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QUARTERLY RESULTS OF OPERATIONS

12 Months Ended

Dec. 31, 2014

NOTE 15. QUARTERLY RESULTS OF OPERATIONS

The following is a tabulation of quarterly results of operations for the years 2014, 2013, and 2012. 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 2014
			March 31,						June 30,					September 30,						December 31,
			(dollars in thousands, except share and per share amounts)
2014
Total operating revenues			$	19,159					$	19,500				$	19,326					$	21,427
Total operating expenses				18,957						19,914					18,858						24,882
Operating income (loss)				202						(414			)		468						(3,455		)
Other expense				(2,440			)			(3,630			)		(4,274				)		(5,167		)
Loss before gain on land sales, non-contolling interest, and taxes				(2,238			)			(4,044			)		(3,806				)		(8,622		)
Gain (loss) on land sales				753						(159			)		40						(73		)
Income tax benefit				2,049						2,195					786						15,383
Net income (loss) from continued operations				564						(2,008			)		(2,980				)		6,688
Net income from discontinued operations				3,805						4,077					1,461						28,566
Net income (loss)				4,369						2,069					(1,519				)		35,254
Less: net income (loss) attributable to non-controlling interest				(819			)			(551			)		200						(8,118		)
Preferred dividend requirement				(613			)			(613			)		(427				)		(390		)
Net income (loss) applicable to common shares			$	2,937					$	905				$	(1,746				)	$	26,746

PER SHARE DATA
Earnings per share - basic
Loss from continued operations			$	(0.08			)		$	(0.28			)	$	(0.24				)	$	(0.13		)
Income from discontinued operations				0.33						0.35					0.11						2.04
Net income (loss) applicable to common shares			$	0.25					$	0.07				$	(0.13				)	$	1.91
Weighted average common shares used in computing earnings per share				11,525,389						11,525,389					13,619,647						14,027,618

Earnings per share - diluted
Loss from continued operations			$	(0.08			)		$	(0.28			)	$	(0.24				)	$	(0.13		)
Income from discontinued operations				0.33						0.35					0.11						2.04
Net income (loss) applicable to common shares			$	0.25					$	0.07				$	(0.13				)	$	1.91
Weighted average common shares used in computing diluted earnings per share				11,525,389						11,525,389					13,619,647						14,027,618



			Three Months Ended 2013
			March 31,						June 30,					September 30,						December 31,
			(dollars in thousands, except share and per share amounts)
2013
Total operating revenues			$	19,088					$	19,193				$	19,530					$	22,939
Total operating expenses				17,838						18,640					20,071						39,877
Operating income (loss)				1,250						553					(541				)		(16,938		)
Other expense				(9,245			)			(5,401			)		(8,533				)		(12,085		)
Loss before gain on land sales, non-contolling interest, and taxes				(7,995			)			(4,848			)		(9,074				)		(29,023		)
Gain (loss) on land sales				(35			)			-					598						(1,018		)
Income tax benefit				2,807						5,352					402						31,952
Net income (loss) from continued operations				(5,223			)			504					(8,074				)		1,911
Net income from discontinued operations				5,212						9,940					745						46,709
Net income (loss)				(11			)			10,444					(7,329				)		48,620
Less: net income (loss) attributable to non-controlling interest				385						(2,090			)		903						(9,646		)
Preferred dividend requirement				(613			)			(613			)		(613				)		(613		)
Net income (loss) applicable to common shares			$	(239			)		$	7,741				$	(7,039				)	$	38,361

PER SHARE DATA
Earnings per share - basic
Loss from continued operations			$	(0.47			)		$	(0.19			)	$	(0.68				)	$	(0.72		)
Income from discontinued operations				0.45						0.86					0.06						4.05
Net income (loss) applicable to common shares			$	(0.02			)		$	0.67				$	(0.62				)	$	3.33
Weighted average common shares used in computing earnings per share				11,525,389						11,525,389					11,525,389						11,525,389

Earnings per share - diluted
Loss from continued operations			$	(0.47			)		$	(0.19			)	$	(0.68				)	$	(0.72		)
Income from discontinued operations				0.45						0.86					0.06						4.05
Net income (loss) applicable to common shares			$	(0.02			)		$	0.67				$	(0.62				)	$	3.33
Weighted average common shares used in computing diluted earnings per share				11,525,389						11,525,389					11,525,389						11,525,389

	Three Months Ended 2012
	March 31,					June 30,						September 30,					December 31,
	(dollars in thousands, except share and per share amounts)
2012
Total operating revenues	$	19,240				$		19,744				$	20,189				$	22,676
Total operating expenses		18,626						17,146					17,518					20,312
Operating income		614						2,598					2,671					2,364
Other expense		(6,310			)			(6,645			)		(4,778			)		(2,288				)
Income (loss) before gain on land sales, non-contolling interest, and taxes		(5,696			)			(4,047			)		(2,107			)		76
Gain(loss) on land sales		(1,021			)			4,738					2,898					(1,140				)
Income tax benefit (expense)		(266			)			1,763					(54			)		(1,587				)
Net income (loss) from continued operations		(6,983			)			2,454					737					(2,651				)
Net income (loss) from discontinued operations		(494			)			3,275					(99			)		(2,950				)
Net income (loss)		(7,477			)			5,729					638					(5,601				)
Less: net income (loss) attributable to non-controlling interest		1,177						(1,064			)		(74			)		1,087
Preferred dividend requirement		(613			)			(613			)		(613			)		(613				)
Net income (loss) applicable to common shares	$	(6,913			)	$		4,052				$	(49			)	$	(5,127				)

PER SHARE DATA
Earnings per share - basic
Income (loss) from continued operations	$	(0.56			)	$		0.07				$	-				$	(0.19				)
Income (loss) from discontinued operations		(0.04			)			0.28					(0.01			)		(0.26				)
Net income (loss) applicable to common shares	$	(0.60			)	$		0.35				$	(0.01			)	$	(0.45				)
Weighted average common shares used in computing earnings per share		11,525,389						11,525,389					11,525,389					11,525,389

Earnings per share - diluted
Income (loss) from continued operations	$	(0.56			)	$		0.03				$	-				$	(0.19				)
Income (loss) from discontinued operations		(0.04			)			0.13					-					(0.26				)
Net income (loss) applicable to common shares	$	(0.60			)	$		0.16				$	-				$	(0.45				)
Weighted average common shares used in computing diluted earnings per share		11,525,389						25,679,951					21,027,447					11,525,389