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EQUITY (Tables)
 12 Months Ended
Dec. 31, 2019
EQUITY  
Summary of Net Income to Common Shareholders

 

 

 

 

 

 

 

 

 

For the year ended

 

 

December 31,

(in thousands)

    

2019

    

2018

Net income from continuing operations

 

$

100,985

 

$

25,646

Net income from discontinued operations

 

 

(8)

 

 

35,356

Net income

 

$

100,977

 

$

61,002

 

 

 

 

 

 

 

Basic weighted-average shares (1)

 

 

5,877

 

 

5,753

Common stock equivalents (2)

 

 

 ─

 

 

284

Diluted weighted-average shares

 

 

5,877

 

 

6,037

(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)

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 284,305 for the year ended December 31, 2018. 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 year ended December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

Foreign

 

 

 

 

 

in Debt

 

Currency

 

 

 

(in thousands)

    

Securities

    

Translation

    

AOCI

Balance, January 1, 2019

 

$

37,625

 

$

72

 

$

37,697

Net unrealized gains (losses)

 

 

1,244

 

 

(105)

 

 

1,139

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

 

 

(28,301)

 

 

 ─

 

 

(28,301)

Income tax expense

 

 

(2,902)

 

 

 ─

 

 

(2,902)

Net change in AOCI

 

 

(29,959)

 

 

(105)

 

 

(30,064)

Balance, December 31, 2019

 

$

7,666

 

$

(33)

 

$

7,633

 

The following table provides information related to the net change in AOCI for the year ended December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

Foreign

 

 

 

 

in Debt

 

Currency

 

 

(in thousands)

    

Securities

    

Translation

    

AOCI

Balance, January 1, 2018

 

$

44,459

 

$

(3,306)

 

$

41,153

Net unrealized gains

 

 

5,620

 

 

3,378

 

 

8,998

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

 

 

(21,875)

 

 

 ─

 

 

(21,875)

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

Net change in AOCI

 

 

(6,834)

 

 

3,378

 

 

(3,456)

Balance, December 31, 2018

 

$

37,625

 

$

72

 

$

37,697