Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2015

QUARTERLY RESULTS (UNAUDITED)

Quarterly Results (Unaudited)

NOTE 17—QUARTERLY RESULTS (UNAUDITED)

The following table sets forth unaudited selected financial data and operating information on a quarterly basis as of and for the years ended December 31, 2015 and 2014:

	As of and for the year ended December 31, 2015
(in thousands, except per share data)	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter
Gains from mortgage banking activities	$	76,986	$	70,810	$	69,950	$	72,720
Servicing fees		30,530		29,328		28,058		26,841
Total revenues		121,365		120,786		113,926		112,121
Personnel		49,224		49,328		45,993		40,045
Amortization and depreciation		24,385		25,644		23,470		24,674
Total expenses		87,493		87,340		81,284		76,715
Income from operations		33,872		33,446		32,642		35,406
Walker & Dunlop net income		20,411		20,251		20,153		21,313
Diluted earnings per share	$	0.67	$	0.66	$	0.67	$	0.66
Total transaction volume	$	4,686,283	$	4,936,762	$	3,787,305	$	4,348,398
Servicing portfolio	$	50,212,264	$	47,794,561	$	47,713,739	$	46,066,660

	As of and for the year ended December 31, 2014
(in thousands, except per share data)	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter
Gains from mortgage banking activities	$	71,876	$	63,280	$	52,241	$	34,586
Servicing fees		26,073		25,036		23,962		23,343
Total revenues		112,598		98,055		85,286		64,833
Personnel		48,867		41,919		34,053		24,535
Amortization and depreciation		22,764		19,818		19,097		18,459
Total expenses		86,021		73,561		64,355		52,923
Income from operations		26,577		24,494		20,931		11,910
Walker & Dunlop net income		16,251		15,113		12,914		7,144
Diluted earnings per share	$	0.50	$	0.47	$	0.40	$	0.21
Total transaction volume	$	4,275,451	$	3,124,265	$	2,385,414	$	1,582,576
Servicing portfolio	$	44,031,890	$	41,219,196	$	39,793,733	$	38,908,865