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Summarized Quarterly Data (Unaudited) | 12 Months Ended
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Dec. 31, 2013
Summarized Quarterly Data (Unaudited) |
Summarized Quarterly Data (Unaudited) | 17. Summarized Quarterly Data (Unaudited) The following table summarizes the quarterly results of operations for the years ended December 31, 2013 and 2012:
|  | Fiscal Quarter |
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|  | First |  | Second |  | Third |  | Fourth |
|  | (in thousands, except per share data) |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 798,246 |  | $ | 761,371 |  | $ | 714,435 |  | $ | 644,702 |
Income (loss) from operations |  |  | 133,315 |  |  | 46,881 |  |  | 93,280 |  |  | (1,045,448 | )
Net income (loss) |  |  | 65,271 |  |  | (12,180 | ) |  | 41,317 |  |  | (888,747 | )
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per common share |  | $ | 0.68 |  | $ | (0.16 | ) | $ | 0.43 |  | $ | (11.40 | )
Diluted earnings (loss) per common share |  | $ | 0.63 |  | $ | (0.16 | ) | $ | 0.40 |  | $ | (11.40 | )
2012 |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 736,059 |  | $ | 712,551 |  | $ | 707,044 |  | $ | 743,811 |
Income from operations |  |  | 142,615 |  |  | 128,015 |  |  | 98,666 |  |  | 73,293 |
Net income |  |  | 78,619 |  |  | 66,667 |  |  | 46,446 |  |  | 20,239 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per common share |  | $ | 0.83 |  | $ | 0.70 |  | $ | 0.49 |  | $ | 0.21 |
Diluted earnings per common share |  | $ | 0.74 |  | $ | 0.63 |  | $ | 0.44 |  | $ | 0.19 |
During the fourth quarter of 2013, primarily as a result of the Spin-Off, the Company recorded pre-tax impairment charges of $1,058.4 million ($842.9 million, net of taxes), as it determined that a portion of the value of its goodwill and other intangible assets was impaired. In addition, in conjunction with the relocation of the Company's two racetracks in Ohio, the Company recorded a pre-tax impairment charge of $2.2 million ($1.4 million, net of taxes) during the fourth quarter of 2013 for the parcels of land that the racetracks currently reside on, as the land was reclassified as held for sale in 2013 as the Company expects the land to be sold in 2014. Additionally, during the second quarter of 2013, as a result of a new gaming license being awarded for the development of a new casino in Sioux City, Iowa to another applicant in April 2013, the Company recorded a pre-tax impairment charge of $71.8 million ($70.5 million, net of taxes) for Argosy Casino Sioux City, as the Company determined that the fair value of its Sioux City reporting unit was less than its carrying amount based on the Company's analysis of the estimated future expected cash flows the Company anticipates receiving from the operations of the Sioux City facility. Results for the fourth quarter of 2013 only include results for one month for Hollywood Casino Baton Rouge and Hollywood Casino Perryville as they were contributed to GLPI on November 1, 2013. During the fourth quarter of 2013, in connection with the Spin-Off, the Company paid rental expense related to the Master Lease of $69.5 million. During the first, second, third and fourth quarters of 2013, the Company incurred transaction costs of $2.3 million, $3.5 million, $8.9 million and $14.1 million, respectively, associated with the Spin-Off, as compared to transaction costs of $2.4 million, $1.2 million, $1.1 million and $2.4 million during the first, second, third and fourth quarters of 2012, respectively. During the fourth quarter of 2013, the Company recorded a loss on the early extinguishment of debt of $61.7 million in connection with the repayments of its previous indebtedness. During the fourth quarter and third quarter of 2012, the Company incurred non-deductible lobbying costs of $26.0 million and $19.1 million, respectively, associated with its unsuccessful efforts to oppose an expansion of gaming in the state of Maryland.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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