Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 10, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
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 | 21,296,438 | |
Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 1,680,590 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 8,668 | $ 13,668 |
Receivables | 8,922 | 13,050 |
Inventories | 1,342 | 1,432 |
Prepaid and other current assets | 6,713 | 5,325 |
Total Current Assets | 25,645 | 33,475 |
Operating property, net | 269,578 | 264,724 |
Investment and development properties, net | 66,944 | 61,254 |
Investment in unconsolidated joint ventures | 5,283 | 5,304 |
Goodwill | 20,383 | 20,276 |
Intangible assets, net | 8,227 | 8,542 |
Deferred tax assets, net | 24,834 | 24,908 |
Other assets | 5,661 | 4,543 |
Total Assets | 426,555 | 423,026 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued liabilities | 27,101 | 34,359 |
Film rent payable | 7,708 | 13,511 |
Debt – current portion | 10,544 | 8,109 |
Taxes payable - current | 3,031 | 2,938 |
Deferred current revenue | 8,276 | 9,850 |
Other current liabilities | 9,515 | 11,679 |
Total Current Liabilities | 66,175 | 80,446 |
Debt – long-term portion | 108,322 | 94,862 |
Subordinated debt, net | 27,564 | 27,554 |
Noncurrent tax liabilities | 12,186 | 12,274 |
Other liabilities | 28,553 | 26,649 |
Total Liabilities | 242,800 | 241,785 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Nonvoting preferred stock, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at March 31, 2018 and December 31, 2017 | ||
Additional paid-in capital | 146,236 | 145,898 |
Retained earnings | 35,920 | 32,679 |
Treasury shares | (23,223) | (22,906) |
Accumulated other comprehensive income | 20,241 | 20,991 |
Total Reading International, Inc. stockholders' equity | 179,423 | 176,910 |
Noncontrolling Interests | 4,332 | 4,331 |
Total Stockholders' Equity | 183,755 | 181,241 |
Total Liabilities and Stockholders’ Equity | 426,555 | 423,026 |
Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 232 | 231 |
Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 17 | $ 17 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
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 | 33,082,295 | 33,019,565 |
Common stock, shares outstanding | 21,295,031 | 21,251,291 |
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 | 1,680,590 |
Common stock, shares outstanding | 1,680,590 | 1,680,590 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | [1] | |
Revenues | |||
Revenue | $ 75,822 | $ 69,454 | |
Costs and Expenses | |||
Cinema | (54,948) | (51,782) | |
Real estate | (2,384) | (2,036) | |
Depreciation and amortization | (5,250) | (3,934) | |
General and administrative | (7,597) | (6,174) | |
Total costs and expenses | (70,179) | (63,926) | |
Operating Income | 5,643 | 5,528 | |
Interest expense, net | (1,594) | (1,860) | |
Other income (expense) | (82) | 821 | |
Income before income tax expense and equity earnings of unconsolidated joint ventures | 3,967 | 4,489 | |
Equity earnings of unconsolidated joint ventures | 257 | 255 | |
Income before income taxes | 4,224 | 4,744 | |
Income tax expense | (1,155) | (1,703) | |
Net Income | 3,069 | 3,041 | |
Less: net income attributable to noncontrolling interests | 22 | 12 | |
Net Income attributable to Reading International, Inc. common shareholders | $ 3,047 | $ 3,029 | |
Basic income per share attributable to Reading International, Inc. shareholders | $ 0.13 | $ 0.13 | |
Diluted income per share attributable to Reading International, Inc. shareholders | $ 0.13 | $ 0.13 | |
Weighted average number of shares outstanding-basic | 22,967,237 | 23,168,351 | |
Weighted average number of shares outstanding-diluted | 23,132,989 | 23,465,176 | |
Cinema [Member] | |||
Revenues | |||
Revenue | $ 72,255 | $ 66,560 | |
Real Estate Revenue [Member] | |||
Revenues | |||
Revenue | $ 3,567 | $ 2,894 | |
[1] | Certain prior year balances have been reclassified to conform to the 2018 presentation (see Note 2 - Summary of Significant Accounting Policies - Reclassifications). |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | [1] | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 3,069 | $ 3,041 | |
Foreign currency translation (loss) gain | (803) | 5,826 | |
Other | 50 | 48 | |
Comprehensive income | 2,316 | 8,915 | |
Less: net income attributable to noncontrolling interests | 22 | 12 | |
Less: comprehensive (loss) income attributable to noncontrolling interests | (3) | 13 | |
Comprehensive income attributable to Reading International, Inc. | $ 2,297 | $ 8,890 | |
[1] | Certain prior year balances have been reclassified to conform to the 2018 presentation (see Note 2 - Summary of Significant Accounting Policies - Reclassifications). |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Operating Activities | |||
Net income | $ 3,069 | $ 3,041 | [1] |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity earnings of unconsolidated joint ventures | (257) | (255) | [1] |
Distributions of earnings from unconsolidated joint ventures | 236 | 220 | |
Gain recognized on foreign currency transactions | (825) | ||
Change in net deferred tax assets | 157 | 577 | |
Depreciation and amortization | 5,250 | 3,934 | |
Other amortization | 224 | 532 | |
Share-based compensation expense | 379 | 166 | |
Net changes in operating assets and liabilities: | |||
Receivables | 3,205 | 2,215 | |
Prepaid and other assets | (2,259) | (1,504) | |
Payments for accrued pension | (2,404) | ||
Accounts payable and accrued expenses | 1,997 | (5,426) | |
Film rent payable | (5,790) | (1,710) | |
Taxes payable | 150 | 44 | |
Deferred revenue and other liabilities | (1,505) | (698) | |
Net cash provided by operating activities | 2,452 | 311 | |
Investing Activities | |||
Demolition costs of operating property | (2,458) | ||
Purchases of and additions to operating and investment properties | (23,231) | (8,478) | |
Change in restricted cash | (260) | 12 | |
Net cash used by investing activities | (23,491) | (10,924) | |
Financing Activities | |||
Repayment of long-term borrowings | (9,707) | (12,875) | |
Proceeds from borrowings | 25,998 | 16,119 | |
Repurchase of Class A Nonvoting Common Stock | (317) | (671) | |
Proceeds from exercise of stock options | 203 | 3 | |
Noncontrolling interest contributions | 27 | 41 | |
Noncontrolling interest distributions | (43) | (77) | |
Net cash/provided by financing activities | 16,161 | 2,540 | |
Effect of exchange rate changes on cash and cash equivalents | (122) | 87 | |
Net decrease in cash and cash equivalents | (5,000) | (7,986) | |
Cash and cash equivalents at January 1 | 13,668 | 19,017 | |
Cash and cash equivalents at March 31 | 8,668 | 11,031 | |
Supplemental Disclosures | |||
Interest paid | 2,121 | 1,658 | |
Income taxes paid | 808 | $ 1,408 | |
Non-Cash Transactions | |||
Additions to operating and investing properties through accrued expenses | $ 4,530 | ||
[1] | Certain prior year balances have been reclassified to conform to the 2018 presentation (see Note 2 - Summary of Significant Accounting Policies - Reclassifications). |
Description Of Business And Seg
Description Of Business And Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Description Of Business And Segment Reporting [Abstract] | |
Description Of Business And Segment Reporting | Note 1 – Description of Business and Segment Reporting The Company 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 incorporated in 1999. Our businesses consist primarily of: · the development, lease or 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. Business Segments Reported below are the operating segments of the Company for which separate financial information is available and evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of the Company. As part of our real estate activities, we hold undeveloped land in urban and suburban centers in New Zealand and the United States. The table below summarizes the results of operations for each of our business segments for the quarter ended March 31, 2018 and 2017 , 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. Three Months Ended (Dollars in thousands) March 31, 2018 March 31, 2017 Revenue: Cinema exhibition $ 72,255 $ 66,560 Real estate 5,958 4,497 Inter-segment elimination (2,391) (1,603) $ 75,822 $ 69,454 Segment operating income: Cinema exhibition $ 10,285 $ 9,093 Real estate 1,631 1,294 $ 11,916 $ 10,387 A reconciliation of segment operating income to income before income taxes is as follows: Three Months Ended (Dollars in thousands) March 31, 2018 March 31, 2017 Segment operating income $ 11,916 $ 10,387 Unallocated corporate expense Depreciation and amortization expense (117) (106) General and administrative expense (6,156) (4,753) Interest expense, net (1,594) (1,860) Equity earnings of unconsolidated joint ventures 257 255 Other income (expense) (82) 821 Income before income tax expense $ 4,224 $ 4,744 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that the Company controls, and should be read in conjunction with the Company’s Annual Report on Form 10-K as of and for the year-ended December 31, 2017 (“2017 Form 10-K”). All significant intercompany balances and transactions have been eliminated on consolidation. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting with the instructions for 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 and recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the quarter ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include (i) projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles), (ii) valuations of our derivative instruments, (iii) recoverability of our deferred tax assets, (iv) estimation of breakage and redemption experience rates, which drive how we recognize breakage on our gift card and gift certificates, and revenue from our customer loyalty program, and (v) allocation of insurance proceeds to various recoverable components. Actual results may differ from those estimates. Reclassifications Certain reclassifications have been made in the March 31, 2017 comparative information in our consolidated financial statements and accompanying notes to conform to the 2018 presentation. These reclassifications relate to the following immaterial balances : (i) net-off of interest income against interest expense in our consolidated statements of income; and, (ii) combination of certain components in our consolidated statements of comprehensive income into one line, “Others”. Recently Adopted and Issued Accounting Pronouncements Adopted: ASU 2014-09 Revenue from Contracts with Customers: On 1 January 2018, we adopted the new accounting standard ASC 606 Revenue from Contracts with Customers using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income and cash flows from operations on an ongoing basis. Our cinema and food and beverage revenue continues to be recognized upon sale and completion of the provision of the movie or performance, or delivery of food and beverage items. Where necessary, revenue is deferred until these obligations are discharged. Property rentals continue to be recognized on a straight line basis, and live theatre license fees continue to be based on a percentage of weekly ticket sales. Under the new standard, rewards owed to and points accrued by Members of our customer loyalty programs are held as deferred revenue. Revenue from unredeemed gift cards and certificates (known as “breakage” in our industry) is recognized in proportion to the pattern of rights exercised by the customer, when the Company expects that it is probable that a significant revenue reversal would not occur for any estimated breakage amounts. The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASU 2014-09 Revenue from Contracts with Customers were as follows: (Dollars in thousands) Balance at December 31, 2017 Adjustments due to ASU 2014-09 Balance at January 1, 2018 Assets Deferred income taxes 24,908 (161) 24,747 Liabilities Deferred current revenue 9,850 (354) 9,496 Stockholders' Equity Retained earnings 32,679 194 32,873 In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated income statement and balance sheet was as follows: (Dollars in thousands) As Reported, March 31, 2018 Balances Without Adoption of ASC 606 Effect of change Higher / (Lower) Revenues Cinema 72,255 71,995 260 Income tax expense (1,155) (1,084) (71) Net income 3,047 2,858 189 (Dollars in thousands) As Reported Balances Without Adoption of ASC 606 Effect of change Higher / (Lower) Assets Deferred income taxes 24,834 24,905 (71) Liabilities Deferred current revenue 8,276 8,536 (260) Stockholders' Equity Retained earnings 35,920 35,731 189 Refer to Note 1: - D escription of the Business and Segment Reporting for a disaggregation of our revenue sources. Cinema Segment Sales of cinema tickets and food and beverage (“F&B”) revenue : recognized when sold and collected, either in cash or by credit card at our theatre locations and through our online selling channels. Sales of bulk or advanced tickets are deferred and recognized as revenue when the related screening for that ticket is shown. Gift Card/Certificate Programs: We run gift card and gift certificate programs in all three countries. Revenue from these programs is deferred and recognized when redeemed. From January 1, 2018, we recognize revenue on unredeemed cards and certificates using the proportional method, whereby breakage revenue is recognized in proportion to the pattern of rights exercised by the customer when the Company expects that it is probable that a significant revenue reversal would not occur for any estimated breakage amounts. This is based on a breakage ‘experience rate’, which is determined by historical redemption data. Loyalty revenue: We run a customer loyalty program in every country. From January 1, 2018, a component of revenue from Members of our Loyalty Programs relating to the earning of loyalty rewards is deferred until such a time as Members redeem rewards, or until we believe the likelihood of redemption by the Member is remote. Deferral is based on the progress made toward the next reward, the fair value of that reward, and the likelihood of redemption, determined by historical redemption data. Advertising revenue: recognized based on contractual arrangements or relevant admissions information, as appropriate. Real Estate Live Theatre License Fees: We lease theatre space to third party production companies. Revenue is recognized in accordance with the license agreement, and is recorded on a weekly basis after the performance of a show has occurred. Property Rentals : we contractually retain substantially all of the risks and benefits of ownership of our real estate properties and therefore, we account for our tenant leases as operating leases. Accordingly, rental revenue is recognized on a straight-line basis over the lease term. On January 1, 2018, the Company adopted ASU 2016-18, Statement of Cash Flows, Topic 230: Restricted Cash, a consensus of the FASB Emerging Issues Task Force . This new guidance requires that amounts generally described as restricted cash and cash equivalents should be combined with unrestricted cash and cash equivalents when reconciling the beginning and end of period balances on the statement of cash flows. This guidance has no material effect on our consolidated statement of cash flows. On January 1, 2018, the Company adopted ASU 2 016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments). The amendments covered in this ASU are improvements to current GAAP, as such amendments will provide guidance with respect to eight (8) specific cash flow classification issues, thereby reducing the current and potential future diversity in practice. Adoption of this guidance has no material effect on our consolidated statement of cash flows. On January 1, 2018, the Company adopted ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The amendments in this Update (i) require that an employer disaggregate the service cost component from the other components of net benefit cost, and (ii) provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and (iii) allow only the service cost component of net benefit cost to be eligible for capitalization. The new guidance has no material impact on our consolidated financial statements. Also, on January 1, 2018, the Company adopted ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This ASU provides that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the asset is not a “business”, thus reducing the number of transactions that need further evaluation for business combination. The new guidance has no material impact on our current consolidated financial statements, and we do not expect the ASU 2017-01 to be applicable to our consolidated financial statements in the near term unless we enter into a definitive business acquisition transaction. On January 1, 2017, the Company adopted ASU 2016-09 , Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This new guidance, which became effective for fiscal years beginning after December 15, 2016, provides for the simplification of several aspects of the accounting for share-based payment transactions, including (i) accounting for tax benefits in excess of compensation cost and tax deficiencies, (ii) accounting for forfeitures, and (iii) classification on the statement of cash flows. The only significant impact of the adoption of this new guidance to us is the immediate recognition of excess tax benefits (or “windfalls”) and tax deficiencies (or “shortfalls”) in the consolidated statement of income. Previously, (i) tax windfalls were recorded in additional paid-in capital (“APIC”) in the consolidated statement of stockholders’ equity and (ii) tax shortfalls were recorded in APIC to the extent of previous windfalls and then to the consolidated statement of income. Issued: v ASUs Effective 2019 and Beyond · New Lease Accounting Model ( ASU 2016-02, Leases: Topic 842) This new guidance, which becomes effective for us by January 1, 2019, establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees with capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. While we are still evaluating the impact of our pending adoption of this new standard on our consolidated financial statements, we expect that upon adoption we will recognize ROU assets and lease liabilities and that the amounts could be material since a majority of our operating cinemas are leased. We have developed an implementation plan. Significant implementation matters that we are addressing include (i) assessment of lease population, (ii) determination of appropriate discount rate to use and (ii) assessment of renewal options to include in the initial lease term. While the Company is continuing to assess the effect of adoption, the Company currently believes the most significant changes relate to the recognition of new ROU assets and lease liabilities on its balance sheet for cinemas currently subject to operating leases. · Goodwill Impairment Simplification ( ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment) Issued by FASB in January 2017, this new guidance removes the second step of the two-step impairment test for measuring goodwill and is to be applied on a prospective basis only. The new guidance is effective for the Company on January 1, 2020, including interim periods within the year of adoption. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not anticipate the adoption of ASU 2017-04 to have a material impact on our consolidated financial statements. |
Operations In Foreign Currency
Operations In Foreign Currency | 3 Months Ended |
Mar. 31, 2018 | |
Operations In Foreign Currency [Abstract] | |
Operations In Foreign Currency | Note 3 – Operations in Foreign Currency We have significant assets in Australia and New Zealand. Historically, we have conducted our Australian and New Zealand operations (collectively “foreign operations”) on a self-funding basis where we use cash flows generated by our 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 (“AU$”) and New Zealand dollar (“NZ$”), respectively, to the U.S. dollar based on the exchange rate as of March 31, 2018 . The carrying value of the assets and liabilities of our foreign operations fluctuates as a 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. Likewise, historically, our overall operating strategy has been to conduct business mostly on a self-funding basis (except for funds used to pay an appropriate share of our U.S. corporate overhead). As such, we have not historically used derivative financial instruments to hedge against the risk of foreign currency exposure. However, in certain circumstances, we may decide to move funds between jurisdictions where circumstances encouraged us to do so from an overall economic standpoint. Going forward, particularly in light of recent tax law changes, we intend to take a more global view of our financial resources, and to be more flexible in making use of resources from one jurisdiction in other jurisdictions. As of December 31, 2016, we determined certain historically long-term intercompany loans from the U.S. Parent Company to our Australian subsidiary should be considered short-term. Subsequently, on September 1, 2017, we determined that the remaining AU$21.1 million in such long-term intercompany loans should be considered as short-term as well. This loan was paid in full on December 21, 2017. As a result of the above, we recognized foreign exchange gain on these intercompany advances based on the relative strengthening of the Australian dollar to the U.S. dollar in the amounts of $0 and $825,000 for the three months ended March 31, 2018 and March 2017 respectively in our Consolidated Statements of Income. Presented in the table below are the currency exchange rates for Australia and New Zealand: Foreign Currency / USD As of and for the quarter ended As of and for the twelve months ended As of and for the quarter ended March 31, 2018 December 31, 2017 March 31, 2017 Spot Rate Australian Dollar 0.7690 0.7815 0.7638 New Zealand Dollar 0.7239 0.7100 0.7001 Average Rate Australian Dollar 0.7861 0.7670 0.7584 New Zealand Dollar 0.7275 0.7111 0.7122 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
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: Three Months Ended (Dollars in thousands, except share data) March 31, 2018 March 31, 2017 Numerator: Net income attributable to RDI common stockholders $ 3,047 $ 3,029 Denominator: Weighted average number of common stock – basic 22,967,237 23,168,351 Weighted average dilutive impact of awards 165,752 296,825 Weighted average number of common stock – diluted 23,132,989 23,465,176 Basic EPS attributable to RDI common stockholders $ 0.13 $ 0.13 Diluted EPS attributable to RDI common stockholders $ 0.13 $ 0.13 Awards excluded from diluted EPS -- -- Our weighted average number of common stock - basic decreased primarily as a result of our repurchase of 386,462 shares of Class A Common Stock during the 12 months ended March 31, 2018, pursuant to our current stock repurchase program offset by the issuance of shares due to the exercise of share options and vesting of restricted stock units. |
Property And Equipment
Property And Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Property And Equipment [Abstract] | |
Property And Equipment | Note 5 – Property and Equipment Operating Property, net As of March 31, 2018 and December 31, 2017 , property associated with our operating activities is summarized as follows: March 31, December 31, (Dollars in thousands) 2018 2017 Land $ 76,125 $ 76,457 Building and improvements 152,350 153,232 Leasehold improvements 48,469 48,481 Fixtures and equipment 152,116 145,033 Construction-in-progress 29,477 26,000 Total cost 458,537 449,203 Less: accumulated depreciation (188,959) (184,479) Operating property, net $ 269,578 $ 264,724 Depreciation expense for operating property was $4.7 million for the quarter ended March 31, 2018 and $3.5 million for the quarter ended March 31, 2017 . Investment and Development Property, net As of March 31, 2018 and December 31, 2017 , our investment and development property is summarized below: March 31, December 31, (Dollars in thousands) 2018 2017 Land $ 25,283 $ 25,025 Building 1,900 1,900 Construction-in-progress (including capitalized interest) 39,761 34,329 Investment and development property $ 66,944 $ 61,254 Construction-in-Progress – Operating and Investing Properties Construction-in-Progress balances are included in both our operating and development properties. The balances of our major projects along with the movements for the three months ended March 31, 2018 are shown below: (Dollars in thousands) Balance, December 31, 2017 Additions during the period (1) Completed during the period Foreign currency translation Balance, March 31, 2018 Union Square development $ 29,223 $ 5,486 $ -- $ -- $ 34,709 Newmarket Property development 370 756 (636) (8) 482 Courtenay Central development 4,676 - -- 91 4,767 Cinema developments and improvements 19,015 5,123 (2,879) 54 21,313 Other real estate projects 7,045 1,020 -- (98) 7,967 Total $ 60,329 $ 12,385 $ (3,515) $ 39 $ 69,238 (1) Includes capitalized interest of $335,000 for the quarter ended March 31, 2018. Real Estate Transactions Sale of Landholding in Burwood, Australia On December 14, 2017, we received $28.1 million ( AU$36.6 million) representing the final payment with respect to the $50.6 million ( AU$64.9 million) sale price of our property in Burwood, Victoria, Australia. Previously, partial payments of $16.6 million ( AU$21.8 million) and $5.9 million ( AU$6.5 million) were received on June 19, 2017 and May 23, 2014. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures 10Q | 3 Months Ended |
Mar. 31, 2018 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Investments In Unconsolidated Joint Ventures | Note 6 – Investments in Unconsolidated Joint Ventures Our investments in unconsolidated joint ventures are accounted for under the equity method of accounting. The table below summarizes our active investment holdings in two (2) unconsolidated joint ventures as of March 31, 2018 and December 31, 2017 : March 31, December 31, (Dollars in thousands) Interest 2018 2017 Rialto Cinemas 50.0% $ 1,279 $ 1,186 Mt. Gravatt 33.3% 4,004 4,118 Total investments $ 5,283 $ 5,304 For the quarter ended March 31, 2018 and 2017 , the recognized share of equity earnings from our investments in unconsolidated joint ventures are as follows: Quarter Ended March 31, March 31, (Dollars in thousands) 2018 2017 Rialto Cinemas $ 70 $ 39 Mt. Gravatt 187 216 Total equity earnings $ 257 $ 255 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 . (Dollars in thousands) Cinema Real Estate Total Balance at December 31, 2017 $ 15,052 $ 5,224 $ 20,276 Foreign currency translation adjustment 107 -- 107 Balance at March 31, 2018 $ 15,159 $ 5,224 $ 20,383 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 during the fourth quarter of 2018. 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 March 31, 2018 , we were not aware of any events indicating potential impairment of goodwill had occurred. The tables below summarize intangible assets other than goodwill as of March 31, 2018 and December 31, 2017 , respectively. As of March 31, 2018 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 28,836 $ 7,255 $ 1,139 $ 37,230 Less: Accumulated amortization (23,511) (5,004) (488) (29,003) Net intangible assets other than goodwill $ 5,325 $ 2,251 $ 651 $ 8,227 As of December 31, 2017 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 28,860 $ 7,254 $ 1,139 $ 37,253 Less: Accumulated amortization (23,292) (4,936) (483) (28,711) Net intangible assets other than goodwill $ 5,568 $ 2,318 $ 656 $ 8,542 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 their estimated useful lives of up to 30 years (except for transferrable liquor licenses, which are indefinite-lived assets). The table below summarizes the amortization expense of intangible assets for the quarter ended March 31, 2018 . Quarter Ended March 31, March 31, (Dollars in thousands) 2018 2017 Beneficial lease amortization $ 207 $ 304 Other amortization 93 102 Total intangible assets amortization $ 300 $ 406 |
Prepaid And Other Assets
Prepaid And Other Assets | 3 Months Ended |
Mar. 31, 2018 | |
Prepaid And Other Assets [Abstract] | |
Prepaid And Other Assets | Note 8 – Prepaid and Other Assets Prepaid and other assets are summarized as follows: March 31, December 31, (Dollars in thousands) 2018 2017 Prepaid and other current assets Prepaid expenses $ 2,486 $ 1,625 Prepaid rent 1,101 1,055 Prepaid taxes 633 653 Income taxes receivable 2,187 1,686 Deposits 243 243 Investment in marketable securities 46 46 Restricted cash 17 17 Total prepaid and other current assets $ 6,713 $ 5,325 Other non-current assets Straight-line rent 3,421 2,564 Other non-cinema and non-rental real estate assets 1,134 1,134 Investment in Reading International Trust I 838 838 Long-term deposits 8 7 Long-term restricted cash 260 -- Total other non-current assets $ 5,661 $ 4,543 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | Note 9 – Income Taxes On December 22, 2017, the U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law. The Tax Act significantly changed the U.S. corporate income tax law by lowering the statutory corporate tax rate from 35% to 21% , imposing a one-time mandatory repatriation tax on earnings of foreign subsidiaries, and changing how foreign earnings are subject to U.S. tax. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, we made reasonable estimates of the effects and recorded provisional amounts in our financial statements as of December 31, 2017, pursuant to the guidance of the U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 118. We recorded income tax expense in 2017 for the impact of the Tax Act of approximately $13.0 million. This 2017 net amount is primarily comprised of $8.3 million from re-measurement of federal net deferred tax assets resulting from the reduction in the U.S. statutory corporate tax rate and a provisional amount of $4.7 million from the one-time mandatory repatriation tax on deferred earnings of our foreign subsidiaries. As we complete our analysis of the Tax Act, collect and prepare necessary data, and interpret any additional guidance issued by the U.S. Treasury Department and the IRS, we may make adjustments to the provisional amount. Those adjustments may materially impact our provision for income taxes in the period in which the adjustments are made. The accounting for the tax effects of the Tax Act will be completed in 2018. The interim provision for income taxes is different from the amount determined by applying the U.S. federal statutory rate to consolidated income before taxes. The differences are attributable to foreign tax rate differential, unrecognized tax benefits, and foreign tax credit. Our effective tax rate was 27.3% and 35.9% for the three months ended March 31, 2018 and 2017, respectively. The change between 2018 and 2017 is primarily related to the reduction of U.S. statutory corporate tax rate as the result of the Tax Act, foreign tax credit, partially offset by a change in the foreign tax rate differential. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt [Abstract] | |
Debt | Note 10 – Debt The Company’s borrowings at March 31, 2018 and December 31, 2017 , net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below: As of March 31, 2018 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (3) Stated Interest Rate Effective Interest Rate (1) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 27,564 5.77% 5.77% Bank of America Credit Facility (USA) November 28, 2019 55,000 31,000 31,000 4.88% 4.88% Bank of America Line of Credit (USA) October 31, 2019 5,000 -- -- 4.84% 4.84% Bank of America digital projector loan (USA) December 28, 2019 4,031 4,031 4,031 5.00% 5.00% Cinema 1, 2, 3 Term Loan (USA) (4) August 31, 2019 19,396 19,396 19,037 3.25% 3.25% Minetta & Orpheum Theatres Loan (USA) (4) June 1, 2018 7,500 7,500 7,488 4.44% 4.44% U.S. Corporate Office Term Loan (USA) (4) January 1, 2027 9,665 9,665 9,531 4.64% / 4.44% 4.61% Union Square Construction Financing (USA) (4) December 29, 2019 57,500 9,155 6,326 6.06% / 11.88% 6.79% Denominated in foreign currency ("FC") (2) NAB Corporate Term Loan (AU) June 28, 2019 51,139 41,525 41,453 3.78% 3.78% Westpac Bank Corporate (general/non-construction) Credit Facility (NZ) December 31, 2019 25,337 -- - 3.70% 3.70% Westpac Bank Corporate (construction) Credit Facility (NZ) December 31, 2018 13,030 -- -- 3.70% 3.70% $ 275,511 150,185 146,430 (1) Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of December 31, 2017 (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 March 31, 2018 . (3) Net of deferred financing costs amounting to $3.8 million. (4) The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016. As of March 31, 2018 an additional $1.2 million had been advanced . As of December 31, 2017 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (3) Stated Interest Rate Effective Interest Rate (1) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 27,554 5.38% 5.38% Bank of America Credit Facility (USA) November 28, 2019 55,000 31,000 31,000 4.57% 4.57% Bank of America Line of Credit (USA) October 31, 2019 5,000 -- -- 4.57% 4.57% Cinema 1, 2, 3 Term Loan (USA) September 1, 2019 19,500 19,500 19,105 3.25% 3.25% Minetta & Orpheum Theatres Loan (USA) June 1, 2018 7,500 7,500 7,470 4.13% 4.13% U.S. Corporate Office Term Loan (USA) (4) January 1, 2027 9,719 9,719 9,582 4.64% / 4.44% 4.61% Union Square Construction Financing (USA) December 29, 2019 57,500 8,000 5,033 5.81% 5.81% Denominated in FC (2) NAB Corporate Loan Facility (AU) June 30, 2019 51,970 30,869 30,781 3.66% 3.66% Westpac Bank Corporate (general/non-construction) Credit Facility (NZ) December 31, 2019 24,850 -- -- 3.70% 3.70% Westpac Bank Corporate (construction) Credit Facility (NZ) December 31, 2018 12,780 -- -- 3.70% 3.70% $ 271,732 $ 134,501 $ 130,525 (1) Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of December 31, 2017. (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 December 31, 2016. (3) Net of deferred financing costs amounting to $4.0 million. (4) The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc.. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016 . As of December 31, 2017 no further advances had been made under this financing agreement. Our loan arrangements are presented, net of the deferred financing costs, on the face of our consolidated balance sheet as follows: Dollars in thousands Balance Sheet Caption March 31, 2018 December 31, 2017 Debt - current portion $ 10,544 $ 8,109 Debt - long-term portion 108,322 94,862 Subordinated debt 27,564 27,554 Total borrowings $ 146,430 $ 130,525 Union Square Construction Financing On December 29, 2016, we closed on our new construction finance facilities totaling $57.5 million to fund the non-equity portion of the anticipated construction costs of the redevelopment of our property at 44 Union Square in New York City. The combined facilities consist of $50 million in aggregate loans (comprised of three loan tranches) from Bank of the Ozarks and a $7.5 million mezzanine loan from Tammany Mezz Investor, LLC, an affiliate of Fisher Brothers. At December 29, 2016, Bank of the Ozarks advanced $8.0 million to repay the then existing $8.0 million loan with East West Bank. As of March 31, 2018, an additional $1.2 million had been advanced under the mezzanine loan facility. Presented in the table below is the breakdown of the Union Square construction financing as of March 31, 2018: (Dollars in thousands) Facility Limits and Advances Financing Component Lender Facility Limit Advanced-to- Date Remaining Facility Interest Rate (1) Maturity Date (2) Mezzanine loan Tammany Mezz Investor LLC $ 7,500 $ 1,155 $ 6,345 Greater of (i) 10.50% and (ii) Adjusted LIBOR + 10% December 29, 2019 Senior loan, including building and project loan Bank of the Ozarks 50,000 8,000 42,000 Greater of (i) 4.75% and (ii) Adjusted LIBOR + 4.25% December 29, 2019 Total Union Square Financing $ 57,500 $ 9,155 $ 48,345 (1) Not to exceed the New York State maximum lawful borrowing rate, which typically is 16% . (2) Allowable for up to two (2) extension request options, one (1) year for each extension request. Cinema 1,2,3 Term Loan On August 31, 2016, Sutton Hill Properties LLC (“SHP”), a 75% subsidiary of RDI, refinanced its $15.0 million Santander Bank term loan with a different lender, Valley National Bank. This new $20.0 million loan is collateralized by our Cinema 1,2,3 property and bears an interest rate of 3.25% per annum, with principal instalments and accruing interest paid monthly. The new loan matures on September 1, 2019 , with a one-time option to extend the maturity date for another year. Bank of America Credit Facility On March 3, 2016, we amended our $55.0 million credit facility with Bank of America to permit real property acquisition loans. This amendment provides that the consolidated leverage ratio be reduced by 0.25% from the established levels in the credit facility during the period of such borrowing, with a repayment term based on the earlier of the eighteen months from the date of such borrowing or the maturity date of the credit agreement. Such modification was not considered substantial in accordance with U.S. GAAP. Bank of America Line of Credit In October 2016, the term of this line of credit was extended to October 31, 2019 . Such modification was not considered to be substantial under US GAAP. Westpac Bank Corporate Credit Facility On December 15, 2017, we extended the maturity of the 1 st tranche (general/non-construction credit line) of our Westpac Corporate Credit Facility to December 31, 2019 . Prior to this on April 26, 2017, we extended the maturity of our entire Westpac Corporate Credit Facility, $38.4 million ( NZ$53.0 million) to December 31, 2018 , from March 31, 2018 . We are currently working on a longer-term renewal of our Westpac Corporate Credit Facility which will replace the existing facility. U.S. Corporate Office Term Loan On December 13, 2016, we obtained a ten -year $8.4 million mortgage loan on our new Los Angeles Corporate Headquarters at a fixed annual interest rate of 4.64% . This loan provided for a second loan upon completion of certain improvements. On June 26, 2017, we obtained a further $1.5 million under this provision at a fixed annual interest rate of 4.44% . Bank of America Digital Projector Loan On February 5, 2018, we purchased our U.S. cinema projectors, which had previously been held on operating leases, using a $4.6 million loan from Bank of America. This loan carries an interest rate of 5% . |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Other Liabilities [Abstract] | |
Other Liabilities | Note 11 – Other Liabilities Other liabilities are summarized as follows: (Dollars in thousands) March 31, 2018 December 31, 2017 Current liabilities Lease liability $ 5,900 $ 5,900 Liability for demolition costs 2,836 2,781 Accrued pension 684 2,907 Security deposit payable 76 91 Other 19 -- Other current liabilities $ 9,515 $ 11,679 Other liabilities Straight-line rent liability $ 15,529 $ 13,444 Lease make-good provision 5,687 5,648 Accrued pension 5,047 5,228 Environmental reserve 1,656 1,656 Deferred revenue - real estate 16 18 Acquired leases 163 186 Other 455 469 Other liabilities $ 28,553 $ 26,649 On August 29, 2014, the Supplemental Executive Retirement Plan (“SERP”) that has been effective since March 1, 2007, was ended and replaced in accordance with the terms of a pension annuity. As a result of the termination of the SERP program, the accrued pension liability of $7.6 million was reversed and replaced with this pension annuity liability of $7.5 million. The valuation of the liability is based on the present value of $10.2 million discounted at a rate of 4.25% over a 15 - year term, resulting in a monthly payment of $57,000 . The discount rate of 4.25% has been applied since 2014 to determine the net periodic benefit cost and plan benefit obligation and is expected to be used in future years. The discounted value of $2.7 million (which is the difference between the estimated payout of $10.2 million and the present value of $7.5 million) as of August 29, 2014 will be amortized and expensed based on the 15-year 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. In February 2018 we made a payment of $2.4 million relating to the annuity representing payments for the 42 months outstanding at the time. Monthly ongoing payments of $57,000 are now being made. As a result of the above, included in our current and non-current liabilities are accrued pension costs of $5.7 million at March 31, 2018 . The benefits of our pension plans are fully vested and therefore no service costs were recognized for the quarter ended March 31, 2018 and 2017 . Our pension plans are unfunded. During the quarter ended March 31, 2018, the interest cost was $45,000 and actuarial loss was $52,000 . During the quarter ended March 31, 2017, the interest cost was $45,000 , and actuarial loss was $52,000 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | Note 12 – Accumulated Other Comprehensive Income The following table summarizes the changes in each component of accumulated other comprehensive income attributable to RDI: (Dollars in thousands) Foreign Currency Items Unrealized Gain (Losses) on Available-for-Sale Investments Accrued Pension Service Costs Total Balance at January 1, 2018 $ 23,575 $ 8 $ (2,592) $ 20,991 Net current-period other comprehensive (loss) income (800) (2) 52 (750) Balance at March 31, 2018 $ 22,775 $ 6 $ (2,540) $ 20,241 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 13 – Commitments and Contingencies Litigation General We are currently involved in certain legal proceedings and, as required, have accrued estimates of probable and estimable losses for the resolution of these claims, including legal costs. · Where we are the plaintiffs , we accrue legal fees as incurred on an on-going basis and make no provision for any potential settlement amounts until received. In Australia, the prevailing party is usually entitled to recover its attorneys’ fees, which recoveries typically work out to be approximately 60% of the amounts actually spent where first-class legal counsel is engaged at customary rates. Where we are a plaintiff, we have likewise made no provision for the liability for the defendant’s attorneys' fees in the event we are determined not to be the prevailing party. · Where we are the defendants , we accrue for probable damages that insurance may not cover as they become known and can be reasonably estimated. In our opinion, any claims and litigation in which we are currently involved are not reasonably likely to have a material adverse effect on our business, results of operations, financial position, or liquidity. I t is possible, however, that future results of the operations for any particular quarterly or annual period could be materially affected by the ultimate outcome of the legal proceedings. From time-to-time, we are involved with claims and lawsuits arising in the ordinary course of our business that may include contractual obligations, insurance claims, tax claims, employment matters, and anti-trust issues, among other matters. All of these matters require significant judgments based on the facts known to us. These judgments are inherently uncertain and can change significantly when additional facts become known. We provide accruals for matters that have probable likelihood of occurrence and can be properly estimated as to their expected negative outcome. We do not record expected gains until the proceeds are received by us. However, we typically make no accruals for potential costs of defense, as such amounts are inherently uncertain and dependent upon the scope, extent and aggressiveness of the activities of the applicable plaintiff. Environmental and Asbestos Claims on Reading Legacy Operations Certain of our subsidiaries were historically involved in railroad operations, coal mining, and manufacturing. Also, certain of these subsidiaries appear in the chain-of-title of properties that may suffer from pollution. Accordingly, certain of these subsidiaries have, from time-to-time, been named in and may in the future be named in various actions brought under applicable environmental laws. Also, we are in the real estate development business and may encounter from time-to-time unanticipated environmental conditions at properties that we have acquired for development. These environmental conditions can increase the cost of such projects and adversely affect the value and potential for profit of such projects. We do not currently believe that our exposure under applicable environmental laws is material in amount. From time-to-time, there are claims brought against us relating to the exposure of former employees of our railroad operations to asbestos and coal dust. These are generally covered by an insurance settlement reached in September 1990 with our insurance providers. However, this insurance settlement does not cover litigation by people who were not our employees and who may claim second-hand exposure to asbestos, coal dust and/or other chemicals or elements now recognized as potentially causing cancer in humans. Our known exposure to these types of claims, asserted or probable of being asserted, is not material. Cotter Jr. Related Litigation Matters The following table provides a list of legal matters and current status relating to James J. Cotter, Jr’s (“Cotter, Jr.”) employment termination, Mr. Cotter, Jr.’s subsequent derivative action brought against the Company and our Directors alleging, among other things, that such termination violated the fiduciary duties of such Directors, and Mr. Cotter, Jr.’s efforts to cause a change of control of the Company, with detailed discussions following: Description Plaintiff/ Claimant Filed with Current Status James J. Cotter, Jr. Legal Cases Cotter, Jr. Derivative Litigation against all Directors on matters other than the handling by the Directors of the Patton Vision Unsolicited Indication of Interest Cotter, Jr. Nevada District Court Claims against Directors Judy Codding, William Gould, Edward L. Kane, Douglas McEachern and Michael Wrotniak were dismissed on December 29, 2017; court trial for the remaining claim was postponed at Cotter, Jr.’s request. The Court put the trial on a trial stack with the trial set to begin on July 9, 2018. It is anticipated that various summary judgment motions being brought by the Company and the Defendant Directors will be heard before the case is tried. Cotter, Jr. Derivative Litigation against all Directors re handling by the Directors of unsolicited indication of interest by Patton Vision, LLC. Cotter, Jr. Nevada District Court Dismissed as to all Directors on December 29, 2017. Direct Case against the Company seeking reimbursement and advancement of attorney’s fees incurred with respect to the Employment Arbitration Cotter, Jr. Nevada District Court Summary judgment entered in favor of the Company on October 3, 2016. Employment Arbitration RDI American Arbitration Association While RDI is the named claimant, the matter relates to Mr. Cotter, Jr’s claims for compensation related to his termination. In Discovery Phase: hearing anticipated in October, 2018. T2 Partners Derivative Complaint T2 Partners Management Nevada District Court Settled on October 6, 2016, without the payment of any monetary consideration or any reimbursement of attorney’s fees. James J. Cotter, Jr., Litigation Matters. The James J. Cotter, Jr. Derivative Litigation : On June 12, 2015, the Board of Directors terminated James J. Cotter, Jr. as the President and Chief Executive Officer of our Company. That same day, Mr. Cotter, Jr. filed a lawsuit, styled as both an individual and a derivative action, and titled “ James J. Cotter, Jr., individually and derivatively on behalf of Reading International, Inc. vs. Margaret Cotter, et al.” Case No,: A-15-719860-V, Dept . XI, against our Company and each of our then sitting Directors (Ellen Cotter, Margaret Cotter, Guy Adams, William Gould, Edward Kane, Douglas McEachern, and Tim Storey) in the Eighth Judicial District Court of the State of Nevada for Clark County (the “Nevada District Court”). Since that date, our Company has been engaged in ongoing litigation with Mr. Cotter, Jr. with respect to his claims against our Directors. Mr. Cotter, Jr. has over this period of time twice amended his complaint, removing his individual claims and withdrawing his claims against Tim Storey (but reserving the right to reinstitute such claims), adding claims relating to actions taken by our Board since the filing of his original complaint, and adding as defendants two of our directors who were not on our Board at the time of his termination: Judy Codding and Michael Wrotniak. Mr. Cotter, Jr.’s lawsuit, as amended from time to time, is referred to herein as the “Cotter Jr. Derivative Action” and his complaint, as amended from time to time, is referred to herein as the “Cotter Jr. Derivative Complaint.” The defendant directors named in the Cotter Jr. Derivative Complaint, from time to time, are referred to herein as the “Defendant Directors.” The Cotter Jr. Derivative Complaint alleges among other things, that the Defendant Directors breached their fiduciary duties to the Company by terminating Mr. Cotter, Jr. as President and Chief Executive Officer, continuing to make use of the Executive Committee that has been in place for more than the past ten years (but which no longer includes Mr. Cotter, Jr. as a member), making allegedly potentially misleading statements in our Company’s press releases and filings with the SEC, paying certain compensation to Ellen Cotter, allowing the Cotter Estate to make use of Class A Stock to pay for the exercise of certain long outstanding stock options to acquire 100,000 shares of Class B Stock (the “Cotter Estate Stock Options”) held of record by the Cotter Estate and determined by the Nevada District Court to be assets of the Cotter Estate, and allowing Ellen Cotter and Margaret Cotter to vote the 100,000 shares of Class B Stock issued upon the exercise of such options, appointing Ellen Cotter as President and Chief Executive Officer, appointing Margaret Cotter as Executive Vice President -Real Estate Management and Development-NYC , and the way in which the Board handled an unsolicited indication of interest made by a third party to acquire all of the stock of our Company. In the lawsuit, Mr. Cotter, Jr. seeks reinstatement as President and Chief Executive Officer , a declaration that Ellen Cotter and Margaret Cotter may not vote the above referenced 100,000 shares of Class B Stock, and alleges as damages fluctuations in the price for our Company’s shares after the announcement of his termination as President and Chief Executive Officer and certain unspecified damages to our Company’s reputation. On December 29, 2017, the Nevada District Court entered its final order memorializing its determination on December 11, 2017 that Mr. Cotter, Jr., had failed to raise any genuine issue of material fact relating to the disinterestedness and/or independence of Directors Codding, Gould, Kane, McEachern and Wrotniak (the “Dismissed Directors”), and dismissing with prejudice all claims against them. Mr. Cotter, Jr., has appealed this final order to the Nevada Supreme Court. In that same final order, the Nevada District Court also memorialized its dismissal of all claims based upon what the Defendant Directors action in regard to what Mr. Cotter, Jr., characterize as an “offer” by Patton Vision, LLC (“Patton Vision”), to purchase all of the outstanding stock of our Company. The Nevada District Court ruled that Mr. Cotter, Jr., had failed “to show damages relating to an unenforceable, unsolicited, nonbinding offer.” Also on December 29, 2017, the Board of Directors, by votes of 5 to 1 with 3 directors abstaining, voted to ratify the decision made by the Board of Directors on June 12, 2015, to terminate Mr. Cotter, Jr., as our Company’s President and Chief Executive Officer and to ratify the decision made by the Board’s Compensation and Stock Options Committee on September 21, 2015, to permit the Estate of James J. Cotter, Sr., to use shares of Class A Common Stock to exercise the Cotter Estate Stock Options. Voting in favor of the ratification motions were all of the Dismissed Directors: Directors Codding, Gould, Kane, McEachern and Wrotniak. Voting against ratification was the Plaintiff Mr. Cotter, Jr.. Abstaining were directors Guy Adams, Ellen Cotter and Margaret Cotter, who are now the only remaining Defendant Directors. The trial of the remaining issues in the case against the remaining defendants in that case, which was scheduled to begin on January 8, 2018, was continued by the Nevada District Court at the request of Mr. Cotter, Jr. Mr. Cotter, Jr.’s request for a continuance was brought before the Nevada District Court on Monday, January 8, 2018, and came as a surprise to our Company and the Defendant Directors since Plaintiff counsel had advised the Nevada District Court as late as the afternoon of Friday, January 5, 2018, that Mr. Cotter, Jr. was prepared to begin jury selection that following Monday. Mr. Cotter, Jr.’s motion request for a continuance was based on an asserted medical condition (the nature of which has not been disclosed to our Company or the Defendant Directors). A new trial date of July 9, 2018 has been set. The remaining Defendant Directors and our Company have filed motions for summary judgment on a variety of theories, including ratification, which it is anticipated will be heard before trial. On April 13, 2018, our Board of Directors appointed a special litigation committee (the “Special Litigation Committee”) comprised of our Lead Independent Director, William Gould (who will serve as chair) and Director Judy Codding to review the Cotter Jr. Derivative Litigation and determine whether the continued prosecution of that case is in the best interests of our Company. The James J. Cotter, Jr., Fee Reimbursement Litigation : Mr. Cotter, Jr. also brought a direct action in the Nevada District Court ( James J. Cotter, Jr. v. Reading International, Inc ., a Nevada corporation; Does 1-100 and Roe Entities, 1-100, inclusive, Case No. A-16-735305-B ) seeking advancement of attorney’s fees incurred in the Cotter Jr. Employment Arbitration. Summary judgment was entered against Mr. Cotter, Jr. with respect to that direct action on October 3, 2016. The James J. Cotter, Jr., Employment Arbitration : In addition, our Company is in arbitration with Mr. Cotter, Jr. (Reading International, Inc. v. James J. Cotter, AAA Case No. 01-15-0004-2384, filed July 2015) (the “Cotter Jr. Employment Arbitration”) seeking declaratory relief and defending claims asserted by Mr. Cotter, Jr. On January 20, 2017, Mr. Cotter Jr. filed a First Amended Counter-Complaint which includes claims of breach of contract, contractual indemnification, retaliation, wrongful termination in violation of California Labor Code § 1102.5, wrongful discharge, and violations of California Code of Procedure § 1060 based on allegations of unlawful and unfair conduct. Mr. Cotter, Jr. seeks compensatory damages estimated by his counsel at more than $1.2 million, plus unquantified special and punitive damages, penalties, interest and attorney’s fees. On April 9, 2017, the Arbitrator granted without leave to amend the Company’s motion to dismiss Mr. Cotter, Jr.’s claims for retaliation, violation of labor code §1102.5 and wrongful discharge in violation of public policy. The Cotter Jr . Employment Arbitration is in the discovery phase. The T2 Derivative Litigation : For a period of approximately 12 months, between August 6, 2015 and August 4, 2016, our Company and our directors other than Mr. Cotter, Jr. were subject to a derivative lawsuit filed in the Nevada District Court captioned T2 Partners Management, LP, a Delaware limited partnership, doing business as Kase Capital Management; T2 Accredited Fund, LP, a Delaware limited partnership, doing business as Kase Fund; T2 Qualified Fund, LP, a Delaware limited partnership, doing business as Kase Qualified Fund; Tilson Offshore Fund, Ltd, a Cayman Islands exempted company; T2 Partners Management I, LLC, a Delaware limited liability company, doing business as Kase Management; T2 Partners Management Group, LLC, a Delaware limited liability company, doing business as Kase Group; JMG Capital Management, LLC, a Delaware limited liability company, Pacific Capital Management, LLC, a Delaware limited liability company (the “T2 Plaintiffs ”), derivatively on behalf of Reading International, Inc. vs. Margaret Cotter, Ellen Cotter, Guy Adams, Edward Kane, Douglas McEachern, Timothy Storey, William Gould and Does 1 through 100, inclusive, as defendants, and, Reading International, Inc., a Nevada corporation, as Nominal Defendant. That complaint was subsequently amended (as amended the “T2 Derivative Complaint”) to add as defendants Directors Judy Codding and Michael Wrotniak (collectively with the directors initially named the “T2 Defendant Directors”) and S. Craig Tompkins, our Company’s legal counsel (collectively with the T2 Defendant Directors, the “T2 Defendants”). The T2 Derivative Action was settled pursuant to a Settlement Agreement between the parties dated August 4, 2016, which as modified was approved by the Nevada District Court on October 6, 2016. The District Court’s Order provided for the dismissal with prejudice of all claims contained in the T2 Plaintiffs’ First Amended Complaint and provide that each side would be responsible for its own attorneys’ fees. In the joint press release issued by our Company and the T2 Plaintiffs on July 13, 2016, representatives of the T2 Plaintiffs stated as follows: "We are pleased with the conclusions reached by our investigations as Plaintiff Stockholders and now firmly believe that the Reading Board of Directors has and will continue to protect stockholder interests and will continue to work to maximize shareholder value over the long-term. We appreciate the Company's willingness to engage in open dialogue and are excited about the Company's prospects. Our questions about the termination of James Cotter, Jr., and various transactions between Reading and members of the Cotter family-or entities they control-have been definitively addressed and put to rest. We are impressed by measures the Reading Board has made over the past year to further strengthen corporate governance. We fully support the Reading Board and management team and their strategy to create stockholder value.” The T2 Plaintiffs alleged in their T2 Derivative Complaint various violations of fiduciary duty, abuse of control, gross mismanagement and corporate waste by the T2 Defendant Directors. More specifically the T2 Derivative Complaint sought the reinstatement of James J. Cotter, Jr. as President and Chief Executive Officer, an order setting aside the election results from the 2015 Annual Meeting of Stockholders, based on an allegation that Ellen Cotter and Margaret Cotter were not entitled to vote the shares of Class B Common Stock held by the Cotter Estate and the Cotter Trust, and certain monetary damages, as well as equitable injunctive relief, attorney fees and costs of suit. In May 2016, the T2 Plaintiffs unsuccessfully sought a preliminary injunction (i) enjoining the Inspector of Elections from counting at our 2016 Annual Meeting of Stockholders any proxies purporting to vote either the 327,808 Class B shares held of record by the Cotter Estate or the 696,080 Class B shares held of record by the Cotter Trust, and (ii) enjoining Ellen Cotter, Margaret Cotter and James J. Cotter, Jr. from voting the above referenced shares at the 2016 Annual Meeting of Stockholders. This request for preliminary injunctive relief was denied by the Nevada District Court after a hearing on May 26, 2016. The Cotter Trust Litigation : Up until his death on September 13, 2014, James J. Cotter, Sr., the father of Ellen Cotter, James J. Cotter, Jr. and Margaret Cotter, was our controlling stockholder, having the sole power to vote approximately 66.9% of the outstanding voting stock of the Company. Under applicable Nevada Law, a stockholder holding more than 2/3rds of the Company’s voting stock has the power at any time, with or without cause, to remove any one or more directors (up to and including the entire board of directors) by written consent taken without a meeting of the stockholders. Following the death of Mr. Cotter, Sr., disputes arose among Ellen Cotter, James J. Cotter, Jr. and Margaret Cotter concerning the voting control and disposition of those shares. These disputes initially resulted in an action brought by Ellen Cotter and Margaret Cotter on February 5, 2015 in the Superior Court of the State of California, County of Los Angeles (the “California Superior Court”), in the case captioned In re James J. Cotter Living Trust dated August 1, 2000 (Case No. BP159755) (the “Trust Case”), to determine which of two trust documents controlled the living trust created by their father (the “Cotter Living Trust”). On March 23, 2018, the California Superior Court ruled that the trust document advocated by Mr. Cotter, Jr., was invalid. Accordingly, Ellen Cotter and Margaret Cotter are the Co-Trustees of the Cotter Living Trust, and Margaret Cotter is the sole Trustee of the voting sub-trust to be formed under the Cotter Living Trust to eventually hold Class B Voting Stock representing approximately 66.9% of the outstanding voting stock of our Company (the “Cotter Voting Trust”). Prior to this ruling, Mr. Cotter Jr. on or about February 8, 2017, brought an ex parte motion in the Trust Case seeking the appointment of a trustee ad litem to market and potentially sell the voting stock to be held by the Cotter Voting Trust. In light of our Board’s determination that it would be in the best interests of our Company and our stockholders generally to continue to pursue our Company’s business plan, and not to sell the Company at this time, the potential disruption to the achievement of that business plan and to the business and affairs of our Company generally if there were to be a change of control transaction at this time, the commitment of Ellen Cotter and Margaret Cotter to the pursuit and fulfilment of that business plan, our Company has made filings in the California Superior Court opposing such an appointment of a trustee ad litem. As of March 31, 2018, according to the books of the Company, the Cotter Living Trust held of record 696,080 shares of our Class B Stock constituting approximately 41.4% of the voting power of our outstanding capital stock. According to the books of the Company, the Estate of James J. Cotter (the “Cotter Estate”) as of that date held of record an additional 427,808 shares of Class B Stock, constituting approximately 25.5% of the voting power of our outstanding capital stock. We are advised, based upon public filings made by one or more of Ellen Cotter, Margaret Cotter and James J. Cotter, Jr. (the “Cotter Filings”) that the Class B Stock currently held of record by the Cotter Estate will eventually pour over into the Cotter Living Trust where it will then be placed in the Cotter Voting Trust. At the present time, however, such Class B Stock is held of record by the Cotter Living Trust and the Cotter Estate, respectively. Ellen Cotter and Margaret Cotter are also the Co-Executors of the Cotter Estate. On March 23, 2018, the California Superior Court ruled that it would appoint a temporary trustee ad litem (the “TTAL”) “with the narrow and specific authority to obtain offers to purchase the RDI stock in the voting trust, but not to exercise any other powers without court approval, specifically the sale of the company or any other powers possessed by the trustees.” No TTAL has been appointed to date. On April 12, 2018, following the application for a writ by Ellen Cotter and Margaret Cotter as the Trustees of the Cotter Living Trust, the California Court of Appeals stayed all trial court proceedings and issued an Order to Show Cause as to why it should not vacate the California Superior Court’s Order that a trustee ad litem be appointed to market the above referenced RDI stock. The California Superior Court, in the Trust Case, has jurisdiction over the Cotter Living Trust, which as described in more detail above, currently owns 41.4% of our Class B Stock, and, at such time as the Cotter Estate is probated, may receive up to an additional 25.5% of our Class B Stock, has jurisdiction over a potentially controlling block of our voting power. Should the California Superior Court order the sale of the Cotter Living Trust’s Class B Stock and such sale be completed, then there may be a change of control of our Company, depending on, among other things, who the ultimate purchaser(s) of such shares might be, the number of shares of Class B Stock distributed by the Cotter Estate to the Cotter Living Trust, and whether the California Superior Court orders a sale of all or only some portion to the Class B Stock held by the Cotter Living Trust. Costs of Litigation/Arbitration : Our Company is and was legally obligated to cover the costs and expenses incurred by our Defendant Directors in defending the Cotter Jr. Derivative Action and the T2 Derivative Action. Furthermore, although in a derivative action the stockholder plaintiff seeks only damages or other relief for the benefit of our Company, and not for the stockholder plaintiff’s individual benefit and, accordingly, although our Company is , at least in theory, only a nominal defendant, as a practical matter our Company has a direct interest in defending against Mr. Cotter, Jr.’s claims and opposing the remedies he is seeking. Mr. Cotter, Jr. is, among other things, (a) seeking an order that our Board’s termination of Mr. Cotter , Jr. was ineffective and demanding, as a remedy, that he be reinstated as the President and Chief Executive Officer of our Company, (b) seeking an order limiting the use of our Board’s Executive Committee, and (c) asserting that our Company has made materially misleading statements in certain press releases and filings with the SEC. Accordingly, our Company is also incurring, on its own account, significant cost and expense defending the decision to terminate Mr. Cotter, Jr. as President and Chief Executive Officer, its board committee structure, and the adequacy of those press releases and filings, in addition to its costs incurred in responding to discovery demands and satisfying indemnity obligations to the Defendant Directors. Likewise, in connection with the T2 Derivative Action, our Company incurred substantial costs defending claims related to the defense of claims relating to the termination of Mr. Cotter, Jr., opposing his reinstatement, and defending the conduct of its annual meetings. Cost incurred in the Cotter Jr. Employment Arbitration and in the defense of the Cotter Jr. Attorney’s fees case were direct costs of our Company. The Directors and Officer’s Insurance Policy, in the amount of $10 million, being used to cover a portion of the costs of defending the Cotter Jr. Derivative Action, has been exhausted. We are now covering the defense costs of the Defendant Directors, in addition to our own costs incurred in connection with the Cotter Jr. Derivative Action. In 2017, these out-of-pocket costs totaled approximately $4.0 million. Costs of the litigation for the quarter ended were $1.4 million, compared to $645,000 for the same period in 2017. Our Company has also incurred legal expense representing the interests of our Company in the Trust Case, opposing Mr. Cotter, Jr.’s Ex Parte Motion to seek a trustee ad litem to market stock potentially representing a controlling interest in our Company without the involvement of our Board of Directors and without any safeguards to protect the interests of non-controlling stockholders. The Special Independent Committee. On August 7, 2017, our Board appointed a Special Independent Committee to, among other things, review, consider, deliberate, investigate, analyze, explore, evaluate, monitor and exercise general oversight of any and all activities of the Company directly or indirectly involving, responding to or relating to the Cotter Jr. Derivative Action , the Cotter Jr. Employment Arbitration, the Cotter Trust Litigation, and any other litigation or arbitration matters involving any one or more of Ellen Cotter, Margaret Cotter, James J. Cotter, Jr., the Cotter Estate and/or the Cotter Living Trust. The STOMP Arbitration In April 2015, Liberty Theatres, LLC (“Liberty”), a wholly owned subsidiary of the Company, commenced an American Arbitration Association arbitration proceeding against The Stomp Company Limited Partnership (“Stomp”), the producer of the show STOMP, in response to Stomp’s purported termination of their license agreement with Liberty relating to such show. STOMP has been playing at our Orpheum Theatre in New York City for 23 years and still continues to play to date. Liberty sought specific performance, injunctive and declaratory relief and damages. Stomp counterclaimed for unspecified damages, alleging that Liberty has interfered with the Stomp’s endeavors to move the show to another Off-Broadway theater. Stomp based its purported termination of the license agreement upon the alleged deficient condition of the Orpheum Theater. On December 18, 2015, the Arbitrator issued his Partial Final Award of Arbitration, providing for, among other things (i) the issuance of a permanent injunction prohibiting Stomp from “transferring or taking actions to market, promote, or otherwise facilitate any transfer of, STOMP to another theatre in New York City having fewer than 500 seats without Liberty’s prior written consent”, (ii) the Stomp’s Notice of Termination purportedly terminating the parties’ license agreement was invalid, null and void and the License Agreement remains in full force and effect, and (iii) the award to Liberty of its reasonable attorneys’ fees in an amount to be determined by the Arbitrator. In explaining his decision to award Liberty its reasonable attorneys’ fees, the Arbitrator stated as follows: “Liberty is entitled to such an award [of attorneys’ fees] not only because it is the prevailing party in this proceeding, but because [the Producer] unfairly disparaged the Orpheum and caused Liberty to incur attorneys’ fees in order to address and resolve [the Producer’s] groundless and frivolous allegations with respect to the Orpheum’s condition, Liberty’s performance under the License Agreement, and Stomp’s reasons for seeking to transfer STOMP to a larger theatre.” In April 2016, we received a Final Award in our arbitration with Stomp. The Final Award awards us $2.3 million in attorney’s fees and costs. In September 2016, the parties agreed on the payment terms of the Final Award (“Payment Agreement”), on a basis that is intended to allow recovery by Liberty of the entire Final Award (plus interest at 4% ), while at the same time allowing the show to continue playing at our Orpheum Theater. The total of $2.3 million plus interest has now been paid in full, final payment being received on March 5, 2018. STOMP continues to play at our Orpheum Theater. |
Non-controlling Interests
Non-controlling Interests | 3 Months Ended |
Mar. 31, 2018 | |
Non-controlling Interests [Abstract] | |
Non-controlling Interests | Note 14 – Non-controlling Interests These are composed of the following enterprises: · Australia Country Cinemas Pty Ltd. -- 25% noncontrolling interest owned by Panorama Cinemas for 21st Century Pty Ltd.; · Shadow View Land and Farming, LLC -- 50% noncontrolling membership interest owned by either the estate of Mr. James J. Cotter, Sr. (the “Cotter Estate”) and/or the James J. Cotter, Sr. Living Trust (the “Cotter Trust”); and, · Sutton Hill Properties, LLC -- 25% noncontrolling interest owned by Sutton Hill Capital, LLC (which in turn is 50% owned by the Cotter Estate and/or the Cotter Trust). The components of noncontrolling interests are as follows: March 31, December 31, (Dollars in thousands) 2018 2017 Australian Country Cinemas, Pty Ltd $ 131 $ 138 Shadow View Land and Farming, LLC 2,142 2,127 Sutton Hill Properties, LLC 2,059 2,066 Noncontrolling interests in consolidated subsidiaries $ 4,332 $ 4,331 The components of income attributable to noncontrolling interests are as follows: Three Months Ended March 31, March 31, (Dollars in thousands) 2018 2017 Australian Country Cinemas, Pty Ltd $ 41 $ 44 Shadow View Land and Farming, LLC (13) (16) Sutton Hill Properties, LLC (6) (16) Net income attributable to noncontrolling interests $ 22 $ 12 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, 2018 $ 176,910 $ 4,331 $ 181,241 Adjustments to opening retained earnings on adoption of ASC 606 194 (2) 192 Net income 3,047 22 3,069 Increase in additional paid in capital 339 -- 339 Treasury stock purchased (317) -- (317) Contributions from noncontrolling stockholders -- 27 27 Distributions to noncontrolling stockholders -- (43) (43) Accumulated other comprehensive income (750) (3) (753) Equity at March 31, 2018 $ 179,423 $ 4,332 $ 183,755 (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at January 1, 2017 $ 142,197 $ 4,418 $ 146,615 Net income 3,029 12 3,041 Increase in additional paid in capital 169 -- 169 Treasury stock purchased (672) -- (672) Contributions from noncontrolling stockholders -- 41 41 Distributions to noncontrolling stockholders -- (77) (77) Accumulated other comprehensive loss 5,861 13 5,874 Equity at March 31, 2017 $ 150,584 $ 4,407 $ 154,991 |
Stock-Based Compensation and St
Stock-Based Compensation and Stock Repurchases | 3 Months Ended |
Mar. 31, 2018 | |
Stock-Based Compensation and Stock Repurchases [Abstract] | |
Stock-Based Compensation and Stock Repurchases | Note 15 – Stock-Based Compensation and Stock Repurchases Employee and Director Stock Option Plan The Company may grant stock options and other share-based payment awards of our Common Stock to eligible employees, directors, and consultants under the 2010 Stock Incentive Plan (the “Plan”). The aggregate total number of shares of the Common Stock authorized for issuance under the Plan is 2,197,460 . During the Company’s 2017 Annual Stockholders’ Meeting held on November 7, 2017, the Company's stockholders, upon recommendation of the Board of Directors, approved an amendment to the Company's 2010 Plan to increase the number of shares of common stock issuable under such plan by an additional 947,460 shares. The effect of the increase is to restore the amount of shares of Common Stock available under the 2010 Stock Incentive Plan from the 302,540 shares available as of September 30, 2017, back up to its original reserve of 1,250,000 shares. As of March 31, 2018, we had 1,220,607 shares remaining for future issuances. Since the adoption of the Plan in 2010, the Company has granted awards primarily in the form of stock options. In the 1 st quarter of 2016, the Company started to award restricted stock units (“RSUs”) to directors and certain members of management. Stock options are generally granted at exercise prices equal to the grant-date market prices and typically expire no later than five years from the grant date. In contrast to a stock option where the grantee buys the Company’s share at an exercise price determined on grant date, an RSU entitles the grantee to receive one share for every RSU based on a vesting plan. At the discretion of our Compensation and Stock Options Committee, the vesting period of stock options and RSUs granted to employees ranges from zero to four years. Grants to directors and certain executive officers are subject to Board approval. At the time the options are exercised or RSUs vest, at the discretion of management, we will issue treasury shares or make a new issuance of shares to the option or RSU holder. Stock Options We estimate the grant-date fair value of our stock 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, the “deemed exercise” of expiring in-the-money options and the relative market price to strike price of the options, we have not hereto estimated any forfeitures of vested or unvested options. There were no share options issued in the quarter ended March 31, 2018. The weighted average assumptions used in the option-valuation model were as follows: Three Months Ended March 31 2018 2017 Stock option exercise price $ - 15.97 Risk-free interest rate 0.00% 1.68% Expected dividend yield -- -- Expected option life in years - 3.75 Expected volatility 0.00% 24.92% Weighted average fair value $ - 3.46 For the quarter ended March 31, 2018 and 2017, we recorded compensation expense of $85,000 and $53,000 , respectively. At March 31, 2018 , the total unrecognized estimated compensation expense related to non-vested stock options was $793,000 , which we expect to recognize over a weighted average vesting period of 1.76 years. The intrinsic, unrealized value of all options outstanding, vested and expected to vest, at March 31, 2018 was $2.8 million, of which 76.8% are currently exercisable. The following table summarizes the information of options outstanding and exercisable as of March 31, 2018 and December 31, 2017 : Outstanding Stock Options - Class A Shares Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life Aggregate Intrinsic Value Balance - December 31, 2016 535,077 $ 9.84 2.61 $ 3,615,191 Granted 169,762 15.94 Exercised (177,750) 7.85 $ 702,840 Forfeited (2,500) 6.23 Balance - December 31, 2017 524,589 $ 12.50 3.15 $ 3,054,325 Granted - - Exercised (30,000) 5.74 $ 321,749 Forfeited - - Balance - March 31, 2018 494,589 $ 12.17 3.07 $ 2,832,550 Restricted Stock Units We estimate the grant-date fair values of our RSUs using the Company’s stock price at grant-date and record such fair values as compensation expense over the vesting period on a straight-line basis. The following table summarizes the status of the RSUs granted to-date as of March 31, 2018: Outstanding Restricted Stock Units RSU Grants (in units) Total Vested, Unvested, Grant Date Directors Management Grants March 31, 2018 March 31, 2018 March 10, 2016 35,147 27,381 62,528 48,838 13,690 April 11, 2016 -- 5,625 5,625 1,406 4,219 March 23, 2017 30,681 32,463 63,144 46,912 16,232 August 29, 2017 -- 7,394 7,394 -- 7,394 January 2, 2018 29,393 -- 29,393 -- 29,393 Total 95,221 72,863 168,084 97,156 70,928 These RSU awards vest 25% at the end of each year for 4 years (in the case of members of management) and vest 100% on the date of grant which is early January of the year following in which such RSUs were granted (in the case of directors). For the quarter ended March 31, 2018 and 2017, we recorded compensation expense of $294,000 and $120,000 , respectively. The total unrecognized compensation expense related to the non-vested RSUs was $1.0 million as of March 31, 2018, which we expect to recognize over a weighted average vesting period of 1.1 years. Stock Repurchase Program On March 2, 2017, the Company's Board of Directors authorized management, at its discretion, to spend up to an aggregate of $25.0 million to acquire shares of Reading’s Class A Common Stock. The previously approved stock repurchase program, which allowed management to spend up to an aggregate of $10.0 million to acquire shares of Reading’s Non-Voting Common Stock, was completed as of December 31, 2016. The repurchase p rogram 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 the stock repurchase program, the Company has reacquired 428,361 shares of Class A Common Stock for $6. 8 million at an average price of $15.97 per share (excluding transaction costs) to-date, of which 18,638 were purchased for $317,000 at an average price of $16.98 during the quarter ending March 31, 2018. This leaves $18.2 million available under the March 2, 2017 program for repurchase as of March 31, 2018. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | Note 16 – Derivative Instruments From time-to-time, we purchase interest rate derivative instruments to hedge the interest rate risk that results from the variability 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 r ecorded on the balance sheet at fair value with changes in fair value through interest expense in the Consolidated Statement of Income. As of March 31, 2018 , we do not have material derivative positions nor have designated any of these derivatives as accounting hedges. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 17 – Fair 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; and, · Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. As of March 31, 2018 and December 31, 2017 material financial assets and financial liabilities were carried and measured at fair value on a recurring basis. The following tables summarize our financial liabilities that are carried at cost and measured at fair value on a non-recurring basis as of March 31, 2018 and December 31, 2017 , by level within the fair value hierarchy. Fair Value Measurement at March 31, 2018 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 122,272 $ -- $ -- $ 121,684 $ 121,684 Subordinated debt 27,913 -- -- 16,621 16,621 $ 150,185 $ -- $ -- $ 138,305 $ 138,305 Fair Value Measurement at December 31, 2017 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 106,588 $ -- $ -- $ 106,894 $ 106,894 Subordinated debt 27,913 -- -- 16,088 16,088 $ 134,501 $ -- $ -- $ 122,982 $ 122,982 (1) These balances are presented before any deduction for deferred financing costs. Following is a description of the valuation methodologies used to estimate the fair value of our financial assets and liabilities. There have been no changes in the methodologies used at March 31, 2018 and December 31, 2017 . · 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 quotes 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 March 31, 2018 and December 31, 2017 , 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 accounts payable. The carrying values of these financial instruments approximate the fair values due to their short maturities. Additionally, there were no transfers of assets and liabilities between levels 1, 2, or 3 during the quarter ended March 31, 2018 and March 31, 2017 . |
Summary Of Significant Accoun24
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Consolidation | Basis of Consolidation The accompanying consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that the Company controls, and should be read in conjunction with the Company’s Annual Report on Form 10-K as of and for the year-ended December 31, 2017 (“2017 Form 10-K”). All significant intercompany balances and transactions have been eliminated on consolidation. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting with the instructions for 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 and recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the quarter ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. |
Use Of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include (i) projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles), (ii) valuations of our derivative instruments, (iii) recoverability of our deferred tax assets, (iv) estimation of breakage and redemption experience rates, which drive how we recognize breakage on our gift card and gift certificates, and revenue from our customer loyalty program, and (v) allocation of insurance proceeds to various recoverable components. Actual results may differ from those estimates. |
Reclassifications | Reclassifications Certain reclassifications have been made in the March 31, 2017 comparative information in our consolidated financial statements and accompanying notes to conform to the 2018 presentation. These reclassifications relate to the following immaterial balances : (i) net-off of interest income against interest expense in our consolidated statements of income; and, (ii) combination of certain components in our consolidated statements of comprehensive income into one line, “Others”. |
Recently Adopted And Issued Accounting Pronouncements | Recently Adopted and Issued Accounting Pronouncements Adopted: ASU 2014-09 Revenue from Contracts with Customers: On 1 January 2018, we adopted the new accounting standard ASC 606 Revenue from Contracts with Customers using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income and cash flows from operations on an ongoing basis. Our cinema and food and beverage revenue continues to be recognized upon sale and completion of the provision of the movie or performance, or delivery of food and beverage items. Where necessary, revenue is deferred until these obligations are discharged. Property rentals continue to be recognized on a straight line basis, and live theatre license fees continue to be based on a percentage of weekly ticket sales. Under the new standard, rewards owed to and points accrued by Members of our customer loyalty programs are held as deferred revenue. Revenue from unredeemed gift cards and certificates (known as “breakage” in our industry) is recognized in proportion to the pattern of rights exercised by the customer, when the Company expects that it is probable that a significant revenue reversal would not occur for any estimated breakage amounts. The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASU 2014-09 Revenue from Contracts with Customers were as follows: (Dollars in thousands) Balance at December 31, 2017 Adjustments due to ASU 2014-09 Balance at January 1, 2018 Assets Deferred income taxes 24,908 (161) 24,747 Liabilities Deferred current revenue 9,850 (354) 9,496 Stockholders' Equity Retained earnings 32,679 194 32,873 In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated income statement and balance sheet was as follows: (Dollars in thousands) As Reported, March 31, 2018 Balances Without Adoption of ASC 606 Effect of change Higher / (Lower) Revenues Cinema 72,255 71,995 260 Income tax expense (1,155) (1,084) (71) Net income 3,047 2,858 189 (Dollars in thousands) As Reported Balances Without Adoption of ASC 606 Effect of change Higher / (Lower) Assets Deferred income taxes 24,834 24,905 (71) Liabilities Deferred current revenue 8,276 8,536 (260) Stockholders' Equity Retained earnings 35,920 35,731 189 Refer to Note 1: - D escription of the Business and Segment Reporting for a disaggregation of our revenue sources. Cinema Segment Sales of cinema tickets and food and beverage (“F&B”) revenue : recognized when sold and collected, either in cash or by credit card at our theatre locations and through our online selling channels. Sales of bulk or advanced tickets are deferred and recognized as revenue when the related screening for that ticket is shown. Gift Card/Certificate Programs: We run gift card and gift certificate programs in all three countries. Revenue from these programs is deferred and recognized when redeemed. From January 1, 2018, we recognize revenue on unredeemed cards and certificates using the proportional method, whereby breakage revenue is recognized in proportion to the pattern of rights exercised by the customer when the Company expects that it is probable that a significant revenue reversal would not occur for any estimated breakage amounts. This is based on a breakage ‘experience rate’, which is determined by historical redemption data. Loyalty revenue: We run a customer loyalty program in every country. From January 1, 2018, a component of revenue from Members of our Loyalty Programs relating to the earning of loyalty rewards is deferred until such a time as Members redeem rewards, or until we believe the likelihood of redemption by the Member is remote. Deferral is based on the progress made toward the next reward, the fair value of that reward, and the likelihood of redemption, determined by historical redemption data. Advertising revenue: recognized based on contractual arrangements or relevant admissions information, as appropriate. Real Estate Live Theatre License Fees: We lease theatre space to third party production companies. Revenue is recognized in accordance with the license agreement, and is recorded on a weekly basis after the performance of a show has occurred. Property Rentals : we contractually retain substantially all of the risks and benefits of ownership of our real estate properties and therefore, we account for our tenant leases as operating leases. Accordingly, rental revenue is recognized on a straight-line basis over the lease term. On January 1, 2018, the Company adopted ASU 2016-18, Statement of Cash Flows, Topic 230: Restricted Cash, a consensus of the FASB Emerging Issues Task Force . This new guidance requires that amounts generally described as restricted cash and cash equivalents should be combined with unrestricted cash and cash equivalents when reconciling the beginning and end of period balances on the statement of cash flows. This guidance has no material effect on our consolidated statement of cash flows. On January 1, 2018, the Company adopted ASU 2 016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments). The amendments covered in this ASU are improvements to current GAAP, as such amendments will provide guidance with respect to eight (8) specific cash flow classification issues, thereby reducing the current and potential future diversity in practice. Adoption of this guidance has no material effect on our consolidated statement of cash flows. On January 1, 2018, the Company adopted ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The amendments in this Update (i) require that an employer disaggregate the service cost component from the other components of net benefit cost, and (ii) provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and (iii) allow only the service cost component of net benefit cost to be eligible for capitalization. The new guidance has no material impact on our consolidated financial statements. Also, on January 1, 2018, the Company adopted ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This ASU provides that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the asset is not a “business”, thus reducing the number of transactions that need further evaluation for business combination. The new guidance has no material impact on our current consolidated financial statements, and we do not expect the ASU 2017-01 to be applicable to our consolidated financial statements in the near term unless we enter into a definitive business acquisition transaction. On January 1, 2017, the Company adopted ASU 2016-09 , Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This new guidance, which became effective for fiscal years beginning after December 15, 2016, provides for the simplification of several aspects of the accounting for share-based payment transactions, including (i) accounting for tax benefits in excess of compensation cost and tax deficiencies, (ii) accounting for forfeitures, and (iii) classification on the statement of cash flows. The only significant impact of the adoption of this new guidance to us is the immediate recognition of excess tax benefits (or “windfalls”) and tax deficiencies (or “shortfalls”) in the consolidated statement of income. Previously, (i) tax windfalls were recorded in additional paid-in capital (“APIC”) in the consolidated statement of stockholders’ equity and (ii) tax shortfalls were recorded in APIC to the extent of previous windfalls and then to the consolidated statement of income. Issued: v ASUs Effective 2019 and Beyond · New Lease Accounting Model ( ASU 2016-02, Leases: Topic 842) This new guidance, which becomes effective for us by January 1, 2019, establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees with capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. While we are still evaluating the impact of our pending adoption of this new standard on our consolidated financial statements, we expect that upon adoption we will recognize ROU assets and lease liabilities and that the amounts could be material since a majority of our operating cinemas are leased. We have developed an implementation plan. Significant implementation matters that we are addressing include (i) assessment of lease population, (ii) determination of appropriate discount rate to use and (ii) assessment of renewal options to include in the initial lease term. While the Company is continuing to assess the effect of adoption, the Company currently believes the most significant changes relate to the recognition of new ROU assets and lease liabilities on its balance sheet for cinemas currently subject to operating leases. · Goodwill Impairment Simplification ( ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment) Issued by FASB in January 2017, this new guidance removes the second step of the two-step impairment test for measuring goodwill and is to be applied on a prospective basis only. The new guidance is effective for the Company on January 1, 2020, including interim periods within the year of adoption. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not anticipate the adoption of ASU 2017-04 to have a material impact on our consolidated financial statements. |
Description Of Business And S25
Description Of Business And Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Description Of Business And Segment Reporting [Abstract] | |
Summary Of Results Of Operations For Principal Business Segments | Three Months Ended (Dollars in thousands) March 31, 2018 March 31, 2017 Revenue: Cinema exhibition $ 72,255 $ 66,560 Real estate 5,958 4,497 Inter-segment elimination (2,391) (1,603) $ 75,822 $ 69,454 Segment operating income: Cinema exhibition $ 10,285 $ 9,093 Real estate 1,631 1,294 $ 11,916 $ 10,387 |
Reconciliation To Net Income Attributable To Common Shareholders | Three Months Ended (Dollars in thousands) March 31, 2018 March 31, 2017 Segment operating income $ 11,916 $ 10,387 Unallocated corporate expense Depreciation and amortization expense (117) (106) General and administrative expense (6,156) (4,753) Interest expense, net (1,594) (1,860) Equity earnings of unconsolidated joint ventures 257 255 Other income (expense) (82) 821 Income before income tax expense $ 4,224 $ 4,744 |
Summary Of Significant Accoun26
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Effect of the Adoption of ASC 2014-09 and 606 on Financial Statements | The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASU 2014-09 Revenue from Contracts with Customers were as follows: (Dollars in thousands) Balance at December 31, 2017 Adjustments due to ASU 2014-09 Balance at January 1, 2018 Assets Deferred income taxes 24,908 (161) 24,747 Liabilities Deferred current revenue 9,850 (354) 9,496 Stockholders' Equity Retained earnings 32,679 194 32,873 In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated income statement and balance sheet was as follows: (Dollars in thousands) As Reported, March 31, 2018 Balances Without Adoption of ASC 606 Effect of change Higher / (Lower) Revenues Cinema 72,255 71,995 260 Income tax expense (1,155) (1,084) (71) Net income 3,047 2,858 189 (Dollars in thousands) As Reported Balances Without Adoption of ASC 606 Effect of change Higher / (Lower) Assets Deferred income taxes 24,834 24,905 (71) Liabilities Deferred current revenue 8,276 8,536 (260) Stockholders' Equity Retained earnings 35,920 35,731 189 |
Operations In Foreign Currency
Operations In Foreign Currency (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Operations In Foreign Currency [Abstract] | |
Summary Of Currency Exchange Rates | Foreign Currency / USD As of and for the quarter ended As of and for the twelve months ended As of and for the quarter ended March 31, 2018 December 31, 2017 March 31, 2017 Spot Rate Australian Dollar 0.7690 0.7815 0.7638 New Zealand Dollar 0.7239 0.7100 0.7001 Average Rate Australian Dollar 0.7861 0.7670 0.7584 New Zealand Dollar 0.7275 0.7111 0.7122 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | Three Months Ended (Dollars in thousands, except share data) March 31, 2018 March 31, 2017 Numerator: Net income attributable to RDI common stockholders $ 3,047 $ 3,029 Denominator: Weighted average number of common stock – basic 22,967,237 23,168,351 Weighted average dilutive impact of awards 165,752 296,825 Weighted average number of common stock – diluted 23,132,989 23,465,176 Basic EPS attributable to RDI common stockholders $ 0.13 $ 0.13 Diluted EPS attributable to RDI common stockholders $ 0.13 $ 0.13 Awards excluded from diluted EPS -- -- |
Property And Equipment (Tables)
Property And Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | March 31, December 31, (Dollars in thousands) 2018 2017 Land $ 76,125 $ 76,457 Building and improvements 152,350 153,232 Leasehold improvements 48,469 48,481 Fixtures and equipment 152,116 145,033 Construction-in-progress 29,477 26,000 Total cost 458,537 449,203 Less: accumulated depreciation (188,959) (184,479) Operating property, net $ 269,578 $ 264,724 |
Summary Of Investment And Development Property | March 31, December 31, (Dollars in thousands) 2018 2017 Land $ 25,283 $ 25,025 Building 1,900 1,900 Construction-in-progress (including capitalized interest) 39,761 34,329 Investment and development property $ 66,944 $ 61,254 |
Construction-In-Progress Balance | (Dollars in thousands) Balance, December 31, 2017 Additions during the period (1) Completed during the period Foreign currency translation Balance, March 31, 2018 Union Square development $ 29,223 $ 5,486 $ -- $ -- $ 34,709 Newmarket Property development 370 756 (636) (8) 482 Courtenay Central development 4,676 - -- 91 4,767 Cinema developments and improvements 19,015 5,123 (2,879) 54 21,313 Other real estate projects 7,045 1,020 -- (98) 7,967 Total $ 60,329 $ 12,385 $ (3,515) $ 39 $ 69,238 (1) Includes capitalized interest of $335,000 for the quarter ended March 31, 2018. |
Investments In Unconsolidated30
Investments In Unconsolidated Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Summary Of The Investments In Unconsolidated Joint Ventures And Entities | March 31, December 31, (Dollars in thousands) Interest 2018 2017 Rialto Cinemas 50.0% $ 1,279 $ 1,186 Mt. Gravatt 33.3% 4,004 4,118 Total investments $ 5,283 $ 5,304 |
Summary Of Equity Earnings From Investments In Unconsolidated Joint Ventures And Entities | Quarter Ended March 31, March 31, (Dollars in thousands) 2018 2017 Rialto Cinemas $ 70 $ 39 Mt. Gravatt 187 216 Total equity earnings $ 257 $ 255 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets [Abstract] | |
Summary Of Goodwill | (Dollars in thousands) Cinema Real Estate Total Balance at December 31, 2017 $ 15,052 $ 5,224 $ 20,276 Foreign currency translation adjustment 107 -- 107 Balance at March 31, 2018 $ 15,159 $ 5,224 $ 20,383 |
Summary Of Intangible Assets Other Than Goodwill | As of March 31, 2018 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 28,836 $ 7,255 $ 1,139 $ 37,230 Less: Accumulated amortization (23,511) (5,004) (488) (29,003) Net intangible assets other than goodwill $ 5,325 $ 2,251 $ 651 $ 8,227 As of December 31, 2017 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 28,860 $ 7,254 $ 1,139 $ 37,253 Less: Accumulated amortization (23,292) (4,936) (483) (28,711) Net intangible assets other than goodwill $ 5,568 $ 2,318 $ 656 $ 8,542 |
Summary Of Amortization Expense | Quarter Ended March 31, March 31, (Dollars in thousands) 2018 2017 Beneficial lease amortization $ 207 $ 304 Other amortization 93 102 Total intangible assets amortization $ 300 $ 406 |
Prepaid And Other Assets (Table
Prepaid And Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Prepaid And Other Assets [Abstract] | |
Summary Of Prepaid And Other Assets | March 31, December 31, (Dollars in thousands) 2018 2017 Prepaid and other current assets Prepaid expenses $ 2,486 $ 1,625 Prepaid rent 1,101 1,055 Prepaid taxes 633 653 Income taxes receivable 2,187 1,686 Deposits 243 243 Investment in marketable securities 46 46 Restricted cash 17 17 Total prepaid and other current assets $ 6,713 $ 5,325 Other non-current assets Straight-line rent 3,421 2,564 Other non-cinema and non-rental real estate assets 1,134 1,134 Investment in Reading International Trust I 838 838 Long-term deposits 8 7 Long-term restricted cash 260 -- Total other non-current assets $ 5,661 $ 4,543 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt [Abstract] | |
Summary Of Notes Payable | As of March 31, 2018 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (3) Stated Interest Rate Effective Interest Rate (1) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 27,564 5.77% 5.77% Bank of America Credit Facility (USA) November 28, 2019 55,000 31,000 31,000 4.88% 4.88% Bank of America Line of Credit (USA) October 31, 2019 5,000 -- -- 4.84% 4.84% Bank of America digital projector loan (USA) December 28, 2019 4,031 4,031 4,031 5.00% 5.00% Cinema 1, 2, 3 Term Loan (USA) (4) August 31, 2019 19,396 19,396 19,037 3.25% 3.25% Minetta & Orpheum Theatres Loan (USA) (4) June 1, 2018 7,500 7,500 7,488 4.44% 4.44% U.S. Corporate Office Term Loan (USA) (4) January 1, 2027 9,665 9,665 9,531 4.64% / 4.44% 4.61% Union Square Construction Financing (USA) (4) December 29, 2019 57,500 9,155 6,326 6.06% / 11.88% 6.79% Denominated in foreign currency ("FC") (2) NAB Corporate Term Loan (AU) June 28, 2019 51,139 41,525 41,453 3.78% 3.78% Westpac Bank Corporate (general/non-construction) Credit Facility (NZ) December 31, 2019 25,337 -- - 3.70% 3.70% Westpac Bank Corporate (construction) Credit Facility (NZ) December 31, 2018 13,030 -- -- 3.70% 3.70% $ 275,511 150,185 146,430 (1) Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of December 31, 2017 (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 March 31, 2018 . (3) Net of deferred financing costs amounting to $3.8 million. (4) The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016. As of March 31, 2018 an additional $1.2 million had been advanced . As of December 31, 2017 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (3) Stated Interest Rate Effective Interest Rate (1) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 27,554 5.38% 5.38% Bank of America Credit Facility (USA) November 28, 2019 55,000 31,000 31,000 4.57% 4.57% Bank of America Line of Credit (USA) October 31, 2019 5,000 -- -- 4.57% 4.57% Cinema 1, 2, 3 Term Loan (USA) September 1, 2019 19,500 19,500 19,105 3.25% 3.25% Minetta & Orpheum Theatres Loan (USA) June 1, 2018 7,500 7,500 7,470 4.13% 4.13% U.S. Corporate Office Term Loan (USA) (4) January 1, 2027 9,719 9,719 9,582 4.64% / 4.44% 4.61% Union Square Construction Financing (USA) December 29, 2019 57,500 8,000 5,033 5.81% 5.81% Denominated in FC (2) NAB Corporate Loan Facility (AU) June 30, 2019 51,970 30,869 30,781 3.66% 3.66% Westpac Bank Corporate (general/non-construction) Credit Facility (NZ) December 31, 2019 24,850 -- -- 3.70% 3.70% Westpac Bank Corporate (construction) Credit Facility (NZ) December 31, 2018 12,780 -- -- 3.70% 3.70% $ 271,732 $ 134,501 $ 130,525 (1) Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of December 31, 2017. (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 December 31, 2016. (3) Net of deferred financing costs amounting to $4.0 million. (4) The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc.. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016 . As of December 31, 2017 no further advances had been made under this financing agreement. |
Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs | Dollars in thousands Balance Sheet Caption March 31, 2018 December 31, 2017 Debt - current portion $ 10,544 $ 8,109 Debt - long-term portion 108,322 94,862 Subordinated debt 27,564 27,554 Total borrowings $ 146,430 $ 130,525 |
Schedule Of Construction Financing | (Dollars in thousands) Facility Limits and Advances Financing Component Lender Facility Limit Advanced-to- Date Remaining Facility Interest Rate (1) Maturity Date (2) Mezzanine loan Tammany Mezz Investor LLC $ 7,500 $ 1,155 $ 6,345 Greater of (i) 10.50% and (ii) Adjusted LIBOR + 10% December 29, 2019 Senior loan, including building and project loan Bank of the Ozarks 50,000 8,000 42,000 Greater of (i) 4.75% and (ii) Adjusted LIBOR + 4.25% December 29, 2019 Total Union Square Financing $ 57,500 $ 9,155 $ 48,345 (1) Not to exceed the New York State maximum lawful borrowing rate, which typically is 16% . (2) Allowable for up to two (2) extension request options, one (1) year for each extension request. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Liabilities [Abstract] | |
Summary Of Other Liabilities Including Pension | (Dollars in thousands) March 31, 2018 December 31, 2017 Current liabilities Lease liability $ 5,900 $ 5,900 Liability for demolition costs 2,836 2,781 Accrued pension 684 2,907 Security deposit payable 76 91 Other 19 -- Other current liabilities $ 9,515 $ 11,679 Other liabilities Straight-line rent liability $ 15,529 $ 13,444 Lease make-good provision 5,687 5,648 Accrued pension 5,047 5,228 Environmental reserve 1,656 1,656 Deferred revenue - real estate 16 18 Acquired leases 163 186 Other 455 469 Other liabilities $ 28,553 $ 26,649 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income [Abstract] | |
Summary Of Accumulated Other Comprehensive Income | (Dollars in thousands) Foreign Currency Items Unrealized Gain (Losses) on Available-for-Sale Investments Accrued Pension Service Costs Total Balance at January 1, 2018 $ 23,575 $ 8 $ (2,592) $ 20,991 Net current-period other comprehensive (loss) income (800) (2) 52 (750) Balance at March 31, 2018 $ 22,775 $ 6 $ (2,540) $ 20,241 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Non-controlling Interests [Abstract] | |
Components Of Non-controlling Interests | March 31, December 31, (Dollars in thousands) 2018 2017 Australian Country Cinemas, Pty Ltd $ 131 $ 138 Shadow View Land and Farming, LLC 2,142 2,127 Sutton Hill Properties, LLC 2,059 2,066 Noncontrolling interests in consolidated subsidiaries $ 4,332 $ 4,331 |
Components Of Income/(Loss) Attributable To Non-controlling Interest | Three Months Ended March 31, March 31, (Dollars in thousands) 2018 2017 Australian Country Cinemas, Pty Ltd $ 41 $ 44 Shadow View Land and Farming, LLC (13) (16) Sutton Hill Properties, LLC (6) (16) Net income attributable to noncontrolling interests $ 22 $ 12 |
Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity | (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at January 1, 2018 $ 176,910 $ 4,331 $ 181,241 Adjustments to opening retained earnings on adoption of ASC 606 194 (2) 192 Net income 3,047 22 3,069 Increase in additional paid in capital 339 -- 339 Treasury stock purchased (317) -- (317) Contributions from noncontrolling stockholders -- 27 27 Distributions to noncontrolling stockholders -- (43) (43) Accumulated other comprehensive income (750) (3) (753) Equity at March 31, 2018 $ 179,423 $ 4,332 $ 183,755 (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at January 1, 2017 $ 142,197 $ 4,418 $ 146,615 Net income 3,029 12 3,041 Increase in additional paid in capital 169 -- 169 Treasury stock purchased (672) -- (672) Contributions from noncontrolling stockholders -- 41 41 Distributions to noncontrolling stockholders -- (77) (77) Accumulated other comprehensive loss 5,861 13 5,874 Equity at March 31, 2017 $ 150,584 $ 4,407 $ 154,991 |
Stock-Based Compensation and 37
Stock-Based Compensation and Stock Repurchases (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Stock-Based Compensation and Stock Repurchases [Abstract] | |
Schedule Of Fair Value Of Options, Weighted Average Assumptions | Three Months Ended March 31 2018 2017 Stock option exercise price $ - 15.97 Risk-free interest rate 0.00% 1.68% Expected dividend yield -- -- Expected option life in years - 3.75 Expected volatility 0.00% 24.92% Weighted average fair value $ - 3.46 |
Schedule Of Stock Options Outstanding And Exercisable | Outstanding Stock Options - Class A Shares Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life Aggregate Intrinsic Value Balance - December 31, 2016 535,077 $ 9.84 2.61 $ 3,615,191 Granted 169,762 15.94 Exercised (177,750) 7.85 $ 702,840 Forfeited (2,500) 6.23 Balance - December 31, 2017 524,589 $ 12.50 3.15 $ 3,054,325 Granted - - Exercised (30,000) 5.74 $ 321,749 Forfeited - - Balance - March 31, 2018 494,589 $ 12.17 3.07 $ 2,832,550 |
Schedule Of Restricted Stock Units Issued And Vested | Outstanding Restricted Stock Units RSU Grants (in units) Total Vested, Unvested, Grant Date Directors Management Grants March 31, 2018 March 31, 2018 March 10, 2016 35,147 27,381 62,528 48,838 13,690 April 11, 2016 -- 5,625 5,625 1,406 4,219 March 23, 2017 30,681 32,463 63,144 46,912 16,232 August 29, 2017 -- 7,394 7,394 -- 7,394 January 2, 2018 29,393 -- 29,393 -- 29,393 Total 95,221 72,863 168,084 97,156 70,928 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis | Fair Value Measurement at March 31, 2018 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 122,272 $ -- $ -- $ 121,684 $ 121,684 Subordinated debt 27,913 -- -- 16,621 16,621 $ 150,185 $ -- $ -- $ 138,305 $ 138,305 Fair Value Measurement at December 31, 2017 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 106,588 $ -- $ -- $ 106,894 $ 106,894 Subordinated debt 27,913 -- -- 16,088 16,088 $ 134,501 $ -- $ -- $ 122,982 $ 122,982 (1) These balances are presented before any deduction for deferred financing costs. |
Description Of Business And S39
Description Of Business And Segment Reporting (Summary Of Results Of Operations For Principal Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | $ 75,822 | $ 69,454 | [1] |
Segment operating income | 5,643 | 5,528 | [1] |
Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment operating income | 11,916 | 10,387 | |
Inter-segment Elimination [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | (2,391) | (1,603) | |
Cinema Exhibition [Member] | Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | 72,255 | 66,560 | |
Segment operating income | 10,285 | 9,093 | |
Real Estate [Member] | Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenue | 5,958 | 4,497 | |
Segment operating income | $ 1,631 | $ 1,294 | |
[1] | Certain prior year balances have been reclassified to conform to the 2018 presentation (see Note 2 - Summary of Significant Accounting Policies - Reclassifications). |
Description Of Business And S40
Description Of Business And Segment Reporting (Reconciliation To Net Income Attributable To Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Segment Reporting Information [Line Items] | |||
Operating income | $ 5,643 | $ 5,528 | [1] |
Depreciation and amortization expense | (5,250) | (3,934) | [1] |
General and administrative expense | (7,597) | (6,174) | [1] |
Interest expense, net | (1,594) | (1,860) | [1] |
Income tax benefit (expense) | (1,155) | (1,703) | [1] |
Equity earnings of unconsolidated joint ventures | 257 | 255 | [1] |
Other income (expense) | (82) | 821 | [1] |
Income before income taxes | 4,224 | 4,744 | [1] |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income | 11,916 | 10,387 | |
Corporate, Non-segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | (117) | (106) | |
General and administrative expense | (6,156) | (4,753) | |
Interest expense, net | $ 1,594 | $ 1,860 | |
[1] | Certain prior year balances have been reclassified to conform to the 2018 presentation (see Note 2 - Summary of Significant Accounting Policies - Reclassifications). |
Summary Of Significant Accoun41
Summary Of Significant Accounting Policies (Effect of the Adoption of ASC 2014-09 on Financial Statements) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred income taxes | $ 24,834 | $ 24,747 | $ 24,908 |
Deferred current revenue | 8,276 | 9,496 | 9,850 |
Retained earnings | $ 35,920 | $ 32,873 | 32,679 |
Previously Reported [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred income taxes | 24,908 | ||
Deferred current revenue | 9,850 | ||
Retained earnings | 32,679 | ||
Adjustments Due To ASU 2014-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred income taxes | (161) | ||
Deferred current revenue | (354) | ||
Retained earnings | $ 194 |
Summary Of Significant Accoun42
Summary Of Significant Accounting Policies (Effect of the Adoption of ASC 606 on Financial Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | [1] | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Revenue | $ 75,822 | $ 69,454 | |||
Income tax expense | (1,155) | (1,703) | |||
Net income | 3,047 | 3,029 | |||
Deferred income taxes | 24,834 | $ 24,747 | $ 24,908 | ||
Deferred current revenue | 8,276 | 9,496 | 9,850 | ||
Retained earnings | 35,920 | $ 32,873 | $ 32,679 | ||
Balances Without Adoption of ASC 606 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Income tax expense | (1,084) | ||||
Net income | 2,858 | ||||
Deferred income taxes | 24,905 | ||||
Deferred current revenue | 8,536 | ||||
Retained earnings | 35,731 | ||||
Effect Of Change Higher/(Lower) [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Income tax expense | (71) | ||||
Net income | 189 | ||||
Deferred income taxes | (71) | ||||
Deferred current revenue | (260) | ||||
Retained earnings | 189 | ||||
Cinema [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Revenue | 72,255 | $ 66,560 | |||
Cinema [Member] | Balances Without Adoption of ASC 606 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Revenue | 71,995 | ||||
Cinema [Member] | Effect Of Change Higher/(Lower) [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Revenue | $ 260 | ||||
[1] | Certain prior year balances have been reclassified to conform to the 2018 presentation (see Note 2 - Summary of Significant Accounting Policies - Reclassifications). |
Operations in Foreign Currenc43
Operations in Foreign Currency (Narrative) (Details) $ in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($) | Sep. 01, 2017AUD ($) | |
Operations In Foreign Currency [Abstract] | ||
Short-term intercompany loan | $ 21.1 | |
Gain recognized on foreign currency transactions | $ 825 |
Operations in Foreign Currenc44
Operations in Foreign Currency (Summary Of Currency Exchange Rates) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Australian Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.7690 | 0.7638 | 0.7815 |
Australian Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.7861 | 0.7584 | 0.7670 |
New Zealand Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.7239 | 0.7001 | 0.7100 |
New Zealand Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.7275 | 0.7122 | 0.7111 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018shares | |
Class A [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Weighted average number of common stocks - repurchased | 386,462 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Earnings Per Share [Abstract] | |||
Net income attributable to RDI common stockholders | $ 3,047 | $ 3,029 | [1] |
Weighted average number of common stock – basic | 22,967,237 | 23,168,351 | [1] |
Weighted average dilutive impact of awards | 165,752 | 296,825 | |
Weighted average number of common stock – diluted | 23,132,989 | 23,465,176 | [1] |
Basic EPS attributable for RDI common stockholders | $ 0.13 | $ 0.13 | [1] |
Diluted EPS attributable to RDI common stockholders | $ 0.13 | $ 0.13 | [1] |
Awards excluded from diluted EPS | |||
[1] | Certain prior year balances have been reclassified to conform to the 2018 presentation (see Note 2 - Summary of Significant Accounting Policies - Reclassifications). |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) $ in Millions | Dec. 14, 2017AUD ($) | Dec. 14, 2017USD ($) | Jun. 19, 2017AUD ($) | Jun. 19, 2017USD ($) | May 23, 2014AUD ($) | May 23, 2014USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017AUD ($) | Dec. 31, 2017USD ($) |
Property, Plant and Equipment [Line Items] | ||||||||||
Depreciation expense for operating property | $ 4,700,000 | $ 3,500,000 | ||||||||
Capitalized interest charges | $ 335,000 | |||||||||
Disposal Group, Not Discontinued Operations [Member] | Burwood [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Proceeds from the sale property | $ 36.6 | $ 28,100,000 | $ 21.8 | $ 16,600,000 | $ 6.5 | $ 5,900,000 | ||||
Sale price | $ 64.9 | $ 50,600,000 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property And Equipment [Abstract] | ||
Land | $ 76,125 | $ 76,457 |
Building and improvements | 152,350 | 153,232 |
Leasehold improvements | 48,469 | 48,481 |
Fixtures and equipment | 152,116 | 145,033 |
Construction-in-progress | 29,477 | 26,000 |
Total cost | 458,537 | 449,203 |
Less: accumulated depreciation | (188,959) | (184,479) |
Operating Properties, net | $ 269,578 | $ 264,724 |
Property And Equipment (Summary
Property And Equipment (Summary Of Investment And Development Property) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Investment and development property, net | $ 66,944 | $ 61,254 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property, net | 25,283 | 25,025 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property, net | 1,900 | 1,900 |
Construction-In-Progress (including capitalized interest) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property, net | $ 39,761 | $ 34,329 |
Property And Equipment (Constru
Property And Equipment (Construction-In-Progress Balance) (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($) | ||
Property, Plant and Equipment [Line Items] | ||
Balance | $ 26,000,000 | |
Balance | 29,477,000 | |
Capitalized interest charges | 335,000 | |
Operating And Investing Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 60,329,000 | |
Additions during the period | 12,385,000 | [1] |
Completed during the period | (3,515,000) | |
Foreign currency translation | 39,000 | |
Balance | 69,238,000 | |
Operating And Investing Properties [Member] | Union Square Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 29,223,000 | |
Additions during the period | 5,486,000 | [1] |
Completed during the period | ||
Foreign currency translation | ||
Balance | 34,709,000 | |
Operating And Investing Properties [Member] | Newmarket Property Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 370,000 | |
Additions during the period | 756,000 | [1] |
Completed during the period | (636,000) | |
Foreign currency translation | (8,000) | |
Balance | 482,000 | |
Operating And Investing Properties [Member] | Courtenay Central Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 4,676,000 | |
Completed during the period | ||
Foreign currency translation | 91,000 | |
Balance | 4,767,000 | |
Operating And Investing Properties [Member] | Cinema Developments And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 19,015,000 | |
Additions during the period | 5,123,000 | [1] |
Completed during the period | (2,879,000) | |
Foreign currency translation | 54,000 | |
Balance | 21,313,000 | |
Operating And Investing Properties [Member] | Other Real Estate Projects [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 7,045,000 | |
Additions during the period | 1,020,000 | [1] |
Completed during the period | ||
Foreign currency translation | (98,000) | |
Balance | $ 7,967,000 | |
[1] | Includes capitalized interest of $335,000 for the quarter ended March 31, 2018. |
Investments In Unconsolidated51
Investments In Unconsolidated Joint Ventures (Summary Of The Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Total investments | $ 5,283 | $ 5,304 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 50.00% | |
Total investments | $ 1,279 | 1,186 |
Mt. Gravatt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 33.30% | |
Total investments | $ 4,004 | $ 4,118 |
Investments In Unconsolidated52
Investments In Unconsolidated Joint Ventures (Summary Of Equity Earnings From Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Schedule of Equity Method Investments [Line Items] | |||
Total equity earnings | $ 257 | $ 255 | [1] |
Rialto Cinemas [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total equity earnings | 70 | 39 | |
Mt. Gravatt [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total equity earnings | $ 187 | $ 216 | |
[1] | Certain prior year balances have been reclassified to conform to the 2018 presentation (see Note 2 - Summary of Significant Accounting Policies - Reclassifications). |
Goodwill And Intangible Asset53
Goodwill And Intangible Assets (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018 | |
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 Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful life | 30 years |
Goodwill And Intangible Asset54
Goodwill And Intangible Assets (Summary Of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 20,276 |
Foreign currency translation adjustment | 107 |
Ending balance | 20,383 |
Cinema [Member] | |
Goodwill [Line Items] | |
Beginning balance | 15,052 |
Foreign currency translation adjustment | 107 |
Ending balance | 15,159 |
Real Estate [Member] | |
Goodwill [Line Items] | |
Beginning balance | 5,224 |
Foreign currency translation adjustment | |
Ending balance | $ 5,224 |
Goodwill And Intangible Asset55
Goodwill And Intangible Assets (Summary Of Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 37,230 | $ 37,253 |
Less: Accumulated amortization | (29,003) | (28,711) |
Net intangible assets other than goodwill | 8,227 | 8,542 |
Beneficial Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 28,836 | 28,860 |
Less: Accumulated amortization | (23,511) | (23,292) |
Net intangible assets other than goodwill | 5,325 | 5,568 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 7,255 | 7,254 |
Less: Accumulated amortization | (5,004) | (4,936) |
Net intangible assets other than goodwill | 2,251 | 2,318 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,139 | 1,139 |
Less: Accumulated amortization | (488) | (483) |
Net intangible assets other than goodwill | $ 651 | $ 656 |
Goodwill And Intangible Asset56
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | $ 300 | $ 406 |
Beneficial Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | 207 | 304 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | $ 93 | $ 102 |
Prepaid And Other Assets (Summa
Prepaid And Other Assets (Summary Of Prepaid And Other Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Prepaid And Other Assets [Abstract] | ||
Prepaid expenses | $ 2,486 | $ 1,625 |
Prepaid rent | 1,101 | 1,055 |
Prepaid taxes | 633 | 653 |
Income taxes receivable | 2,187 | 1,686 |
Deposits | 243 | 243 |
Investment in marketable securities | 46 | 46 |
Restricted cash | 17 | 17 |
Total prepaid and other current assets | 6,713 | 5,325 |
Straight-line rent asset | 3,421 | 2,564 |
Other non-cinema and non-rental real estate assets | 1,134 | 1,134 |
Investment in Reading International Trust I | 838 | 838 |
Long-term deposits | 8 | 7 |
Long-term restricted cash | 260 | |
Total non-current assets | $ 5,661 | $ 4,543 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Federal tax rate | 21.00% | 35.00% | |
Provisional tax expense | $ 13 | ||
Net deferred tax assets | 8.3 | ||
One-time mandatory repatriation tax | $ 4.7 | ||
Effective tax rate | 27.30% | 35.90% |
Debt (Union Square Construction
Debt (Union Square Construction Financing) (Narrative) (Details) $ in Thousands | Dec. 29, 2016USD ($)loan | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Debt Instrument [Line Items] | |||||
Contractual facility | $ 275,511 | $ 271,732 | |||
Union Square Construction Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Contractual facility | $ 57,500 | 57,500 | [1] | $ 57,500 | [2] |
Advanced-to-Date | 9,155 | ||||
Facility Limit | 57,500 | ||||
Union Square Construction Financing [Member] | Bank Of The Ozarks [Member] | |||||
Debt Instrument [Line Items] | |||||
Contractual facility | $ 50,000 | ||||
Number of loan tranches | loan | 3 | ||||
Advanced-to-Date | $ 8,000 | ||||
Facility Limit | 8,000 | ||||
Union Square Construction Financing [Member] | Tammany Mezz Investor, LLC [Member] | Mezzanine Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Contractual facility | $ 7,500 | ||||
Advanced-to-Date | 1,155 | ||||
Facility Limit | $ 7,500 | ||||
[1] | The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016. As of March 31, 2018 an additional $1.2 million had been advanced. | ||||
[2] | The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc.. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016. As of December 31, 2017 no further advances had been made under this financing agreement. |
Debt (Cinemas 1, 2, 3 Term Loan
Debt (Cinemas 1, 2, 3 Term Loan And Line Of Credit) (Narrative) (Details) - USD ($) $ in Thousands | Aug. 31, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | |||||
Contractual facility | $ 275,511 | $ 271,732 | |||
US Cinema 1, 2, 3 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Contractual facility | $ 19,396 | [1] | $ 19,500 | [2] | |
Maturity date | Aug. 31, 2019 | [1] | Sep. 1, 2019 | [2] | |
US Cinema 1, 2, 3 Term Loan [Member] | Sutton Hill Properties, LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Ownership percentage by parent | 75.00% | ||||
Contractual facility | $ 15,000 | ||||
Maturity date | Sep. 1, 2019 | ||||
Interest rate | 3.25% | ||||
Line of credit facility, maximum borrowing capacity | $ 20,000 | ||||
[1] | The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016. As of March 31, 2018 an additional $1.2 million had been advanced. | ||||
[2] | The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc.. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016. As of December 31, 2017 no further advances had been made under this financing agreement. |
Debt (Bank Of America Credit Fa
Debt (Bank Of America Credit Facility) (Narrative) (Details) - USD ($) $ in Thousands | Mar. 03, 2016 | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Contractual facility | $ 275,511 | $ 271,732 | |
US Bank Of America Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Contractual facility | $ 55,000 | $ 55,000 | $ 55,000 |
Reduced leverage ratio | 0.25% |
Debt (Bank Of America Line Of C
Debt (Bank Of America Line Of Credit) (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
US Bank Of America Line Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Oct. 31, 2019 | Oct. 31, 2019 |
Debt (Westpac Bank Corporate Cr
Debt (Westpac Bank Corporate Credit Facility) (Narrative) (Details) $ in Thousands, $ in Millions | Apr. 26, 2017NZD ($) | Apr. 26, 2017USD ($) | Apr. 25, 2017 | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |||||
Contractual facility | $ 275,511 | $ 271,732 | |||
Westpac Bank Corporate Credit Facility, Tranch 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Contractual facility | $ 53 | $ 38,400 | |||
Maturity date | Mar. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 |
Debt (U.S. Corporate Office Ter
Debt (U.S. Corporate Office Term Loan) (Narrative) (Details) - USD ($) $ in Thousands | Jun. 26, 2017 | Dec. 13, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | ||||||
Contractual facility | $ 275,511 | $ 271,732 | ||||
U.S. Corporate Office Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument term | 10 years | |||||
Contractual facility | $ 8,400 | $ 9,665 | [1] | $ 9,719 | [2] | |
Interest rate | 4.44% | 4.64% | ||||
Debt increase | $ 1,500 | |||||
[1] | The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016. As of March 31, 2018 an additional $1.2 million had been advanced. | |||||
[2] | The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc.. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016. As of December 31, 2017 no further advances had been made under this financing agreement. |
Debt (Bank of America Digital P
Debt (Bank of America Digital Projector Loan) (Narrative) (Details) - USD ($) $ in Thousands | Feb. 05, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Contractual facility | $ 275,511 | $ 271,732 | |
Bank Of America Digital Projector Loan [Member] | |||
Debt Instrument [Line Items] | |||
Contractual facility | $ 4,600 | ||
Interest rate | 5.00% |
Debt (Summary Of Notes Payable)
Debt (Summary Of Notes Payable) (Details) - USD ($) $ in Thousands | Jun. 26, 2017 | Dec. 29, 2016 | Dec. 13, 2016 | Mar. 03, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | |||
Debt Instrument [Line Items] | |||||||||
Contractual facility | $ 275,511 | $ 271,732 | |||||||
Balance Gross | 150,185 | 134,501 | |||||||
Balance Net | 146,430 | [1] | 130,525 | [2] | |||||
Deferred financing costs, net | $ 3,800 | $ 4,000 | |||||||
Trust Preferred Securities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Apr. 30, 2027 | Apr. 30, 2027 | |||||||
Contractual facility | $ 27,913 | $ 27,913 | |||||||
Balance Gross | 27,913 | 27,913 | |||||||
Balance Net | $ 27,564 | [1] | $ 27,554 | [2] | |||||
Stated interest rate | 5.77% | 5.38% | |||||||
Effective interest rate | [3] | 5.77% | 5.38% | ||||||
US Bank Of America Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Nov. 28, 2019 | Nov. 28, 2019 | |||||||
Contractual facility | $ 55,000 | $ 55,000 | $ 55,000 | ||||||
Balance Gross | 31,000 | 31,000 | |||||||
Balance Net | $ 31,000 | [1] | $ 31,000 | [2] | |||||
Stated interest rate | 4.88% | 4.57% | |||||||
Effective interest rate | [3] | 4.88% | 4.57% | ||||||
US Bank Of America Line Of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Oct. 31, 2019 | Oct. 31, 2019 | |||||||
Contractual facility | $ 5,000 | $ 5,000 | |||||||
Stated interest rate | 4.84% | 4.57% | |||||||
Effective interest rate | [3] | 4.84% | 4.57% | ||||||
US Bank Of America Digital Projector Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Dec. 28, 2019 | ||||||||
Contractual facility | $ 4,031 | ||||||||
Balance Gross | 4,031 | ||||||||
Balance Net | [1] | $ 4,031 | |||||||
Stated interest rate | 5.00% | ||||||||
Effective interest rate | [3] | 5.00% | |||||||
US Cinema 1, 2, 3 Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Aug. 31, 2019 | [4] | Sep. 1, 2019 | [5] | |||||
Contractual facility | $ 19,396 | [4] | $ 19,500 | [5] | |||||
Balance Gross | 19,396 | [4] | 19,500 | [5] | |||||
Balance Net | $ 19,037 | [1],[4] | $ 19,105 | [2],[5] | |||||
Stated interest rate | 3.25% | [4] | 3.25% | [5] | |||||
Effective interest rate | [3] | 3.25% | [4] | 3.25% | [5] | ||||
Minetta And Orpheum Theatres Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Jun. 1, 2018 | [4] | Jun. 1, 2018 | [5] | |||||
Contractual facility | $ 7,500 | [4] | $ 7,500 | [5] | |||||
Balance Gross | 7,500 | [4] | 7,500 | [5] | |||||
Balance Net | $ 7,488 | [1],[4] | $ 7,470 | [2],[5] | |||||
Stated interest rate | 4.44% | [4] | 4.13% | [5] | |||||
Effective interest rate | [3] | 4.44% | [4] | 4.13% | [5] | ||||
U.S. Corporate Office Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Jan. 1, 2027 | [4] | Jan. 1, 2027 | [5] | |||||
Contractual facility | $ 8,400 | $ 9,665 | [4] | $ 9,719 | [5] | ||||
Balance Gross | 9,665 | [4] | 9,719 | [5] | |||||
Balance Net | $ 9,531 | [1],[4] | $ 9,582 | [2],[5] | |||||
Effective interest rate | [3] | 4.61% | [4] | 4.61% | [5] | ||||
Debt increase | $ 1,500 | ||||||||
Union Square Construction Financing [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Dec. 29, 2019 | [4] | Dec. 29, 2019 | [5] | |||||
Contractual facility | $ 57,500 | $ 57,500 | [4] | $ 57,500 | [5] | ||||
Balance Gross | 9,155 | [4] | 8,000 | [5] | |||||
Balance Net | $ 6,326 | [1],[4] | $ 5,033 | [2],[5] | |||||
Stated interest rate | [5] | 5.81% | |||||||
Effective interest rate | [3] | 6.79% | [4] | 5.81% | [5] | ||||
NAB Corporate Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | [6] | Jun. 28, 2019 | |||||||
Contractual facility | [6] | $ 51,139 | |||||||
Balance Gross | [6] | 41,525 | |||||||
Balance Net | [1],[6] | $ 41,453 | |||||||
Stated interest rate | [6] | 3.78% | |||||||
Effective interest rate | [3],[6] | 3.78% | |||||||
NAB Corporate Loan Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | [7] | Jun. 30, 2019 | |||||||
Contractual facility | [7] | $ 51,970 | |||||||
Balance Gross | [7] | 30,869 | |||||||
Balance Net | [2],[7] | $ 30,781 | |||||||
Stated interest rate | [7] | 3.66% | |||||||
Effective interest rate | [3],[7] | 3.66% | |||||||
Westpac Bank Corporate (General/Non-construction) Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Dec. 31, 2019 | [6] | Dec. 31, 2019 | [7] | |||||
Contractual facility | $ 25,337 | [6] | $ 24,850 | [7] | |||||
Stated interest rate | 3.70% | [6] | 3.70% | [7] | |||||
Effective interest rate | [3] | 3.70% | [6] | 3.70% | [7] | ||||
Westpac Bank Corporate (Construction) Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Dec. 31, 2018 | [6] | Dec. 31, 2018 | [7] | |||||
Contractual facility | $ 13,030 | [6] | $ 12,780 | [7] | |||||
Stated interest rate | 3.70% | [6] | 3.70% | [7] | |||||
Effective interest rate | [3] | 3.70% | [6] | 3.70% | [7] | ||||
Minimum [Member] | U.S. Corporate Office Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 4.44% | 4.44% | |||||||
Minimum [Member] | Union Square Construction Financing [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 6.06% | ||||||||
Maximum [Member] | U.S. Corporate Office Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 4.64% | 4.64% | |||||||
Maximum [Member] | Union Square Construction Financing [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 11.88% | ||||||||
[1] | Net of deferred financing costs amounting to $3.8 million. | ||||||||
[2] | Net of deferred financing costs amounting to $4.0 million. | ||||||||
[3] | Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of December 31, 2017. | ||||||||
[4] | The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016. As of March 31, 2018 an additional $1.2 million had been advanced. | ||||||||
[5] | The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc.. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016. As of December 31, 2017 no further advances had been made under this financing agreement. | ||||||||
[6] | The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2018. | ||||||||
[7] | The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2016. |
Debt (Schedule Of Long-term Deb
Debt (Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | ||
Debt [Abstract] | ||||
Debt – current portion | $ 10,544 | $ 8,109 | ||
Debt – long-term portion | 108,322 | 94,862 | ||
Subordinated debt | 27,564 | 27,554 | ||
Total borrowings | $ 146,430 | [1] | $ 130,525 | [2] |
[1] | Net of deferred financing costs amounting to $3.8 million. | |||
[2] | Net of deferred financing costs amounting to $4.0 million. |
Debt (Schedule of Construction
Debt (Schedule of Construction Financing) (Details) - Union Square Construction Financing [Member] $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018USD ($)item | Dec. 31, 2017 | [2] | Dec. 29, 2016USD ($) | |||
Debt Instrument [Line Items] | ||||||
Facility Limit | $ 57,500 | |||||
Advanced-to-Date | 9,155 | |||||
Remaining Facility | $ 48,345 | |||||
Maturity date | Dec. 29, 2019 | [1] | Dec. 29, 2019 | |||
Number of extension options | item | 2 | |||||
Extension period | 1 year | |||||
Tammany Mezz Investor, LLC [Member] | Mezzanine Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Facility Limit | $ 7,500 | |||||
Advanced-to-Date | 1,155 | |||||
Remaining Facility | $ 6,345 | |||||
Spread over LIBOR | 10.00% | |||||
Maturity date | [3] | Dec. 29, 2019 | ||||
Bank Of The Ozarks [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Facility Limit | $ 8,000 | |||||
Advanced-to-Date | $ 8,000 | |||||
Bank Of The Ozarks [Member] | Senior Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread over LIBOR | 4.25% | |||||
Bank Of The Ozarks [Member] | Senior Loans, Including Building And Project Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Facility Limit | $ 50,000 | |||||
Advanced-to-Date | 8,000 | |||||
Remaining Facility | $ 42,000 | |||||
Maturity date | [3] | Dec. 29, 2019 | ||||
Minimum [Member] | Tammany Mezz Investor, LLC [Member] | Mezzanine Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 10.50% | |||||
Minimum [Member] | Bank Of The Ozarks [Member] | Senior Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | |||||
Maximum [Member] | New York State [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 16.00% | |||||
[1] | The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016. As of March 31, 2018 an additional $1.2 million had been advanced. | |||||
[2] | The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc.. In December 2016, we completed the negotiation of the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million on December 29, 2016. As of December 31, 2017 no further advances had been made under this financing agreement. | |||||
[3] | Allowable for up to two (2) extension request options, one (1) year for each extension request. |
Other Liabilities (Narrative) (
Other Liabilities (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Feb. 28, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Aug. 29, 2014 | |
Other Liabilities [Line Items] | |||||
Accrued pension costs | $ 5,047,000 | $ 5,228,000 | $ 7,500,000 | ||
Service cost | 0 | $ 0 | |||
Interest cost | 45,000 | 45,000 | |||
Actuarial loss (gain) | 52,000 | $ 52,000 | |||
Benefit obligation | $ 10,200,000 | ||||
Discount rate | 4.25% | ||||
Discount term | 15 years | ||||
Monthly estate payment amount | $ 57,000 | ||||
Discounted value | 2,700,000 | ||||
Accumulated prior service cost | $ 3,100,000 | ||||
Accumulated prior service cost amortization period | 15 years | ||||
Accrued pension costs included in other liabilities | $ 5,700,000 | ||||
Payment related to annuity | $ 2,400,000 | ||||
Payment period | 42 months | ||||
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 Including Pension) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 29, 2014 |
Other Liabilities [Abstract] | |||
Lease liability | $ 5,900 | $ 5,900 | |
Liability for demolition | 2,836 | 2,781 | |
Accrued pension | 684 | 2,907 | |
Security deposit payable | 76 | 91 | |
Other | 19 | ||
Other current liabilities | 9,515 | 11,679 | |
Straight-line rent liability | 15,529 | 13,444 | |
Lease make-good provision | 5,687 | 5,648 | |
Accrued pension | 5,047 | 5,228 | $ 7,500 |
Environmental reserve | 1,656 | 1,656 | |
Deferred revenue - real estate | 16 | 18 | |
Acquired leases | 163 | 186 | |
Other | 455 | 469 | |
Other liabilities | $ 28,553 | $ 26,649 |
Accumulated Other Comprehensi71
Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | $ 20,991 |
Net current period other comprehensive (loss) | (750) |
Balance | 20,241 |
Foreign Currency Items [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | 23,575 |
Net current period other comprehensive (loss) | (800) |
Balance | 22,775 |
Unrealized Gain (Losses) On Available-For-Sale Investments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | 8 |
Net current period other comprehensive (loss) | (2) |
Balance | 6 |
Accrued Pension Service Costs [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | (2,592) |
Net current period other comprehensive (loss) | 52 |
Balance | $ (2,540) |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Aug. 03, 2016 | May 31, 2016 | |
Cotter, Jr. Related Litigation Matters [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Amount of damages claimed by plaintiff | $ 1,200,000 | |||||
Litigation expense | 1,400,000 | $ 645,000 | $ 4,000,000 | |||
Coverage limit | $ 10,000,000 | |||||
The STOMP Arbitration [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Settlement awarded | $ 2,300,000 | |||||
Litigation interest percent | 4.00% | |||||
Class B [Member] | Cotter, Jr. Related Litigation Matters [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Shares held by estate | 100,000 | |||||
Class B [Member] | Cotter Estate [Member] | Cotter, Jr. Related Litigation Matters [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Shares held by estate | 427,808 | 327,808 | ||||
Class B [Member] | Cotter Estate [Member] | Cotter, Jr. Related Litigation Matters [Member] | Maximum [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Additional voting stock that may be awarded | 25.50% | |||||
Class B [Member] | Cotter Trust [Member] | Cotter, Jr. Related Litigation Matters [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Shares held by estate | 696,080 | 696,080 | ||||
Voting stock percent | 41.40% |
Non-controlling Interests (Narr
Non-controlling Interests (Narrative) (Details) | Mar. 31, 2018 |
Australian Country Cinemas, Pty Ltd [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 25.00% |
Sutton Hill Properties, LLC [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 25.00% |
Shadow View Land And Farming, LLC [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 50.00% |
Sutton Hill Capital, LLC [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 50.00% |
Non-controlling Interests (Comp
Non-controlling Interests (Components Of Non-controlling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Noncontrolling Interest [Line Items] | ||
Non-controlling interests in consolidated subsidiaries | $ 4,332 | $ 4,331 |
Australian Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Non-controlling interests in consolidated subsidiaries | 131 | 138 |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Non-controlling interests in consolidated subsidiaries | 2,142 | 2,127 |
Sutton Hill Properties, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Non-controlling interests in consolidated subsidiaries | $ 2,059 | $ 2,066 |
Non-controlling Interests (Co75
Non-controlling Interests (Components Of Income/(Loss) Attributable To Non-controlling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Noncontrolling Interest [Line Items] | |||
Net income attributable to non-controlling interests in consolidated subsidiaries | $ 22 | $ 12 | [1] |
Australian Country Cinemas, Pty Ltd [Member] | |||
Noncontrolling Interest [Line Items] | |||
Net income attributable to non-controlling interests in consolidated subsidiaries | 41 | 44 | |
Shadow View Land And Farming, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Net income attributable to non-controlling interests in consolidated subsidiaries | (13) | (16) | |
Sutton Hill Properties, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Net income attributable to non-controlling interests in consolidated subsidiaries | $ (6) | $ (16) | |
[1] | Certain prior year balances have been reclassified to conform to the 2018 presentation (see Note 2 - Summary of Significant Accounting Policies - Reclassifications). |
Noncontrolling Interests (Summa
Noncontrolling Interests (Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Noncontrolling Interest [Line Items] | |||
Balance | $ 181,241 | ||
Net income | 3,069 | $ 3,041 | [1] |
Distributions to noncontrolling stockholders | (43) | (77) | |
Accumulated other comprehensive income (loss) | 3 | (13) | [1] |
Balance | 183,755 | ||
Controlling Stockholders' Equity [Member] | |||
Noncontrolling Interest [Line Items] | |||
Balance | 176,910 | 142,197 | |
Adjustments to opening retained earnings on adoption of ASC 606 | 194 | ||
Net income | 3,047 | 3,029 | |
Increase in additional paid in capital | 339 | 169 | |
Treasury stock purchased | (317) | (672) | |
Contributions from noncontrolling stockholders | |||
Distributions to noncontrolling stockholders | |||
Accumulated other comprehensive income (loss) | (750) | 5,861 | |
Balance | 179,423 | 150,584 | |
Noncontrolling Stockholders' Equity [Member] | |||
Noncontrolling Interest [Line Items] | |||
Balance | 4,331 | 4,418 | |
Adjustments to opening retained earnings on adoption of ASC 606 | (2) | ||
Net income | 22 | 12 | |
Increase in additional paid in capital | |||
Treasury stock purchased | |||
Contributions from noncontrolling stockholders | 27 | 41 | |
Distributions to noncontrolling stockholders | (43) | (77) | |
Accumulated other comprehensive income (loss) | (3) | 13 | |
Balance | 4,332 | 4,407 | |
Total Stockholders' Equity [Member] | |||
Noncontrolling Interest [Line Items] | |||
Balance | 181,241 | 146,615 | |
Adjustments to opening retained earnings on adoption of ASC 606 | 192 | ||
Net income | 3,069 | 3,041 | |
Increase in additional paid in capital | 339 | 169 | |
Treasury stock purchased | (317) | (672) | |
Contributions from noncontrolling stockholders | 27 | 41 | |
Distributions to noncontrolling stockholders | (43) | (77) | |
Accumulated other comprehensive income (loss) | (753) | 5,874 | |
Balance | $ 183,755 | $ 154,991 | |
[1] | Certain prior year balances have been reclassified to conform to the 2018 presentation (see Note 2 - Summary of Significant Accounting Policies - Reclassifications). |
Stock-Based Compensation and 77
Stock-Based Compensation and Stock Repurchases (Narrative) (Details) - USD ($) | Nov. 07, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Mar. 02, 2017 | Dec. 31, 2016 |
Stock Option [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Grant date fair value of options vesting | $ 85,000 | $ 53,000 | |||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 793,000 | ||||||
Recognition period of unrecognized compensation cost | 1 year 9 months 4 days | ||||||
Intrinsic unrealized value of all options outstanding, vested and expected to vest | $ 2,800,000 | ||||||
Percentage of option currently exercisable | 76.80% | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Compensation expense | $ 294,000 | $ 120,000 | |||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 1,000,000 | ||||||
Vesting period of stock options and RSU | 1 year 1 month 6 days | ||||||
Restricted Stock Units (RSUs) [Member] | Directors [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Percentage of shares vested | 100.00% | ||||||
Restricted Stock Units (RSUs) [Member] | Management [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Vesting period of stock options and RSU | 4 years | ||||||
Percentage of shares vested | 25.00% | ||||||
2014 Stock Repurchase Plan [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Repurchase program, amount authorized | $ 10,000,000 | ||||||
$25 Million Stock Repurchase Program [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Repurchase program, remaining amount authorized | $ 18,200,000 | ||||||
Class A Nonvoting Common Stock [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Common Stock authorized for issuance under 2010 Stock Incentive Plan | 2,197,460 | ||||||
Class A [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Weighted average number of common stocks - repurchased | 386,462 | ||||||
Shares granted | 169,762 | ||||||
Stock options terminated | 2,500 | ||||||
Class A [Member] | $25 Million Stock Repurchase Program [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Repurchase value | $ 6,800,000 | ||||||
Repurchase program, amount authorized | $ 25,000,000 | ||||||
Payment to repurchase shares | $ 317,000 | ||||||
Share price | $ 15.97 | ||||||
Shares repurchased | 428,361 | ||||||
Class A [Member] | $25 Million Stock Repurchased At $16.98 [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Share price | $ 16.98 | ||||||
Shares repurchased | 18,638 | ||||||
Minimum [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Vesting period of stock options and RSU | 0 years | ||||||
Maximum [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Vesting period of stock options and RSU | 4 years | ||||||
2010 Stock Incentive Plan [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Additional shares authorized | 947,460 | ||||||
Repurchase program, shares authorized | 302,540 | ||||||
2010 Stock Incentive Plan [Member] | Class A Nonvoting Common Stock [Member] | |||||||
Equity And Stock-Based Compensation [Line Items] | |||||||
Common Stock shares remaining for future issuances | 1,220,607 |
Stock-Based Compensation and 78
Stock-Based Compensation and Stock Repurchases (Schedule Of Fair Value Of Options, Weighted Average Assumptions) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock-Based Compensation and Stock Repurchases [Abstract] | ||
Stock option exercise price | $ 15.97 | |
Risk-free interest rate | 0.00% | 1.68% |
Expected option life in years | 3 years 9 months | |
Expected volatility | 0.00% | 24.92% |
Weighted average fair value | $ 3.46 |
Stock-Based Compensation and 79
Stock-Based Compensation and Stock Repurchases (Schedule Of Stock Options Outstanding And Exercisable) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity And Stock-Based Compensation [Line Items] | ||||
Weighted Average Exercise Price of Options Outstanding, Granted | $ 15.97 | |||
Class A [Member] | ||||
Equity And Stock-Based Compensation [Line Items] | ||||
Number of Stock Options, Beginning balance | 524,589 | 535,077 | 535,077 | |
Number of Stock Options, Granted | 169,762 | |||
Number of Stock Options, Exercised | (30,000) | (177,750) | ||
Number of Stock Options, Forfeited | (2,500) | |||
Common Stock Options Outstanding, Ending balance | 494,589 | 524,589 | 535,077 | |
Weighted Average Exercise Price of Options Outstanding, Beginning price | $ 12.50 | $ 9.84 | $ 9.84 | |
Weighted Average Exercise Price of Options Outstanding, Granted | 15.94 | |||
Weighted Average Exercise Price of Options Outstanding, Exercised | 5.74 | 7.85 | ||
Weighted Average Exercise Price of Options Outstanding, Forfeited | 6.23 | |||
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 12.17 | $ 12.50 | $ 9.84 | |
Weighted Average Remaining Years of Contractual Life | 3 years 26 days | 3 years 1 month 24 days | 2 years 7 months 10 days | |
Aggregate Intrinsic Value, Beginning balance | $ 3,054,325 | $ 3,615,191 | $ 3,615,191 | |
Aggregate Intrinsic Value, Exercised | 321,749 | 702,840 | ||
Aggregate Intrinsic Value, Ending balance | $ 2,832,550 | $ 3,054,325 | $ 3,615,191 |
Stock-Based Compensation and 80
Stock-Based Compensation and Stock Repurchases (Schedule Of Restricted Stock Units Issued And Vested) (Details) - Restricted Stock Units (RSUs) [Member] | Mar. 31, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 168,084 |
Number of options, Vested | 97,156 |
Number of options, Unvested | 70,928 |
March 10, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 62,528 |
Number of options, Vested | 48,838 |
Number of options, Unvested | 13,690 |
April 11, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 5,625 |
Number of options, Vested | 1,406 |
Number of options, Unvested | 4,219 |
March 23, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 63,144 |
Number of options, Vested | 46,912 |
Number of options, Unvested | 16,232 |
August 29, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 7,394 |
Number of options, Unvested | 7,394 |
January 2, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 29,393 |
Number of options, Unvested | 29,393 |
Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 95,221 |
Directors [Member] | March 10, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 35,147 |
Directors [Member] | March 23, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 30,681 |
Directors [Member] | January 2, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 29,393 |
Management [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 72,863 |
Management [Member] | March 10, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 27,381 |
Management [Member] | April 11, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 5,625 |
Management [Member] | March 23, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 32,463 |
Management [Member] | August 29, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 7,394 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value Measurements [Abstract] | ||
Transfers of assets and liabilities between level 1, 2, 3 | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis) (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | $ 121,684 | $ 106,894 | |
Subordinated debt | 16,621 | 16,088 | |
Financial liabilities total | 138,305 | 122,982 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | 121,684 | 106,894 | |
Subordinated debt | 16,621 | 16,088 | |
Financial liabilities total | 138,305 | 122,982 | |
Carrying Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | [1] | 122,272 | 106,588 |
Subordinated debt | [1] | 27,913 | 27,913 |
Financial liabilities total | [1] | $ 150,185 | $ 134,501 |
[1] | These balances are presented before any deduction for deferred financing costs. |