Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues      
Golf course operations $ 226,255 $ 224,419 $ 222,983
Sales of food and beverages 72,625 71,437 68,554
Total revenues 298,880 295,856 291,537
Operating costs      
Operating expenses 254,353 254,553 263,338
Cost of sales - food and beverages 21,593 22,549 21,037
General and administrative expense 13,842 12,037 15,851
Management fee to affiliate - Note 13 10,704 10,692 21,039
Depreciation and amortization 26,496 28,634 26,967
Impairment (reversal) 10,381 11,896 (2,419)
Realized/unrealized (gain) loss on investments - Note 2 685 (22,264) (69,593)
Total operating costs 338,054 318,097 276,220
Operating income (loss) (39,174) (22,241) 15,317
Other income (expenses)      
Interest and investment income 91,291 95,891 127,627
Interest expense (52,868) (62,129) (80,022)
Gain (loss) on extinguishment of debt (780) 15,306 (3,410)
Gain on deconsolidation - Note 2 82,130 0 0
Other income (loss), net - Note 2 (3,074) (5,574) 8,279
Total other income (expenses) 116,699 43,494 52,474
Income from continuing operations before income tax 77,525 21,253 67,791
Income tax expense - Note 15 189 345 208
Income from continuing operations 77,336 20,908 67,583
Income (loss) from discontinued operations, net of tax - Note 3 0 646 (35,189)
Net Income 77,336 21,554 32,394
Preferred dividends (5,580) (5,580) (5,580)
Net (income) loss attributable to noncontrolling interest (257) 293 852
Income Applicable To Common Stockholders $ 71,499 $ 16,267 $ 27,666
Income Applicable to Common Stock, per share, basic (in dollars per share) $ 1.07 $ 0.24 $ 0.45
Income Applicable to Common Stock, per share, diluted (in dollars per share) 1.04 0.24 0.44
Income from Continuing Operations per share of Common Stock, after preferred dividends and noncontrolling interest, basic (in dollars per share) 1.07 0.23 1.02
Income from Continuing Operations per share of Common Stock, after preferred dividends and noncontrolling interest, diluted (in dollars per share) 1.04 0.23 1.00
Income (loss) from Discontinued Operations per share of Common Stock, basic (in dollars per share) 0.00 0.01 (0.57)
Income (loss) from Discontinued Operations per share of Common Stock, diluted (in dollars per share) $ 0.00 $ 0.01 $ (0.57)
Weighted Average Number of Shares of Common Stock Outstanding, basic (in shares) 66,709,925 66,479,321 61,500,913
Weighted Average Number of Shares of Common Stock Outstanding, diluted (in shares) 68,788,440 68,647,915 63,131,227