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Quarterly Financial Summary (Unaudited) | 12 Months Ended
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Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Summary (Unaudited) | 19. QUARTERLY FINANCIAL SUMMARY (UNAUDITED) Summary financial information by quarter is as follows (dollars in thousands, except per share data):
|  | Quarter |  |  | Total |
2015 |  | First (2) |  |  | Second (3) |  |  | Third (4) |  |  | Fourth (5) |  |  | Year |
Revenue |  | $ | 227,014 |  |  | $ | 216,828 |  |  | $ | 203,484 |  |  | $ | 199,947 |  |  | $ | 847,273 |
Operating loss |  |  | (24,358 | ) |  |  | (19,892 | ) |  |  | (43,989 | ) |  |  | (3,929 | ) |  | $ | (92,168 | )
Net (loss) income |  |  | (24,881 | ) |  |  | (20,723 | ) |  |  | (45,235 | ) |  |  | 142,724 |  |  | $ | 51,885 |
Net (loss) income per share (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.37 | ) |  | $ | (0.31 | ) |  | $ | (0.67 | ) |  | $ | 2.10 |  |  | $ | 0.76 |
Diluted |  | $ | (0.37 | ) |  | $ | (0.31 | ) |  | $ | (0.67 | ) |  | $ | 2.08 |  |  | $ | 0.76 |
|  | Quarter |  |  | Total |
2014 |  | First |  |  | Second (6) |  |  | Third (7) |  |  | Fourth (8) |  |  | Year |
Revenue |  | $ | 240,401 |  |  | $ | 228,738 |  |  | $ | 227,324 |  |  | $ | 217,501 |  |  | $ | 913,964 |
Operating loss |  |  | (39,995 | ) |  |  | (31,023 | ) |  |  | (44,334 | ) |  |  | (23,920 | ) |  | $ | (139,272 | )
Net loss |  |  | (58,143 | ) |  |  | (46,564 | ) |  |  | (47,968 | ) |  |  | (25,488 | ) |  | $ | (178,163 | )
Net loss per share (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic and Diluted |  | $ | (0.87 | ) |  | $ | (0.69 | ) |  | $ | (0.71 | ) |  | $ | (0.38 | ) |  | $ | (2.65 | )
(1) | 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.
For the year ended December 31, 2015, quarterly results included:
(2) | First quarter of 2015 net loss included $6.0 million of impairment charges related to the Transitional Group.
(3) | Second quarter of 2015 net loss included $9.7 million of impairment charges related to Culinary Arts and $1.7 million of impairment charges related to the Transitional Group.
(4) | Third quarter of 2015 net losses included $33.4 million of impairment charges related to Culinary Arts.
(5) | Fourth quarter of 2015 net income included $9.7 million of impairment charges, of which $9.0 million was related to Culinary Arts. Furthermore, fourth quarter of 2015 net income included a $109.8 million benefit related to the partial release of our valuation allowance recorded against our deferred tax assets.
For the year ended December 31, 2014, quarterly results included:
(6) | Second quarter of 2014 net loss included $7.4 million of trade name impairment charges related to Culinary Arts.
(7) | Third quarter of 2014 net loss included $3.0 million of trade name impairments, $11.5 million of asset impairment charges and $8.6 million of income related to an insurance recovery.
(8) | Fourth quarter of 2014 net loss included $14.2 million of trade name and asset impairment charges, of which $10.3 million was related to Culinary Arts. Additionally, the fourth quarter of 2014 included a decrease of $12.3 million of revenue, a decrease of $9.9 million of bad debt expense for a cumulative adjustment related to revenue recognition for withdrawn students.

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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=51655806&loc=d3e765-108305 Reference 2: 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=51825399&loc=d3e1280-108306 Reference 3: 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=51655806&loc=d3e725-108305 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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