QUARTERLY RESULTS OF OPERATIONS

12 Months Ended

Dec. 31, 2014

QUARTERLY RESULTS OF OPERATIONS

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 2014, 2013 and 2012. 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: 

	For the Three Months Ended 2014
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2014
Revenue and other property revenues	$	18,303		$	18,511		$	18,466		$	20,578
Total operating expenses		17,376			18,388			17,264			22,059
Operating income (loss)		927			123			1,202			(1,481	)
Other expenses		(2,899	)		(3,718	)		(5,754	)		(5,242	)
Loss before gain on land sales, non-controlling interest, and taxes		(1,972	)		(3,595	)		(4,552	)		(6,723	)
Gain (loss) on land sales		753			(159	)		40			(73	)
Income tax benefit		2,049			2,195			786			15,360
Net income (loss) from continuing operations		830			(1,559	)		(3,726	)		8,564
Net income from discontinuing operations		3,805			4,076			1,461			28,526
Net income (loss)		4,635			2,517			(2,265	)		37,090
Net (loss) attributable to non-controlling interest		(84	)		(127	)		(81	)		(107	)
Preferred dividend requirement		(274	)		(277	)		(227	)		(227	)
Net income (loss) applicable to common shares	$	4,277		$	2,113		$	(2,573	)	$	36,756
PER SHARE DATA
Earnings per share - basic
Income (loss) from continuing operations	$	0.06		$	(0.23	)	$	(0.46	)	$	0.94
Income from discontinued operations		0.45			0.48			0.17			3.27
Net income (loss) applicable to common shares	$	0.51		$	0.25		$	(0.29	)	$	4.21
Weighted average common shares used in computing earnings per share		8,413,469			8,413,469			8,688,018			8,717,767
Earnings per share - diluted
Income (loss) from continuing operations	$	0.05		$	(0.23	)	$	(0.46	)	$	0.94
Income from discontinued operations		0.44			0.48			0.17			3.27
Net income (loss) applicable to common shares	$	0.49		$	0.25		$	(0.29	)	$	4.21
Weighted average common shares used in computing diluted earnings per share		8,639,679			8,413,469			8,688,018			8,717,767
	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	$	18,242		$	18,351		$	18,663		$	22,095
Total operating expenses		16,416			16,336			17,472			32,498
Operating income (loss)		1,826			2,015			1,191			(10,403	)
Other expenses		(11,779	)		(5,179	)		(8,193	)		(11,475	)
Loss before gain on land sales, non-controlling interest, and taxes		(9,953	)		(3,164	)		(7,002	)		(21,878	)
Loss on land sales		(48	)		-			-			(1,025	)
Income tax benefit		2,451			5,357			401			32,740
Net income (loss) from continuing operations		(7,550	)		2,193			(6,601	)		9,837
Net income from discontinuing operations		4,552			9,949			747			46,382
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	$	(0.94	)	$	0.21		$	(0.83	)	$	1.06
Income from discontinued operations		0.54			1.18			0.09			5.51
Net income (loss) applicable to common shares	$	(0.40	)	$	1.39		$	(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	$	(0.94	)	$	0.20		$	(0.83	)	$	1.01
Income from discontinued operations		0.54			1.13			0.09			5.28
Net income (loss) applicable to common shares	$	(0.40	)	$	1.33		$	(0.74	)	$	6.29
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	$	18,411		$	18,881		$	19,332		$	21,754
Total operating expenses		17,213			15,985			16,518			19,441
Operating income		1,198			2,896			2,814			2,313
Other expenses		(5,124	)		(7,311	)		(5,360	)		(2,866	)
Loss before gain on land sales, non-controlling interest, and taxes		(3,926	)		(4,415	)		(2,546	)		(553	)
Gain (loss) on land sales		423			4,738			2,913			(1,139	)
Income tax benefit (expense)		(219	)		747			(205	)		(1,583	)
Net income (loss) from continuing operations		(3,722	)		1,070			162			(3,275	)
Net income (loss) from discontinuing operations		(406	)		1,387			(381	)		(2,939	)
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	$	(0.48	)	$	0.07		$	(0.02	)	$	(0.41	)
Income (loss) from discontinued operations		(0.05	)		0.16			(0.05	)		(0.35	)
Net income (loss) applicable to common shares	$	(0.53	)	$	0.23		$	(0.07	)	$	(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	$	(0.48	)	$	0.06		$	(0.02	)	$	(0.41	)
Income (loss) from discontinued operations		(0.05	)		0.14			(0.05	)		(0.35	)
Net income (loss) applicable to common shares	$	(0.53	)	$	0.20		$	(0.07	)	$	(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