AmBase (ABCP) 10-K 29 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 28, 2016	Jun. 30, 2015
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	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating expenses:
Compensation and benefits	$ 1,658	$ 1,875
Incentive compensation accrual reversal	0	(1,843)
Professional and outside services	285	316
Property operating and maintenance	120	134
Depreciation	48	48
Insurance	151	108
Other operating	318	300
Total operating expenses	2,580	938
Operating income (loss)	(2,580)	(938)
Interest income	0	10
Realized gains (losses) on sales of investment securities	0	20
Other expense - federal tax gross-up - indemnification asset reversal	0	(18,429)
Equity income (loss) - 111 West 57th Partners LLC	(1,905)	(2,104)
Income (loss) before income taxes	(4,485)	(21,441)
Income tax expense (benefit)	140	(35,862)
Net income (loss)	(4,625)	14,421
Less: Net income (loss) attributable to non-controlling interest	(34)	0
Net income (loss) attributable to controlling interest	$ (4,591)	$ 14,421
Net income (loss) per common share - basic (in dollars per share)	$ (0.11)	$ 0.35
Net income (loss) per common share - assuming dilution (in dollars per share)	$ (0.11)	$ 0.35
Weighted average common shares outstanding - basic (in shares)	40,738	40,792
Weighted average common shares outstanding - assuming dilution (in shares)	40,738	40,792

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 3,303	$ 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	726	678
Real estate owned, net	1,728	1,776
Indemnification asset - federal tax gross-up	0	0
Investment in 111 West 57th Partners LLC	64,345	71,038
Other assets	258	378
Total assets	69,634	78,491
Liabilities:
Accounts payable and accrued liabilities	556	722
Uncertain tax position reserve	0	0
Other liabilities	0	0
Total liabilities	$ 556	$ 722
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock ($0.01 par value, 200,000 authorized, 46,410 issued and 41,176 outstanding in 2013 and 43,284 outstanding in 2012)	$ 464	$ 464
Additional paid-in capital	548,304	548,304
Accumulated deficit	(474,522)	(469,931)
Treasury stock, at cost - 2013 - 5,234 shares; 2012 - 3,126 shares	(5,168)	(5,168)
Total stockholders' equity	69,078	73,669
Non-controlling interest	0	4,100
Total stockholders' equity including non-controlling interest	69,078	77,769
Total liabilities and stockholders' equity	$ 69,634	$ 78,491

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	41,176
Treasury stock, at cost (in shares)	5,672	5,672	5,234

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common stock [Member]	Additional paid-in capital [Member]	Accumulated deficit [Member]	Treasury stock [Member]	Non-controlling interest [Member]	Total
Balance at Dec. 31, 2013	$ 464	$ 548,304	$ (484,352)	$ (4,643)	$ 0	$ 59,773
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	0	0	14,421	0	0	14,421
Equity contribution attributable to non-controlling interest	0	0	0	0	4,100	4,100
Return of non-controlling interest contribution						0
Common stock repurchased for treasury	0	0	0	(525)	0	(525)
Balance at Dec. 31, 2014	464	548,304	(469,931)	(5,168)	4,100	77,769
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	0	0	(4,591)	0	(34)	(4,625)
Equity contribution attributable to non-controlling interest	0	0	0	0	5,802	5,802
Return of non-controlling interest contribution	0	0	0	0	(9,868)	(9,868)
Common stock repurchased for treasury	0	0	0	0	0	0
Balance at Dec. 31, 2015	$ 464	$ 548,304	$ (474,522)	$ (5,168)	$ 0	$ 69,078

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income (loss)	$ (4,625)	$ 14,421
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities
Depreciation	48	48
Realized (gains) losses on sales of investment securities	0	(20)
Provision for uncertain tax position reserve	0	(36,045)
Equity (income) loss - 111 West 57th Partners LLC	1,905	2,104
Changes in operating assets and liabilities:
Accrued interest receivable investment securities	0	0
Indemnification asset - federal tax gross-up	0	18,429
Other assets	102	(201)
Accounts payable and accrued liabilities	(166)	(1,823)
Other liabilities	0	0
Net cash provided (used) by operating activities	(2,736)	(3,087)
Cash flows from investing activities:
Maturities of investment securities - held to maturity	0	27,793
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)	(17,010)
Return of equity investment - 111 West 57th Partners LLC	11,699	0
Non-controlling interest contribution	5,802	4,100
Return of non-controlling interest contribution	(9,868)	0
Proceeds from (investment in) real estate limited partnership	18	63
Net cash provided (used) by investing activities	740	1,971
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	(1,996)	(1,641)
Cash and cash equivalents at beginning of year	5,299	6,940
Cash and cash equivalents at end of year	3,303	5,299
Supplemental cash flow disclosure:
Income taxes paid	$ 112	$ 362

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Organization [Abstract]
Organization	Note 1 - Organization AmBase Corporation ("AmBase" or the "Company") is a holding company which has an equity investment in a real estate development property to develop real property in New York, New York and owns a commercial office building in Greenwich, Connecticut that is managed and operated by the Company. 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 cash equivalents. As further discussed in Note 5 th th The Company has incurred operating losses and used cash for operating activities for the past several years. The Company has also made significant investments in the 111 West 57 th

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Accounting The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Use of estimates 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. Principles of consolidation The consolidated financial statements are comprised of the accounts of the Company and its wholly owned subsidiaries. All material intercompany transactions and balances have been eliminated. Equity method investment Investments and ownership interests are accounted for under the equity method of accounting if the Company has the ability to exercise significant influence, but not control (under GAAP), over the investment. Investments accounted for under the equity method are carried at cost, plus or minus the Company's equity in the increases and decreases in the net assets after the date of acquisition and certain other adjustments. The Company's share of income or loss for equity method investments is recorded in the consolidated statements of operations as equity income (loss). Dividends received, if any, would reduce the carrying amount of the Company's investment. Non-controlling interests Non-controlling interests as presented in the Company's consolidated financial statements represents the minority ownership's investment in 111 West 57 th Note 5 Cash and cash equivalents Highly liquid investments, consisting principally of funds held in short-term money market accounts, with original maturities of less than three months, are classified as cash equivalents. The majority of the Company's cash and cash equivalents balances are maintained with a limited number of major financial institutions. Cash and cash equivalents balances at institutions may, at times, be above the Federal Deposit Insurance Corporation insured limit per account. Investment securities Securities that the Company has both the positive intent and ability to hold to maturity are classified as held to maturity investments and are carried at amortized cost (which includes accrued interest). Investment securities - held to maturity consist of U.S. Treasury Bills and are carried at amortized cost (which includes accrued interest) based upon the Company's intent and ability to hold these investments to maturity. Investment securities – trading consist of investments in equity securities held for trading purposes and are carried at fair value with net unrealized gains and losses recorded directly in the consolidated statement of operations. Interest and dividends on investment securities are recognized when earned. Realized gains and losses on the sale of investment securities – trading are calculated using an average cost basis for determining the cost basis of the securities. The fair value of publicly traded investment securities is determined by reference to current market quotations. 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 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. For additional information including a discussion of income tax matters see Note 10 Earnings per share Basic earnings per share ("EPS") excludes dilution and is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised. There were no stock options outstanding at December 31, 2015 and December 31, 2014. Stock-based compensation 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 shall be available for issuance for Restricted Stock Awards and Merit Awards. Shares issued pursuant to the 1993 Plan 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. Stock-based compensation expense for all stock-based compensation awards for which vesting is based solely on employment service, are based on the grant date fair value estimated in accordance with accounting principles generally accepted in the United States of America. The Company recognizes these compensation costs for only those shares expected to vest, on a straight-line basis over the requisite service period of the award, which is generally the option vesting term. Compensation expense relating to stock options is recorded in the Consolidated Statement of Operations, with a corresponding increase in additional paid-in capital in the Consolidated Statement of Changes in Stockholders' Equity. See Note 9 Depreciation Depreciation expense for the Company's owned building is recorded on a straight-line basis over the useful lives of the assets. Tenant improvements if any, would be depreciated over the lesser of the remaining life of the tenants' lease or the estimated useful lives of the improvements. For additional information see Note 4 New Accounting Pronouncements There are no new accounting pronouncements that could materially affect the Company's consolidated financial statements.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2015
Investment Securities [Abstract]
Investment Securities	Note 3 - Investment Securities Investment securities - held to maturity consist of the following: December 31, 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: December 31, 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: December 31, 2015 December 31, 2014 Gross unrealized gains (losses) $ - $ - Realized gains (losses) on the sales of investment securities – trading are as follows: (in thousands) Year Ended December 31, 2015 December 31, 2014 Net sale proceeds $ - $ 956 Cost basis - 936 Realized gains (losses) $ - $ 20

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 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: December 31, 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 December 31, 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	12 Months Ended
	Dec. 31, 2015
Investment in 111 West 57th Partners LLC [Abstract]
Investment in 111 West 57th Partners LLC	Note 5 – Investment in 111 West 57th Partners LLC On June 28, 2013, 111 West 57 th th th th th th th th Amounts relating to the Company's initial investment and other information relating to the 111 West 57 th ($ in thousands) Company's aggregate initial investment $ 57,250 Company's aggregate initial membership interest % 60.3 % Other members and Sponsor initial investment $ 37,750 Approximate gross square feet of project 346,000 On June 30, 2015, 111 West 57 th th th th th Information relating to the June 30, 2015 financing for 111 West 57 th (in thousands) Financing obtained by 111 West 57 th $ 725,000 Annaly CRE LLC initial mortgage and acquisition loan repaid $ 230,000 In July 2015, based on available net proceeds received from the financing and equity previously invested in the project, funds were distributed to the members of 111 West 57 th th th Information relating to the July 2015 Distribution is as follows: (in thousands) Distribution attributable to Company's investment $ 11,699 Distribution retained by the Company, net of amounts repaid to Capital LLC $ 1,831 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) 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 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 th Capital contributed by Capital LLC in December 2014 and April 2015, which was fully repaid as part of the July 2015 Distribution, was as follows: (in thousands) Capital contributed by Capital LLC $ 9,868 As part of the July 2015 Distribution, Capital LLC was repaid the full amount of its capital investment. Additional amounts may still be payable to Capital LLC based on investment returns received on the 111 West 57 th Pursuant to various capital contribution requests in December 2014, February 2015 and April 2015, the Company was requested to contribute funds to the Joint Venture (the "Capital Contribution Requests"). The Company chose to contribute only a portion of the amounts requested pursuant to the Capital Contribution Requests. The remaining amounts requested pursuant to the Capital Contribution Requests (not funded by the Company) were contributed by either the Sponsor, which deemed its capital contributions on behalf of the Company to be Shortfall Capital Contributions ("Shortfall Capital Contributions") or by the Company from Capital LLC, pursuant to the terms of the Second Amended and Restated Investment Operating Agreement as noted herein. The Company made additional capital contributions to the Joint Venture as indicated below: (in thousands) Year Ended December 31, 2015 Capital contributions $ 6,911 In accordance with the JV Agreement, Shortfall Capital Contributions may be treated either as a member loan or as a dilutive capital contribution by the funding party valued at one and one-half times the amount actually contributed. The Sponsor deemed the Shortfall Capital Contributions as dilutive capital contributions to the Company. The Company believes in accordance with the terms of the agreements, a portion of the Shortfall Capital Contribution amounts should be treated as a member loan, therefore, resulting in no dilution to the Company. The Sponsor contends that the Capital Contribution Requests, if taken together, would cause the Company to be diluted to approximately 48 %. The parties are currently in discussions with regard to the calculation of the revised investment percentages resulting from the Capital Contribution Requests, along with the treatment and allocation of these 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: December 31, 2015 December 31, 2014 Real estate held for development, net $ 440,370 $ 326,387 Escrow deposits 9,400 26,011 Other assets 26,827 16,370 Total assets $ 476,597 $ 368,768 Liabilities: Loans payable $ 340,693 $ 230,000 Other liabilities 14,447 8,319 Total liabilities 355,140 238,319 Equity: Total members' equity 121,457 130,449 Total liabilities and members' equity $ 476,597 $ 368,768 (in thousands) Year Ended December 31, 2015 Year Ended December 31, 2014 Rental income $ - $ 1,039 Expenses 3,158 4,526 Net income (loss) $ (3,158 ) $ (3,487 )

Savings Plans

Savings Plans	12 Months Ended
	Dec. 31, 2015
Savings Plans [Abstract]
Savings Plan	Note 6 - Savings Plans 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 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) Year Ended December 31, 2015 Year Ended December 31, 2014 Company matching contributions $ 30 $ 29 Employer match % 33 % 33 %

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity [Abstract]
Stockholders Equity	Note 7 - Stockholders' Equity Authorized common stock consists of the following: (shares in thousands) December 31, 2015 December 31, 2014 Par value $ 0.01 $ 0.01 Authorized shares 200,000 200,000 Issued shares 46,410 46,410 Outstanding shares 40,738 40,738 Authorized cumulative preferred stock consists of the following: (shares in thousands) December 31, 2015 December 31, 2014 Par value $ 0.01 $ 0.01 Authorized shares 50,000 50,000 Issued shares - - Outstanding shares - - Changes in the outstanding shares of Common Stock of the Company are as follows: (in thousands) Year Ended December 31, 2015 Year Ended December 31, 2014 Common stock outstanding at beginning of period 40,738 41,176 Common stock repurchased for treasury - (438) Issuance of treasury stock - - Common stock outstanding at end of period 40,738 40,738 Changes in the treasury shares of Common Stock of the Company are as follows: (in thousands) Year Ended December 31, 2015 Year Ended December 31, 2014 Treasury stock held at beginning of period 5,672 5,234 Common stock repurchased for treasury - 438 Issuance of treasury stock - - Treasury stock held at end of period 5,672 5,672 Common Stock Repurchase Plan The Company's common stock repurchase plan (the "Repurchase Plan") 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 has 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 Year Ended December 31, 2015 Common shares repurchased to treasury - Aggregate cost of shares repurchased $ - (in thousands) December 31, 2015 Total number of common shares authorized for repurchase 10,000 Total number of common shares repurchased 6,226 Total number of shares that may still be repurchased 3,774 Common stock reserved for issuance under the Company's 1993 Stock Incentive Plan as further described in Note 9 (in thousands) December 31, 2015 1993 Stock Incentive Plan 4,320 Other employee benefit plan 110 Total common shares reserved for issuance 4,430 Stockholder Rights Plan On January 29, 1986, the Company's Board of Directors declared a dividend distribution of one right for each outstanding share of Common Stock of the Company. The rights, as amended, which entitle the holder to purchase from the Company a common share at a price of $75.00, are not exercisable until either a person or group of affiliated persons acquires 25% or more of the Company's outstanding common shares or upon the commencement or disclosure of an intention to commence a tender offer or exchange offer for 20% or more of the common shares. The rights are redeemable by the Company at $0.05 per right at any time until the earlier of the tenth day following an accumulation of 20% or more of the Company's shares by a single acquirer or group, or the occurrence of certain Triggering Events (as defined in the Stockholder Rights Plan). ). In the event the rights become exercisable and thereafter, the Company is acquired in a merger or other business combination, or in certain other circumstances, each right will entitle the holder to purchase from the surviving corporation, for the exercise price, Common Stock having a market value of twice the exercise price of the right. The rights are subject to adjustment to prevent dilution and expire on February 10, 2021.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Note 8 - Earnings Per Share The calculation of basic and diluted earnings per share, including the effect of dilutive securities is as follows: (in thousands, except per share data) Year Ended December 31, 2015 Year Ended December 31, 2014 Net income (loss) $ (4,625 ) $ 14,421 Weighted average common shares outstanding 40,738 40,792 Assumed dilutive effect of stock option exercise(s) - - Weighted average common shares outstanding assuming dilution 40,738 40,792 Net income (loss) per common share - basic $ (0.11 ) $ 0.35 Net income (loss) per common share - assuming dilution $ (0.11 ) $ 0.35 Options to purchase shares of common stock which were excluded from the computation of diluted earnings per share due to the effect of being antidilutive in the computation of earnings per share were as follows: (in thousands) December 31, 2015 December 31, 2014 Option shares - -

Incentive Plans

Incentive Plans	12 Months Ended
	Dec. 31, 2015
Incentive Plans [Abstract]
Incentive Plans	Note 9 - Incentive Plans Under the Company's 1994 Senior Management Incentive Compensation Plan (the "1994 Plan"), any executive officer of the Company whose compensation is required to be reported to stockholders under the Securities Exchange Act of 1934 (the "Participants") and who is serving as such at any time during the fiscal year as to which an award is granted, may receive an award of a cash bonus ("Bonus"), in an amount determined by the Personnel Committee of the Company's Board of Directors (the "Committee") and payable from an annual bonus fund (the "Annual Bonus Pool"). The Committee may award Bonuses under the 1994 Plan to Participants not later than 120 days after the end of each fiscal year (the "Reference Year"). If the Committee grants a Bonus under the 1994 Plan, the amount of the Annual Bonus Pool will be an amount equal to the sum of (i) plus (ii), where: (i) a percentage of the amount by which the Company's Total Stockholders' Equity, as defined, on the last day of a Reference Year increased over the Company's Total Stockholders' Equity, as defined, on the last day of the immediately preceding Reference Year; and (ii) a percentage of the amount by which the Company's market value, as defined, on the last day of the Reference Year increased over the Company's market value on the last day of the immediately preceding Reference Year. Notwithstanding the foregoing, the 1994 Plan provides that in the event of a decrease in either or both of items (i) and/or (ii) above, the Annual Bonus Pool is determined by reference to the last Reference Year in which there was an increase in such item. If the Committee determines within the time period to award a Bonus, the share of the Annual Bonus Pool to be allocated to Participants shall be pursuant to percentages of the Annual Bonus Pool as set forth in the 1994 Plan to the Company's Chief Executive Officer, and a percentage of the Annual Bonus Pool shall be allocated pro rata to each of the Company's Participants as determined by the Committee. The Committee in its discretion may reduce the percentage of the Annual Bonus Pool to any Participant for any Reference Year, and such reduction shall not increase the share of any other Participant. The 1994 Plan is not the exclusive plan under which the Executive Officers may receive cash or other incentive compensation or bonuses. No bonuses were paid attributable to the 1994 Plan for 2015 and 2014. 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. As a condition to any award of Restricted Stock or Merit Award under the 1993 Plan, the Committee may require a participant to pay an amount equal to, or in excess of, the par value of the shares of Restricted Stock or Common Stock awarded to him or her. Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered during a "Restricted Period", which in the case of grants to employees shall not be less than one year from the date of grant. The Restricted Period with respect to any outstanding shares of Restricted Stock awarded to employees may be reduced by the Committee at any time, but in no event shall the Restricted Period be less than one year. Except for such restrictions, the employee as the owner of such stock shall have all of the rights of a stockholder including, but not limited to, the right to vote such stock and to receive dividends thereon as and when paid. In the event that an employee's employment is terminated for any reason, an employee's Restricted Stock will be forfeited; provided, however, that the Committee may limit such forfeiture in its sole discretion. At the end of the Restricted Period, all shares of Restricted Stock shall be transferred free and clear of all restrictions to the employee. In the case of a Change in Control of the Company (as defined in the 1993 Plan), an employee may receive his or her Restricted Stock free and clear of all restrictions in the discretion of the Committee, or as may otherwise be provided pursuant to the employee's Restricted Stock award. Performance Share awards of Common Stock under the 1993 Plan shall be earned on the basis of the Company's performance in relation to established performance measures for a specific performance period. Such measures may include, but shall not be limited to, return on investment, earnings per share, return on stockholder's equity, or return to stockholders. Performance Shares may not be sold, assigned, transferred, pledged or otherwise encumbered during the relevant performance period. Performance Shares may be paid in cash, shares of Common Stock or shares of Restricted Stock in such portions as the Committee may determine. An employee must be employed at the end of the performance period to receive payments of Performance Shares; provided, however, in the event that an employee's employment is terminated by reason of death, disability, retirement or other reason approved by the Committee, the Committee may limit such forfeiture in its sole discretion. In the case of a Change in Control of the Company (as defined in the 1993 Plan), an employee may receive his or her Performance Shares in the discretion of the Committee, or as may otherwise be provided in the employee's Performance Share award. Incentive plan activity is summarized as follows: (shares in thousands) Number of Shares Under Option Weighted Average Exercise Price Outstanding at December 31, 2013 - $ - Exercised - - Expired - - Outstanding at December 31, 2014 - - Exercised - - Expired - - Outstanding at December 31, 2015 - Options exercisable at: December 31, 2015 - $ - December 31, 2014 - $ - Information relating to the 1993 Plan is as follows: (in thousands) December 31, 2015 December 31, 2014 Unamortized compensation cost relating to non-vested stock options $ - $ - Stock based compensation expense recorded for the year ended $ - $ - Options to purchase shares of common stock which were excluded from computation of diluted earnings per share due to the effect of being anti-dilutive in the computation of earnings per share. - Common shares reserved for issuance 4,320 Shares available for future stock option grants 4,320 Intrinsic value of options outstanding $ - Intrinsic value of options exercisable $ - The fair value of option awards are estimated on the date of grant using the Black-Scholes-Merton option valuation model ("Black-Scholes") utilizing 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 the 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. Compensation expense relating to stock options would be recorded in the Consolidated Statement of Operations, with a corresponding increase to additional paid in capital in the Consolidated Statements of Changes in Stockholders' Equity. There were no stock option grants in 2015 and 2014.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Income Taxes	Note 10 - Income Taxes The components of income tax expense (benefit) are as follows: (in thousands) Year Ended December 31, 2015 Year Ended December 31, 2014 Federal - current $ - $ (19,179 ) State - current 140 (16,683 ) Total current 140 (35,862 ) Federal - deferred (1,365 ) (10,200 ) State - deferred (205 ) (324 ) Change in valuation allowance 1,570 10,524 Total deferred - - Income tax expense (benefit) $ 140 $ (35,862 ) 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) Year Ended December 31, 2015 Year Ended December 31, 2014 Income (loss) before income taxes $ (4,485 ) $ (21,441 ) Tax expense (benefit) : Tax at statutory federal rate $ (1,570 ) $ (7,504 ) State income taxes 140 183 Federal uncertain tax position reversal – (19,179 ) State uncertain tax position reversal – (16,866 ) Permanent items – (3,020 ) Other - - Change in valuation allowance 1,570 10,524 Income tax expense (benefit) $ 140 $ (35,862 ) A reconciliation of the United States federal statutory rate to the Company's effective income tax rate is as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Tax at statutory federal rate 35.0 % 35.0 % State income taxes (3.1) (0.9) Federal uncertain tax position reversal - 89.5 State uncertain tax position reversal - 78.7 Permanent difference, tax credits and other adjustments - 14.1 Other - - Change in valuation allowance (35.0) (49.1) Effective income tax rate (3.1) % 167.3 ) % The Company has not been notified of any other potential tax audits by any federal, state or local tax authorities. 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 2012. 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 year ended December 31, 2015 reflects a provision for a minimum tax on capital imposed by the state jurisdictions. For the year ended December 31, 2014, the Company recorded an income tax benefit attributable to a current federal benefit and a current state benefit which reflected the reversal of the Company's previously recorded uncertain tax position reserve, plus accrued interest as a result of the IRS's completion of the Company's 2012 federal income tax return examination with no changes to the tax return as filed. Included in the income tax benefit for the year ended December 31, 2014, is an income tax expense attributable to 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 A roll forward of the uncertain tax positions reserve, excluding accrued federal and state interest is as follows: (in thousands) December 31, 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 utilization of certain carryforwards and carrybacks is subject to limitations under U.S. federal income tax laws. Based on the Company's federal tax returns as filed and to be 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 December 31, 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 2015 2035 2,700,000 $ 35,300,000 In addition, the Company has alternate minimum tax credit carryforwards ("AMT Credits"), which are not subject to expiration, as follows: Amount AMT Credits $ 21,000,000 Based on the Company's state tax returns filed or to be filed, the Company estimates it has state NOL carryforwards to reduce future state taxable income, which would expire if unused. The state NOL carryforwards as of December 31, 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 2015 2035 2,600,000 $ 12,600,000 The Company has calculated a net deferred tax asset arising primarily from NOL carryforwards and AMT credits as follows. December 31, 2015 December 31, 2014 Net deferred tax asset $ 34,500,000 $ 32,900,000 Valuation allowance (34,500,000 ) (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	12 Months Ended
	Dec. 31, 2015
Legal Proceedings [Abstract]
Legal Proceedings	Note 11 - 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.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 12 - Fair Value Measurements The Company applies fair value standards for recurring financial assets and liabilities only. The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1 – Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the measurement date. Level 3 – Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management's best estimate of fair value. The carrying amounts reported in the balance sheets for cash and cash equivalents are based on Level 1 criteria approximate fair value due to the short-term nature of these instruments. The fair value of investment securities held to maturity and investment securities held for trading are based on current market quotations and therefore are based on Level 1 criteria.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies [Text Block]	Note 13 – Commitments and Contingencies Future minimum rental payments for office space under non-cancellable operating leases for the Company's executive office in Boca Raton, Florida as of December 31, 2015, were as follows (in thousands): Year Amount 2016 $ 13 2017 13 2018 14 2019 3 2020 - Thereafter - $ 43 Rent expense for the period was as follows: ($ in thousands) Year Ended December 31, 2014 Year Ended December 31, 2013 Rent expense $ 12 $ 9 Approximate square feet of leased office space 1,085 1,085

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2015
SCHEDULE III. REAL ESTATE AND ACCUMULATED DEPRECIATION [Abstract]
SCHEDULE III. REAL ESTATE AND ACCUMULATED DEPRECIATION	AMBASE CORPORATION AND SUBSIDIARIES SCHEDULE III. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 (dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Description Encumbrances Land Building & Improvements Improvements Land Building & Improvements Total Office Building: Greenwich, CT $ - $ 554 $ 1,880 $ 20 $ 554 $ 1,900 $ 2,454 Total $ - $ 554 $ 1,880 $ 20 $ 554 $ 1,900 $ 2,454 [Additional columns below] [Continued from above table, first column(s) repeated] COLUMN A COLUMN F COLUMN G COLUMN H COLUMN I Description Accumulated Depreciation Date of Construction Date Acquired Life on Which Depreciation in Latest Income Statement is Computed Office Building: Greenwich, CT $ 726 1970 April, 2001 39 years Total $ 726 [a] Reconciliation of total real estate carrying value is as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Balance at beginning of year $ 2,454 $ 2,454 Improvements - - Acquisitions - - Disposition - - Balance at end of year $ 2,454 $ 2,454 Total cost for federal tax purposes at end of each year $ 2,454 $ 2,454 [b] Reconciliation of accumulated depreciation as follows: Balance at beginning of year $ 678 $ 630 Depreciation expense 48 48 Dispositions - - Balance at end of year $ 726 $ 678

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies [Abstract]
Basis of accounting	Basis of Accounting The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").
Use of estimates	Use of estimates 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.
Principles of consolidation	Principles of consolidation The consolidated financial statements are comprised of the accounts of the Company and its wholly owned subsidiaries. All material intercompany transactions and balances have been eliminated.
Equity method investment	Equity method investment Investments and ownership interests are accounted for under the equity method of accounting if the Company has the ability to exercise significant influence, but not control (under GAAP), over the investment. Investments accounted for under the equity method are carried at cost, plus or minus the Company's equity in the increases and decreases in the net assets after the date of acquisition and certain other adjustments. The Company's share of income or loss for equity method investments is recorded in the consolidated statements of operations as equity income (loss). Dividends received, if any, would reduce the carrying amount of the Company's investment.
Non-controlling interests	Non-controlling interests Non-controlling interests as presented in the Company's consolidated financial statements represents the minority ownership's investment in 111 West 57 th Note 5
Cash and cash equivalents	Cash and cash equivalents Highly liquid investments, consisting principally of funds held in short-term money market accounts, with original maturities of less than three months, are classified as cash equivalents. The majority of the Company's cash and cash equivalents balances are maintained with a limited number of major financial institutions. Cash and cash equivalents balances at institutions may, at times, be above the Federal Deposit Insurance Corporation insured limit per account.
Investment securities	Investment securities Securities that the Company has both the positive intent and ability to hold to maturity are classified as held to maturity investments and are carried at amortized cost (which includes accrued interest). Investment securities - held to maturity consist of U.S. Treasury Bills and are carried at amortized cost (which includes accrued interest) based upon the Company's intent and ability to hold these investments to maturity. Investment securities – trading consist of investments in equity securities held for trading purposes and are carried at fair value with net unrealized gains and losses recorded directly in the consolidated statement of operations. Interest and dividends on investment securities are recognized when earned. Realized gains and losses on the sale of investment securities – trading are calculated using an average cost basis for determining the cost basis of the securities. The fair value of publicly traded investment securities is determined by reference to current market quotations.
Income taxes	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 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. For additional information including a discussion of income tax matters see Note 10
Earnings per share	Earnings per share Basic earnings per share ("EPS") excludes dilution and is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised. There were no stock options outstanding at December 31, 2015 and December 31, 2014.
Stock-based compensation	Stock-based compensation 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 shall be available for issuance for Restricted Stock Awards and Merit Awards. Shares issued pursuant to the 1993 Plan 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. Stock-based compensation expense for all stock-based compensation awards for which vesting is based solely on employment service, are based on the grant date fair value estimated in accordance with accounting principles generally accepted in the United States of America. The Company recognizes these compensation costs for only those shares expected to vest, on a straight-line basis over the requisite service period of the award, which is generally the option vesting term. Compensation expense relating to stock options is recorded in the Consolidated Statement of Operations, with a corresponding increase in additional paid-in capital in the Consolidated Statement of Changes in Stockholders' Equity. See Note 9
Depreciation	Depreciation Depreciation expense for the Company's owned building is recorded on a straight-line basis over the useful lives of the assets. Tenant improvements if any, would be depreciated over the lesser of the remaining life of the tenants' lease or the estimated useful lives of the improvements. For additional information see Note 4
New Accounting Pronouncements	New Accounting Pronouncements There are no new accounting pronouncements that could materially affect the Company's consolidated financial statements.

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2015
Investment Securities [Abstract]
Investment securities held to maturity	Note 3 - Investment Securities
Investment securities held for trading	Investment securities - held to maturity consist of the following: December 31, 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 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
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: December 31, 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: (in thousands) Year Ended December 31, 2015 December 31, 2014 Net sale proceeds $ - $ 956 Cost basis - 936 Realized gains (losses) $ - $ 20

Real Estate Owned (Tables)

Real Estate Owned (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 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 P24

Investment in 111 West 57th Partners LLC (Tables)	12 Months Ended
	Dec. 31, 2015
Investment in 111 West 57th Partners LLC [Abstract]
Initial investment and other information relating to the 111 West 57th Property	Amounts relating to the Company's initial investment and other information relating to the 111 West 57 th ($ in thousands) Company's aggregate initial investment $ 57,250 Company's aggregate initial membership interest % 60.3 % Other members and Sponsor initial investment $ 37,750 Approximate gross square feet of project 346,000
Information relating to financing for 111 West 57th Partners	Information relating to the June 30, 2015 financing for 111 West 57 th (in thousands) Financing obtained by 111 West 57 th $ 725,000 Annaly CRE LLC initial mortgage and acquisition loan repaid $ 230,000
Information relating to the July 2015 Distribution	Information relating to the July 2015 Distribution is as follows: (in thousands) Distribution attributable to Company's investment $ 11,699 Distribution retained by the Company, net of amounts repaid to Capital LLC $ 1,831
Capital contributed by Capital LLC and fully repaid	Capital contributed by Capital LLC in December 2014 and April 2015, which was fully repaid as part of the July 2015 Distribution, was as follows: (in thousands) Capital contributed by Capital LLC $ 9,868
Capital contributions to the Joint Venture	The Company made additional capital contributions to the Joint Venture as indicated below: (in thousands) Year Ended December 31, 2015 Capital contributions $ 6,911
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: December 31, 2015 December 31, 2014 Real estate held for development, net $ 440,370 $ 326,387 Escrow deposits 9,400 26,011 Other assets 26,827 16,370 Total assets $ 476,597 $ 368,768 Liabilities: Loans payable $ 340,693 $ 230,000 Other liabilities 14,447 8,319 Total liabilities 355,140 238,319 Equity: Total members' equity 121,457 130,449 Total liabilities and members' equity $ 476,597 $ 368,768 (in thousands) Year Ended December 31, 2015 Year Ended December 31, 2014 Rental income $ - $ 1,039 Expenses 3,158 4,526 Net income (loss) $ (3,158 ) $ (3,487 )

Savings Plans (Tables)

Savings Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Savings Plans [Abstract]
Matching contributions to Savings Plan	The Company's matching contributions to the Savings Plan, charged to expense, were as follows: ($ in thousands) Year Ended December 31, 2015 Year Ended December 31, 2014 Company matching contributions $ 30 $ 29 Employer match % 33 % 33 %

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity [Abstract]
Authorized common stock & cumulative preferred stock	Authorized common stock consists of the following: (shares in thousands) December 31, 2015 December 31, 2014 Par value $ 0.01 $ 0.01 Authorized shares 200,000 200,000 Issued shares 46,410 46,410 Outstanding shares 40,738 40,738 Authorized cumulative preferred stock consists of the following: (shares in thousands) December 31, 2015 December 31, 2014 Par value $ 0.01 $ 0.01 Authorized shares 50,000 50,000 Issued shares - - Outstanding shares - -
Changes in the outstanding shares of Common Stock	Changes in the outstanding shares of Common Stock of the Company are as follows: (in thousands) Year Ended December 31, 2015 Year Ended December 31, 2014 Common stock outstanding at beginning of period 40,738 41,176 Common stock repurchased for treasury - (438) Issuance of treasury stock - - Common stock outstanding at end of period 40,738 40,738
Changes in treasury shares of Common Stock	Changes in the treasury shares of Common Stock of the Company are as follows: (in thousands) Year Ended December 31, 2015 Year Ended December 31, 2014 Treasury stock held at beginning of period 5,672 5,234 Common stock repurchased for treasury - 438 Issuance of treasury stock - - Treasury stock held at end of period 5,672 5,672
Information related to Common Stock Repurchase Plan	Information relating to the Repurchase Plan is as follows: (in thousands Year Ended December 31, 2015 Common shares repurchased to treasury - Aggregate cost of shares repurchased $ - (in thousands) December 31, 2015 Total number of common shares authorized for repurchase 10,000 Total number of common shares repurchased 6,226 Total number of shares that may still be repurchased 3,774
Common stock reserved for issuance under the Company's stock option and other employee benefit plans	Common stock reserved for issuance under the Company's 1993 Stock Incentive Plan as further described in Note 9 (in thousands) December 31, 2015 1993 Stock Incentive Plan 4,320 Other employee benefit plan 110 Total common shares reserved for issuance 4,430

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Calculation of basic and diluted earnings per share, including effect of dilutive securities	The calculation of basic and diluted earnings per share, including the effect of dilutive securities is as follows: (in thousands, except per share data) Year Ended December 31, 2015 Year Ended December 31, 2014 Net income (loss) $ (4,625 ) $ 14,421 Weighted average common shares outstanding 40,738 40,792 Assumed dilutive effect of stock option exercise(s) - - Weighted average common shares outstanding assuming dilution 40,738 40,792 Net income (loss) per common share - basic $ (0.11 ) $ 0.35 Net income (loss) per common share - assuming dilution $ (0.11 ) $ 0.35
Schedule of antidilutive securities excluded from computation of earnings per share	Options to purchase shares of common stock which were excluded from the computation of diluted earnings per share due to the effect of being antidilutive in the computation of earnings per share were as follows: (in thousands) December 31, 2015 December 31, 2014 Option shares - -

Incentive plans (Tables)

Incentive plans (Tables)	12 Months Ended
	Dec. 31, 2015
Incentive Plans [Abstract]
Summary of incentive plan activity	Incentive plan activity is summarized as follows: (shares in thousands) Number of Shares Under Option Weighted Average Exercise Price Outstanding at December 31, 2013 - $ - Exercised - - Expired - - Outstanding at December 31, 2014 - - Exercised - - Expired - - Outstanding at December 31, 2015 - Options exercisable at: December 31, 2015 - $ - December 31, 2014 - $ -
Other information relating to the plan	Information relating to the 1993 Plan is as follows: (in thousands) December 31, 2015 December 31, 2014 Unamortized compensation cost relating to non-vested stock options $ - $ - Stock based compensation expense recorded for the year ended $ - $ - Options to purchase shares of common stock which were excluded from computation of diluted earnings per share due to the effect of being anti-dilutive in the computation of earnings per share. - Common shares reserved for issuance 4,320 Shares available for future stock option grants 4,320 Intrinsic value of options outstanding $ - Intrinsic value of options exercisable $ -

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Components of income tax expense (benefit)	The components of income tax expense (benefit) are as follows: (in thousands) Year Ended December 31, 2015 Year Ended December 31, 2014 Federal - current $ - $ (19,179 ) State - current 140 (16,683 ) Total current 140 (35,862 ) Federal - deferred (1,365 ) (10,200 ) State - deferred (205 ) (324 ) Change in valuation allowance 1,570 10,524 Total deferred - - Income tax expense (benefit) $ 140 $ (35,862 )
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) Year Ended December 31, 2015 Year Ended December 31, 2014 Income (loss) before income taxes $ (4,485 ) $ (21,441 ) Tax expense (benefit) : Tax at statutory federal rate $ (1,570 ) $ (7,504 ) State income taxes 140 183 Federal uncertain tax position reversal – (19,179 ) State uncertain tax position reversal – (16,866 ) Permanent items – (3,020 ) Other - - Change in valuation allowance 1,570 10,524 Income tax expense (benefit) $ 140 $ (35,862 ) A reconciliation of the United States federal statutory rate to the Company's effective income tax rate is as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Tax at statutory federal rate 35.0 % 35.0 % State income taxes (3.1) (0.9) Federal uncertain tax position reversal - 89.5 State uncertain tax position reversal - 78.7 Permanent difference, tax credits and other adjustments - 14.1 Other - - Change in valuation allowance (35.0) (49.1) Effective income tax rate (3.1) % 167.3 ) %
Uncertain tax positions tax reserve	A roll forward of the uncertain tax positions reserve, excluding accrued federal and state interest is as follows: (in thousands) December 31, 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 $ - $ -
Alternate minimum tax credit carryforwards	In addition, the Company has alternate minimum tax credit carryforwards ("AMT Credits"), which are not subject to expiration, as follows: Amount AMT Credits $ 21,000,000
Calculation of net deferred tax assets from NOL carryforwards	The federal NOL carryforwards as of December 31, 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 2015 2035 2,700,000 $ 35,300,000 The state NOL carryforwards as of December 31, 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 2015 2035 2,600,000 $ 12,600,000 The Company has calculated a net deferred tax asset arising primarily from NOL carryforwards and AMT credits as follows. December 31, 2015 December 31, 2014 Net deferred tax asset $ 34,500,000 $ 32,900,000 Valuation allowance (34,500,000 ) (32,900,000 ) Net deferred tax asset recognized $ - $ -
Federal -IRS [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	The federal NOL carryforwards as of December 31, 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 2015 2035 2,700,000 $ 35,300,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	The state NOL carryforwards as of December 31, 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 2015 2035 2,600,000 $ 12,600,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies [Abstract]
Future minimum rental payments for office space under non-cancellable operating leases	Future minimum rental payments for office space under non-cancellable operating leases for the Company's executive office in Boca Raton, Florida as of December 31, 2015, were as follows (in thousands): Year Amount 2016 $ 13 2017 13 2018 14 2019 3 2020 - Thereafter - $ 43
Schedule of rent expense	Rent expense for the period was as follows: ($ in thousands) Year Ended December 31, 2014 Year Ended December 31, 2013 Rent expense $ 12 $ 9 Approximate square feet of leased office space 1,085 1,085

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Held-to-maturity Securities [Line Items]
Carrying value	$ 0	$ 0
Cost or amortized cost	0	0
Fair value	0	0
Schedule of Trading Securities and Other Trading Assets [Line Items]
Carrying Value	0	0
Cost or amortized cost	0	0
Fair Value	0	0
Gross unrealized gains (losses) on investment securities held to maturity [Abstract]
Gross unrealized gains (losses)	0	0
Realized gains (losses) on investment securities [Abstract]
Net sale proceeds	0	956
Less: Cost basis	0	936
Realized gains (losses)	0	20
Unrealized gains (losses) on investment securities [Abstract]
Cost basis	0	0
Current value	0	0
Equity Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Carrying Value	0	0
Cost or amortized cost	0	0
Fair Value	0	0
Unrealized gains (losses) on investment securities [Abstract]
Cost basis	0	0
Current value	0	0
US Treasury Bills [Member]
Held-to-maturity Securities [Line Items]
Carrying value	0	0
Cost or amortized cost	0	0
Fair value	$ 0	$ 0

Real Estate Owned (Details)

Real Estate Owned (Details) - Commercial Office Building [Member]	12 Months Ended
	Dec. 31, 2015ft²
Property, Plant And Equipment [Line Items]
Area of building (in square feet)	14,500
Square feet utilized by Company (in square feet)	3,500
Number of years depreciation is based upon	39 years

Investment in 111 West 57th P33

Investment in 111 West 57th Partners LLC (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)ft²	Jun. 30, 2015USD ($)
Investment in 111 West 57th Partners LLC [Abstract]
Percentage ownership (in hundredths)			60.30%
Additional contributions made by other partners in the agreement			$ 37,750,000
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) 50% to the Sponsor.
Subordinated participation interest to CEO (in hundredths)	10.00%
Percentage of distribution on company's initial investment expected to be received (in hundredths)	150.00%
Initial aggregate investment in Investment LLC			$ 57,250,000
Noncontrolling Interest [Line Items]
Additional capital contributions		$ 6,911,000
Sponsor calculation of Investment LLC aggregate investment % after dilution (in hundredths)		48.00%
Area of Real Estate Property | ft²			346,000
Financing obtained by 111 W 57th Partners				$ 725,000,000
Annaly CRE LLC initial mortgage and acquisition loan repaid				$ 230,000,000
Net proceeds distributed to partners in July 2015		$ 11,699,000	$ 0
Amount of proceeds retained by the Company		1,831,000
Amount of Capital Contr. & Proceeds returned to Capital LLC		9,868,000
Payments to Acquire Equity Method Investments		6,911,000	17,010,000
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity		867,000
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Real estate held for development, net		440,370,000	326,387,000
Escrow deposits		9,400,000	26,011,000
Other assets		26,827,000	16,370,000
Total assets		476,597,000	368,768,000
Equity Method Investment, Summarized Financial Information, Liabilities [Abstract]
Mortgage payable		340,693,000	230,000,000
Other liabilities		14,447,000	8,319,000
Total liabilities		355,140,000	238,319,000
Equity:
Total equity		121,457,000	130,449,000
Total liabilities and equity		476,597,000	368,768,000
Income (Loss) [Abstract]
Rental income		0	1,039,000
Expenses		3,158,000	4,526,000
Net income (loss)		$ (3,158,000)	$ (3,487,000)
Investment LLC [Member] | Capital LLC [Member]
Noncontrolling Interest [Line Items]
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 above 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.

Savings Plans (Details)

Savings Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Matching contributions to savings plan charged to expense [Abstract]
Company matching contributions	$ 30	$ 29
Employer match % (in hundredths)	33.00%	33.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
Common stock, shares authorized (in shares)			200,000,000	200,000,000
Common stock, shares issued (in shares)			46,410,000	46,410,000
Common stock, shares outstanding (in shares)	40,738,000	40,738,000	40,738,000	40,738,000
Preferred stock, par value (in dollars per share)			$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)			50,000,000	50,000,000
Preferred stock, shares issued (in shares)			0	0
Preferred stock, shares outstanding (in shares)			0	0
Changes in the outstanding shares of Common Stock [Roll Forward]
Common stock outstanding at beginning of year (in shares)	40,738,000	41,176,000
Common stock repurchased for treasury (in shares)	0	(438,000)
Issuance of treasury stock (in shares)	0	0
Common stock outstanding at end of year (in shares)	40,738,000	40,738,000
Changes in the treasury shares of Common Stock [Abstract]
Treasury stock held at beginning of period (in shares)	5,672,000	5,234,000
Common stock repurchased for treasury (in shares)	0	438,000
Issuance of treasury stock (in shares)	0	0
Treasury stock held at end of period (in shares)	5,672,000	5,672,000
Common Stock Repurchase Plan [Abstract]
Common shares repurchased to treasury during period (in shares)	0	438,000
Aggregate cost of shares repurchased during period	$ 0	$ 525
Total number of common shares authorized for repurchase (in shares)			10,000,000
Total number of common shares repurchased (in shares)			6,226,000
Total number of common shares that may still be repurchased (in shares)			3,774,000
Common stock reserved for issuance under Company's stock option and other employee benefit plans [Abstract]
1993 Srock Incentive Plan			4,320,000
Other employee benefit plan			110,000
Common shares reserved for issuance (in shares)			4,430,000
Stockholder Rights Plan [Abstract]
Dividends declared, number of right per common share			1
Exercise price of rights (in dollars per share)			$ 75
Minimum percentage of outstanding common shares to be acquired (in hundredths)			25.00%
Minimum percentage of outstanding common shares for tender offer (in hundredths)			20.00%
Redemption price of rights (in dollars per share)			$ 0.05
Minimum percentage of common shares by a single acquirer or group (in hundredths)			20.00%
Period after accumulation of minimum percentage of common shares to invoke redemption of rights	10 days

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share Reconciliation [Abstract]
Net income (loss)	$ (4,625)	$ 14,421
Weighted average common shares outstanding (in shares)	40,738	40,792
Assumed dilutive effect of stock option exercise (in shares)	0	0
Weighted average common shares outstanding assuming dilution (in shares)	40,738	40,792
Net income (loss) per common share - basic (in dollars per share)	$ (0.11)	$ 0.35
Net income (loss) per common share - assuming dilution (in dollars per share)	$ (0.11)	$ 0.35
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	0	0

Incentive plans (Details)

Incentive plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Stock option [Roll Forward]
Exercised (in shares)	0	0
Information relating to 1993 Plan [Abstract]
Options to purchase shares of common stock which were excluded from computation of diluted earnings per share due to the effect of being anti-dilutive in the computation of earnings per share.	0	0
Common shares reserved for issuance (in shares)	4,430
1993 Stock Incentive Plan [Member]
Information relating to 1993 Plan [Abstract]
Unamortized compensation cost relating to non-vested stock options	$ 0	$ 0
Stock based compensation expense recorded for the year ended	$ 0	$ 0
Options to purchase shares of common stock which were excluded from computation of diluted earnings per share due to the effect of being anti-dilutive in the computation of earnings per share.	0
Common shares reserved for issuance (in shares)	4,320
Shares available for future stock option grants (in shares)	4,320
Intrinsic value of options outstanding	$ 0
Intrinsic value of options exercisable	$ 0
1993 Stock Incentive Plan [Member] | Stock Options [Member]
Stock option [Roll Forward]
Outstanding at beginning of period (in shares)	0	0
Exercised (in shares)	0	0
Expired (in shares)	0	0
Outstanding at end of period (in shares)	0	0
Exercisable at end of period (in shares)	0	0
Weighted Average Exercise Price [Roll Forward]
Weighted average exercise price outstanding at beginning of period (in dollars per share)	$ 0	$ 0
Weighted average exercise price, exercised (in dollars per share)	0	0
Weighted average exercise price, expired (in dollars per share)	0	0
Weighted average exercise price outstanding at beginning of period (in dollars per share)	0	0
Weighted average exercise price, exercisable at end of period (in dollars per share)	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Components of income tax expense (benefit) [Abstract]
Federal - current	$ 0	$ (19,179,000)
State - current	140,000	(16,683,000)
Total current	140,000	(35,862,000)
Federal - deferred	(1,365,000)	(10,200,000)
State - deferred	(205,000)	(324,000)
Change in valuation allowance	1,570,000	10,524,000
Total deferred	0	0
Income tax expense (benefit)	140,000	(35,862,000)
Components of pretax income (loss) and difference between income taxes [Abstract]
Income (loss) before income taxes	(4,485,000)	(21,441,000)
Tax expense (benefit) [Abstract]
Tax at statutory federal rate	(1,570,000)	(7,504,000)
State income taxes	140,000	183,000
Federal uncertain tax position reversal	0	(19,179,000)
State uncertain tax position reversal	0	(16,866,000)
Permanent items	0	(3,020,000)
Other	0	0
Change in valuation allowance	1,570,000	10,524,000
Income tax expense (benefit)	$ 140,000	$ (35,862,000)
Reconciliation of federal statutory rate to effective income tax rate [Abstract]
Tax at statutory federal rate (in hundredths)	35.00%	35.00%
State income taxes (in hundredths)	(3.10%)	(0.90%)
Federal uncertain tax position reversal (in hundredths)	0.00%	89.50%
State uncertain tax position reversal (in hundredths)	0.00%	78.70%
Permanent differences, tax credits and other adjustments (in hundredths)	0.00%	14.10%
Other	0.00%	0.00%
Change in valuation allowance (in hundredths)	(35.00%)	(49.10%)
Effective income tax rate (in hundredths)	(3.10%)	167.30%
Interest expense related to uncertain tax positions [Abstract]
Federal	$ 0	$ 0
State jurisdictions	0	0
Interest expense - taxes	0	0
Indemnification asset - federal tax gross-up	0	(18,429,000)
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
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
Uncertain Tax Positions Tax Reserve, Including Accrued Interest [Abstract]
Federal uncertain tax positions reserve, including accrued federal interest	0	0
State uncertain tax positions reserve, including accrued federal interest	0	0
Total uncertain tax positions reserve, including accrued federal and state interest	0	0
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	34,500,000	32,900,000
Valuation allowance	(34,500,000)	(32,900,000)
Net deferred tax asset recognized	0	0
Indemnification asset - federal tax gross-up	0	$ 0
Federal [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, amount	$ 35,300,000
Federal [Member] | Tax Year 2006 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,026
Operating loss carryforwards, amount	$ 500,000
Federal [Member] | Tax Year 2007 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,027
Operating loss carryforwards, amount	$ 12,700,000
Federal [Member] | Tax Year 2008 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,028
Operating loss carryforwards, amount	$ 4,600,000
Federal [Member] | Tax Year 2009 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,029
Operating loss carryforwards, amount	$ 2,400,000
Federal [Member] | Tax Year 2010 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,030
Operating loss carryforwards, amount	$ 1,900,000
Federal [Member] | Tax Year 2011 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,031
Operating loss carryforwards, amount	$ 1,900,000
Federal [Member] | Tax Year 2013 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,033
Operating loss carryforwards, amount	$ 3,700,000
Federal [Member] | Tax Year 2014 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,034
Operating loss carryforwards, amount	$ 4,900,000
Federal [Member] | Tax year 2015 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,035
Operating loss carryforwards, amount	$ 2,700,000
State [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, amount	$ 12,600,000
First Originated Loss Carryforwards [Member] | State [Member] | Tax Year 2011 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,031
Operating loss carryforwards, amount	$ 1,900,000
Second Originated Loss Carryforward [Member] | State [Member] | Tax Year 2013 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,033
Operating loss carryforwards, amount	$ 3,400,000
Second Originated Loss Carryforward [Member] | State [Member] | Tax Year 2014 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,034
Operating loss carryforwards, amount	$ 4,700,000
Second Originated Loss Carryforward [Member] | State [Member] | Tax year 2015 [Member]
Operating Loss Carryforwards [Line Items]
Tax year expiring	2,035
Operating loss carryforwards, amount	$ 2,600,000

Commitments and Contingencies39

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)ft²	Dec. 31, 2014USD ($)ft²
Future minimum rental payments for office space under non-cancellable operating leases [Abstract]
2,015	$ 13
2,016	13
2,017	14
2,018	3
2,019	0
Thereafter	0
Total	43
Rent expense [Abstract]
Rent expense	$ 12	$ 9
Approximate square feet of leased office space | ft²	1,085	1,085

SCHEDULE III REAL ESTATE AND 40

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			$ 0
Initial Cost to Company, Land			554
Initial Cost to Company, Building & Improvements			1,880
Cost Capitalized Subsequent to Acquisition, Improvements			20
Gross Amount at which Carried at the Close of the Period, Land			554
Gross Amount at which Carried at the Close of the Period, Building & Improvements			1,900
Gross Amount at which Carried at the Close of the Period, Total	$ 2,454	$ 2,454	2,454	$ 2,454
Accumulated Depreciation	726	630	726	678
Reconciliation of total real estate carrying value [Roll Forward]
Balance at beginning of year	2,454	2,454
Improvements	0	0
Acquisitions	0	0
Disposition	0	0
Balance at end of year	2,454	2,454
Total cost for federal tax purposes at end of each year			2,454	$ 2,454
Reconciliation of accumulated depreciation [Roll Forward]
Balance at beginning of year	678	630
Depreciation expense	48	48
Dispositions	0	0
Balance at end of year	726	$ 678
Commercial Office Building, Greenwich, CT [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			0
Initial Cost to Company, Land			554
Initial Cost to Company, Building & Improvements			1,880
Cost Capitalized Subsequent to Acquisition, Improvements			20
Gross Amount at which Carried at the Close of the Period, Land			554
Gross Amount at which Carried at the Close of the Period, Building & Improvements			1,900
Gross Amount at which Carried at the Close of the Period, Total	2,454		2,454
Accumulated Depreciation	$ 726		$ 726
Date Constructed	1,970
Date Acquired	April2001
Life on Which Depreciated Latest Income Statement	39 years
Reconciliation of total real estate carrying value [Roll Forward]
Balance at end of year	$ 2,454
Reconciliation of accumulated depreciation [Roll Forward]
Balance at end of year	$ 726