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Schedule of Quarterly financial information (Tables)
 12 Months Ended
Dec. 31, 2014
Schedule of Quarterly financial information:  
Schedule of Quarterly Financial Information

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