NOTE 16. QUARTERLY RESULTS OF OPERATIONS

The following is a tabulation of quarterly results of operations for the years 2011, 2010, and 2009. Quarterly results presented differ from those previously reported in ARL's Form 10-Q due to the reclassification of the operations of properties sold or held for sale to discontinued operations in accordance with ASC topic 360:


	Three Months Ended 2011
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2011
Total operating revenues	$	28,813		$	30,967		$	31,043		$	27,534
Total operating expenses		33,798			41,136			29,651			59,088

Operating (loss) income		(4,985	)		(10,169	)		1,392			(31,554	)
Other income (expense)		(13,130	)		(14,132	)		(13,077	)		(6,863	)

Income (loss) before gain on land sales, non-contolling interest, and taxes		(18,115	)		(24,301	)		(11,685	)		(38,417	)
Gain on land sales		5,344			10,791			5,391			12,721
Income tax benefit (expense)		489			2,915			2,851			11,785

Net income (loss) from continuing operations		(12,282	)		(10,595	)		(3,443	)		(13,911	)

Net income (loss) from discontinuing operations, net of non-controlling interest		909			5,410			5,298			21,887

Net income (loss)		(11,373	)		(5,185	)		1,855			7,976
Less: net income (loss) attributable to non-controlling interest		2,170			7,175			4,830			(7,158	)
Preferred dividend requirement		(617	)		(613	)		(613	)		(613	)

Net income (loss) applicable to common shares	$	(9,820	)	$	1,377		$	6,072		$	205


PER SHARE DATA
Earnings per share—basic
Income (loss) from continuing operations	$	(0.93	)	$	(0.35	)	$	0.07		$	(1.88	)
Discontinued operations		0.08			0.47			0.46			1.90

Net income (loss) applicable to common shares	$	(0.85	)	$	0.12		$	0.53		$	0.02

Weighted average common shares used in computing earnings per share		11,493,115			11,525,389			11,525,389			11,525,389

Earnings per share—diluted
Income (loss) from continuing operations	$	(0.93	)	$	(0.35	)	$	0.04		$	(1.88	)
Discontinued operations		0.08			0.47			0.25			1.90

Net income (loss) applicable to common shares	$	(0.85	)	$	0.12		$	0.29		$	0.02

Weighted average common shares used in computing diluted earnings per share		11,493,115			11,525,389			21,377,962			11,525,389


	Three Months Ended 2010
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2010
Total operating revenues	$	32,791		$	31,519		$	31,543		$	20,270
Total operating expenses		31,608			32,369			31,131			73,408

Operating (loss) income		1,183			(850	)		412			(53,138	)
Other income (expense)		(14,928	)		(15,475	)		(14,566	)		(3,352	)

Income (loss) before gain on land sales, non-controlling interest, and taxes		(13,745	)		(16,325	)		(14,154	)		(56,490	)
Gain on land sales		6			(4,121	)		(72	)		(5,916	)
Income tax benefit (expense)		634			1,104			950			(658	)

Net income (loss) from continuing operations		(13,105	)		(19,342	)		(13,276	)		(63,064	)

Net income (loss) from discontinuing operations, net of non-controlling interest		(383	)		2,050			2,123			(1,198	)

Net income (loss)		(13,488	)		(17,292	)		(11,153	)		(64,262	)
Less: net income (loss) attributable to non-controlling interest		1,577			3,543			2,140			4,188
Preferred dividend requirement		(622	)		(622	)		(622	)		(622	)

Net income (loss) applicable to common shares	$	(12,533	)	$	(14,371	)	$	(9,635	)	$	(60,696	)


PER SHARE DATA
Earnings per share—basic
Income (loss) from continuing operations	$	(1.06	)	$	(1.43	)	$	(1.02	)	$	(5.24	)
Discontinued operations		(0.03	)		0.18			0.18			(0.11	)

Net income (loss) applicable to common shares	$	(1.09	)	$	(1.25	)	$	(0.84	)	$	(5.35	)

Weighted average common shares used in computing earnings per share		11,514,038			11,510,322			11,485,444			11,344,153

Earnings per share—diluted
Income (loss) from continuing operations	$	(1.06	)	$	(1.43	)	$	(1.02	)	$	(5.24	)
Discontinued operations		(0.03	)		0.18			0.18			(0.11	)

Net income (loss) applicable to common shares	$	(1.09	)	$	(1.25	)	$	(0.84	)	$	(5.35	)

Weighted average common shares used in computing diluted earnings per share		11,514,038			11,510,322			11,485,444			11,344,153


	Three Months Ended 2009
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2009
Total operating revenues	$	29,154		$	29,208		$	28,660		$	26,296
Total operating expenses		27,977			57,235			29,277			44,116

Operating (loss) income		1,177			(28,027	)		(617	)		(17,820	)
Other income (expense)		(11,047	)		(16,388	)		(14,418	)		(11,382	)

Income (loss) before gain on land sales, non-controlling interest, and taxes		(9,870	)		(44,415	)		(15,035	)		(29,202	)
Gain on land sales		168			8,040			3,397			—
Income tax benefit (expense)		365			828			451			(154	)

Net income (loss) from continuing operations		(9,337	)		(35,547	)		(11,187	)		(29,356	)

Net income (loss) from discontinuing operations, net of non-controlling interest		680			(1,095	)		7,080			(3,897	)

Net income (loss)		(8,657	)		(36,642	)		(4,107	)		(33,253	)
Less: net income (loss) attributable to non-controlling interest		1,685			5,337			1,526			3,970
Preferred dividend requirement		(622	)		(622	)		(622	)		(622	)

Net income (loss) applicable to common shares	$	(7,594	)	$	(31,927	)	$	(3,203	)	$	(29,905	)


PER SHARE DATA
Earnings per share—basic
Income (loss) from continuing operations	$	(0.72	)	$	(2.68	)	$	(0.89	)	$	(2.26	)
Discontinued operations		0.06			(0.10	)		0.61			(0.33	)

Net income (loss) applicable to common shares	$	(0.66	)	$	(2.78	)	$	(0.28	)	$	(2.59	)

Weighted average common shares used in computing earnings per share		11,514,038			11,514,038			11,514,038			11,514,038

Earnings per share—diluted
Income (loss) from continuing operations	$	(0.72	)	$	(2.68	)	$	(0.89	)	$	(2.26	)
Discontinued operations		0.06			(0.10	)		0.61			(0.33	)

Net income (loss) applicable to common shares	$	(0.66	)	$	(2.78	)	$	(0.28	)	$	(2.59	)

Weighted average common shares used in computing diluted earnings per share		11,514,038			11,514,038			11,514,038			11,514,038