Note 16. Business Segment Reporting

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Note 16. 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. 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 and earnings before income taxes for the first quarters of 2017 and 2016 were as follows.

	Revenue
		First Quarter
		2017		2016
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	192,690	$	196,898
Western		3,004		3,397
Total Restaurant Operations		195,694		200,295
First Guard		6,080		5,499
Maxim		1,619		2,448
	$	203,393	$	208,242

	Earnings Before Income Taxes
		First Quarter
		2017			2016
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	3,352		$	8,362
Western		450			586
Total Restaurant Operations		3,802			8,948
First Guard		969			1,327
Maxim		(324	)		(3,515	)
Other		148			125
Total Operating Businesses		4,595			6,885
Corporate and Investments:
Corporate		(2,400	)		(2,195	)
Investment partnership gains (losses)		(24,968	)		78,973
Total Corporate and Investments		(27,368	)		76,778
Interest expense on notes payable and other borrowings		(2,824	)		(2,922	)
	$	(25,597	)	$	80,741