Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-06510 | |
Entity Registrant Name | MAUI LAND & PINEAPPLE COMPANY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 99-0107542 | |
Entity Address, Address Line One | 200 Village Road, Lahaina | |
Entity Address, City or Town | Maui | |
Entity Address, State or Province | HI | |
Entity Address, Postal Zip Code | 96761 | |
City Area Code | 808 | |
Local Phone Number | 877-3351 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Trading Symbol | MLP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 19,624,229 | |
Entity Central Index Key | 0000063330 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Curent Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 6,771 | $ 8,499 |
Restricted cash | 0 | 10 |
Accounts receivable, net | 869 | 892 |
Investments, current portion | 2,752 | 2,432 |
Prepaid expenses and other assets | 739 | 368 |
Assets held for sale | 3,131 | 3,019 |
Total current assets | 14,262 | 15,220 |
PROPERTY & EQUIPMENT, NET | 16,049 | 15,878 |
OTHER ASSETS | ||
Investments, net of current portion | 333 | 551 |
Deferred development costs | 9,585 | 9,566 |
Other noncurrent assets | 1,217 | 1,191 |
Total other assets | 11,135 | 11,308 |
TOTAL ASSETS | 41,446 | 42,406 |
CURRENT LIABILITIES | ||
Accounts payable | 1,129 | 589 |
Payroll and employee benefits | 783 | 869 |
Accrued retirement benefits, current portion | 142 | 142 |
Deferred revenue, current portion | 289 | 227 |
Other current liabilities | 467 | 480 |
Total current liabilities | 2,810 | 2,307 |
LONG-TERM LIABILITIES | ||
Accrued retirement benefits, net of current portion | 2,633 | 2,612 |
Other noncurrent liabilities | 17 | 30 |
Total long-term liabilities | 6,198 | 6,327 |
TOTAL LIABILITIES | 9,008 | 8,634 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock--$0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock--$0.0001 par value; 43,000,000 shares authorized; 19,604,509 and 19,476,671 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 84,570 | 83,392 |
Additional paid-in-capital | 10,098 | 9,184 |
Accumulated deficit | (54,210) | (50,537) |
Accumulated other comprehensive loss | (8,020) | (8,267) |
Total stockholders' equity | 32,438 | 33,772 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 41,446 | 42,406 |
License [Member] | ||
LONG-TERM LIABILITIES | ||
Deferred revenue, net of current portion | 1,400 | 1,500 |
Member Deposits [Member] | ||
LONG-TERM LIABILITIES | ||
Deferred revenue, net of current portion | $ 2,148 | $ 2,185 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Curent Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized (in shares) | 43,000,000 | 43,000,000 |
Common Stock, Shares, Issued (in shares) | 19,604,509 | 19,476,671 |
Common Stock, Shares, Outstanding (in shares) | 19,604,509 | 19,476,671 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING REVENUES | ||||
Leasing | $ 1,931 | $ 2,330 | $ 6,249 | $ 6,559 |
Operating revenues | 19 | 11,600 | ||
Total operating revenues | 2,101 | 2,551 | 6,872 | 18,787 |
OPERATING COSTS AND EXPENSES | ||||
Leasing | 1,151 | 869 | 2,984 | 2,608 |
General and administrative | 938 | 661 | 2,996 | 2,177 |
Share-based compensation | 700 | 302 | 2,472 | 958 |
Depreciation | 192 | 280 | 683 | 830 |
Total operating costs and expenses | 3,290 | 2,559 | 10,774 | 8,656 |
OPERATING INCOME (LOSS) | (1,189) | (8) | (3,902) | 10,131 |
Other income | 120 | 0 | 598 | 0 |
Pension and other post-retirement expenses | (121) | (114) | (364) | (343) |
Interest expense | (2) | (2) | (5) | (5) |
NET INCOME (LOSS) | (1,192) | (124) | (3,673) | 9,783 |
Other comprehensive income - pension, net | 83 | 156 | 247 | 468 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (1,109) | $ 32 | $ (3,426) | $ 10,251 |
NET INCOME (LOSS) PER COMMON SHARE-BASIC AND DILUTED (in dollars per share) | $ (0.06) | $ (0.01) | $ (0.19) | $ 0.50 |
EARNINGS PER COMMON SHARE-BASIC AND DILUTED | ||||
NET INCOME (LOSS) PER COMMON SHARE-BASIC AND DILUTED (in dollars per share) | $ (0.06) | $ (0.01) | $ (0.19) | $ 0.50 |
Resort Amenities and Other [Member] | ||||
OPERATING REVENUES | ||||
Operating revenues | $ 170 | $ 221 | $ 604 | $ 628 |
OPERATING COSTS AND EXPENSES | ||||
Operating Costs and Expenses | 201 | 330 | 1,113 | 1,170 |
Real Estate [Member] | ||||
OPERATING COSTS AND EXPENSES | ||||
Operating Costs and Expenses | $ 108 | $ 117 | $ 526 | $ 913 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (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, 2021 | 19,383 | ||||
Balance at Dec. 31, 2021 | $ 82,378 | $ 9,184 | $ (52,324) | $ (15,648) | $ 23,590 |
Share-based compensation (in shares) | 49 | ||||
Share-based compensation | 443 | 937 | |||
Vested restricted stock issued (in shares) | 40 | ||||
Vested restricted stock issued | $ 443 | (443) | 0 | ||
Shares cancelled to pay tax liability (in shares) | (28) | ||||
Shares cancelled to pay tax liability | $ (290) | (290) | |||
Other comprehensive income - pension | 312 | 312 | |||
Net loss | 9,907 | 9,907 | |||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 49 | ||||
Share-based compensation | $ 494 | ||||
Other comprehensive income - pension, net | 312 | 312 | |||
Balance (in shares) at Jun. 30, 2022 | 19,444 | ||||
Balance at Jun. 30, 2022 | $ 83,025 | 9,184 | (42,417) | (15,336) | 34,456 |
Balance (in shares) at Dec. 31, 2021 | 19,383 | ||||
Balance at Dec. 31, 2021 | $ 82,378 | 9,184 | (52,324) | (15,648) | 23,590 |
Other comprehensive income - pension | 468 | ||||
Net loss | 9,783 | ||||
Other comprehensive income - pension, net | 468 | ||||
Balance (in shares) at Sep. 30, 2022 | 19,460 | ||||
Balance at Sep. 30, 2022 | $ 83,203 | 9,184 | (42,541) | (15,180) | 34,666 |
Balance (in shares) at Jun. 30, 2022 | 19,444 | ||||
Balance at Jun. 30, 2022 | $ 83,025 | 9,184 | (42,417) | (15,336) | 34,456 |
Share-based compensation (in shares) | 18 | ||||
Vested restricted stock issued | $ 198 | (198) | 0 | ||
Shares cancelled to pay tax liability (in shares) | (2) | ||||
Shares cancelled to pay tax liability | $ (20) | (20) | |||
Other comprehensive income - pension | (156) | 156 | |||
Net loss | (124) | (124) | |||
Share-based compensation | 198 | 198 | |||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 18 | ||||
Other comprehensive income - pension, net | (156) | 156 | |||
Balance (in shares) at Sep. 30, 2022 | 19,460 | ||||
Balance at Sep. 30, 2022 | $ 83,203 | 9,184 | (42,541) | (15,180) | 34,666 |
Balance (in shares) at Dec. 31, 2022 | 19,477 | ||||
Balance at Dec. 31, 2022 | $ 83,392 | 9,184 | (50,537) | (8,267) | 33,772 |
Share-based compensation (in shares) | 67 | ||||
Share-based compensation | $ 620 | 1,429 | 2,049 | ||
Vested restricted stock issued (in shares) | 96 | ||||
Vested restricted stock issued | $ 956 | (956) | 0 | ||
Shares cancelled to pay tax liability (in shares) | (50) | ||||
Shares cancelled to pay tax liability | $ (547) | (547) | |||
Other comprehensive income - pension | 164 | 164 | |||
Net loss | (2,481) | (2,481) | |||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 67 | ||||
Other comprehensive income - pension, net | 164 | 164 | |||
Balance (in shares) at Jun. 30, 2023 | 19,590 | ||||
Balance at Jun. 30, 2023 | $ 84,421 | 9,657 | (53,018) | (8,103) | 32,957 |
Balance (in shares) at Dec. 31, 2022 | 19,477 | ||||
Balance at Dec. 31, 2022 | $ 83,392 | 9,184 | (50,537) | (8,267) | 33,772 |
Other comprehensive income - pension | 247 | ||||
Net loss | (3,673) | ||||
Other comprehensive income - pension, net | 247 | ||||
Balance (in shares) at Sep. 30, 2023 | 19,605 | ||||
Balance at Sep. 30, 2023 | $ 84,570 | 10,098 | (54,210) | (8,020) | 32,438 |
Balance (in shares) at Jun. 30, 2023 | 19,590 | ||||
Balance at Jun. 30, 2023 | $ 84,421 | 9,657 | (53,018) | (8,103) | 32,957 |
Vested restricted stock issued (in shares) | 16 | ||||
Vested restricted stock issued | $ 170 | (170) | 0 | ||
Shares cancelled to pay tax liability (in shares) | (1) | ||||
Shares cancelled to pay tax liability | $ (21) | (21) | |||
Other comprehensive income - pension | 83 | 83 | |||
Net loss | (1,192) | (1,192) | |||
Share-based compensation | 611 | 611 | |||
Other comprehensive income - pension, net | 83 | 83 | |||
Balance (in shares) at Sep. 30, 2023 | 19,605 | ||||
Balance at Sep. 30, 2023 | $ 84,570 | $ 10,098 | $ (54,210) | $ (8,020) | $ 32,438 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ (197) | $ 6,064 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Payments for property and deferred development costs | (872) | (34) |
Purchases of bond investments | (2,424) | 0 |
Maturities of bond investments | 2,323 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (973) | (34) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Debt and common stock issuance costs and other | (568) | (311) |
NET CASH USED IN FINANCING ACTIVITIES | (568) | (311) |
NET (DECREASE) INCREASE IN CASH | (1,738) | 5,719 |
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD | 8,509 | 5,596 |
CASH AND RESTRICTED CASH AT END OF PERIOD | $ 6,771 | $ 11,315 |
Supplemental Schedule of Non-ca
Supplemental Schedule of Non-cash Investing and Financing Activities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: ● Common stock issued under the Company’s 2017 Equity and Incentive Award Plan was $1.2 million and $0.8 million for the nine months ended September 30, 2023 and 2022, respectively. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated interim financial statements have been prepared by Maui Land & Pineapple Company, Inc. (together with its subsidiaries, the “Company”) in conformity with generally accepted accounting principles in the United States of America (“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 year ended December 31, 2022, and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes to the annual audited consolidated financial statements required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated interim financial statements contain all normal and recurring adjustments necessary to fairly present the Company’s consolidated financial position, results of operations and cash flows for the interim periods ended September 30, 2023 and 2022. The unaudited condensed consolidated interim financial statements and notes should be read in conjunction with the annual audited consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2022. On June 29, 2022, the Company’s shareholders voted to approve a proposal to change the state of incorporation of the Company from Hawaii to Delaware. The reincorporation was effected through a plan of conversion completed on July 18, 2022. Total authorized capital stock provided by the Delaware certificate of incorporation includes 48,000,000 shares, consisting of 43,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share. No change in ownership resulted from the reincorporation as each outstanding share of common stock previously issued when the Company was incorporated in Hawaii was automatically converted into one share of the newly established Company. The name of the Company after reincorporation remains Maui Land & Pineapple Company, Inc. and shares of common stock continue to be listed on the New York Stock Exchange under the ticker symbol “MLP.” |
Note 2 - Cash and Cash Equivale
Note 2 - Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand, deposits in banks, and money market funds. |
Note 3 - Restricted Cash
Note 3 - Restricted Cash | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | 3. RESTRICTED CASH Restricted cash of $10,000 at December 31, 2022 (audited) consisted of deposits held in escrow from the prospective buyer of a property held for sale. The funds held in escrow were returned to the Company due to the termination of the sale agreement in April 2023. |
Note 4 - Investments
Note 4 - Investments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. INVESTMENTS Held-to-maturity debt securities are stated at amortized cost. Investments are reviewed for impairment by management on a periodic basis. If any impairment is considered other-than-temporary, the security is written down to its fair value and a corresponding loss recorded as a component of other expense. Amortized cost and fair value of corporate debt securities at September 30, 2023 and December 31, 2022 consisted of the following: September 30, December 31, 2023 2022 (unaudited) (audited) (in thousands) Amortized cost $ 3,085 $ 2,983 Unrealized gains - 9 Unrealized losses (8 ) - Fair value $ 3,077 $ 2,992 Maturities of debt securities at September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 (unaudited) December 31, 2022 (audited) Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) One year or less $ 2,752 $ 2,746 $ 2,432 $ 2,440 Greater than one year through five years 333 331 551 552 $ 3,085 $ 3,077 $ 2,983 $ 2,992 The fair value of debt securities were measured using Level 1 inputs which are based on quotes for trades occurring in active markets for identical assets. |
Note 5 - Property & Equipment
Note 5 - Property & Equipment | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. PROPERTY & EQUIPMENT Property and equipment at September 30, 2023 and December 31, 2022 consisted of the following: September 30, December 31, 2023 2022 (unaudited) (audited) (in thousands) Land $ 5,052 $ 5,052 Land improvements 13,657 12,943 Buildings 22,869 22,869 Machinery and equipment 10,398 10,360 Construction in progress 102 - Total property and equipment 52,078 51,224 Less accumulated depreciation 36,029 35,346 Property and equipment, net $ 16,049 $ 15,878 Land The Company holds approximately 22,000 acres of land. Most of this land was acquired between 1911 and 1932 and is carried in its condensed consolidated balance sheets at cost. More than 20,400 acres are located in West Maui and is comprised of a largely contiguous collection of parcels which extend from the ocean to an elevation of approximately 5,700 feet. The West Maui landholdings include approximately 900 acres within Kapalua Resort, a master-planned, destination resort and residential community. Approximately 1,500 acres are located in Upcountry Maui in an area commonly known as Hali’imaile and is mainly comprised of leased agricultural fields, commercial and light industrial properties. 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 1970s or conveyed in 2017. Depreciation expense would be considerably higher if these assets were stated at current replacement cost. Buildings The Company holds approximately 260,000 square feet of leasable area on the island of Maui. Buildings are comprised of restaurant, retail, and light industrial spaces located at the Kapalua Resort and in Hali’imaile. The majority of the Company’s 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. |
Note 6 - Assets Held for Sale
Note 6 - Assets Held for Sale | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block] | 6. ASSETS HELD FOR SALE Assets held for sale consisted of the 46-acre Central Resort project located in Kapalua. In December 2021, the Company entered into an agreement to sell the Kapalua Central Resort project for $40.0 million. Terms of the agreement were subsequently amended to include a closing condition requiring the Maui Planning Commission to approve a five-year extension of a Special Management Area (“SMA”) permit issued by the County of Maui. The Company allowed the agreement with the buyer to expire on April 11, 2023. The application for the extension of the SMA permit is being managed by the Company while the project is marketed for sale or joint venture. The above assets held for sale have not been pledged as collateral under the Company’s credit facility. |
Note 7 - Contract Assets and Li
Note 7 - Contract Assets and Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 7. CONTRACT ASSETS AND LIABILITIES Receivables from contracts with customers were $0.3 million and $0.4 million at September 30, 2023 and December 31, 2022, respectively. Deferred club membership revenue The Company manages the operations of the Kapalua Club, a private, non-equity club program providing members special programs, access and other privileges at certain of the amenities within the Kapalua Resort. Deferred revenues from dues received from the private club membership program are recognized on a straight-line basis over one Deferred license fee revenue The Company entered into a trademark license agreement with the owner of the Kapalua Plantation and Bay golf courses, effective April 1, 2020. Under the terms and conditions set forth in the agreement, the licensee is granted a perpetual, terminable on default, transferable, non-exclusive license to use the Company’s trademarks and service marks to promote its golf courses and to sell its licensed products. The Company received a single royalty payment of $2.0 million in March 2020. Revenue recognized on a straight-line basis over its estimated economic useful life of 15 years was $0.1 million for each of the nine months ended September 30, 2023 and 2022. |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. LONG-TERM DEBT Long-term debt is comprised of amounts outstanding under the Company’s $15.0 million revolving line of credit facility (“Credit Facility”) with First Hawaiian Bank (“Bank”) maturing on December 31, 2025. The Credit Facility provides options for revolving or term loan borrowing. Interest on loan borrowing is based on the Bank’s prime rate minus 1.125 percentage points. Interest on term loan borrowing may be fixed at the Bank’s commercial loan rates using an interest rate swap option. The Company has pledged approximately 30,000 square feet of commercial leased space in the Kapalua Resort as security for the Credit Facility. Net proceeds from the sale of any collateral are required to be repaid toward outstanding borrowings and will permanently reduce the Credit Facility’s revolving commitment amount. There are no 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 a minimum liquidity (as defined) of $2.0 million, a maximum of $45.0 million in total liabilities, and a limitation of new indebtedness on collateralized properties without the prior written consent of the Bank. The outstanding balance of the Credit Facility was zero |
Note 9 - Accrued Retirement Ben
Note 9 - Accrued Retirement Benefits | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 9. ACCRUED RETIREMENT BENEFITS Accrued retirement benefits at September 30, 2023 and December 31, 2022 consisted of the following: September 30, December 31, 2023 2022 (unaudited) (audited) (in thousands) Defined benefit pension plan $ 1,077 $ 1,023 Non-qualified retirement plans 1,698 1,731 Total 2,775 2,754 Less current portion 142 142 Non-current portion of accrued retirement benefits $ 2,633 $ 2,612 The Company has a defined benefit pension plan which covers many of its former bargaining unit employees and an unfunded non-qualified plan covering nine former non-bargaining unit management and former executives. In 2011, pension benefits under the qualified plan were frozen and the non-qualified retirement plan was frozen in 2009. All future vesting of additional benefits were discontinued effective in 2011 for the qualified plan and 2009 for the unqualified plan. During the nine months ended September 30, 2023, the Board approved the termination of the defined benefit pension plan and the non-qualified retirement plan. The final settlements of the plan terminations are expected to be completed in 2024. The net periodic benefit costs for pension and post-retirement benefits for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2023 2022 2023 2022 (in thousands) Interest cost $ 203 $ 264 $ 608 $ 793 Expected return on plan assets (165 ) (306 ) (491 ) (918 ) Amortization of net loss 83 156 247 468 Pension and other postretirement expenses $ 121 $ 114 $ 364 $ 343 No contributions are required to be made to the defined benefit pension plan in 2023. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. COMMITMENTS AND CONTINGENCIES On December 31, 2018, the State of Hawaii Department of Health (“DOH”) issued a Notice and Finding of Violation and Order (“Order”) for alleged wastewater effluent violations related to the Company’s Upcountry Maui wastewater treatment facility. The facility was built in the 1960s to serve approximately 200 single-family homes developed for workers in the Company’s former agricultural operations. The facility is comprised of two 1.5-acre wastewater stabilization ponds and surrounding disposal leach fields. The Order includes, among other requirements, payment of a $230,000 administrative penalty and development of a new wastewater treatment plant, which become final and binding – unless a hearing is requested to contest the alleged violations and penalties. An evidentiary hearing previously scheduled for July 2023 was postponed indefinitely due to continuing favorable negotiations with the DOH and the Company making progress towards the determination of a technical solution to resolve the Order. As a condition of the deferral of the administrative hearing, the Company submitted a progress update on October 11, 2023. The Company is engaged with a specialist to provide recommendations for a technical solution that would meet the requirements of the Order. The Company has committed to the DOH that a formal selection of a technical solution will be presented on or before February 15, 2024. On August 8, 2023, the island of Maui experienced several large wildfires impacting the Upcountry Maui and Lahaina areas. While the Company’s land and property holdings were not damaged by the fires, management continues to evaluate for potential contingencies or commitments, including its impact to tenants, partners, and communities located in the affected areas. There are various other claims and legal actions pending against the Company. The resolution of these other matters is not expected to have a material adverse effect on the Company’s condensed consolidated interim financial position or results of operations after consultation with legal counsel. |
Note 11 - Leasing Arrangements
Note 11 - Leasing Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 11. LEASING ARRANGEMENTS The Company leases land primarily to agriculture operators and space in commercial buildings primarily to restaurant and retail tenants through 2048. These operating leases generally provide for minimum rents and, in some cases, licensing fees, percentage rentals based on tenant revenues, and reimbursement of common area maintenance and other expenses. Certain leases allow the lessee an option to extend or terminate the agreement. There are no leases allowing a lessee an option to purchase the underlying asset. Leasing income subject to ASC Topic 842 for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2023 2022 2023 2022 (in thousands) Minimum rentals $ 849 $ 821 $ 2,493 $ 2,461 Percentage rentals 233 566 1,263 1,538 Licensing fees 188 259 706 757 Other 349 396 916 999 Total $ 1,619 $ 2,042 $ 5,378 $ 5,755 |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. SHARE-BASED COMPENSATION The Company’s directors and certain members of management receive a portion of their compensation in shares of the Company’s common stock granted under the Company’s 2017 Equity and Incentive Award Plan (“Equity Plan”). Share-based compensation is awarded annually to certain members of the Company’s management based on their achievement of predefined performance goals and objectives under the Equity 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 of common stock vesting quarterly over a period of three Directors receive both cash and equity compensation under the Equity Plan. Share-based compensation is comprised of restricted shares of common stock vesting quarterly over the directors’ annual period of service which are 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 Equity Plan. Restricted shares issued under the Equity Plan 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. Options to purchase shares of the Company’s common stock under the Equity Plan were granted to directors during the quarter ended June 30, 2023. The number of common shares subject to option for annual board service, board committee service, and continued service of the Chairman of the Board is 0.3 million shares, 0.1 million shares, and 0.4 million shares, respectively. Share-based compensation of stock option grants is valued at the commitment date, based on the fair value of the equity instruments, and is recognized as expense on a straight-line basis over the option vesting period. For annual board service and board committee service, stock option grants have a contractual period of ten ten The simplified method described in Staff Accounting Bulletin No. 107 was used by management due to the lack of historical option exercise behavior, The Company does not currently issue dividends. There were no forfeitures of stock option grants as of September 30, 2023. Management does not anticipate future forfeitures to be material. Share-based compensation expense totaled $0.7 million and $0.3 million for the three months ended September 30, 2023 and 2022, respectively, and $2.5 million and $1.0 million for the nine months ended September 30, 2023 and 2022, respectively. Included in these amounts were $0.1 million and $0.2 million of restricted common stock vested during the three months ended September 30, 2023 and 2022, respectively, and $0.7 million and $0.6 million of restricted common stock vested during the nine months ended September 30, 2023 and 2022, respectively. |
Note 13 - Income Taxes
Note 13 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. INCOME TAXES 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. The Company’s provision for income taxes is calculated using the liability method. Deferred income taxes are provided for all temporary differences between the financial statement and income tax bases of assets and liabilities using tax rates enacted by law or regulation. A full valuation allowance was established for deferred income tax assets at September 30, 2023 and December 31, 2022, respectively. |
Note 14 -Earnings (Loss) Per Sh
Note 14 -Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. EARNINGS (LOSS) PER SHARE Basic net income (loss) per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed similar to basic net income (loss) per common 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 had been issued. Potentially dilutive shares arise from non-vested restricted stock and non-qualified stock options granted under the Company’s Equity Plan. The treasury stock method is applied to determine the number of potentially dilutive shares. Basic and diluted weighted-average shares outstanding for the three and nine months ended September 30, 2023 were 19.6 million. Basic and diluted weighted-average shares outstanding for the three and nine months ended September 30, 2022 were 19.4 million. |
Note 15 - Reportable Operating
Note 15 - Reportable Operating Segments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. 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 and by the Board of Directors. Reportable operating segments are as follows: • Real estate includes the planning, entitlement, development, and sale of real estate inventory. • Leasing includes revenues and expenses from real property leasing activities, license fees and royalties for the use of certain of the Company’s trademarks and brand names by third parties, and the cost of maintaining the Company’s real estate assets, including watershed conservation activities. The operating segment also includes the revenues and expenses from the management of ditch, reservoir and well systems that provide non-potable irrigation water to West and Upcountry Maui areas. • Resort amenities include a membership program that provides certain benefits and privileges within the Kapalua Resort for its members. The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, depreciation, general and administrative, and share-based compensation. Reportable operating segment revenues and income for the three and nine months ended September 30, 2023 and 2022 did not include land sales in these respective periods as opposed to $11.6M in properties sold in the prior three and nine month periods ending September 30, 2022. This is purposeful as the Company is evaluating its commercial assets and land holdings to determine better utilization to value creating of its assets. The reportable segment data is presented as follows: Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2023 2022 2023 2022 (in thousands) Operating Segment Revenues Real estate $ - $ - $ 19 $ 11,600 Leasing 1,931 2,330 6,249 6,559 Resort amenities and other 170 221 604 628 Total Operating Segment Revenues $ 2,101 $ 2,551 $ 6,872 $ 18,787 Operating Segment Income (Loss) Real estate $ (108 ) $ (117 ) $ (507 ) $ 10,687 Leasing 780 1,461 3,265 3,951 Resort amenities and other (31 ) (109 ) (509 ) (542 ) Total Operating Segment Income $ 641 $ 1,235 $ 2,249 $ 14,096 |
Note 16 - Fair Value Measuremen
Note 16 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 16. FAIR VALUE MEASUREMENTS GAAP establishes a framework for measuring fair value and requires certain disclosures about fair value measurements to enable the reader of the unaudited condensed consolidated interim 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 Company considers all cash on hand to be unrestricted cash for the purposes of the unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of cash flows. The fair value of receivables and payables approximate their carrying value due to the short-term nature of the instruments. The method to determine the valuation of stock options granted to directors during the nine months ended September 30, 2023 is described in Note 12. |
Note 17 - New Accounting Standa
Note 17 - New Accounting Standard Adopted | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 17. NEW ACCOUNTING STANDARD ADOPTED In June 2016, the FASB issued ASU 2016-13 Financial Instruments-Credit Losses (Topic 326) to update the methodology used to measure current expected credit losses. The ASU applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet exposures, such as loan commitments. The guidance requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. ASU 2019-10 was subsequently issued delaying the effective date to the first quarter of 2023. The ASU did not have a material effect on the Company’s condensed consolidated interim financial statements. |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Debt Securities, Held-to-Maturity [Table Text Block] | September 30, December 31, 2023 2022 (unaudited) (audited) (in thousands) Amortized cost $ 3,085 $ 2,983 Unrealized gains - 9 Unrealized losses (8 ) - Fair value $ 3,077 $ 2,992 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2023 (unaudited) December 31, 2022 (audited) Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) One year or less $ 2,752 $ 2,746 $ 2,432 $ 2,440 Greater than one year through five years 333 331 551 552 $ 3,085 $ 3,077 $ 2,983 $ 2,992 |
Note 5 - Property & Equipment (
Note 5 - Property & Equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2023 2022 (unaudited) (audited) (in thousands) Land $ 5,052 $ 5,052 Land improvements 13,657 12,943 Buildings 22,869 22,869 Machinery and equipment 10,398 10,360 Construction in progress 102 - Total property and equipment 52,078 51,224 Less accumulated depreciation 36,029 35,346 Property and equipment, net $ 16,049 $ 15,878 |
Note 9 - Accrued Retirement B_2
Note 9 - Accrued Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | September 30, December 31, 2023 2022 (unaudited) (audited) (in thousands) Defined benefit pension plan $ 1,077 $ 1,023 Non-qualified retirement plans 1,698 1,731 Total 2,775 2,754 Less current portion 142 142 Non-current portion of accrued retirement benefits $ 2,633 $ 2,612 |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2023 2022 2023 2022 (in thousands) Interest cost $ 203 $ 264 $ 608 $ 793 Expected return on plan assets (165 ) (306 ) (491 ) (918 ) Amortization of net loss 83 156 247 468 Pension and other postretirement expenses $ 121 $ 114 $ 364 $ 343 |
Note 11 - Leasing Arrangements
Note 11 - Leasing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2023 2022 2023 2022 (in thousands) Minimum rentals $ 849 $ 821 $ 2,493 $ 2,461 Percentage rentals 233 566 1,263 1,538 Licensing fees 188 259 706 757 Other 349 396 916 999 Total $ 1,619 $ 2,042 $ 5,378 $ 5,755 |
Note 15 - Reportable Operatin_2
Note 15 - Reportable Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2023 2022 2023 2022 (in thousands) Operating Segment Revenues Real estate $ - $ - $ 19 $ 11,600 Leasing 1,931 2,330 6,249 6,559 Resort amenities and other 170 221 604 628 Total Operating Segment Revenues $ 2,101 $ 2,551 $ 6,872 $ 18,787 Operating Segment Income (Loss) Real estate $ (108 ) $ (117 ) $ (507 ) $ 10,687 Leasing 780 1,461 3,265 3,951 Resort amenities and other (31 ) (109 ) (509 ) (542 ) Total Operating Segment Income $ 641 $ 1,235 $ 2,249 $ 14,096 |
Supplemental Schedule of Non-_2
Supplemental Schedule of Non-cash Investing and Financing Activities (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Stock Issued | $ 1.2 | $ 0.8 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 | Jun. 29, 2022 |
Capital Units, Authorized | 48,000,000 | ||
Common Stock, Shares Authorized | 43,000,000 | 43,000,000 | 43,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Note 3 - Restricted Cash (Detai
Note 3 - Restricted Cash (Details Textual) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Restricted Cash and Cash Equivalents, Current | $ 0 | $ 10,000 |
Deposits held in Escrow for Properties Held for Sale [Member] | ||
Restricted Cash and Cash Equivalents, Current | $ 10,000 |
Note 4 - Investments - Amortize
Note 4 - Investments - Amortized Cost to Fair Value of Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized cost | $ 3,085 | $ 2,983 |
Unrealized gains | 0 | 9 |
Unrealized losses | (8) | 0 |
Fair value | $ 3,077 | $ 2,992 |
Note 4 - Investments - Maturiti
Note 4 - Investments - Maturities of Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
One year or less, amortized cost | $ 2,752 | $ 2,432 |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 2,746 | 2,440 |
Greater than one year through five years, amortized cost | 333 | 551 |
Greater than one year through five years, fair value | 331 | 552 |
Amortized cost | 3,085 | 2,983 |
Fair value | $ 3,077 | $ 2,992 |
Note 5 - Property & Equipment_2
Note 5 - Property & Equipment (Details Textual) | 9 Months Ended |
Sep. 30, 2023 ft² a | |
Land [Member] | |
Area of Land (Acre) | 22,000 |
Land [Member] | West Maui [Member] | |
Area of Land (Acre) | 20,400 |
Area of Elevation from Sea, Feet | 5,700 |
Land [Member] | West Maui [Member] | Kapalua Resort [Member] | |
Area of Land Designated (Acre) | 900 |
Land [Member] | Upcountry Maui [Member] | |
Area of Land (Acre) | 1,500 |
Building [Member] | Maui [Member] | |
Area of Land (Acre) | ft² | 260,000 |
Note 5 - Property & Equipment -
Note 5 - Property & Equipment - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 52,078 | $ 51,224 |
Less accumulated depreciation | 36,029 | 35,346 |
Property and equipment, net | 16,049 | 15,878 |
Land [Member] | ||
Property, plant and equipment, gross | 5,052 | 5,052 |
Land Improvements [Member] | ||
Property, plant and equipment, gross | 13,657 | 12,943 |
Building [Member] | ||
Property, plant and equipment, gross | 22,869 | 22,869 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 10,398 | 10,360 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 102 | $ 0 |
Note 6 - Assets Held for Sale (
Note 6 - Assets Held for Sale (Details Textual) $ in Millions | Dec. 31, 2021 USD ($) |
Kapalua Central Resort Project [Member] | |
Receivables, Long-Term Contracts or Programs | $ 40 |
Note 7 - Contract Assets and _2
Note 7 - Contract Assets and Liabilities 1 (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Mar. 31, 2020 | |
Contract with Customer, Receivable, after Allowance for Credit Loss, Total | $ 0.3 | $ 0.4 | ||
Club Membership [Member] | ||||
Contract with Customer, Liability, Revenue Recognized | 0.6 | $ 0.6 | ||
License [Member] | ||||
Contract with Customer, Liability, Revenue Recognized | 0.1 | $ 0.1 | ||
Contract with Customer, Liability, Noncurrent | $ 1.4 | $ 1.5 | $ 2 |
Note 7 - Contract Assets and _3
Note 7 - Contract Assets and Liabilities 2 (Details Textual) | Sep. 30, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | License [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 15 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Club Membership [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details Textual) - First Hawaiian Bank Revolving Line of Credit [Member] - Revolving Credit Facility [Member] $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |
Line of Credit Facility, Commitment Fee Amount | 0 | |
Debt Instrument, Covenant, Required Minimum Liquidity | 2,000 | |
Debt Instrument, Covenant, Maximum Total Liabilities | 45,000 | |
Long-Term Line of Credit, Total | $ 0 | $ 0 |
Kapalua Resort [Member] | ||
Pledged Assets not Separately Reported, Area of Real Estate (Square Foot) | ft² | 30,000 | |
Base Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.01125% |
Note 9 - Accrued Retirement B_3
Note 9 - Accrued Retirement Benefits - Accrued Retirement Benfits (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accrued retirement benefits | $ 2,775 | $ 2,754 |
Less current portion | 142 | 142 |
Non-current portion of accrued retirement benefits | 2,633 | 2,612 |
Pension Plan [Member] | Qualified Plan [Member] | ||
Accrued retirement benefits | 1,077 | 1,023 |
Supplemental Employee Retirement Plan [Member] | Nonqualified Plan [Member] | ||
Accrued retirement benefits | $ 1,698 | $ 1,731 |
Note 9 - Accrued Retirement B_4
Note 9 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest cost | $ 203 | $ 264 | $ 608 | $ 793 |
Expected return on plan assets | (165) | (306) | (491) | (918) |
Amortization of net loss | 83 | 156 | 247 | 468 |
Pension and other postretirement expenses | $ 121 | $ 114 | $ 364 | $ 343 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) | Dec. 31, 2018 USD ($) |
Notice and Finding of Violation and Order [Member] | |
Loss Contingency, Damages Sought, Value | $ 230,000 |
Note 11 - Leasing Arrangement_2
Note 11 - Leasing Arrangements - Rental Income under Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Minimum rentals | $ 849 | $ 821 | $ 2,493 | $ 2,461 |
Percentage rentals | 233 | 566 | 1,263 | 1,538 |
Licensing fees | 188 | 259 | 706 | 757 |
Other | 349 | 396 | 916 | 999 |
Total | 1,931 | 2,330 | 6,249 | 6,559 |
Operating Lease Income Including Water System Sales [Member] | ||||
Total | $ 1,619 | $ 2,042 | $ 5,378 | $ 5,755 |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expense | $ 700 | $ 302 | $ 2,472 | $ 958 | |
Annual Board Service [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures | 0.3 | ||||
Board Committee Service [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 12 months | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures | 0.1 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years | ||||
Share Price (in dollars per share) | $ 12.11 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share) | $ 3.88 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years 3 months | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 28% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.16% | ||||
Board Committee Service [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares | 0.1 | 0.2 | |||
Continued Service of the Chairman of the Board [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures | 0.4 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share) | $ 9.08 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 1 month 13 days | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 37% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.53% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price | $ 3.94 | ||||
Continued Service of the Chairman of the Board [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares | 0.1 | ||||
Continued Service of the Chairman of the Board [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares | 0.1 | ||||
Continued Service of the Chairman of the Board [Member] | Share-Based Payment Arrangement, Tranche Four [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares | 0.1 | ||||
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 3 years | ||||
Share-Based Payment Arrangement, Expense | $ 100 | $ 200 | $ 700 | $ 600 |
Note 14 -Earnings (Loss) Per _2
Note 14 -Earnings (Loss) Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted Average Number of Shares Outstanding, Basic | 19.6 | 19.4 | 19.6 | 19.4 |
Note 15 - Reportable Operatin_3
Note 15 - Reportable Operating Segments - Financial Results for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Segment Revenues | ||||
Operating Segment Revenues | $ 19 | $ 11,600 | ||
Operating Segment Income (Loss) | ||||
Operating Segment Income (Loss) | $ (1,189) | $ (8) | (3,902) | 10,131 |
Operating Segments [Member] | ||||
Operating Segment Revenues | ||||
Operating Segment Revenues | 2,101 | 2,551 | 6,872 | 18,787 |
Operating Segment Income (Loss) | ||||
Operating Segment Income (Loss) | 641 | 1,235 | 2,249 | 14,096 |
Operating Segments [Member] | Real Estate Segment [Member] | ||||
Operating Segment Revenues | ||||
Operating Segment Revenues | 0 | 0 | 19 | 11,600 |
Operating Segment Income (Loss) | ||||
Operating Segment Income (Loss) | (108) | (117) | (507) | 10,687 |
Operating Segments [Member] | Leasing Segment [Member] | ||||
Operating Segment Revenues | ||||
Operating Segment Revenues | 1,931 | 2,330 | 6,249 | 6,559 |
Operating Segment Income (Loss) | ||||
Operating Segment Income (Loss) | 780 | 1,461 | 3,265 | 3,951 |
Operating Segments [Member] | Resort Amenities Segment [Member] | ||||
Operating Segment Revenues | ||||
Operating Segment Revenues | 170 | 221 | 604 | 628 |
Operating Segment Income (Loss) | ||||
Operating Segment Income (Loss) | $ (31) | $ (109) | $ (509) | $ (542) |