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
Mar. 31, 2017
Mar. 31, 2016
Revenues    
Golf course operations $ 46,296 $ 48,597
Sales of food and beverages 12,845 13,561
Total revenues 59,141 62,158
Operating costs    
Operating expenses 54,431 58,219
Cost of sales - food and beverages 4,032 4,597
General and administrative expense 3,565 2,937
Management fee to affiliate 2,677 2,675
Depreciation and amortization 5,793 6,031
Impairment 0 2,308
Realized/unrealized loss on investments 3,389 2,007
Total operating costs 73,887 78,774
Operating loss (14,746) (16,616)
Other income (expenses)    
Interest and investment income 7,888 21,039
Interest expense (5,434) (13,534)
Gain on deconsolidation 0 82,130
Other income (loss), net (123) 320
Total other income (expenses) 2,331 89,955
(Loss) Income before income tax (12,415) 73,339
Income tax expense 539 44
Net (Loss) Income (12,954) 73,295
Preferred dividends (1,395) (1,395)
Net loss attributable to noncontrolling interest 0 124
(Loss) Income Applicable to Common Stockholders $ (14,349) $ 72,024
Income Applicable to Common Stock, per share    
Basic (in dollars per share) $ (0.21) $ 1.08
Diluted (in dollars per share) $ (0.21) $ 1.05
Weighted Average Number of Shares of Common Stock Outstanding    
Basic (in shares) 66,841,977 66,654,598
Diluted (in shares) 66,841,977 68,284,898
Dividends Declared per Share of Common Stock (in dollars per share) $ 0 $ 0.12