Discontinued Operations, Net of Tax

6 Months Ended

Jun. 30, 2013

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations, Net of Tax

Note 8. Discontinued Operations, Net of Tax:

Discontinued operations, net of tax, consisted of the following:  

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
	(In thousands)
Net operating losses	$	(75	)	$	(139	)	$	(140	)	$	(270	)
Impairment losses		(8	)		(183	)		(117	)		(201	)
Net loss on sale of real estate		(1	)		—			(1	)		—
Income tax benefit		10			—			10			—
Discontinued operations, net of tax	$	(74	)	$	(322	)	$	(248	)	$	(471	)

Net operating losses relate to the operations and holding costs of our real estate owned included in discontinued operations. During the second quarter of 2013, we sold the properties comprising our real estate owned for cash proceeds with a minimal net loss. During July 2013, we foreclosed on the underlying collateral (limited service hospitality properties) of three loans with an estimated fair value at foreclosure of $2.3 million. We sold one of these properties in July 2013 for $1,175,000, received cash proceeds of $200,000 and financed the remainder. No gain or loss was recorded on the transaction.

Impairment losses represent declines in the estimated fair value of our real estate owned subsequent to initial valuation.