The Company’s unaudited quarterly financial data for 2018 and 2017 is summarized below.



	Quarter ended
In thousands, except per share data	March 31			June 30			September 30			December 31
2018
Total revenues (1)	$	1,141,028		$	1,137,113		$	1,282,151		$	1,149,294
Gain (loss) on natural gas derivatives, net (1)	$	10,174		$	(12,685	)	$	(2,025	)	$	(19,394	)
Property impairments (2)	$	33,784		$	29,162		$	23,770		$	38,494
Gain on sale of assets, net (3)	$	41		$	6,710		$	1,510		$	8,410
Income from operations	$	380,722		$	391,276		$	491,308		$	330,414
Loss on extinguishment of debt (4)	$	—		$	—		$	(7,133	)	$	—
Net income	$	233,946		$	242,464		$	314,169		$	199,121
Net income attributable to Continental Resources	$	233,946		$	242,464		$	314,169		$	197,738
Net income per share attributable to Continental Resources:
Basic	$	0.63		$	0.65		$	0.84		$	0.53
Diluted	$	0.63		$	0.65		$	0.84		$	0.53
2017
Total revenues (1)	$	685,427		$	661,486		$	726,743		$	1,047,172
Gain on natural gas derivatives, net (1)	$	46,858		$	28,022		$	8,602		$	8,165
Property impairments (2)	$	51,372		$	123,316		$	35,130		$	27,552
Litigation settlement (5)	$	—		$	—		$	—		$	59,600
Gain (loss) on sale of assets, net (3)	$	(3,638	)	$	780		$	3,562		$	54,420
Income (loss) from operations	$	77,221		$	(29,041	)	$	91,753		$	309,468
Net income (loss) (6)	$	469		$	(63,557	)	$	10,621		$	841,914
Net income (loss) per share:
Basic	$	—		$	(0.17	)	$	0.03		$	2.27
Diluted	$	—		$	(0.17	)	$	0.03		$	2.25

(1)

Gains and losses on natural gas derivative instruments are reflected in “Total revenues” on both the consolidated statements of comprehensive income (loss) and this table of unaudited quarterly financial data. Natural gas derivative gains and losses have been shown separately to illustrate the fluctuations in revenues that are attributable to the Company’s derivative instruments. Commodity price fluctuations each quarter can result in significant swings in mark-to-market gains and losses, which affects comparability between periods. Additionally, beginning in 2018 certain transportation expenses are no longer netted within "Total revenues" as a result of the Company's January 1, 2018 prospective adoption of ASU 2016-08, which affects comparability of 2017 and 2018 revenues. Transportation expenses totaled $49.3 million, $47.3 million, $46.0 million, and $49.0 million for the first, second, third, and fourth quarters of 2018, respectively.


(2)	Property impairments have been shown separately to illustrate the impact on quarterly results attributable to write downs of the Company’s assets. Commodity price fluctuations each quarter can result in significant changes in estimated future cash flows and resulting impairments, which affects comparability between periods.


(3)	Gains and losses on asset sales have been shown separately to illustrate the impact on quarterly results attributable to asset dispositions, which differ in significance from period to period and affect comparability. See Note 16. Property Dispositions for a discussion of notable dispositions.


(4)	See Note 7. Long-Term Debt for discussion of the loss recognized by the Company upon the partial redemption of its 2022 Notes in the 2018 third quarter.


(5)	Fourth quarter 2017 results include a $59.6 million pre-tax loss accrual recognized in conjunction with a litigation settlement as discussed in Note 11. Commitments and Contingencies—Litigation, which resulted in an after-tax decrease in net income of $37.0 million ($0.10 per basic and diluted share).

(6)

Fourth quarter 2017 results reflect the remeasurement of the Company's deferred income tax assets and liabilities in response to the enactment of the Tax Cuts and Jobs Act in December 2017, which resulted in a one-time decrease in income tax expense and corresponding increase in net income of approximately $713.7 million ($1.92 per basic share and $1.91 per diluted share). See Note 9. Income Taxes for further discussion.