Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Revenue $ 3,170,416 $ 2,622,917 $ 6,557,390 $ 5,509,006
Operating expenses:        
Direct operating expenses 2,428,003 1,974,322 4,817,894 3,974,710
Selling, general and administrative expenses 414,412 365,220 1,126,452 1,008,922
Depreciation and amortization 104,862 99,054 295,241 272,166
Loss (gain) on disposal of operating assets 253 625 (1) 588
Corporate expenses 31,600 30,186 85,649 80,800
Operating income (loss) 191,286 153,510 232,155 171,820
Interest expense 25,249 25,844 75,965 76,857
Interest income (625) (460) (1,831) (2,419)
Equity in losses (earnings) of nonconsolidated affiliates 17,471 2,040 17,184 (573)
Other expense, net 2,606 8,127 1,412 20,655
Income before income taxes 146,585 117,959 139,425 77,300
Income tax expense 13,824 13,577 26,157 19,232
Net income 132,761 104,382 113,268 58,068
Net income attributable to noncontrolling interests 21,682 15,333 8,966 12,242
Net income attributable to common stockholders of Live Nation $ 111,079 $ 89,049 $ 104,302 $ 45,826
Basic net income per common share available to common stockholders of Live Nation $ 0.51 $ 0.39 $ 0.35 $ 0.14
Diluted net income per common share available to common stockholders of Live Nation $ 0.49 $ 0.38 $ 0.34 $ 0.14
Weighted average common shares outstanding:        
Basic (in shares) 202,118,412 201,392,591 201,904,305 200,776,477
Diluted (in shares) 217,690,217 208,738,780 208,855,401 208,493,651
Reconciliation to net income available to common stockholders of Live Nation:        
Net income attributable to common stockholders of Live Nation $ 111,079 $ 89,049 $ 104,302 $ 45,826
Accretion of redeemable noncontrolling interests (8,576) (10,118) (33,204) (17,111)
Net income available to common stockholders of Live Nation—basic 102,503 78,931 71,098 28,715
Convertible debt interest, net of tax 3,274 0 0 0
Net income available to common stockholders of Live Nation—diluted $ 105,777 $ 78,931 $ 71,098 $ 28,715