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Summarized Quarterly Data (Unaudited) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
Summarized Quarterly Data (Unaudited) | Summarized Quarterly Data (Unaudited) The following table summarizes the quarterly results of operations for the years ended December 31, 2018 and 2017:
| Fiscal Quarter
(in thousands, except per share data) | First |  | Second (1) |  | Third |  | Fourth (2)
2018 |  |  |  |  |  |  |
Revenues | $ | 816,085 |  |  | $ | 826,913 |  |  | $ | 789,651 |  |  | $ | 1,155,269 |
Operating income | $ | 172,134 |  |  | $ | 181,755 |  |  | $ | 155,843 |  |  | $ | 124,360 |
Net income (loss) | $ | 45,437 |  |  | $ | 53,988 |  |  | $ | 36,125 |  |  | $ | (42,036 | )
Earnings (loss) per common share: |  |  |  |  |  |  |
Basic earnings (loss) per common share | $ | 0.50 |  |  | $ | 0.59 |  |  | $ | 0.39 |  |  | $ | (0.37 | )
Diluted earnings (loss) per common share | $ | 0.48 |  |  | $ | 0.57 |  |  | $ | 0.38 |  |  | $ | (0.37 | )
| Fiscal Quarter
(in thousands, except per share data) | First (3) |  | Second (4) |  | Third (5) |  | Fourth (6)
2017 |  |  |  |  |  |  |
Revenues | $ | 776,224 |  |  | $ | 796,463 |  |  | $ | 806,247 |  |  | $ | 769,036 |
Operating income | $ | 140,287 |  |  | $ | 134,989 |  |  | $ | 143,663 |  |  | $ | 26,775 |
Net income (loss) | $ | 5,104 |  |  | $ | 17,079 |  |  | $ | 789,340 |  |  | $ | (338,060 | )
Earnings (loss) per common share: |  |  |  |  |  |  |
Basic earnings (loss) per common share | $ | 0.06 |  |  | $ | 0.19 |  |  | $ | 8.68 |  |  | $ | (3.72 | )
Diluted earnings (loss) per common share | $ | 0.06 |  |  | $ | 0.18 |  |  | $ | 8.43 |  |  | $ | (3.72 | )
(1) | During the second quarter 2018, the Company recorded a recovery of loan losses and unfunded loan commitments of $17.0 million relating to the JIVDC. See Note 5, “Acquisitions and Other Investments,” for further details.
(2) | During the fourth quarter 2018, we acquired Pinnacle, which resulted in the incurrence of $74.7 million in pre-opening and acquisition costs. See Note 5, “Acquisitions and Other Investments,” for further details. In addition, we recorded a $34.3 million impairment of long-lived assets. See
Note 7, “Property and Equipment,” for further details. Lastly, we recorded a $17.2 million loss on early extinguishment of debt. See Note 9, “Long-term Debt,” for more details.
(3) | During the first quarter 2017, PSG acquired DSG Amusement, Ltd., which operated two VGT routes. Additionally, we recorded a $23.4 million loss on early extinguishment of debt. See Note 9, “Long-term Debt,” for more details.
(4) | During the second quarter 2017, PSG acquired Advantage Gaming LLC, which operated two VGT routes, and the Company acquired 1 st Jackpot Casino Tunica and Resorts Casino Tunica.
(5) | During the third quarter 2017, we released $766.2 million of our total valuation allowance, as discussed in Note 12, “Income Taxes.” In addition, we recorded $18.0 million of goodwill impairment, as discussed in Note 8, “Goodwill and Other Intangible Assets.” Lastly, PIV reached an agreement with the former shareholders of Rocket Speed to buy out the remaining contingent consideration, which resulted in a benefit in the amount of $22.2 million.
(6) During the fourth quarter 2017, we wrote off $257.0 million of deferred tax assets due to the Tax Act. See Note 12, “Income Taxes,” for further information. We also recorded a $77.9 million provision relating to JIVDC loan losses and unfunded loan commitments.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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