14. Quarterly Financial Information (Unaudited)

The following is selected unaudited quarterly financial data for the fiscal years ended December 31, 2014 and 2013 (amounts in thousands, except per share data).

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


	2014
	First Quarter		Second Quarter			Third Quarter		Fourth Quarter

Revenues	$	246,451	$	257,913		$	245,015	$	291,612
Depreciation and amortization		28,003		28,232			28,033		28,010
Operating income		32,797		47,486			29,083		43,739
Income before income taxes and discontinued operations		20,158		28,555			14,654		61,633
(Provision) benefit for income taxes		484		(576	)		463		1,096
Income from continuing operations		20,642		27,979			15,117		62,729
Income (loss) from discontinued operations, net of taxes		11		12			13		(51	)
Net income		20,653		27,991			15,130		62,678
Net income available to common stockholders		20,653		23,039			15,130		62,213
Net income per share		0.41		0.45			0.30		1.22
Net income per share - assuming dilution		0.32		0.38			0.25		1.21


	2013
	First Quarter			Second Quarter		Third Quarter			Fourth Quarter

Revenues	$	222,113		$	245,183	$	221,196		$	266,070
Depreciation and amortization		32,009			29,054		27,916			27,549
Operating income (loss)		(2,244	)		28,903		19,803			29,726
Income (loss) before income taxes and discontinued operations		(12,522	)		14,584		5,783			17,970
Benefit for income taxes		66,292			1,784		12,450			12,136
Income from continuing operations		53,770			16,368		18,233			30,106
Income (loss) from discontinued operations, net of taxes		10			11		(202	)		56
Net income		53,780			16,379		18,031			30,162
Net income available to common stockholders		53,780			11,510		18,031			30,162
Net income per share		1.03			0.22		0.36			0.60
Net income per share — assuming dilution		0.81			0.18		0.30			0.48

During the second quarter of 2014, the Company recorded a loss on extinguishment of debt of approximately $2.1 million related to the repurchase and conversion of a portion of its outstanding Convertible Notes.

During the second quarter of 2014, the Company entered into agreements with its note hedge counterparties to proportionately reduce the number of Purchased Options and the warrants as described in Note 5. In addition, the Company modified the agreements with two of the note hedge counterparties to cash settle a portion of the warrants as described in Note 5. Each of these agreements were considered modifications to Purchased Options and warrants (as applicable), and based on the agreements, the Company recognized a charge of $5.0 million, which is recorded as an increase to accumulated deficit and derivative liabilities, net in the accompanying consolidated financial statements. This charge also represents a deduction from net income in calculating net income available to common stockholders and earnings per share available to common stockholders.

During the fourth quarter of 2014, the Company sold to an affiliate of the Peterson Companies all of its rights in a letter of intent to which it is a party with the Peterson Companies, which entitled the Company to a portion of such party’s economic interest in the income from the land underlying the new MGM casino project at National Harbor. The Company will receive $26.1 million over three years in exchange for its contractual rights, which is included in other gains and losses, net in the accompanying consolidated statement of operations.

During the first quarter of 2013, the Company recorded a net income tax benefit of $61.3 million related to the reversal of certain net deferred tax liabilities that are no longer applicable as a result of the Company’s REIT conversion, partially offset by a valuation allowance on the net deferred tax assets of the Company’s TRSs.

During the first quarter of 2013, in conjunction with its reorganization as a REIT, the Company recognized $15.0 million in REIT conversion costs.

During the second quarter of 2013, in conjunction with its reorganization as a REIT, the Company recognized $5.4 million in REIT conversion costs.

During the second quarter of 2013, the Company entered into agreements with its note hedge counterparties to proportionately reduce the number of Purchased Options and the warrants as described in Note 5. These agreements were considered modifications to the Purchased Options and the warrants, and based on the terms of the agreements, the Company recognized a charge of $4.9 million, which is recorded as an increase to accumulated deficit and additional paid-in-capital in the accompanying consolidated balance sheets. This charge also represents a deduction from net income in calculating net income available to common stockholders and earnings per share available to common stockholders.

During the third quarter of 2013, the Company recorded a loss on extinguishment of debt of approximately $4.2 million related to the repurchase and conversion of a portion of its outstanding Convertible Notes.