Note 4 - Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

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

4.  Discontinued operations

In April 2014, the Company completed the sale of its REO rental operation for cash consideration of $1,500.  The pre-tax loss on disposal was $1,601, before income tax recovery of $773 resulting in a net loss of $828.  In July 2014, the Company completed the sale of a U.S.-based commercial real estate consulting operation for cash consideration of $12,100.  The pre-tax gain on disposal was $6,607, before income tax expense of $3,023 resulting in a net gain of $3,584.

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).  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.

Discontinued operations include three businesses: (i) Field Asset Services (previously in the Property Services segment), (ii) the REO rental operation (previously in the Residential Real Estate Services segment), and iii) a U.S.-based commercial real estate consulting operation (previously in the Commercial Real Estate Services segment).

	2014			2013			2012
Revenues
Field Asset Services	$	-		$	58,063		$	163,413
REO rental operation		3,244			24,733			31,658
CRE consulting operation		6,889			12,444			11,479
		10,133			95,240			206,550
Operating earnings (loss) before income taxes
Field Asset Services	$	-		$	(3,623	)	$	(5,072	)
REO rental operation		(2,580	)		(2,315	)		3,085
CRE consulting operation		926			1,459			1,098
		(1,654	)		(4,479	)		(889	)
Recovery of income taxes		(756	)		(3,579	)		(429	)
Net operating loss from discontinued operations		(898	)		(900	)		(460	)
Net gain (loss) on disposal		2,756			(4,058	)		-
Non-controlling interest share of earnings		(321	)		(225	)		(211	)
Net earnings (loss) attributable to common shareholders from discontinued operations	$	1,537		$	(5,183	)	$	(671	)
Net earnings (loss) per share from discontinued operations
Basic	$	0.04		$	(0.16	)	$	(0.02	)
Diluted		0.04			(0.16	)		(0.02	)

The assets and liabilities of discontinued operations as at December 31, 2014 and 2013 are as follows:

	2014		2013
Current assets
REO rental operation	$	-	$	12,531
CRE consulting operation		-		5,004
		-		17,535
Non-current assets
REO rental operation		-		1,259
CRE consulting operation		-		2,827
		-		4,086
Total assets	$	-	$	21,621
Current liabilities
REO rental operation	$	-	$	4,206
CRE consulting operation		-		1,861
		-		6,067
Non-current liabilities
REO rental operation		-		290
CRE consulting operation		-		501
		-		791
Total liabilities	$	-	$	6,858