Investments in Affiliates

6 Months Ended

Jun. 30, 2012

Investments in Affiliates [Abstract]

(9)

Investments in Affiliates. At June 30, 2012 and 2011, investments in affiliates consisted principally of equity investments in limited liability companies. The Company has the ability to exercise significant influence over the operating and financial policies of these investments and, accordingly, accounts for its investments using the equity method of accounting. The Company's operating results include its proportionate share of net income (loss) from its equity method investments. Summarized financial information for the Company's significant equity method investments in its Bakersfield and Kukui'ula joint ventures for the three and six months ended June 30, 2012 and 2011 was as follows (in millions):

	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011
Real Estate joint ventures:
Operating revenue	$ 5.7	$ 2.3	$ 7.3	$ 8.9
Operating income*	$ (7.2)	$ (1.2)	$ (8.7)	$ 1.7
Income (loss) from continuing operations*	$ (7.8)	$ (1.8)	$ (9.7)	$ 0.7
Net income (loss)*	$ (7.8)	$ (1.8)	$ (9.7)	$ 0.7

Includes a $6.5 million non-cash impairment write-down of entitled land (recognized at the joint venture level) owned by the Bakersfield joint venture.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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