Drive Shack Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2011

Summary Quarterly Consolidated Financial Information

SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

14.

SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

The following is unaudited summary information on Newcastles quarterly operations.


2011	Quarter Ended								Year Ended
	March 31 (A)		June 30 (A)		September 30 (A)		December 31		December 31
Interest income	$	72,203	$	74,143	$	72,393	$	73,557	$	292,296
Interest expense		38,165		35,750		32,587		31,533		138,035

Net interest income (expense)		34,038		38,393		39,806		42,024		154,261
Impairment, net of the reversal of prior valuation allowances on loans		(37,206)		(9,067)		21,650		25,300		677
Other income (loss) (B)		45,469		58,889		18,802		12,630		135,790
Expenses		6,850		7,404		7,166		8,813		30,233

Income (loss) from continuing operations		109,863		98,945		29,792		20,541		259,141
Income (loss) from discontinued operations		(190)		190		151		155		306
Preferred dividends		(1,395)		(1,395)		(1,395)		(1,395)		(5,580)

Income (loss) applicable to common stockholders	$	108,278	$	97,740	$	28,548	$	19,301	$	253,867

Net income (loss) per share of common stock
Basic	$	1.73	$	1.23	$	0.35	$	0.18	$	3.09

Diluted	$	1.73	$	1.23	$	0.35	$	0.18	$	3.09

Income (loss) from continuing operations per share of common stock, after preferred dividends and related accretion
Basic	$	1.73	$	1.23	$	0.35	$	0.18	$	3.09

Diluted	$	1.73	$	1.23	$	0.35	$	0.18	$	3.09

Income (loss) from discontinued operations per share of common stock
Basic	$	-	$	-	$	-	$	-	$	-

Diluted	$	-	$	-	$	-	$	-	$	-

Weighted average number of shares of common stock outstanding
Basic		62,602		79,282		80,425		105,175		81,984

Diluted		62,611		79,282		80,442		105,175		81,990


2010	Quarter Ended								Year Ended
	March 31 (A)		June 30 (A)		September 30 (A)		December 31		December 31
Interest income	$	70,092	$	74,183	$	81,040	$	74,957	$	300,272
Interest expense		45,589		43,141		42,547		40,942		172,219

Net interest income (expense)		24,503		31,042		38,493		34,015		128,053
Impairment, net of the reversal of prior valuation allowances on loans		(68,032)		(42,495)		(95,319)		(35,012)		(240,858)
Other income (loss) (B)		56,543		53,384		36,662		135,698		282,287
Expenses		8,613		7,580		7,185		6,150		29,528

Income (loss) from continuing operations		140,465		119,341		163,289		198,575		621,670
Income (loss) from discontinued operations		(40)		13		213		(194)		(8)
Preferred dividends		(3,268)		(1,395)		(1,395)		(1,395)		(7,453)
Excess of carrying amount of exchanged preferred stock over fair value of consideration paid		43,043		-		-		-		43,043

Income (loss) applicable to common stockholders	$	180,200	$	117,959	$	162,107	$	196,986	$	657,252

Net income (loss) per share of common stock
Basic	$	3.36	$	1.90	$	2.61	$	3.18	$	10.96

Diluted	$	3.36	$	1.90	$	2.61	$	3.18	$	10.96

Income (loss) from continuing operations per share of common stock, after preferred dividends and related accretion
Basic	$	3.36	$	1.90	$	2.61	$	3.18	$	10.96

Diluted	$	3.36	$	1.90	$	2.61	$	3.18	$	10.96

Income (loss) from discontinued operations per share of common stock
Basic	$	-	$	-	$	-	$	(0.01)	$	-

Diluted	$	-	$	-	$	-	$	(0.01)	$	-

Weighted average number of shares of common stock outstanding
Basic		53,620		62,011		62,025		62,025		59,949

Diluted		53,620		62,011		62,025		62,025		59,949

(A)

The Income Available for Common Stockholders shown agrees with Newcastles quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 5).

(B)

Including equity in earnings of unconsolidated subsidiaries.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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