16. Selected Quarterly Financial Information (unaudited, in thousands, except per share amounts)


	Quarter Ended
Year ended December 31, 2016 (1)	March 31,		June 30,		September 30,		December 31,
Operating loss	$	(1,517)	$	(1,674)	$	(1,709)	$	(1,826)
Loss from continuing operations before income taxes and equity in net (loss) income of affiliates		(2,000)		(2,223)		(1,858)		(1,920)
Equity in net income (loss) of affiliates(2)		46,494		43,357		6,948		(12,721)
Income (loss) from continuing operations (3)		30,819		32,654		(3,821)		(12,082)
Loss from discontinued operations, net of tax		(133)		(102)		(71)		(64)
Net income (loss)		30,686		32,552		(3,892)		(12,146)
Net income (loss) per share:
Basic
Income (loss) from continuing operations	$	1.00	$	1.06	$	(0.12)	$	(0.39)
Loss from discontinued operations, net of tax		—		—		—		—
Net income (loss)	$	1.00	$	1.06	$	(0.12)	$	(0.39)
Diluted
Income (loss) from continuing operations	$	0.95	$	1.03	$	(0.12)	$	(0.39)
Loss from discontinued operations, net of tax		—		—		—		—
Net income (loss)	$	0.95	$	1.03	$	(0.12)	$	(0.39)


	Quarter Ended
Year ended December 31, 2015 (1)	March 31,		June 30,		September 30,		December 31,
Operating loss	$	(1,617)	$	(2,080)	$	(1,652)	$	(1,181)
Loss from continuing operations before income taxes and equity in net (loss) income of affiliates		(1,904)		(4,781)		(1,806)		(1,697)
Equity in net (loss) income of affiliates(2)		(76,845)		25,087		(38,475)		(14,559)
(Loss) income from continuing operations (3)		(82,503)		18,027		(3,347)		(1,681)
Loss from discontinued operations, net of tax		(139)		(227)		(208)		(204)
Net (loss) income		(82,642)		17,800		(3,555)		(1,885)
Net (loss) income per share:
Basic
(Loss) income from continuing operations	$	(2.67)	$	0.58	$	(0.11)	$	(0.05)
Loss from discontinued operations, net of tax		—		(0.01)		(0.01)		(0.01)
Net (loss) income	$	(2.67)	$	0.57	$	(0.12)	$	(0.06)
Diluted
(Loss) income from continuing operations	$	(2.67)	$	0.56	$	(0.11)	$	(0.05)
Loss from discontinued operations, net of tax		—		(0.01)		(0.01)		(0.01)
Net (loss) income	$	(2.67)	$	0.55	$	(0.12)	$	(0.06)

(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) Amounts include equity in net income (loss) of affiliates of $5.1 million and $(3.5) million for the quarters ended June 30, 2016, and September 30, 2015, respectively, that should have been recognized in prior periods. Equity in net income of affiliates for the quarter ended March 31, 2016 does not include a loss of $2.1 million that was recognized in the quarter ended June 30, 2016. These adjustments, which related to our investment in Telesat, consisted primarily of foreign exchange gains and losses. The Company has not revised previously reported amounts based on its belief that the effect of such adjustments is not material to the quarterly financial statements taken as a whole.

(3) Variations in income from continuing operations among quarters in 2016 and 2015 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 or 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. Equity in net loss of affiliates for the quarters ended December 31, 2015 and September 30, 2015 included an impairment charge to reduce our investment in XTAR to its fair value.