XML 64 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues:        
Tobacco $ 250,556 [1] $ 249,120 [1] $ 483,948 [1] $ 489,522 [1]
Real estate 153,488 7,106 261,532 12,873
E-Cigarettes 2,569 0 8,369 0
Total revenues 406,613 256,226 753,849 502,395
Cost of sales:        
Tobacco 179,773 [1] 180,430 [1] 347,939 [1] 353,386 [1]
Real estate 97,763 6,015 165,087 10,236
E-Cigarettes 1,746 0 5,293 0
Total cost of sales 279,282 186,445 518,319 363,622
Operating, selling, administrative and general expenses 67,023 25,541 132,500 51,437
Operating income 60,308 44,240 103,030 87,336
Other income (expenses):        
Interest expense (44,183) (32,086) (79,636) (65,462)
Loss on extinguishment of debt 0 0 0 (21,458)
Change in fair value of derivatives embedded within convertible debt 1,970 2,450 320 5,499
Acceleration of interest expense related to debt conversion (439) 0 (4,118) 0
Equity (loss) income from non-consolidated real estate businesses (1,808) 6,804 (256) 7,285
Equity (loss) income on long-term investments (273) 846 633 823
(Loss) gain on sale of investment securities available for sale (18) (197) (71) 5,209
Other, net 3,575 1,471 5,701 2,280
Income before provision for income taxes 19,132 23,528 25,603 21,512
Income tax expense 6,101 10,017 9,043 9,682
Net income 13,031 13,511 16,560 11,830
Net income attributed to non-controlling interest (5,106) 0 (6,055) 0
Net income attributed to Vector Group Ltd. $ 7,925 $ 13,511 $ 10,505 $ 11,830
Per basic common share:        
Net income applicable to common shares attributed to Vector Group Ltd. $ 0.08 $ 0.14 $ 0.11 $ 0.13
Per diluted common share:        
Net income applicable to common shares attributed to Vector Group Ltd. $ 0.08 $ 0.14 $ 0.11 $ 0.13
Cash distributions and dividends declared per share $ 0.4 $ 0.38 $ 0.80 $ 0.76
[1] Revenues and cost of sales include excise taxes of $109,695, $112,596, $212,108 and $221,507, respectively.