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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data
Quarterly Financial Data (Unaudited)
Unaudited summarized financial data by quarter for 2012 and 2011 (in millions, except per share amounts):
 
 
 
First
    Quarter     
 
Second
    Quarter    
 
Third
    Quarter    
 
Fourth
    Quarter    
2012
 
 
 
 
 
 
 
 
Operating revenues
 
$
6,037

 
$
6,452

 
$
6,429

 
$
5,937

Operating income (loss)
 
(89
)
 
142

 
51

 
3

Net earnings (loss)
 
(1,660
)
 
(241
)
 
(238
)
 
263

Earnings (loss) per share:
 
 
 
 
 
 
 
 
Basic
 
(4.95
)
 
(0.72
)
 
(0.71
)
 
0.78

Diluted
 
(4.95
)
 
(0.72
)
 
(0.71
)
 
0.69

2011
 
 
 
 
 
 
 
 
Operating revenues
 
$
5,533

 
$
6,114

 
$
6,376

 
$
5,956

Operating income (loss)
 
(232
)
 
(78
)
 
39

 
(783
)
Net earnings (loss)
 
(436
)
 
(286
)
 
(162
)
 
(1,095
)
Earnings (loss) per share:
 
 
 
 
 
 
 
 
Basic
 
(1.31
)
 
(0.85
)
 
(0.48
)
 
(3.27
)
Diluted
 
(1.31
)
 
(0.85
)
 
(0.48
)
 
(3.27
)

The Company's fourth quarter 2012 performance reflects restructuring charges and special items consisting of $361 million of severance related charges and write off of lease hold improvements on aircraft and at airport facilities that were rejected during the Chapter 11 process and a $280 million benefit from a settlement of a commercial dispute. The second and third quarters of 2012 reflect $106 million and $211 million of such items, respectively.
The Company’s fourth quarter 2011 performance reflects restructuring charges and special items consisting of $768 million, including $725 million related to the impairment of certain aircraft and gates and a $43 million revenue reduction as a result of a decrease in the breakage assumption related to the AAdvantage frequent flier liability.
The first quarter 2011 results include a loss of $31 million in non-recurring non-cash charges related to certain sale/leaseback transactions.