Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data of the Company (Unaudited) (Tables)

v2.4.1.9
Quarterly Financial Data of the Company (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
The following table sets forth the Company's summarized quarterly financial information for the years ended December 31, 2014 and 2013 (unaudited and in thousands, except per common share data)(1). This information is not required for the Operating Partnership. Amounts presented for "total revenues" and "operating income" for all quarters presented, except the fourth quarter of 2014 which had not been previously disclosed, have been modified from original amounts disclosed in our Form 10-Qs due to reclassifications of certain amounts related to interest income and other income (expense) in the consolidated statement of operations from the caption "other income" to the caption "interest and other income" which is not included in total revenues or operating income:
 
 
Year Ended December 31, 2014
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth
 Quarter(2)
Total revenues
 
$
102,783

 
$
102,212

 
$
105,189

 
$
108,374

Operating income
 
28,368

 
32,625

 
35,283

 
35,587

Net income
 
15,440

 
19,895

 
24,297

 
18,520

Income attributable to Tanger Factory Outlet Centers, Inc.
 
14,616

 
18,850

 
23,003

 
17,542

Income available to common shareholders of Tanger Factory Outlet Centers, Inc.
 
14,187

 
18,369

 
22,522

 
17,061

 
 
 
 
 
 
 
 
 
Basic earnings per share available to common shareholders:
 
 
 
 
 
 
 
 
Net income
 
$
0.15

 
$
0.20

 
$
0.24

 
$
0.18

 
 

 

 

 

Diluted earnings per share available to common shareholders:
 
 
 
 
 
 
 
 
Net income
 
$
0.15

 
$
0.20

 
$
0.24

 
$
0.18

(1)
Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis.
(2)
For the fourth quarter, net income includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015.

 
 
Year Ended December 31, 2013
 
 
First Quarter
 
Second Quarter
 
Third Quarter (2)
 
Fourth Quarter
Total revenues
 
$
88,688

 
$
91,002

 
$
97,804

 
$
107,325

Operating income
 
28,515

 
29,843

 
33,431

 
35,916

Net income
 
16,229

 
17,776

 
56,180

 
23,136

Income attributable to Tanger Factory Outlet Centers, Inc.
 
15,439

 
16,888

 
53,294

 
21,936

Income available to common shareholders of Tanger Factory Outlet Centers, Inc.
 
15,245

 
16,657

 
52,685

 
21,706

 
 
 
 
 
 
 
 
 
Basic earnings per share available to common shareholders:
 
 
 
 
 
 
 
 
Net income
 
$
0.16

 
$
0.18

 
$
0.56

 
$
0.23

 
 
 
 
 
 
 
 
 
Diluted earnings per share available to common shareholders:
 
 
 
 
 
 
 
 
Net income
 
$
0.16

 
$
0.18

 
$
0.56

 
$
0.23

(1)
Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis.
(2)
For the third quarter, net income includes a $26.0 million gain on our previously held interest in Deer Park upon the acquisition of an additional one-third interest in August 2013, and the consolidation of Deer Park into our financial statements.