Annual report pursuant to Section 13 and 15(d)

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

v3.3.1.900
SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
2015
Quarter Ended
 
Year Ended
 
March 31 (A)(B)
 
June 30 (A)
 
September 30 (A)
 
December 31 (B)
 
December 31
Interest income
$
27,078

 
$
24,265

 
$
23,010

 
$
21,538

 
$
95,891

Interest expense
(16,727
)
 
(16,950
)
 
(14,715
)
 
(13,737
)
 
(62,129
)
Net interest income
10,351

 
7,315

 
8,295

 
7,801

 
33,762

Impairment
405

 
13,679

 
3,460

 
1,857

 
19,401

Operating revenues
60,826

 
82,803

 
82,864

 
69,363

 
295,856

Other income (loss) (C)
501

 
29,373

 
11,987

 
(2,360
)
 
39,501

Property operating expenses
60,990

 
74,546

 
76,826

 
64,740

 
277,102

Depreciation and amortization
6,753

 
7,119

 
7,111

 
7,651

 
28,634

Other operating expenses
4,477

 
6,279

 
6,592

 
5,381

 
22,729

Income tax expense
46

 
27

 
1,257

 
(985
)
 
345

Income (loss) from continuing operations
(993
)
 
17,841

 
7,900

 
(3,840
)
 
20,908

Income from discontinued operations
115

 
524

 
7

 

 
646

Preferred dividends
(1,395
)
 
(1,395
)
 
(1,395
)
 
(1,395
)
 
(5,580
)
Net loss (income) attributable to noncontrolling interests
181

 
49

 
(13
)
 
76

 
293

Income (loss) applicable to common stockholders
$
(2,092
)
 
$
17,019

 
$
6,499

 
$
(5,159
)
 
$
16,267

Net income (loss) per share of common stock
 
 
 
 
 
 
 
 
 
Basic
$
(0.03
)
 
$
0.26

 
$
0.10

 
$
(0.08
)
 
$
0.24

Diluted
$
(0.03
)
 
$
0.25

 
$
0.09

 
$
(0.08
)
 
$
0.24

Income from discontinued operations per share of common stock
 
 
 
 
 
 
 
 
 
Basic
$

 
$
0.01

 
$

 
$

 
$
0.01

Diluted
$

 
$
0.01

 
$

 
$

 
$
0.01

Weighted average number of shares of common stock outstanding
 
 
 
 
 
 
 
 
 
Basic
66,424,508

 
66,426,980

 
66,484,962

 
66,579,072

 
66,479,321

Diluted
66,424,508

 
69,204,717

 
69,069,659

 
66,579,072

 
68,647,915

 
 
 
 
 
 
 
 
 
 
2014
Quarter Ended
 
Year Ended
 
March 31 (A)
 
June 30 (A)
 
September 30 (A)
 
December 31 (B)
 
December 31
Interest income
$
46,452

 
$
29,893

 
$
27,544

 
$
23,738

 
$
127,627

Interest expense
(22,170
)
 
(20,328
)
 
(18,411
)
 
(19,113
)
 
(80,022
)
Net interest income
24,282

 
9,565

 
9,133

 
4,625

 
47,605

Impairment (reversal)
1,246

 
1,526

 
(4,015
)
 
(1,176
)
 
(2,419
)
Operating revenues
62,632

 
82,737

 
81,494

 
64,674

 
291,537

Other income (loss) (C)
15,808

 
41,707

 
12,618

 
4,329

 
74,462

Property operating expenses
65,603

 
75,289

 
77,167

 
66,316

 
284,375

Depreciation and amortization
5,863

 
6,317

 
7,204

 
7,583

 
26,967

Other operating expenses
10,314

 
10,471

 
8,955

 
7,150

 
36,890

Income tax expense
140

 
4

 

 
64

 
208

Income (loss) from continuing operations
19,556

 
40,402

 
13,934

 
(6,309
)
 
67,583

Income (loss) from discontinued operations
(15,299
)
 
(8,504
)
 
(8,624
)
 
(2,762
)
 
(35,189
)
Preferred dividends
(1,395
)
 
(1,395
)
 
(1,395
)
 
(1,395
)
 
(5,580
)
Net income attributable to noncontrolling interests
661

 
29

 
21

 
141

 
852

Income (loss) applicable to common stockholders
$
3,523

 
$
30,532

 
$
3,936

 
$
(10,325
)
 
$
27,666

Net income (loss) per share of common stock
 
 
 
 
 
 
 
 
 
Basic
$
0.06

 
$
0.52

 
$
0.06

 
$
(0.16
)
 
$
0.45

Diluted
$
0.06

 
$
0.50

 
$
0.06

 
$
(0.16
)
 
$
0.44

Income (loss) from discontinued operations per share of common stock
 
 
 
 
 
 
 
 
 
Basic
$
(0.26
)
 
$
(0.15
)
 
$
(0.14
)
 
$
(0.04
)
 
$
(0.57
)
Diluted
$
(0.26
)
 
$
(0.15
)
 
$
(0.14
)
 
$
(0.04
)
 
$
(0.57
)
Weighted average number of shares of common stock outstanding
 
 
 
 
 
 
 
 
 
Basic
58,575,582

 
58,599,666

 
62,329,023

 
66,404,248

 
61,500,913

Diluted
60,511,128

 
60,477,084

 
63,865,796

 
66,404,248

 
63,131,227

See footnotes on next page.

(A)
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 3).
(B)
The options outstanding are excluded from the diluted share calculation as their effect would have been anti-dilutive.
(C)
Includes equity in earnings of unconsolidated subsidiaries.