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 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Income Statement [Abstract]        
Interest income $ 23,010 $ 27,544 $ 74,353 $ 103,889
Interest expense (14,715) (18,411) (48,392) (60,909)
Net interest income 8,295 9,133 25,961 42,980
Impairment/(Reversal)        
Valuation allowance (reversal) on loans 3,010 (4,015) 7,684 (1,243)
Other-than-temporary impairment on securities and other investments 427 0 9,899 0
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 23 0 (39) 0
Total impairment (reversal) 3,460 (4,015) 17,544 (1,243)
Net interest income after impairment/reversal 4,835 13,148 8,417 44,223
Operating Revenues        
Golf course operations 49,418 50,414 137,150 140,699
Sales of food and beverages - golf 20,035 18,871 53,991 52,333
Other golf revenue 13,411 12,209 35,352 33,831
Total operating revenues 82,864 81,494 226,493 226,863
Other Income (Loss)        
Gain (loss) on settlement of investments, net (3,168) 7,763 24,623 50,532
Gain (loss) on extinguishment of debt, net 14,878 0 15,367 (3,410)
Other income, net 277 4,855 1,871 23,011
Total other income 11,987 12,618 41,861 70,133
Expenses        
Loan and security servicing expense 41 159 255 1,424
Operating expenses - golf 67,984 68,747 188,359 194,875
Cost of sales - golf 8,842 8,420 24,003 23,183
General and administrative expense 3,876 3,132 9,076 11,464
Management fee to affiliate 2,675 5,664 8,017 16,853
Depreciation and amortization 7,111 7,204 20,983 19,384
Total expenses 90,529 93,326 250,693 267,183
Income from continuing operations before income tax 9,157 13,934 26,078 74,036
Income tax expense 1,257 0 1,330 144
Income from continuing operations 7,900 13,934 24,748 73,892
Income (loss) from discontinued operations, net of tax 7 (8,624) 646 (32,427)
Net Income 7,907 5,310 25,394 41,465
Preferred dividends (1,395) (1,395) (4,185) (4,185)
Net (income) loss attributable to noncontrolling interests (13) 21 217 711
Income Applicable to Common Stockholders $ 6,499 $ 3,936 $ 21,426 $ 37,991
Income Applicable to Common Stock, per share        
Basic (in dollars per share) $ 0.10 $ 0.06 $ 0.32 $ 0.63
Diluted (in dollars per share) 0.09 0.06 0.31 0.62
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests        
Basic (in dollars per share) 0.10 0.20 0.31 1.18
Diluted (in dollars per share) 0.09 0.20 0.30 1.14
Income (Loss) from discontinued operations per share of common stock        
Basic (in dollars per share) 0.00 (0.14) 0.01 (0.54)
Diluted (in dollars per share) $ 0.00 $ (0.14) $ 0.01 $ (0.54)
Weighted Average Number of Shares of Common Stock Outstanding        
Basic (in dollars per share) 66,484,962 62,329,023 66,445,705 59,848,506
Diluted (in dollars per share) 69,069,659 63,865,796 69,053,302 61,630,175
Dividends Declared per Share of Common Stock (in dollars per share) $ 0.12 $ 0.60 $ 0.36 $ 1.80