UNAUDITED QUARTERLY OPERATING RESULTS

12 Months Ended

Dec. 31, 2011

16.

UNAUDITED QUARTERLY OPERATING RESULTS

The following is a tabulation of unaudited quarterly operating results for the years indicated:


($ in thousands, except per share)	Total Revenue (1)		Segment Profit (Loss)			Net Income (Loss) attributable to Common Stockholders			Net Income(Loss), Per Share attributable to Common Stockholders (2)
2011
First Quarter (3)	$	22,969	$	16,276		$	8,736		$	0.44
Second Quarter		6,219		989			(638	)		(0.03	)
Third Quarter		15,099		5,690			2,558			0.13
Fourth Quarter		20,169		10,196			5,238		$	0.26

	$	64,456	$	33,151		$	15,894

2010
First Quarter	$	4,340	$	(336	)	$	(1,333	)	$	(0.08	)
Second Quarter		4,499		(418	)		(1,149	)		(0.06	)
Third Quarter		16,533		9,993			7,850			0.40
Fourth Quarter		11,181		1,612			(1,193	)	$	(0.06	)

	$	36,553	$	10,851		$	4,175

(1)	Includes investment income and other income.

(2)	Net income (loss) per share on a diluted basis. Quarterly rounding of per share amounts can result in a variance from the reported annual amount.

(3)	Includes revenue of $15,750,000 from the sale of conservation easements.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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