Discontinued Operations, Net of Tax

12 Months Ended

Dec. 31, 2013

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations, Net of Tax

Note 13. Discontinued Operations, Net of Tax:

Our discontinued operations consisted of the following:

	Years Ended December 31,
	2013		2012		2011
	(In thousands)
Net gains (losses) on sales of real estate	$	(16)	$	(15)	$	532
Net operating losses		(227)		(582)		(690)
Impairment losses		(135)		(341)		(887)
Income tax benefit		31		115		-
Discontinued operations, net of tax	$	(347)	$	(823)	$	(1,045)

Net gains (losses) on sales of real estate generally represents gains (losses) on the sale of properties and income recognition of previously unamortized gains.

Net operating losses relate to the operations and holding costs of our REO included in discontinued operations.

Impairment losses represent declines in the estimated fair value of our REO subsequent to initial valuation. Impairment losses during 2012 primarily relate to a retail establishment acquired in the third quarter of 2009 which experienced declines in its value. The property was sold during 2013. During 2011, our impairment losses are primarily related to a full service hospitality property which was sold during 2013.