14. Quarterly Financial Information (Unaudited)

The following is selected unaudited quarterly financial data for the fiscal years ended December 31, 2015 and 2014 (amounts in thousands, except per share data).

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


	2015
	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
Revenues	$	253,148		$	274,036		$	252,820	$	312,120
Depreciation and amortization		28,570			28,399			28,498		28,916
Operating income		35,890			57,015			32,768		36,389
Income before income taxes		4,853			42,255			22,079		30,469
(Provision) benefit for income taxes		(321	)		(866	)		4,612		8,430
Net income		4,532			41,389			26,691		38,899
Net income available to common stockholders		4,532			41,389			26,691		38,899
Net income per share		0.09			0.81			0.52		0.76
Net income per share — assuming dilution		0.09			0.80			0.52		0.75

	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		20,169			28,567			14,667		61,582
(Provision) benefit for income taxes		484			(576	)		463		1,096
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

During the first quarter of 2015, the Company cash settled the remaining outstanding common stock warrants as described in Note 5. The change in the fair value of the derivative liability from December 31, 2014 through the settlement date was a loss of $20.2 million, which is included in other gains and losses, net in the accompanying consolidated statement of operations.

During the fourth quarter of 2015, the Company incurred an impairment charge of $16.3 million associated with a previously contemplated expansion at Gaylord Texan, as described in Note 1, which is included in impairment and other charges in the accompanying consolidated statement of operations.

During the fourth quarter of 2015, the Company recognized a $6.9 million gain associated with the reimbursement of costs that were previously incurred related to a proposed development in Aurora, Colorado. These costs were impaired in 2012 as part of the Company’s strategic shift away from long-term development, but were reimbursed in 2015 by the current developer.

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. 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 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 was 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 for 2014.