Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information (Unaudited)

Quarterly Financial Information (Unaudited)

18. Quarterly Financial Information (Unaudited)

Following is a summary of the unaudited interim results of operations for the years ended December 31, 2019 and 2018:

	Year Ended December 31, 2019
	First		Second		Third		Fourth
(Amounts in thousands)	Quarter		Quarter		Quarter		Quarter
Total revenue	$	128,193	$	477,210	$	621,180	$	261,000
Income before income taxes		(93,789)		133,571		261,835		10,143
Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders		(69,132)		79,519		179,833		(11,155)
Net (loss) income per weighted average common share outstanding:
Basic	$	(0.82)	$	0.94	$	2.13	$	(0.13)
Diluted		(0.82)		0.94		2.11		(0.13)

	Year Ended December 31, 2018
	First		Second		Third		Fourth
(Amounts in thousands)	Quarter		Quarter		Quarter		Quarter
Total revenue	$	128,964	$	445,420	$	619,820	$	269,503
Income before income taxes		(82,020)		118,418		259,681		115,781
Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders		(62,345)		74,502		184,417		79,422
Net (loss) income per weighted average common share outstanding:
Basic	$	(0.74)	$	0.89	$	2.19	$	0.94
Diluted		(0.74)		0.88		2.16		0.93

We operate a seasonal business. In particular, our theme park and waterpark operations contribute most of their annual revenue during the period from Memorial Day to Labor Day each year.

During the second and third quarter of 2017, it was determined that achieving the Modified EBITDA performance target related to the 2017 Performance Award would be difficult due to adverse weather and natural disasters experienced during the summer months of 2017, but late achievement of the 2017 Performance Award target was probable by the end of 2018. As a result, we recorded a reversal to stock-based compensation expense related to this award in the second and third quarters of 2017 of $27.9 million and $45.0 million, respectively, to reflect partial achievement of the 2017 Performance Award. The 2017 Performance Award provided for late achievement of the Modified EBITDA performance target in 2018, which did not occur. As a result, we recorded a reversal to stock-based compensation expense of $81.7 million in the fourth quarter of 2018 related to the 2017 Performance Award. Refer to Note 10 for further discussion.