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SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended
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Dec. 31, 2014
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
19. | SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Selected quarterly financial information for each of the quarters in the years ended December 31, 2014 and 2013 is as follows (in thousands, except per share data):
|  | March 31, 2014 |  |  | June 30, 2014 |  |  | September 30, 2014 |  |  | December 31, 2014 |
Revenue |  | $ | 404,222 |  |  | $ | 410,694 |  |  | $ | 408,474 |  |  | $ | 423,477 |
Operating income |  |  | 63,066 |  |  |  | 65,535 |  |  |  | 69,850 |  |  |  | 41,845 | (1)
Net income |  |  | 51,738 |  |  |  | 55,732 |  |  |  | 57,546 |  |  |  | 30,006 | (1)
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 0.45 |  |  | $ | 0.48 |  |  | $ | 0.50 |  |  | $ | 0.26 | (1)
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 0.44 |  |  | $ | 0.48 |  |  | $ | 0.49 |  |  | $ | 0.25 | (1)
|  | March 31, 2013 |  |  | June 30, 2013 |  |  | September 30, 2013 |  |  | December 31, 2013 |
Revenue |  | $ | 416,723 |  |  | $ | 425,005 |  |  | $ | 421,466 |  |  | $ | 431,103 |
Operating income |  |  | 59,892 |  |  |  | 67,969 |  |  |  | 67,271 |  |  |  | 56,019 |
Loss from discontinued operations, net of taxes |  |  | (355 | ) |  |  | (2,739 | ) |  |  | (663 | ) |  |  | — |
Net income |  |  | 181,092 | (2) |  |  | 20,429 | (3) |  |  | 51,843 |  |  |  | 47,471 |
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 1.81 | (2) |  | $ | 0.19 | (3) |  | $ | 0.45 |  |  | $ | 0.41 |
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 1.78 | (2) |  | $ | 0.19 | (3) |  | $ | 0.44 |  |  | $ | 0.41 |
(1) | The earnings amounts in the fourth quarter of 2014 were unfavorably impacted by $27.8 million of non-cash impairments recorded to write down the book values of two of CCA’s non-core facilities to the estimated fair values, as discussed in Note 5.
(2) | The earnings amounts in the first quarter of 2013 were favorably impacted by the net tax benefit resulting from the revaluation of certain deferred tax assets and liabilities associated with the REIT conversion effective January 1, 2013.
(3) | The earnings amounts in the second quarter of 2013 were negatively impacted by $36.3 million of expenses associated with debt refinancing transactions.

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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=6372559&loc=d3e765-108305 Reference 2: 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=6372559&loc=d3e725-108305 Reference 3: 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=35737889&loc=d3e1280-108306 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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