Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

15. Quarterly Financial Information (Unaudited)

The following is selected unaudited quarterly financial data for the fiscal years ended December 31, 2016 and 2015 (amounts in thousands, except per share data).

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

	2016
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenues	$	261,497		$	296,215		$	271,720		$	319,775
Depreciation and amortization		28,773			26,409			26,706			27,928
Operating income		38,794			66,945			46,567			61,499
Income before income taxes		25,461			52,746			35,415			49,144
(Provision) benefit for income taxes		885			(1,415	)		(1,822	)		(1,048	)
Net income		26,346			51,331			33,593			48,096
Net income available to common stockholders		26,346			51,331			33,593			48,096
Net income per share		0.52			1.01			0.66			0.94
Net income per share — assuming dilution		0.51			1.00			0.66			0.94
	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

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.