Summarized Quarterly Results

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Results

NOTE 13. QUARTERLY RESULTS (UNAUDITED)

The following is a presentation of the quarterly results of operations for the years ended December 31, 2014 and 2013.

(in thousands, except per share information)
	Quarter Ended
	March 31, 2014		June 30, 2014		September 30, 2014		December 31, 2014
Interest income	$	3,783	$	6,589	$	9,286	$	12,146
Interest expense		(411)		(676)		(818)		(1,126)
Net interest income		3,372		5,913		8,468		11,020
Gains (losses)		758		5,837		(307)		(6,054)
Net portfolio income		4,130		11,750		8,161		4,966
Expenses:
Management fees		303		430		543		737
Other expenses		232		685		850		708
Total expenses		535		1,115		1,393		1,445
Net income	$	3,595		10,635	$	6,768	$	3,521
Basic and diluted net income per share	$	0.71		1.17	$	0.63	$	0.24
Weighted Average Shares Outstanding		5,094		9,078		10,710		14,565
Dividends declared per share	$	0.54	$	0.54	$	0.54	$	0.54
	Quarter Ended
	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013
Interest income	$	1,413	$	2,429	$	2,551	$	2,806
Interest expense		(201)		(322)		(294)		(309)
Net interest income		1,212		2,107		2,257		2,497
Losses		(414)		(3,202)		(2,853)		(634)
Net portfolio income (loss)		798		(1,095)		(596)		1,863
Expenses:
Management fees		125		185		180		174
Other expenses		273		266		221		244
Total expenses		398		451		401		418
Net income (loss)	$	400	$	(1,546)	$	(997)	$	1,445
Basic and diluted net income (loss) per share	$	0.20	$	(0.46)	$	(0.30)	$	0.43
Weighted Average Shares Outstanding	$	2,004	$	3,342	$	3,342	$	3,342
Dividends declared per share	$	0.135	$	0.405	$	0.405	$	0.450

Earnings per share (EPS) in each quarter is computed using the weighted-average number of shares outstanding during that quarter while EPS for the full year is computed using the weighted-average number of shares outstanding during the year. The sum of the four quarters’ EPS may not equal the full year EPS.