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QUARTERLY RESULTS OF OPERATIONS | 12 Months Ended
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Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY RESULTS OF OPERATIONS | NOTE 15. QUARTERLY RESULTS OF OPERATIONS The following is a tabulation of quarterly results of operations for the years 2015, 2014, and 2013. 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 2015 |  |  |  |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |
|  | (dollars in thousands, except share and per share amounts) |
2015 |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 23,156 |  |  | $ | 24,241 |  |  | $ | 27,826 |  |  | $ | 28,965 |
Total operating expenses |  |  | 21,155 |  |  |  | 20,388 |  |  |  | 25,741 |  |  |  | 30,596 |
Operating income (loss) |  |  | 2,001 |  |  |  | 3,853 |  |  |  | 2,085 |  |  |  | (1,631 | )
Other expense |  |  | (2,338 | ) |  |  | (5,139 | ) |  |  | (11,152 | ) |  |  | (12,993 | )
Loss before gain on land sales, non-controlling interest, and taxes |  |  | (337 | ) |  |  | (1,286 | ) |  |  | (9,067 | ) |  |  | (14,624 | )
Gain (loss) on land sales |  |  | 2,876 |  |  |  | 3,027 |  |  |  | 1,958 |  |  |  | 13,787 |
Income tax benefit (expense) |  |  | 103 |  |  |  | (12 | ) |  |  | 274 |  |  |  | (882 | )
Net income (loss) from continued operations |  |  | 2,642 |  |  |  | 1,729 |  |  |  | (6,835 | ) |  |  | (1,719 | )
Net income from discontinued operations |  |  | 190 |  |  |  | (22 | ) |  |  | 508 |  |  |  | 220 |
Net income (loss) |  |  | 2,832 |  |  |  | 1,707 |  |  |  | (6,327 | ) |  |  | (1,499 | )
Less: net income (loss) attributable to non-controlling interest |  |  | 508 |  |  |  | (540 | ) |  |  | 1,164 |  |  |  | 195 |
Preferred dividend requirement |  |  | (390 | ) |  |  | (275 | ) |  |  | (275 | ) |  |  | (276 | )
Net income (loss) applicable to common shares |  | $ | 2,950 |  |  | $ | 892 |  |  | $ | (5,438 | ) |  | $ | (1,580 | )
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from continued operations |  | $ | 0.20 |  |  | $ | 0.06 |  |  | $ | (0.38 | ) |  | $ | (0.12 | )
Income from discontinued operations |  |  | 0.01 |  |  |  | — |  |  |  | 0.03 |  |  |  | 0.01 |
Net income (loss) applicable to common shares |  | $ | 0.21 |  |  | $ | 0.06 |  |  | $ | (0.35 | ) |  | $ | (0.11 | )
Weighted average common shares used in computing earnings per share |  |  | 14,027,619 |  |  |  | 15,367,320 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |
Earnings per share - diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from continued operations |  | $ | 0.16 |  |  | $ | 0.05 |  |  | $ | (0.38 | ) |  | $ | (0.12 | )
Income from discontinued operations |  |  | 0.01 |  |  |  | — |  |  |  | 0.03 |  |  |  | 0.01 |
Net income (loss) applicable to common shares |  | $ | 0.17 |  |  | $ | 0.05 |  |  | $ | (0.35 | ) |  | $ | (0.11 | )
Weighted average common shares used in computing diluted earnings per share |  |  | 17,426,707 |  |  |  | 17,844,339 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |
|  |  |  |  | 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-controlling 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-controlling 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 |

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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