Acquisitions and Sale of Non-Controlling Interests

12 Months Ended

Dec. 31, 2018

Acquisitions and Sale of Non-Controlling Interests [Abstract]

Acquisitions and Sale of Non-Controlling Interests

4. Acquisitions and Sale of Non-Controlling Interests

During 2018, the Company acquired additional interests in three partnerships included in non-controlling interest. The additional interests purchased in each of the partnerships ranged from 5.5% and 35%. The net after-tax difference of $224,000 was credited to additional paid-in capital.

During 2017, the Company acquired additional interests in two partnerships included in non-controlling interest. The additional interests purchased in each of the partnerships was 35%. The aggregate purchase price paid was $13,000.  Also, during 2017, the Company sold a 2% interest in a partnership for $138,000.  The net after-tax difference of $56,000 was credited to additional paid-in capital.

During 2016, the Company acquired additional interests in six partnerships included in non-controlling interest. The interests in the partnerships purchased ranged from 2% to 35%.  The aggregate purchase price paid was $0.9 million in cash and $0.4 million in a seller note that was paid in two principal installments of $194,000 each in February 2017 and 2018.  The purchase price included $112,000 of undistributed earnings.  The remaining $1.2 million, less future tax benefits of $0.5 million, was recognized as an adjustment to additional paid-in capital.

During 2016, the Company sold a 4% interest in one partnership and 35% in another.  The sales prices included aggregate cash of $138,000 plus notes receivable of $148,000 with payments due monthly based on percentages of distributions and bonuses earned by the purchasers.  The total sales price of $286,000, less the tax effect of $110,000, was charged to additional paid-in capital.