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Note 10 - Reportable Operating Segments
 6 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
10
.
     
REPORTABLE OPERATING SEGMENTS
 
The Company’s reportable operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Company’s Chief Executive Officer – its chief decision maker – in assessing performance and determining the allocation of resources. The Company’s reportable operating segments are as follows:
 
 
•
Real Estate – includes land planning and entitlement, development and sales activities. This segment also includes the operations of Kapalua Realty Company, a general brokerage real estate company located within the Kapalua Resort.
 
 
•
Leasing – includes residential, resort, commercial, industrial and agricultural land and property leases, licensing of the Company’s registered trademarks and trade names, and stewardship and conservation efforts.
 
 
•
Utilities – comprised of the Company’s two publicly-regulated utility companies which provide potable and non-potable water and wastewater transmission services to the Kapalua Resort. In addition, this segment also includes management of ditch, reservoir and well systems which provide non-potable irrigation water to West and Upcountry Maui areas.
 
 
•
Resort Amenities – include the operations of the Kapalua Club, a private, non-equity club providing its members special programs, access and other privileges at certain of the amenities at the Kapalua Resort including a 30,000 square foot full-service spa and a private pool-side dining beach club.
 
The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, depreciation, general and administrative, share-based compensation, pension, and other post retirement expenses.
 
Reportable operating segment revenues and income (loss) for the three and six months ended June 30, 2015 and 2014 were as follows:
 
 
 
 
Three Months
 
 
Six Months
 
 
 
Ended June 30,
 
 
Ended June 30,
 
 
 
2015
 
 
2014
 
 
2015
 
 
2014
 
 
 
(in thousands)
 
 
(in thousands)
 
Operating Segment Revenues
                                
Real estate
  $ 211     $ 2,453     $ 323     $ 2,536  
Leasing
    1,422       1,409       2,837       2,721  
Utilities
    807       829       1,623       1,551  
Resort amenities and other
     325       318       776       670  
Total Operating Segment Revenues
  $ 2,765     $ 5,009     $ 5,559     $ 7,478  
Operating Segment Income (Loss)
                                
Real estate
  $ (37 )   $ 1,285     $ (94 )   $ 1,063  
Leasing
    811       823       1,688       1,585  
Utilities
    225       257       429       406  
Resort amenities and other
     60       128       297       199  
Total Operating Segment Income
   $ 1,059     $ 2,493     $ 2,320     $ 3,253