18. QUARTERLY FINANCIAL SUMMARY (UNAUDITED)

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

	Quarter									Total
2017	First		Second		Third		Fourth ⁽²⁾			Year
Revenue	$	162,109	$	146,222	$	144,986	$	143,118		$	596,435
Operating income		9,781		9,104		4,539		10,712		$	34,136
Net income (loss)		5,177		4,286		3,022		(44,382	)	$	(31,897	)
Net income (loss) per share ⁽¹⁾
Basic	$	0.08	$	0.06	$	0.04	$	(0.64	)	$	(0.46	)
Diluted	$	0.07	$	0.06	$	0.04	$	(0.64	)	$	(0.46	)

	Quarter										Total
2016	First		Second		Third			Fourth ⁽³⁾			Year
Revenue	$	198,886	$	182,626	$	167,625		$	155,255		$	704,392
Operating income (loss)		6,979		17,290		(706	)		(55,907	)	$	(32,344	)
Net income (loss)		3,011		11,839		(686	)		(32,876	)	$	(18,712	)
Net income (loss) per share ⁽¹⁾
Basic and Diluted	$	0.04	$	0.17	$	(0.01	)	$	(0.48	)	$	(0.27	)

(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, 2017, quarterly results included:

(2)

Fourth quarter of 2017 net loss included $6.5 million for a legal settlement within the All Other Campuses segment. Fourth quarter 2017 also includes $52.7 million of tax expense related to the impact of the Tax Cuts and Jobs Act which was enacted in the fourth quarter of 2017.

For the year ended December 31, 2016, quarterly results included:

(3)

Fourth quarter of 2016 net loss included $32.0 million of legal settlements for AIU, $0.9 million of asset impairment charges related to the All Other Campuses segment as well as $22.5 million of unused space charges, of which $4.2 million relates to discontinued operations with the remainder relating to our All Other Campuses segment.