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Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Quarterly Results of Operations (Unaudited)

NOTE 12 — 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,
		2015		2014		2015		2014		2015		2014		2015		2014
Revenue		$1,344,564		$1,342,548		$1,599,859		$1,630,154		$1,579,514		$1,630,034		$1,717,579		$1,715,797
Operating expenses:
	Direct operating expenses	578,519		599,178		615,265		645,915		627,842		648,766		651,719		651,589
	Selling, general and administrative expenses	416,188		413,146		424,163		417,883		428,967		426,902		432,237		418,194
	Corporate expenses	77,288		72,705		80,592		82,197		74,542		78,202		83,142		87,227
	Depreciation and amortization	170,453		174,871		168,394		174,062		166,320		175,865		168,824		186,100
	Impairment charges	-		-		-		4,902		21,631		35		-		19,239
	Other operating income, net	(8,974)		165		100,754		(1,628)		6,914		47,172		(4,693)		(5,678)
Operating income		93,142		82,813		412,199		303,567		267,126		347,436		376,964		347,770
Interest expense		441,771		431,114		452,957		440,605		453,921		432,616		456,847		437,261
Gain (loss) on investments, net		579		-		-		-		(5,000)		-		-		-
Equity in earnings (loss) of nonconsolidated affiliates		331		(13,326)		(690)		(16)		(857)		3,955		314		(29)
Gain (loss) on extinguishment of debt		(2,201)		(3,916)		-		(47,503)		-		(4,840)		-		12,912
Other income (expense), net		19,891		1,541		16,211		12,157		(17,976)		2,617		(5,070)		(7,211)
Income (loss) before income taxes		(330,029)		(364,002)		(25,237)		(172,400)		(210,628)		(83,448)		(84,639)		(83,819)
Income tax benefit (expense)		(56,605)		(68,388)		(22,077)		621		(2,841)		(24,376)		(5,434)		33,654
Consolidated net income (loss)		(386,634)		(432,390)		(47,314)		(171,779)		(213,469)		(107,824)		(90,073)		(50,165)
Less amount attributable to noncontrolling interest		(1,668)		(8,200)		7,152		14,852		8,448		7,028		3,199		17,923
Net income (loss) attributable to the Company		$(384,966)		$(424,190)		$(54,466)		$(186,631)		$(221,917)		$(114,852)		$(93,272)		$(68,088)

Net income (loss) to the Company per common share:
Basic		$(4.58)		$(5.06)		$(0.65)		$(2.22)		$(2.63)		$(1.37)		$(1.11)		$(0.81)
Diluted		$(4.58)		$(5.06)		$(0.65)		$(2.22)		$(2.63)		$(1.37)		$(1.11)		$(0.81)
The Company's Class A common shares are quoted for trading on the OTC Bulletin Board under the symbol IHRT.