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QUARTERLY RESULTS OF OPERATIONS | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY RESULTS OF OPERATIONS | NOTE 16. QUARTERLY RESULTS OF OPERATIONS The following is a tabulation of quarterly results of operations for the years 2019, 2018 and 2017. 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 2019 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |
|  | (dollars in thousands, except share and per share amounts) |
Total operating revenues |  | $ | 11,929 |  |  | $ | 11,840 |  |  | $ | 11,943 |  |  | $ | 12,258 |
Total operating expenses |  |  | 13,664 |  |  |  | 16,217 |  |  |  | 13,809 |  |  |  | 15,688 |
Operating loss |  |  | (1,735 | ) |  |  | (4,377 | ) |  |  | (1,866 | ) |  |  | (3,430 | )
Other expense |  |  | (6,963 | ) |  |  | (1,927 | ) |  |  | (12,723 | ) |  |  | (3,914 | )
(Loss) before gain on sales, non-contolling interest, and taxes |  |  | (8,698 | ) |  |  | (6,304 | ) |  |  | (14,589 | ) |  |  | (7,344 | )
Loss on sale of income producing properties |  |  | — |  |  |  | (80 | ) |  |  | — |  |  |  | — |
Gain on land sales |  |  | 2,216 |  |  |  | 2,517 |  |  |  | 5,139 |  |  |  | 5,400 |
Net loss from continued operations |  |  | (6,482 | ) |  |  | (3,867 | ) |  |  | (9,450 | ) |  |  | (1,944 | )
Net loss |  |  | (6,482 | ) |  |  | (3,867 | ) |  |  | (9,450 | ) |  |  | (1,944 | )
Less: net (income) attributable to non-controlling interest |  |  | 335 |  |  |  | 1,089 |  |  |  | 1,879 |  |  |  | 2,482 |
Net (loss) income applicable to common shares |  | $ | (6,147 | ) |  | $ | (2,778 | ) |  | $ | (7,571 | ) |  | $ | 538 |
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continued operations |  | $ | (0.41 | ) |  | $ | (0.24 | ) |  | $ | (0.59 | ) |  | $ | (0.12 | )
Net income (loss) applicable to common shares |  | $ | (0.38 | ) |  | $ | (0.17 | ) |  | $ | (0.47 | ) |  | $ | 0.03 |
Weighted average common shares used in computing earnings per share |  |  | 15,997,076 |  |  |  | 15,997,076 |  |  |  | 15,997,076 |  |  |  | 15,997,076 |
Earnings per share - diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continued operations |  | $ | (0.41 | ) |  | $ | (0.24 | ) |  | $ | (0.59 | ) |  | $ | (0.12 | )
Net income (loss) applicable to common shares |  | $ | (0.38 | ) |  | $ | (0.17 | ) |  | $ | (0.47 | ) |  | $ | 0.03 |
Weighted average common shares used in computing diluted earnings per share |  |  | 15,997,076 |  |  |  | 15,997,076 |  |  |  | 15,997,076 |  |  |  | 15,997,076 |
|  | Three Months Ended 2018 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |
|  | (dollars in thousands, except share and per share amounts) |
Total operating revenues |  | $ | 31,083 |  |  | $ | 31,607 |  |  | $ | 33,409 |  |  | $ | 24,857 |
Total operating expenses |  |  | 26,165 |  |  |  | 27,990 |  |  |  | 28,199 |  |  |  | 24,717 |
Operating income |  |  | 4,918 |  |  |  | 3,617 |  |  |  | 5,210 |  |  |  | 140 |
Other (expense) income |  |  | (6,638 | ) |  |  | 2,678 |  |  |  | 5,955 |  |  |  | (3,508 | )
(Loss) income before gain on sales, non-contolling interest, and taxes |  |  | (1,720 | ) |  |  | 6,295 |  |  |  | 11,165 |  |  |  | (3,368 | )
Gain on formation of joint venture |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 154,126 |
Gain on land sales |  |  | 1,335 |  |  |  | — |  |  |  | 12,243 |  |  |  | 3,826 |
Income tax expense |  |  | — |  |  |  | — |  |  |  | (792 | ) |  |  | (418 | )
Net (loss) income from continued operations |  |  | (385 | ) |  |  | 6,295 |  |  |  | 22,616 |  |  |  | 154,166 |
Net (loss) income |  |  | (385 | ) |  |  | 6,295 |  |  |  | 22,616 |  |  |  | 154,166 |
Less: net (income) attributable to non-controlling interest |  |  | (275 | ) |  |  | (441 | ) |  |  | (2,265 | ) |  |  | (6,012 | )
Preferred dividend requirement |  |  | (225 | ) |  |  | (225 | ) |  |  | (225 | ) |  |  | (226 | )
Net (loss) income applicable to common shares |  | $ | (885 | ) |  | $ | 5,629 |  |  | $ | 20,126 |  |  | $ | 147,928 |
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Loss) income from continued operations |  | $ | (0.06 | ) |  | $ | 0.35 |  |  | $ | 1.26 |  |  | $ | 9.26 |
Net (loss) income applicable to common shares |  | $ | (0.06 | ) |  | $ | 0.35 |  |  | $ | 1.26 |  |  | $ | 9.26 |
Weighted average common shares used in computing earnings per share |  |  | 15,938,077 |  |  |  | 15,997,076 |  |  |  | 15,997,076 |  |  |  | 15,997,076 |
Earnings per share - diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continued operations |  | $ | (0.06 | ) |  | $ | 0.35 |  |  | $ | 1.26 |  |  | $ | 9.27 |
Net income (loss) applicable to common shares |  | $ | (0.06 | ) |  | $ | 0.35 |  |  | $ | 1.26 |  |  | $ | 9.27 |
Weighted average common shares used in computing diluted earnings per share |  |  | 15,938,077 |  |  |  | 15,997,076 |  |  |  | 15,997,076 |  |  |  | 15,997,076 |
|  | Three Months Ended 2017 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |
|  | (dollars in thousands, except share and per share amounts) |
Total operating revenues |  | $ | 31,822 |  |  | $ | 31,587 |  |  | $ | 31,807 |  |  | $ | 31,005 |
Total operating expenses |  |  | 27,345 |  |  |  | 26,759 |  |  |  | 26,397 |  |  |  | 28,292 |
Operating income |  |  | 4,477 |  |  |  | 4,828 |  |  |  | 5,410 |  |  |  | 2,713 |
Other expense |  |  | (10,829 | ) |  |  | (15,676 | ) |  |  | (9,348 | ) |  |  | (11,853 | )
Loss before gain on sales, non-contolling interest, and taxes |  |  | (6,352 | ) |  |  | (10,848 | ) |  |  | (3,938 | ) |  |  | (9,140 | )
Gain on sale of income producing properties |  |  | — |  |  |  | — |  |  |  | 12,760 |  |  |  | 3,938 |
Gain (loss) on land sales |  |  | 445 |  |  |  | (476 | ) |  |  | 1,062 |  |  |  | 3,853 |
Income tax expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (180 | )
Net (loss) income from continued operations |  |  | (5,907 | ) |  |  | (11,324 | ) |  |  | 9,884 |  |  |  | (1,529 | )
Net income (loss) |  |  | (5,907 | ) |  |  | (11,324 | ) |  |  | 9,884 |  |  |  | (1,529 | )
Less: net (income) loss attributable to non-controlling interest |  |  | 193 |  |  |  | 435 |  |  |  | (522 | ) |  |  | 339 |
Preferred dividend requirement |  |  | (275 | ) |  |  | (275 | ) |  |  | (275 | ) |  |  | (280 | )
Net (loss) income applicable to common shares |  | $ | (5,989 | ) |  | $ | (11,164 | ) |  | $ | 9,087 |  |  | $ | (1,470 | )
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Loss) income from continued operations |  | $ | (0.39 | ) |  | $ | (0.72 | ) |  | $ | 0.59 |  |  | $ | (0.09 | )
Net (loss) income applicable to common shares |  | $ | (0.39 | ) |  | $ | (0.72 | ) |  | $ | 0.59 |  |  | $ | (0.09 | )
Weighted average common shares used in computing earnings per share |  |  | 15,514,360 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |
Earnings per share - diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Loss) income from continued operations |  | $ | (0.39 | ) |  | $ | (0.72 | ) |  | $ | 0.59 |  |  | $ | (0.09 | )
Net (loss) income applicable to common shares |  | $ | (0.39 | ) |  | $ | (0.72 | ) |  | $ | 0.59 |  |  | $ | (0.09 | )
Weighted average common shares used in computing diluted earnings per share |  |  | 15,514,360 |  |  |  | 15,514,360 |  |  |  | 15,514,360 |  |  |  | 15,514,360

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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