Summarized Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Selected Quarterly Financial Information [Abstract]

Summarized Quarterly Data

Summarized Quarterly Data (Unaudited)

The following table summarizes the quarterly results of operations for the years ended December 31, 2014 and 2013:

	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2014
Net revenues	$	158,328	$	160,786	$	157,795	$	159,036
Income from operations	74,334		77,374		77,622		74,053
Net income	44,312		47,012		49,902		44,158
Earnings per common share:
Basic earnings per common share	$	0.40	$	0.42	$	0.44	$	0.39
Diluted earnings per common share	$	0.38	$	0.40	$	0.42	$	0.38
2013
Net revenues	$	42,648	$	46,072	$	39,633	$	113,776	(1)
Income from operations	6,811		9,090		5,665		39,016		(2)
Net income	3,216		4,699		2,681		9,234		(2)
Earnings per common share:
Basic earnings per common share	$	0.04	$	0.04	$	0.02	$	0.08
Diluted earnings per common share	$	0.03	$	0.04	$	0.02	$	0.08

⁽¹⁾ During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $76.6 million.

⁽²⁾   The Company's fiscal year 2013 fourth quarter results include transaction costs of $13.5 million associated with the Spin-Off and depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. Also during the fourth quarter of 2013, the Company entered into a new five year senior unsecured credit facility and completed offerings of $2,050.0 million aggregate principal of new senior unsecured notes in October 2013. The Company incurred interest expense of $19.3 million related to its new borrowings during the fourth quarter of 2013.