General (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following summarizes as of September 30, 2014 our assets and liabilities measured at fair value on a recurring basis by level within the Fair Value Hierarchy:


(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Mutual funds	$	758	$	—	$	—	$	758
Liabilities:
Deferred compensation	$	—	$	758	$	—	$	758

The following summarizes as of December 31, 2013 our assets and liabilities measured at fair value on a recurring basis by level within the Fair Value Hierarchy:


(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Mutual funds	$	3,275	$	—	$	—	$	3,275
Liabilities:
Deferred compensation	$	—	$	3,275	$	—	$	3,275

Schedule of Real Estate Held for Sale

Real estate held for sale classified as discontinued operations consisted of the following at September 30, 2014 and December 31, 2013:


(in thousands)	September 30, 2014			December 31, 2013
Land	$	6,365		$	15,586
Buildings and improvements		6,517			15,138

		12,882			30,724
Accumulated depreciation and amortization		(3,210	)		(7,740	)

Real estate held for sale, net	$	9,672		$	22,984

Schedule of Earnings (Loss) from Discontinued Operations

The revenue from rental properties, impairment charges, other operating expenses and gains on dispositions of real estate related to these properties are as follows:


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2014			2013			2014			2013
Revenues from rental properties	$	686		$	1,324		$	2,450		$	4,409
Impairment charges		(2,034	)		(2,929	)		(5,121	)		(6,555	)
Other operating expenses		(170	)		2,825			(1,421	)		1,171

Earnings (loss) from operating activities		(1,518	)		1,220			(4,092	)		(975	)
Gains on dispositions of real estate		2,757			26,975			7,127			39,581

Earnings from discontinued operations	$	1,239		$	28,195		$	3,035		$	38,606

Schedule of Earnings Per Share

Diluted earnings per common share, also gives effect to the potential dilution from the exercise of stock options utilizing the treasury stock method. There were 5,000 stock options excluded from the earnings per share calculations below as they were anti-dilutive as of September 30, 2014 and 2013, respectively.


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2014			2013			2014			2013
Earnings from continuing operations	$	8,996		$	13,682		$	23,475		$	26,360
Less dividend equivalents attributable to RSUs outstanding		(89	)		(120	)		(232	)		(232	)

Earnings from continuing operations attributable to common shareholders		8,907			13,562			23,243			26,128

Earnings from discontinued operations		1,239			28,195			3,035			38,606
Less dividend equivalents attributable to RSUs outstanding		(12	)		(248	)		(39	)		(339	)

Earnings from discontinued operations attributable to common shareholders		1,227			27,947			2,996			38,267

Net earnings attributable to common shareholders used for basic and diluted earnings per share calculation	$	10,134		$	41,509		$	26,239		$	64,395


Weighted-average number of common shares outstanding:
Basic		33,417			33,397			33,406			33,397
Stock options		—			—			—			—

Diluted		33,417			33,397			33,406			33,397

RSUs outstanding at the end of the period		333			296			333			296

Schedule of Effect of Revisions

The effect of these revisions is shown below (in thousands):


THREE MONTHS ENDED September 30, 2013	As previously reported		Reclassifications			Revisions			As revised
Revenues from rental properties	$	25,425	$	(733	)	$	—		$	24,692
Earnings from continuing operations		15,295		(680	)		(933	)		13,682
Net earnings		41,877		—			—			41,877


NINE MONTHS ENDED September 30, 2013	As previously reported		Reclassifications			Revisions			As revised
Revenues from rental properties	$	72,360	$	(2,224	)	$	—		$	70,136
Earnings from continuing operations		29,031		(945	)		(1,726	)		26,360
Net earnings		64,966		—			—			64,966

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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