XML 100 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
REVENUES:        
Total revenues $ 45,996 $ 42,335 $ 88,185 $ 84,951
COSTS AND EXPENSES:        
General and administrative 4,181 2,729 7,478 5,883
Provision for credit losses 276 1,575 678 2,783
Depreciation and amortization 515 465 972 916
Costs and expenses 71,833 30,576 108,749 57,222
OPERATING INCOME (LOSS) (25,837) 11,759 (20,564) 27,729
OTHER INCOME (EXPENSE):        
Interest expense (455) (497) (876) (980)
Other (expense) income 4 11 15 29
Other income (expense), net 5,971 10,183 21,913 13,399
Income (loss) from continuing operations before taxes (19,866) 21,942 1,349 41,128
Income tax provision (benefit) 3,775 1,735 6,866 2,820
Net income (loss) (23,641) 20,207 (5,517) 38,308
Net income (loss) attributable to common shareholders $ (1,652) $ 2,718 $ (1,315) $ 3,708
Basic earnings (loss) per share:        
Net income (in dollars per share) $ (0.07) $ 0.13 $ (0.06) $ 0.18
Weighted average shares outstanding (in shares) 22,867 20,386 22,915 20,320
Diluted earnings (loss) per share:        
Net income (in dollars per share) $ (0.07) $ 0.12 $ (0.06) $ 0.17
Weighted average shares outstanding (in shares) 22,867 22,032 22,915 22,031
Other-than-temporary impairment losses recognized in earnings $ (4,346)   $ (4,346)  
RAI [Member]        
REVENUES:        
Real estate (includes revenues of $2,751, $2,302, $5,503 and $4,985 related to RSO) 21,116 $ 13,448 38,082 $ 26,723
Financial fund management (includes revenues of $617, $753, $1,233 and $960 related to RSO) 4,781 8,141 9,918 15,216
Commercial finance (includes no revenues related to RSO) 2 (42) 0 (141)
Total revenues 25,899 21,547 48,000 41,798
COSTS AND EXPENSES:        
Real estate 12,082 9,105 23,581 17,980
Financial fund management 3,154 2,779 6,144 7,168
Commercial finance 458 123 1,037 226
General and administrative 4,181 2,729 7,478 5,883
Provision for credit losses 276 1,575 678 2,783
Depreciation and amortization 515 465 972 916
Costs and expenses 20,666 16,776 39,890 34,956
OTHER INCOME (EXPENSE):        
Interest expense (455) (497) (876) (980)
Other (expense) income 231 18 67 183
Income tax provision (benefit) 857 2,181 2,101 3,250
Net (income) loss attributable to noncontrolling interests (63) (84) (55) (44)
Diluted earnings (loss) per share:        
Gain (Loss) on Investments 0 370 0 370
Other-than-temporary impairment losses recognized in earnings (4,346) 0 (4,346) 0
RSO [Member]        
REVENUES:        
Real estate (includes revenues of $2,751, $2,302, $5,503 and $4,985 related to RSO) 2,751 2,302 5,503 4,985
Financial fund management (includes revenues of $617, $753, $1,233 and $960 related to RSO) 617 753 1,233 960
Total revenues 24,201 23,828 48,562 49,073
COSTS AND EXPENSES:        
Costs and expenses   16,853 75,595 28,138
OTHER INCOME (EXPENSE):        
Other (expense) income 10,537 10,281 27,053 13,797
Income tax provision (benefit) 2,918 (446) 4,765 (430)
Net (income) loss attributable to noncontrolling interests 22,052 (17,405) 4,257 (34,556)
Reportable Legal Entities [Member]        
REVENUES:        
Total revenues (4,104)      
COSTS AND EXPENSES:        
Costs and expenses (3,368)      
OTHER INCOME (EXPENSE):        
Other income (expense), net (4,570) (109) (5,155) (427)
Reportable Legal Entities [Member] | RAI [Member]        
REVENUES:        
Real estate (includes revenues of $2,751, $2,302, $5,503 and $4,985 related to RSO) 21,116 13,448 38,082 26,723
Financial fund management (includes revenues of $617, $753, $1,233 and $960 related to RSO) 4,781 8,141 9,918 15,216
Commercial finance (includes no revenues related to RSO) 2 (42) 0 (141)
Total revenues 25,899 21,547 48,000 41,798
COSTS AND EXPENSES:        
Real estate 12,082 9,105 23,581 17,980
Financial fund management 3,154 2,779 6,144 7,168
Commercial finance 458 123 1,037 226
General and administrative 4,181 2,729 7,478 5,883
Provision for credit losses 276 1,575 678 2,783
Depreciation and amortization 515 465 972 916
Costs and expenses 20,666 16,776 39,890 34,956
OPERATING INCOME (LOSS) 5,233 4,771 8,110 6,842
OTHER INCOME (EXPENSE):        
Interest expense (455) (497) (876) (980)
Income (loss) from continuing operations before taxes 1,121 5,234 3,891 7,559
Income tax provision (benefit) 857 2,181 2,101 3,250
Net income (loss) 264 3,053 1,790 4,309
Net (income) loss attributable to noncontrolling interests (63) (84) (55) (44)
Net income (loss) attributable to common shareholders 201 2,969 1,735 4,265
Diluted earnings (loss) per share:        
Gain (Loss) on Investments   370   370
Other-than-temporary impairment losses recognized in earnings (4,346)   (4,346) 0
Reportable Legal Entities [Member] | RSO [Member]        
REVENUES:        
Total revenues 24,201 23,828 48,562 49,073
COSTS AND EXPENSES:        
General and administrative 0 0 0 0
Provision for credit losses 0 0 0 0
Depreciation and amortization 0 0 0 0
Costs and expenses 54,535 16,853 75,595 28,138
OPERATING INCOME (LOSS) (30,334) 6,975 (27,033) 20,935
OTHER INCOME (EXPENSE):        
Interest expense 0 0 0 0
Income (loss) from continuing operations before taxes (19,797) 17,256 20 34,732
Income tax provision (benefit) 2,918 (446) 4,765 (430)
Net income (loss) (22,715) 17,702 (4,745) 35,162
Net (income) loss attributable to noncontrolling interests (8,296) (3,025) (16,864) (5,369)
Net income (loss) attributable to common shareholders (31,011) 14,677 (21,609) 29,793
Diluted earnings (loss) per share:        
Other-than-temporary impairment losses recognized in earnings 0   0  
Intersegment Eliminations [Member]        
REVENUES:        
Total revenues (4,104) (3,040) (8,377) (5,920)
COSTS AND EXPENSES:        
Costs and expenses $ (3,368) $ (3,053) $ (6,736) $ (5,872)