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Quarterly Results of Operations (Unaudited) | 12 Months Ended
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Dec. 31, 2014
Quarterly Results of Operations (Unaudited) | NOTE 14 — QUARTERLY RESULTS OF OPERATIONS (Unaudited) (In thousands, except per share data)
|  | Three Months Ended March 31, |  | Three Months Ended June 30, |  | Three Months Ended September 30, |  | Three Months Ended December 31,
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013
Revenue | $1,342,548 |  | $1,343,058 |  | $1,630,154 |  | $1,618,097 |  | $1,630,034 |  | $1,587,522 |  | $1,715,797 |  | $1,694,367
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Direct operating expenses | 596,496 |  | 597,780 |  | 643,222 |  | 632,586 |  | 645,981 |  | 648,743 |  | 648,666 |  | 674,978
| Selling, general and administrative expenses | 415,828 |  | 403,363 |  | 420,577 |  | 411,341 |  | 429,687 |  | 411,354 |  | 421,116 |  | 423,803
| Corporate expenses | 72,705 |  | 80,800 |  | 82,196 |  | 75,328 |  | 78,202 |  | 89,574 |  | 87,228 |  | 67,812
| Depreciation and amortization | 174,871 |  | 182,182 |  | 174,062 |  | 179,734 |  | 175,865 |  | 177,330 |  | 186,100 |  | 191,582
| Impairment charges | - |  | - |  | 4,902 |  | - |  | 35 |  | - |  | 19,239 |  | 16,970
| Other operating income, net | 165 |  | 2,395 |  | (1,628) |  | 1,113 |  | 47,172 |  | 6,186 |  | (5,678) |  | 13,304
Operating income | 82,813 |  | 81,328 |  | 303,567 |  | 320,221 |  | 347,436 |  | 266,707 |  | 347,770 |  | 332,526
Interest expense | 431,114 |  | 385,525 |  | 440,605 |  | 407,508 |  | 432,616 |  | 438,404 |  | 437,261 |  | 418,014
Gain (loss) on marketable securities | - |  | - |  | - |  | 130,898 |  | - |  | 31 |  | - |  | (50)
Equity in earnings (loss) of nonconsolidated affiliates | (13,326) |  | 3,641 |  | (16) |  | 5,971 |  | 3,955 |  | 3,983 |  | (29) |  | (91,291)
Gain (loss) on extinguishment of debt | (3,916) |  | (3,888) |  | (47,503) |  | - |  | (4,840) |  | - |  | 12,912 |  | (83,980)
Other income (expense), net | 1,541 |  | (1,000) |  | 12,157 |  | (18,098) |  | 2,617 |  | 1,709 |  | (7,211) |  | (4,591)
Income (loss) before income taxes | (364,002) |  | (305,444) |  | (172,400) |  | 31,484 |  | (83,448) |  | (165,974) |  | (83,819) |  | (265,400)
Income tax benefit (expense) | (68,388) |  | 96,325 |  | 621 |  | (11,477) |  | (24,376) |  | 73,802 |  | 33,654 |  | (36,833)
Consolidated net income (loss) | (432,390) |  | (209,119) |  | (171,779) |  | 20,007 |  | (107,824) |  | (92,172) |  | (50,165) |  | (302,233)
Less amount attributable to noncontrolling interest | (8,200) |  | (6,116) |  | 14,852 |  | 12,805 |  | 7,028 |  | 9,683 |  | 17,923 |  | 6,994
Net income (loss) attributable to the Company | $(424,190) |  | $(203,003) |  | $(186,631) |  | $7,202 |  | $(114,852) |  | $(101,855) |  | $(68,088) |  | $(309,227)
Net income (loss) to the Company per common share: |  |  |  |  |  |  |  |  |  |  |
Basic | $(5.06) |  | $(2.47) |  | $(2.22) |  | $0.09 |  | $(1.37) |  | $(1.22) |  | $(0.81) |  | $(3.70)
Diluted | $(5.06) |  | $(2.47) |  | $(2.22) |  | $0.09 |  | $(1.37) |  | $(1.22) |  | $(0.81) |  | $(3.70)
The Company's Class A common shares are quoted for trading on the OTC Bulletin Board under the symbol IHRT.

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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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