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QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
 12 Months Ended
Dec. 31, 2016
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)  
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

24. Quarterly Financial Information (Unaudited)

Consolidated Statements of Income (Loss)

Three Months Ended
March 31, June 30, September 30, December 31,
(dollars in millions, except per share data)20162015201620152016201520162015
Total revenues$11,779$15,975$14,724$15,699$12,854$12,822$13,010$13,831
Income (loss) from continuing
operations before income taxes*(214)3,7762,8582,552737(115)(3,455)(2,932)
Income (loss) from discontinued
operations, net of income taxes (47)1(10)163(17)(36)-
Net income (loss)(203)2,4771,9241,791436(197)(2,506)(1,849)
Net income (loss) from
continuing operations attributable
to noncontrolling interests(20)911(9)(26)34535(8)
Net income (loss) attributable to AIG*$(183)$2,468$1,913$1,800$462$(231)$(3,041)$(1,841)
Income (loss) per common share
attributable to AIG:
Basic:
Income (loss) from continuing
operations$(0.12)$1.81$1.73$1.34$0.43$(0.17)$(2.93)$(1.50)
Income (loss) from discontinued
operations$(0.04)$-$(0.01)$0.01$-$(0.01)$(0.03)$-
Diluted:
Income (loss) from continuing
operations$(0.12)$1.78$1.69$1.31$0.42$(0.17)$(2.93)$(1.50)
Income (loss) from discontinued
operations$(0.04)$-$(0.01)$0.01$-$(0.01)$(0.03)$-
Weighted average shares
outstanding:
Basic1,156,548,4591,365,951,6901,113,587,9271,329,157,3661,071,295,8921,279,072,7481,023,886,5921,226,880,632
Diluted1,156,548,4591,386,263,5491,140,045,9731,365,390,4311,102,400,7701,279,072,7481,023,886,5921,226,880,632
Noteworthy quarterly items -
income (expense):
Other-than-temporary
impairments(204)(128)(108)(164)(102)(273)(145)(106)
Net (gain) loss on sale of
divested businesses26(225)1(128)3(194)1
Federal and foreign valuation
allowance for deferred tax assets(37)9335(40)(2)88749
Net gain (loss) on extinguishment of
debt(83)(68)(7)(342)14(346)2-
Reserve strengthening charges(66)2473172731915,5743,587
Restructuring and other costs188-90-210274206222

* For the three months ended December 31, 2016, we recorded out of period adjustments related to prior periods that increased Net loss attributable to AIG by $154 million, increased AIG’s Loss from continuing operations before income taxes by $12 million and decreased pre-tax operating income by $1 million. The out of period adjustments are primarily related to income tax liabilities and ceded loss adjustment expenses. Had these adjustments, which were determined not to be material, been recorded in their appropriate periods, Net income attributable to AIG for the three-month periods ended September 30, 2016, June 30, 2016 and March 31, 2016 would have decreased by $65 million, increased by $66 million and increased by $19 million, respectively.  Net income attributable to AIG for the three-month periods ended December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015 would have decreased by $88 million, increased by $22 million, increased by $5 million, and decreased by $5 million, respectively.

For the three months ended December 31, 2015, we recorded out of period adjustments related to prior periods that decreased Net income attributable to AIG by $193 million, decreased AIG’s Income from continuing operations before income taxes by $308 million and decreased pre-tax operating income by $122 million. The out of period adjustments primarily related to impairments of Other invested assets and changes in loss reserves and income tax liabilities. Had these adjustments, which were determined not to be material, been recorded in their appropriate periods, Net income attributable to AIG for the three-month periods ended September 30, 2015, June 30, 2015 and March 31, 2015 would have decreased by $36 million, increased by $15 million and decreased by $16 million, respectively.