Summarized Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2011

Summarized Quarterly Data (Unaudited)

Summarized Quarterly Data (Unaudited)

18.   Summarized Quarterly Data (Unaudited)

        The following table summarizes the quarterly results of operations for the years ended December 31, 2011 and 2010:

	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2011
Net revenues	$	667,023	$	687,879	$	710,905	$	676,450
Income from operations		122,735		140,592		130,335		105,919
Net income		51,528		75,989		70,803		44,031
Earnings per common share:
Basic earnings per common share		0.53		0.79		0.73		0.46
Diluted earnings per common share		0.48		0.71		0.66		0.41
2010
Net revenues	$	592,323	$	598,311	$	638,256	$	630,221
Income (loss) from operations		92,351		51,711		110,462		(101,298	)
Net income (loss) including noncontrolling interests		36,155		6,972		48,345		(153,132	)
Net income (loss) attributable to the shareholders of Penn National Gaming, Inc. and subsidiaries		36,164		9,156		48,345		(153,132	)
Earnings (loss) per common share attributable to the shareholders of Penn National Gaming, Inc. and shareholders:
Basic earnings (loss) per common share		0.37		0.09		0.51		(1.97	)
Diluted earnings (loss) per common share		0.34		0.09		0.46		(1.97	)

        As a result of decreased earning projections resulting from an anticipated increase in competition from the scheduled opening of a casino in the second half of 2011 in Des Plaines, Illinois, as well as continued challenging market conditions in the Chicagoland regional market, the Company recorded a pre-tax goodwill impairment charge of $144.6 million ($144.6 million, net of taxes) at Hollywood Casino Aurora and $44.2 million ($28.4 million, net of taxes) at Hollywood Casino Joliet, respectively, during the fourth quarter of 2010. Additionally during the fourth quarter of 2010, the Company wrote-down the remaining value of the Argosy trademark intangible asset of $4.4 million ($2.8 million, net of taxes) due to management's strategy to transition Argosy properties to the Hollywood Casino brand.

        In addition, in conjunction with the voters determining that the Company's casino in Columbus, Ohio will be located at the site of the former Delphi Automotive plant along Columbus's West Side, rather than the original site in the Arena District, the Company recorded a pre-tax impairment charge of $30.5 million ($19.6 million, net of taxes) during the second quarter of 2010 for the parcel of land that the Company purchased in Columbus's Arena District.