Quarterly Financial Data

12 Months Ended

Dec. 31, 2012

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

16. 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.