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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2015
Accounting Policies [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following summarizes as of December 31, 2015 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

   $ 888       $ —        $ —        $ 888   

Liabilities:

           

Deferred compensation

   $ —        $ 888       $ —        $ 888   

The following summarizes as of December 31, 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

   $ 785       $ —        $ —        $ 785   

Liabilities:

           

Deferred compensation

   $ —        $ 785       $ —        $ 785   

Schedule of Real Estate Held for Sale

Real estate held for sale consisted of the following at December 31, 2015 and 2014:

 

(in thousands)

   December  
   2015      2014  

Land

   $ 603       $ 2,383   

Buildings and improvements

     997         3,140   
  

 

 

    

 

 

 
     1,600         5,523   

Accumulated depreciation and amortization

     (261      (1,180
  

 

 

    

 

 

 

Real estate held for sale, net

   $ 1,339       $ 4,343   
  

 

 

    

 

 

 
Schedule of Earnings (Loss) from Discontinued Operations

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

 

     Year ended December 31,  

(in thousands)

   2015      2014      2013  

Revenues from rental properties

   $ 164       $ 2,372       $ 4,583   

Impairments

     (5,746      (8,596      (9,748

Other operating income

     2,283         242         2,295   
  

 

 

    

 

 

    

 

 

 

Loss from operating activities

     (3,299      (5,982      (2,870

Gains from dispositions of real estate

     339         8,995         45,505   
  

 

 

    

 

 

    

 

 

 

(Loss) earnings from discontinued operations

   $ (2,960    $ 3,013       $ 42,635   
  

 

 

    

 

 

    

 

 

 
Schedule of Earnings Per Share

Basic earnings per common share is computed by dividing net earnings less dividend equivalents attributable to RSUs by the weighted-average number of common shares outstanding during the year. 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 December 31, 2015, 2014 and 2013, respectively.

 

     Year ended December 31,  
(in thousands):    2015      2014      2013  

Earnings from continuing operations

   $ 40,370       $ 20,405       $ 27,376   

Less dividend equivalents attributable to RSUs outstanding

     (460      (341      (252
  

 

 

    

 

 

    

 

 

 

Earnings from continuing operations attributable to common shareholders

     39,910         20,064         27,124   
  

 

 

    

 

 

    

 

 

 

(Loss) earnings from discontinued operations

     (2,960      3,013         42,635   

Less dividend equivalents attributable to RSUs outstanding

     —          (50      (392
  

 

 

    

 

 

    

 

 

 

(Loss) earnings from discontinued operations attributable to common shareholders

     (2,960      2,963         42,243   
  

 

 

    

 

 

    

 

 

 

Net earnings attributable to common shareholders used for basic and diluted earnings per share calculation

   $ 36,950       $ 23,027       $ 69,367   
  

 

 

    

 

 

    

 

 

 

Weighted average common shares outstanding:

        

Basic and diluted

     33,420         33,409         33,397   
  

 

 

    

 

 

    

 

 

 

RSUs outstanding at the end of the period

     400         333         296