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EQUITY (Tables)
 3 Months Ended
Mar. 31, 2019
Equity  
Summary of Net Income to Common Shareholders

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

March 31,

(in thousands)

    

2019

    

2018

Net income (loss) from continuing operations

 

$

2,889

 

$

(2,409)

Net (loss) income from discontinued operations

 

 

(7)

 

 

20,749

Net income

 

$

2,882

 

$

18,340

 

 

 

 

 

 

 

Basic and diluted weighted-average shares (1), (2) 

 

 

5,882

 

 

5,650

(1)

Includes common shares issued and outstanding, as well as deferred shares of non-employee directors that have vested but are not issued and outstanding.

(2)

At March 31, 2018,  410,000 stock options were exercisable and in-the-money and had a potential dilutive share impact of 386,656. For the three months ended March 31, 2018, the Company had a net loss from continuing operations and thus, any incremental shares would be anti-dilutive. All stock options were exercised as of December 31, 2018.
Schedule of Accumulated Other Comprehensive Income

The following table provides information related to the net change in AOCI for the three months ended March 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

Foreign

 

 

 

 

 

in Debt

 

Currency

 

 

 

(in thousands)

    

Securities

    

Translation

    

AOCI

Balance, January 1, 2019

 

$

37,625

 

$

72

 

$

37,697

Net unrealized gains

 

 

406

 

 

25

 

 

431

Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations

 

 

(3,571)

 

 

 ─

 

 

(3,571)

Net change in AOCI

 

 

(3,165)

 

 

25

 

 

(3,140)

Balance, March 31, 2019

 

$

34,460

 

$

97

 

$

34,557

 

The following table provides information related to the net change in AOCI for the three months ended March 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

Income

 

Foreign

 

 

 

 

in Debt

 

Tax

 

Currency

 

 

(in thousands)

    

Securities

    

Expense

    

Translation

 

AOCI

Balance, January 1, 2018

 

$

44,459

 

$

 ─

 

$

(3,306)

 

$

41,153

Net unrealized (losses) gains

 

 

(3,347)

 

 

 ─

 

 

3,483

 

 

136

Reclassification of credit-related gains to the Consolidated Statements of Operations related to bond investments assessed as OTTI

 

 

(135)

 

 

 ─

 

 

 ─

 

 

(135)

Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships

 

 

9,415

 

 

 ─

 

 

 ─

 

 

9,415

Income tax expense

 

 

 ─

 

 

(256)

 

 

 ─

 

 

(256)

Net change in AOCI

 

 

5,933

 

 

(256)

 

 

3,483

 

 

9,160

Balance, March 31, 2018

 

$

50,392

 

$

(256)

 

$

177

 

$

50,313