EQUITY (Tables)

9 Months Ended

Sep. 30, 2019

Summary of Net Income to Common Shareholders


	For the three months ended				For the nine months ended
	September 30,				September 30,
(in thousands)	2019		2018		2019		2018
Net income from continuing operations	$	5,576	$	8,348	$	31,685	$	7,754
Net income (loss) from discontinued operations		─		276		(8)		21,972
Net income	$	5,576	$	8,624	$	31,677	$	29,726

Basic weighted-average shares (1)		5,887		5,804		5,884		5,717
Common stock equivalents (2)		─		283		─		─
Diluted weighted-average shares		5,887		6,087		5,884		5,717

⁽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 September 30, 2018, 222,000 stock options were exercisable and in-the-money. The weighted average potential dilutive shares outstanding, inclusive of the options exercised during the year based on the exercise date, had a potential dilutive share impact of 282,597 and 348,403 for the three and nine months ended September 30, 2018, respectively. For the nine months ended September 30, 2018, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to 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 September 30, 2019:


	Investments		Foreign
	in Debt		Currency
(in thousands)	Securities		Translation		AOCI
Balance, July 1, 2019	$	13,397	$	17	$	13,414
Net unrealized gains		961		217		1,178
Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations		(1,851)		─		(1,851)
Net change in AOCI		(890)		217		(673)
Balance, September 30, 2019	$	12,507	$	234	$	12,741

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


			Income
	Investments		Tax		Foreign
	in Debt		(Expense)		Currency
(in thousands)	Securities		Benefit		Translation		AOCI
Balance, July 1, 2018	$	54,857	$	(14)	$	(483)	$	54,360
Net unrealized gains		1,025		─		525		1,550
Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations		(5,080)		─		─		(5,080)
Reclassification of realized losses to the Consolidated Statements of Operations related to bond investments assessed as OTTI		141		─		─		141
Income tax benefit		─		14		─		14
Net change in AOCI		(3,914)		14		525		(3,375)
Balance, September 30, 2018	$	50,943	$	─	$	42	$	50,985

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


	Investments		Foreign
	in Debt		Currency
(in thousands)	Securities		Translation		AOCI
Balance, January 1, 2019	$	37,625	$	72	$	37,697
Net unrealized gains		997		162		1,159
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations		(26,115)		─		(26,115)
Net change in AOCI		(25,118)		162		(24,956)
Balance, September 30, 2019	$	12,507	$	234	$	12,741

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


	Investments		Foreign
	in Debt		Currency
(in thousands)	Securities		Translation		AOCI
Balance, January 1, 2018	$	44,459	$	(3,306)	$	41,153
Net unrealized gains		2,143		3,348		5,491
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations		(5,080)		─		(5,080)
Reclassification of credit-related gains to the Consolidated Statements of Operations related to bond investments assessed as OTTI		6		─		6
Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships		9,415		─		9,415
Income tax expense		─		─		─
Net change in AOCI		6,484		3,348		9,832
Balance, September 30, 2018	$	50,943	$	42	$	50,985