QUARTERLY RESULTS OF OPERATIONS

12 Months Ended

Dec. 31, 2012

QUARTERLY RESULTS OF OPERATIONS [Abstract]

QUARTERLY RESULTS OF OPERATIONS

NOTE  16.    QUARTERLY RESULTS OF OPERATIONS

The following is a tabulation of quarterly results of operations for the years 2012, 2011, and 2010.  Quarterly results presented differ from those previously reported in ARL’s Form 10-Q due to the reclassification of the operations of properties sold or held for sale to discontinued operations in accordance with ASC topic 360:

	Three Months Ended 2012
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2012
Total operating revenues	$	28,710		$	29,254		$	29,429		$	32,129
Total operating expenses		24,829			23,380			24,276			29,829
Operating income		3,881			5,874			5,153			2,300
Other income (expense)		(13,254	)		(9,273	)		(7,322	)		(6,613	)
Income (loss) before gain on land sales, non-contolling interest, and taxes		(9,373	)		(3,399	)		(2,169	)		(4,313	)
Gain(loss) on land sales		(1,021	)		4,738			2,898			(1,140	)
Income tax benefit (expense)		1,021			1,537			(32	)		(52	)
Net income (loss) from continuing operations		(9,373	)		2,876			697			(5,505	)
Net income (loss) from discontinuing operations		1,896			2,853			(59	)		(96	)
Net income (loss)		(7,477	)		5,729			638			(5,601	)
Less: net income (loss) attributable to non-controlling interest		1,177			(1,064	)		(74	)		1,087
Preferred dividend requirement		(613	)		(613	)		(613	)		(613	)
Net income (loss) applicable to common shares	$	(6,913	)	$	4,052		$	(49	)	$	(5,127	)
PER SHARE DATA
Earnings per share - basic
Income (loss) from continuing operations	$	(0.76	)	$	0.10		$	-		$	(0.44	)
Discontinued operations		0.16			0.25			(0.01	)		(0.01	)
Net income (loss) applicable to common shares	$	(0.60	)	$	0.35		$	(0.01	)	$	(0.45	)
Weighted average common shares used in computing earnings per share		11,525,389			11,525,389			11,525,389			11,525,389
Earnings per share - diluted
Income (loss) from continuing operations	$	(0.76	)	$	0.05		$	-		$	(0.44	)
Discontinued operations		0.16			0.11			-			(0.01	)
Net income (loss) applicable to common shares	$	(0.60	)	$	0.16		$	-		$	(0.45	)
Weighted average common shares used in computing diluted earnings per share		11,525,389			25,679,951			21,027,447			11,525,389

	Three Months Ended 2011
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2011
Total operating revenues	$	26,454		$	28,508		$	28,376		$	25,142
Total operating expenses		31,359			21,133			26,955			69,376
Operating income (loss)		(4,905	)		7,375			1,421			(44,234	)
Other income (expense)		(12,910	)		(25,048	)		(12,889	)		5,440
Loss before gain on land sales, non-contolling interest, and taxes		(17,815	)		(17,673	)		(11,468	)		(38,794	)
Gain (loss) on land sales		5,344			(3,594	)		(982	)		33,479
Income tax benefit		384			9,984			2,791			2,513
Net income (loss) from continuing operations		(12,087	)		(11,283	)		(9,659	)		(2,802	)
Net income from discontinued operations		714			18,541			5,182			4,667
Net income (loss)		(11,373	)		7,258			(4,477	)		1,865
Less: net income (loss) attributable to non-controlling interest		2,170			7,175			4,830			(7,158	)
Preferred dividend requirement		(617	)		(613	)		(613	)		(613	)
Net income (loss) applicable to common shares	$	(9,820	)	$	13,820		$	(260	)	$	(5,906	)
PER SHARE DATA
Earnings per share - basic
Income (loss) from continuing operations	$	(0.92	)	$	(0.41	)	$	(0.47	)	$	(0.92	)
Discontinued operations		0.06			1.61			0.45			0.41
Net income (loss) applicable to common shares	$	(0.86	)	$	1.20		$	(0.02	)	$	(0.51	)
Weighted average common shares used in computing earnings per share		11,493,115			11,525,389			11,525,389			11,517,431
Earnings per share - diluted
Income (loss) from continuing operations	$	(0.92	)	$	(0.41	)	$	(0.47	)	$	(0.92	)
Discontinued operations		0.06			1.61			0.45			0.41
Net income (loss) applicable to common shares	$	(0.86	)	$	1.20		$	(0.02	)	$	(0.51	)
Weighted average common shares used in computing diluted earnings per share		11,493,115			11,525,389			11,525,389			11,517,431

	Three Months Ended 2010
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2010
Total operating revenues	$	30,414		$	29,105		$	28,990		$	17,996
Total operating expenses		29,202			29,946			28,645			71,190
Operating (loss) income		1,212			(841	)		345			(53,194	)
Other income (expense)		(14,628	)		(15,194	)		(14,272	)		(3,109	)
Loss before gain on land sales, non-controlling interest, and taxes		(13,416	)		(16,035	)		(13,927	)		(56,303	)
Gain (loss) on land sales		6			(4,122	)		(72	)		(5,915	)
Income tax benefit (expense)		385			1,002			996			(715	)
Net loss from continuing operations		(13,025	)		(19,155	)		(13,003	)		(62,933	)
Net income (loss) from discontinuing operations		(462	)		1,863			1,850			(1,330	)
Net loss		(13,487	)		(17,292	)		(11,153	)		(64,263	)
Less: net income attributable to non-controlling interest		1,577			3,543			2,140			4,188
Preferred dividend requirement		(622	)		(622	)		(626	)		(618	)
Net loss applicable to common shares	$	(12,532	)	$	(14,371	)	$	(9,639	)	$	(60,693	)
PER SHARE DATA
Earnings per share - basic
Income (loss) from continuing operations	$	(1.05	)	$	(1.41	)	$	(1.00	)	$	(5.23	)
Discontinued operations		(0.04	)		0.16			0.16			(0.12	)
Net income (loss) applicable to common shares	$	(1.09	)	$	(1.25	)	$	(0.84	)	$	(5.35	)
Weighted average common shares used in computing earnings per share		11,514,038			11,510,322			11,485,444			11,344,153
Earnings per share - diluted
Income (loss) from continuing operations	$	(1.05	)	$	(1.41	)	$	(1.00	)	$	(5.23	)
Discontinued operations		(0.04	)		0.16			0.16			(0.12	)
Net income (loss) applicable to common shares	$	(1.09	)	$	(1.25	)	$	(0.84	)	$	(5.35	)
Weighted average common shares used in computing diluted earnings per share		11,514,038			11,510,322			11,485,444			11,344,153