Note 15. Business Segment Reporting

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Note 15. Business Segment Reporting

Our reportable business segments are organized in a manner that reflects how management views those business activities.

Our restaurant operations includes Steak n Shake and Western. As a result of the acquisitions of First Guard and Maxim, the Company reports segment information for these businesses. Prior to the fourth quarter of 2015, other business activities not specifically identified with reportable business segments were presented in corporate expense. Such other business activities are now presented in “other” within total operating businesses. Prior periods have been reclassified to conform to the current presentation. We report our earnings from investment partnerships separate from corporate expense.

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 by segment for the third quarters and first nine months of 2016 and 2015 were as follows.

	Third Quarter		First Nine Months
	2016	2015	2016	2015
Operating Businesses:
Restaurant Operations:
Steak n Shake .............................................................................	$    206,248	$    204,837	$    609,974	$    606,138
Western .....................................................................................	3,197	3,511	10,475	10,577
Total Restaurant Operations .........................................................	209,445	208,348	620,449	616,715
First Guard ....................................................................................	5,841	4,391	17,071	11,762
Maxim ..........................................................................................	1,446	5,704	6,567	17,750
	$    216,732	$    218,443	$    644,087	$    646,227

Earnings (loss) before income taxes by segment for the third quarters and first nine months of 2016 and 2015 were as follows.

	Third Quarter		First Nine Months
	2016	2015	2016	2015
Operating Businesses:
Restaurant Operations:
Steak n Shake ...........................................................................	$      10,443	$      10,826	$      30,949	$      30,876
Western ...................................................................................	542	708	1,965	1,806
Total Restaurant Operations .......................................................	10,985	11,534	32,914	32,682
First Guard ...................................................................................	1,177	1,302	4,602	3,101
Maxim ........................................................................................	(2,810)	(4,211)	(9,646)	(14,270)
Other ..........................................................................................	139	108	404	255
Total Operating Businesses .............................................................	9,491	8,733	28,274	21,768
Corporate and Investments:
Corporate ....................................................................................	(2,304)	(2,019)	(7,688)	(11,463)
Investment partnership gains (losses) ..........................................	(108,614)	5,302	21,602	22,710
Total Corporate and Investments ...................................................	(110,918)	3,283	13,914	11,247
Interest expense on notes payable and other borrowings .................	(2,831)	(2,966)	(8,626)	(8,969)
	$  (104,258)	$        9,050	$      33,562	$      24,046