10. EARNINGS PER SHARE	6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]
EARNINGS PER SHARE	Earnings per share (“EPS”) have been computed pursuant to the provisions of ASC Topic 260, “Earnings Per Share”. The computation of basic EPS is calculated by dividing net income available to common shareholders from continuing operations, adjusted for preferred dividends, by the weighted-average number of common shares outstanding during the period. Shares issued during the period shall be weighted for the portion of the period that they were outstanding. As of June 30, 2014, we have 3,353,954 shares of Series A 10.0% cumulative convertible preferred stock, which are outstanding. These shares may be converted into common stock at 90% of the average daily closing price of the common stock for the prior 20 trading days. These are considered in the computation of diluted earnings per share if the effect of applying the if-converted method is dilutive. Of the outstanding 3,353,954 shares of Series A 10.0% cumulative convertible preferred stock, 300,000 shares are owned by ART Edina, Inc. and 600,000 shares are owned by ART Hotel Equities, Inc., both wholly owned subsidiaries of ARL. Dividends are not paid on the shares owned by ARL subsidiaries. As of May 30, 2014, the shares were transferred to ARL. As of June 30, 2014 Realty Advisors, Inc., a related party, owns 2,451,435 shares of the outstanding Series A convertible preferred shares and has accrued dividends unpaid of $15.1 million. On July 17, 2014, Realty Advisors, Inc. requested that 890,797 shares of ARI Series A Cumulative Convertible Preferred Stock be converted into ARL Common Stock. This resulted in the issuance of 2,502,230 shares of ARL Common Stock, converted at $6.07 per share. The surrendered shares had accumulated dividends due of $6.3 million. The Company had 135,000 shares of Series K convertible preferred stock, which were held by TCI and used as collateral on a note. The note has been paid in full and the Series K preferred stock was cancelled May 7, 2014. As of June 30, 2014, we have 1,000 shares of stock options outstanding, which will expire January 1, 2015 if not exercised. The outstanding options are considered in the computation of diluted earnings per share if the effect of applying the “treasury stock” method is dilutive. As of June 30, 2014, the preferred stock and the stock options were anti-dilutive and thus not included in the EPS calculation.

10. EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2014

Earnings per share (“EPS”) have been computed pursuant to the provisions of ASC Topic 260, “Earnings Per Share”. The computation of basic EPS is calculated by dividing net income available to common shareholders from continuing operations, adjusted for preferred dividends, by the weighted-average number of common shares outstanding during the period. Shares issued during the period shall be weighted for the portion of the period that they were outstanding.

As of June 30, 2014, we have 3,353,954 shares of Series A 10.0% cumulative convertible preferred stock, which are outstanding. These shares may be converted into common stock at 90% of the average daily closing price of the common stock for the prior 20 trading days. These are considered in the computation of diluted earnings per share if the effect of applying the if-converted method is dilutive.

Of the outstanding 3,353,954 shares of Series A 10.0% cumulative convertible preferred stock, 300,000 shares are owned by ART Edina, Inc. and 600,000 shares are owned by ART Hotel Equities, Inc., both wholly owned subsidiaries of ARL. Dividends are not paid on the shares owned by ARL subsidiaries. As of May 30, 2014, the shares were transferred to ARL.

As of June 30, 2014 Realty Advisors, Inc., a related party, owns 2,451,435 shares of the outstanding Series A convertible preferred shares and has accrued dividends unpaid of $15.1 million. On July 17, 2014, Realty Advisors, Inc. requested that 890,797 shares of ARI Series A Cumulative Convertible Preferred Stock be converted into ARL Common Stock. This resulted in the issuance of 2,502,230 shares of ARL Common Stock, converted at $6.07 per share. The surrendered shares had accumulated dividends due of $6.3 million.

The Company had 135,000 shares of Series K convertible preferred stock, which were held by TCI and used as collateral on a note. The note has been paid in full and the Series K preferred stock was cancelled May 7, 2014.

As of June 30, 2014, we have 1,000 shares of stock options outstanding, which will expire January 1, 2015 if not exercised. The outstanding options are considered in the computation of diluted earnings per share if the effect of applying the “treasury stock” method is dilutive.

As of June 30, 2014, the preferred stock and the stock options were anti-dilutive and thus not included in the EPS calculation.

- Definition

The entire disclosure for earnings per share.

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