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QUARTERLY DATA
 12 Months Ended
Dec. 31, 2011
QUARTERLY DATA  
QUARTERLY DATA

NOTE 11.   QUARTERLY DATA

 

The following is a table of quarterly results of operations for the years 2010, 2009, and 2008 (dollars in thousands except per share data):

 

 

 

Three Months Ended 2011

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

(dollars in thousands, except share and per share amounts)

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Total operating expenses

 

 

324

 

 

 

395

 

 

 

318

 

 

 

280

 

Operating loss

 

 

(324

)

 

 

(395

)

 

 

(318

)

 

 

(280

)

Other income

 

 

13

 

 

 

308

 

 

 

288

 

 

 

2,521

 

Income (loss) before gain on land sales, non-contolling interest, and taxes

 

 

(311

)

 

 

(87

)

 

 

(30

)

 

 

2,241

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(821

)

Net income (loss) from continuing operations

 

 

(311

)

 

 

(87

)

 

 

(30

)

 

 

1,420

 

Net income (loss) from discontinuing operations, net of non-controlling interest

 

 

2

 

 

 

(1,437

)

 

 

(485

)

 

 

1,597

 

Net income (loss)

 

 

(309

)

 

 

(1,524

)

 

 

(515

)

 

 

3,017

 

Less: net income attributable to non-controlling interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss) applicable to common shares

 

$

(309

)

 

$

(1,524

)

 

$

(515

)

 

$

3,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(0.07

)

 

$

(0.02

)

 

$

(0.01

)

 

$

0.35

 

Discontinued operations

 

 

0.00

 

 

 

(0.34

)

 

 

(0.12

)

 

 

0.38

 

Net income (loss) applicable to common shares

 

$

(0.07

)

 

$

(0.37

)

 

$

(0.12

)

 

$

0.73

 

Weighted average common shares used in computing earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(0.07

)

 

$

(0.02

)

 

$

(0.01

)

 

$

0.35

 

Discontinued operations

 

 

0.00

 

 

 

(0.34

)

 

 

(0.12

)

 

 

0.38

 

Net income (loss) applicable to common shares

 

$

(0.07

)

 

$

(0.37

)

 

$

(0.12

)

 

$

0.73

 

Weighted average common shares used in computing diluted earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

 

 

 

Three Months Ended 2010

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

(dollars in thousands, except share and per share amounts)

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Total operating expenses

 

 

305

 

 

 

337

 

 

 

294

 

 

 

349

 

Operating loss

 

 

(305

)

 

 

(337

)

 

 

(294

)

 

 

(349

)

Other income

 

 

427

 

 

 

340

 

 

 

234

 

 

 

2,073

 

Income (loss) before gain on land sales, non-controlling interest, and taxes

 

 

122

 

 

 

3

 

 

 

(60

)

 

 

1,724

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax benefit

 

 

48

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss) from continuing operations

 

 

170

 

 

 

3

 

 

 

(60

)

 

 

1,724

 

Net income (loss) from discontinuing operations, net of non-controlling interest

 

 

(10

)

 

 

(22

)

 

 

36

 

 

 

(3

)

Net income (loss)

 

 

160

 

 

 

(19

)

 

 

(24

)

 

 

1,721

 

Less: net income (loss) attributable to non-controlling interest

 

 

3

 

 

 

-

 

 

 

(8

)

 

 

5

 

Net income (loss) applicable to common shares

 

$

163

 

 

$

(19

)

 

$

(32

)

 

$

1,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.04

 

 

$

0.00

 

 

$

(0.02

)

 

$

0.42

 

Discontinued operations

 

 

(0.00

)

 

 

(0.01

)

 

 

0.01

 

 

 

(0.00

)

Net income (loss) applicable to common shares

 

$

0.04

 

 

$

(0.00

)

 

$

(0.02

)

 

$

0.42

 

Weighted average common shares used in computing earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.04

 

 

$

0.00

 

 

$

(0.02

)

 

$

0.42

 

Discontinued operations

 

 

(0.00

)

 

 

(0.01

)

 

 

0.01

 

 

 

(0.00

)

Net income (loss) applicable to common shares

 

$

0.04

 

 

$

(0.00

)

 

$

(0.02

)

 

$

0.42

 

Weighted average common shares used in computing diluted earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

   

 

Three Months Ended 2009

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

(dollars in thousands, except share and per share amounts)

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Total operating expenses

 

 

194

 

 

 

417

 

 

 

253

 

 

 

461

 

Operating loss

 

 

(194

)

 

 

(417

)

 

 

(253

)

 

 

(460

)

Other income (expense)

 

 

(153

)

 

 

(96

)

 

 

(91

)

 

 

3,225

 

Income (loss) before gain on land sales, non-controlling interest, and taxes

 

 

(347

)

 

 

(513

)

 

 

(344

)

 

 

2,764

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(546

)

Net income (loss) from continuing operations

 

 

(347

)

 

 

(513

)

 

 

(344

)

 

 

2,218

 

Net income (loss) from discontinuing operations, net of non-controlling interest

 

 

(22

)

 

 

127

 

 

 

(55

)

 

 

(144

)

Net income (loss)

 

 

(369

)

 

 

(386

)

 

 

(399

)

 

 

2,074

 

Less: net income (loss) attributable to non-controlling interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss) applicable to common shares

 

$

(369

)

 

$

(386

)

 

$

(399

)

 

$

2,074

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(0.08

)

 

$

(0.12

)

 

$

(0.08

)

 

$

0.52

 

Discontinued operations

 

 

(0.01

)

 

 

0.03

 

 

 

(0.01

)

 

 

(0.03

)

Net income (loss) applicable to common shares

 

$

(0.09

)

 

$

(0.09

)

 

$

(0.10

)

 

$

0.49

 

Weighted average common shares used in computing earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(0.08

)

 

$

(0.12

)

 

$

(0.08

)

 

$

0.52

 

Discontinued operations

 

 

(0.01

)

 

 

0.03

 

 

 

(0.01

)

 

 

(0.03

)

Net income (loss) applicable to common shares

 

$

(0.09

)

 

$

(0.09

)

 

$

(0.10

)

 

$

0.49

 

Weighted average common shares used in computing diluted earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214