Summary Quarterly Financial Data

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Summary Quarterly Financial Data

21. SUMMARY QUARTERLY FINANCIAL DATA (UNAUDITED)

The Company has revised its previously issued financial statements contained in this Annual Report on Form 10-K to correct the effect of immaterial errors for previously issued periods. See Note 11–Long-Term Debt for further details and a reconciliation of the impact of immaterial prior year corrections on the unaudited summary quarterly financial data.

Unaudited summary quarterly financial data for the years ended December 31, 2014 and 2013 was as follows:

	2014
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter (a)
	(Unaudited)
Total revenues	$	212,290		$	405,151	$	495,834	$	264,537
Operating (loss) income	$	(59,408	)	$	80,587	$	161,915	$	(22,497	)
Net (loss) income	$	(49,217	)	$	37,406	$	87,176	$	(25,446	)
(Loss) earnings per share:
Net (loss) income per share, basic	$	(0.56	)	$	0.43	$	1.01	$	(0.29	)
Net (loss) income per share, diluted	$	(0.56	)	$	0.43	$	1.00	$	(0.29	)

	2013
	First Quarter			Second Quarter (b)			Third Quarter		Fourth Quarter
	(Unaudited)
Total revenues	$	238,610		$	411,292		$	538,389	$	271,959
Operating (loss) income	$	(35,873	)	$	27,647		$	205,594	$	505
Net (loss) income	$	(39,951	)	$	(15,900	)	$	120,740	$	(12,969	)
(Loss) earnings per share:
Net (loss) income per share, basic	$	(0.48	)	$	(0.18	)	$	1.35	$	(0.14	)
Net (loss) income per share, diluted	$	(0.48	)	$	(0.18	)	$	1.34	$	(0.14	)

^(a)  During the fourth quarter of 2014, the Company recorded $10,371 in restructuring and other related costs incurred in connection with the restructuring program which the Company implemented in December 2014. Also during the fourth quarter of 2014, the Company recorded $2,574 in separation costs representing costs incurred pursuant to the previously announced separation of the Company’s Chief Executive Officer and President on January 15, 2015.

^(b) During the second quarter of 2013, the Company recorded $50,072 in fees related to the termination of the 2009 Advisory Agreement and $29,858 related to a loss on early extinguishment of debt and write-off of discounts and deferred financing costs.

Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first and fourth quarters, in part because six of its theme parks are only open for a portion of the year.