The following tables set forth selected unaudited quarterly financial information for each of our last eight quarters:



	(Unaudited) 2011
	Q1			Q2			Q3			Q4
(In thousands, except per share data)	November 30			February 28⁽¹⁾			May 31			August 31
Consolidated Quarterly Statements of Operations:
Net revenue	$	1,326,435		$	1,048,629		$	1,235,837		$	1,122,121
Costs and expenses:
Instructional and student advisory	455,812			421,644			458,145			438,486
Marketing	166,143			157,215			161,034			170,970
Admissions advisory	113,752			102,283			99,923			99,428
General and administrative	84,874			84,344			87,857			98,676
Provision for uncollectible accounts receivable	56,909			45,540			39,217			39,631
Depreciation and amortization	37,102			39,142			41,125			41,637
Goodwill and other intangibles impairment	—			219,927			—			—
Restructuring and other charges	3,846			—			—			19,067
Litigation charge (credit), net	881			1,574			2,048			(16,454		)
Total costs and expenses	919,319			1,071,669			889,349			891,441
Operating income (loss)	407,116			(23,040		)	346,488			230,680
Interest income	983			785			867			587
Interest expense	(2,170		)	(1,654		)	(2,383		)	(2,724		)
Other, net	(54		)	313			(1,862		)	15
Income (loss) from continuing operations before income taxes	405,875			(23,596		)	343,110			228,558
Provision for income taxes	(169,579		)	(76,052		)	(130,385		)	(44,622		)
Income (loss) from continuing operations	236,296			(99,648		)	212,725			183,936
(Loss) income from discontinued operations, net of tax	(628		)	2,575			540			—
Net income (loss)	235,668			(97,073		)	213,265			183,936
Net (income) loss attributable to noncontrolling interests	(255		)	33,035			(825		)	4,676
Net income (loss) attributable to Apollo	$	235,413		$	(64,038	)	$	212,440		$	188,612
Earnings (loss) per share — Basic:⁽²⁾
Continuing operations attributable to Apollo	$	1.61		$	(0.47	)	$	1.52		$	1.38
Discontinued operations attributable to Apollo	—			0.02			—			—
Basic income (loss) per share attributable to Apollo	$	1.61		$	(0.45	)	$	1.52		$	1.38
Earnings (loss) per share — Diluted:⁽²⁾
Continuing operations attributable to Apollo	$	1.61		$	(0.47	)	$	1.51		$	1.37
Discontinued operations attributable to Apollo	—			0.02			—			—
Diluted income (loss) per share attributable to Apollo	$	1.61		$	(0.45	)	$	1.51		$	1.37
Basic weighted average shares outstanding	146,352			142,354			139,856			136,594
Diluted weighted average shares outstanding	146,663			142,354			140,343			137,295

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⁽¹⁾	The effective income tax rate and net loss attributable to noncontrolling interests was significantly affected in the second quarter of fiscal year 2011 by BPP goodwill and other intangibles impairment charges.


⁽²⁾	The sum of quarterly income per share may not equal annual income per share due to rounding and the net loss in the second quarter of fiscal year 2011.



	(Unaudited) 2010
	Q1			Q2			Q3			Q4
(In thousands, except per share data)	November 30			February 28			May 31			August 31⁽¹⁾
Consolidated Quarterly Statements of Income:
Net revenue	$	1,258,659		$	1,070,336		$	1,337,404		$	1,259,420
Costs and expenses:
Instructional and student advisory	430,675			415,458			441,700			445,301
Marketing	151,617			141,308			151,668			179,150
Admissions advisory	115,271			118,152			116,344			116,591
General and administrative	70,659			68,800			75,362			86,295
Provision for uncollectible accounts receivable	62,698			73,884			72,011			74,035
Depreciation and amortization	34,680			35,244			36,701			38,939
Goodwill and other intangibles impairment	—			—			8,712			175,858
Litigation charge	—			44,500			132,600			882
Total costs and expenses	865,600			897,346			1,035,098			1,117,051
Operating income	393,059			172,990			302,306			142,369
Interest income	932			525			827			636
Interest expense	(2,908		)	(3,220		)	(1,979		)	(3,784		)
Other, net	(670		)	(79		)	(1,312		)	1,376
Income from continuing operations before income taxes	390,413			170,216			299,842			140,597
Provision for income taxes	(149,981		)	(69,064		)	(122,390		)	(122,628		)
Income from continuing operations	240,432			101,152			177,452			17,969
(Loss) income from discontinued operations, net of tax	(300		)	(10,638		)	2,084			(6,570		)
Net income	240,132			90,514			179,536			11,399
Net loss (income) attributable to noncontrolling interests	10			2,092			(253		)	29,572
Net income attributable to Apollo	$	240,142		$	92,606		$	179,283		$	40,971
Earnings (loss) per share — Basic:⁽²⁾
Continuing operations attributable to Apollo	$	1.55		$	0.67		$	1.17		$	0.32
Discontinued operations attributable to Apollo	—			(0.07		)	0.02			(0.04		)
Basic income per share attributable to Apollo	$	1.55		$	0.60		$	1.19		$	0.28
Earnings (loss) per share — Diluted:⁽²⁾
Continuing operations attributable to Apollo	$	1.54		$	0.67		$	1.16		$	0.32
Discontinued operations attributable to Apollo	—			(0.07		)	0.02			(0.04		)
Diluted income per share attributable to Apollo	$	1.54		$	0.60		$	1.18		$	0.28
Basic weighted average shares outstanding	154,824			154,119			151,127			147,829
Diluted weighted average shares outstanding	156,045			155,168			152,291			148,334

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⁽¹⁾	The effective income tax rate and net loss attributable to noncontrolling interests was significantly affected in the fourth quarter of fiscal year 2010 by BPP goodwill and other intangibles impairment charges.


⁽²⁾	The sum of quarterly income per share may not equal annual income per share due to rounding.