Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Jul. 31, 2014 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | AMBASE CORP | ||
Entity Central Index Key | 20,639 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 62 | ||
Entity Common Stock, Shares Outstanding | 40,737,751 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q2 | ||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating expenses: | ||||
Compensation and benefits | $ 443 | $ 444 | $ 1,033 | $ 971 |
Professional and outside services | 91 | 109 | 152 | 173 |
Property operating and maintenance | 28 | 29 | 70 | 67 |
Depreciation | 12 | 12 | 24 | 24 |
Insurance | 37 | 16 | 73 | 25 |
Other operating | 71 | 69 | 134 | 142 |
Total operating expenses | 682 | 679 | 1,486 | 1,402 |
Operating income (loss) | (682) | (679) | (1,486) | (1,402) |
Interest income | 0 | 2 | 0 | 8 |
Realized gains (losses) on sales of investment securities | 0 | 8 | 0 | 20 |
Other income | 0 | 0 | 0 | 0 |
Equity income (loss) - 111 West 57th Partners LLC | (285) | (773) | (537) | (1,373) |
Income (loss) before income taxes | (967) | (1,442) | (2,023) | (2,747) |
Income tax expense (benefit) | 37 | 655 | 67 | 1,305 |
Net income (loss) | (1,004) | (2,097) | (2,090) | (4,052) |
Less: net income (loss) attributable to non-controlling interest | (20) | 0 | (34) | 0 |
Net income (loss) attributable to controlling interest | $ (984) | $ (2,097) | $ (2,056) | $ (4,052) |
Net income (loss) per common share - basic (in dollars per share) | $ (0.03) | $ (0.05) | $ (0.05) | $ (0.10) |
Net income (loss) per common share - assuming dilution (in dollars per share) | $ (0.03) | $ (0.05) | $ (0.05) | $ (0.10) |
Weighted average common shares outstanding - basic (in shares) | 40,738 | 40,754 | 40,738 | 40,847 |
Weighted average common shares outstanding - assuming dilution (in shares) | 40,738 | 40,754 | 40,738 | 40,847 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and cash equivalents | $ 2,221 | $ 5,299 |
Investments securities - held to maturity | 0 | 0 |
Investments securities - trading carried at fair value | 0 | 0 |
Total investment securities | 0 | 0 |
Real estate owned: | ||
Land | 554 | 554 |
Buildings | 1,900 | 1,900 |
Real estate owned, gross | 2,454 | 2,454 |
Less: accumulated depreciation | 702 | 678 |
Real estate owned, net | 1,752 | 1,776 |
Investment in 111 West 57th Partners LLC | 77,412 | 71,038 |
Other assets | 475 | 378 |
Total assets | 81,860 | 78,491 |
Liabilities: | ||
Accounts payable and accrued liabilities | 413 | 722 |
Other liabilities | 0 | 0 |
Total liabilities | $ 413 | $ 722 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity: | ||
Common stock ($0.01 par value, 200,000 authorized, 46,410 issued and 40,738 outstanding in 2015 and 2014) | $ 464 | $ 464 |
Additional paid-in capital | 548,304 | 548,304 |
Accumulated deficit | (471,987) | (469,931) |
Treasury stock, at cost - 2015 - 5,672 shares and 2014 - 5,672 shares | (5,168) | (5,168) |
Total stockholders' equity | 71,613 | 73,669 |
Non-controlling interest | 9,834 | 4,100 |
Total stockholders' equity including non-controlling interest | 81,447 | 77,769 |
Total liabilities and stockholders' equity | $ 81,860 | $ 78,491 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000 | 200,000 |
Common stock, shares issued (in shares) | 46,410 | 46,410 |
Common stock, shares outstanding (in shares) | 40,738 | 40,738 |
Treasury stock, at cost (in shares) | 5,672 | 5,672 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements of Cash Flows (Unaudited) [Abstract] | ||
Net income (loss) | $ (2,090) | $ (4,052) |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities | ||
Depreciation | 24 | 24 |
Realized (gains) losses on sales of investment securities | 0 | (20) |
Provision for uncertain tax position reserve | 0 | 1,195 |
Equity (income) loss - 111 West 57th Partners LLC | 537 | 1,373 |
Changes in operating assets and liabilities: | ||
Accrued interest receivable investment securities | 0 | (2) |
Other assets | (97) | (86) |
Accounts payable and accrued liabilities | (309) | (233) |
Other liabilities | 0 | 0 |
Net cash provided (used) by operating activities | (1,935) | (1,801) |
Cash flows from investing activities: | ||
Maturities of investment securities - held to maturity | 0 | 17,997 |
Purchases of investment securities - held to maturity | 0 | (12,995) |
Sales of investment securities - trading | 0 | 956 |
Purchases of investment securities - trading | 0 | (936) |
Equity investment - 111 West 57th Partners LLC | (6,911) | (6,681) |
Non-controlling interest contribution | 5,768 | 0 |
Proceeds from (investment in) real estate limited partnership | 0 | 22 |
Net cash provided (used) by investing activities | (1,143) | (1,637) |
Cash flows from financing activities: | ||
Common stock repurchased for treasury | 0 | (525) |
Net cash provided (used) by financing activities | 0 | (525) |
Net change in cash and cash equivalents | (3,078) | (3,963) |
Cash and cash equivalents at beginning of period | 5,299 | 6,940 |
Cash and cash equivalents at end of period | 2,221 | 2,977 |
Supplemental cash flow disclosure: | ||
Income taxes paid | $ 83 | $ 140 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2015 | |
Organization [Abstract] | |
Organization | Note 1 - The Company and Basis of Presentation The accompanying condensed consolidated financial statements of AmBase Corporation and subsidiaries ("AmBase" or the "Company") are unaudited and subject to year-end adjustments. All material intercompany transactions and balances have been eliminated. In the opinion of management, the interim financial statements reflect all adjustments, consisting only of normal recurring adjustments unless otherwise disclosed, necessary for a fair presentation of the Company's consolidated financial position, results of operations and cash flows. Results for interim periods are not necessarily indicative of results for the full year. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that it deems reasonable, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates and assumptions. The unaudited interim condensed consolidated financial statements presented herein are condensed and should be read in conjunction with the Company's consolidated financial statements filed in its Annual Report on Form 10-K for the year ended December 31, 2014. The Company's assets currently consist primarily of cash and cash equivalents, an equity investment in a real estate development property and real estate owned. The Company earns non-operating revenue consisting principally of investment earnings on investment securities and cash equivalents. As further discussed in Note 5 th th |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies New accounting pronouncements There are no new accounting pronouncements that would likely materially affect the Company's condensed consolidated financial statements. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | Note 3 - Investment Securities Investment securities - held to maturity consist of the following: June 30, 2015 December 31, 2014 (in thousands) Carrying Value Cost or Amortized Cost Fair Value Carrying Value Cost or Amortized Cost Fair Value Held to Maturity: U.S. Treasury Bills $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Investment securities - trading consist of the following: June 30, 2015 December 31, 2014 (in thousands) Carrying Value Cost or Amortized Cost Fair Value Carrying Value Cost or Amortized Cost Fair Value Trading: Equity Securities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - The gross unrealized gains (losses) on investment securities - held to maturity consist of the following: (in thousands) Held to Maturity: June 30, 2015 December 31, 2014 Gross unrealized gains (losses) $ - $ - Realized gains (losses) on the sales of investment securities - trading are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Net sale proceeds $ - $ 310 $ - $ 956 Cost basis - 302 - 936 Realized gains (losses) $ - $ 8 $ - $ 20 |
Real Estate Owned
Real Estate Owned | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate Owned [Abstract] | |
Real Estate Owned | Note 4 –Real Estate Owned Real estate owned consists of a commercial office building in Greenwich, Connecticut that is managed and operated by the Company. A portion of the building is utilized by the Company for its offices; the remaining space is currently unoccupied and available for lease. Depreciation expense for the building is calculated on a straight-line basis. Information relating to the Company's real estate owned in Greenwich, Connecticut is as follows: June 30, 2015 Area of building in square feet 14,500 Square feet utilized by Company 3,500 Number of years depreciation is based upon 39 Although the portion of the building not being utilized by the Company is currently unoccupied and available for lease, based on the Company's analysis, the Company believes the property's fair value exceeds the property's current carrying value. The Company's impairment analysis includes a comprehensive range of factors including but not limited to: the location of the property; property condition; current market conditions; comparable sales; current market rents in the area; new building zoning restrictions; raw land values; new building construction costs; building operating costs; leasing values; and cap rates for comparable buildings in the area. Varying degrees of weight are given to each factor. Based on the Company's analysis these factors taken together and/or considered individually form the basis for the Company's analysis that no impairment condition exists. The Company performs impairment tests on a regular basis and if events or circumstances indicate that the property's carrying value may not be recoverable. Based on the Company's analysis, the Company believes the carrying value of the real estate owned as of June 30, 2015, has not been impaired and, therefore, the carrying value of the asset is fully recoverable by the Company. The building is carried at cost, net of accumulated depreciation. |
Investment in 111 West 57th Par
Investment in 111 West 57th Partners LLC | 6 Months Ended |
Jun. 30, 2015 | |
Investment in 111 West 57th Partners LLC [Abstract] | |
Investment in 111 West 57th Partners LLC [Text Block] | N th On June 28, 2013, 111 West 57 th th th th th th th The 111 West 57 th th th th th On June 30, 2015, 111 West 57 th th th th th th In July 2015, based on available net proceeds received from the financing and equity previously invested in the project, $24,682,000 was distributed to the members of 111 West 57 th th th The JV Agreement and related operating agreements generally provide that all distributable cash shall be distributed as follows: (i) first, 100% to the members in proportion to their percentage interests until Investment LLC has received distributions yielding a 20% internal rate of return as calculated; (ii) second, 100% to the Sponsor as a return of (but not a return on) any additional capital contributions made by the Sponsor on account of manager overruns; and (iii) thereafter, (a) 50% to the members in proportion to their respective percentage interests at the time of such distribution, and (b) fifty percent 50% to the Sponsor. Additionally, the JV Agreement provides that (i) Mr. Richard A. Bianco (the Company's current Chairman, President and Chief Executive Officer) ("Mr. R. A. Bianco"), his immediate family, and/or any limited liability company wholly-owned thereby, and/or a trust in which Mr. R. A. Bianco and/or his immediate family is the beneficiary, shall at all times own, in the aggregate, not less than 20% of the outstanding shares of AmBase; and (ii) Mr. R. A. Bianco shall remain the Chairman of the Board of Directors of AmBase for the duration of the JV Agreement. In March 2014, the Company entered into an amended and restated operating agreement for Investment LLC (the "Amended and Restated Investment Operating Agreement") to grant a 10% subordinated participation interest in Investment LLC to Mr. R. A. Bianco as contingent future incentive compensation for Mr. R. A. Bianco's past, current and anticipated ongoing role to develop and commercialize the Company's equity investment in the 111 West 57 th , During 2014, in connection with the funding of additional capital calls under the JV Agreement for required borrowing and development costs for the 111 West 57 th th Because of time constraints, concerns regarding the potential level of any financial dilution, complications relating to structure of the investments in the Joint Venture, bank constraints and potential loss of voting rights over the Joint Venture, the terms of Capital LLC's admission to and investment in the Investment LLC were reviewed by the Board of Directors and determined to be no less favorable to the Company than would have been obtained in negotiations with a third party unaffiliated with the Company, even assuming that any such third party investor was available and prepared to fund under the time constraints imposed by the JV Agreement. Based in part on such determination, the Board of Directors (with Mr. Bianco abstaining) unanimously approved the admission of Capital LLC to Investment LLC on the terms described. The Company made additional capital contributions to the Joint Venture as indicated below: (in housands) Six Months Ended June 30, 2015 Capital Contributions $ 6,911 Pursuant to a capital call due December 31, 2014, the Company was to contribute an aggregate of approximately $10.3 million to the 111 West 57 th In February 2015, the Company received a shortfall capital contribution notice pursuant to which it was to contribute approximately $7.5 million to the 111 West 57 th In April 2015, the Company received a capital contribution notice pursuant to which it was to contribute approximately $6.2 million to the 111 West 57 th The Sponsor contends that the December Shortfall Capital Contribution if taken together with the February Shortfall Capital Contribution would cause the Company, in the aggregate, to be diluted to approximately 48 % after this event. The parties are currently in discussions with regard to the calculation of the revised investment percentages resulting from the February Shortfall Capital Contribution, along with the treatment and allocation of these and the December Shortfall Capital Contribution amounts. The Company has recorded the investment in 111 West 57 th th th th th The following tables present summarized financial information for the Company's equity method investment in 111 West 57 th th (in thousands) Assets: June 30, 2015 December 31, 2014 Real estate held for development, net $ 378,935 $ 326,387 Escrow deposits 9,407 26,011 Other assets 49,383 16,370 Total assets $ 437,725 $ 368,768 Liabilities: Loans payable $ 278,226 $ 230,000 Other liabilities 12,072 8,319 Total liabilities 290,298 238,319 Equity: Total equity 147,427 130,449 Total liabilities and equity $ 437,725 $ 368,768 Three Months Ended June 30, 2015 June 30, 2014 Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Rental income $ - $ 10 $ - $ 283 Expenses 473 1,290 890 2,560 Net income (loss) $ (473 ) $ (1,280 ) $ (890 ) $ (2,277 ) |
Savings Plan
Savings Plan | 6 Months Ended |
Jun. 30, 2015 | |
Savings Plan [Abstract] | |
Savings Plan | Note 6 - Savings Plan The Company sponsors the AmBase 401(k) Savings Plan (the "Savings Plan"), which is a "Section 401(k) Plan" within the meaning of the Internal Revenue Code of 1986, as amended (the "Code"). The Savings Plan permits eligible employees to make contributions of up to a percentage of their compensation, which are matched by the Company at a percentage of the employees' elected deferral. Employee contributions to the Savings Plan are invested at the employee's discretion, in various investment funds. The Company's matching contributions are invested in the same manner as the compensation reduction contributions. All contributions are subject to maximum limitations contained in the Code. The Company's matching contributions to the Savings Plan, charged to expense, were as follows: ($ in thousands Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Company matching contributions $ - $ - $ 30 $ 29 Employer match % 33 % 33 % 33 % 33 % |
Common Stock Repurchase Plan
Common Stock Repurchase Plan | 6 Months Ended |
Jun. 30, 2015 | |
Common Stock Repurchase Plan [Abstract] | |
Common Stock Repurchase Plan | Note 7 – Common Stock Repurchase Plan In January 2002, and reaffirmed by the Company's Board of Directors in June 2013, the Company announced a common stock repurchase plan (the "Repurchase Plan") which allows for the repurchase by the Company of its common stock in the open market. The Repurchase Plan is conditioned upon favorable business conditions and acceptable prices for the common stock. Purchases under the Repurchase Plan may be made, from time to time, in the open market, through block trades or otherwise. Depending on market conditions and other factors, purchases may be commenced or suspended any time or from time to time without prior notice. Pursuant to the Repurchase Plan the Company repurchased shares of common stock from unaffiliated parties at various dates at market prices at their time of purchase, including broker commissions. Information relating to the Repurchase Plan is as follows: (in thousands Six Months Ended June 30, 2015 Common shares repurchased to treasury during period - Aggregate cost of shares repurchased during period $ - (in thousands) June 30, 2015 Total number of common shares authorized for repurchase 10,000 Total number of common shares repurchased to date 6,226 Total number of shares that may yet be repurchased 3,774 |
Incentive Plans
Incentive Plans | 6 Months Ended |
Jun. 30, 2015 | |
Incentive Plans [Abstract] | |
Incentive Plans | Note 8 – Incentive Plans Under the Company's 1993 Stock Incentive Plan (the "1993 Plan"), the Company may grant to officers and employees of the Company and its subsidiaries, stock options ("Options"), stock appreciation rights ("SARs"), restricted stock awards ("Restricted Stock"), merit awards ("Merit Awards") and performance share awards ("Performance Shares") through May 28, 2018. A pre-determined number of shares of the Company's Common Stock are reserved for issuance under the 1993 Plan (upon the exercise of Options and Stock Appreciation Rights, upon awards of Restricted Stock and Performance Shares); however, only a portion of such shares are available for issuance for Restricted Stock Awards and Merit Awards. Such shares shall be authorized but unissued shares of Common Stock. Options may be granted as incentive stock options ("ISOs") intended to qualify for favorable tax treatment under Federal tax law or as nonqualified stock options ("NQSOs"). SARs may be granted with respect to any Options granted under the 1993 Plan and may be exercised only when the underlying Option is exercisable. The 1993 Plan requires that the exercise price of all Options and SARs be equal to or greater than the fair value of the Company's Common Stock on the date of grant of that Option. The term of any NQSO, ISO or related SAR cannot exceed terms under federal tax law and/or as prescribed in the 1993 Plan. Subject to the terms of the 1993 Plan and any additional restrictions imposed at the time of grant, Options and any related SARs ordinarily will become exercisable pursuant to a vesting period prescribed at the time of grant. In the case of a "Change of Control" of the Company (as defined in the 1993 Plan), Options granted pursuant to the 1993 Plan may become fully exercisable as to all optioned shares from and after the date of such Change in Control in the discretion of the Committee or as may otherwise be provided in the grantee's Option agreement. Death, retirement, or absence for disability will not result in the cancellation of any Options. The fair values of option awards are estimated on the date of grant using the Black-Scholes-Merton option valuation model ("Black-Scholes") that uses certain assumptions at the time of valuation. Expected volatilities are based on historical volatility of the Company's stock. The Company uses historical data to estimate option exercises and employee terminations within the valuation model. The expected term of options granted is estimated based on the contractual lives of option grants, option vesting period and historical data and represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury bond yield in effect at the time of grant. The Black-Scholes option valuation model requires the input of highly subjective assumptions, including the expected life of the stock-based award and stock price volatility. The assumptions utilized represent management's best estimates, but these estimates involve inherent uncertainties and the application of management's judgment. As a result, if other assumptions had been used, our recorded stock-based compensation expense could have been materially different from the amounts previously recorded. In addition, the Company is required to estimate the expected forfeiture rate and only recognize expense for those shares expected to vest. If our actual forfeiture rate is materially different from our estimate, the share-based compensation expense could be materially different. The Company believes that the use of the Black-Scholes model meets the fair value measurement objectives of accounting principles generally accepted in the United States of America and reflects all substantive characteristics of the instruments being valued. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, and given the substantial changes in the price per share of the Company's Common Stock, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. There were no stock option grants during the six months ended June 30, 2015 and 2014. No stock options were outstanding at June 30, 2015 or December 31, 2014. Common stock reserved for issuance under the Company's 1993 Stock Incentive Plan and other non-related employee benefit plans is as follows: (in thousands) June 30, 2015 1993 Stock Incentive Plan 4,320 Other employee benefit plan 110 Total common shares reserved for issuance 4,430 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 9 - Income Taxes The Company and its domestic subsidiaries file a consolidated federal income tax return. The Company recognizes both the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements, calculated based on the provisions of enacted tax laws, including the tax rates in effect for current and future years. Net deferred tax assets are recognized immediately when a more likely than not criterion is met; that is, a greater than 50% probability exists that the tax benefits will actually be realized sometime in the future. The components of income tax expense (benefit) are as follows: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Federal – current $ - $ 243 $ - $ 481 State – current 37 412 67 824 Total current 37 655 67 1,305 Federal – deferred (338 ) (505 ) (708 ) (962 ) State - deferred - - - - Change in valuation allowance 338 505 708 962 Total deferred - - - - Income tax expense (benefit) $ 37 $ 655 $ 67 $ 1,305 The components of pretax income (loss) and the difference between income taxes computed at the statutory federal rate and the provision for income taxes are as follows: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income (loss) before income taxes $ (683 ) $ (1,442 ) $ (1,739 ) $ (2,747 ) Tax expense (benefit): Tax at statutory federal rate $ (338 ) $ (505 ) $ (708 ) $ (962 ) State income taxes 37 55 67 110 Federal interest - 243 - 481 State interest - 357 - 714 Permanent items - - - - Other - - - - Change in valuation allowance 338 505 708 962 Income tax expense (benefit) $ 37 $ 655 $ 67 $ 1,305 A reconciliation of the United States federal statutory rate to the Company's effective income tax rate is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Tax at statutory federal rate 35.0% 35.0% 35.0% 35.0% State income taxes (3.8)% (3.8)% (3.3)% (4.0)% Federal interest 0.0% (16.8)% 0.0% (17.5)% State interest 0.0% (24.8)% 0.0% (26.0)% Permanent differences, tax credits and other adjustments - - - - Other - - - - Change in valuation allowance (35.0)% (35.0)% (35.0)% ) (35.0)% Effective income tax rate (3.8)% (45.4)% (3.3)% (47.5)% The Company has not been notified of any other potential tax audits by any federal, state or local tax authorities. As such, the Company believes the statutes of limitations for the assessment of additional federal and state tax liabilities are generally closed for tax years prior to 2011. Interest and/or penalties related to underpayments of income taxes, or if applicable on uncertain tax positions, would be included as a component of income tax expense (benefit). The accompanying financial statements do not include any amounts for penalties. State income tax amounts for the three months and six months ended June 30, 2015, reflects a provision for a minimum tax on capital imposed by the state jurisdictions. State income tax amounts for the three months and six months ended June 30, 2014, included accrued state interest expense for uncertain tax positions and a provision for a minimum tax on capital imposed by the state jurisdictions. Pursuant to the accounting principles with regard to recognition of uncertain tax positions, (ASC 740-10, Accounting for Income Taxes In connection with the uncertain tax position reserve in 2014, the Company accrued federal and state interest expense for the potential underpayment of 2012 taxes. The interest expense was included as a component of income tax expense (benefit) in the consolidated condensed statement of operations and as a component of the uncertain tax position reserve in the consolidated condensed balance sheets. A roll forward of the uncertain tax positions reserve, excluding accrued federal and state interest is as follows: (in thousands) June 30, 2015 December 31, 2014 Uncertain tax position reserve excluding accrued interest, at beginning of period $ - $ 34,157 Federal uncertain tax position reserve excluding accrued interest - (18,429 ) State uncertain tax position reserve excluding accrued interest - (15,728 ) Uncertain tax position reserve excluding accrued interest, at end of period $ - $ - The interest expense related to the uncertain tax positions is as follows: (in thousands) Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Federal $ - $ 243 $ - $ 481 State jurisdictions - 357 - 714 Interest expense - taxes $ - $ 600 $ - $ 1,195 The utilization of certain carryforwards and carrybacks is subject to limitations under U.S. federal income tax laws. The Company has not yet filed its 2014 Federal income tax return, however, based on the Company's current analysis along with consultation with tax advisors, the Company expects that it will elect to not carryback and thus only carryforward any federal tax loss, if and when generated, for tax year 2014. For tax year 2013, the Company elected not to carryback and thus only carryforward the Company's 2013 tax loss carryforward. Based on the Company's federal tax returns as filed, the Company estimates it has federal NOL carryforwards and federal alternative minimum tax credit carryforwards ("AMT Credits"), available to reduce future federal taxable income which would expire if unused, as indicated below. The federal NOL carryforwards as of June 30, 2015 are as follows: Tax Year Originating Tax Year Expiring Amount 2006 2026 $ 500,000 2007 2027 12,700,000 2008 2028 4,600,000 2009 2029 2,400,000 2010 2030 1,900,000 2011 2031 1,900,000 2013 2033 3,700,000 2014 2034 4,900,000 $ 32,600,000 AMT Credits available which are not subject to expiration are as follows: Amount AMT Credits $ 21,000,000 Based on the Company's state tax returns as filed, the Company estimates, it has state NOL carryforwards available to reduce future state taxable income, which would expire if unused, as indicated below: The state NOL carryforwards as of June 30, 2015,are as follows: Tax Year Originating Tax Year Expiring Amount 2011 2031 $ 1,900,000 2013 2033 3,400,000 2014 2034 4,700,000 $ 10,000,000 The Company has calculated a net deferred tax asset arising primarily from NOL carryforwards and AMT Credits as follows: June 30, 2015 December 31, 2014 Net deferred tax asset $ 32,900,000 $ 32,900,000 Valuation allowance (32,900,000 ) (32,900,000 ) Net deferred tax asset recognized $ - $ - A valuation allowance has been established for the entire net deferred tax asset, as management, at the current time, has no basis to conclude that realization is more likely than not. At the current time management does not believe that any significant changes in unrecognized income tax benefits are expected to occur over the next year. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2015 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | Note 10 - Legal Proceedings From time to time, the Company and its subsidiaries may be named as a defendant in various lawsuits or proceedings. At the current time, the Company is unaware of any legal proceedings pending against the Company. The Company intends to aggressively contest all litigation and contingencies, as well as pursue all sources for contributions to settlements. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 - Subsequent Events The Company has performed a review of events subsequent to the balance sheet dated June 30, 2015, through the report issuance date. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
New Accounting Pronouncements | New accounting pronouncements There are no new accounting pronouncements that would likely materially affect the Company's condensed consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investment Securities [Abstract] | |
Investment securities held to maturity | Investment securities - held to maturity consist of the following: June 30, 2015 December 31, 2014 (in thousands) Carrying Value Cost or Amortized Cost Fair Value Carrying Value Cost or Amortized Cost Fair Value Held to Maturity: U.S. Treasury Bills $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - |
Investment securities held for trading | Investment securities - trading consist of the following: June 30, 2015 December 31, 2014 (in thousands) Carrying Value Cost or Amortized Cost Fair Value Carrying Value Cost or Amortized Cost Fair Value Trading: Equity Securities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - |
Gross unrealized gains (losses) on investment securities held to maturity | The gross unrealized gains (losses) on investment securities - held to maturity consist of the following: (in thousands) Held to Maturity: June 30, 2015 December 31, 2014 Gross unrealized gains (losses) $ - $ - |
Realized gains (losses) on investment securities | Realized gains (losses) on the sales of investment securities - trading are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Net sale proceeds $ - $ 310 $ - $ 956 Cost basis - 302 - 936 Realized gains (losses) $ - $ 8 $ - $ 20 |
Real Estate Owned (Tables)
Real Estate Owned (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate Owned [Abstract] | |
Information relating to real estate owned | Information relating to the Company's real estate owned in Greenwich, Connecticut is as follows: June 30, 2015 Area of building in square feet 14,500 Square feet utilized by Company 3,500 Number of years depreciation is based upon 39 |
Investment in 111 West 57th P20
Investment in 111 West 57th Partners LLC (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investment in 111 West 57th Partners LLC [Abstract] | |
Equity Method Investments | The following tables present summarized financial information for the Company's equity method investment in 111 West 57 th th (in thousands) Assets: June 30, 2015 December 31, 2014 Real estate held for development, net $ 378,935 $ 326,387 Escrow deposits 9,407 26,011 Other assets 49,383 16,370 Total assets $ 437,725 $ 368,768 Liabilities: Loans payable $ 278,226 $ 230,000 Other liabilities 12,072 8,319 Total liabilities 290,298 238,319 Equity: Total equity 147,427 130,449 Total liabilities and equity $ 437,725 $ 368,768 Three Months Ended June 30, 2015 June 30, 2014 Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Rental income $ - $ 10 $ - $ 283 Expenses 473 1,290 890 2,560 Net income (loss) $ (473 ) $ (1,280 ) $ (890 ) $ (2,277 ) |
Equity Method Investments, Additional Capital Contribution [Table Text Block] | The Company made additional capital contributions to the Joint Venture as indicated below: (in housands) Six Months Ended June 30, 2015 Capital Contributions $ 6,911 |
Savings Plan (Tables)
Savings Plan (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Savings Plan [Abstract] | |
Matching contributions to Savings Plan | The Company's matching contributions to the Savings Plan, charged to expense, were as follows: ($ in thousands Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Company matching contributions $ - $ - $ 30 $ 29 Employer match % 33 % 33 % 33 % 33 % |
Common Stock Repurchase Plan (T
Common Stock Repurchase Plan (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Common Stock Repurchase Plan [Abstract] | |
Information relating to Repurchase Plan | Information relating to the Repurchase Plan is as follows: (in thousands Six Months Ended June 30, 2015 Common shares repurchased to treasury during period - Aggregate cost of shares repurchased during period $ - (in thousands) June 30, 2015 Total number of common shares authorized for repurchase 10,000 Total number of common shares repurchased to date 6,226 Total number of shares that may yet be repurchased 3,774 |
Incentive Plans (Tables)
Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Incentive Plans [Abstract] | |
Common stock reserved for issuance under stock option and other employee benefit plans | Common stock reserved for issuance under the Company's 1993 Stock Incentive Plan and other non-related employee benefit plans is as follows: (in thousands) June 30, 2015 1993 Stock Incentive Plan 4,320 Other employee benefit plan 110 Total common shares reserved for issuance 4,430 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Components of income tax expense (benefit) | The components of income tax expense (benefit) are as follows: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Federal – current $ - $ 243 $ - $ 481 State – current 37 412 67 824 Total current 37 655 67 1,305 Federal – deferred (338 ) (505 ) (708 ) (962 ) State - deferred - - - - Change in valuation allowance 338 505 708 962 Total deferred - - - - Income tax expense (benefit) $ 37 $ 655 $ 67 $ 1,305 |
Income tax reconciliation | The components of pretax income (loss) and the difference between income taxes computed at the statutory federal rate and the provision for income taxes are as follows: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income (loss) before income taxes $ (683 ) $ (1,442 ) $ (1,739 ) $ (2,747 ) Tax expense (benefit): Tax at statutory federal rate $ (338 ) $ (505 ) $ (708 ) $ (962 ) State income taxes 37 55 67 110 Federal interest - 243 - 481 State interest - 357 - 714 Permanent items - - - - Other - - - - Change in valuation allowance 338 505 708 962 Income tax expense (benefit) $ 37 $ 655 $ 67 $ 1,305 |
Calculation of net federal uncertain tax position reserve | A roll forward of the uncertain tax positions reserve, excluding accrued federal and state interest is as follows: (in thousands) June 30, 2015 December 31, 2014 Uncertain tax position reserve excluding accrued interest, at beginning of period $ - $ 34,157 Federal uncertain tax position reserve excluding accrued interest - (18,429 ) State uncertain tax position reserve excluding accrued interest - (15,728 ) Uncertain tax position reserve excluding accrued interest, at end of period $ - $ - |
Interest expense related to the uncertain tax positions | The interest expense related to the uncertain tax positions is as follows: (in thousands) Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Federal $ - $ 243 $ - $ 481 State jurisdictions - 357 - 714 Interest expense - taxes $ - $ 600 $ - $ 1,195 |
Alternate minimum tax credit carryforwards | AMT Credits available which are not subject to expiration are as follows: Amount AMT Credits $ 21,000,000 |
Calculation of net deferred tax assets from NOL carryforwards | The Company has calculated a net deferred tax asset arising primarily from NOL carryforwards and AMT Credits as follows: June 30, 2015 December 31, 2014 Net deferred tax asset $ 32,900,000 $ 32,900,000 Valuation allowance (32,900,000 ) (32,900,000 ) Net deferred tax asset recognized $ - $ - |
Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | The federal NOL carryforwards as of June 30, 2015 are as follows: Tax Year Originating Tax Year Expiring Amount 2006 2026 $ 500,000 2007 2027 12,700,000 2008 2028 4,600,000 2009 2029 2,400,000 2010 2030 1,900,000 2011 2031 1,900,000 2013 2033 3,700,000 2014 2034 4,900,000 $ 32,600,000 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | The state NOL carryforwards as of June 30, 2015,are as follows: Tax Year Originating Tax Year Expiring Amount 2011 2031 $ 1,900,000 2013 2033 3,400,000 2014 2034 4,700,000 $ 10,000,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Held-to-maturity Securities [Line Items] | |||||
Carrying value | $ 0 | $ 0 | $ 0 | ||
Cost or amortized cost | 0 | 0 | 0 | ||
Fair value | 0 | 0 | 0 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Carrying Value | 0 | 0 | 0 | ||
Cost or amortized cost | 0 | $ 0 | 0 | $ 0 | 0 |
Fair Value | 0 | 0 | 0 | 0 | 0 |
Gross unrealized gains (losses) on investment securities held to maturity [Abstract] | |||||
Gross unrealized gains (losses) | 0 | 0 | 0 | ||
Realized gains (losses) on investment securities - trading [Abstract] | |||||
Net sale proceeds | 0 | 310 | 0 | 956 | |
Cost basis | 0 | 302 | 0 | 936 | |
Realized gains (losses) | 0 | 8 | 0 | 20 | |
Unrealized gains (losses) on investment securities [Abstract] | |||||
Cost basis | 0 | 0 | 0 | 0 | 0 |
Current value | 0 | 0 | 0 | 0 | 0 |
Unrealized gains (losses) | 0 | $ 0 | 0 | $ 0 | |
Equity Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Carrying Value | 0 | 0 | 0 | ||
Cost or amortized cost | 0 | 0 | 0 | ||
Fair Value | 0 | 0 | 0 | ||
Unrealized gains (losses) on investment securities [Abstract] | |||||
Cost basis | 0 | 0 | 0 | ||
Current value | 0 | 0 | 0 | ||
US Treasury Bills [Member] | |||||
Held-to-maturity Securities [Line Items] | |||||
Carrying value | 0 | 0 | 0 | ||
Cost or amortized cost | 0 | 0 | 0 | ||
Fair value | $ 0 | $ 0 | $ 0 |
Real Estate Owned (Details)
Real Estate Owned (Details) - Jun. 30, 2015 - Commercial Office Building [Member] - ft² | Total |
Property, Plant And Equipment [Line Items] | |
Area of office building (in square feet) | 14,500 |
Area of office building utilized for executive offices (in square feet) | 3,500 |
Useful life | 39 years |
Investment in 111 West 57th P27
Investment in 111 West 57th Partners LLC (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 30, 2015USD ($) | Feb. 28, 2015USD ($) | Jun. 30, 2015USD ($)ft² | Jun. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Jun. 30, 2015USD ($)ft² | Dec. 31, 2014USD ($) | |
Investment in 111 West 57th Partners LLC [Abstract] | |||||||
Amount of the investment | $ 56,000,000 | $ 56,000,000 | |||||
Percentage ownership (in hundredths) | 59.00% | 59.00% | |||||
Additional indirect contribution | $ 1,250,000 | $ 1,250,000 | |||||
Additional ownership acquired through indirect contribution (in hundredths) | 1.30% | 1.30% | |||||
Additional contributions made by other partners in the agreement | $ 37,750,000 | $ 37,750,000 | |||||
Financing obtained for 111 W 57th | 725,000,000 | 725,000,000 | |||||
Amount of Annaly acquisition loan repaid | 230,000,000 | 230,000,000 | |||||
Net proceeds distributed to partners in July 2015 | 24,682,000 | 24,682,000 | |||||
Proceeds Company recd through Investment LLC | 11,895,000 | 11,895,000 | |||||
Amount of Proceeds returned to Capital LLC | 9,895,000 | 9,895,000 | |||||
Amount of proceeds retained by the Company | $ 2,000,000 | $ 2,000,000 | |||||
Description of partnership agreement distribution | The JV Agreement and related operating agreements generally provide that all distributable cash shall be distributed as follows: (i) first, 100% to the members in proportion to their percentage interests until Investment LLC has received distributions yielding a 20% internal rate of return as calculated; (ii) second, 100% to the Sponsor as a return of (but not a return on) any additional capital contributions made by the Sponsor on account of manager overruns; and (iii) thereafter, (a) 50% to the members in proportion to their respective percentage interests at the time of such distribution, and (b) fifty percent 50% to the Sponsor. | ||||||
Subordinated participation interest to CEO (in hundredths) | 10.00% | 10.00% | |||||
Percentage of distribution on company's initial investment to be received prior to CEO receiving percentage distribution (in hundredths) | 150.00% | ||||||
Initial aggregate investment in Investment LLC | $ 57,250,000 | $ 57,250,000 | |||||
Percentage of outstanding shares to be owned by CEO, minimum (in hundredths) | 20.00% | ||||||
Noncontrolling Interest [Line Items] | |||||||
Percentage of outstanding shares to be owned by CEO, minimum (in hundredths) | 20.00% | ||||||
Equity Method Investment, Additional Capital Contributions | $ 6,911,000 | ||||||
Amount Company was to contribute to Joint Venture pursuant to capital call | $ 6,200,000 | $ 7,500,000 | $ 10,300,000 | ||||
Amount of contribution to Joint Venture pursuant to capital call | 400,000 | $ 700,000 | $ 1,500,000 | ||||
Sponsor calculation of Investment LLC aggregate investment % after dilution (in hundredths) | 48.00% | ||||||
Area of Real Estate Property | ft² | 346,000 | 346,000 | |||||
Subsequent Event [Line Items] | |||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 867,000 | $ 867,000 | |||||
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | |||||||
Real estate held for development, net | 378,935,000 | 378,935,000 | $ 326,387,000 | ||||
Escrow deposits | 9,407,000 | 9,407,000 | 26,011,000 | ||||
Other assets | 49,383,000 | 49,383,000 | 16,370,000 | ||||
Total assets | 437,725,000 | 437,725,000 | 368,768,000 | ||||
Equity Method Investment, Summarized Financial Information, Liabilities [Abstract] | |||||||
Mortgage payable | 278,226,000 | 278,226,000 | 230,000,000 | ||||
Other liabilities | 12,072,000 | 12,072,000 | 8,319,000 | ||||
Total liabilities | 290,298,000 | 290,298,000 | 238,319,000 | ||||
Equity: | |||||||
Total equity | 147,427,000 | 147,427,000 | 130,449,000 | ||||
Total liabilities and equity | 437,725,000 | 437,725,000 | $ 368,768,000 | ||||
Income (Loss) [Abstract] | |||||||
Rental income | 0 | $ 10,000 | $ 283,000 | 0 | |||
Expenses | 473,000 | 1,290,000 | 2,560,000 | 890,000 | |||
Net income (loss) | $ (473,000) | $ (1,280,000) | $ (2,277,000) | $ (890,000) | |||
Investment LLC [Member] | Capital LLC [Member] | |||||||
Investment in 111 West 57th Partners LLC [Abstract] | |||||||
Percentage of outstanding shares to be owned by CEO, minimum (in hundredths) | 20.00% | ||||||
Noncontrolling Interest [Line Items] | |||||||
Contribution to Investment LLC by non-controlling interest | $ 4,100,000 | ||||||
Percentage of outstanding shares to be owned by CEO, minimum (in hundredths) | 20.00% | ||||||
Terms of distributions to Capital LLC | available cash of Investment LLC will be distributed first to Capital LLC until it has received a 20% internal rate of return (calculated as provided for in the JV Agreement), second to the Company until it has received 150% of its capital, and; thereafter, available cash is split 10/90 with 10% going to Mr. R.A. Bianco as the subordinated participation interest noted and 90% going to Capital LLC and the Company pari-passu, with Capital LLC receiving one-half of its pro-rata share based on capital contributed and the Company receiving the balance. | ||||||
Investment LLC [Member] | Capital LLC [Member] | Subsequent Event [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Contribution to Investment LLC by non-controlling interest | $ 5.8 |
Savings Plan (Details)
Savings Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Matching contributions to savings plan charged to expense [Abstract] | ||||
Company matching contributions | $ 0 | $ 0 | $ 30 | $ 29 |
Employer match % (in hundredths) | 33.00% | 33.00% | 33.00% | 33.00% |
Common Stock Repurchase Plan (D
Common Stock Repurchase Plan (Details) - Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Total |
Common Stock Repurchase Plan [Abstract] | |
Common shares repurchased to treasury during period (in shares) | 0 |
Aggregate cost of shares repurchased during period | $ 0 |
Total number of common shares authorized for repurchase (in shares) | 10,000 |
Total number of common shares repurchased to date (in shares) | 6,226 |
Total number of shares that may yet be repurchased (in shares) | 3,774 |
Incentive Plans (Details)
Incentive Plans (Details) - shares shares in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Incentive Plans [Abstract] | |||
Number of stock options outstanding (in shares) | 0 | 0 | |
Number of stock options granted (in shares) | 0 | 0 | |
Common stock reserved for issuance [Line Items] | |||
Common shares reserved for issuance (in shares) | 4,430 | ||
1993 Stock Incentive Plan [Member] | |||
Common stock reserved for issuance [Line Items] | |||
Common shares reserved for issuance (in shares) | 4,320 | ||
Other employee benefit plan [Member] | |||
Common stock reserved for issuance [Line Items] | |||
Common shares reserved for issuance (in shares) | 110 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | |
Components of income tax expense (benefit) [Abstract] | ||||||
Federal - current | $ 0 | $ 243,000 | $ 0 | $ 481,000 | ||
State - current | 37,000 | 412,000 | 67,000 | 824,000 | ||
Total current | 37,000 | 655,000 | 67,000 | 1,305,000 | ||
Federal - deferred | (338,000) | (505,000) | (708,000) | (962,000) | ||
State - deferred | 0 | 0 | 0 | 0 | ||
Change in valuation allowance | 338,000 | 505,000 | 708,000 | 962,000 | ||
Total deferred | 0 | 0 | 0 | 0 | ||
Income tax expense (benefit) | 37,000 | 655,000 | 67,000 | 1,305,000 | ||
Components of pretax income (loss) and difference between income taxes [Abstract] | ||||||
Income (loss) before income taxes | (683,000) | (1,442,000) | (1,739,000) | (2,747,000) | ||
Tax expense (benefit) [Abstract] | ||||||
Tax at statutory federal rate | (338,000) | (505,000) | (708,000) | (962,000) | ||
State income taxes | 37,000 | 55,000 | 67,000 | 110,000 | ||
Federal interest | 0 | 243,000 | 0 | 481,000 | ||
State interest | 0 | 357,000 | 0 | 714,000 | ||
Permanent items | 0 | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 | ||
Change in valuation allowance | 338,000 | 505,000 | 708,000 | 962,000 | ||
Income tax expense (benefit) | $ 37,000 | $ 655,000 | $ 67,000 | $ 1,305,000 | ||
Reconciliation of federal statutory rate to effective income tax rate [Abstract] | ||||||
Tax at statutory federal rate (in hundredths) | 35.00% | 35.00% | 35.00% | 35.00% | ||
State income taxes (in hundredths) | (3.80%) | (3.80%) | (3.30%) | (4.00%) | ||
Federal interest (in hundredths) | 0.00% | (16.80%) | 0.00% | (17.50%) | ||
State interest (in hundredths) | 0.00% | (24.80%) | 0.00% | (26.00%) | ||
Permanent differences, tax credits and other adjustments (in hundredths) | 0.00% | 0.00% | 0.00% | 0.00% | ||
Other (in hundredths) | 0.00% | 0.00% | 0.00% | 0.00% | ||
Change in valuation allowance (in hundredths) | (35.00%) | (35.00%) | (35.00%) | (35.00%) | ||
Effective income tax rate (in hundredths) | (3.80%) | (45.40%) | (3.30%) | (47.50%) | ||
Roll Forward of Uncertain Tax Positions Reserve, Excluding Accrued Federal and State Interest [Abstract] | ||||||
Uncertain tax position reserve excluding accrued interest, at beginning of period | $ 0 | $ 34,157,000 | $ 34,157,000 | |||
Federal uncertain tax position reserve excluding accrued interest | 0 | (18,429,000) | ||||
State uncertain tax position reserve excluding accrued interest | 0 | (15,728,000) | ||||
Uncertain tax position reserve excluding accrued interest, at end of period | $ 0 | 0 | $ 0 | |||
Interest expense related to uncertain tax positions [Abstract] | ||||||
Federal | 0 | $ 243,000 | 0 | 481,000 | ||
State jurisdictions | 0 | 357,000 | 0 | 714,000 | ||
Interest expense - taxes | 0 | $ 600,000 | 0 | $ 1,195,000 | ||
Operating Loss Carryforwards [Line Items] | ||||||
AMT Credits | $ 21,000,000 | |||||
Net deferred tax asset arising primarily from NOL carryforwards and AMT credits [Abstract] | ||||||
Net deferred tax asset | 32,900,000 | 32,900,000 | 32,900,000 | |||
Valuation allowance | (32,900,000) | (32,900,000) | (32,900,000) | |||
Net deferred tax asset recognized | 0 | $ 0 | $ 0 | |||
Tax Year 2015 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,015 | |||||
Tax year expiring | 2,035 | |||||
Operating loss carryforwards, amount | 0 | $ 0 | ||||
Federal [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Operating loss carryforwards, amount | 32,600,000 | 32,600,000 | ||||
State [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Operating loss carryforwards, amount | 10,000,000 | $ 10,000,000 | ||||
First Originated Loss Carryforwards [Member] | Federal [Member] | Tax Year 2006 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,006 | |||||
Tax year expiring | 2,026 | |||||
Operating loss carryforwards, amount | 500,000 | $ 500,000 | ||||
First Originated Loss Carryforwards [Member] | Federal [Member] | Tax Year 2007 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,007 | |||||
Tax year expiring | 2,027 | |||||
Operating loss carryforwards, amount | 12,700,000 | $ 12,700,000 | ||||
First Originated Loss Carryforwards [Member] | Federal [Member] | Tax Year 2008 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,008 | |||||
Tax year expiring | 2,028 | |||||
Operating loss carryforwards, amount | 4,600,000 | $ 4,600,000 | ||||
First Originated Loss Carryforwards [Member] | Federal [Member] | Tax Year 2009 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,009 | |||||
Tax year expiring | 2,029 | |||||
Operating loss carryforwards, amount | 2,400,000 | $ 2,400,000 | ||||
First Originated Loss Carryforwards [Member] | Federal [Member] | Tax Year 2010 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,010 | |||||
Tax year expiring | 2,030 | |||||
Operating loss carryforwards, amount | 1,900,000 | $ 1,900,000 | ||||
First Originated Loss Carryforwards [Member] | Federal [Member] | Tax Year 2011 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,011 | |||||
Tax year expiring | 2,031 | |||||
Operating loss carryforwards, amount | 1,900,000 | $ 1,900,000 | ||||
First Originated Loss Carryforwards [Member] | Federal [Member] | Tax Year 2013 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,013 | |||||
Tax year expiring | 2,033 | |||||
Operating loss carryforwards, amount | 3,700,000 | $ 3,700,000 | ||||
First Originated Loss Carryforwards [Member] | State [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,011 | |||||
Tax year expiring | 2,031 | |||||
Operating loss carryforwards, amount | 1,900,000 | $ 1,900,000 | ||||
Second Originated Loss Carryforward [Member] | Federal [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,014 | |||||
Second Originated Loss Carryforward [Member] | Federal [Member] | Tax Year 2014 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year expiring | 2,034 | |||||
Operating loss carryforwards, amount | 4,900,000 | $ 4,900,000 | ||||
Second Originated Loss Carryforward [Member] | State [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,013 | |||||
Tax year expiring | 2,033 | |||||
Operating loss carryforwards, amount | 3,400,000 | $ 3,400,000 | ||||
Third Originated Loss Carryforward [Member] | State [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,014 | |||||
Tax year expiring | 2,034 | |||||
Operating loss carryforwards, amount | 4,700,000 | $ 4,700,000 | ||||
Fourth Originated Loss Carryforward [Member] | State [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax year originating | 2,015 | |||||
Tax year expiring | 2,035 | |||||
Operating loss carryforwards, amount | $ 0 | $ 0 |