Noncontrolling Interests

12 Months Ended

Dec. 31, 2013

Noncontrolling Interests

Note 20 – Noncontrolling interests

As of December 31, 2013, the noncontrolling interests in our consolidated subsidiaries are comprised of the following:

25% noncontrolling interest in Australian Country Cinemas by 21st Century Pty, Ltd;

50% noncontrolling membership interest in Shadow View Land and Farming, LLC owned by Mr. James J. Cotter, Sr.; and

25% noncontrolling interest in the Sutton Hill Properties, LLC owned by Sutton Hill Capital, LLC.

The components of noncontrolling interest are as follows (dollars in thousands):



		December 31,
		2013		2012
AFC LLC	$	--	$	1,737
Australian Country Cinemas		532		601
Shadow View Land and Farming, LLC		1,862		1,912
Sutton Hill Properties		2,213		(152)
Noncontrolling interests in consolidated subsidiaries	$	4,607	$	4,098

The components of income attributable to noncontrolling interests are as follows (dollars in thousands):



		Year Ended December 31,
		2013		2012		2011
AFC LLC	$	173	$	612	$	909
Australian Country Cinemas		129		86		311
Elsternwick unincorporated joint venture		--		--		25
Shadow View Land and Farming, LLC		(50)		(843)		--
Sutton Hill Properties		(148)		(347)		(305)
Net income attributable to noncontrolling interest	$	104	$	(492)	$	940

AFC LLC Acquisition of Noncontrolling Interest

On June 28, 2013, we acquired the interest in AFC LLC that we did not already own in consideration of the release of certain claims we held against the owner of that interest under a guaranty agreement. The removal of the AFC LLC noncontrolling interest balance of $101,000 was reflected as a change in our additional paid in capital pursuant to FASB ASC 810-10-45.

Sutton Hill Properties

On June 18, 2013, our co-investor, having a 25% interest in our Sutton Hill Properties subsidiary, contributed $2.25 million toward the payoff of our SHC Note 2 for $9.0 million resulting in a $2.25 million contribution of capital to Sutton Hill Properties (See Note 12 – Notes Payable).

Shadow View Land and Farming, LLC

During the 2012, Mr. James J. Cotter, our Chairman, Chief Executive Officer and controlling shareholder, contributed $2.5 million of cash and $255,000 of his 2011 bonus as his 50% share of the purchase price of a land parcel in Coachella, California and to cover his 50% share of certain costs associated with that acquisition. This land is held in Shadow View Land and Farming, LLC, in which Mr. Cotter owns a 50% interest. We are the managing member of Shadow View Land and Farming, LLC. However, as Mr. Cotter is considered to be our controlling shareholder, pursuant to FASB ASC 810-10-05, we have consolidated Mr. Cotter’s interest in the property and its expenses with that of our interest and shown his interest as a noncontrolling interest. Note 8 – Acquisitions, Disposals, and Assets Held for Sale.

Elsternwick Sale

On April 14, 2011, we sold our 66.7% share of the 5-screen Elsternwick Classic cinema located in Melbourne, Australia to our joint venture partner for $1.9 million (AUS$1.8 million) and recognized a gain on sale of a discontinued operation of $1.7 million (AUS$1.6 million).

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

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