XML 55 R40.htm IDEA: XBRL DOCUMENT v3.6.0.2
Quarterly Financial Summary (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Summary

Summary financial information by quarter is as follows (dollars in thousands, except per share data):

 

 

 

Quarter

 

 

Total

 

2016

 

First

 

 

Second

 

 

Third

 

 

Fourth (2)

 

 

Year

 

Revenue

 

$

198,886

 

 

$

182,626

 

 

$

167,625

 

 

$

155,255

 

 

$

704,392

 

Operating income (loss)

 

 

6,979

 

 

 

17,290

 

 

 

(706

)

 

 

(55,907

)

 

$

(32,344

)

Net income (loss)

 

 

3,011

 

 

 

11,839

 

 

 

(686

)

 

 

(32,876

)

 

$

(18,712

)

Net income (loss) per share (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.17

 

 

$

(0.01

)

 

$

(0.48

)

 

$

(0.27

)

Diluted

 

$

0.04

 

 

$

0.17

 

 

$

(0.01

)

 

$

(0.48

)

 

$

(0.27

)

 

 

 

Quarter

 

 

Total

 

2015

 

First (3)

 

 

Second (4)

 

 

Third (5)

 

 

Fourth (6)

 

 

Year

 

Revenue

 

$

227,014

 

 

$

216,828

 

 

$

203,484

 

 

$

199,947

 

 

$

847,273

 

Operating loss

 

 

(24,358

)

 

 

(19,892

)

 

 

(43,989

)

 

 

(3,929

)

 

$

(92,168

)

Net (loss) income

 

 

(24,881

)

 

 

(20,723

)

 

 

(45,235

)

 

 

142,724

 

 

$

51,885

 

Net (loss) income per share (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.37

)

 

$

(0.31

)

 

$

(0.67

)

 

$

2.10

 

 

$

0.76

 

Diluted

 

$

(0.37

)

 

$

(0.31

)

 

$

(0.67

)

 

$

2.08

 

 

$

0.76

 

 

 

 

 

(1)

Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the annual earnings per share amount for the corresponding year.

 

For the year ended December 31, 2016, quarterly results included:

(2)

Fourth quarter of 2016 net loss included $32.0 million of legal settlements for AIU, $0.4 million of asset impairment charges related to Culinary Arts and $0.5 million of asset impairments charges related to Transitional Group as well as $22.5 million of unused space charges, of which $4.2 million relates to discontinued operations with the remainder relating to our teach-out segments.

 

For the year ended December 31, 2015, quarterly results included:

(3)

First quarter of 2015 net loss included $6.0 million of impairment charges related to the Transitional Group.

(4)

Second quarter of 2015 net loss included $9.7 million of impairment charges related to Culinary Arts and $1.7 million of impairment charges related to the Transitional Group.

(5)

Third quarter of 2015 net losses included $33.4 million of impairment charges related to Culinary Arts.

(6)

Fourth quarter of 2015 net income included $9.7 million of impairment charges, of which $9.0 million was related to Culinary Arts. Furthermore, fourth quarter of 2015 net income included a $109.8 million benefit related to the partial release of our valuation allowance recorded against our deferred tax assets.