DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2014

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

H.DISCONTINUED OPERATIONS

On September 11, 2013, the Company completed the sale of the Remington Village Apartment Complex in Gillette Wyoming ("Remington Village") to an affiliate of the Miller Frishman Group, LLC for $15.0 million.  The $9.5 million balance on the commercial note relating to Remington Village was paid in full at closing.  After deduction of payment of the note, commission and other closing costs, the net proceeds to the Company were approximately $5.0 million. Upon closing this transaction, a loss of $120,000 was recorded on the sale of discontinued of operations. Due to the sale of Remington Village in 2013, the Company did not record any income or losses from discontinued real estate operations for the year ended December 31, 2014.

The Company's real estate operations for the years ending December 31, 2013 and 2012 have been classified as discontinued operations in the current financial statements.   Results of discontinued operations for the years ended December 31, 2014, 2013, and 2012 were as follows:

	(In thousands)
	For the years ending December 31,
	2014		2013		2012
Revenues	$	--	$	1,271	$	2,037
Operating expenses		--		844		1,885
Impairment		--		--		2,955
		--		844		4,840
Income (loss) before income taxes		--		427		(2,803	)
Income tax benefit		--		--		1,009
Net income (loss) from discontinued operations	$	--	$	427	$	(1,794	)

Because Remington Village was classified as an asset held for sale, scheduled depreciation of $660,000 for 2013 and $896,000 for 2012 was not recorded.