Selected quarterly financial data for the years ended December 31, 2016 and 2015 is as follows (in thousands, except per share data):



	Three Months Ended												Year Ended December 31,
	March 31,			June 30,			September 30,			December 31,			Year Ended December 31,
2016:
Operating revenues	$	1,289,047		$	1,442,227		$	1,514,845		$	1,539,549		$	5,785,668
Costs of operations (1)	351,445			459,711			491,237			487,996			1,790,389
Operating income	451,853			432,806			479,074			489,296			1,853,029
Net income	281,307			192,464			263,735			232,853			970,359
Net income attributable to American Tower Corporation stockholders	275,159			187,550			264,509			229,207			956,425
Dividends on preferred stock	(26,781		)	(26,782		)	(26,781		)	(26,781		)	(107,125		)
Net income attributable to American Tower Corporation common stockholders	248,378			160,768			237,728			202,426			849,300
Basic net income per share attributable to American Tower Corporation common stockholders	0.59			0.38			0.56			0.48			2.00
Diluted net income per share attributable to American Tower Corporation common stockholders	0.58			0.37			0.55			0.47			1.98



	Three Months Ended												Year Ended December 31,
	March 31,			June 30,			September 30,			December 31,			Year Ended December 31,
2015:
Operating revenues	$	1,079,190		$	1,174,375		$	1,237,910		$	1,280,041		$	4,771,516
Costs of operations (1)	264,640			322,458			365,389			356,381			1,308,868
Operating income	419,966			389,774			400,925			402,124			1,612,789
Net income	195,492			157,180			97,740			221,595			672,007
Net income attributable to American Tower Corporation stockholders	193,317			156,056			102,999			232,702			685,074
Dividends on preferred stock	(9,819		)	(26,782		)	(26,781		)	(26,781		)	(90,163		)
Net income attributable to American Tower Corporation common stockholders	183,498			129,274			76,218			205,921			594,911
Basic net income per share attributable to American Tower Corporation common stockholders	0.45			0.31			0.18			0.49			1.42
Diluted net income per share attributable to American Tower Corporation common stockholders	0.45			0.30			0.18			0.48			1.41

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(1)	Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses.