QUARTERLY RESULTS OF OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly results of operations

The following is a tabulation of TCI’s quarterly results of operations for the years 2019, 2018 and 2017. 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:

	Three Months Ended 2019
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
Total operating revenues	$	11,929		$	11,840		$	11,883		$	12,318
Total operating expenses		13,182			15,220			12,948			14,356
Operating loss		(1,253	)		(3,380	)		(1,065	)		(2,038	)
Other expense		(6,389	)		(4,639	)		(11,841	)		(12,341	)
(Loss) income before gain on formation of joint venture, gain on sales, non-controlling interest, and taxes		(7,642	)		(8,019	)		(12,906	)		(14,379	)
(Loss) on sale of income producing properties		—			(80	)		—			—
Gain on land sales		2,216			2,133			5,140			5,400
Income tax benefit - deferred		—			—			—			2,000
Net (loss) income from continued operations		(5,426	)		(5,966	)		(7,766	)		(6,979	)
Net loss		(5,426	)		(5,966	)		(7,766	)		(6,979	)
Less: net (loss) attributable to non-controlling interest		(183	)		(379	)		(21	)		(200	)
Net loss applicable to common shares	$	(5,609	)	$	(6,345	)	$	(7,787	)	$	(7,179	)
PER SHARE DATA
Earnings per share - basic
(Loss) income from continued operations	$	(0.62	)	$	(0.68	)	$	(0.89	)	$	(0.81	)
Net (loss) income applicable to common shares	$	(0.64	)	$	(0.73	)	$	(0.89	)	$	(0.83	)
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
(Loss) income from continued operations	$	(0.62	)	$	(0.68	)	$	(0.89	)	$	(0.81	)
Net (loss) income applicable to common shares	$	(0.64	)	$	(0.73	)	$	(0.89	)	$	(0.83	)
Weighted average common shares used in computing diluted earnings per share		8,717,767			8,717,767			8,717,767			8,717,767

	Three Months Ended 2018
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
Total operating revenues	$	31,082		$	31,607		$	33,505		$	24,761
Total operating expenses		25,894			26,966			27,734			24,240
Operating income		5,188			4,641			5,771			521
Other (expense) income		(6,624	)		2,731			5,896			(3,404	)
(Loss) income before gain on formation of joint venture, gain on sales, non-contolling interest, and taxes		(1,436	)		7,372			11,667			(2,883	)
Gain on formation of joint venture		—			—			—			154,126
Gain on land sales		1,335			—			12,243			3,826
Income tax expense		—			—			(792	)		(2,418	)
Net (loss) income from continued operations		(101	)		7,372			23,118			152,651
Net (loss) income		(101	)		7,372			23,118			152,651
Less: net (loss) attributable to non-controlling interest		(132	)		(126	)		(915	)		(417	)
Preferred dividend requirement		(222	)		(224	)		(227	)		(227	)
Net (loss) income applicable to common shares	$	(455	)	$	7,022		$	21,976		$	152,007
PER SHARE DATA
Earnings per share - basic
(Loss) income from continued operations	$	(0.05	)	$	0.81		$	2.52		$	17.44
Net (loss) income applicable to common shares	$	(0.05	)	$	0.81		$	2.52		$	17.44
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
(Loss) income from continued operations	$	(0.05	)	$	0.81		$	2.52		$	17.44
Net (loss) income applicable to common shares	$	(0.05	)	$	0.81		$	2.52		$	17.44
Weighted average common shares used in computing diluted earnings per share		8,717,767			8,717,767			8,717,767			8,717,767

	Three Months Ended 2017
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
Total operating revenues	$	31,535		$	31,302		$	31,491		$	30,905
Total operating expenses		26,337			25,460			25,725			27,606
Operating income (loss)		5,198			5,842			5,766			3,299
Other expense		(10,658	)		(15,613	)		(8,967	)		(14,729	)
Loss before gain on sales, non-contolling interest, and taxes		(5,460	)		(9,771	)		(3,201	)		(11,430	)
Gain (loss) on sale of income producing properties		—			—			9,841			1
Gain (loss) on land sales		445			(476	)		530			4,385
Income tax benefit (expense)		—			—			—			(180	)
Net income (loss) from continued operations		(5,015	)		(10,247	)		7,170			(7,224	)
Net income (loss)		(5,015	)		(10,247	)		7,170			(7,224	)
Less: net (income) loss attributable to non-controlling interest		(119	)		(163	)		(96	)		(121	)
Preferred dividend requirement		(222	)		(224	)		(224	)		(230	)
Net (loss) income applicable to common shares	$	(5,356	)	$	(10,634	)	$	6,850		$	(7,575	)
PER SHARE DATA
Earnings per share - basic
Loss from continued operations	$	(0.61	)	$	(1.22	)	$	0.79		$	(0.88	)
Net income (loss) applicable to common shares	$	(0.61	)	$	(1.22	)	$	0.79		$	(0.88	)
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
Loss from continued operations	$	(0.61	)	$	(1.22	)	$	0.79		$	(0.88	)
Net income (loss) applicable to common shares	$	(0.61	)	$	(1.22	)	$	0.79		$	(0.88	)
Weighted average common shares used in computing diluted earnings per share		8,717,767			8,717,767			8,717,767			8,717,767