The following quarterly financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim periods. Earnings per share are computed independently for each of the quarters presented. Per share amounts may not sum due to rounding. Summarized quarterly operating data were as follows:



	2018 Quarters Ended
Per share amounts in whole dollars	December 31			September 30			June 30			March 31
Revenues	$	913,710		$	787,102		$	1,017,196		$	632,216
Operating costs and expenses	773,903			761,526			798,978			724,835
Operating income (loss)	$	139,807		$	25,576		$	218,218		$	(92,619	)

Income (loss) from continuing operations	$	30,819		$	(43,792	)	$	173,880		$	(165,637	)
Income (loss) from discontinued operations, net of tax	56,621			(34,466		)	38,072			18,853
(Loss) gain on sales of discontinued operations, net of tax	(15,324		)	(18,426		)	12,003			318,327
Net (income) loss attributable to noncontrolling interests	(548		)	1,895			456			(2,666		)
Net income (loss) attributable to Laureate Education, Inc.	71,568			(94,789		)	224,411			168,877
Accretion of Series A Preferred Stock and other redeemable noncontrolling interests and equity	(1,422		)	324			(4,324		)	(57,403		)
Gain upon conversion of Series A Preferred Stock	—			—			74,110			—
Net income (loss) available to common stockholders	$	70,146		$	(94,465	)	$	294,197		$	111,474

Basic earnings (loss) per share:
Income (loss) from continuing operations	$	0.13		$	(0.18	)	$	1.14		$	(1.20	)
Income (loss) from discontinued operations	0.18			(0.24		)	0.23			1.79
Basic earnings (loss) per share	$	0.31		$	(0.42	)	$	1.37		$	0.59
Diluted earnings (loss) per share:
Income (loss) from continuing operations	$	0.13		$	(0.18	)	$	0.78		$	(1.20	)
Income (loss) from discontinued operations	0.18			(0.24		)	0.22			1.79
Diluted earnings (loss) per share	$	0.31		$	(0.42	)	$	1.00		$	0.59

Laureate adopted ASU 2016-16 effective January 1, 2018 and recorded a cumulative-effect adjustment to retained earnings during 2018 of approximately $44,000, of which approximately $41,000 was recorded as an out-of-period adjustment in the fourth quarter rather than at adoption of ASU 2016-16 in the first quarter. The Company does not consider the out-of-period adjustment to be material to these or the previously issued unaudited Consolidated Financial Statements.



	2017 Quarters Ended
Per share amounts in whole dollars	December 31			September 30			June 30			March 31
Revenues	$	951,189		$	818,601		$	1,017,108		$	598,978
Operating costs and expenses	811,073			793,741			821,061			718,008
Operating income (loss)	$	140,116		$	24,860		$	196,047		$	(119,030	)

Income (loss) from continuing operations	$	171,631		$	(67,180	)	$	83,154		$	(166,767	)
Income (loss) from discontinued operations, net of tax	28,879			(36,309		)	33,943			46,413
Net income (loss) attributable to noncontrolling interests	(4,664		)	5,531			(712		)	(2,454		)
Net income (loss) attributable to Laureate Education, Inc.	195,846			(97,958		)	116,385			(122,808		)
Accretion of Series A Preferred Stock and other redeemable noncontrolling interests and equity	(106,347		)	(84,059		)	(69,211		)	(38,875		)
Net income (loss) available to common stockholders	$	89,499		$	(182,017	)	$	47,174		$	(161,683	)

Basic earnings (loss) per share:
Income (loss) from continuing operations	$	0.34		$	(0.82	)	$	0.09		$	(1.34	)
Income (loss) from discontinued operations	0.14			(0.20		)	0.19			0.29
Basic earnings (loss) per share	$	0.48		$	(1.02	)	$	0.28		$	(1.05	)
Diluted earnings (loss) per share:
Income (loss) from continuing operations	$	0.34		$	(0.82	)	$	0.09		$	(1.34	)
Income (loss) from discontinued operations	0.14			(0.20		)	0.19			0.29
Diluted earnings (loss) per share	$	0.48		$	(1.02	)	$	0.28		$	(1.05	)