DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2011

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

19. DISCONTINUED OPERATIONS

In the third quarter of 2009, ALC elected not to exercise a purchase option on five residences it operates under a master lease agreement.  As a result, at December 31, 2009 ALC ceased operating four of the five residences and classified these four

residences (consisting of 118 units) as discontinued operations.  The remaining residence (consisting of 39 units) continue to be operated by ALC under an operating lease which expires on February 28, 2014 (with a right to extend an additional five years).

The following is a summary of the results of operations for residences that are classified as discontinued operations:

	2009
	(in thousands)
Revenues	$	2,727
Residence operations (exclusive of depreciation and amortization and residence lease expense shown below)		2,098
Residence lease expense		240
Depreciation and amortization		300
Loss on impairment of long-lived assets(1)		1,235
Total operating expenses		3,873
Loss from discontinued operations		(1,146	)
Interest income		3
Interest expense		(416	)
Loss from discontinued operations before income taxes		(1,559	)
Income tax benefit		602
Net loss from discontinued operations	$	(957	)
Weighted average common shares:
Basic		23,510
Diluted		23,510
Revenue per share data:
Basic discontinued revenue per share	$	0.12
Diluted discontinued revenue per share	$	0.12

(1) Includes $0.5 million impairment loss on write off of capital lease assets and obligations and $0.7 million impairment of furniture and equipment remaining with the lessor at the termination of the lease on December 31, 2009.