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, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Income Statement [Abstract]        
Interest income $ 24,265 $ 29,893 $ 51,343 $ 76,345
Interest expense 16,950 20,328 33,677 42,498
Net interest income 7,315 9,565 17,666 33,847
Impairment/(Reversal)        
Valuation allowance (reversal) on loans 4,317 $ 1,526 4,674 $ 2,772
Other-than-temporary impairment on securities 9,128   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) 234   (62)  
Total impairment (reversal) 13,679 $ 1,526 14,084 $ 2,772
Net interest income after impairment/reversal (6,364) 8,039 3,582 31,075
Operating Revenues        
Golf course operations 48,778 50,513 87,732 90,285
Sales of food and beverages - golf 20,944 19,923 33,956 33,462
Other golf revenue 13,081 12,301 21,941 21,622
Total operating revenues 82,803 82,737 143,629 145,369
Other Income (Loss)        
Gain on settlement of investments, net 26,776 40,435 27,791 42,769
Gain (loss) on extinguishment of debt 489 (3,410) 489 (3,410)
Other income (loss), net 2,108 4,682 1,594 18,156
Total other income 29,373 41,707 29,874 57,515
Expenses        
Loan and security servicing expense 118 408 214 1,265
Operating expenses - golf 65,438 66,482 120,375 126,129
Cost of sales - golf 9,108 8,807 15,161 14,763
General and administrative expense 3,487 4,767 5,200 8,331
Management fee to affiliate 2,674 5,296 5,342 11,189
Depreciation and amortization 7,119 6,317 13,872 12,180
Total expenses 87,944 92,077 160,164 173,857
Income from continuing operations before income tax 17,868 40,406 16,921 60,102
Income tax expense 27 4 73 144
Income from continuing operations 17,841 40,402 16,848 59,958
Income (loss) from discontinued operations, net of tax 524 (8,504) 639 (23,803)
Net Income 18,365 31,898 17,487 36,155
Preferred dividends (1,395) (1,395) (2,790) (2,790)
Net loss attributable to noncontrolling interests 49 29 230 690
Income Applicable to Common Stockholders $ 17,019 $ 30,532 $ 14,927 $ 34,055
Income Applicable to Common Stock, per share        
Basic $ .26 [1] $ 0.52 [1] $ .22 [1] $ 0.58
Diluted .25 [1] 0.50 [1] .22 [1] 0.56
Income from Continuing Operations per share of Common Stock, after preferred dividends and noncontrolling interests        
Basic .25 [1] 0.67 [1] .22 [1] 0.99
Diluted .24 [1] 0.65 [1] .21 [1] 0.96
Income (Loss) from Discontinued Operations per share of Common Stock        
Basic 0.01 [1] (0.15) [1] 0.01 [1] (0.41)
Diluted $ 0.01 [1] $ (0.15) [1] $ 0.01 [1] $ (0.41)
Weighted Average Number of Shares of Common Stock Outstanding        
Basic 66,426,980 [1] 58,599,666 [1] 66,425,751 [1] 58,587,691
Diluted 69,204,717 [1] 60,477,084 [1] 69,055,495 [1] 60,493,844
Dividends Declared per Share of Common Stock $ 0.12 [1] $ 0.60 [1] $ 0.24 [1] $ 1.20
[1] All per share amounts and shares outstanding for all periods reflect the 1-for-3 reverse stock split, which was effective after the close of trading on August 18, 2014 and the 1-for-2 reverse stock split, which was effective after the close of trading on October 22, 2014.