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Summarized Quarterly Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2016
Selected Quarterly Financial Information [Abstract]  
Schedule of Quarterly Financial Information
The following table summarizes the quarterly results of operations for the years ended December 31, 2016 and 2015:
 
Fiscal Quarter
 
 
First
 
Second
 
Third
 
Fourth
 
 
(in thousands, except per share data)
 
2016
 

 
 

 
 

 
 

 
Net revenues
$
148,820

 
$
207,361

 
$
233,275

 
$
238,799

(1) 
Income from operations
67,637

 
120,817

 
143,306

 
148,863

(1) 
Net income
32,749

 
73,264

 
89,600

 
93,692

(1) 
 
 
 
 
 
 
 
 
 
Earnings per common share:
 

 
 

 
 

 
 

 
Basic earnings per common share
$
0.28

 
$
0.40

 
$
0.43

 
$
0.45

 
Diluted earnings per common share
$
0.27

 
$
0.39

 
$
0.43

 
$
0.45

 
 
 
 
 
 
 
 
 
 
2015
 

 
 

 
 

 
 

 
Net revenues
$
148,705

 
$
149,867

 
$
147,792

 
$
128,689

(2) 
Income from operations
64,800

 
62,871

 
65,291

 
64,453


Net income
33,131

 
31,989

 
33,229

 
29,773

 
 
 
 
 
 
 
 
 
 
Earnings per common share:
 

 
 

 
 

 
 

 
Basic earnings per common share
$
0.29

 
$
0.28

 
$
0.29

 
$
0.26

 
Diluted earnings per common share
$
0.28

 
$
0.27

 
$
0.28

 
$
0.25

 

(1) 
During April 2016, the Company acquired substantially all of the real estate assets of Pinnacle and subsequently leased these assets back to Pinnacle under a triple-net master lease, which significantly increased the Company's net revenues, income from operations and net income. The acquisition of the Meadows' real property assets in September 2016 also contributed to the Company's improved operating results in the fourth quarter of 2016 as compared to the third quarter of 2016. See Note 4 for further details surrounding the Pinnacle and Meadows acquisitions.
(2) 
During the fourth quarter of 2015, Penn received a significant real estate tax refund related to a property reassessment of a GLPI owned property, which directly offset its real estate taxes paid during the quarter. Although tenants are responsible for the payment of real estate taxes under the triple-net lease structure, the Company is required to record revenue for the real estate taxes paid by its tenants on the leased properties with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor. This tax refund resulted in the lower net revenues in the fourth quarter of 2015, as compared to the preceding quarters of 2015, but had no impact on income from operations or net income.