Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information [Abstract]

Quarterly Financial Information (Unaudited)

18. Quarterly Financial Information (Unaudited)

The following is selected unaudited quarterly financial data for the fiscal years ended December 31, 2011 and 2010 (amounts in thousands, except per share data).

The sum of the quarterly per share amounts may not equal the annual totals due to rounding.

	2011
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenues	$	220,738		$	236,775		$	225,232		$	269,399
Depreciation and amortization		29,057			29,271			32,367			34,594
Operating income		14,726			31,200			13,837			19,768
Income (loss) before income taxes and discontinued operations		(2,928	)		13,432			(722	)		7,706
(Provision) benefit for income taxes		967			(4,799	)		(937	)		(2,651	)
Income (loss) from continuing operations		(1,961	)		8,633			(1,659	)		5,055
Income from discontinued operations, net of taxes		4			4			53			48
Net income (loss)		(1,957	)		8,637			(1,606	)		5,103
Net income (loss) per share		(0.04	)		0.18			(0.03	)		0.11
Net income (loss) per share — assuming dilution		(0.04	)		0.17			(0.03	)		0.10

	2010
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenues	$	214,481		$	183,879		$	158,272		$	213,329
Depreciation and amortization		27,071			25,951			25,254			27,285
Operating income (loss)		14,953			(20,693	)		(32,616	)		(27,630	)
Loss before income taxes and discontinued operations		(827	)		(37,744	)		(49,229	)		(45,116	)
(Provision) benefit for income taxes		(975	)		11,697			17,403			12,593
Loss from continuing operations		(1,802	)		(26,047	)		(31,826	)		(32,523	)
Income (loss) from discontinued operations, net of taxes		(48	)		3,327			46			(255	)
Net loss		(1,850	)		(22,720	)		(31,780	)		(32,778	)
Net loss per share		(0.04	)		(0.48	)		(0.67	)		(0.69	)
Net loss per share — assuming dilution		(0.04	)		(0.48	)		(0.67	)		(0.69	)

During the third quarter of 2011, in conjunction with the development of resort-style pools at Gaylord Palms, the Company recognized a pre-tax charge of $3.5 million in depreciation and amortization expense to dispose of fixed assets related to the existing infrastructure.

During the fourth quarter of 2011, in conjunction with the development of resort-style pools and a rooms renovation at Gaylord Palms, the Company recognized a pre-tax charge of $4.7 million in depreciation and amortization expense to dispose of fixed assets related to the existing infrastructure.

During the fourth quarter of 2011, the Company recorded a one-time, non-cash charge of $2.6 million to accrue vacation benefits earned in prior periods, which was not material to the current period or prior period financial statements.

As a result of the Nashville Flood, during the second quarter of 2010, the Company incurred a casualty loss of $81.3 million, which was partially offset by $50.0 million in insurance proceeds. In addition, the Company incurred preopening costs of $6.2 million associated with reopening the affected properties.

As a result of the Nashville Flood, during the third quarter of 2010, the Company incurred a casualty loss of $6.0 million. In addition, the Company incurred preopening costs of $25.5 million associated with reopening the affected properties.

As discussed in Note 9, during the third quarter of 2010, the Company and certain executives entered into amendments to certain of the LTIP Restricted Stock Unit award agreements. As a result of these amendments, the Company recorded additional compensation cost of $2.5 million, which is included in selling, general and administrative expense in the accompanying consolidated statements of operations.

As a result of the Nashville Flood, during the fourth quarter of 2010, the Company incurred a casualty loss of $5.0 million. In addition, the Company incurred preopening costs of $23.6 million associated with reopening the affected properties.