QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2021

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

16.QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

	Quarter Ended
2021	March 31,		June 30,		September 30,		December 31,
	(In thousands, except per share amounts)
Net revenues	$	324,766	$	320,403	$	318,584	$	318,480
Operating income	$	38,326	$	30,015	$	32,508	$	34,329
Net income (loss) attributable to common stockholders	$	(62,099)	$	(55,356)	$	(4,721)	$	12,414
Basic and diluted earnings (loss) per share	$	(0.80)	$	(0.71)	$	(0.05)	$	0.12

	Quarter Ended
2020	March 31,		June 30,		September 30,		December 31,
	(In thousands, except per share amounts)
Net revenues	$	325,662	$	325,176	$	327,066	$	326,124
Operating income	$	37,352	$	39,780	$	37,352	$	21,029
Net income (loss) attributable to common stockholders	$	15,547	$	13,840	$	14,510	$	(6,920)
Basic and diluted loss per share	$	0.22	$	0.19	$	0.20	$	(0.09)

During the quarter ended December 31, 2021, we purchased a group annuity contract to transfer the pension benefit obligations and annuity administration for a select group of retirees or their beneficiaries to an annuity provider.  As a result of the transfer of the pension liability to the annuity provider, we recognized a non-cash pension settlement charge of $5.9 million during the quarter ended December 31, 2021.

During the quarters ended December 31, 2021 and 2020, we recognized a gain of $13.1 million and $23.8 million on the decline in the fair value of contingent payment rights issued to Searchlight.

In connection with the Investment Agreement entered into with Searchlight in October 2020 as discussed in Note 4, we recognized transaction costs of $7.6 million during the quarter ended December 31, 2020 associated with the CPRs issued as part of the transaction. We also incurred additional interest expense of $7.9 million on the Note issued to Searchlight in the fourth quarter of 2020.

We incurred a loss on the extinguishment of debt of $18.5 million in connection with the refinancing of our credit agreement and redemption of our 2022 Senior Notes during the quarter ended December 31, 2020.

As part of cost saving initiatives, we incurred severance costs of $7.5 million during the quarter ended December 31, 2020.