QUARTERLY RESULTS OF OPERATIONS

12 Months Ended

Dec. 31, 2013

Schedule of Quarterly Financial Information (Tables)

QUARTERLY RESULTS OF OPERATIONS

NOTE 15.    QUARTERLY RESULTS OF OPERATIONS

The following is a tabulation of TCI’s quarterly results of operations for the years 2013, 2012 and 2011 (unaudited, dollars in thousands):

	For the Three Months Ended 2013
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2013
Revenue and other property revenues	$	20,383		$	20,636		$	20,831		$	24,387
Total operating expenses		17,824			17,730			18,921			33,873
Operating (loss) income		2,559			2,906			1,910			(9,486	)
Other expenses		(12,275	)		(5,657	)		(8,675	)		(11,953	)
Loss before gain on land sales, non-controlling interest, and taxes		(9,716	)		(2,751	)		(6,765	)		(21,439	)
Loss on land sales		(48	)		-			-			(1,025	)
Income tax benefit		2,368			5,213			319			32,585
Net income (loss) from continuing operations		(7,396	)		2,462			(6,447	)		10,121
Net income from discontinuing operations		4,398			9,680			593			46,098
Net income (loss)		(2,998	)		12,142			(5,854	)		56,219
Net loss attributable to non-controlling interest		(111	)		(115	)		(97	)		(656	)
Preferred dividend requirement		(274	)		(277	)		(279	)		(280	)
Net income (loss) applicable to common shares	$	(3,383	)	$	11,750		$	(6,230	)	$	55,283
PER SHARE DATA
Earnings per share - basic
Income (loss) from continuing operations	$	(0.92	)	$	0.25		$	(0.81	)	$	1.09
Income from discontinued operations		0.52			1.15			0.07			5.48
Net income (loss) applicable to common shares	$	(0.40	)	$	1.40		$	(0.74	)	$	6.57
Weighted average common shares used in computing earnings per share		8,413,469			8,413,469			8,413,469			8,413,469
Earnings per share - diluted
Income (loss) from continuing operations	$	(0.92	)	$	0.24		$	(0.81	)	$	1.04
Income from discontinued operations		0.52			1.10			0.07			5.24
Net income (loss) applicable to common shares	$	(0.40	)	$	1.34		$	(0.74	)	$	6.28
Weighted average common shares used in computing diluted earnings per share		8,413,469			8,796,699			8,413,469			8,791,655
	For the Three Months Ended 2012
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2012
Revenue and other property revenues	$	20,446		$	20,956		$	21,422		$	23,791
Total operating expenses		18,597			17,349			17,972			21,067
Operating income		1,849			3,607			3,450			2,724
Other expenses		(5,541	)		(7,736	)		(5,905	)		(3,358	)
Loss before gain on land sales, non-controlling interest, and taxes		(3,692	)		(4,129	)		(2,455	)		(634	)
Gain (loss) on land sales		423			4,738			2,913			(1,139	)
Income tax benefit (expense)		(301	)		647			(237	)		(1,554	)
Net income (loss) from continuing operations		(3,570	)		1,256			221			(3,327	)
Net income (loss) from discontinuing operations		(558	)		1,201			(440	)		(2,887	)
Net income (loss)		(4,128	)		2,457			(219	)		(6,214	)
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	$	(0.47	)	$	0.10		$	(0.01	)	$	(0.42	)
Income (loss) from discontinued operations		(0.07	)		0.14			(0.05	)		(0.34	)
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		8,413,469			8,413,469			8,413,469			8,413,469
Earnings per share - diluted
Income (loss) from continuing operations	$	(0.47	)	$	0.08		$	(0.01	)	$	(0.42	)
Income (loss) from discontinued operations		(0.07	)		0.12			(0.05	)		(0.34	)
Net income (loss) applicable to common shares	$	(0.54	)	$	0.20		$	(0.06	)	$	(0.76	)
Weighted average common shares used in computing diluted earnings per share		8,413,469			9,622,951			8,413,469			8,413,469

	For the Three Months Ended 2011
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2011
Revenue and other property revenues	$	18,428		$	20,701		$	21,067		$	17,739
Total operating expenses		23,534			15,854			20,253			50,332
Operating (loss) income		(5,106	)		4,847			814			(32,593	)
Other expenses		(8,058	)		(8,383	)		(8,056	)		(6,059	)
Loss before gain on land sales, non-controlling interest, and taxes		(13,164	)		(3,536	)		(7,242	)		(38,652	)
Gain on land sales		796			1,285			1,435			13,495
Income tax benefit (expense)		112			(4,193	)		2,211			1,513
Net loss from continuing operations		(12,256	)		(6,444	)		(3,596	)		(23,644	)
Net income (loss) from discontinuing operations		208			(7,788	)		4,107			2,810
Net income (loss)		(12,048	)		(14,232	)		511			(20,834	)
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	$	(1.51	)	$	(0.79	)	$	(0.41	)	$	(2.87	)
Income (loss) from discontinued operations		0.03			(0.93	)		0.49			0.33
Net income (loss) applicable to common shares	$	(1.48	)	$	(1.72	)	$	0.08		$	(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	$	(1.51	)	$	(0.79	)	$	(0.41	)	$	(2.87	)
Income (loss) from discontinued operations		0.03			(0.93	)		0.49			0.33
Net income (loss) applicable to common shares	$	(1.48	)	$	(1.72	)	$	0.08		$	(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

Quarterly results presented differ from those previously reported in TCI’s Form 10-Q due to the reclassification of the operations of properties sold or held for sale to discontinued operations in accordance with ASC Topic 360.