Note 4 - Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

4.  Discontinued operations

On September 30, 2013, the Company completed the sale of its Field Asset Services operation for cash consideration of $49,460 (net of cash disposed of $5,177).  In addition, the sale agreement provides for contingent consideration which will be recognized if and when realized.  The pre-tax loss on disposal was $7,158, before an income tax recovery of $3,100, resulting in a net loss of $4,058.  Field Asset Services is recorded as a discontinued operation and was previously reported within the Property Services segment.

As at December 31, 2013, the Company decided to sell its residential rental operations (“Rental”).  These operations manage rental units on behalf of institutional owners and other investors.  Rental is recorded as a discontinued operation for all periods presented and was previously reported within the RRE segment.

	2013			2012			2011
Revenues
Field Asset Services	$	58,063		$	163,413		$	339,416
Rental		24,733			31,658			32,787
		82,796			195,071			372,203
Operating earnings (loss) before income taxes
Field Asset Services	$	(3,623	)	$	(5,072	)	$	36,387
Rental		(2,315	)		3,085			5,447
		(5,938	)		(1,987	)		41,834
(Recovery of) provision for income taxes		(3,999	)		(703	)		17,016
Net operating earnings (loss) from discontinued operations		(1,939	)		(1,284	)		24,818
Net loss on disposal		(4,058	)		-			-
Non controlling interest share of earnings		-			(44	)		(1,940	)
Net earnings (loss) attributable to common shareholders from discontinued operations	$	(5,997	)	$	(1,328	)	$	22,878
Net earnings (loss) per share from discontinued operations
Basic	$	(0.18	)	$	(0.04	)	$	0.76
Diluted		(0.18	)		(0.04	)		0.75

The assets and liabilities of Field Asset Services and Rental as at December 31, 2013 and 2012 are as follows:

	2013		2012
Current assets
Field Asset Services	$	-	$	15,358
Rental		12,531		14,323
		12,531		29,681
Non-current assets
Field Asset Services		-		76,079
Rental		1,259		1,098
		1,259		77,177
Total assets	$	13,790	$	106,858
Current liabilities
Field Asset Services	$	-	$	14,982
Rental		4,206		4,999
		4,206		19,981
Non-current liabilities
Field Asset Services		-		19,482
Rental		290		-
		290		19,482
Total liabilities	$	4,496	$	39,463

Included in non-current assets above for Field Asset Services is $37,195 of goodwill and $17,064 of intangible assets disposed on the date of sale.