INCOME OPPORTUNITY REALTY INVESTORS, INC. | |
CONSOLIDATED STATEMENTS OF OPERATIONS | |
(unaudited) | |
| | For the Three Months Ended | |
| | March 31, | |
| | 2014 | | | 2013 | |
| | (dollars in thousands, except per share amounts) | |
Revenues: | | | | | | |
Rental and other property revenues | | $ | - | | | $ | - | |
| | | | | | | | |
Expenses: | | | | | | | | |
Property operating expenses (including $14 and $13 for the three months ended 2014 and 2013, respectively, from related parties) | | | 18 | | | | 14 | |
General and administrative (including $64 and $43 for the three months ended 2014 and 2013, respectively, from related parties) | | | 162 | | | | 132 | |
Net income fee to related party | | | 45 | | | | 56 | |
Advisory fee to related party | | | 165 | | | | 204 | |
Total operating expenses | | | 390 | | | | 406 | |
Net operating loss | | | (390 | ) | | | (406 | ) |
| | | | | | | | |
Other income (expenses): | | | | | | | | |
Interest income from related parties | | | 1,133 | | | | 1,407 | |
Mortgage and loan interest | | | (184 | ) | | | (288 | ) |
Total other income | | | 949 | | | | 1,119 | |
Net income from continuing operations before tax | | | 559 | | | | 713 | |
Income tax expense | | | - | | | | (6 | ) |
Net income from continuing operations | | | 559 | | | | 707 | |
Discontinued operations: | | | | | | | | |
Net loss from discontinued operations | | | - | | | | (18 | ) |
Gain (loss) on the sale of real estate from discontinued operations | | | - | | | | - | |
Income tax benefit from discontinued operations | | | - | | | | 6 | |
Net loss from discontinued operations | | | - | | | | (12 | ) |
Net income | | $ | 559 | | | $ | 695 | |
| | | | | | | | |
Earnings per share - basic | | | | | | | | |
Net income from continuing operations | | $ | 0.13 | | | $ | 0.17 | |
Net income from discontinued operations | | | - | | | | - | �� |
Net income applicable to common shares | | $ | 0.13 | | | $ | 0.17 | |
| | | | | | | | |
Earnings per share - diluted | | | | | | | | |
Net income from continuing operations | | $ | 0.13 | | | $ | 0.17 | |
Net income from discontinued operations | | | - | | | | - | |
Net income applicable to common shares | | $ | 0.13 | | | $ | 0.17 | |
| | | | | | | | |
Weighted average common shares used in computing earnings per share | | | 4,168,214 | | | | 4,168,214 | |
Weighted average common shares used in computing diluted earnings per share | | | 4,168,214 | | | | 4,168,214 | |