17. Selected Quarterly Financial Information (Unaudited):

The following tables set forth a summary of the Company’s selected quarterly financial information for each of the four quarters ended December 31, 2016 and 2015 (in thousands, except for per share data):


	2016 Quarters
	First			Second			Third			Fourth
Net revenue	$	752,624		$	771,759		$	828,006		$	830,770

Operating expenses:
Practice salaries and benefits		491,811			484,625			521,832			532,952
Practice supplies and other operating expenses		27,046			26,992			31,641			32,737
General and administrative expenses		89,950			92,116			93,457			97,049
Depreciation and amortization		19,584			20,241			24,185			25,254

Total operating expenses		628,391			623,974			671,115			687,992

Income from operations		124,233			147,785			156,891			142,778
Investment and other income		618			410			221			770
Interest expense		(14,463	)		(15,058	)		(17,215	)		(16,356	)
Equity in earnings of unconsolidated affiliate		794			789			796			806

Total non-operating expenses		(13,051	)		(13,859	)		(16,198	)		(14,780	)
Income before income taxes		111,182			133,926			140,693			127,998
Income tax provision		43,411			51,601			44,272			49,919

Net income		67,771			82,325			96,421			78,079
Net loss attributable to noncontrolling interests		128			102			88			—

Net income attributable to MEDNAX, Inc.	$	67,899		$	82,427		$	96,509		$	78,079

Per common and common equivalent share data (1):
Net income attributable to MEDNAX, Inc.:
Basic	$	0.74		$	0.89		$	1.04		$	0.84

Diluted	$	0.73		$	0.89		$	1.04		$	0.84

Weighted average common shares:
Basic		92,269			92,182			92,604			92,728

Diluted		93,091			92,945			93,146			93,347

(1)	Basic and diluted per share amounts are computed for each of the periods presented. Accordingly, the sum of the quarterly per share amounts may not agree with the full year amount.


	2015 Quarters
	First			Second			Third			Fourth
Net revenue	$	639,395		$	676,588		$	722,273		$	741,740

Operating expenses:
Practice salaries and benefits		419,595			422,803			450,033			461,074
Practice supplies and other operating expenses		23,431			24,878			24,007			26,164
General and administrative expenses		67,936			72,401			80,185			85,393
Depreciation and amortization		13,612			15,549			16,918			18,149

Total operating expenses		524,574			535,631			571,143			590,780

Income from operations		114,821			140,957			151,130			150,960
Investment and other income		142			384			567			751
Interest expense		(3,267	)		(5,149	)		(6,201	)		(8,493	)
Equity in earnings of unconsolidated affiliate		821			745			784			777

Total non-operating expenses		(2,304	)		(4,020	)		(4,850	)		(6,965	)
Income before income taxes		112,517			136,937			146,280			143,995
Income tax provision		43,928			52,889			55,640			51,581

Net income		68,589			84,048			90,640			92,414
Net loss attributable to noncontrolling interests		118			82			141			288

Net income attributable to MEDNAX, Inc.	$	68,707		$	84,130		$	90,781		$	92,702

Per common and common equivalent share data (1):
Net income attributable to MEDNAX, Inc.:
Basic	$	0.73		$	0.91		$	0.98		$	1.00

Diluted	$	0.72		$	0.90		$	0.97		$	0.99

Weighted average common shares:
Basic		94,231			92,500			92,949			92,790

Diluted		95,325			93,495			93,646			93,536

(2)	Basic and diluted per share amounts are computed for each of the periods presented. Accordingly, the sum of the quarterly per share amounts may not agree with the full year amount.