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QUARTERLY DATA
 12 Months Ended
Dec. 31, 2012
QUARTERLY DATA  
QUARTERLY DATA

NOTE 11.       QUARTERLY DATA

 

The following is a table of quarterly results of operations for the years 2012, 2011, and 2010 (dollars in thousands except per share data):

 

 

 

Three Months Ended 2012

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

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

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Total operating expenses

 

 

342

 

 

 

348

 

 

 

262

 

 

 

263

 

Operating loss

 

 

(342

)

 

 

(348

)

 

 

(262

)

 

 

(263

)

Other income

 

 

856

 

 

 

1,346

 

 

 

659

 

 

 

821

 

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

 

 

514

 

 

 

998

 

 

 

397

 

 

 

558

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax benefit expense

 

 

(2

)

 

 

-

 

 

 

(14

)

 

 

(860

)

Net income from continuing operations

 

 

512

 

 

 

998

 

 

 

383

 

 

 

(302

)

Net loss from discontinued operations, net of non-controlling interest

 

 

(5

)

 

 

-

 

 

 

(27

)

 

 

(38

)

Net income

 

 

507

 

 

 

998

 

 

 

356

 

 

 

(340

)

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

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income applicable to common shares

 

$

507

 

 

$

998

 

 

$

356

 

 

$

(340

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.12

 

 

$

0.24

 

 

$

0.09

 

 

$

(0.07

)

Discontinued operations

 

 

-

 

 

 

-

 

 

 

(0.01

)

 

 

(0.01

)

Net income applicable to common shares

 

$

0.12

 

 

$

0.24

 

 

$

0.08

 

 

$

(0.08

)

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 from continuing operations

 

$

0.12

 

 

$

0.24

 

 

$

0.09

 

 

$

(0.07

)

Discontinued operations

 

 

-

 

 

 

-

 

 

 

(0.01

)

 

 

(0.01

)

Net income applicable to common shares

 

$

0.12

 

 

$

0.24

 

 

$

0.08

 

 

$

(0.08

)

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 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

 

 

328

 

 

 

406

 

 

 

320

 

 

 

280

 

Operating loss

 

 

(328

)

 

 

(406

)

 

 

(320

)

 

 

(280

)

Other income

 

 

14

 

 

 

307

 

 

 

288

 

 

 

2,521

 

Loss before gain on land sales, non-controlling interest, and taxes

 

 

(314

)

 

 

(99

)

 

 

(32

)

 

 

2,241

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax benefit (expense)

 

 

2

 

 

 

(499

)

 

 

(169

)

 

 

(149

)

Net loss from continuing operations

 

 

(312

)

 

 

(598

)

 

 

(201

)

 

 

2,092

 

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

 

 

5

 

 

 

(928

)

 

 

(314

)

 

 

925

 

Net income (loss)

 

 

(307

)

 

 

(1,526

)

 

 

(515

)

 

 

3,017

 

Less: net income attributable to non-controlling interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss) applicable to common shares

 

$

(307

)

 

$

(1,526

)

 

$

(515

)

 

$

3,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(0.07

)

 

$

(0.14

)

 

$

(0.05

)

 

$

0.50

 

Discontinued operations

 

 

-

 

 

 

(0.23

)

 

 

(0.08

)

 

 

0.23

 

Net income (loss) applicable to common shares

 

$

(0.07

)

 

$

(0.37

)

 

$

(0.13

)

 

$

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

)

 

$

(0.14

)

 

$

(0.05

)

 

$

0.50

 

Discontinued operations

 

 

-

 

 

 

(0.23

)

 

 

(0.08

)

 

 

0.23

 

Net income (loss) applicable to common shares

 

$

(0.07

)

 

$

(0.37

)

 

$

(0.13

)

 

$

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

 

 

309

 

 

 

339

 

 

 

295

 

 

 

353

 

Operating loss

 

 

(309

)

 

 

(339

)

 

 

(295

)

 

 

(353

)

Other income

 

 

430

 

 

 

340

 

 

 

225

 

 

 

2,079

 

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

 

 

121

 

 

 

1

 

 

 

(70

)

 

 

1,726

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax benefit (expense)

 

 

46

 

 

 

(7

)

 

 

13

 

 

 

-

 

Net income (loss) from continuing operations

 

 

167

 

 

 

(6

)

 

 

(57

)

 

 

1,726

 

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

 

 

(4

)

 

 

(13

)

 

 

25

 

 

 

-

 

Net income (loss)

 

 

163

 

 

 

(19

)

 

 

(32

)

 

 

1,726

 

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

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

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

 

 

$

-

 

 

$

(0.01

)

 

$

0.41

 

Discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss) applicable to common shares

 

$

0.04

 

 

$

-

 

 

$

(0.01

)

 

$

0.41

 

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

 

 

$

-

 

 

$

(0.01

)

 

$

0.41

 

Discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss) applicable to common shares

 

$

0.04

 

 

$

-

 

 

$

(0.01

)

 

$

0.41

 

Weighted average common shares used in computing diluted earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214