Results of operations (Tables)

12 Months Ended

Dec. 31, 2012

Results of operations

Results of operations 2012

The following is a tabulation of TCI’s quarterly results of operations for the years 2012, 2011 and 2010 (unaudited, dollars in thousands):

	For the 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	$	27,882		$	28,390		$	28,573		$	31,206
Total operating expenses		23,416			22,219			23,276			28,961
Operating (loss) income		4,466			6,171			5,297			2,245
Other income (expense)		(12,067	)		(9,937	)		(7,905	)		(7,189	)
Income (loss) before gain on land sales, non-contolling interest, and taxes		(7,601	)		(3,766	)		(2,608	)		(4,944	)
Gain (loss) on land sales		423			4,738			2,913			(1,139	)
Income tax benefit (expense)		1,068			520			(183	)		(47	)
Net income (loss) from continuing operations		(6,110	)		1,492			122			(6,130	)
Net income (loss) from discontinuing operations		1,982			965			(341	)		(84	)
Net income (loss)		(4,128	)		2,457			(219	)		(6,214	)
Less: net income (loss) attributable to non-controlling interest		(79	)		(175	)		(43	)		77
Preferred dividend requirement		(277	)		(277	)		(277	)		(281	)
Net income (loss) applicable to common shares	$	(4,484	)	$	2,005		$	(539	)	$	(6,418	)
PER SHARE DATA
Earnings per share - basic
Income (loss) from continuing operations	$	(0.78	)	$	0.12		$	(0.02	)	$	(0.75	)
Discontinued operations		0.24			0.11			(0.04	)		(0.01	)
Net income (loss) applicable to common shares	$	(0.54	)	$	0.24		$	(0.06	)	$	(0.76	)
Weighted average common shares used in computing earnings per share		8,240,136			8,413,469			8,413,469			8,413,469
Earnings per share - diluted
Income (loss) from continuing operations	$	(0.78	)	$	0.12		$	(0.02	)	$	(0.75	)
Discontinued operations		0.24			0.11			(0.04	)		(0.01	)
Net income (loss) applicable to common shares	$	(0.54	)	$	0.24		$	(0.06	)	$	(0.76	)
Weighted average common shares used in computing diluted earnings per share		8,240,136			8,413,469			8,413,469			8,413,469

Results of operations2011

	For the 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	$	25,496		$	27,487		$	28,614		$	24,743
Total operating expenses		28,594			20,822			25,472			57,436
Operating (loss) income		(3,098	)		6,665			3,142			(32,693	)
Other income (expense)		(10,877	)		(12,045	)		(11,334	)		(9,702	)
Loss before gain on land sales, non-controlling interest, and taxes		(13,975	)		(5,380	)		(8,192	)		(42,395	)
Gain on land sales		796			1,285			1,435			13,495
Income tax benefit (expense)		396			(3,546	)		2,544			2,821
Net loss from continuing operations		(12,783	)		(7,641	)		(4,213	)		(26,079	)
Net income (loss) from discontinuing operations		735			(6,591	)		4,724			5,245
Net income (loss)		(12,048	)		(14,232	)		511			(20,834	)
Less: net income (loss) attributable to non-controlling interest		85			46			384			(233	)
Preferred dividend requirement		(274	)		(277	)		(279	)		(280	)
Net income (loss) applicable to common shares	$	(12,237	)	$	(14,463	)	$	616		$	(21,347	)
PER SHARE DATA
Earnings per share - basic
Income (loss) from continuing operations	$	(1.57	)	$	(0.94	)	$	(0.49	)	$	(3.16	)
Discontinued operations		0.09			(0.78	)		0.56			0.62
Net income (loss) applicable to common shares	$	(1.49	)	$	(1.72	)	$	0.07		$	(2.54	)
Weighted average common shares used in computing earnings per share		8,240,136			8,413,469			8,413,469			8,413,469
Earnings per share - diluted
Income (loss) from continuing operations	$	(1.57	)	$	(0.94	)	$	(0.49	)	$	(3.16	)
Discontinued operations		0.09			(0.78	)		0.56			0.62
Net income (loss) applicable to common shares	$	(1.49	)	$	(1.72	)	$	0.07		$	(2.54	)
Weighted average common shares used in computing diluted earnings per share		8,240,136			8,413,469			8,413,469			8,413,469

Results of operations 2010

	For the 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	$	25,808		$	26,012		$	25,367		$	25,496
Total operating expenses		24,050			24,765			23,662			46,543
Operating (loss) income		1,758			1,247			1,705			(21,047	)
Other income (expense)		(12,018	)		(13,621	)		(11,475	)		(4,492	)
Loss before gain on land sales, non-controlling interest, and taxes		(10,260	)		(12,374	)		(9,770	)		(25,539	)
Gain (loss) on land sales		6			(5,640	)		(371	)		(9,150	)
Income tax benefit (expense)		87			(870	)		353			2,561
Net loss from continuing operations		(10,167	)		(18,884	)		(9,788	)		(32,128	)
Net income (loss) from discontinuing operations		161			(1,618	)		655			4,671
Net loss		(10,006	)		(20,502	)		(9,133	)		(27,457	)
Less: net income (loss) attributable to non-controlling interest		(273	)		113			178			(116	)
Preferred dividend requirement		(262	)		(264	)		(269	)		(278	)
Net income (loss) applicable to common shares	$	(10,541	)	$	(20,653	)	$	(9,224	)	$	(27,851	)
PER SHARE DATA
Earnings per share - basic
Income (loss) from continuing operations	$	(1.33	)	$	(2.35	)	$	(1.21	)	$	(4.01	)
Discontinued operations		0.02			(0.20	)		0.08			0.58
Net income (loss) applicable to common shares	$	(1.31	)	$	(2.55	)	$	(1.13	)	$	(3.43	)
Weighted average common shares used in computing earnings per share		8,113,669			8,113,669			8,113,495			8,113,469
Earnings per share - diluted
Income (loss) from continuing operations	$	(1.33	)	$	(2.35	)	$	(1.21	)	$	(4.01	)
Discontinued operations	$	0.02		$	(0.20	)	$	0.08		$	0.58
Net income (loss) applicable to common shares	$	(1.31	)	$	(2.55	)	$	(1.13	)	$	(3.43	)
Weighted average common shares used in computing diluted earnings per share		8,113,669			8,113,669			8,113,495			8,113,469