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QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract] |
Schedule of 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 Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: 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 + Details
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