15. Quarterly Financial Information (Unaudited)

The following is selected unaudited quarterly financial data for the fiscal years ended December 31, 2017 and 2016 (amounts in thousands, except per share data).

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


	2017
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenues	$	276,042		$	298,778		$	264,724		$	345,175
Depreciation and amortization		27,637			27,679			28,546			28,097
Operating income		47,060			64,693			36,409			36,490
Income before income taxes		33,213			48,191			24,400			21,141
(Provision) benefit for income taxes		(593	)		(899	)		(530	)		51,177
Net income		32,620			47,292			23,870			72,318
Net income per share		0.64			0.92			0.47			1.41
Net income per share — assuming dilution		0.63			0.92			0.46			1.41

	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 per share		0.52			1.01			0.66			0.94
Net income per share — assuming dilution		0.51			1.00			0.66			0.94

During the fourth quarter of 2017, the Company incurred an impairment charge of $35.4 million associated with the bonds it received in 2008 related to the Gaylord National construction, which it holds as notes receivable, as described in Note 3. This impairment charge is included in other-than-temporary impairment loss on held-to-maturity securities in the accompanying consolidated statement of operations.

During the fourth quarter of 2017, the Company recognized an income tax benefit of $53.4 million associated with the release of valuation allowance, as described in Note 11, which is included in benefit for income taxes in the accompanying consolidated statement of operations.