
	Quarter									Total Year
2011	First⁽³⁾		Second⁽⁴⁾		Third⁽⁵⁾		Fourth⁽⁶⁾			Total Year
	(Dollars in thousands, except per share data)
Revenue⁽¹⁾	$	531,700	$	484,878	$	428,411	$	439,516		$	1,884,505
Operating income (loss)⁽¹⁾		108,875		79,311		19,881		(168,905	)		39,162
Net income (loss)		73,035		55,353		10,634		(120,449	)		18,573
Net income (loss) per share⁽²⁾
Basic	$	0.96	$	0.74	$	0.14	$	(1.64	)	$	0.25
Diluted		0.95		0.73		0.14		(1.64	)		0.25

	Quarter									Total Year
2010	First⁽³⁾		Second⁽⁴⁾		Third⁽⁵⁾		Fourth⁽⁶⁾			Total Year
	(Dollars in thousands, except per share data)
Revenue⁽¹⁾	$	518,256	$	517,737	$	521,612	$	531,568		$	2,089,173
Operating income⁽¹⁾		85,677		94,053		42,997		18,172			240,899
Net income		55,222		64,318		26,131		12,102			157,773
Net income per share⁽²⁾
Basic	$	0.67	$	0.81	$	0.33	$	0.15		$	1.97
Diluted		0.66		0.80		0.33		0.15			1.95

(1)	As of December 31, 2011, the results of operations for Istituto Marangoni along with our campuses that had previously ceased operations or were sold are presented within discontinued operations for all periods presented.

(2)	Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the annual earnings per share amount for the corresponding year.

(3)	First quarter 2011 net income includes a $7.0 million insurance recovery related to previously settled legal matters. First quarter 2010 net income includes additional expense of $8.1 million for the increase in allowance for doubtful accounts related to our extended payment plan programs.

(4)	Second quarter 2011 net income includes $2.7 million in goodwill and asset impairment charges. Second quarter 2010 net income includes a $4.2 million income tax benefit resulting from credits associated with curriculum development.

(5)

Third quarter 2011 net income includes $11.4 million of legal costs related to various regulatory matters. Third quarter 2010 net income includes expense of $47.3 million associated with the settlements of legal matters, as well as additional expense of $8.3 million for the increase in allowance for doubtful accounts related to our extended payment plan programs.

(6)

Fourth quarter 2011 net income includes $188.8 million in goodwill and asset impairment charges, a $27.1 million pretax gain from the sale of Istituto Marangoni and a $6.0 million charge related to the potential settlement of a legal matter. Fourth quarter 2010 net income includes expense of $71.5 million related to goodwill and asset impairments, including $67.8 million related to trade name impairment within Culinary Arts, $1.4 million related to goodwill impairment within Culinary Arts and $2.3 million related to an asset impairment charge recorded within Corporate and Other. In addition, approximately $5.5 million and $7.7 million of severance expense was recorded during the fourth quarter 2011 and fourth quarter 2010, respectively. Fourth quarter 2010 net income also included $5.9 million of additional bad debt expense related to the correction of an error associated with the allowance for doubtful accounts for our extended payment plan programs.