Unaudited Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Unaudited summarized financial data by quarter for the years ended December 31, 2016 and 2015 is shown below.


	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2016
Revenues	$	470,543		$	388,747		$	349,178	$	391,874
Operating (loss) income ⁽¹⁾		111,569			(626,669	)		54,071		104,145
(Loss) income before income tax expense		83,196			(666,115	)		34,746		79,874
Net (loss) income		87,425			(589,937	)		13,927		116,082
Net (loss) income per share, basic and diluted	$	0.64		$	(4.30	)	$	0.10	$	0.85
2015
Revenues	$	620,056		$	634,032		$	609,742	$	555,563
Operating (loss) income ⁽²⁾		(269,530	)		134,121			181,434		(340,099	)
(Loss) income before income tax expense		(287,118	)		106,028			159,767		(360,025	)
Net (loss) income		(255,709	)		90,386			136,422		(245,384	)
Net (loss) income per share, basic and diluted	$	(1.86	)	$	0.66		$	0.99	$	(1.79	)

(1)

During the second quarter of 2016, we recognized an aggregate impairment loss of $678.1 million to write down certain of our drilling rigs and related spare parts with indicators of impairment to their estimated recoverable amounts. See Notes 1 and 2.

(2)

During the first, third and fourth quarters of 2015, we recognized impairment losses of $358.5 million, $2.6 million and $499.4 million, respectively, aggregating $860.4 million for the year ended December 31, 2015 to write down certain of our drilling rigs with indicators of impairment to their estimated recoverable amounts. See Notes 1 and 2.