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EQUITY (Tables)
 6 Months Ended
Jun. 30, 2019
Equity  
Summary of Net Income to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the six months ended

 

 

June 30,

 

June 30,

(in thousands)

    

2019

    

2018

    

2019

    

2018

Net income (loss) from continuing operations

 

$

23,220

 

$

1,815

 

$

26,109

 

$

(594)

Net (loss) income from discontinued operations

 

 

(1)

 

 

947

 

 

(8)

 

 

21,696

Net income

 

$

23,219

 

$

2,762

 

$

26,101

 

$

21,102

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares (1)

 

 

5,884

 

 

5,697

 

 

5,883

 

 

5,673

Common stock equivalents (2)

 

 

 ─

 

 

377

 

 

 ─

 

 

 ─

Diluted weighted-average shares

 

 

5,884

 

 

6,074

 

 

5,883

 

 

5,673

(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 June 30, 2018, 380,000 stock options were exercisable and in-the-money and had a potential dilutive share impact of 377,162 and 381,833 for the three and six months ended June 30, 2018. For the six months ended June 30, 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 June 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

Foreign

 

 

 

 

 

in Debt

 

Currency

 

 

 

(in thousands)

    

Securities

    

Translation

    

AOCI

Balance, April 1, 2019

 

$

34,460

 

$

97

 

$

34,557

Net unrealized losses

 

 

(370)

 

 

(80)

 

 

(450)

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

 

 

(20,693)

 

 

 ─

 

 

(20,693)

Net change in AOCI

 

 

(21,063)

 

 

(80)

 

 

(21,143)

Balance, June 30, 2019

 

$

13,397

 

$

17

 

$

13,414

 

The following table provides information related to the net change in AOCI for the three months ended June 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

Investments

 

Tax

 

Foreign

 

 

 

 

 

in Debt

 

(Expense)

 

Currency

 

 

 

(in thousands)

    

Securities

    

Benefit

 

Translation

    

AOCI

Balance, April 1, 2018

 

$

50,392

 

$

(256)

 

$

177

 

$

50,313

Net unrealized gains (losses)

 

 

4,465

 

 

 ─

 

 

(660)

 

 

3,805

Income tax benefit

 

 

 ─

 

 

242

 

 

 ─

 

 

242

Net change in AOCI

 

 

4,465

 

 

242

 

 

(660)

 

 

4,047

Balance, June 30, 2018

 

$

54,857

 

$

(14)

 

$

(483)

 

$

54,360

 

The following table provides information related to the net change in AOCI for the six months ended June 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

Foreign

 

 

 

 

 

in Debt

 

Currency

 

 

 

(in thousands)

    

Securities

    

Translation

    

AOCI

Balance, January 1, 2019

 

$

37,625

 

$

72

 

$

37,697

Net unrealized gains (losses)

 

 

36

 

 

(55)

 

 

(19)

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

 

 

(24,264)

 

 

 ─

 

 

(24,264)

Net change in AOCI

 

 

(24,228)

 

 

(55)

 

 

(24,283)

Balance, June 30, 2019

 

$

13,397

 

$

17

 

$

13,414

 

The following table provides information related to the net change in AOCI for the six months ended June 30, 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 gains

 

 

1,118

 

 

 ─

 

 

2,823

 

 

3,941

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

 

 

 ─

 

 

(14)

 

 

 ─

 

 

(14)

Net change in AOCI

 

 

10,398

 

 

(14)

 

 

2,823

 

 

13,207

Balance, June 30, 2018

 

$

54,857

 

$

(14)

 

$

(483)

 

$

54,360