| Schedule of Summary Consolidated Financial Information (unaudited) |
The following is unaudited summary information on Newcastle’s quarterly operations.
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2012
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Quarter Ended
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Year Ended
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March 31 (A)
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June 30 (A)
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September 30 (A)
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December 31
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December 31
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Interest income
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$ |
72,862 |
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$ |
77,956 |
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$ |
72,947 |
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$ |
59,186 |
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$ |
282,951 |
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Interest expense
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30,165 |
|
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29,462 |
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|
28,411 |
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21,886 |
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|
109,924 |
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Net interest income (expense)
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42,697 |
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48,494 |
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44,536 |
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37,300 |
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173,027 |
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Impairment, net of the reversal of prior valuation allowances on loans
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(7,080 |
) |
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8,499 |
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5,014 |
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(12,097 |
) |
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(5,664 |
) |
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Other revenues
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|
509 |
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|
515 |
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8,071 |
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10,980 |
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|
20,075 |
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Other income (loss) (B)
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28,536 |
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(4,882 |
) |
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234,008 |
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4,632 |
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262,294 |
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Property operating expenses
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225 |
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|
232 |
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|
5,043 |
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|
7,443 |
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|
12,943 |
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Depreciation and amortization
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2 |
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|
2 |
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2,385 |
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4,586 |
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|
6,975 |
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Other operating expenses
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8,237 |
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11,575 |
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11,926 |
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14,462 |
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|
46,200 |
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Income (loss) from continuing operations
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70,358 |
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23,819 |
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262,247 |
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38,518 |
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|
394,942 |
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Income (loss) from discontinued operations
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3,113 |
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6,620 |
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10,974 |
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|
18,461 |
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|
39,168 |
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Preferred dividends
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(1,395 |
) |
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(1,395 |
) |
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(1,395 |
) |
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(1,395 |
) |
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(5,580 |
) |
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Income (loss) applicable to common stockholders
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$ |
72,076 |
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$ |
29,044 |
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$ |
271,826 |
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$ |
55,584 |
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$ |
428,530 |
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Net income (loss) per share of common stock
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Basic
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$ |
0.68 |
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$ |
0.21 |
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$ |
1.65 |
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$ |
0.32 |
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$ |
2.97 |
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Diluted
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$ |
0.68 |
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$ |
0.21 |
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$ |
1.63 |
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$ |
0.32 |
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$ |
2.94 |
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Income (loss) from discontinued operations per share of common stock
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Basic
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$ |
0.03 |
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$ |
0.05 |
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$ |
0.07 |
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$ |
0.11 |
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$ |
0.27 |
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Diluted
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$ |
0.03 |
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$ |
0.05 |
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$ |
0.07 |
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$ |
0.11 |
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$ |
0.27 |
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Weighted average number of shares of common stock outstanding
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Basic
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105,181 |
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134,115 |
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164,238 |
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172,519 |
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|
144,146 |
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Diluted
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105,670 |
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135,173 |
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166,429 |
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175,413 |
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|
145,766 |
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2011
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Quarter Ended
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Year Ended
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March 31 (A)
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June 30 (C)
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September 30 (A)
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December 31
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December 31
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(Restated)
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(Restated) (C)
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Interest income
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$ |
72,203 |
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$ |
74,143 |
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$ |
72,393 |
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$ |
72,297 |
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$ |
291,036 |
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Interest expense
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|
38,165 |
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|
35,750 |
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|
32,587 |
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31,533 |
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|
138,035 |
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Net interest income (expense)
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34,038 |
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|
38,393 |
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|
39,806 |
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|
40,764 |
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|
153,001 |
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Impairment, net of the reversal of prior valuation allowances on loans
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(36,773 |
) |
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(9,067 |
) |
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|
21,650 |
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|
25,300 |
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|
1,110 |
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Other revenues
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|
477 |
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|
465 |
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|
469 |
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|
488 |
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|
1,899 |
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Other income (loss) (B)
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45,469 |
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|
103,961 |
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|
18,802 |
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|
12,263 |
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|
180,495 |
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Property operating expenses
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|
249 |
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|
233 |
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|
322 |
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|
306 |
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|
1,110 |
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Depreciation and amortization
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4 |
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4 |
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3 |
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|
1 |
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|
12 |
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Other operating expenses
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6,851 |
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|
7,407 |
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7,181 |
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7,766 |
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|
29,205 |
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Income (loss) from continuing operations
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109,653 |
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|
144,242 |
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|
29,921 |
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20,142 |
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|
303,958 |
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Income (loss) from discontinued operations
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20 |
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(35 |
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22 |
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|
554 |
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|
561 |
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Preferred dividends
|
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|
(1,395 |
) |
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(1,395 |
) |
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|
(1,395 |
) |
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(1,395 |
) |
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(5,580 |
) |
|
Income (loss) applicable to common stockholders
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$ |
108,278 |
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$ |
142,812 |
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$ |
28,548 |
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$ |
19,301 |
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$ |
298,939 |
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Net income (loss) per share of common stock
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Basic
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$ |
1.73 |
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$ |
1.80 |
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$ |
0.35 |
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$ |
0.18 |
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$ |
3.65 |
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Diluted
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$ |
1.73 |
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$ |
1.80 |
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$ |
0.35 |
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$ |
0.18 |
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$ |
3.65 |
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Income (loss) from discontinued operations per share of common stock
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Basic
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
0.01 |
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$ |
0.01 |
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Diluted
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$ |
— |
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|
$ |
— |
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|
$ |
— |
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$ |
0.01 |
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$ |
0.01 |
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Weighted average number of shares of common stock outstanding
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Basic
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62,602 |
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|
79,282 |
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|
80,425 |
|
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|
105,175 |
|
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|
81,984 |
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Diluted
|
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|
62,611 |
|
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|
79,282 |
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|
80,442 |
|
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|
105,175 |
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|
81,990 |
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(A)
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The Income Available for Common Stockholders shown agrees with Newcastle’s 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 9).
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(B)
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Including equity in earnings of unconsolidated subsidiaries.
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(C)
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Restated to correct the recording of the deconsolidation of CDO V as discussed in Note 3.
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