—		—
Labor agreement costs and related items		100		10		14		(60)
Severance and benefit costs		8		6		13		10
(Gains) losses on sale of assets and other special charges		8		6		18		19

Special charges		190		434		45		(31)
Nonoperating and income taxes:
Losses (gain) on extinguishment of debt and other		8		(9)		—		—
Income tax expense (benefit) related to special charges		(72)		(153)		(16)		12
Income tax adjustments (Note 6)		—		—		—		180

Total operating and nonoperating special items, net of income taxes	$	126	$	272	$	29	$	161

2015
Operating:
Impairment of assets	$	2	$	11	$	18	$	48
Labor agreement costs and related items		—		—		—		18
Severance and benefit costs		50		25		28		4
(Gains) losses on sale of assets and other special charges		12		19		30		61

Special charges		64		55		76		131
Nonoperating and income taxes:
Losses on extinguishment of debt and other		6		128		61		7
Income tax benefit related to special charges		—		—		—		(11)
Income tax expense (benefit) associated with valuation allowance release		—		—		(3,218)		88

Total operating and nonoperating special items, net of income taxes	$	70	$	183	$	(3,081)	$	215

See Note 16 of this report for additional information of these items.