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QUARTERLY FINANCIAL SUMMARY | 12 Months Ended
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Dec. 31, 2012
QUARTERLY FINANCIAL SUMMARY | 20. QUARTERLY FINANCIAL SUMMARY (UNAUDITED)
|  | Quarter |  |  |  |
2012 |  | First(3) |  |  | Second(4) |  |  | Third(5) |  |  | Fourth(6) |  |  | Total Year |
|  | (Dollars in thousands, except per share data) |  |  |  |
Revenue(1) |  | $ | 433,430 |  |  | $ | 368,560 |  |  | $ | 332,588 |  |  | $ | 354,691 |  |  | $ | 1,489,269 |
Operating income (loss)(1) |  |  | 47,907 |  |  |  | (106,779 | ) |  |  | (47,662 | ) |  |  | (77,216 | ) |  |  | (183,750 | )
Net income (loss) |  |  | 52,076 |  |  |  | (100,234 | ) |  |  | (33,146 | ) |  |  | (61,492 | ) |  |  | (142,796 | )
Net income (loss) per share(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.78 |  |  | $ | (1.52 | ) |  | $ | (0.50 | ) |  | $ | (0.93 | ) |  | $ | (2.15 | )
Diluted |  |  | 0.78 |  |  |  | (1.52 | ) |  |  | (0.50 | ) |  |  | (0.93 | ) |  |  | (2.15 | )
|  | Quarter |  |  |  |
2011 |  | First(3) |  |  | Second(4) |  |  | Third(5) |  |  | Fourth(6) |  |  | Total Year |
|  | (Dollars in thousands, except per share data) |  |  |  |
Revenue(1) |  | $ | 527,559 |  |  | $ | 481,555 |  |  | $ | 425,997 |  |  | $ | 438,258 |  |  | $ | 1,873,369 |
Operating income (loss)(1) |  |  | 109,041 |  |  |  | 79,442 |  |  |  | 20,099 |  |  |  | (167,888 | ) |  |  | 40,694 |
Net income (loss) |  |  | 73,035 |  |  |  | 55,353 |  |  |  | 10,634 |  |  |  | (120,449 | ) |  |  | 18,573 |
Net income (loss) per share(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.96 |  |  | $ | 0.74 |  |  | $ | 0.14 |  |  | $ | (1.64 | ) |  | $ | 0.25 |
Diluted |  |  | 0.95 |  |  |  | 0.73 |  |  |  | 0.14 |  |  |  | (1.64 | ) |  |  | 0.25 |
(1) | As of December 31, 2012, the results of operations for LCB Pittsburgh, along with our campuses that had previously ceased operations or were sold, are presented within discontinued operations for all periods presented.
(2) | Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the annual earnings per share amount for the corresponding year.
(3) | First quarter of 2012 net income included a $19.0 million insurance recovery related to the settlement of claims under certain insurance policies. First quarter of 2011 net income included a $7.0 million insurance recovery related to previously settled legal matters.
(4) | Second quarter of 2012 net loss included $85.6 million in goodwill and asset impairment charges. Second quarter of 2011 net income included $2.7 million in goodwill and asset impairment charges.
(5) | Third quarter of 2011 net income included $11.4 million of legal costs related to various regulatory matters.
(6) | Fourth quarter of 2012 net loss included $41.4 million in asset impairment charges and $13.1 million in severance and related charges in conjunction with a reduction in force and campus closure announcements. Fourth quarter of 2011 net loss included $188.8 million in goodwill and asset impairment charges and a $27.1 million pretax gain from the sale of Istituto Marangoni.

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