NOTE 15. QUARTERLY RESULTS OF OPERATIONS

The following is a tabulation of TCI's quarterly results of operations for the years 2011, 2010 and 2009 (unaudited, dollars in thousands):


	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	$	27,334		$	29,444		$	30,508		$	26,801
Total operating expenses		30,521			39,927			27,624			46,966

Operating (loss) income		(3,187	)		(10,483	)		2,884			(20,165	)
Other income (expense)		(11,064	)		(12,513	)		(11,440	)		(10,064	)

Income (loss) before gain on land sales, non-contolling interest, and taxes		(14,251	)		(22,996	)		(8,556	)		(30,229	)
Gain on land sales		796			10,537			10,103			(4,425	)
Income tax benefit (expense)		492			(3,481	)		2,657			4,737

Net income (loss) from continuing operations		(12,963	)		(15,940	)		4,204			(29,917	)

Net income (loss) from discontinuing operations, net of non-controlling interest		915			(6,918	)		4,935			9,081

Net income (loss)		(12,048	)		(22,858	)		9,139			(20,836	)
Less: net income (loss) attributable to non-controlling interest		85			45			384			(232	)
Preferred dividend requirement		(274	)		(278	)		(279	)		(279	)

Net income (loss) applicable to common shares	$	(12,237	)	$	(23,091	)	$	9,244		$	(21,347	)


PER SHARE DATA
Earnings per share—basic
Income (loss) from continuing operations	$	(1.60	)	$	(1.92	)	$	0.51		$	(3.61	)
Discontinued operations		0.11			(0.82	)		0.59			1.07

Net income (loss) applicable to common shares	$	(1.49	)	$	(2.74	)	$	1.10		$	(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	$	(1.60	)	$	(1.92	)	$	0.51		$	(3.61	)
Discontinued operations		0.11			(0.82	)		0.59			1.07

Net income (loss) applicable to common shares	$	(1.49	)	$	(2.74	)	$	1.10		$	(2.54	)

Weighted average common shares used in computing diluted earnings per share		8,240,136			8,413,469			9,761,905			8,413,469


	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	$	27,701		$	27,917		$	27,260		$	27,403
Total operating expenses		26,071			26,801			25,666			48,350

Operating (loss) income		1,630			1,116			1,594			(20,947	)
Other income (expense)		(12,253	)		(13,850	)		(11,738	)		(4,728	)

Income (loss) before gain on land sales, non-controlling interest, and taxes		(10,623	)		(12,734	)		(10,144	)		(25,675	)
Gain on land sales		6			(5,640	)		(371	)		(9,150	)
Income tax benefit (expense)		245			(744	)		484			2,578

Net income (loss) from continuing operations		(10,372	)		(19,118	)		(10,031	)		(32,247	)

Net income (loss) from discontinuing operations, net of non-controlling interest		366			(1,383	)		898			4,789

Net income (loss)		(10,006	)		(20,501	)		(9,133	)		(27,458	)
Less: net income (loss) attributable to non-controlling interest		(273	)		113			178			(116	)
Preferred dividend requirement		(262	)		(265	)		(267	)		(279	)

Net income (loss) applicable to common shares	$	(10,541	)	$	(20,653	)	$	(9,222	)	$	(27,853	)


PER SHARE DATA
Earnings per share—basic
Income (loss) from continuing operations	$	(1.35	)	$	(2.38	)	$	(1.24	)	$	(4.02	)
Discontinued operations		0.05			(0.17	)		0.11			0.59

Net income (loss) applicable to common shares	$	(1.30	)	$	(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	$	(1.35	)	$	(2.38	)	$	(1.24	)	$	(4.02	)
Discontinued operations		0.05			(0.17	)		0.11			0.59

Net income (loss) applicable to common shares	$	(1.30	)	$	(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


	Three Months Ended 2009
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2009
Total operating revenues	$	27,344		$	27,401		$	26,929		$	25,612
Total operating expenses		25,182			53,352			28,475			40,614

Operating (loss) income		2,162			(25,951	)		(1,546	)		(15,002	)
Other income (expense)		(9,845	)		(13,545	)		(12,235	)		(9,689	)

Income (loss) before gain on land sales, non-controlling interest, and taxes		(7,683	)		(39,496	)		(13,781	)		(24,691	)
Gain on land sales		(252	)		6,548			—			—
Income tax benefit (expense)		(1,156	)		277			563			240

Net income (loss) from continuing operations		(9,091	)		(32,671	)		(13,218	)		(24,451	)

Net income (loss) from discontinuing operations, net of non-controlling interest		(2,146	)		255			2,695			(946	)

Net income (loss)		(11,237	)		(32,416	)		(10,523	)		(25,397	)
Less: net income (loss) attributable to non-controlling interest		109			89			(62	)		(261	)
Preferred dividend requirement		(250	)		(252	)		(254	)		(267	)

Net income (loss) applicable to common shares	$	(11,378	)	$	(32,579	)	$	(10,839	)	$	(25,925	)


PER SHARE DATA
Earnings per share—basic
Income (loss) from continuing operations	$	(1.14	)	$	(4.06	)	$	(1.67	)	$	(3.08	)
Discontinued operations		(0.26	)		0.03			0.33			(0.12	)

Net income (loss) applicable to common shares	$	(1.40	)	$	(4.03	)	$	(1.34	)	$	(3.20	)

Weighted average common shares used in computing earnings per share		8,113,669			8,113,669			8,113,669			8,113,669

Earnings per share—diluted
Income (loss) from continuing operations	$	(1.13	)	$	(4.06	)	$	(1.67	)	$	(3.08	)
Discontinued operations		(0.26	)		0.03			0.33			(0.12	)

Net income (loss) applicable to common shares	$	(1.39	)	$	(4.03	)	$	(1.34	)	$	(3.20	)

Weighted average common shares used in computing diluted earnings per share		8,113,669			8,113,669			8,113,669			8,113,669

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.