QUARTERLY RESULTS OF OPERATIONS

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

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 2016, 2015 and 2014. Quarterly results presented may 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 2016
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2016
Revenue and other property revenues	$	28,903		$	30,521		$	29,776		$	29,271
Total operating expenses		24,823			24,751			25,429			25,821
Operating income (loss)		4,080			5,770			4,347			3,450
Other expenses		(9,054	)		(7,901	)		(9,309	)		(10,364	)
Loss before gain on land sales, non-controlling interest, and taxes		(4,974	)		(2,131	)		(4,962	)		(6,914	)
Gain (loss) on sale of income-producing properties		(244	)		5,168			—			11,283
Gain (loss) on land sales		1,652			1,719			555			(805	)
Income tax benefit		1			—			(25	)		—
Net income (loss) from continuing operations		(3,565	)		4,756			(4,432	)		3,564
Net income from discontinued operations		2			—			—			(3	)
Net income (loss)		(3,563	)		4,756			(4,432	)		3,561
Net (loss) attributable to non-controlling interest		23			(97	)		(114	)		(97	)
Preferred dividend requirement		(222	)		(224	)		(227	)		(227	)
Net income (loss) applicable to common shares	$	(3,762	)	$	4,435		$	(4,773	)	$	3,237
PER SHARE DATA
Earnings per share - basic
Income (loss) from continuing operations	$	(0.43	)	$	0.51		$	(0.55	)	$	0.37
Loss from discontinued operations		—			—			—			—
Net income (loss) applicable to common shares	$	(0.43	)	$	0.51		$	(0.55	)	$	0.37
Weighted average common shares used in computing earnings per share		8,717,767			8,717,767			8,717,767			8,717,767
Earnings per share - diluted
Income (loss) from continuing operations	$	(0.43	)	$	0.51		$	(0.55	)	$	0.37
Loss from discontinued operations		—			—			—			—
Net income (loss) applicable to common shares	$	(0.43	)	$	0.51		$	(0.55	)	$	0.37
Weighted average common shares used in computing diluted earnings per share		8,717,767			8,717,767			8,717,767			8,717,767

	For the Three Months Ended 2015
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2015
Revenue and other property revenues	$	22,304		$	23,756		$	27,539		$	28,621
Total operating expenses		19,264			19,310			24,613			29,732
Operating income (loss)		3,040			4,446			2,926			(1,111	)
Other expenses		(6,398	)		(5,243	)		(11,211	)		(13,243	)
Loss before gain on land sales, non-controlling interest, and taxes		(3,358	)		(797	)		(8,285	)		(14,354	)
Gain (loss) on land sales		2,876			1,250			997			13,788
Income tax benefit		102			(12	)		274			(881	)
Net income (loss) from continuing operations		(380	)		441			(7,014	)		(1,447	)
Net income from discontinuing operations		190			(22	)		508			220
Net income (loss)		(190	)		419			(6,506	)		(1,227	)
Net (loss) attributable to non-controlling interest		295			(281	)		(95	)		(51	)
Preferred dividend requirement		(222	)		(224	)		(227	)		(227	)
Net income (loss) applicable to common shares	$	(117	)	$	(86	)	$	(6,828	)	$	(1,505	)
PER SHARE DATA
Earnings per share - basic
Income (loss) from continuing operations	$	(0.04	)	$	(0.01	)	$	(0.84	)	$	(0.19	)
Income from discontinued operations		0.02			—			0.06			0.02
Net income (loss) applicable to common shares	$	(0.02	)	$	(0.01	)	$	(0.78	)	$	(0.17	)
Weighted average common shares used in computing earnings per share		8,717,767			8,717,767			8,717,767			8,717,767
Earnings per share - diluted
Income (loss) from continuing operations	$	(0.04	)	$	(0.01	)	$	(0.84	)	$	(0.19	)
Income from discontinued operations		0.02			—			0.06			0.02
Net income (loss) applicable to common shares	$	(0.02	)	$	(0.01	)	$	(0.78	)	$	(0.17	)
Weighted average common shares used in computing diluted earnings per share		8,717,767			8,717,767			8,717,767			8,717,767

	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	)
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