
	Quarter
2013	First ⁽³⁾			Second ⁽⁴⁾			Third ⁽⁵⁾			Fourth ⁽⁶⁾			Total Year
Revenue ⁽¹⁾	$	290,203		$	268,839		$	251,224		$	247,094		$	1,057,360
Operating loss ⁽¹⁾		(29,625	)		(58,825	)		(67,209	)		(59,025	)	$	(214,684	)
Net loss		(15,203	)		(31,390	)		(87,064	)		(30,606	)	$	(164,263	)
Net loss per share ⁽²⁾
Basic and Diluted	$	(0.23	)	$	(0.47	)	$	(1.30	)	$	(0.46	)	$	(2.46	)

	Quarter
2012	First ⁽³⁾			Second ⁽⁴⁾			Third			Fourth ⁽⁶⁾			Total Year
Revenue ⁽¹⁾	$	383,701		$	343,013		$	314,890		$	303,276		$	1,344,880
Operating income (loss) ⁽¹⁾		34,951			(100,863	)		(39,562	)		(91,527	)	$	(197,001	)
Net income (loss)		52,076			(100,234	)		(33,146	)		(61,492	)	$	(142,796	)
Net income (loss) per share ⁽²⁾
Basic and Diluted	$	0.78		$	(1.52	)	$	(0.50	)	$	(0.93	)	$	(2.15	)

(1)

As of December 31, 2013, the results of operations for campuses that were taught out or schools that were sold during 2013, (see Note 2 “Summary of Significant Accounting Polices” of the notes to our consolidated financial statements for further information) 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 2013 net loss included a $6.7 million loss on sale of AIU London. First quarter of 2012 net income included a $19.0 million insurance recovery related to the settlement of claims under certain insurance policies.

(4)

Second quarter of 2013 net loss included $10.0 million related to the settlement of a legal matter and $4.0 million in trade name impairment charges. Second quarter of 2012 net loss included $85.6 million in goodwill and asset impairment charges, of which $1.0 million was recorded within loss from discontinued operations.

(5)	Third quarter of 2013 net loss included $11.6 million of trade name and asset impairment charges.

(6)

Fourth quarter of 2013 net loss included a $130.1 million gain related to the sale of our International Segment, a $72.2 million valuation allowance recorded against our deferred tax assets, $15.5 million for a pending legal settlement and $7.0 million in asset impairment charges. Fourth quarter of 2012 net loss included $40.8 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 for our continuing operations.