
	Quarter Ended
Year ended December 31, 2012 ⁽³⁾	March 31,		June 30,		September 30,		December 31,
Operating loss	$	(4,611)	$	(4,264)	$	(10,316)	$	(9,583)
Loss from continuing operations before income taxes and equity in net income (loss) of affiliates		(4,537)		(4,128)		(12,798)		(5,750)
Equity in net income (loss) of affiliates		6,869		(11,353)		41,586		(2,762)
Income (loss) from continuing operations		(890)		(9,718)		65,404		45,646
Income from discontinued operations, net of tax		8,508		4,937		4,271		302,933
Net income (loss)		7,618		(4,781)		69,675		348,579
Net income (loss) attributable to Loral common shareholders		7,631		(4,778)		69,889		348,580
Basic and diluted income (loss) per share⁽¹⁾:
Basic income (loss) per share from continuing operations		(0.03)		(0.32)		2.13		1.48
Basic income per share from discontinued operations, net of tax		0.28		0.16		0.14		9.85
Basic income (loss) per share		0.25		(0.16)		2.27		11.33
Diluted income (loss) per share from continuing operations		(0.03)		(0.32)		2.05		1.46
Diluted income per share from discontinued operations, net of tax		0.28		0.16		0.14		9.76
Diluted income (loss) per share		0.25		(0.16)		2.19		11.22

	Quarter Ended
Year ended December 31, 2011⁽²⁾⁽³⁾	March 31,		June 30,		September 30,		December 31,
Operating (loss) income	$	(5,093)	$	1,444	$	(4,076)	$	(5,502)
(Loss) income from continuing operations before income taxes and equity in net income (loss) of affiliates		(559)		355		(4,865)		(7,277)
Equity in net income (loss) of affiliates		46,246		23,940		(77,262)		113,405
Income (loss) from continuing operations		43,190		14,841		(97,555)		92,132
Income from discontinued operations, net of tax		24,605		14,785		20,257		14,919
Net income (loss)		67,795		29,626		(77,298)		107,051
Net income (loss) attributable to Loral common shareholders		67,819		29,333		(77,368)		106,893
Basic and diluted income (loss) per share⁽¹⁾:
Basic income (loss) per share from continuing operations		1.41		0.48		(3.18)		3.00
Basic income per share from discontinued operations, net of tax		0.80		0.48		0.66		0.48
Basic income (loss) per share		2.21		0.96		(2.52)		3.48
Diluted income (loss) per share from continuing operations		1.32		0.44		(3.18)		2.80
Diluted income per share from discontinued operations, net of tax		0.78		0.47		0.66		0.48
Diluted income (loss) per share		2.10		0.91		(2.52)		3.28

⁽¹⁾ The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total for the year.

⁽²⁾ As a result of the Sale of SS/L on November 2, 2012, our 2011 selected quarterly financial information has been restated to reflect SS/L as a discontinued operation.

⁽³⁾Variations in income from continuing operations among quarters in 2012 are primarily the result of (i) the effect of changes in foreign exchange rates between the Canadian dollar and the U.S. dollar on our equity in net income (loss) of Telesat and (ii) the limitation on recording our portion of Telesat’s net income or loss due to the reduction of the carrying amount of our investment in Telesat to zero as a result of the excess of cash dividends received from Telesat in 2012. In addition, equity in net income (loss) of affiliates for the quarter ended March 31, 2012 included expense related to special payments to executives and certain employees of Telesat in connection with the cash distribution to shareholders and expense related to refinancing. Equity in net income (loss) of affiliates for the quarter ended June 30, 2012 included expense related to refinancing. Variations in income from continuing operations among quarters in 2011 are primarily the result of the effect of changes in foreign exchange rates between the Canadian dollar and the U.S. dollar on our equity in net income (loss) of Telesat.