XML 163 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
REVENUES:      
Total revenues $ 153,748 $ 167,631 $ 168,530
COSTS AND EXPENSES:      
Restructuring expenses   365  
General and administrative 10,268 9,792 11,302
Gain on sale of leases and loans     (685)
Impairment charges   2,280  
Provision for credit losses 4,265 20,148 11,305
Depreciation and amortization 1,936 2,084 11,675
Costs and expenses 116,679 124,344 130,795
OPERATING INCOME 37,069 43,287 37,735
OTHER INCOME (EXPENSE):      
Gain on deconsolidation and sale of subsidiaries   54,542 8,749
Loss on extinguishment of debt     (2,190)
Other-than-temporary impairment on investments (214) (74)  
Interest expense (2,036) (2,289) (15,948)
Other income (expense), net 15,576 71,621 (5,661)
Income from continuing operations before taxes 52,645 114,908 32,074
Income tax provision (benefit) 616    
Income from continuing operations 52,029 87,189 23,849
Loss from discontinued operations, net of tax (2) (44) (2,222)
Net income 52,027 87,145 21,627
Net income (loss) attributable to common shareholders 6,426 24,028 (13,064)
Amounts attributable to common shareholders:      
Income (loss) from continuing operations 6,428 24,072 (10,842)
Discontinued operations (2) (44) (2,222)
Net income (loss) 6,426 24,028 (13,064)
Basic earnings (loss) per share:      
Continuing operations (in dollars per share) $ 0.32 $ 1.21 $ (0.55)
Discontinued operations (in dollars per share) $ 0.00 $ 0.00 $ (0.11)
Net income (loss) (in dollars per share) $ 0.32 $ 1.21 $ (0.66)
Weighted average shares outstanding (in shares) 20,217 19,919 19,674
Diluted earnings (loss) per share:      
Continuing operations (in dollars per share) $ 0.29 $ 1.14 $ (0.55)
Discontinued operations (in dollars per share) $ 0.00 $ 0.00 $ (0.11)
Net income (loss) (in dollars per share) $ 0.29 $ 1.14 $ (0.66)
Weighted average shares outstanding (in shares) 21,905 20,994 19,674
RAI [Member]
     
REVENUES:      
Real estate (includes revenues of $12,600, $13,956 and $7,103 related to RSO) 57,143    
Financial fund management (includes revenues of $1,120, $4,894 and $5,656 related to RSO) 19,773    
Commercial finance (includes revenues of $0, $0 and $0 related to RSO) (341)    
Total revenues 76,575    
COSTS AND EXPENSES:      
Real estate 40,612    
Financial fund management 10,155    
Commercial finance 56    
General and administrative 10,268    
Gain on sale of leases and loans 0 0 (685)
Impairment charges 0 2,280 0
Provision for credit losses 4,265 20,148 12,104
Depreciation and amortization 1,936    
Costs and expenses 67,292    
OTHER INCOME (EXPENSE):      
Gain on deconsolidation and sale of subsidiaries 0 54,542 8,749
Loss on extinguishment of debt 0 0 (2,190)
Other-than-temporary impairment on investments (214) (74) 0
Interest expense (2,036)    
Income tax provision (benefit) 1,657 13,117 (3,811)
Loss from discontinued operations, net of tax (2) (44) (2,222)
Net (income) loss attributable to noncontrolling interests (20) (557) 1,679
RSO [Member]
     
REVENUES:      
Real estate (includes revenues of $12,600, $13,956 and $7,103 related to RSO) 12,600 13,956 7,103
Financial fund management (includes revenues of $1,120, $4,894 and $5,656 related to RSO) 1,120 4,894 5,656
Commercial finance (includes revenues of $0, $0 and $0 related to RSO) 0 0 0
Total revenues 91,007    
COSTS AND EXPENSES:      
Costs and expenses 61,561    
OTHER INCOME (EXPENSE):      
Income tax provision (benefit) (1,041) 14,602 12,036
Net (income) loss attributable to noncontrolling interests (45,581) (62,560) (36,370)
Reportable Legal Entities [Member]
     
OTHER INCOME (EXPENSE):      
Other income (expense), net (1,675) 52,291 (9,828)
Reportable Legal Entities [Member] | RAI [Member]
     
REVENUES:      
Real estate (includes revenues of $12,600, $13,956 and $7,103 related to RSO) 57,143 45,083 40,172
Financial fund management (includes revenues of $1,120, $4,894 and $5,656 related to RSO) 19,773 18,053 24,090
Commercial finance (includes revenues of $0, $0 and $0 related to RSO) (341) (1,659) 23,738
Total revenues 76,575 61,477 88,000
COSTS AND EXPENSES:      
Real estate 40,612 30,475 26,196
Financial fund management 10,155 12,299 19,646
Commercial finance 56 402 12,897
Restructuring expenses 0 365 0
General and administrative 10,268 9,792 11,302
Gain on sale of leases and loans 0 0 (685)
Impairment charges 0 2,280 0
Provision for credit losses 4,265 20,148 11,305
Depreciation and amortization 1,936 2,084 11,675
Costs and expenses 67,292 77,845 92,336
OPERATING INCOME 9,283    
OTHER INCOME (EXPENSE):      
Gain on deconsolidation and sale of subsidiaries 0 54,542 8,749
Loss on extinguishment of debt 0 0 (2,190)
(Loss) gain on sale of investment securities, net 0 0 321
Other-than-temporary impairment on investments (214) (74) 0
Interest expense (2,036) (2,289) (15,948)
Other (expense) income 575 112 (760)
Income from continuing operations before taxes 9,849    
Income tax provision (benefit) 1,657    
Income from continuing operations 8,192    
Loss from discontinued operations, net of tax (2)    
Net income 8,190    
Net (income) loss attributable to noncontrolling interests (20)    
Net income (loss) attributable to common shareholders 8,170    
Amounts attributable to common shareholders:      
Income (loss) from continuing operations 8,172    
Discontinued operations (2)    
Net income (loss) 8,170    
Reportable Legal Entities [Member] | RSO [Member]
     
REVENUES:      
Total revenues 91,007 123,698 95,986
COSTS AND EXPENSES:      
Restructuring expenses   0  
General and administrative 0 0 0
Gain on sale of leases and loans     0
Impairment charges   0  
Provision for credit losses 0 0 0
Depreciation and amortization 0 0 0
Costs and expenses 62,602 63,850 50,103
OPERATING INCOME 29,446    
OTHER INCOME (EXPENSE):      
Gain on deconsolidation and sale of subsidiaries   0 0
Loss on extinguishment of debt     0
Other-than-temporary impairment on investments 0 0  
Interest expense 0 0 0
Other (expense) income 17,007 19,197 3,869
Income from continuing operations before taxes 46,453    
Income tax provision (benefit) 0    
Income from continuing operations 46,453    
Loss from discontinued operations, net of tax 0    
Net income 46,453    
Net (income) loss attributable to noncontrolling interests (7,221)    
Net income (loss) attributable to common shareholders 39,232    
Amounts attributable to common shareholders:      
Income (loss) from continuing operations 39,232    
Discontinued operations 0    
Net income (loss) 39,232    
Consolidation, Eliminations [Member]
     
REVENUES:      
Total revenues (13,834) (17,544) (15,456)
COSTS AND EXPENSES:      
Restructuring expenses   0  
General and administrative 0 0 0
Gain on sale of leases and loans     0
Impairment charges   0  
Provision for credit losses 0 0 0
Depreciation and amortization 0 0 0
Costs and expenses (13,215) (17,351) (11,644)
OTHER INCOME (EXPENSE):      
Gain on deconsolidation and sale of subsidiaries   0 0
Loss on extinguishment of debt     0
Other-than-temporary impairment on investments 0 0  
Interest expense 0 0 0
Other (expense) income $ 244 $ 133 $ 298