Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Income Statement [Abstract]        
Interest income $ 20,421 $ 24,265 $ 41,460 $ 51,343
Interest expense (12,417) (16,950) (25,951) (33,677)
Net interest income 8,004 7,315 15,509 17,666
Impairment (Reversal)        
Valuation allowance on loans 645 4,317 2,843 4,674
Other-than-temporary impairment on securities and other investments 0 9,128 56 9,472
Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive loss into net income (loss) 0 234 54 (62)
Total impairment 645 13,679 2,953 14,084
Net interest income (loss) after impairment 7,359 (6,364) 12,556 3,582
Operating Revenues        
Golf course operations 48,057 48,778 86,776 87,732
Sales of food and beverages - golf 21,612 20,944 35,173 33,956
Other golf revenue 14,815 13,081 24,693 21,941
Total operating revenues 84,484 82,803 146,642 143,629
Other Income (Loss)        
Gain (loss) on settlement of investments, net 154 26,776 (1,512) 27,791
Gain on deconsolidation 0 0 82,130 0
Other income (loss), net (1,102) 2,597 (1,123) 2,083
Total other income (loss) (948) 29,373 79,495 29,874
Expenses        
Loan and security servicing expense 1 118 38 214
Operating expenses - golf 65,499 65,438 122,104 120,375
Cost of sales - golf 9,217 9,108 15,428 15,161
General and administrative expense 3,722 3,487 6,622 5,200
Management fee to affiliate 2,676 2,674 5,351 5,342
Depreciation and amortization 6,484 7,119 12,515 13,872
Total expenses 87,599 87,944 162,058 160,164
Income from continuing operations before income tax 3,296 17,868 76,635 16,921
Income tax expense 138 27 182 73
Income from continuing operations 3,158 17,841 76,453 16,848
Income from discontinued operations, net of tax 0 524 0 639
Net Income 3,158 18,365 76,453 17,487
Preferred dividends (1,395) (1,395) (2,790) (2,790)
Net (income) loss attributable to noncontrolling interests (112) 49 12 230
Income Applicable to Common Stockholders $ 1,651 $ 17,019 $ 73,675 $ 14,927
Income Applicable to Common Stock, per share        
Basic (in dollars per share) $ 0.02 $ 0.26 $ 1.11 $ 0.22
Diluted (in dollars per share) 0.02 0.25 1.07 0.22
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests        
Basic (in dollars per share) 0.02 0.25 1.11 0.22
Diluted (in dollars per share) 0.02 0.24 1.07 0.21
Income from discontinued operations per share of common stock        
Basic (in dollars per share) 0.00 0.01 0.00 0.01
Diluted (in dollars per share) $ 0.00 $ 0.01 $ 0.00 $ 0.01
Weighted Average Number of Shares of Common Stock Outstanding        
Basic (in shares) 66,681,248 66,426,980 66,667,923 66,425,751
Diluted (in shares) 68,899,515 69,204,717 68,592,206 69,055,495
Dividends Declared per Share of Common Stock (in dollars per share) $ 0 $ 0.12 $ 0.12 $ 0.24