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Restatement | 6 Months Ended
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Mar. 31, 2015
Equity [Abstract] |
Restatement | (2) Restatement. FRP Holdings, Inc. is filing this Amendment No. 1 on Form 10-Q/A to our Form 10-Q for the quarter ended March 31, 2015 to restate our previously issued financial statements to reflect the classification of corporate overhead expenses in the three and six month periods ending March 31, 2014. The reclassification consisted of additional corporate expenses that should have been reclassified from discontinued operations to continuing operations for the prior year comparative periods. This reclassification was made necessary by the completion of a spin-off during the quarter ending March 31, 2015. The Company’s filings with the SEC prior to the Form 10Q for the quarter ending March 31, 2015 were not affected by this reclassification. The following table sets forth the effects of the restatement on certain line items in our previously reported financial statements (in thousands except per share amounts):
| THREE MONTHS ENDED |  |  | SIX MONTHS ENDED |
| MARCH 31, |  |  | MARCH 31, |
| 2014 |  |  | 2014 |
|  |  |  |  | (previously |  |  |  |  |  |  | (previously |
| (restated) |  |  | reported) |  |  | (restated) |  |  | reported) |
Total Revenues | $ | 8,007 |  |  |  | 8,007 |  |  |  | 15,236 |  |  |  | 15,236 |
Cost of operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and |  | 1,693 |  |  |  | 1,693 |  |  |  | 3,299 |  |  |  | 3,299 |
amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 1,487 |  |  |  | 1,487 |  |  |  | 2,395 |  |  |  | 2,395 |
Property taxes |  | 879 |  |  |  | 879 |  |  |  | 1,719 |  |  |  | 1,719 |
Management company indirect |  | 403 |  |  |  | 403 |  |  |  | 784 |  |  |  | 784 |
Corporate expenses |  | 1,723 |  |  |  | 1,076 |  |  |  | 3,041 |  |  |  | 2,394 |
Total cost of operations |  | 6,185 |  |  |  | 5,538 |  |  |  | 11,238 |  |  |  | 10,591 |
Total operating profit |  | 1,822 |  |  |  | 2,469 |  |  |  | 3,998 |  |  |  | 4,645 |
Interest income |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Interest expense |  | (310 | ) |  |  | (310 | ) |  |  | (599 | ) |  |  | (599 | )
Equity in loss of joint ventures |  | (31 | ) |  |  | (31 | ) |  |  | (63 | ) |  |  | (63 | )
Gain on investment land sold |  | 22 |  |  |  | 22 |  |  |  | 78 |  |  |  | 78 |
Income from continuing operations before income taxes |  | 1,503 |  |  |  | 2,150 |  |  |  | 3,415 |  |  |  | 4,062 |
Provision for income taxes |  | 586 |  |  |  | 838 |  |  |  | 1,332 |  |  |  | 1,584 |
Income from continuing operations |  | 917 |  |  |  | 1,312 |  |  |  | 2,083 |  |  |  | 2,478 |
Gain from discontinued transportation operations, net of taxes |  | 787 |  |  |  | 392 |  |  |  | 1,961 |  |  |  | 1,566 |
Net income | $ | 1,704 |  |  |  | 1,704 |  |  |  | 4,044 |  |  |  | 4,044 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations- |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 0.10 |  |  |  | 0.14 |  |  |  | 0.22 |  |  |  | 0.26 |
Diluted |  | 0.10 |  |  |  | 0.14 |  |  |  | 0.22 |  |  |  | 0.26 |
Discontinued operations- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 0.08 |  |  |  | 0.04 |  |  |  | 0.20 |  |  |  | 0.16 |
Diluted |  | 0.08 |  |  |  | 0.04 |  |  |  | 0.20 |  |  |  | 0.16 |
Net Income- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 0.18 |  |  |  | 0.18 |  |  |  | 0.42 |  |  |  | 0.42 |
Diluted |  | 0.18 |  |  |  | 0.18 |  |  |  | 0.42 |  |  |  | 0.42 |
| SIX MONTHS ENDED MARCH 31, 2014
|  |  |  | (previously |
| (restated) |  | reported) |
Cash flows from operating activities: |  |  |  |  |  |
Net income | $ | 4,044 |  | $ | 4,044 |
Adjustments to reconcile net income to net cash |  |  |  |  |  |
provided by operating activities: |  |  |  |  |  |
Income from discontinued operations, net |  | (1,961 | ) |  | (1,566 | )
Depreciation, depletion and amortization |  | 3,384 |  |  | 3,384 |
Deferred income taxes |  | 372 |  |  | 372 |
Equity in loss of joint ventures |  | 63 |  |  | 63 |
Loss (Gain) on sale of equipment and property |  | (74 | ) |  | (74 | )
Stock-based compensation |  | 960 |  |  | 960 |
Net changes in operating assets and liabilities: |  |  |  |  |  |
Accounts receivable |  | 1,516 |  |  | 1,516 |
Deferred costs and other assets |  | (102 | ) |  | (102 | )
Accounts payable and accrued liabilities |  | (2,139 | ) |  | (2,139 | )
Income taxes payable and receivable |  | (1,379 | ) |  | (1,379 | )
Other long-term liabilities |  | 50 |  |  | 50 |
Net cash provided by operating activities of continuing operations |  | 4,734 |  |  | 5,129 |
Net cash provided by operating activities of discontinued operations |  | 4,050 |  |  | 3,655 |
Net cash provided by operating activities |  | 8,784 |  |  | 8,784 |

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- Definition Tabular disclosure of the nature and effects of a restatement to correct an error in the reported results of operations of prior periods. When prior period adjustments are recorded, the resulting effects (both gross and net of applicable income tax) on the net income of prior periods are disclosed in the annual report for the year in which the adjustments are made, and amended filings of previously issued reports are typically issued. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22658-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22663-107794 + Details
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