SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2013

	First Quarter		Second Quarter		Third Quarter			Fourth Quarter

	(in thousands, except per share data)
2013
Total revenues, net	$	229,929	$	258,779	$	265,993		$	299,741
Product revenues, net	$	225,651	$	254,462	$	256,583		$	295,737
Cost of product revenues	$	55,675	$	63,041	$	60,989		$	80,605
Net income (loss)	$	6,088	$	15,242	$	(33,895)	(2)	$	(6,006)	(1)
Basic net income (loss) per share	$	0.09	$	0.23	$	(0.50)	(2)	$	(0.08)	(1)
Diluted net income (loss) per share	$	0.09	$	0.23	$	(0.50)	(2)	$	(0.08)	(1)
2012
Total revenues, net	$	211,692	$	230,567	$	238,181		$	245,919
Product revenues, net	$	206,803	$	221,249	$	230,313		$	241,460
Cost of product revenues	$	53,952	$	58,891	$	55,740		$	61,474
Net income	$	32,794	$	43,123	$	40,321		$	37,837	(1)
Basic net income per share	$	0.52	$	0.68	$	0.63		$	0.59	(1)
Diluted net income per share	$	0.45	$	0.58	$	0.55		$	0.51	(1)

(1): During the fourth quarters of 2013 and 2012, Cubist recorded impairment charges of $35.3 million and $38.7 million, respectively, to write down the bevenopran IPR&D asset, which was acquired in connection with the acquisition of Adolor in December 2011, to its revised fair value. The impairment charges were offset by related contingent consideration income of $36.2 million and $37.0 million recorded during the fourth quarters of 2013 and 2012, respectively. In addition, during the fourth quarter of 2013, Cubist recorded an impairment charge of $20.0 million, representing the write-off of the non-refundable option payment to Adynxx, which resulted from management's decision to not exercise the option to acquire 100% of the outstanding shares of Adynxx.
(2): During the third quarter of 2013, Cubist recorded a $34.6 million loss on the induced conversion of $221.2 million of the principal amount of the Company's 2017 Notes in September 2013.