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QUARTERLY RESULTS OF OPERATIONS

12 Months Ended

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

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