Note 15. Business Segment Reporting

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Note 15. Business Segment Reporting

Our restaurant operations includes Steak n Shake and Western.  As a result of the acquisitions of Maxim and First Guard, the Company reports segment information for these businesses. Other business activities not specifically identified with reportable business segments are presented in corporate and other. We report our earnings from investment partnerships separate from corporate and other.  

Revenue by segment for the second quarters and first six months of 2015 and 2014 were as follows.

	Second Quarter		First Six Months
	2015	2014	2015	2014
Operating Businesses:
Restaurant Operations:
Steak n Shake	$    207,848	$    197,549	$    401,301	$    380,218
Western	3,783	3,340	7,066	6,217
Total Restaurant Operations	211,631	200,889	408,367	386,435
First Guard	3,717	2,586	7,371	2,881
Maxim	6,608	4,703	12,046	6,199
	$    221,956	$    208,178	$    427,784	$    395,515

Earnings (losses) before income taxes by segment for the second quarters and first six months of 2015 and 2014 were as follows.

	Second Quarter		First Six Months
	2015	2014	2015	2014
Operating Businesses:
Restaurant Operations:
Steak n Shake	$      13,815	$      10,224	$      20,050	$      16,760
Western	688	682	1,098	1,153
Total Restaurant Operations	14,503	10,906	21,148	17,913
First Guard	1,139	832	1,799	835
Maxim	(4,173)	(7,334)	(10,059)	(9,012)
Total Operating Businesses	11,469	4,404	12,888	9,736
Corporate and other:
Corporate and other	(5,092)	(2,857)	(9,297)	(5,277)
Investment gains (including contributions)	-	29,524	-	29,524
Investment partnership gains (losses)	(5,557)	15,305	17,408	(30,537)
Total corporate and other	(10,649)	41,972	8,111	(6,290)
Interest expense on notes payable and other borrowings	(2,997)	(3,000)	(6,003)	(5,877)
	$      (2,177)	$      43,376	$      14,996	$      (2,431)