Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information (Unaudited)

Quarterly Financial Information (Unaudited)

16. Quarterly Financial Information (Unaudited)

The following is selected unaudited quarterly financial data for the fiscal years ended December 31, 2019 and 2018 (amounts in thousands, except per share data).

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

	2019
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Revenues	$	370,775	$	407,719	$	379,787	$	446,285
Depreciation and amortization		53,009		53,553		53,998		53,287
Operating income		53,964		85,316		56,503		71,748
Income before income taxes		24,644		54,516		24,427		43,182
Provision for income taxes		(1,974)		(8,232)		(3,537)		(4,732)
Net income		22,670		46,284		20,890		38,450
Net income available to common shareholders		29,408		49,383		22,349		44,654
Basic income per share available to common stockholders		0.57		0.96		0.43		0.86
Diluted income per share available to common stockholders		0.57		0.95		0.43		0.85

	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 available to common shareholders		27,339		55,546		22,591		159,194
Basic income per share available to common stockholders		0.53		1.08		0.44		3.10
Diluted income per share available to common stockholders		0.53		1.08		0.44		3.09

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 unconsolidated 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.