25. Selected Quarterly Results (Unaudited)

The following tables summarize the Company’s quarterly results of operations for the years ended December 31, 2014 and 2013 (in thousands except share and per share data).


		First	Second	Third	Fourth
2014		Quarter	Quarter	Quarter	Quarter	Total
Revenues	$	20,816	22,650	21,906	27,273	92,645
Costs and expenses		25,670	25,709	24,718	40,208	116,305
Equity earnings in Woodbridge Holdings, LLC		6,222	8,108	7,635	3,317	25,282
Equity losses in unconsolidated real estate joint ventures		(6)	(26)	(205)	(322)	(559)
Recoveries from (provision for) loan losses		1,248	2,046	(656)	4,517	7,155
Asset impairments		(1,319)	94	(5,926)	136	(7,015)
Income (loss) before income taxes		1,291	7,163	(1,964)	(5,287)	1,203
Net income (loss)		1,291	7,157	(1,964)	(2,180)	4,304
Net income (loss) attributable to
BBX Capital Corporation	$	1,358	7,291	(1,898)	(2,056)	4,695

Basic (loss) earnings per share	$	0.08	0.46	(0.12)	(0.13)	0.29
Basic weighted average number of common
shares outstanding		15,985,772	16,005,633	16,007,445	16,172,369	16,043,219

Diluted (loss) earnings per share	$	0.08	0.43	(0.12)	(0.13)	0.28
Diluted weighted average number of common
shares outstanding		16,698,628	16,790,560	16,007,445	16,172,369	16,677,856

The first quarter of 2014 performance was favorably impacted by $6.2 million of Woodbridge equity earnings and $0.9 million of insurance reimbursements of expenses associated with the SEC civil action against BBX Capital and its Chairman discussed in Note 19 – Commitments and Contingencies.

The second quarter of 2014 net income was favorably impacted by a $2.0 million recovery from loan losses, a gain on the sale of real estate for $2.5 million and $8.1 million of Woodbridge equity earnings. The recoveries for loan losses primarily resulted from payoffs of non-accrual loans.

The third quarter of 2014 net loss was significantly impacted by $5.9 million of asset impairments primarily relating to write-downs on two real estate properties partially offset by a $1.2 million bargain purchase gain arising from the Helen Grace acquisition.

The fourth quarter of 2014 net income was favorably impacted by a $3.1 million benefit for income taxes from the reduction in the Company’s deferred tax valuation allowance in connection with deferred tax liabilities recognized in connection with the 2014 Acquisitions. Included in the $3.1 million benefit for income taxes was $0.6 million and $0.8 million of benefits associated with the Williams and Bennett and Helen Grace acquisitions which should have been corrected during the first quarter and third quarter of 2014, respectively. The benefit for income taxes was partially offset by $4.3 million of legal fees and accruals associated primarily with the SEC civil trial which commenced in November 2014, lower equity earnings from Woodbridge and higher BBX Sweet Holdings cost of goods sold and compensation associated with seasonal revenues and the 2014 Acquisitions. The recoveries from loan losses and asset impairments resulted primarily from charged off loan recoveries and updated valuations.



		First	Second	Third	Fourth
2013		Quarter	Quarter	Quarter	Quarter	Total
Revenues	$	6,835	6,148	5,658	30,017	48,658
Costs and expenses		10,443	9,290	10,632	23,231	53,596
Equity earnings in Woodbridge Holdings, LLC		-	3,442	8,183	1,836	13,461
(Provision for) recoveries from loan losses		(759)	(172)	4,433	40,363	43,865
Asset impairments		(2,165)	(2,977)	73	361	(4,708)
(Loss) income before income taxes		(6,532)	(2,849)	7,715	49,346	47,680
Net (loss) income		(6,532)	(2,849)	7,695	49,346	47,660
Net (loss) income attributable to
BBX Capital Corporation	$	(6,532)	(2,849)	7,695	49,525	47,839
Basic (loss) earnings per share	$	(0.41)	(0.18)	0.49	3.10	3.02
Basic weighted average number of common
shares outstanding		15,785,870	15,805,009	15,806,386	15,973,133	15,843,127

Diluted (loss) earnings per share	$	(0.41)	(0.18)	0.47	2.97	2.94
Diluted weighted average number of common
shares outstanding		15,785,870	15,805,009	16,525,013	16,664,754	16,278,053

The first quarter of 2013 performance was unfavorably impacted by $2.2 million of asset impairments, $0.8 million provision for loan losses and $2.2 million of professional fees. The professional fees were primarily legal costs associated with the SEC civil action, collection litigation fees and foreclosure costs. The asset impairments resulted primarily from increased lower of cost or fair value adjustments on loans held-for-sale and increased real estate valuation allowances. The provision for loan losses reflected higher consumer loan allowance for loan losses.

The second quarter of 2013 net loss was favorably impacted by earnings from the Company’s April 2013 investment in Woodbridge. The second quarter asset impairments resulted primarily from the real estate valuation allowances and lower of cost or fair value adjustments on loans held-for-sale.

The third quarter of 2013 net income was significantly impacted by $8.2 million of equity earnings from the Company’s investment in Woodbridge, and $4.5 million of loan loss and asset impairment recoveries compared to valuation allowances and provision for loan losses during prior quarters.

The fourth quarter of 2013 net income was significantly impacted by $42.2 million of loan and $13.6 million of interest income recoveries. The majority of the recoveries were from two borrowing relationships. Revenues were also favorably impacted by $10.2 million of sales associated with the Renin and Hoffman’s acquisitions, while costs and expenses increased as a result of $7.9 million of costs of goods sold relating to the trade sales.