1^stQuarter

2^ndQuarter

3^rdQuarter⁽³⁾

4^thQuarter⁽³⁾

For the year ended December 31, 2015

Total revenues

$

205,828

$

221,956

$

218,443

$

215,225

Gross profit (2)

38,686

51,208

46,791

46,199

Costs and expenses

206,144

213,172

209,493

209,366

Earnings (loss) before income taxes

17,173

(2,177

)

9,050

(61,477

)

Net earnings (loss) attributable to Biglari Holdings Inc. (5)

9,983

26

9,298

(35,150

)

Basic earnings (loss) per common share (4)

$

5.36

$

0.01

$

7.36

$

(27.88

)

Diluted earnings (loss) per common share (4)

$

5.36

$

0.01

$

7.35

$

(27.88

)

For the year ended September 24, 2014 (52 weeks) ⁽¹⁾

Total revenues

$

172,339

$

234,574

$

193,229

$

193,669

Gross profit (2)

38,377

52,191

39,724

37,359

Costs and expenses

167,843

224,753

190,429

196,512

Earnings (loss) before income taxes

24,864

(12,263

)

13,367

13,048

Net earnings (loss) attributable to Biglari Holdings Inc. (5)

16,491

(5,803

)

9,594

8,522

Basic earnings (loss) per common share (4)

$

9.62

$

(3.39

)

$

5.67

$

4.96

Diluted earnings (loss) per common share (4)

$

9.60

$

(3.39

)

$

5.66

$

4.95

For the year ended September 25, 2013 (52 weeks) ⁽¹⁾

Total revenues

$

166,511

$

225,210

$

184,602

$

179,499

Gross profit (2)

37,613

50,189

43,476

41,541

Costs and expenses

159,181

220,606

178,137

177,164

Earnings before income taxes

5,930

1,420

169,834

39,277

Net earnings attributable to Biglari Holdings Inc. (5)

4,562

2,180

106,704

26,825

Basic earnings per common share (4)

$

2.94

$

1.41

$

69.08

$

17.46

Diluted earnings per common share (4)

$

2.94

$

1.40

$

68.92

$

17.43

(1) Our former fiscal year includes quarters consisting of 12, 16, 12 and 12 weeks, respectively

(2) We define gross profit as net revenue less restaurant cost of sales, media cost of sales, and insurance losses and underwriting expenses, which excludes depreciation and amortization

(3) We recorded pre-tax gain on contribution to investment partnerships of $29,524 during the third quarter of 2014, $162,869 during the third quarter of 2013 and $19,877 during the fourth quarter of 2013

(4) Earnings per share of common stock is based on the weighted average number of shares outstanding during the year. In fiscal year 2014 and 2013 the Company completed rights offerings in which 344,261 and 286,767 new shares of common stock were issued, respectively. Earnings per share have been retroactively restated to give effect to the rights offerings

(5) Net earnings attributable to Biglari Holdings Inc. includes investment partnership losses of $39,356 ($18,168 net of tax) in 2015 and investment partnership gains of $14,055 ($12,316 net of tax) in 2014 and $20,068 ($13,296 net of tax) in 2013