Note 17. Business Segment Reporting

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Note 17. Business Segment Reporting

Our reportable business segments are organized in a manner that reflects how management views those business activities. Our restaurant operations include Steak n Shake and Western Sizzlin. The Company also reports segment information for First Guard and Maxim. Other business activities not specifically identified with reportable business segments are presented in “other” within total operating businesses. We report our earnings from investment partnerships separate from our corporate expenses. We assess and measure segment operating results based on segment earnings as disclosed below. Segment earnings from operations are neither necessarily indicative of cash available to fund cash requirements, nor synonymous with cash flow from operations. The tabular information that follows shows data of our reportable segments reconciled to amounts reflected in the consolidated financial statements.

Revenue for the second quarters and first six months of 2019 and 2018 were as follows. 

	Revenue
	Second Quarter				First Six Months
	2019		2018		2019		2018
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	156,006	$	196,578	$	326,117	$	386,871
Western Sizzlin		4,055		4,016		7,719		7,657
Total Restaurant Operations		160,061		200,594		333,836		394,528
First Guard		7,417		6,745		14,624		13,292
Maxim		865		1,400		1,742		3,144
	$	168,343	$	208,739	$	350,202	$	410,964

Earnings (losses) before income taxes for the second quarters and first six months of 2019 and 2018 were as follows. 

	Earnings (Losses) Before Income Taxes
	Second Quarter						First Six Months
	2019			2018			2019			2018
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	(3,057	)	$	2,659		$	(21,915	)	$	1,667
Western Sizzlin		506			674			889			1,048
Total Restaurant Operations		(2,551	)		3,333			(21,026	)		2,715
First Guard		1,850			2,301			3,394			2,811
Maxim		176			16			64			(201	)
Other		114			164			253			303
Total Operating Businesses		(411	)		5,814			(17,315	)		5,628
Corporate and Investments:
Corporate		(2,767	)		(3,004	)		(5,397	)		(6,170	)
Investment partnership gains (losses)		34,198			(8,341	)		68,352			(4,846	)
Total Corporate and Investments		31,431			(11,345	)		62,955			(11,016	)
Interest expense on notes payable and other borrowings		(3,150	)		(2,898	)		(6,208	)		(5,652	)
	$	27,870		$	(8,429	)	$	39,432		$	(11,040	)