22. Quarterly Results of Operations (Unaudited)

The following is a tabulation of the unaudited quarterly results of operations for the years ended December 31, 2016 and 2015, in reference to the Amendment No. 1 on Form 10-Q/A which amends the Quarterly Report on Form 10-Q of HC2 Holdings, Inc. (the “Company”) for the fiscal quarters ended March 31, 2015, June 30, 2015, and September 30, 2015 as originally filed with the Securities and Exchange Commission (in thousands, except per share amounts):



	Quarters Ended
	March 31, 2016			June 30, 2016		September 30, 2016			December 31, 2016
Services revenue	$	182,109		$	197,372	$	245,064		$	272,510
Sales revenue	120,497			125,759		133,474			138,884
Other revenue	29,138			36,162		34,546			42,611
Net revenue	331,744			359,293		413,084			454,005
Cost of revenue - services	174,873			183,193		225,876			259,035
Cost of revenue - sales	99,677			101,290		107,984			102,113
Other operating expenses	76,567			68,832		72,370			87,737
Income (loss) from operations	(19,373		)	5,978		6,854			5,120

Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	(31,531		)	891		(7,506		)	(67,252		)
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—		—			—
Net income (loss) - basic	$	(31,531	)	$	891	$	(7,506	)	$	(67,252	)
Net income (loss) - diluted	$	(31,531	)	$	891	$	(7,506	)	$	(67,252	)

Weighted average common shares outstanding-basic	35,262			35,518		36,627			41,570
Weighted average common shares outstanding-diluted	35,262			35,643		36,627			41,570

Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	$	(0.89	)	$	0.02	$	(0.20	)	$	(1.62	)
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—		—			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.89	)	$	0.02	$	(0.20	)	$	(1.62	)

Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	$	(0.89	)	$	0.02	$	(0.20	)	$	(1.62	)
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—		—			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.89	)	$	0.02	$	(0.20	)	$	(1.62	)

(1) During the second quarter of 2016, the Company identified an immaterial error in its calculation of depreciation expense for the twelve months ended December 31, 2015 and 2014 and the three months ended March 31, 2016 related to purchase accounting associated with the acquisition of DBMG in May 2014. The net impact of adjustments to net income would have been an increase of $0.7 million and a decrease of $0.2 million for the twelve months ended December 31, 2015 and 2014, respectively. Refer to note 2. Summary of Significant Accounting Policies.



	Quarters Ended
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Services revenue	$	73,718		$	147,841		$	151,933		$	221,788
Sales revenue	128,090			133,141			125,534			135,896
Other Revenue	—			—			—			2,865
Net revenue	201,808			280,982			277,467			360,549
Cost of revenue—services	61,920			134,589			138,099			210,047
Cost of revenue—sales	110,536			110,909			103,375			113,148
Other operating expenses	28,862			32,062			33,349			43,197
Income (loss) from operations	490			3,422			2,644			(5,843		)

Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	(6,316		)	(11,979		)	(8,998		)	(12,536		)
Gain (loss) from discontinued operations	(9		)	(11		)	(24		)	23
Net income (loss)—basic	$	(6,325	)	$	(11,990	)	$	(9,022	)	$	(12,513	)
Net income (loss)—diluted	$	(6,325	)	$	(11,990	)	$	(9,022	)	$	(12,513	)

Weighted average common shares outstanding-basic	24,146			25,514			25,592			30,588
Weighted average common shares outstanding-diluted	24,146			25,514			25,592			30,588

Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	$	(0.26	)	$	(0.47	)	$	(0.35	)	$	(0.41	)
Gain (loss) from discontinued operations	—			—			—			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.47	)	$	(0.35	)	$	(0.41	)

Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	$	(0.26	)	$	(0.47	)	$	(0.35	)	$	(0.41	)
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			—
Gain (loss) from discontinued operations	—			—			—			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.47	)	$	(0.35	)	$	(0.41	)

Quarterly and year-to-date computations of per share amounts are made independently; therefore, the sum of per share amounts for the quarters may not agree with per share amounts for the year.