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Quarterly Results of Operations
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Data [Abstract]  
Quarterly Financial Information Disclosure
Quarterly Results of Operations (Unaudited)
The following tables summarize the Company’s unaudited consolidated results of operations on a quarterly basis for the years ended December 31, 2016 and 2015. The sum of the quarterly loss per share amounts do not equal the amount reported for the full year since per share amounts are computed independently for each quarter and for the full year based on respective weighted-average shares outstanding and other dilutive potential shares.
Quarterly results of operations are summarized as follows (in thousands, except per share data):
 
 
For the 2016 Quarters Ended
 
 
December 31 (2)
 
September 30 (2)
 
June 30 (2)
 
March 31
Total revenues
 
$
444,143

 
$
297,330

 
$
187,473

 
$
66,771

Total expenses
 
417,229

 
465,795

 
565,706

 
343,422

Total other gains (losses)
 
(74
)
 
10,282

 
(1,351
)
 
(2,240
)
Income (loss) before income taxes (1)
 
26,840

 
(158,183
)
 
(379,584
)
 
(278,891
)
Income tax expense (benefit)
 
49,069

 
(56,357
)
 
(147,183
)
 
(106,189
)
Net loss
 
$
(22,229
)
 
$
(101,826
)
 
$
(232,401
)
 
$
(172,702
)
Basic and diluted loss per common and common equivalent share
 
$
(0.61
)
 
$
(2.82
)
 
$
(6.49
)
 
$
(4.85
)
__________
(1)
A significant portion of the Company's asset and liabilities are carried at fair value and as a result, the Company’s net income or loss can be materially impacted quarter over quarter by gains and losses resulting from changes in valuation inputs and other assumptions used in the fair value of the assets and liabilities.
(2)
The Company recorded goodwill impairment losses of $215.4 million, $91.0 million and $13.2 million during the second, third and fourth quarters of 2016, respectively. Refer to Note 14 for further information.
 
 
For the 2015 Quarters Ended
 
 
December 31 (2)
 
September 30
 
June 30 (2)
 
March 31
Total revenues
 
$
331,576

 
$
219,393

 
$
412,433

 
$
310,857

Total expenses
 
548,252

 
364,124

 
427,955

 
371,425

Total other gains
 
8,485

 
13,173

 
523

 
10,890

Loss before income taxes (1)
 
(208,191
)
 
(131,558
)
 
(14,999
)
 
(49,678
)
Income tax expense (benefit)
 
(91,056
)
 
(54,630
)
 
23,120

 
(18,670
)
Net loss
 
$
(117,135
)
 
$
(76,928
)
 
$
(38,119
)
 
$
(31,008
)
Basic and diluted loss per common and common equivalent share
 
$
(3.16
)
 
$
(2.04
)
 
$
(1.01
)
 
$
(0.82
)
__________
(1)
A significant portion of the Company's asset and liabilities are carried at fair value and as a result, the Company’s net income or loss can be materially impacted quarter over quarter by gains and losses resulting from changes in valuation inputs and other assumptions used in the fair value of the assets and liabilities.
(2)
The Company recorded goodwill impairment losses of $56.5 million and $151.0 million during the second and fourth quarters of 2015, respectively. Refer to Note 14 for further information.