Note 4 - Discontinued Operations

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

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

4. Discontinued operations

There were no discontinued operations during the year ended

December

31,

2016.

Discontinued operations of prior years include

three

businesses: (i) FirstService (which comprises Old FSV’s Residential Real Estate Services and Property Services segments); (ii) a residential real estate rental operation (previously reported in Old FSV’s Residential Real Estate Services segment); and (iii) a US-based commercial real estate consulting operation (previously reported in Old FSV’s Commercial Real Estate Services segment).

The Spin-off of FirstService was completed on

June

1,

2015,

resulting in the distribution of

one

FirstService share of the same class as each Old FSV share previously held to all shareholders. The Spin-off distribution was accounted for at the carrying amount, without gain or loss, and resulted in a reduction of shareholders’ equity of

$138,396.

Colliers and FirstService were separated into

two

independent public companies to enable each company to intensify its focus on its distinct brand, customers and industry dynamics and also have the flexibility to pursue independent value creation strategies while optimizing its capital structure and financial resources.

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 US-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.

	2016		2015		2014
Revenues	$	-	$	479,636	$	1,132,002
Cost of revenues		-		340,941		800,046
Selling, general and administrative expenses		-		106,894		249,481
Depreciation		-		7,566		17,634
Amortization of intangible assets		-		4,253		8,744
Acquisition-related items		-		214		723
Operating earnings		-		19,768		55,374
Interest expense, net		-		993		6,932
Other expense		-		147		255
Earnings before income tax		-		18,628		48,187
Income tax expense		-		9,216		13,593
Net operating earnings from discontinued operations		-		9,412		34,594
Net gain on disposal		-		-		2,756
Net earnings from discontinued operations	$	-	$	9,412	$	37,350
Non-controlling interest share of earnings		-		4,566		3,426
Non-controlling interest redemption increment		-		3,742		10,117
Net earnings from discontinued operations attributable to Company	$	-	$	1,104	$	23,807
Net earnings per share from discontinued operations
Basic	$	-	$	0.03	$	0.66
Diluted		-		0.03		0.65