Maui Land & Pineapple (MLP) 10-Q 11 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 31, 2016
Document Information [Line Items]
Entity Registrant Name	MAUI LAND & PINEAPPLE CO INC
Entity Central Index Key	63,330
Trading Symbol	mlp
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		19,025,319
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash	$ 742	$ 1,087
Accounts receivable, less allowance of $319 and $194 for doubtful accounts	2,130	1,528
Prepaid expenses and other current assets	36	208
Assets held for sale		262
Total current assets	2,908	3,085
PROPERTY	69,056	69,126
Accumulated depreciation	(37,596)	(36,608)
Net property	31,460	32,518
OTHER ASSETS
Deferred development costs	8,833	9,310
Assets held for sale	286
Other noncurrent assets	1,591	1,686
Total other assets	10,710	10,996
TOTAL ASSETS	45,078	46,599
CURRENT LIABILITIES
Current portion of long-term debt		40,565
Accounts payable	930	675
Payroll and employee benefits	350	396
Current portion of accrued retirement benefits	378	378
Income taxes payable	443	473
Accrued interest	88	645
Other current liabilities	1,128	727
Total current liabilities	3,317	43,859
LONG-TERM LIABILITIES
Long-term debt	26,368
Accrued retirement benefits	10,246	10,252
Deposits	2,431	2,400
Deferred revenue	660	811
Other noncurrent liabilities	123	216
Total long-term liabilities	39,828	13,679
STOCKHOLDERS' EQUITY (DEFICIENCY)
Common stock--no par value, 43,000,000 shares authorized, 18,935,576 and 18,867,768 shares issued and outstanding	77,986	77,628
Additional paid in capital	9,246	9,246
Accumulated deficit	(57,139)	(69,146)
Accumulated other comprehensive loss	(28,160)	(28,667)
Total stockholders' equity (deficiency)	1,933	(10,939)
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIENCY)	$ 45,078	$ 46,599

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounts receivable, allowance	$ 319	$ 194
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	43,000,000	43,000,000
Common stock, shares issued (in shares)	18,935,576	18,867,768
Common stock, shares outstanding (in shares)	18,935,576	18,867,768

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Sales	$ 15,000		$ 15,000
Commissions	498	211	666	323
Leasing	1,277	1,422	2,892	2,837
Utilities	878	807	1,726	1,623
Resort amenities and other	324	325	670	776
Total operating revenues	17,977	2,765	20,954	5,559
Cost of sales	747		747
Other	609	248	910	417
Leasing	545	611	1,258	1,149
Utilities	589	582	1,220	1,194
Resort amenities and other	270	265	506	479
General and administrative	410	487	1,165	1,069
Share-based compensation	181	143	560	692
Depreciation	493	555	988	1,113
Pension and other postretirement expenses	284	76	567	152
Total operating costs and expenses	4,128	2,967	7,921	6,265
OPERATING INCOME (LOSS)	13,849	(202)	13,033	(706)
Interest expense	(445)	(616)	(1,026)	(1,213)
NET INCOME (LOSS)	13,404	(818)	12,007	(1,919)
Pension, net of income taxes of $0	253	211	507	422
COMPREHENSIVE INCOME (LOSS)	$ 13,657	$ (607)	$ 12,514	$ (1,497)
--BASIC AND DILUTED (in dollars per share)	$ 0.71	$ (0.04)
--BASIC (in dollars per share)			$ 0.64	$ (0.10)
--DILUTED (in dollars per share)			$ 0.63	$ (0.10)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Pension, taxes	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders' Equity (Deficiency) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2014	18,785
Balance at Dec. 31, 2014	$ 77,105	$ 9,246	$ (75,959)	$ (25,574)	$ (15,182)
Share-based compensation (in shares)	104
Share-based compensation	$ 645	90			735
Vested restricted stock issued (in shares)	12
Vested restricted stock issued	$ 90	(90)
Shares cancelled to pay tax liability (in shares)	(47)
Shares cancelled to pay tax liability	$ (293)				(293)
Other comprehensive income - pension				422	422
Net income			(1,919)		(1,919)
Balance (in shares) at Jun. 30, 2015	18,854
Balance at Jun. 30, 2015	$ 77,547	9,246	(77,878)	(25,152)	(16,237)
Balance (in shares) at Dec. 31, 2015	18,868
Balance at Dec. 31, 2015	$ 77,628	9,246	(69,146)	(28,667)	(10,939)
Share-based compensation (in shares)	99
Share-based compensation	$ 503	119			622
Vested restricted stock issued (in shares)	19
Vested restricted stock issued	$ 119	(119)
Shares cancelled to pay tax liability (in shares)	(50)
Shares cancelled to pay tax liability	$ (264)				(264)
Other comprehensive income - pension				507	507
Net income			12,007		12,007
Balance (in shares) at Jun. 30, 2016	18,936
Balance at Jun. 30, 2016	$ 77,986	$ 9,246	$ (57,139)	$ (28,160)	$ 1,933

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$ 14,140	$ (478)
INVESTING ACTIVITIES
Payments for other assets	(24)	(9)
NET CASH USED IN INVESTING ACTIVITIES	(24)	(9)
FINANCING ACTIVITIES
Proceeds from long-term debt	500	600
Payments of long-term debt	(14,697)
Debt and common stock issuance cost and other	(264)	(291)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(14,461)	309
NET DECREASE IN CASH	(345)	(178)
CASH AT BEGINNING OF PERIOD	1,087	415
CASH AT END OF PERIOD	742	237
Cash paid during the period:
Interest	1,474	1,222
Income taxes	$ 30	$ 200

Supplemental Non-cash Activitie

Supplemental Non-cash Activities	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	SUPPLEMENTAL NON-CASH ACTIVITIES: ● Common stock issued to certain members of the Company’s management totaled $503,000 and $645,000 through June 30, 2016 and 2015, respectively.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Organization Consolidation and Presentation of Financial Statements Liquidity Disclosure [Text Block]	1. BASIS OF PRESENTATION The accompanying interim unaudited condensed consolidated financial statements have been prepared by Maui Land & Pineapple Company, Inc. (together with its subsidiaries, the “Company”) in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information that are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and pursuant to the instructions to Form 10-Q and Article 8 promulgated by Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes to financial statements required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements contain all normal and recurring adjustments necessary to fairly present the Company’s financial position, results of operations and cash flows for the interim periods ended June 30, 2016 and 2015. The condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2015. LIQUIDITY On August 5, 2016, the Company refinanced its $26.4 million of outstanding bank loans under a $27.0 million revolving credit facility with First Hawaiian Bank (the “Credit Facility”). The Credit Facility matures on December 31, 2019 and provides for two optional one-year extension periods. The Company has pledged a significant portion of its real estate holdings as security for borrowings under the Credit Facility, limiting its ability to borrow additional funds. The Credit Facility includes covenants requiring among other things, an initial minimum liquidity (as defined) of $0.5 million, a maximum of $45 million in total liabilities, and a limitation on new indebtedness. If the Company is unable to meet its covenants, borrowings under the Credit Facility may become immediately due, and it would not have sufficient liquidity to repay such outstanding borrowings. Net proceeds from the sale of any real estate assets pledged as security under the Credit Facility are required to be repaid toward outstanding borrowings and will permanently reduce the revolving commitment amount, limiting the available drawing capacity for future working capital purposes. The Company continues to undertake efforts to generate cash flow by employing its real estate assets in leasing and other arrangements, by the sale of several real estate assets, and by continued cost reduction efforts.

Note 2 - Use of Estimates and R

Note 2 - Use of Estimates and Reclassifications	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Use of Estimates and Reclassifications Disclosure [Text Block]	2. USE OF ESTIMATES AND RECLASSIFICATIONS The Company’s reports for interim periods utilize numerous estimates of general and administrative expenses and other costs for the full year. Future actual amounts may differ from these estimates. Amounts reflected in interim reports are not necessarily indicative of results for a full year. Certain amounts in the December 31, 2015 condensed consolidated balance sheet and condensed consolidated statement of operations and comprehensive loss for the three and six months ended June 30, 2015 were reclassified to conform to the current period’s presentation. Such amounts had no impact on total assets and liabilities or net loss and comprehensive loss previously reported.

Note 3 - Basic and Diluted Shar

Note 3 - Basic and Diluted Shares	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	3. BASIC AND DILUTED SHARES Basic and diluted weighted-average shares outstanding for the three and six months ended June 30, 2016 and 2015 were as follows: Three Months Ended June 30, Six Months Ended June 30 2016 2015 2016 2015 Basic and diluted 18,928,999 18,846,847 18,903,643 18,820,950 Potentially dilutive 26,873 27,500 26,873 27,500 Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding. Diluted net income (loss) per share is computed similar to basic net income (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares from share-based compensation arrangements had been issued. Potentially dilutive shares arise from non-qualified stock options to purchase common stock and non-vested restricted stock. The treasury stock method is applied to determine the number of potentially dilutive shares for non-vested restricted stock and stock options assuming that the shares of non-vested restricted stock are issued for an amount based on the grant date market price of the shares and that the outstanding stock options are exercised.

Note 4 - Property

Note 4 - Property	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	4 . PROPERTY Property at June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 December 31, 2015 (in thousands) Land $ 5,063 $ 5,133 Land improvements 19,687 19,687 Buildings 32,589 32,589 Machinery and equipment 11,717 11,717 Total property 69,056 69,126 Less accumulated depreciation 37,596 36,608 Net property $ 31,460 $ 32,518 Land Most of the Company’s 23,000 acres of land were acquired between 1911 and 1932 and is carried in its balance sheets at cost. Approximately 21,000 acres of land are located in West Maui and comprise a largely contiguous parcel that extends from the shoreline to an elevation of approximately 5,700 feet. This parcel includes approximately 900 acres within the Kapalua Resort’s 3,000 acres. The Company’s remaining 2,000 acres of land are located in Upcountry Maui in an area commonly known as Haliimaile and are mainly comprised of leased agricultural fields, including processing and maintenance facilities. Land Improvements Land improvements are comprised primarily of roads, utilities, and landscaping infrastructure improvements at the Kapalua Resort. Also included is the Company’s potable and non-potable water systems in West Maui. The majority of the Company’s land improvements were constructed and placed in service in the mid-to-late 1970’s. Depreciation expense would be considerably higher if these assets were stated at current replacement cost. Buildings Buildings are comprised of restaurant, retail and light industrial spaces located at the Kapalua Resort and Haliimaile which are used in the Company’s leasing operations. The majority of the buildings were constructed and placed in service in the mid-to-late 1970’s. Depreciation expense would be considerably higher if these assets were stated at current replacement cost. Machinery and Equipment Machinery and equipment are mainly comprised of zipline course equipment installed in 2008 at the Kapalua Resort and used in the Company’s leasing operations. Also included are machinery and equipment used in the Company’s utilities operations.

Note 5 - Assets Held for Sale a

Note 5 - Assets Held for Sale and Real Estate Sales	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block]	5 . ASSETS HELD FOR SALE AND REAL ESTATE SALES Assets held for sale at June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 December 31, (in thousands) Upcountry Maui, 630-acre parcel of agricultural land $ 147 $ 147 Upcountry Maui, 80-acre parcel of agricultural land and wastewater treatment facility 45 45 West Maui, 5-acre fully entitled, 42-unit workforce housing project 94 70 Assets held for sale $ 286 $ 262 In June 2016, the Company sold a fully-entitled 304-acre working-class community project located in West Maui, commonly referred to as Pulelehua, for $15 million. The sale resulted in a gain of approximately $14.3 million. The Company utilized the proceeds from the sale to payoff its American AgCredit term loan.

Note 6 - Long-term Debt

Note 6 - Long-term Debt	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	6. LONG-TERM DEBT Long-term debt at June 30, 2016 and December 31, 2015 consisted of the following: June 30, 6 December 31, (in thousands) Wells Fargo revolving line of credit, 4.00% $ 25,868 $ 25,868 First Hawaiian Bank, revolving line of credit, 4.38% 500 - American AgCredit term loan, 7.00% - 14,697 Total 26,368 40,565 Less current portion - 40,565 Long-term debt $ 26,368 $ - On August 5, 2016, the Company refinanced its $26.4 million of outstanding bank loans under a $27.0 million revolving credit facility with First Hawaiian Bank. The Credit Facility matures on December 31, 2019 and provides for two optional one-year extension periods. Interest on borrowings is at LIBOR plus 3.75%, until such time as the Company obtains regulatory approval for the pledging of the stock of one of its utility subsidiaries, upon which interest decreases to LIBOR plus 3.50%. The Credit Facility is secured by a significant portion of the Company’s real estate holdings, including approximately 850 acres within the Kapalua Resort and approximately 1,065 acres in Haliimaile. Net proceeds from the sale of any real estate assets pledged as security under the Credit Facility are required to be repaid toward outstanding borrowings and will permanently reduce the revolving commitment amount. The terms of the Credit Facility include various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include an initial minimum liquidity (as defined) of $0.5 million beginning December 31, 2016, a maximum of $45 million in total liabilities, and a limitation on new indebtedness. There are no commitment fees on the unused portion of the Credit Facility. The Company believes it is in compliance with the covenants under the Credit Facility.

Note 7 - Share-based Compensati

Note 7 - Share-based Compensation	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7 . SHARE-BASED COMPENSATION The Company’s non-employee directors, officers and certain members of management receive a portion of their compensation in shares of the Company’s common stock granted under the Maui Land & Pineapple Company, Inc. 2006 Equity and Incentive Award Plan (2006 Plan). Share-based compensation is valued based on the average of the high and low share price on the date of grant. Shares are issued upon execution of agreements reflecting the grantee’s acceptance of the respective shares subject to the terms and conditions of the 2006 Plan. Restricted shares issued under the 2006 Plan vest quarterly and have voting and regular dividend rights but cannot be disposed of until such time as they are vested. All unvested restricted shares are forfeited upon the grantee’s termination of directorship or employment from the Company. Each of the Company’s non-employee directors receive restricted shares of common stock upon their annual appointment to the Company’s board of directors. Share-based compensation totaled $77,000 and $62,000 for the six months ended June 30, 2016 and 2015, respectively, for vesting of restricted shares granted to the Company’s non-employee directors. The Company’s officers and certain members of management receive share-based compensation based on their achievement of certain predefined performance goals and objectives under an incentive compensation plan. Such share-based compensation is comprised of an annual incentive paid in shares of common stock and a long-term incentive paid in restricted shares vesting quarterly over a period of three years. Share-based compensation totaled $560,000 and $692,000 for the six months ended June 30, 2016 and 2015, respectively, for shares issued and the vesting of restricted shares granted to the Company’s officers and certain members of management.

Note 8 - Accrued Retirement Ben

Note 8 - Accrued Retirement Benefits	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	8 . ACCRUED RETIREMENT BENEFITS Accrued retirement benefits at June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 December 31, 2015 (in thousands) Defined Benefit Pension Plans $ 6,271 $ 6,264 Supplemental Executive Retirement Plan 4,173 4,154 Deferred Compensation Plan 180 212 Total 10,624 10,630 Less current portion (378 ) (378 ) Non-current portion of accrued retirement benefits $ 10,246 $ 10,252 The net periodic benefit costs for pension and postretirement benefits for the three and six months ended June 30, 2016 and 2015 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) (in thousands) Interest cost $ 708 $ 691 $ 1,415 $ 1,382 Expected return on plan assets (677 ) (826 ) (1,355 ) (1,652 ) Recognized actuarial loss 253 211 507 422 Pension and other postretirement expenses $ 284 $ 76 $ 567 $ 152

Note 9 - Income Taxes

Note 9 - Income Taxes	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9 . INCOME TAXES The Company’s effective tax rate for 2016 and 2015 reflects the recognition of expected federal alternative minimum tax liabilities and interim period tax benefits and changes to its tax valuation allowance. The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Interest accrued related to unrecognized tax benefits is recognized as interest expense and penalties are recognized in general and administrative expense in the Company’s condensed consolidated statements of operations and comprehensive income (loss); and such amounts are included in income taxes payable on the Company’s condensed consolidated balance sheets.

Note 10 - Reportable Operating

Note 10 - Reportable Operating Segments	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	10 . REPORTABLE OPERATING SEGMENTS The Company’s reportable operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Company’s Chief Executive Officer – its chief decision maker – in assessing performance and determining the allocation of resources. The Company’s reportable operating segments are as follows: • Real Estate – includes land planning and entitlement, development and sales activities. This segment also includes the operations of Kapalua Realty Company Ltd., a general brokerage real estate company located within the Kapalua Resort. • Leasing – includes residential, resort, commercial, industrial and agricultural land and property leases, licensing of the Company’s registered trademarks and trade names, and stewardship and conservation efforts. • Utilities – includes the operations of the Company’s two Hawaii Public Utilities Commission-regulated subsidiaries which provide potable and non-potable water and wastewater transmission services to the Kapalua Resort. In addition, this segment also includes management of ditch, reservoir and well systems which provide non-potable irrigation water systems in West and Upcountry Maui. • Resort Amenities – include the operations of the Kapalua Club, a private, non-equity club providing its members special programs, access and other privileges at certain of the amenities at the Kapalua Resort including a 30,000 square foot full-service spa and a private pool-side dining beach club. The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, depreciation, general and administrative, share-based compensation, pension and other postretirement expenses. Reportable operating segment revenues and income (loss) for the three and six months ended June 30, 2016 and 2015 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) (in thousands) Operating Segment Revenues Real estate $ 15,498 $ 211 $ 15,666 $ 323 Leasing 1,277 1,422 2,892 2,837 Utilities 878 807 1,726 1,623 Resort amenities and other 324 325 670 776 Total Operating Segment Revenues $ 17,977 $ 2,765 $ 20,954 $ 5,559 Operating Segment Income (Loss) Real estate $ 14,142 $ (37 ) $ 14,009 $ (94 ) Leasing 732 811 1,634 1,688 Utilities 289 225 506 429 Resort amenities and other 54 60 164 297 Total Operating Segment Income $ 15,217 $ 1,059 $ 16,313 $ 2,320

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	1 1 . C OMMITMENTS AND CONTINGENCIES There have been no changes in the status of commitments and contingencies as reported in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. There are various other claims and legal actions pending against the Company. In the opinion of management, after consultation with legal counsel, the resolution of these other matters is not expected to have a material adverse effect on the Company’s results of operations.

Note 12 - Fair Value Measuremen

Note 12 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Fair Value, Measurement Inputs, Disclosure [Text Block]	12 . F AIR VALUE MEASUREMENTS GAAP establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements to enable the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. GAAP requires that financial assets and liabilities be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The fair value of cash, receivables and payables approximate their carrying value due to the short-term nature of the instruments. The valuation is based on settlements of similar financial instruments all of which are short-term in nature and are generally settled at or near cost. The fair value of debt was estimated based on borrowing rates currently available to the Company for debt with similar terms and maturities. The carrying amount of debt at June 30, 2016 and December 31, 2015 was $26.4 million and $40.6 million, respectively, which approximated fair value. The fair value of debt has been classified in the level 2 category.

Note 13 - New Accounting Pronou

Note 13 - New Accounting Pronoucements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	13 . NEW ACCOUNTING PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board issued ASU No. 2016-02, Leases. This ASU affects the recognition of lease assets and lease liabilities by lessees for leases classified as operating leases under GAAP. This ASU will be effective for fiscal years beginning after December 15, 2018 for public entities, not-for-profit entities that have issued securities that are traded, listed or quoted on an exchange, and for employee benefit plans that file financial statements with the SEC. The adoption of this guidance will not have a material impact on the Company’s financial statements. In March 2016, the Financial Accounting Standards Board issued ASU No. 2016-08, Revenue from Contracts with Customers. This ASU clarifies the implementation guidance on principal versus agent considerations. This ASU will be effective for annual reporting periods beginning after December 15, 2017 for public business entities, certain not-for-profit entities, and certain employee benefit plans. The Company is in the process of assessing the impact of ASU No. 2016-08 on its financial statements. In March 2016, the Financial Accounting Standards Board issued ASU No. 2016-09, Compensation-Stock Compensation. This ASU simplifies the accounting for share-based payment transactions, including income taxes, classification of awards, and classification on the statement of cash flows. This ASU will be effective for annual periods beginning after December 15, 2016 for public business entities and after December 15, 2017 for all other entities. The Company is in the process of assessing the impact of ASU No. 2016-09 on its financial statements. In April 2016, the Financial Accounting Standards Board issued ASU No. 2016-10, Revenue from Contracts with Customers. This ASU clarifies the guidance on identifying performance obligations and licensing. This ASU will be effective for annual reporting periods beginning after December 15, 2017 for public business entities, certain not-for-profit entities, and certain employee benefit plans. The Company is in the process of assessing the impact of ASU No. 2016-10 on its financial statements. In May 2016, the Financial Accounting Standards Board issued ASU No. 2016-12, Revenue from Contracts with Customers. This ASU aims to reduce the potential for diversity in practice at initial application and to reduce the cost and complexity of applying the guidance both at transition and on an ongoing basis. This ASU will be effective for annual reporting periods beginning after December 15, 2017 for public business entities, certain not-for-profit entities, and certain employee benefit plans. The Company is in the process of assessing the impact of ASU No. 2016-12 on its financial statements. In June 2016, the Financial Accounting Standards Board issued ASU No. 2016-13, Financial Instruments-Credit Losses. This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of information to inform credit loss estimates. This ASU will be effective for fiscal years beginning after December 15, 2019 for public business entities that are SEC filers. For all other public business entities, the update is effective for fiscal years beginning after December 15, 2020. The Company is in the process of assessing the impact of ASU No. 2016-13 on its financial statements.

Note 3 - Basic and Diluted Sh22

Note 3 - Basic and Diluted Shares (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30 2016 2015 2016 2015 Basic and diluted 18,928,999 18,846,847 18,903,643 18,820,950 Potentially dilutive 26,873 27,500 26,873 27,500

Note 4 - Property (Tables)

Note 4 - Property (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, 2016 December 31, 2015 (in thousands) Land $ 5,063 $ 5,133 Land improvements 19,687 19,687 Buildings 32,589 32,589 Machinery and equipment 11,717 11,717 Total property 69,056 69,126 Less accumulated depreciation 37,596 36,608 Net property $ 31,460 $ 32,518

Note 5 - Assets Held for Sale24

Note 5 - Assets Held for Sale and Real Estate Sales (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	June 30, 2016 December 31, (in thousands) Upcountry Maui, 630-acre parcel of agricultural land $ 147 $ 147 Upcountry Maui, 80-acre parcel of agricultural land and wastewater treatment facility 45 45 West Maui, 5-acre fully entitled, 42-unit workforce housing project 94 70 Assets held for sale $ 286 $ 262

Note 6 - Long-term Debt (Tables

Note 6 - Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	June 30, 6 December 31, (in thousands) Wells Fargo revolving line of credit, 4.00% $ 25,868 $ 25,868 First Hawaiian Bank, revolving line of credit, 4.38% 500 - American AgCredit term loan, 7.00% - 14,697 Total 26,368 40,565 Less current portion - 40,565 Long-term debt $ 26,368 $ -

Note 8 - Accrued Retirement B26

Note 8 - Accrued Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	June 30, 2016 December 31, 2015 (in thousands) Defined Benefit Pension Plans $ 6,271 $ 6,264 Supplemental Executive Retirement Plan 4,173 4,154 Deferred Compensation Plan 180 212 Total 10,624 10,630 Less current portion (378 ) (378 ) Non-current portion of accrued retirement benefits $ 10,246 $ 10,252
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) (in thousands) Interest cost $ 708 $ 691 $ 1,415 $ 1,382 Expected return on plan assets (677 ) (826 ) (1,355 ) (1,652 ) Recognized actuarial loss 253 211 507 422 Pension and other postretirement expenses $ 284 $ 76 $ 567 $ 152

Note 10 - Reportable Operatin27

Note 10 - Reportable Operating Segments (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) (in thousands) Operating Segment Revenues Real estate $ 15,498 $ 211 $ 15,666 $ 323 Leasing 1,277 1,422 2,892 2,837 Utilities 878 807 1,726 1,623 Resort amenities and other 324 325 670 776 Total Operating Segment Revenues $ 17,977 $ 2,765 $ 20,954 $ 5,559 Operating Segment Income (Loss) Real estate $ 14,142 $ (37 ) $ 14,009 $ (94 ) Leasing 732 811 1,634 1,688 Utilities 289 225 506 429 Resort amenities and other 54 60 164 297 Total Operating Segment Income $ 15,217 $ 1,059 $ 16,313 $ 2,320

Supplemental Non-cash Activit28

Supplemental Non-cash Activities (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Stock Issued	$ 503,000	$ 645,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) $ in Thousands	Aug. 05, 2016USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
First Hawaiian Bank Revolving Line of Credit [Member] | Subsequent Event [Member]
Number of Optional Extension Periods	2
Line of Credit Facility, Maximum Borrowing Capacity	$ 27,000
Optional Extension Periods, Duration of Extension	1 year
Subsequent Event [Member]
Long-term Debt	$ 26,400
Minimum [Member]
Debt Instrument, Covenant Required Liquidity		$ 500
Maximum [Member]
Debt Instrument, Covenant Required Liquidity		45,000
Long-term Debt		$ 26,368	$ 40,565

Note 3 - Antidilutive Securitie

Note 3 - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Basic and diluted (in shares)	18,928,999	18,846,847	18,903,643	18,820,950
Potentially dilutive (in shares)	26,873	27,500	26,873	27,500

Note 4 - Property (Details Text

Note 4 - Property (Details Textual) - Land [Member]	6 Months Ended
	Jun. 30, 2016a
West Maui [Member] | Kapalua Resort [Member]
Area of Land	3,000
Area of Land Designated	900
West Maui [Member]
Area of Land	21,000
Area of Elevation from Sea	5,700
Upcountry Maui [Member]
Area of Land	2,000
Area of Land	23,000

Note 4 - Property (Details)

Note 4 - Property (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Land [Member]
Property, plant, and equipment, gross	$ 5,063	$ 5,133
Land Improvements [Member]
Property, plant, and equipment, gross	19,687	19,687
Building [Member]
Property, plant, and equipment, gross	32,589	32,589
Machinery and Equipment [Member]
Property, plant, and equipment, gross	11,717	11,717
Property, plant, and equipment, gross	69,056	69,126
Less accumulated depreciation	37,596	36,608
Net property	$ 31,460	$ 32,518

Note 5 - Assets Held for Sale33

Note 5 - Assets Held for Sale and Real Estate Sales (Details Textual) - West Maui [Member] - Working-class Community Project [Member] $ in Millions	1 Months Ended
	Jun. 30, 2016USD ($)a
Area of Real Estate Property | a	304
Disposal Group, Including Discontinued Operation, Consideration	$ 15
Gain (Loss) on Sale of Properties	$ 14.3

Note 5 - Assets Held for Sale (

Note 5 - Assets Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Upcountry Maui [Member] | 630-Acre Parcel Of Agricultural Land [Member]
Assets held for sale	$ 147	$ 147
Upcountry Maui [Member] | Agricultural Land and Wastewater Treatment Facility [Member]
Assets held for sale	45	45
West Maui [Member] | Five Acre Fully Entitled, 42-unit Workforce Housing Project [Member]
Assets held for sale	94	70
Assets held for sale	$ 286	$ 262

Note 5 - Assets Held for Sale35

Note 5 - Assets Held for Sale (Details) (Parentheticals) - a	Jun. 30, 2016	Dec. 31, 2015
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member]
Area of Real Estate Property	630	630
Agricultural Land and Wastewater Treatment Facility [Member] | Upcountry Maui [Member]
Area of Real Estate Property	80	80
Five Acre Fully Entitled, 42-unit Workforce Housing Project [Member] | West Maui [Member]
Area of Real Estate Property	5	5

Note 6 - Long-term Debt (Detail

Note 6 - Long-term Debt (Details Textual) $ in Thousands	Aug. 05, 2016USD ($)a	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Subsequent Event [Member] | First Hawaiian Bank Revolving Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | After Regulatory Approval [Member]
Debt Instrument, Basis Spread on Variable Rate	3.50%
Subsequent Event [Member] | First Hawaiian Bank Revolving Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.75%
Subsequent Event [Member] | First Hawaiian Bank Revolving Line of Credit [Member] | Land [Member] | Kapalua Resort [Member]
Pledged Assets not Separately Reported Area of Real Estate | a	850
Subsequent Event [Member] | First Hawaiian Bank Revolving Line of Credit [Member] | Land [Member] | Haliimaile [Member]
Pledged Assets not Separately Reported Area of Real Estate | a	1,065
Subsequent Event [Member] | First Hawaiian Bank Revolving Line of Credit [Member]
Optional Extension Periods, Duration of Extension	1 year
Line of Credit Facility, Maximum Borrowing Capacity	$ 27,000
Number of Optional Extension Periods	2
Subsequent Event [Member]
Long-term Debt	$ 26,400
Minimum [Member]
Debt Instrument, Covenant Required Liquidity		$ 500
Maximum [Member]
Debt Instrument, Covenant Required Liquidity		45,000
Long-term Debt		$ 26,368	$ 40,565

Note 6 - Summary of Long-term D

Note 6 - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Wells Fargo Revolving Loans [Member]
Long-term Debt	$ 25,868	$ 25,868
First Hawaiian Bank Revolving Line of Credit [Member]
Long-term Debt	500
American Ag Credit Term Loan [Member]
Long-term Debt		14,697
Long-term Debt	26,368	40,565
Less current portion		40,565
Long-term debt	$ 26,368

Note 6 - Summary of Long-term38

Note 6 - Summary of Long-term Debt (Details) (Parentheticals)	Jun. 30, 2016	Dec. 31, 2015
Wells Fargo Revolving Loans [Member]
Debt instrument, interest rate, stated percentage	4.00%	4.00%
First Hawaiian Bank Revolving Line of Credit [Member]
Debt instrument, interest rate, stated percentage	4.38%
American Ag Credit Term Loan [Member]
Debt instrument, interest rate, stated percentage	7.00%	7.00%

Note 7 - Share-based Compensa39

Note 7 - Share-based Compensation (Details Textual) - Restricted Stock [Member] - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Non-Employee Directors [Member]
Allocated Share-based Compensation Expense		$ 77,000	$ 62,000
Management [Member]
Allocated Share-based Compensation Expense		$ 560,000	$ 692,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

Note 8 - Accrued Retirement B40

Note 8 - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Pension Plan [Member]
Accrued retirement benefits	$ 6,271	$ 6,264
Supplemental Employee Retirement Plan [Member]
Accrued retirement benefits	4,173	4,154
Deferred Compensation Plan [Member]
Accrued retirement benefits	180	212
Accrued retirement benefits	10,624	10,630
Less current portion	378	378
Non-current portion of accrued retirement benefits	$ 10,246	$ 10,252

Note 8 - Net Periodic Cost (Det

Note 8 - Net Periodic Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest cost	$ 708	$ 691	$ 1,415	$ 1,382
Expected return on plan assets	(677)	(826)	(1,355)	(1,652)
Recognized actuarial loss	253	211	507	422
Pension and other postretirement expenses	$ 284	$ 76	$ 567	$ 152

Note 10 - Financial Results for

Note 10 - Financial Results for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Real Estate Segment [Member] | Operating Segments [Member]
Operating Segment Revenues
Operating Revenues	$ 15,498	$ 211	$ 15,666	$ 323
Operating Segment Income (Loss)
Operating Income (Loss)	14,142	(37)	14,009	(94)
Leasing Segment [Member] | Operating Segments [Member]
Operating Segment Revenues
Operating Revenues	1,277	1,422	2,892	2,837
Operating Segment Income (Loss)
Operating Income (Loss)	732	811	1,634	1,688
Utilities Segment [Member] | Operating Segments [Member]
Operating Segment Revenues
Operating Revenues	878	807	1,726	1,623
Operating Segment Income (Loss)
Operating Income (Loss)	289	225	506	429
Resort Amenities Segment [Member] | Operating Segments [Member]
Operating Segment Revenues
Operating Revenues	324	325	670	776
Operating Segment Income (Loss)
Operating Income (Loss)	54	60	164	297
Operating Segments [Member]
Operating Segment Revenues
Operating Revenues	17,977	2,765	20,954	5,559
Operating Segment Income (Loss)
Operating Income (Loss)	15,217	1,059	16,313	2,320
Operating Revenues	17,977	2,765	20,954	5,559
Operating Income (Loss)	$ 13,849	$ (202)	$ 13,033	$ (706)

Note 12 - Fair Value Measurem43

Note 12 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Long-term Debt	$ 26,368	$ 40,565