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SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2014
Schedule of Selected Quarterly Financial Information | 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 Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: 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 + Details
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