Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 06, 2015 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | READING INTERNATIONAL INC | |
Trading Symbol | rdi | |
Entity Central Index Key | 716,634 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 21,642,365 | |
Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 1,680,590 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 62,081 | $ 50,248 |
Receivables | 8,017 | 11,348 |
Inventory | 818 | 1,010 |
Investment in marketable securities | 43 | 54 |
Restricted cash | 175 | 1,433 |
Deferred tax asset, net | 2,760 | 6,300 |
Prepaid and other current assets | 3,273 | 3,426 |
Land held for sale | 393 | 10,112 |
Total current assets | 77,560 | 83,931 |
Operating property, net | 170,259 | 186,889 |
Land held for sale | 36,580 | 42,588 |
Investment and development property, net | 21,793 | 26,124 |
Investment in unconsolidated joint ventures and entities | 5,241 | 6,169 |
Investment in Reading International Trust I | 838 | 838 |
Goodwill | 19,047 | 21,281 |
Intangible assets, net | 10,347 | 11,486 |
Deferred tax asset, net | 17,487 | 15,967 |
Other assets | 5,271 | 6,313 |
Total assets | 364,423 | 401,586 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued liabilities | 19,653 | 18,107 |
Film rent payable | 5,381 | 9,328 |
Notes payable - current | 16,404 | 38,104 |
Taxes payable - current | 5,528 | 6,003 |
Deferred current revenue | 12,290 | 14,239 |
Other current liabilities | 8,501 | 6,969 |
Total current liabilities | 67,757 | 92,750 |
Notes payable – long-term | 101,401 | 98,019 |
Subordinated debt | 27,913 | 27,913 |
Noncurrent tax liabilities | 7,066 | 10,029 |
Other liabilities | 39,108 | 40,577 |
Total liabilities | $ 243,245 | $ 269,288 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Nonvoting preferred stock, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at September 30, 2015 and at December 31, 2014 | ||
Additional paid-in capital | $ 142,476 | $ 140,237 |
Accumulated deficit | (12,755) | (32,251) |
Treasury shares | (13,524) | (8,582) |
Accumulated other comprehensive income | 364 | 28,039 |
Total Reading International, Inc. stockholders' equity | 116,807 | 127,686 |
Noncontrolling interests | 4,371 | 4,612 |
Total stockholders' equity | 121,178 | 132,298 |
Total liabilities and stockholders’ equity | 364,423 | 401,586 |
Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 229 | 228 |
Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 17 | $ 15 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 12,000 | 12,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 32,794,718 | 32,254,199 |
Common stock, shares outstanding | 21,617,910 | 21,741,586 |
Class B [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 1,680,590 | 1,495,490 |
Common stock, shares outstanding | 1,680,590 | 1,495,490 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | [1] | Sep. 30, 2014 | |
Operating Revenue | |||||
Cinema | $ 54,368 | $ 60,947 | $ 180,223 | $ 180,225 | |
Real estate | 3,420 | 4,084 | 10,951 | 12,781 | |
Total operating revenue | 57,788 | 65,031 | 191,174 | 193,006 | |
Operating expense | |||||
Cinema | (44,463) | (48,292) | (140,825) | (142,016) | |
Real estate | (2,570) | (2,289) | (7,004) | (7,523) | |
Depreciation and amortization | (3,501) | (3,821) | (10,769) | (11,490) | |
General and administrative | (4,134) | (4,456) | (13,736) | (14,723) | |
Total operating expense | (54,668) | (58,858) | (172,334) | (175,752) | |
Operating income | 3,120 | 6,173 | 18,840 | 17,254 | |
Interest income | 485 | 203 | 1,007 | 429 | |
Interest expense | (2,379) | (1,614) | (7,077) | (6,966) | |
Net gain on sale of assets | 25 | 11,023 | 25 | ||
Other (expense) income | (577) | 242 | (667) | 1,630 | |
Income before income tax expense and equity earnings of unconsolidated joint ventures and entities | 649 | 5,029 | 23,126 | 12,372 | |
Equity earnings of unconsolidated joint ventures and entities | 195 | 222 | 915 | 833 | |
Income before income taxes | 844 | 5,251 | 24,041 | 13,205 | |
Income tax expense | (517) | (1,312) | (4,605) | (4,747) | |
Net income | 327 | 3,939 | 19,436 | 8,458 | |
Net loss attributable to noncontrolling interests | 54 | 60 | 23 | ||
Net income attributable to Reading International, Inc. common stockholders | $ 381 | $ 3,939 | $ 19,496 | $ 8,481 | |
Basic earnings per share attributable to Reading International, Inc. stockholders | $ 0.02 | $ 0.17 | $ 0.84 | $ 0.36 | |
Diluted earnings per share attributable to Reading International, Inc. stockholders | $ 0.02 | $ 0.17 | $ 0.83 | $ 0.36 | |
Weighted average number of shares outstanding - basic | 23,287,449 | 23,380,728 | 23,283,405 | 23,457,050 | |
Weighted average number of shares outstanding - diluted | 23,482,262 | 23,678,223 | 23,478,218 | 23,754,545 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Comprehensive Income (Loss) [Abstract] | |||||
Net loss | $ 327 | $ 3,939 | $ 19,436 | [1] | $ 8,458 |
Foreign currency translation loss | (13,741) | (14,687) | (27,769) | (4,627) | |
Unrealized loss on available for sale investments | (4) | (1) | (3) | (2) | |
Amortization of actuarial loss | 51 | 215 | 155 | 686 | |
Comprehensive loss | (13,367) | (10,534) | (8,181) | 4,515 | |
Net loss attributable to noncontrolling interests | 54 | 60 | [1] | 23 | |
Comprehensive income attributable to noncontrolling interest | (37) | (42) | (59) | (14) | |
Comprehensive (loss) income attributable to Reading International, Inc. | $ (13,350) | $ (10,576) | $ (8,180) | $ 4,524 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Operating Activities | |||
Net loss | $ 19,436 | [1] | $ 8,458 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity earnings of unconsolidated joint ventures and entities | (915) | [1] | (833) |
Distributions of earnings from unconsolidated joint ventures and entities | 901 | 610 | |
Gain on sale of property | (11,023) | [1] | (25) |
Change in net deferred tax assets | 1,405 | 2,642 | |
Depreciation and amortization | 10,769 | 11,490 | |
Amortization of actuarial loss | 155 | 686 | |
Amortization of above and below market leases | 344 | 215 | |
Amortization of deferred financing costs | 706 | 578 | |
Amortization of straight-line rent | (370) | 360 | |
Stock-based compensation expense | 222 | 86 | |
Net change in: | |||
Receivables | 2,492 | 522 | |
Prepaid and other assets | (85) | (1,408) | |
Accounts payable and accrued expenses | 2,905 | (1,597) | |
Film rent payable | (3,608) | (96) | |
Taxes payable | (314) | (5,168) | |
Deferred revenues and other liabilities | (1,653) | (1,706) | |
Net cash provided by operating activities | 21,367 | 14,814 | |
Investing activities | |||
Purchases of and additions to property and equipment | (14,411) | (8,669) | |
Change in restricted cash | 1,256 | 27 | |
Distributions of investment in unconsolidated joint ventures and entities | 212 | ||
Proceeds from sale of property | 21,889 | 5,390 | |
Net cash provided (used) by investing activities | 8,734 | (3,040) | |
Financing activities | |||
Repayment of long-term borrowings | (7,347) | (6,627) | |
Capitalized borrowing costs | (191) | ||
Repurchase of Class A Nonvoting Common Stock | (3,109) | (2,342) | |
Proceeds from the exercise of stock options | 183 | 975 | |
Noncontrolling interest contributions | 17 | 327 | |
Noncontrolling interest distributions | (139) | (101) | |
Net cash used in financing activities | (10,586) | (7,768) | |
Impact of exchange rate on cash | (7,682) | (1,066) | |
Increase in cash and cash equivalents | 11,833 | 2,940 | |
Cash and cash equivalents at the beginning of the period | 50,248 | 37,696 | |
Cash and cash equivalents at the end of the period | 62,081 | 40,636 | |
Supplemental Disclosures | |||
Interest paid | 6,582 | 7,357 | |
Income taxes paid | $ 6,665 | $ 5,178 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation. |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | Note 1 – Basis of Presentation Reading International, Inc., a Nevada corporation (“RDI” and collectively with our consolidated subsidiaries and corporate predecessors, the “Company,” “Reading” and “we,” “us,” or “our”), was founded in 1983 as a Delaware corporation and reincorporated in 1999 in Nevada. Our businesses consist primarily of: · the development, ownership, and operation of multiplex cinemas in the United States, Australia, and New Zealand; and · the development, ownership, and operation of retail and commercial real estate in Australia, New Zealand, and the United States. The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U . S . GAAP”) for interim reporting and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”). As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the quarter and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Please note that certain prior period amounts have been reclassified to conform to the current period presentation. These financial statements should be read in conjunction with the Company’s 2014 Annual Report on Form 10-K. Recently Issued and Recently Adopted Accounting Pronouncements Adopted: On January 1, 2015, the Company adopted changes issued by the Financial Accounting Standards Board (FASB) to reporting discontinued operations and disclosures of disposals of components of an entity. These changes require a disposal of a component to meet a higher threshold in order to be reported as a discontinued operation in an entity’s financial statements. The threshold is defined as a strategic shift that has, or will have, a major effect on an entity’s operations and financial results such as a disposal of a major geographical area or a major line of business. In addition, the following two criteria have been removed from consideration of whether a component meets the requirements for discontinued operations presentation: (i) the operations and cash flows of a disposal component have been or will be eliminated from the ongoing operations of an entity as a result of the disposal transaction, and (ii) an entity will not have any significant continuing involvement in the operations of the disposal component after the disposal transaction. Furthermore, equity method investments now may qualify for discontinued operations presentation. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The adoption of these changes had no material impact on the Consolidated Financial Statements. Issued: In September 2015, the FASB issued Accounting Standards Update ("ASU") 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, effective for the Company on January 1, 2016. Under the ASU, an acquirer in a business combination transaction must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. In April 2015, the FASB issued ASU 2015-03, Interest- Imputation of Interest (Subtopic 835-03) - Simplifying the Presentation of Debt Issuance Costs which requires unamortized debt issuance costs to be presented as a reduction of the corresponding debt liability rather than a separate asset. These changes become effective for the Company on January 1, 2016. The adoption of this standard is not expected to have a material impact on the Company's financial statement disclosures. In May 2014, the FASB issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. GAAP. Under the new model, recognition of revenues occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The new standard becomes effective for the Company on January 1, 2018. Early adoption is permitted but cannot be earlier than January 1, 2017. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements. While we believe the proposed guidance will not have a material impact on our business because our revenue predominantly comes from movie ticket sales and concession purchases, we plan to complete the analysis to ensure that we are in compliance prior to the effective date. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2015 | |
Business Segments [Abstract] | |
Business Segments | Note 2 – Business Segments Reported below are the operating segments of the Company for which separate financial information is available and for which segment results are evaluated regularly by the Chief Executive Officer. In addition to the cinema exhibition and real estate activities, w e have acquired, and continue to hold, raw land in urban and suburban centers in Australia, New Zealand, and the United States , as part of our real estate activities . The tables below summarize the results of operations for each of our business segments for the quarter and nine months ended September 30, 2015 and 2014 , respectively. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theater assets. Quarter Ended Nine Months Ended (Dollars in thousands) September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Revenue: Cinema exhibition $ $ $ $ Real estate Inter-segment elimination $ $ $ $ Segment operating income: Cinema exhibition $ $ $ $ Real estate $ $ $ $ A reconciliation of segment operating income to income before income taxes is as follows: Quarter Ended Nine Months Ended (Dollars in thousands) September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Segment operating income $ $ $ $ Unallocated corporate expense Depreciation and amortization expense General and administrative expense Interest expense, net Equity earnings of unconsolidated joint ventures and entities Gain on sale of assets - Other income (expense) Income before income taxes $ $ $ $ |
Operations In Foreign Currency
Operations In Foreign Currency | 9 Months Ended |
Sep. 30, 2015 | |
Operations In Foreign Currency [Abstract] | |
Operations In Foreign Currency | Note 3 – Operations in Foreign Currency We have significant assets in Australia and New Zealand. To the extent possible, we conduct our Australian and New Zealand operations (collectively “foreign operations”) on a self-funding basis where we use cash flows generated by foreign operations to pay for the expense of foreign operations. Our Australian and New Zealand assets and liabilities are translated from their functional currencies of Australian dollar (A$) and New Zealand dollar (NZ$), respectively to U.S. dollar based on the exchange rate as of September 30, 2015. The carrying value of the assets and liabilities of our foreign operations fluctuates as result of changes in the exchange rates between the functional currencies of the foreign operations and the U.S. dollar. The translation adjustments are accumulated in the Accumulated Other Comprehensive Income in the Consolidated Balance Sheets. Because we intend to conduct business on a self-funding basis (except for funds used to pay on appropriate share of our domestic corporate overhead), we do not believe the currency fluctuations present a material risk to the Company. As such, we do not use derivative financial instruments to hedge against the risk of foreign currency exposure. Presented in the table below are the currency exchange rates for Australia and New Zealand as of September 30, 2015 , December 31, 2014 and September 30, 2014 Foreign Currency / USD September 30, 2015 December 31, 2014 September 30, 2014 Australian Dollar 0.7020 0.8173 0.8737 New Zealand Dollar 0.6390 0.7796 0.7788 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4 – Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing the net income attributable to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by dividing the net income attributable to the Company’s common stockholders by the weighted average number of common and common equivalent shares outstanding during the period and are calculated using the treasury stock method for equity-based compensation awards . The following table sets forth the computation of basic and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares outstanding . Quarter Ended Nine Months Ended (Dollars in thousands, except share data) September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Numerator: Net income attributable to RDI common stockholders $ $ $ $ Denominator: Weighted average number of common stock – basic Weighted average dilutive impact of stock-based awards Weighted average number of common stock – diluted Basic EPS attributable to RDI common stockholders $ $ $ $ Diluted EPS attributable to RDI common stockholders $ $ $ $ Awards excluded from diluted EPS |
Property And Equipment
Property And Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | Note 5 – Property and Equipment Operating Property, net As of September 30, 2015 and December 31, 2014 , property associated with our operating acti vities is summarized as follows: September 30, December 31, (Dollars in thousands) 2015 2014 Land $ $ Building and improvements Leasehold interests Fixtures and equipment Construction-in-progress (including capitalized interest) Total cost Less: accumulated depreciation Operating property, net $ $ Depreciation expense for operating property was $3.3 million and $10.1 million for the quarter and nine months ended September 30, 2015 and $3.7 million and $10.7 million for the quarter and nine months ended September 30, 2014 . Operating Property – Taupo, New Zealand On April 1, 2015, we entered into two definitive purchase and sale agreements to sell our properties at Taupo, New Zealand for a combined sales price of $2.3 million (NZ $3.4 million). The first agreement relates to a property with a sales price of $1.49 million (NZ $2.2 million) and a book value of $1.3 million (NZ $1.8 million), which closed on April 30, 2015 when we received the sales price in full. The other agreement relates to a property with a sales price of $767,000 (NZ $1.2 million) and a book value of $393,000 (NZ $615,000 ) with a closing date of March 31, 2016. This property is classified as held for sale as of September 30, 2015 . While both transactions were treated as current sale s for tax purposes , only the first transaction qualifies as a sale under U.S. GAAP. Operating Property – Moonee Ponds, Australia On October 15, 2013, we entered into a definitive purchase and sale agreement to sell this property for a sale s price of $17.5 million (A $ 23.0 million) payable in full upon closing of the transaction on April 16, 2015. In accordance with the requirements under U.S. GAAP, we recognized a profit of $8.0 million (A $ 10.3 million) in the second quarter of 2015 upon the receipt of sale proceeds on April 16, 2015. Operating Property – Burwood, Australia On May 12, 2014, we entered into a contract to sell our undeveloped 50.6 acre parcel in Burwood, Victoria, Australia, to an affiliate of Australand Holdings Limited (now known as Frasers Property Australia) for a purchase price of $47.0 million (A $65.0 million). We received $5.9 million (A $6.5 million) on May 23, 2014. The remaining purchase price of $41.1 million (A$58.5 million) is due on December 31, 2017. The agreement provides for mandatory pre-payments in the event that any of the land is sold by the buyer, any such prepayment being in an amount equal to the greater of (a) 90% of the net sale s price or (b) the balance of the purchase price multiplied by a fraction the numerator of which is the square footage of property being sold by the buyer and the denominator of which is the original square footage of the property being sold to the buyer. The agreement does not provide for the payment of interest on the balance owed. Our book value in the property is $36.6 million (A $52.1 million) and while the transaction was treated as a current sale for tax purposes in 2014 , it does not qualify as a sale under U . S . GAAP until the receipt of the payment of the balance of the purchase price due on December 31, 2017 (or earlier depending upon whether any prepayment obligation is triggered). The asset is classified as long-term land held for sale on the Consolidated Balance Sheet as of September 30, 2015. Investment and Development Property As of September 30, 2015 and December 31, 2014 , our investment and devel opment property is summarized below : September 30, December 31, (Dollars in thousands) 2015 2014 Land $ $ Construction-in-progress (including capitalized interest) Investment and development property $ $ |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures And Entities | 9 Months Ended |
Sep. 30, 2015 | |
Investments In Unconsolidated Joint Ventures And Entities [Abstract] | |
Investments In Unconsolidated Joint Ventures and Entities | Note 6 – Investments in Unconsolidated Joint Ventures and Entities Our investments in unconsolidated joint ventures and entities are accounted for under the equity method of accounting, except for Rialto Distribution, which is accounted for as a cost method investment . The table below summarizes our investments in unconsolidated joint ventures and entities a s of September 30, 2015 and December 31, 2014 : September 30, December 31, (Dollars in thousands) Interest 2015 2014 Rialto Distribution 33.3% $ -- $ -- Rialto Cinemas 50.0% Mt. Gravatt 33.3% Total investments $ $ For the quarter and nine months ended September 30, 2015 and 2014 , we recorded our share of equity earnings from our investments in unconsolidated joint ventures and entities a s follows : Quarter Ended Nine Months Ended September 30, September 30, September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Rialto Distribution $ $ -- $ $ Rialto Cinemas Mt. Gravatt Total equity earnings $ $ $ $ |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | Note 7 – Goodwill and Intangible Assets The table below summarizes goodwill by business segment as of September 30, 2015 and December 31, 2014 . (Dollars in thousands) Cinema Real Estate Total Goodwill as of December 31, 2014 $ $ $ Foreign currency translation adjustment -- Goodwill at September 30, 2015 $ $ $ The Company is required to test goodwill and other intangible assets for impairment on an annual basis and, if current events or circumstances require, on an interim basis. Our next annual evaluation of goodwill and other intangible assets is scheduled for the fourth quarter of 2015. To test the impairment of goodwill, the Company compares the fair value of each reporting unit to its carrying amount, including the goodwill, to determine if there is potential goodwill impairment. A reporting unit is generally one level below the operating segment. As of September 30, 2015 , we were not aware of any events that made us believe potential impairment of goodwill had occurred. The tables below summarize intangible assets other than goodwill as of September 30, 2015 and December 31, 2014 , respectively. As of September 31, 2015 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross intangible assets $ $ $ $ Less: Accumulated amortization Net intangible assets $ $ $ $ As of December 31, 2014 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross intangible assets $ $ $ $ Less: Accumulated amortization Net intangible assets $ $ $ -- $ Beneficial leases are amortized ove r the life of the lease up to 30 years , trade names are amortized based on the accelerated amortization method over its estimated useful life of 45 years , and other intangible assets are amortized over 10 ye ars. The table below summarizes the amortization expense of intangible assets for the quarter and nine months as of September 30, 2014 and September 30, 2015 , respectively. Quarter Ended Nine Months Ended September 30, September 30, September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Beneficial lease amortization $ $ $ $ Other amortization Total intangible assets amortization $ $ $ $ |
Prepaid And Other Assets
Prepaid And Other Assets | 9 Months Ended |
Sep. 30, 2015 | |
Prepaid And Other Assets [Abstract] | |
Prepaid And Other Assets | Note 8 – Prepaid and Other Assets Prepaid and other assets are summarized a s follows : September 30, December 31, (Dollars in thousands) 2015 2014 Prepaid and other current assets Prepaid expenses $ $ Prepaid taxes Prepaid rent Deposits Other -- Total prepaid and other current assets $ $ Other non-current assets Other non-cinema and non-rental real estate assets $ $ Long-term deposits Deferred financing costs, net Straight-line rent Other Total non-current assets $ $ |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Tax | Note 9 – Income Tax The provision for income taxes is different from the amount computed by applying U.S. statutory rates to consolidated income before taxes. The significant reason for these diffe rences is as follows : Quarter Ended Nine Months Ended September 30, September 30, September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Expected tax provision $ $ $ $ Increase (decrease) in tax expense resulting from: Change in valuation allowance, other Foreign tax provision Foreign withholding tax provision Reversal of tax expense on undistributed foreign earnings -- -- -- Tax effect of foreign tax rates on current income State and local tax provision Tax litigation settlement Tax litigation settlement adjustment -- -- Actual tax provision $ $ $ $ Pursuant to ASC 740-10, Income Taxes , a provision should be made for the tax effect of earnings of foreign subsidiaries that are not permanently invested outside the United States. During the second quarter of 2015, we adjusted our capital allocation strategy to require that earnings available in Australia be reinvested in Australia. The adjustment was primarily supported by increased investment opportunities in Australia. Accordingly, as of June 30, 2015, our intent is that earnings of our Australian subsidiaries are indefinitely invested outside the United States. We have accrued $11. 5 million in total income tax liabilities as of September 30, 2015, of which $4.4 million has been classified as T axe s P ayable – C urrent and $ 7.1 million ha s been classified as T axes P ayable – Long-T erm. As part of current tax liabilities, we have accrued $2.7 million in connection with the settlement of the IRS claims against our subsidiary, Craig Corporation, relating to its 1996 tax year. This is an obligation of Craig Corporation, and not of Reading International, Inc. We believe that the $11. 5 million represents an adequate provision for our income tax exposures, including income tax contingencies related to foreign withholding taxes. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt [Abstract] | |
Debt | Note 1 0 – Debt The Company’s borrowings at September 30, 2015 and December 31, 2014 , including the impact of interest rate swaps, are summarized below : As of September 30, 2015 (Dollars in thousands) Maturity Date Contractual Facility Balance Stated Interest Rate Effective Interest Rate (1) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ $ 4.30% 5.20% Bank of America Credit Facility (USA) November 28, 2019 2.69% 3.65% Bank of America Line of Credit (USA) October 31, 2017 -- 3.19% 3.19% Cinema 1, 2, 3 Term Loan (USA) July 1, 2016 3.75% 3.75% Cinema 1, 2, 3 Line of Credit (USA) July 1, 2016 -- 3.75% 3.69% Minetta & Orpheum Theatres Loan (USA) June 1, 2018 3.00% 3.00% Union Square Line of Credit (USA) June 2, 2017 3.28% 3.28% Denominated in FC (2) NAB Corporate Term Loan (AU) June 30, 2019 4.45% 7.85% NAB Corporate Credit Facility (AU) June 30, 2019 -- 4.45% 4.45% Westpac Corporate Credit Facility (NZ) March 31, 2018 4.65% 4.65% Total $ (1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities, Bank of America Credit Facility and NAB Corporate Term Loan that were outstanding as of September 30, 2015 (2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of September 30, 2015 . As of December 31, 2014 (Dollars in thousands) Maturity Date Contractual Facility Balance Stated Interest Rate Effective Interest Rate (1) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 4.23% 5.20% Bank of America Credit Facility (USA) November 28, 2019 55,000 2.67% 3.65% Bank of America Line of Credit (USA) October 31, 2017 5,000 -- 3.17% 3.17% Cinema 1, 2, 3 Term Loan (USA) July 1, 2016 15,000 3.69% 3.69% Cinema 1, 2, 3 Line of Credit (USA) July 1, 2016 6,000 -- 3.69% 3.69% Minetta & Orpheum Theatres Loan (USA) June 1, 2018 7,500 2.94% 2.94% Union Square Theatre Term Loan (USA) May 1, 2015 7,500 5.92% 5.92% Denominated in FC (2) NAB Corporate Term Loan (AU) June 30, 2019 47,403 5.04% 7.85% NAB Corporate Credit Facility (AU) June 30, 2019 8,173 5.04% 5.04% Westpac C orporate Credit Facility (NZ) March 31, 2015 21,829 5.80% 5.80% Total $ (1) Effective interest rate includes the impact of interest rate derivatives hedging interest rate risk associated with Trust Preferred Securities, Bank of America Credit Facility and NAB Corporate Term Loan. (2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2014 . New Zealand Corporate Credit Facility On May 21, 2015, we refinanced our existing New Zealand Corporate Credit Facility with a $32.0 million ( NZ$50.0 million) facility with the same bank (Westpac Bank) , bearing an interest rate of 1.75% above Bank Bill Bid Rate (“BBBR”) and maturing on March 31, 2018 . The facility is broken into two tranches, one a $22.4 million ( NZ$35.0 million) credit facility and the second tranche for a $9.6 million ( NZ$15.0 million) facility to be used for construction funding. US Union Square Non-Revolving Line of Credit On June 2, 2015, we replaced our US Union Square Term Loan with an $8.0 million "non-revolving" line of credit with East West Bank, collateralized by our Union Square property. The line of credit bears an interest rate of 2.95% above the 90-day LIBOR and matures on June 2, 2017, with an option to extend for one additional year. |
Other Liabilities
Other Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Other Liabilities [Abstract] | |
Other Liabilities | Note 1 1 – Other Liabilities Other liabilities are summarized a s follows : (Dollars in thousands) September 30, 2015 December 31, 2014 (1) Current liabilities Lease liability $ $ Security deposit payable Accrued pension Interest rate swap - Other Other current liabilities $ $ Other liabilities Straight-line rent liability Foreign withholding taxes $ $ Accrued pension Lease make-good provision Deferred revenue - real estate Environmental reserve Interest rate swap Acquired leases Other Other liabilities $ $ ( 1 ) Certain prior period amounts have been reclassified to conform to the current period presentation On August 29, 2014 the Supplemental Executive Retirement Plan ( “SERP” ) that was effective since March 1, 2007, was ended and replaced with a new p ension annuity. As a result of the termination of the SERP program , the accrued pension liability of $7.6 million was reversed and replaced with a new pension annuity liability of $7.5 million. The valuation of the liability is based on the present value of $10.3 million discounted at a rate of 4.25% over a 15 - year term , resulting in a monthly payment of $56,944 payable to the estate of Jim Cotter Sr.. The discounted value of $2.8 million (which is the difference between the estimated payout of $10.3 million and the present value of $7.5 million) will be amortized and expensed based on the 15-y ear term. In addition, the accumulated actuarial loss of $3.1 million recorded , as part of other comprehensive income will also be amortized based on the 15 - year term. As a result of the above, i ncluded in our other current and non-current liabilities are accrued pension costs of $7.7 million at September 30, 2015 . The benefits of our pension plans are fully vested and therefore no service costs were recognized for the quarter and nine months ended September 30, 2015 and 2014 . O ur pension plans are unfunded . During the current quarter and nine m onth period ended September 30, 2015 , interest cost totaled $45,007 and $135,020 , respectively and amortized actuarial loss totaled $51,000 and $155,000 , respectively. During the prior-year quarter and nine -month ended September 30, 2014 , interest cost totaled $52,000 and $209,000 , respectively and amortized actuarial loss totaled $215,000 and $686,000 , respectively. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 1 2 – Commitments and Contingencies Total debt of unconsolidated joint ventures and entities was $639,000 (NZ $1.0 million ) and $592,000 (NZ$ 760,000 ) as of September 30, 2015 and December 31, 2014 , respectively. Our share of unconsolidated debt, based on our ownership percentage, was $213,000 and $197,000 as of September 30, 2015 and December 31, 2014 , respectively. This debt is guaranteed by one of our subsidiaries to the extent of our ownership percentage. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | Note 1 3 – Non - controlling I nterests These are composed of the following enterprises: · Australia Country Cinemas Pty Ltd. -- 25% noncontrolling interest owned by Panorama Cinemas for the 21st Century Pty Ltd.; · Shadow View Land and Farming, LLC -- 50% noncontrolling membership interest owned by the estate of Mr. James J. Cotter, Sr.; and · Sutton Hill Properties, LLC -- 25% noncontrolling interest owned by Sutton Hill Capital, LLC. The components of noncontrolling interests are a s follows : September 30, December 31, (Dollars in thousands) 2015 2014 Australian Country Cinemas, Pty Ltd $ $ Shadow View Land and Farming, LLC Sutton Hill Properties, LLC Noncontrolling interests in consolidated subsidiaries $ $ The components of income (loss) attributable to noncontrolling interests are a s follows : Quarter Ended Nine Months Ended September 30, September 30, September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Australian Country Cinemas, Pty Ltd $ $ $ $ Shadow View Land and Farming, LLC Sutton Hill Properties, LLC Net income (loss) attributable to noncontrolling interest $ $ -- $ $ Summary of Controlling and Noncontrolling Stockholders’ Equity A summary of the changes in controlling and noncontrolling stockholders’ equity is as follows : (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at – January 1, 2015 $ $ $ Net income (loss) Increase in additional paid in capital -- Treasury stock purchased -- Contributions from noncontrolling stockholders - SHP -- Distributions to noncontrolling stockholders -- Accumulated other comprehensive loss Equity at – September 30, 2015 $ $ $ (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at – January 1, 2014 $ $ $ Net income (loss) Increase in additional paid in capital -- Treasury stock purchased -- Contributions from noncontrolling stockholders - SHP -- Distributions to noncontrolling stockholders -- Accumulated other comprehensive loss Equity at – September 30, 2014 $ $ $ |
Equity And Stock-Based Compensa
Equity And Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Stock Based Compensation And Employee Stock Option Plan [Abstract] | |
Equity And Stock-Based Compensation | Note 14 – Equity and Stock-Based Compensation Stock-Based Compensation During the first quarter of 2015 and 2014, we issued 160,643 and 125,209 shares, respectively, of Class A N onvoting C ommon S tock to an executive employee associated with the vesting of his prior years’ stock grants. No such grants were made during the second and third quarters of 2015 and 2014. Employee/Director Stock Option Plan The Company may grant stock options and other share-based payment awards (“Awards”) of our Class A Nonvoting Common Stock to eligible employees, directors, and consultants under the 2010 Stock Incentive Plan. The aggregate total number of shares of the Class A Nonvoting Common Stock authorized for issuance under our 2010 Stock Incentive Plan is 1,250,000 . As of September 30, 2015, we had 663,800 shares remaining for future issuances. Number of securities remaining available for future issuance under equity compensation plans Stock options are generally granted at exercise prices equal to the grant-date market prices and expire no later than ten years from the grant date. In recent periods, we have typically limitd the exercise period of granted options to five years. At the discretion of our Compensation and Stock Options Committee, the vesting per iod of stock options ranges from zero to four years. W e estimate the grant-date fair value of our options using the Black-Scholes option- valuation model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility, and the expected life of the options. We expense the estimated grant-date fair values of options over the vesting period on a straight-line basis . Based on our historical experience and the relative market price to strike price of the options, we have not hereto estimated any forfeitures of vested or unvested options. For the nine months ended September 30, 2015 and 2014 , respectively, the weighted average assumptions used in the option-valuation model were as follows: 2015 2014 Stock option exercise price $ $ Risk-free interest rate Expected dividend yield -- -- Expected option life in years Expected volatility Weighted average fair value $ $ W e recorded compensation expense of $75,428 and $208,831 for the quarter and nine months ended September 30, 2015 , respectively , and $34,000 and $102,000 for the same periods ended September 30, 2014 , respectively. At September 30, 2015 , the total unrecognized estimated compensation cost related to non-vested stock options was $653,626 , which we expect to recognize over a weighted average vesting period of 1.86 years. 336,100 options were exercised during the nine months ended September 30, 2015 having an intrinsic value of $1.7 million , for which we received $2.7 million of cash and other consideration. The intrinsic, unrealized value of all options outstanding, vested and expected to vest, at September 30, 2015 was $2.3 million , of which 58.3% are currently exercisable. The following table summarizes the information of options outstanding and exercisable as of September 30, 2015 and December 31, 2014 : Options Outstanding Exercisable Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life (Shares in thousands) Class A Class B Class A Class B Class A & B Class A Class B Class A Class B Class A & B Balance - December 31, 2014 $ $ $ $ Granted -- -- -- -- -- Exercised -- -- -- -- -- Balance - March 31, 2015 $ $ $ $ Granted -- -- -- -- -- Exercised -- -- Forfeited -- -- -- -- -- Balance - June 30, 2015 $ $ $ $ Granted - - - - - - - Exercised (1) - - Forfeited - - - - - Balance - September 30, 2015 -- $ - -- $ $ -- (1) The 100,000 Class B common stock options were exercised by a trust owned by the beneficial owners of the Company . Common Stock Buyback On May 16, 2014, the Company's board of directors authorized management, at its discretion, to spend up to an aggregate of $10.0 million to acquire shares of Reading’s Common Stock. This approved stock repurchase plan supersedes and effectively cancels the program that was approved by the board on May 14, 2004, which allowed management to purchase up to 350,000 shares of Reading’s Common Stock. The repurchase program allows Reading to repurchase its shares in accordance with the requirements of the SEC on the open market, in block trades and in privately negotiated transactions, depending on market conditions and other factors. All purchases are subject to the availability of shares at prices that are acceptable to Reading, and accordingly, no assurances can be given as to the timing or number of shares that may ultimately be acquired pursuant to this authorization. Under this approved buyback program, the Company has repurchased $7.2 million worth of common stock at an average price of $12.92 per share. This leaves $2.8 million available for repurchase as of September 30, 2015 . |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | Note 15 – Derivative Instruments We enter into interest rate derivative instruments to hedge the interest rate risk that results from the characteristics of our floating-rate borrowings. Our use of derivative transactions is intended to reduce long-term fluctuations in cash flows caused by market movements. All derivative instruments are recorded on the balance sheet at fair value with changes in fair value through interest expense in the Consolidated Statement of Operations. As of September 30, 2015 , we have not designated any of our derivatives as accounting hedges in accordance with ASC 815, Derivatives and Hedging . Please refer to our Form 10-K for 2014 for additional information. The Company’s derivative positions measured at fair value are summarized in the following tables: As of September 30, 2015 (Dollars in thousands) Notional Current Assets Other Assets Other Current Liabilities Other Long-Term Liabilities Interest rate swap $ $ - $ - $ $ Interest rate cap - - - Total $ $ - $ $ $ As of December 31, 2014 (Dollars in thousands) Notional Current Assets Other Assets Other Current Liabilities Other Long-Term Liabilities Interest rate swap $ $ $ $ $ Interest rate cap Total $ $ - $ - $ - $ The following table summarizes the unrealized gains or losses due to changes in fair value of the derivatives that are recorded in interest expense in the Consolidated Statement of Operations, for the quarter and nine months ended September 30, 2015 and September 30, 2014 . Quarter Ended Nine Months Ended (Dollars in thousands) September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Net unrealized gains on interest rate derivatives $ $ $ $ |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | Note 1 6 – Fai r Value Measurements ASC 820 , Fair Value Measurement establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The statement requires that assets and liabilities carried at fair value 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: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets · Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable The following tables summarize our financial assets and financial liabilities carried and measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 , by level within the fair value hierarchy. Fair Value Measurement at September 30, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Investments $ $ - $ - $ Derivatives - - Liabilities Derivatives - - Total recorded at fair value $ $ $ - $ Fair Value Measurement at December 31, 2014 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Investments $ $ - $ - $ Derivatives - - - - Liabilities Derivatives - Total recorded at fair value $ $ $ - $ The following tables summarize our financial liabilities that are carried at cost and measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 , by level within the fair value hierarchy. Fair Value Measurement at September 30, 2015 (Dollars in thousands) Carrying Value Level 1 Level 2 Level 3 Total Notes payable $ $ - $ - $ $ Subordinated debt - - $ $ - $ - $ $ Fair Value Measurement at December 31, 2014 (Dollars in thousands) Carrying Value Level 1 Level 2 Level 3 Total Notes payable $ $ - $ - $ $ Subordinated debt - - $ $ - $ - $ $ Following is a description of the valuatio n methodologies used to estimate the fair value of our financial assets and liabilities. There have been no changes in the me thodologies used at September 30, 2015 and December 31, 2014 . Level 1 investments in marketable securities primarily consist of investments associated with the ownership of marketable securities in U.S. and New Zealand. These investments are valued based on observable market quot es on the last trading date of the reporting period. Level 2 derivative financial instruments are valued based on discounted cash flow models that incorporate observable inputs such as interest rates and yield curves from the derivative counterparties. The credit valuation adjustments associated with our non-performance risk and counterparty credit risk are incorporated in the fair value estimates of our derivatives. As of September 30, 2015 and December 31, 2014 , we concluded that the credit valuation adjustments were not significant to the overall valuation of our derivatives. Level 3 borrowings include our secured and unsecured notes payable, trust preferred securities and other debt instruments. The borrowings are valued based on discounted cash flow models that incorporate appropriate market discount rates. We calculated the market discount rate by obtaining period-end treasury rates for fixed-rate debt, or LIBOR for variable-rate debt, for maturities that correspond to the maturities of our debt, adding appropriate credit spreads derived from information obtained from third-party financial institutions. These credit spreads take into account factors such as our credit rate , debt maturity , types of borrowings, and the loan-to-value ratios of the debt . The Company’s financial instruments also include cash, cash equivalents, receivables and account payable. The carrying values of these financial instruments approximate the fair values. Additionally, there were no transfers of assets and liabilities between levels 1, 2, or 3 during the nine months ended September 30, 2015 and September 30, 2014 . |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
Basis Of Presentation [Abstract] | |
Recently Issued And Recently Adopted Accounting Pronouncements | Recently Issued and Recently Adopted Accounting Pronouncements Adopted: On January 1, 2015, the Company adopted changes issued by the Financial Accounting Standards Board (FASB) to reporting discontinued operations and disclosures of disposals of components of an entity. These changes require a disposal of a component to meet a higher threshold in order to be reported as a discontinued operation in an entity’s financial statements. The threshold is defined as a strategic shift that has, or will have, a major effect on an entity’s operations and financial results such as a disposal of a major geographical area or a major line of business. In addition, the following two criteria have been removed from consideration of whether a component meets the requirements for discontinued operations presentation: (i) the operations and cash flows of a disposal component have been or will be eliminated from the ongoing operations of an entity as a result of the disposal transaction, and (ii) an entity will not have any significant continuing involvement in the operations of the disposal component after the disposal transaction. Furthermore, equity method investments now may qualify for discontinued operations presentation. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The adoption of these changes had no material impact on the Consolidated Financial Statements. Issued: In September 2015, the FASB issued Accounting Standards Update ("ASU") 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, effective for the Company on January 1, 2016. Under the ASU, an acquirer in a business combination transaction must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. In April 2015, the FASB issued ASU 2015-03, Interest- Imputation of Interest (Subtopic 835-03) - Simplifying the Presentation of Debt Issuance Costs which requires unamortized debt issuance costs to be presented as a reduction of the corresponding debt liability rather than a separate asset. These changes become effective for the Company on January 1, 2016. The adoption of this standard is not expected to have a material impact on the Company's financial statement disclosures. In May 2014, the FASB issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. GAAP. Under the new model, recognition of revenues occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The new standard becomes effective for the Company on January 1, 2018. Early adoption is permitted but cannot be earlier than January 1, 2017. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements. While we believe the proposed guidance will not have a material impact on our business because our revenue predominantly comes from movie ticket sales and concession purchases, we plan to complete the analysis to ensure that we are in compliance prior to the effective date. |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Segments [Abstract] | |
Summary Of Results Of Operations For Principal Business Segments | Quarter Ended Nine Months Ended (Dollars in thousands) September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Revenue: Cinema exhibition $ $ $ $ Real estate Inter-segment elimination $ $ $ $ Segment operating income: Cinema exhibition $ $ $ $ Real estate $ $ $ $ |
Reconciliation Of Segment Operating Income Before Taxes | Quarter Ended Nine Months Ended (Dollars in thousands) September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Segment operating income $ $ $ $ Unallocated corporate expense Depreciation and amortization expense General and administrative expense Interest expense, net Equity earnings of unconsolidated joint ventures and entities Gain on sale of assets - Other income (expense) Income before income taxes $ $ $ $ |
Operations In Foreign Currency
Operations In Foreign Currency (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Operations In Foreign Currency [Abstract] | |
Summary Of Currency Exchange Rates | Foreign Currency / USD September 30, 2015 December 31, 2014 September 30, 2014 Australian Dollar 0.7020 0.8173 0.8737 New Zealand Dollar 0.6390 0.7796 0.7788 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Dilutes Earnings Per Share | Quarter Ended Nine Months Ended (Dollars in thousands, except share data) September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Numerator: Net income attributable to RDI common stockholders $ $ $ $ Denominator: Weighted average number of common stock – basic Weighted average dilutive impact of stock-based awards Weighted average number of common stock – diluted Basic EPS attributable to RDI common stockholders $ $ $ $ Diluted EPS attributable to RDI common stockholders $ $ $ $ Awards excluded from diluted EPS |
Property And Equipment (Tables)
Property And Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | September 30, December 31, (Dollars in thousands) 2015 2014 Land $ $ Building and improvements Leasehold interests Fixtures and equipment Construction-in-progress (including capitalized interest) Total cost Less: accumulated depreciation Operating property, net $ $ |
Summary Of Investment And Development Property | September 30, December 31, (Dollars in thousands) 2015 2014 Land $ $ Construction-in-progress (including capitalized interest) Investment and development property $ $ |
Investments In Unconsolidated28
Investments In Unconsolidated Joint Ventures And Entities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments In Unconsolidated Joint Ventures And Entities [Abstract] | |
Summary Of The Investments In Unconsolidated Joint Ventures And Entities | September 30, December 31, (Dollars in thousands) Interest 2015 2014 Rialto Distribution 33.3% $ -- $ -- Rialto Cinemas 50.0% Mt. Gravatt 33.3% Total investments $ $ |
Summary Of Equity Earnings (Loss) From Investments In Unconsolidated Joint Ventures And Entities | Quarter Ended Nine Months Ended September 30, September 30, September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Rialto Distribution $ $ -- $ $ Rialto Cinemas Mt. Gravatt Total equity earnings $ $ $ $ |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill And Intangible Assets [Abstract] | |
Summary Of Goodwill | (Dollars in thousands) Cinema Real Estate Total Goodwill as of December 31, 2014 $ $ $ Foreign currency translation adjustment -- Goodwill at September 30, 2015 $ $ $ |
Summary Of Intangible Assets Other Than Goodwill | As of September 31, 2015 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross intangible assets $ $ $ $ Less: Accumulated amortization Net intangible assets $ $ $ $ As of December 31, 2014 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross intangible assets $ $ $ $ Less: Accumulated amortization Net intangible assets $ $ $ -- $ |
Summary Of Amortization Expense | Quarter Ended Nine Months Ended September 30, September 30, September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Beneficial lease amortization $ $ $ $ Other amortization Total intangible assets amortization $ $ $ $ |
Prepaid And Other Assets (Table
Prepaid And Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Prepaid And Other Assets [Abstract] | |
Summary Of Prepaid And Other Assets | September 30, December 31, (Dollars in thousands) 2015 2014 Prepaid and other current assets Prepaid expenses $ $ Prepaid taxes Prepaid rent Deposits Other -- Total prepaid and other current assets $ $ Other non-current assets Other non-cinema and non-rental real estate assets $ $ Long-term deposits Deferred financing costs, net Straight-line rent Other Total non-current assets $ $ |
Income Tax (Tables)
Income Tax (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Reconciliation Items | Quarter Ended Nine Months Ended September 30, September 30, September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Expected tax provision $ $ $ $ Increase (decrease) in tax expense resulting from: Change in valuation allowance, other Foreign tax provision Foreign withholding tax provision Reversal of tax expense on undistributed foreign earnings -- -- -- Tax effect of foreign tax rates on current income State and local tax provision Tax litigation settlement Tax litigation settlement adjustment -- -- Actual tax provision $ $ $ $ |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt [Abstract] | |
Summary Of Notes Payable | As of September 30, 2015 (Dollars in thousands) Maturity Date Contractual Facility Balance Stated Interest Rate Effective Interest Rate (1) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ $ 4.30% 5.20% Bank of America Credit Facility (USA) November 28, 2019 2.69% 3.65% Bank of America Line of Credit (USA) October 31, 2017 -- 3.19% 3.19% Cinema 1, 2, 3 Term Loan (USA) July 1, 2016 3.75% 3.75% Cinema 1, 2, 3 Line of Credit (USA) July 1, 2016 -- 3.75% 3.69% Minetta & Orpheum Theatres Loan (USA) June 1, 2018 3.00% 3.00% Union Square Line of Credit (USA) June 2, 2017 3.28% 3.28% Denominated in FC (2) NAB Corporate Term Loan (AU) June 30, 2019 4.45% 7.85% NAB Corporate Credit Facility (AU) June 30, 2019 -- 4.45% 4.45% Westpac Corporate Credit Facility (NZ) March 31, 2018 4.65% 4.65% Total $ (1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities, Bank of America Credit Facility and NAB Corporate Term Loan that were outstanding as of September 30, 2015 (2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of September 30, 2015 . As of December 31, 2014 (Dollars in thousands) Maturity Date Contractual Facility Balance Stated Interest Rate Effective Interest Rate (1) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 4.23% 5.20% Bank of America Credit Facility (USA) November 28, 2019 55,000 2.67% 3.65% Bank of America Line of Credit (USA) October 31, 2017 5,000 -- 3.17% 3.17% Cinema 1, 2, 3 Term Loan (USA) July 1, 2016 15,000 3.69% 3.69% Cinema 1, 2, 3 Line of Credit (USA) July 1, 2016 6,000 -- 3.69% 3.69% Minetta & Orpheum Theatres Loan (USA) June 1, 2018 7,500 2.94% 2.94% Union Square Theatre Term Loan (USA) May 1, 2015 7,500 5.92% 5.92% Denominated in FC (2) NAB Corporate Term Loan (AU) June 30, 2019 47,403 5.04% 7.85% NAB Corporate Credit Facility (AU) June 30, 2019 8,173 5.04% 5.04% Westpac C orporate Credit Facility (NZ) March 31, 2015 21,829 5.80% 5.80% Total $ (1) Effective interest rate includes the impact of interest rate derivatives hedging interest rate risk associated with Trust Preferred Securities, Bank of America Credit Facility and NAB Corporate Term Loan. (2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2014 . |
Other Liabilities (Tables)
Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Liabilities [Abstract] | |
Summary Of Other Liabilities | (Dollars in thousands) September 30, 2015 December 31, 2014 (1) Current liabilities Lease liability $ $ Security deposit payable Accrued pension Interest rate swap - Other Other current liabilities $ $ Other liabilities Straight-line rent liability Foreign withholding taxes $ $ Accrued pension Lease make-good provision Deferred revenue - real estate Environmental reserve Interest rate swap Acquired leases Other Other liabilities $ $ |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interests [Abstract] | |
Components Of Noncontrolling Interests | September 30, December 31, (Dollars in thousands) 2015 2014 Australian Country Cinemas, Pty Ltd $ $ Shadow View Land and Farming, LLC Sutton Hill Properties, LLC Noncontrolling interests in consolidated subsidiaries $ $ |
Components Of Income Attributable To Noncontrolling Interest | Quarter Ended Nine Months Ended September 30, September 30, September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Australian Country Cinemas, Pty Ltd $ $ $ $ Shadow View Land and Farming, LLC Sutton Hill Properties, LLC Net income (loss) attributable to noncontrolling interest $ $ -- $ $ |
Summary Of Changes In Controlling And Noncontrolling Stockholders’ Equity | (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at – January 1, 2015 $ $ $ Net income (loss) Increase in additional paid in capital -- Treasury stock purchased -- Contributions from noncontrolling stockholders - SHP -- Distributions to noncontrolling stockholders -- Accumulated other comprehensive loss Equity at – September 30, 2015 $ $ $ (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at – January 1, 2014 $ $ $ Net income (loss) Increase in additional paid in capital -- Treasury stock purchased -- Contributions from noncontrolling stockholders - SHP -- Distributions to noncontrolling stockholders -- Accumulated other comprehensive loss Equity at – September 30, 2014 $ $ $ |
Equity And Stock-Based Compen35
Equity And Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stock Based Compensation And Employee Stock Option Plan [Abstract] | |
Schedule Of Fair Value Of Options, Weighted Average Assumptions | 2015 2014 Stock option exercise price $ $ Risk-free interest rate Expected dividend yield -- -- Expected option life in years Expected volatility Weighted average fair value $ $ |
Schedule Of Stock Options Outstanding And Exercisable | Options Outstanding Exercisable Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life (Shares in thousands) Class A Class B Class A Class B Class A & B Class A Class B Class A Class B Class A & B Balance - December 31, 2014 $ $ $ $ Granted -- -- -- -- -- Exercised -- -- -- -- -- Balance - March 31, 2015 $ $ $ $ Granted -- -- -- -- -- Exercised -- -- Forfeited -- -- -- -- -- Balance - June 30, 2015 $ $ $ $ Granted - - - - - - - Exercised (1) - - Forfeited - - - - - Balance - September 30, 2015 -- $ - -- $ $ -- (1) The 100,000 Class B common stock options were exercised by a trust owned by the beneficial owners of the Company . |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments [Abstract] | |
Set Forth Terms Of Interest Rate Swap Derivative Instruments | As of September 30, 2015 (Dollars in thousands) Notional Current Assets Other Assets Other Current Liabilities Other Long-Term Liabilities Interest rate swap $ $ - $ - $ $ Interest rate cap - - - Total $ $ - $ $ $ As of December 31, 2014 (Dollars in thousands) Notional Current Assets Other Assets Other Current Liabilities Other Long-Term Liabilities Interest rate swap $ $ $ $ $ Interest rate cap Total $ $ - $ - $ - $ |
Summary Of Unrealized Gains/Losses In The Financial Statement | Quarter Ended Nine Months Ended (Dollars in thousands) September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Net unrealized gains on interest rate derivatives $ $ $ $ |
Fair Value Of Financial Instr37
Fair Value Of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Schedule Of Assets and Liabilities Carried and Measured At Fair Value | Fair Value Measurement at September 30, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Investments $ $ - $ - $ Derivatives - - Liabilities Derivatives - - Total recorded at fair value $ $ $ - $ Fair Value Measurement at December 31, 2014 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Investments $ $ - $ - $ Derivatives - - - - Liabilities Derivatives - Total recorded at fair value $ $ $ - $ |
Schedule Of Fair Value Carried At Cost And Measured On Recurring Basis | Fair Value Measurement at September 30, 2015 (Dollars in thousands) Carrying Value Level 1 Level 2 Level 3 Total Notes payable $ $ - $ - $ $ Subordinated debt - - $ $ - $ - $ $ Fair Value Measurement at December 31, 2014 (Dollars in thousands) Carrying Value Level 1 Level 2 Level 3 Total Notes payable $ $ - $ - $ $ Subordinated debt - - $ $ - $ - $ $ |
Business Segments (Summary Of R
Business Segments (Summary Of Results Of Operations For Principal Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Revenue | $ 57,788 | $ 65,031 | $ 191,174 | [1] | $ 193,006 |
Segment operating income | 3,120 | 6,173 | 18,840 | [1] | 17,254 |
Inter-segment Elimination [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Revenue | (1,548) | (1,951) | (4,957) | (5,615) | |
Operating Segments [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment operating income | 6,281 | 9,482 | 29,697 | 28,477 | |
Cinema Exhibition [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Revenue | 54,368 | 60,947 | 180,223 | 180,225 | |
Cinema Exhibition [Member] | Operating Segments [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment operating income | 4,838 | 7,136 | 23,745 | 21,313 | |
Real Estate [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Revenue | 4,968 | 6,035 | 15,908 | 18,396 | |
Real Estate [Member] | Operating Segments [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment operating income | $ 1,443 | $ 2,346 | $ 5,952 | $ 7,164 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation. |
Business Segments (Reconciliati
Business Segments (Reconciliation Of Segment Operating Income Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment operating income | $ 3,120 | $ 6,173 | $ 18,840 | [1] | $ 17,254 |
Depreciation and amortization expense | (3,501) | (3,821) | (10,769) | [1] | (11,490) |
General and administrative expense | (4,134) | (4,456) | (13,736) | [1] | (14,723) |
Equity earnings of unconsolidated joint ventures and entities | 195 | 222 | 915 | [1] | 833 |
Gain on sale of assets | 25 | 11,023 | [1] | 25 | |
Other income (expense) | (577) | 242 | (667) | [1] | 1,630 |
Income before income taxes | 844 | 5,251 | 24,041 | [1] | 13,205 |
Operating Segments [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment operating income | 6,281 | 9,482 | 29,697 | 28,477 | |
Corporate [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Depreciation and amortization expense | (86) | (92) | (220) | (273) | |
General and administrative expense | (3,075) | (3,217) | (10,637) | (10,950) | |
Interest expense, net | $ (1,894) | $ (1,411) | $ (6,070) | $ (6,537) | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation. |
Operations In Foreign Currenc40
Operations In Foreign Currency (Details) | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Australian Dollar [Member] | |||
Currency Exchange Rates [Line Items] | |||
Currency exchange rates | 0.7020 | 0.8173 | 0.8737 |
New Zealand Dollar [Member] | |||
Currency Exchange Rates [Line Items] | |||
Currency exchange rates | 0.6390 | 0.7796 | 0.7788 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Awards excluded from diluted EPS | 100,000 | 218,750 | 100,000 | 248,750 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Dilutes Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Earnings Per Share [Abstract] | |||||
Net income attributable to RDI common stockholders | $ 381 | $ 3,939 | $ 19,496 | [1] | $ 8,481 |
Weighted average number of common stock – basic | 23,287,449 | 23,380,728 | 23,283,405 | [1] | 23,457,050 |
Weighted average dilutive impact of awards | 194,813 | 297,495 | 194,813 | 297,495 | |
Weighted average number of common stock – diluted | 23,482,262 | 23,678,223 | 23,478,218 | [1] | 23,754,545 |
Basic EPS attributable for RDI common stockholders | $ 0.02 | $ 0.17 | $ 0.84 | [1] | $ 0.36 |
Diluted EPS attributable to RDI common stockholders | $ 0.02 | $ 0.17 | $ 0.83 | [1] | $ 0.36 |
Awards excluded from diluted EPS | 100,000 | 218,750 | 100,000 | 248,750 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation. |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) AUD in Millions | Apr. 01, 2015NZDproperty | May. 23, 2014AUD | May. 23, 2014USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015AUD | Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015AUDa | Sep. 30, 2015USD ($)a | Apr. 30, 2015NZD | Apr. 30, 2015USD ($) | Apr. 16, 2015AUD | Apr. 16, 2015USD ($) | Apr. 01, 2015USD ($) | Dec. 31, 2014USD ($) |
Depreciation expense for property and equipment | $ 3,300,000 | $ 3,700,000 | $ 10,100,000 | $ 10,700,000 | |||||||||||||
Carrying value of property | $ 170,259,000 | $ 186,889,000 | |||||||||||||||
Lake Taupo [Member] | |||||||||||||||||
Number of land parcels sold | property | 2 | ||||||||||||||||
Sale price | NZD 3,400,000 | $ 2,300,000 | |||||||||||||||
Lake Taupo Parcel One [Member] | |||||||||||||||||
Sale price | NZD 2,200,000 | $ 1,490,000 | |||||||||||||||
Carrying value of property | 1,800,000 | 1,300,000 | |||||||||||||||
Lake Taupo Parcel Two [Member] | |||||||||||||||||
Sale price | 1,200,000 | 767,000 | |||||||||||||||
Carrying value of property | NZD 615,000 | $ 393,000 | |||||||||||||||
Moonee Ponds [Member] | |||||||||||||||||
Sale price | AUD 23 | $ 17,500,000 | |||||||||||||||
Gain (loss) on sale of assets | AUD 10.3 | $ 8,000,000 | |||||||||||||||
Burwood [Member] | |||||||||||||||||
Sale price | AUD 65 | 47,000,000 | |||||||||||||||
Carrying value of property | AUD 52.1 | $ 36,600,000 | |||||||||||||||
Area of Real Estate Property | a | 50.6 | 50.6 | |||||||||||||||
Proceeds from Sale of Property Held-for-sale | AUD 6.5 | $ 5,900,000 | |||||||||||||||
Sale agreements, prepayment as a percentage of net sale price | 90.00% | 90.00% |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property And Equipment [Abstract] | ||
Land | $ 57,365 | $ 62,024 |
Building and improvements | 104,050 | 120,913 |
Leasehold interests | 45,675 | 46,813 |
Fixtures and equipment | 98,249 | 107,286 |
Construction-in-progress (including capitalized interest) | 12,188 | 4,681 |
Total cost | 317,527 | 341,717 |
Less: accumulated depreciation | (147,268) | (154,828) |
Operating property, net | $ 170,259 | $ 186,889 |
Property And Equipment (Summary
Property And Equipment (Summary Of Investment And Development Property) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 21,793 | $ 26,124 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | 20,329 | 23,833 |
Construction-In-Progress (Including Capitalized Interest) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 1,464 | $ 2,291 |
Investments In Unconsolidated46
Investments In Unconsolidated Joint Ventures And Entities (Summary Of The Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Total investments | $ 5,241 | $ 6,169 |
Rialto Distribution [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 33.30% | |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 50.00% | |
Total investments | $ 1,183 | 1,564 |
Mt. Gravatt Cinema [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 33.30% | |
Total investments | $ 4,058 | $ 4,605 |
Investments In Unconsolidated47
Investments In Unconsolidated Joint Ventures And Entities (Summary Of Equity Earnings (Loss) From Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Total equity earnings | $ 195 | $ 222 | $ 915 | [1] | $ 833 |
Rialto Distribution [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total equity earnings | 93 | 115 | 13 | ||
Rialto Cinemas [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total equity earnings | (100) | 69 | 35 | 424 | |
Mt. Gravatt Cinema [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total equity earnings | $ 202 | $ 153 | $ 765 | $ 396 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation. |
Goodwill And Intangible Asset48
Goodwill And Intangible Assets (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Beneficial Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful life | 30 years |
Trade Name [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful life | 45 years |
Other Amortization [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful life | 10 years |
Goodwill And Intangible Asset49
Goodwill And Intangible Assets (Summary Of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | $ 21,281 |
Foreign currency translation adjustment | (2,234) |
Goodwill, Ending balance | 19,047 |
Cinema [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 16,057 |
Foreign currency translation adjustment | (2,234) |
Goodwill, Ending balance | 13,823 |
Real Estate [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | $ 5,224 |
Foreign currency translation adjustment | |
Goodwill, Ending balance | $ 5,224 |
Goodwill And Intangible Asset50
Goodwill And Intangible Assets (Summary Of Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 34,684 | $ 31,827 |
Less: Accumulated amortization | (24,337) | (20,341) |
Net intangible assets | 10,347 | 11,486 |
Beneficial Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 26,738 | 24,150 |
Less: Accumulated amortization | (19,687) | (15,989) |
Net intangible assets | 7,051 | 8,161 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 7,254 | 7,254 |
Less: Accumulated amortization | (4,207) | (3,929) |
Net intangible assets | 3,047 | 3,325 |
Other Amortization [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 692 | 423 |
Less: Accumulated amortization | (443) | $ (423) |
Net intangible assets | $ 249 |
Goodwill And Intangible Asset51
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization | $ 398 | $ 345 | $ 1,223 | $ 1,400 |
Beneficial Lease Amortization [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization | 191 | 187 | 574 | 633 |
Other Amortization [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization | $ 207 | $ 158 | $ 649 | $ 767 |
Prepaid And Other Assets (Summa
Prepaid And Other Assets (Summary Of Prepaid And Other Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Prepaid And Other Assets [Abstract] | ||
Prepaid expenses | $ 1,311 | $ 1,166 |
Prepaid taxes | 688 | 855 |
Prepaid rent | 905 | 1,033 |
Deposits | 369 | 369 |
Other | 3 | |
Total prepaid and other current assets | 3,273 | 3,426 |
Other non-cinema and non-rental real estate assets | 1,134 | 1,134 |
Long-term deposits | 69 | 97 |
Deferred financing costs, net | 1,967 | 2,515 |
Straight-line rent | 2,044 | 2,547 |
Other | 57 | 20 |
Total non-current assets | $ 5,271 | $ 6,313 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Net deferred tax asset, current | $ 2,760 | $ 6,300 | |
Net deferred tax asset, noncurrent | 17,487 | $ 15,967 | |
Accrued income taxes | 11,500 | ||
Accrued income taxes, current | 4,400 | ||
Non-current tax liabilities | 7,100 | ||
Income taxes paid | 6,665 | $ 5,178 | |
Accrued income taxes, current judgment | $ 2,700 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Reconciliation Items) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Income Taxes [Abstract] | |||||
Expected tax provision | $ 315 | $ 1,838 | $ 8,436 | $ 4,630 | |
Change in valuation allowance, other | 810 | (1,611) | 38 | (4,019) | |
Foreign tax provision | 42 | 770 | 117 | 3,450 | |
Foreign withholding tax provision | 156 | 146 | 492 | 435 | |
Reversal of tax expense on undistributed foreign earnings | (3,394) | ||||
Tax effect of foreign tax rates on current income | (741) | (227) | (1,035) | (611) | |
State and local tax provision | (81) | 2 | 265 | 257 | |
Tax litigation settlement | 180 | 394 | 540 | 605 | |
Tax litigation settlement adjustment | (164) | (854) | |||
Actual tax provision (benefit) | $ 517 | $ 1,312 | $ 4,605 | [1] | $ 4,747 |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation. |
Debt (New Zealand Corporate Cre
Debt (New Zealand Corporate Credit Facility) (Narrative) (Details) $ in Thousands, NZD in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015NZDitem | Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($) | [2] | |||
New Zealand Westpac Corporate Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Contractual facility | NZD 50 | $ 31,950 | [1] | $ 21,829 | ||
Interest rate | 1.75% | 1.75% | ||||
Maturity date | Mar. 31, 2018 | [1] | Mar. 31, 2018 | [1] | Mar. 31, 2015 | |
Number of tranches | 2 | 2 | ||||
New Zealand Corporate Credit Facility, Tranch 1 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Contractual facility | NZD 35 | $ 22,400 | ||||
New Zealand Corporate Credit Facility, Tranch 2 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Contractual facility | NZD 15 | $ 9,600 | ||||
[1] | The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of September 30, 2015. | |||||
[2] | The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2014. |
Debt (US Union Square Non-Revol
Debt (US Union Square Non-Revolving Line Of Credit) (Narrative) (Details) - US Union Square Line Of Credit [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Debt Instrument [Line Items] | |
Contractual facility | $ 8,000 |
Interest rate | 2.95% |
Maturity date | Jun. 2, 2017 |
Debt (Summary Of Notes Payable)
Debt (Summary Of Notes Payable) (Details) $ in Thousands, NZD in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015NZD | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | ||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 145,718 | $ 164,036 | ||||
Trust Preferred Securities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Apr. 30, 2027 | Apr. 30, 2027 | Apr. 30, 2027 | |||
Contractual facility | $ 27,913 | $ 27,913 | ||||
Notes payable | $ 27,913 | $ 27,913 | ||||
Stated interest rate | 4.30% | 4.30% | 4.23% | |||
Effective interest rate | 5.20% | [1] | 5.20% | [2] | ||
US Bank Of America Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Nov. 28, 2019 | Nov. 28, 2019 | Nov. 28, 2019 | |||
Contractual facility | $ 55,000 | $ 55,000 | ||||
Notes payable | $ 29,750 | $ 29,750 | ||||
Stated interest rate | 2.69% | 2.69% | 2.67% | |||
Effective interest rate | 3.65% | [1] | 3.65% | [2] | ||
US Bank Of America Line Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Oct. 31, 2017 | Oct. 31, 2017 | Oct. 31, 2017 | |||
Contractual facility | $ 5,000 | $ 5,000 | ||||
Stated interest rate | 3.19% | 3.19% | 3.17% | |||
Effective interest rate | 3.19% | [1] | 3.17% | [2] | ||
US Cinema 1, 2, 3 Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Jul. 1, 2016 | Jul. 1, 2016 | Jul. 1, 2016 | |||
Contractual facility | $ 15,000 | $ 15,000 | ||||
Notes payable | $ 15,000 | $ 15,000 | ||||
Stated interest rate | 3.75% | 3.75% | 3.69% | |||
Effective interest rate | 3.75% | [1] | 3.69% | [2] | ||
US Cinemas 1, ,2, 3 Line Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Jul. 1, 2016 | Jul. 1, 2016 | Jul. 1, 2016 | |||
Contractual facility | $ 6,000 | $ 6,000 | ||||
Stated interest rate | 3.75% | 3.75% | 3.69% | |||
Effective interest rate | 3.69% | [1] | 3.69% | [2] | ||
Minetta and Orpheum Theatres Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Jun. 1, 2018 | Jun. 1, 2018 | Jun. 1, 2018 | |||
Contractual facility | $ 7,500 | $ 7,500 | ||||
Notes payable | $ 7,500 | $ 7,500 | ||||
Stated interest rate | 3.00% | 3.00% | 2.94% | |||
Effective interest rate | 3.00% | [1] | 2.94% | [2] | ||
US Union Square Line Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Jun. 2, 2017 | Jun. 2, 2017 | ||||
Contractual facility | $ 8,000 | |||||
Notes payable | $ 8,000 | |||||
Stated interest rate | 3.28% | 3.28% | ||||
Effective interest rate | 3.28% | [1] | ||||
US Union Square Theatre Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | May 1, 2015 | |||||
Contractual facility | $ 7,500 | |||||
Notes payable | $ 6,468 | |||||
Stated interest rate | 5.92% | |||||
Effective interest rate | 5.92% | [2] | ||||
NAB Australian Corporate Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Jun. 30, 2019 | [3] | Jun. 30, 2019 | [3] | Jun. 30, 2019 | [4] |
Contractual facility | $ 39,663 | [3] | $ 47,403 | [4] | ||
Notes payable | $ 39,663 | [3] | $ 47,403 | [4] | ||
Stated interest rate | 4.45% | [3] | 4.45% | [3] | 5.04% | [4] |
Effective interest rate | 7.85% | [1],[3] | 7.85% | [2],[4] | ||
NAB Australian Corporate Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Jun. 30, 2019 | [3] | Jun. 30, 2019 | [3] | Jun. 30, 2019 | [4] |
Contractual facility | $ 7,020 | [3] | $ 8,173 | [4] | ||
Notes payable | $ 8,173 | [4] | ||||
Stated interest rate | 4.45% | [3] | 4.45% | [3] | 5.04% | [4] |
Effective interest rate | 4.45% | [1],[3] | 5.04% | [2],[4] | ||
New Zealand Westpac Corporate Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Mar. 31, 2018 | [3] | Mar. 31, 2018 | [3] | Mar. 31, 2015 | [4] |
Contractual facility | NZD 50 | $ 31,950 | [3] | $ 21,829 | [4] | |
Notes payable | $ 17,892 | [3] | $ 21,829 | [4] | ||
Stated interest rate | 4.65% | [3] | 4.65% | [3] | 5.80% | [4] |
Effective interest rate | 4.65% | [1],[3] | 5.80% | [2],[4] | ||
[1] | Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities, Bank of America Credit Facility and NAB Corporate Term Loan that were outstanding as of September 30, 2015 | |||||
[2] | Effective interest rate includes the impact of interest rate derivatives hedging interest rate risk associated with Trust Preferred Securities, Bank of America Credit Facility and NAB Corporate Term Loan. | |||||
[3] | The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of September 30, 2015. | |||||
[4] | The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2014. |
Other Liabilities (Narrative) (
Other Liabilities (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Aug. 29, 2014 | |
Other Liabilities [Line Items] | ||||||
Accrued pension costs | $ 6,362,000 | $ 6,362,000 | $ 6,740,000 | $ 7,500,000 | ||
Service cost | 0 | $ 0 | 0 | $ 0 | ||
Interest cost | 45,007 | 52,000 | 135,020 | 209,000 | ||
Actuarial loss (gain) | (51,000) | $ (215,000) | (155,000) | $ (686,000) | ||
Benefit obligation | $ 10,300,000 | $ 10,300,000 | ||||
Discount rate | 4.25% | 4.25% | ||||
Discount term | 15 years | |||||
Monthly estate payment amount | $ 56,944 | $ 56,944 | ||||
Discounted value | 2,800,000 | 2,800,000 | ||||
Accumulated prior service cost | 3,100,000 | $ 3,100,000 | ||||
Accumulated prior service cost amortization period | 15 years | |||||
Accrued pension costs included in other liabilities | $ 7,700,000 | $ 7,700,000 | ||||
Supplemental Executive Retirement Plans [Member] | ||||||
Other Liabilities [Line Items] | ||||||
Accrued pension costs | $ 7,600,000 |
Other Liabilities (Summary Of O
Other Liabilities (Summary Of Other Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Aug. 29, 2014 |
Other Liabilities [Abstract] | |||
Lease liability | $ 5,900 | $ 5,900 | |
Security deposit payable | 202 | 202 | |
Accrued pension | 1,368 | 855 | |
Interest rate swap | 962 | ||
Other | 69 | 12 | |
Other Liabilities, Current, Total | 8,501 | 6,969 | |
Straight-line rent liability | 10,737 | 9,246 | |
Foreign withholding taxes | 7,217 | 7,016 | |
Accrued pension | 6,362 | 6,740 | $ 7,500 |
Lease make-good provision | 4,201 | 4,977 | |
Deferred Revenue - Real Estate | 4,541 | 5,083 | |
Environmental reserve | 1,656 | 1,656 | |
Interest rate swap | 520 | 2,177 | |
Acquired leases | 959 | 1,265 | |
Other | 2,915 | 2,417 | |
Other liabilities | $ 39,108 | $ 40,577 |
Commitments And Contingencies (
Commitments And Contingencies (Details) NZD in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015NZD | Sep. 30, 2015USD ($) | Dec. 31, 2014NZD | Dec. 31, 2014USD ($) | |
Commitments And Contingencies [Abstract] | ||||
Total debt of unconsolidated joint ventures and entities | NZD 1,000 | $ 639 | NZD 760 | $ 592 |
Share of unconsolidated debt, based on ownership percentage | $ 213 | $ 197 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) | Sep. 30, 2015 |
Australia Country Cinemas, Pty Ltd [Member] | |
Ownership percentage by noncontrolling interest | 25.00% |
Shadow View Land And Farming LLC [Member] | |
Ownership percentage by noncontrolling interest | 50.00% |
Sutton Hill Properties [Member] | |
Ownership percentage by noncontrolling interest | 25.00% |
Noncontrolling Interests (Compo
Noncontrolling Interests (Components Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in consolidated subsidiaries | $ 4,371 | $ 4,612 |
Australia Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in consolidated subsidiaries | 344 | 410 |
Shadow View Land And Farming LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in consolidated subsidiaries | 1,952 | 2,000 |
Sutton Hill Properties [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in consolidated subsidiaries | $ 2,075 | $ 2,202 |
Noncontrolling Interests (Com63
Noncontrolling Interests (Components Of Income Attributable To Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Noncontrolling Interest [Line Items] | |||||
Net (income) loss attributable to noncontrolling interests | $ (54) | $ (60) | [1] | $ (23) | |
Australia Country Cinemas, Pty Ltd [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net (income) loss attributable to noncontrolling interests | 1 | $ 56 | 131 | 128 | |
Shadow View Land And Farming LLC [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net (income) loss attributable to noncontrolling interests | (9) | (22) | (66) | (49) | |
Sutton Hill Properties [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net (income) loss attributable to noncontrolling interests | $ (46) | $ (34) | $ (125) | $ (102) | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation. |
Noncontrolling Interests (Summa
Noncontrolling Interests (Summary Of Changes In Controlling And Noncontrolling Stockholders’ Equity 10Q) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Noncontrolling Interest [Line Items] | |||||
Equity, beginning balance | $ 132,298 | ||||
Net income (loss) | $ 327 | $ 3,939 | 19,436 | [1] | $ 8,458 |
Distributions to noncontrolling stockholders | (139) | (101) | |||
Accumulated other comprehensive loss | (37) | (42) | (59) | (14) | |
Equity, ending balance | 121,178 | 121,178 | |||
Controlling Stockholder's Equity [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Equity, beginning balance | 127,686 | 117,140 | |||
Net income (loss) | 19,496 | 8,481 | |||
Increase in additional paid in capital | 2,242 | 1,062 | |||
Treasury stock purchased | (4,942) | (2,342) | |||
Accumulated other comprehensive loss | (27,675) | (3,957) | |||
Equity, ending balance | 116,807 | 120,385 | 116,807 | 120,385 | |
Noncontrolling Stockholders' Equity [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Equity, beginning balance | 4,612 | 4,607 | |||
Net income (loss) | (60) | (23) | |||
Contributions from noncontrolling stockholders - SHP | 17 | 327 | |||
Distributions to noncontrolling stockholders | (139) | (101) | |||
Accumulated other comprehensive loss | (59) | (14) | |||
Equity, ending balance | 4,371 | 4,796 | 4,371 | 4,796 | |
Total Stockholders' Equity [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Equity, beginning balance | 132,298 | 121,747 | |||
Net income (loss) | 19,436 | 8,458 | |||
Increase in additional paid in capital | 2,242 | 1,062 | |||
Treasury stock purchased | (4,942) | (2,342) | |||
Contributions from noncontrolling stockholders - SHP | 17 | 327 | |||
Distributions to noncontrolling stockholders | (139) | (101) | |||
Accumulated other comprehensive loss | (27,734) | (3,971) | |||
Equity, ending balance | $ 121,178 | $ 125,180 | $ 121,178 | $ 125,180 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation. |
Equity And Stock-Based Compen65
Equity And Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | May. 16, 2014 | May. 14, 2004 | |
Equity And Stock-Based Compensation [Line Items] | ||||||||||
Grant date fair value of options vesting | $ 75,428 | $ 34,000 | $ 208,831 | $ 102,000 | ||||||
Unrecognized estimated compensation cost related to non-vested stock options granted | 653,626 | $ 653,626 | ||||||||
Recognition period of unrecognized compensation cost | 1 year 10 months 10 days | |||||||||
Intrinsic unrealized value of all options outstanding, vested and expected to vest | 2,300,000 | $ 2,300,000 | ||||||||
Percentage of option currently exercisable | 58.30% | |||||||||
May 2014 Stock Repurchase Plan [Member] | ||||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 10,000,000 | |||||||||
Repurchase program, shares authorized | 350,000 | |||||||||
Repurchased program, amount repurchased | $ 7,200,000 | |||||||||
Repurchase program, average price per share | $ 12.92 | |||||||||
Repurchase program, remaining amount authorized | $ 2,800,000 | $ 2,800,000 | ||||||||
Class A Nonvoting Common Stock [Member] | ||||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||||
Stock issued | 0 | 0 | 0 | 0 | ||||||
Options exercised | 336,100 | |||||||||
Common Stock authorized for issuance under 2010 Stock Incentive Plan | 1,250,000 | 1,250,000 | ||||||||
Common Stock shares remaining for future issuances | 663,800 | 663,800 | ||||||||
Class A Nonvoting Common Stock [Member] | Executive Officer [Member] | ||||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||||
Stock issued | 160,643 | 125,209 | ||||||||
Class A Nonvoting Common Stock [Member] | Employee/Director [Member] | ||||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||||
Realized value of option exercised | $ 1,700,000 | |||||||||
Cash received from exercise of stock options | $ 2,700,000 | |||||||||
Minimum [Member] | ||||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||||
Vesting period of stock options | 0 years | |||||||||
Maximum [Member] | ||||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||||
Vesting period of stock options | 4 years |
Equity And Stock-Based Compen66
Equity And Stock-Based Compensation (Schedule Of Fair Value Of Options, Weighted Average Assumptions) (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Based Compensation And Employee Stock Option Plan [Abstract] | ||
Stock option exercise price | $ 13.30 | $ 7.40 |
Risk-free interest rate | 2.23% | 2.88% |
Expected option life | 4 years | 10 years |
Expected volatility | 31.86% | 30.65% |
Weighted average fair value | $ 3.82 | $ 2.46 |
Equity And Stock-Based Compen67
Equity And Stock-Based Compensation (Schedule Of Stock Options Outstanding And Exercisable) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Equity And Stock-Based Compensation [Line Items] | |||||||
Weighted Average Exercise Price of Options Outstanding, Granted | $ 13.30 | $ 7.40 | |||||
Weighted average remaining contractual life of all options outstanding, vested, and expected to vest | 3 years 3 months 11 days | 3 years 2 months 23 days | 3 years 18 days | 2 years 5 months 9 days | |||
Weighted average remaining contractual life of the exercisable options outstanding | 2 years 7 months 24 days | 2 years 4 months 28 days | 2 years 7 months 21 days | 3 years 1 month 10 days | |||
Class A [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Common Stock Options Outstanding, Beginning balance | 538 | 532 | 568 | 568 | |||
Common Stock Options Outstanding, Granted | 100 | 12 | |||||
Common Stock Options Outstanding, Exercised | (10) | (90) | (48) | ||||
Common Stock Options Outstanding, Forfeited | (4) | (4) | |||||
Common Stock Options Outstanding, Ending balance | 524 | 538 | 532 | 524 | 568 | ||
Weighted Average Exercise Price of Options Outstanding, Beginning price | $ 8.49 | $ 7.01 | $ 6.88 | $ 6.88 | |||
Weighted Average Exercise Price of Options Outstanding, Granted | 13.42 | 12.34 | |||||
Weighted Average Exercise Price of Options Outstanding, Exercised | 8.35 | 5.29 | 6.87 | ||||
Weighted Average Exercise Price of Options Outstanding, Forfeited | 6.23 | 6.23 | |||||
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 8.51 | $ 8.49 | $ 7.01 | $ 8.51 | $ 6.88 | ||
Common Stock Exercisable Options, Outstanding Beginning balance | 253 | 314 | 348 | 348 | |||
Common Stock Exercisable Options Outstanding, Granted | 13 | 31 | 13 | ||||
Common Stock Exercisable Options Outstanding, Exercised | (10) | (89) | (47) | ||||
Common Stock Exercisable Options Outstanding, Forfeited | (2) | (3) | |||||
Common Stock Exercisable Options, Outstanding Ending balance | 254 | 253 | 314 | 254 | 348 | ||
Weighted Average Price of Exercisable Options, Outstanding Beginning balance | $ 7.56 | $ 7.02 | $ 6.82 | $ 6.82 | |||
Weighted Average Price of Exercisable Options, Outstanding Ending balance | $ 7.46 | $ 7.56 | $ 7.02 | $ 7.46 | $ 6.82 | ||
Class B [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Common Stock Options Outstanding, Beginning balance | 100 | 185 | 185 | 185 | |||
Common Stock Options Outstanding, Exercised | (100) | (85) | |||||
Common Stock Options Outstanding, Ending balance | 100 | 185 | 185 | ||||
Weighted Average Exercise Price of Options Outstanding, Beginning price | $ 10.24 | $ 9.90 | $ 9.90 | $ 9.90 | |||
Weighted Average Exercise Price of Options Outstanding, Exercised | $ 10.24 | 9.51 | |||||
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 10.24 | $ 9.90 | $ 9.90 | ||||
Common Stock Exercisable Options, Outstanding Beginning balance | 100 | 185 | 185 | 185 | |||
Common Stock Exercisable Options Outstanding, Exercised | (100) | [1] | (85) | ||||
Common Stock Exercisable Options, Outstanding Ending balance | 100 | 185 | 185 | ||||
Weighted Average Price of Exercisable Options, Outstanding Beginning balance | $ 10.24 | $ 9.90 | $ 9.90 | $ 9.90 | |||
Weighted Average Price of Exercisable Options, Outstanding Ending balance | $ 10.24 | $ 9.90 | $ 9.90 | ||||
[1] | The 100,000 Class B common stock options were exercised by a trust owned by the beneficial owners of the Company. |
Derivative Instruments (Set For
Derivative Instruments (Set Forth Terms Of Interest Rate Swap And Cap Derivative Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Notional amount | $ 101,146 | $ 112,860 |
Other assets | 4 | |
Other current liabilities | 962 | |
Other long-term liabilities | 520 | 2,177 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | 93,646 | 105,360 |
Other current liabilities | 962 | |
Other long-term liabilities | 520 | 2,153 |
Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Notional amount | 7,500 | 7,500 |
Other assets | $ 4 | |
Other long-term liabilities | $ 24 |
Derivative Instruments (Summary
Derivative Instruments (Summary Of Unrealized Gains/Losses In The Financial Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments [Abstract] | ||||
Net unrealized gains on interest rate derivatives | $ 239 | $ 958 | $ 698 | $ 1,028 |
Fair Value Of Financial Instr70
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value Of Financial Instruments [Abstract] | ||
Transfers of assets and liabilities between level 1, 2, 3 | $ 0 | $ 0 |
Fair Value Of Financial Instr71
Fair Value Of Financial Instruments (Schedule Of Assets and Liabilities Carried and Measured At Fair Value) (Details) - Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Investments | $ 43 | $ 54 |
Assets, Derivatives | 4 | |
Liabilities, Derivatives | (1,482) | (2,177) |
Total recorded at fair value | (1,435) | (2,123) |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Investments | 43 | 54 |
Total recorded at fair value | 43 | 54 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Derivatives | 4 | |
Liabilities, Derivatives | (1,482) | (2,177) |
Total recorded at fair value | $ (1,478) | $ (2,177) |
Fair Value Of Financial Instr72
Fair Value Of Financial Instruments (Schedule Of Fair Value Carried At Cost And Measured On Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable | $ 116,740 | $ 116,115 |
Subordinated debt | 13,166 | 10,196 |
Financial liabilities total | 129,906 | 126,311 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable | 116,740 | 116,115 |
Subordinated debt | 13,166 | 10,196 |
Financial liabilities total | 129,906 | 126,311 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable | 117,805 | 136,123 |
Subordinated debt | 27,913 | 27,913 |
Financial liabilities total | $ 145,718 | $ 164,036 |