Quarterly results of operations for the years ended December 31, 2016 and 2015 are summarized as follows:

	First		Second		Third		Fourth
	Quarter ⁽¹⁾		Quarter ⁽²⁾		Quarter ⁽³⁾		Quarter ⁽⁴⁾
2016	(In thousands, except per share amounts)
Net revenues	$	91,034	$	102,558	$	104,226	$	105,386
Income from operations		3,737		5,051		2,752		1,495
Net income		2,239		2,800		1,302		9,959
Net income per basic share	$	0.10	$	0.13	$	0.06	$	0.45

(1)	Results included the operating results of the Initial Montana Acquisition from and after January 30, 2016, following the completion of the business combination. Additionally, results included $0.6 million in preopening expenses related to the Initial Montana Acquisition and tavern expansion.

(2)

Results included the operating results of the Second Montana Acquisition from and after April 23, 2016, following the completion of the business combination. Additionally, results included $0.5 million in preopening expenses related to the Second Montana Acquisition and tavern expansion, as well as $0.4 million in transaction-related costs associated with the Merger and the Company’s obligations under the Merger Agreement.

(3)

Results included $0.8 million in preopening expenses related to tavern expansion and a $0.3 million gain on disposal of property and equipment. Share-based compensation expense was $1.7 million related primarily to additional stock options granted, the acceleration of unvested stock options related to a terminated employee and incremental expense recorded for the equitable anti-dilutive adjustments made to the exercise prices of outstanding vested and unvested stock options during the period in connection with the payment of the Special Dividend in accordance with the Company’s equity incentive plans.

(4)

Results included a $4.1 million gain on sale of land held for sale, a $0.9 million gain on sale of interest rate swap, and $0.6 million in preopening expense related to tavern expansion. Share-based compensation expense was $1.4 million related primarily to stock options and RSUs granted subsequent to the Merger and the acceleration of unvested stock options related to terminated employees. Additionally, a $4.3 million income tax benefit was recorded resulting from the partial release of the valuation allowance against deferred tax assets.

	First			Second			Third			Fourth
	Quarter ⁽¹⁾			Quarter ⁽²⁾			Quarter ⁽³⁾			Quarter ⁽⁴⁾
2015	(In thousands, except per share amounts)
Net revenues	$	12,766		$	15,329		$	62,512		$	86,435
Income (loss) from operations		(1,341	)		16			(7,752	)		27,440
Net income (loss)		(1,725	)		(179	)		3,018			23,406
Net income (loss) per basic share⁽⁵⁾	$	(0.13	)	$	(0.01	)	$	0.16		$	1.07

(1)	Results included gain on sale of cost method investment of $0.8 million related to the investment in Rock Ohio Ventures and approximately $0.8 million in transaction-related costs associated with the Merger.

(2)	Results included approximately $0.4 million in transaction-related costs associated with the Merger.

(3)

Results included the operating results of Sartini Gaming from and after August 1, 2015, following the consummation of the Merger, a $1.2 million loss on extinguishment of debt, approximately $9.3 million in transaction-related costs associated with the Merger and an income tax benefit of $12.9 million attributable primarily to the income tax benefit recorded from the reversal of an existing valuation allowance on deferred tax assets as a result of the net deferred tax liabilities assumed in connection with the Merger.

(4)

Results included the operating results of Sartini Gaming for the entire fourth quarter, a gain on recovery of impaired notes receivable of $23.6 million related to the disposition of the Jamul Note, approximately $0.9 million in transaction-related costs associated with the Merger and an income tax provision of $2.7 million.

(5)	The per share amounts in the second half of 2015 were impacted by the issuance of an aggregate of approximately 8.5 million shares of the Company’s common stock in connection with the Merger.