QUARTERLY RESULTS OF OPERATIONS

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY RESULTS OF OPERATIONS

NOTE 15.    QUARTERLY RESULTS OF OPERATIONS

The following is a tabulation of quarterly results of operations for the years 2016, 2015 and 2014. 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 2016
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2016
Total operating revenues	$	29,205		$	30,834		$	30,067		$	29,557
Total operating expenses		25,881			26,212			26,272			26,664
Operating income (loss)		3,324			4,622			3,795			2,893
Other expense		(8,470	)		(8,156	)		(9,252	)		(10,447	)
Loss before gain on sales, non-controlling interest, and taxes		(5,146	)		(3,534	)		(5,457	)		(7,554	)
Gain (loss) on sale of income producing properties		(244	)		5,168			—			11,283
Gain (loss) on land sales		1,652			1,719			555			(805	)
Income tax benefit (expense)		—			—			(46	)		—
Net income (loss) from continued operations		(3,738	)		3,353			(4,948	)		2,924
Net loss from discontinued operations		2			—			—			(3	)
Net income (loss)		(3,736	)		3,353			(4,948	)		2,921
Less: net income (loss) attributable to non-controlling interest		530			(864	)		1,194			(1,182	)
Preferred dividend requirement		(497	)		(53	)		(275	)		(276	)
Net income (loss) applicable to common shares	$	(3,703	)	$	2,436		$	(4,029	)	$	1,463
PER SHARE DATA
Earnings per share - basic
Loss from continued operations	$	(0.24	)	$	0.16		$	(0.26	)	$	0.09
Income from discontinued operations		—			—			—			—
Net income (loss) applicable to common shares	$	(0.24	)	$	0.16		$	(0.26	)	$	0.09
Weighted average common shares used in computing earnings per share		15,514,360			15,514,360			15,514,360			15,514,360
Earnings per share - diluted
Loss from continued operations	$	(0.24	)	$	0.16		$	(0.26	)	$	0.09
Income from discontinued operations		—			—			—			—
Net income (loss) applicable to common shares	$	(0.24	)	$	0.16		$	(0.26	)	$	0.09
Weighted average common shares used in computing diluted earnings per share		15,514,360			15,514,360			15,514,360			15,514,360

	Three Months Ended 2015
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2015
Total operating revenues	$	23,156		$	24,241		$	27,826		$	28,965
Total operating expenses		21,155			20,388			25,741			30,596
Operating income (loss)		2,001			3,853			2,085			(1,631	)
Other expense		(2,338	)		(5,139	)		(11,152	)		(12,993	)
Loss before gain on land sales, non-controlling interest, and taxes		(337	)		(1,286	)		(9,067	)		(14,624	)
Gain (loss) on land sales		2,876			3,027			1,958			13,787
Income tax benefit		103			(12	)		274			(882	)
Net income (loss) from continued operations		2,642			1,729			(6,835	)		(1,719	)
Net income from discontinued operations		190			(22	)		508			220
Net income (loss)		2,832			1,707			(6,327	)		(1,499	)
Less: net income (loss) attributable to non-controlling interest		508			(540	)		1,164			195
Preferred dividend requirement		(390	)		(275	)		(275	)		(276	)
Net income (loss) applicable to common shares	$	2,950		$	892		$	(5,438	)	$	(1,580	)
PER SHARE DATA
Earnings per share - basic
Loss from continued operations	$	0.20		$	0.06		$	(0.38	)	$	(0.12	)
Income from discontinued operations		0.01			—			0.03			0.01
Net income (loss) applicable to common shares	$	0.21		$	0.06		$	(0.35	)	$	(0.11	)
Weighted average common shares used in computing earnings per share		14,027,619			15,367,320			15,514,360			15,514,360
Earnings per share - diluted
Loss from continued operations	$	0.16		$	0.05		$	(0.38	)	$	(0.12	)
Income from discontinued operations		0.01			—			0.03			0.01
Net income (loss) applicable to common shares	$	0.17		$	0.05		$	(0.35	)	$	(0.11	)
Weighted average common shares used in computing diluted earnings per share		17,426,707			17,844,339			15,514,360			15,514,360

	Three Months Ended 2014
	March 31,			June 30,			September 30,			December 31,
	(dollars in thousands, except share and per share amounts)
2014
Total operating revenues	$	19,159		$	19,500		$	19,326		$	21,427
Total operating expenses		18,957			19,914			18,858			24,882
Operating income (loss)		202			(414	)		468			(3,455	)
Other expense		(2,440	)		(3,630	)		(4,274	)		(5,167	)
Loss before gain on land sales, non-controlling interest, and taxes		(2,238	)		(4,044	)		(3,806	)		(8,622	)
Gain (loss) on land sales		753			(159	)		40			(73	)
Income tax benefit		2,049			2,195			786			15,383
Net income (loss) from continued operations		564			(2,008	)		(2,980	)		6,688
Net income from discontinued operations		3,805			4,077			1,461			28,566
Net income (loss)		4,369			2,069			(1,519	)		35,254
Less: net income (loss) attributable to non-controlling interest		(819	)		(551	)		200			(8,118	)
Preferred dividend requirement		(613	)		(613	)		(427	)		(390	)
Net income (loss) applicable to common shares	$	2,937		$	905		$	(1,746	)	$	26,746
PER SHARE DATA
Earnings per share - basic
Loss from continued operations	$	(0.08	)	$	(0.28	)	$	(0.24	)	$	(0.13	)
Income from discontinued operations		0.33			0.35			0.11			2.04
Net income (loss) applicable to common shares	$	0.25		$	0.07		$	(0.13	)	$	1.91
Weighted average common shares used in computing earnings per share		11,525,389			11,525,389			13,619,647			14,027,618
Earnings per share - diluted
Loss from continued operations	$	(0.08	)	$	(0.28	)	$	(0.24	)	$	(0.13	)
Income from discontinued operations		0.33			0.35			0.11			2.04
Net income (loss) applicable to common shares	$	0.25		$	0.07		$	(0.13	)	$	1.91
Weighted average common shares used in computing diluted earnings per share		11,525,389			11,525,389			13,619,647			14,027,618