15. Quarterly Financial Information (Unaudited)

The following is selected unaudited quarterly financial data for the fiscal years ended December 31, 2018 and 2017 (amounts in thousands, except per share data).

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


	2018
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Revenues	$	288,370	$	333,934	$	292,249	$	360,565
Depreciation and amortization		28,666		29,995		30,994		31,221
Operating income		45,944		76,699		40,100		51,526
Income before income taxes		29,548		61,222		24,454		161,191
Provision for income taxes		(2,209)		(5,676)		(1,863)		(1,997)
Net income		27,339		55,546		22,591		159,194
Net income per share		0.53		1.08		0.44		3.10
Net income per share — assuming dilution		0.53		1.08		0.44		3.09


	2017
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Revenues	$	276,042	$	298,778	$	264,724	$	345,175
Depreciation and amortization		27,637		27,679		28,546		28,097
Operating income		46,975		64,644		37,510		36,788
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

During the fourth quarter of 2018, the Company recognized a $131.4 million gain associated with the revaluation of its investment interest in the Gaylord Rockies joint venture, as described in Note 4. This gain is included in income from joint ventures in the accompanying consolidated statement of operations.

During the fourth quarter of 2018, the Company incurred an impairment charge of $18.0 million associated with the closure of Opry City Stage, as described in Note 1. This impairment charge is included in impairment charges in the accompanying consolidated statement of operations.

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.