Summary financial information by quarter is as follows (dollars in thousands, except per share data):


	Quarter												Total Year
2014	First			Second ⁽⁴⁾			Third ⁽⁵⁾			Fourth ⁽⁶⁾			Total Year
Revenue ⁽¹⁾	$	198,154		$	186,172		$	182,825		$	174,207		$	741,358
Operating loss ⁽¹⁾		(21,949	)		(11,251	)		(31,732	)		(7,784	)	$	(72,716	)
Net loss		(58,143	)		(46,564	)		(47,968	)		(25,488	)	$	(178,163	)
Net loss per share ⁽²⁾
Basic and Diluted	$	(0.87	)	$	(0.69	)	$	(0.71	)	$	(0.38	)	$	(2.65	)

	Quarter												Total Year
2013	First ⁽³⁾			Second ⁽⁴⁾			Third ⁽⁵⁾			Fourth ⁽⁶⁾			Total Year
Revenue ⁽¹⁾	$	228,655		$	212,574		$	199,079		$	199,373		$	839,681
Operating loss ⁽¹⁾		(5,570	)		(30,279	)		(30,563	)		(14,429	)	$	(80,841	)
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	)

(1)

As of December 31, 2014, the results of operations for our Culinary Arts campuses that are held for sale as well as campuses that were taught out or institutions that were sold during 2014 (see Note 2 “Summary of Significant Accounting Polices” for further information), along with our campuses that had previously ceased operations or were sold and are considered distinct operations, 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.

(4)

Second quarter of 2014 net loss included $7.4 million of trade name impairment charges within loss from discontinued operations. 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, of which $2.3 million was recorded within loss from discontinued operations.

(5)

Third quarter of 2014 net loss included $3.0 million of trade name impairments (of which $1.5 million was recorded within loss from discontinued operations), $11.5 million of asset impairment charges and $8.6 million of income related to an insurance recovery. Third quarter of 2013 net loss included $11.6 million of trade name and asset impairment charges, of which $10.7 million was recorded within loss from discontinued operations.

(6)

Fourth quarter of 2014 net loss included $14.2 million of trade name and asset impairment charges, of which $10.3 million was recorded within loss from discontinued operations. Additionally, the fourth quarter of 2014 included a decrease of $9.4 million of revenue, a decrease of $7.5 million of bad debt expense and a $0.5 million increase to the loss from discontinued operations for a cumulative adjustment related to revenue recognition for withdrawn students. See Note 2 “Summary of Significant Accounting Policies – g. Revenue Recognition” for more information. 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 recorded within loss from discontinued operations and $7.0 million in asset impairment charges of which $1.0 million was recorded within loss from discontinued operations.