Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'TEJON RANCH CO | ' | ' |
Entity Central Index Key | '0000096869 | ' | ' |
Trading Symbol | 'TRC | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock Shares Outstanding | ' | 20,568,058 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $477,145,905 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $9,031 | $7,219 |
Marketable securities - available-for-sale | 55,436 | 65,049 |
Accounts receivable | 7,108 | 8,768 |
Inventories | 3,510 | 3,839 |
Prepaid expenses and other current assets | 7,707 | 4,881 |
Deferred tax assets | 452 | 997 |
Total current assets | 83,244 | 90,753 |
Property and equipment - net of depreciation (includes $74,726 at December 31, 2013 and $72,115 at December 31, 2012, attributable to Centennial Founders LLC, Note 15) | 146,542 | 146,590 |
Investments in unconsolidated joint ventures | 62,604 | 54,022 |
Long-term water assets | 46,754 | 28,565 |
Long-term deferred tax assets | 1,592 | 5,376 |
Other assets | 2,143 | 2,550 |
TOTAL ASSETS | 342,879 | 327,856 |
Current Liabilities: | ' | ' |
Trade accounts payable | 5,028 | 3,845 |
Accrued liabilities and other | 2,647 | 2,132 |
Income taxes payable | 0 | 0 |
Deferred income | 865 | 1,195 |
Current portion of long-term debt | 234 | 41 |
Total current liabilities | 8,774 | 7,213 |
Long-term debt, less current portion | 4,459 | 212 |
Long-term deferred gains | 2,248 | 2,248 |
Other liabilities | 6,518 | 6,508 |
Pension liability | 693 | 3,416 |
Total liabilities | 22,692 | 19,597 |
Commitments and contingencies | ' | ' |
Tejon Ranch Co. Stockholders’ Equity | ' | ' |
Common stock, $.50 par value per share: Authorized shares - 30,000,000, Issued and outstanding shares - 20,563,023 at December 31, 2013 and 20,085,865 at December 31, 2012 | 10,282 | 10,043 |
Additional paid-in capital | 210,848 | 198,117 |
Accumulated other comprehensive loss | -3,333 | -5,118 |
Retained earnings | 62,785 | 65,550 |
Total Tejon Ranch Co. Stockholders’ Equity | 280,582 | 268,592 |
Non-controlling interest | 39,605 | 39,667 |
Total equity | 320,187 | 308,259 |
TOTAL LIABILITIES AND EQUITY | $342,879 | $327,856 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Property and equipment - net of depreciation | $146,542 | $146,590 |
Common stock, par value per share | $0.50 | $0.50 |
Common stock, authorized shares | 30,000,000 | 30,000,000 |
Common stock, issued shares | 20,563,023 | 20,085,865 |
Common stock, outstanding shares | 20,563,023 | 20,085,865 |
Centennial Founders, LLC | ' | ' |
Property and equipment - net of depreciation | $74,726 | $72,115 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues: | ' | ' | ' | |||
Total revenues | $45,338 | $47,089 | $63,098 | |||
Costs and Expenses: | ' | ' | ' | |||
Total expenses | 44,162 | 43,961 | 42,224 | |||
Operating income | 1,176 | 3,128 | 20,874 | |||
Other Income: | ' | ' | ' | |||
Investment income | 941 | 1,242 | 1,260 | |||
Interest income (expense) | 0 | -12 | 0 | |||
Other income | 66 | 113 | 98 | |||
Total other income | 1,007 | 1,343 | 1,358 | |||
Income from operations before equity in earnings of unconsolidated joint ventures | 2,183 | 4,471 | 22,232 | |||
Equity in earnings of unconsolidated joint ventures, net | 4,006 | 2,535 | 916 | |||
Income before income tax expense | 6,189 | 7,006 | 23,148 | |||
Income tax expense | 2,086 | 2,723 | 7,367 | |||
Net income | 4,103 | 4,283 | 15,781 | |||
Net loss attributable to non-controlling interest | -62 | -158 | -113 | |||
Net income attributable to common stockholders | 4,165 | 4,441 | 15,894 | |||
Net income per share attributable to common stockholders, basic, in dollars per share | $0.21 | $0.22 | $0.80 | |||
Net income per share attributable to common stockholders, diluted, in dollars per share | $0.20 | $0.22 | $0.80 | |||
Real estate - commercial/industrial | ' | ' | ' | |||
Revenues: | ' | ' | ' | |||
Total revenues | 11,148 | 9,941 | 13,746 | |||
Costs and Expenses: | ' | ' | ' | |||
Total expenses | 12,902 | 12,271 | 13,221 | |||
Operating income | 2,311 | 247 | 1,444 | |||
Other Income: | ' | ' | ' | |||
Equity in earnings of unconsolidated joint ventures, net | 4,065 | 2,577 | 919 | |||
Real estate- resort/residential | ' | ' | ' | |||
Revenues: | ' | ' | ' | |||
Total revenues | 1,266 | 583 | 16,134 | |||
Costs and Expenses: | ' | ' | ' | |||
Total expenses | 3,351 | 4,761 | 3,942 | |||
Operating income | -2,144 | -4,220 | 12,189 | |||
Mineral resources | ' | ' | ' | |||
Revenues: | ' | ' | ' | |||
Total revenues | 10,242 | [1] | 14,012 | [1] | 12,206 | [1] |
Costs and Expenses: | ' | ' | ' | |||
Total expenses | 462 | 334 | 209 | |||
Operating income | 9,780 | [1] | 13,678 | [1] | 11,997 | [1] |
Farming | ' | ' | ' | |||
Revenues: | ' | ' | ' | |||
Total revenues | 22,682 | 22,553 | 21,012 | |||
Costs and Expenses: | ' | ' | ' | |||
Total expenses | 14,806 | 13,323 | 12,575 | |||
Operating income | 7,876 | 9,230 | 8,437 | |||
Corporate expenses | ' | ' | ' | |||
Costs and Expenses: | ' | ' | ' | |||
Total expenses | $12,641 | $13,272 | $12,277 | |||
[1] | During the fourth quarter of 2012, the Company evaluated its operations and determined that an additional segment should be reported, Mineral Resources. Mineral Resources collects royalty income from oil and gas leases, rock and aggregate leases, and from a cement company. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive income attributable to common stockholders | ' | ' | ' |
Net income | $4,103 | $4,283 | $15,781 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gains (losses) on available for sale securities | -348 | 182 | -82 |
Equity in other comprehensive income of unconsolidated joint venture | 0 | 152 | 217 |
Other comprehensive loss before taxes | 2,968 | -600 | -4,264 |
Benefit for income taxes related to other comprehensive loss items | -1,183 | 238 | 1,699 |
Other comprehensive loss | 1,785 | -362 | -2,565 |
Comprehensive income | 5,888 | 3,921 | 13,216 |
Comprehensive loss attributable to non-controlling interests | -62 | -158 | -113 |
Comprehensive income attributable to common stockholders | 5,950 | 4,079 | 13,329 |
Pension plan | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' |
Benefit Plan and SERP Liability Adjustments | 2,218 | -922 | -2,574 |
SERP | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' |
Benefit Plan and SERP Liability Adjustments | $1,098 | ($12) | ($1,825) |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Total Tejon Ranch Co.'s Stockholders Equity | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning Balance, value at Dec. 31, 2010 | $276,652 | $236,714 | $9,874 | $183,816 | ($2,191) | $45,215 | $39,938 |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | ' | 19,747,470 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 15,781 | 15,894 | ' | ' | ' | 15,894 | -113 |
Other comprehensive income | -2,565 | -2,565 | ' | ' | -2,565 | ' | ' |
Rights offering, net of expenses (in shares) | ' | ' | 0 | ' | ' | ' | ' |
Rights offering, net of expenses | 0 | 0 | 0 | 0 | ' | ' | ' |
Exercise of stock options (in shares) | ' | ' | 205,165 | ' | ' | ' | ' |
Exercise of stock options and related tax benefit of $3 in 2013, $8 in 2012 and $634 in 2011 | 5,876 | 5,876 | 103 | 5,773 | ' | ' | ' |
Restricted stock issuance (in shares) | ' | ' | 52,069 | ' | ' | ' | ' |
Restricted stock issuance | 0 | 0 | 26 | -26 | ' | ' | ' |
Stock compensation | 5,507 | 5,507 | ' | 5,507 | ' | ' | ' |
Shares withheld for taxes (in shares) | ' | ' | -28,998 | ' | ' | ' | ' |
Shares withheld for taxes | -812 | -812 | -15 | -797 | ' | ' | ' |
Ending Balance, value at Dec. 31, 2011 | 300,439 | 260,614 | 9,988 | 194,273 | -4,756 | 61,109 | 39,825 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | ' | 19,975,706 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 4,283 | 4,441 | ' | ' | ' | 4,441 | -158 |
Other comprehensive income | -362 | -362 | ' | ' | -362 | ' | ' |
Exercise of stock options (in shares) | ' | ' | 13,641 | ' | ' | ' | ' |
Exercise of stock options and related tax benefit of $3 in 2013, $8 in 2012 and $634 in 2011 | 370 | 370 | 7 | 363 | ' | ' | ' |
Restricted stock issuance (in shares) | ' | ' | 179,172 | ' | ' | ' | ' |
Restricted stock issuance | 0 | 0 | 89 | -89 | ' | ' | ' |
Stock compensation | 5,832 | 5,832 | ' | 5,832 | ' | ' | ' |
Shares withheld for taxes (in shares) | ' | ' | -82,654 | ' | ' | ' | ' |
Shares withheld for taxes | -2,303 | -2,303 | -41 | -2,262 | ' | ' | ' |
Ending Balance, value at Dec. 31, 2012 | 308,259 | 268,592 | 10,043 | 198,117 | -5,118 | 65,550 | 39,667 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | ' | 20,085,865 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 4,103 | 4,165 | ' | ' | ' | 4,165 | -62 |
Other comprehensive income | 1,785 | 1,785 | ' | ' | 1,785 | ' | ' |
Exercise of stock options (in shares) | ' | ' | 7,567 | ' | ' | ' | ' |
Exercise of stock options and related tax benefit of $3 in 2013, $8 in 2012 and $634 in 2011 | 211 | 211 | 4 | 207 | ' | ' | ' |
Restricted stock issuance (in shares) | ' | ' | 391,555 | ' | ' | ' | ' |
Restricted stock issuance | 0 | 0 | 196 | -196 | ' | ' | ' |
Common stock issued for water purchase (in shares) | ' | ' | 251,876 | ' | ' | ' | ' |
Common stock issued for water purchase | 9,370 | 9,370 | 126 | 9,244 | ' | ' | ' |
Stock compensation | 1,223 | 1,223 | ' | 1,223 | ' | ' | ' |
Shares withheld for taxes (in shares) | ' | ' | -173,840 | ' | ' | ' | ' |
Shares withheld for taxes | -4,764 | -4,764 | -87 | -4,677 | ' | ' | ' |
Warrants issued as dividends (3,000,000 warrants) | ' | ' | ' | 6,930 | ' | -6,930 | ' |
Ending Balance, value at Dec. 31, 2013 | $320,187 | $280,582 | $10,282 | $210,848 | ($3,333) | $62,785 | $39,605 |
Ending Balance (in shares) at Dec. 31, 2013 | ' | ' | 20,563,023 | ' | ' | ' | ' |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Exercise of stock options, tax benefit | $3 | $8 | $634 |
Warrants issued as dividends | 3,000,000 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net income | $4,103 | $4,283 | $15,781 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 4,226 | 4,954 | 3,629 |
Amortization of premium/discount of marketable securities | 879 | 874 | 641 |
Equity in earnings | -4,006 | -2,535 | -916 |
Non-cash retirement plan expense | 865 | 1,047 | 528 |
Gain on sale of real estate/assets | -46 | -676 | -4,058 |
Gain on sale of easements | 0 | 0 | -15,750 |
Deferred income taxes | -8 | 1,810 | -162 |
Amortization of stock compensation expense | 929 | 5,440 | 5,340 |
Excess tax benefit from stock-based compensation | 0 | 8 | -634 |
Distribution of earnings from unconsolidated joint ventures | 0 | 7,200 | 0 |
Changes in operating assets and liabilities: | ' | ' | ' |
Receivables, inventories and other assets, net | 3,712 | -1,761 | 2,570 |
Current liabilities, net | -1,118 | -6,552 | 2,515 |
Net cash provided by operating activities | 9,536 | 14,092 | 9,484 |
Investing Activities | ' | ' | ' |
Maturities and sales of marketable securities | 29,779 | 19,809 | 19,143 |
Funds invested in marketable securities | -21,392 | -16,984 | -39,448 |
Property and equipment expenditures | -21,558 | -20,669 | -13,649 |
Reimbursement of outlet center costs | 512 | 0 | 0 |
Reimbursement proceeds from Communities Facilities District | 17,809 | 0 | 0 |
Proceeds from sale of real estate | 0 | 0 | 4,988 |
Proceeds from sale of easements | 0 | 0 | 15,750 |
Investment in unconsolidated joint ventures | -3,415 | -6,154 | -4,457 |
Distribution of equity from unconsolidated joint ventures | 1,000 | 1,512 | 0 |
Investments in long-term water assets | -9,635 | -797 | 0 |
Other | -711 | 10 | -495 |
Net cash used in investing activities | -7,611 | -23,273 | -18,168 |
Financing Activities | ' | ' | ' |
Borrowings of short-term debt | 0 | 1,500 | 0 |
Repayments of short-term debt | 0 | -1,500 | 0 |
Borrowings of long-term debt | 4,750 | 0 | 0 |
Repayments of long-term debt | -310 | -39 | -35 |
Proceeds from exercise of stock options | 211 | 370 | 5,876 |
Taxes on vested stock grants | -4,764 | -2,303 | -812 |
Net cash provided by (used in) financing activities | -113 | -1,972 | 5,029 |
Increase (decrease) in cash and cash equivalents | 1,812 | -11,153 | -3,655 |
Cash and cash equivalents at beginning of year | 7,219 | 18,372 | 22,027 |
Cash and cash equivalents at end of year | 9,031 | 7,219 | 18,372 |
Supplemental cash flow information | ' | ' | ' |
Accrued capital expenditures included in current liabilities | 2,058 | 2,293 | 590 |
Sale of assets accounted as direct finance leases | 0 | 913 | 0 |
Taxes paid (net of refunds) | 15 | 4,021 | 5,002 |
Common stock issued for water purchase | $9,370 | $0 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Principles of Consolidation | ||
The consolidated financial statements include the accounts of Tejon Ranch Co., or the Company, and the accounts of all subsidiaries and investments in which a controlling interest is held by Tejon Ranch Co. All significant intercompany transactions have been eliminated in consolidation. We have evaluated subsequent events through the date of issuance of our consolidated financial statements. | ||
Cash Equivalents | ||
The Company considers all highly liquid investments with maturities of three months or less when purchased, to be cash equivalents. The carrying amount for cash equivalents approximates fair value. | ||
Marketable Securities | ||
The Company considers those investments not qualifying as cash equivalents, but which are readily marketable, to be marketable securities. The Company classifies all marketable securities as available-for-sale. These are stated at fair value with the unrealized gains (losses), net of tax, reported as a component of accumulated other comprehensive income (loss) in the consolidated statements of equity. | ||
Investments in Unconsolidated Joint Ventures | ||
Investments in unconsolidated joint ventures in which the Company does not have a controlling interest, or is not the primary beneficiary if the joint venture is determined to be a variable interest entity under Accounting Standards Codification 810 – “Consolidation,” are accounted for under the equity method of accounting and, accordingly, are adjusted for capital contributions, distributions, and the Company’s equity in net earnings or loss of the respective joint venture. | ||
Fair Values of Financial Instruments | ||
The Company follows the Financial Accounting Standards Board's authoritative guidance for fair value measurements of certain financial instruments. The guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the exchange (exit) price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance establishes a three-level hierarchy for fair value measurements based upon the inputs to the valuation of an asset or liability. Observable inputs are those which can be easily seen by market participants while unobservable inputs are generally developed internally, utilizing management’s estimates and assumptions: | ||
• | Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. | |
• | Level 2 – Valuation is determined from quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model-based techniques in which all significant inputs are observable in the market. | |
• | Level 3 – Valuation is derived from model-based techniques in which at least one significant input is unobservable and based on our own estimates about the assumptions that market participants would use to value the asset or liability. | |
When available, we use quoted market prices in active markets to determine fair value. We consider the principal market and nonperformance risk associated with our counterparties when determining the fair value measurement. Fair value measurements are used on a recurring basis for marketable securities, investments within the pension plan and hedging instruments, if any. | ||
Credit Risk | ||
The Company grants credit in the course of operations to co-ops, wineries, nut marketing companies, and lessees of the Company’s facilities. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. | ||
In 2013, 2012 and 2011, Stockdale Oil and Gas, a subsidiary of Occidental Petroleum Corporation, an oil and gas leaseholder, accounted for 10%, 15% and 13%, respectively, of our revenues from continuing operations. | ||
The Company maintains its cash and cash equivalents in federally insured financial institutions. The account balances at these institutions periodically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant. | ||
Farm Inventories | ||
Costs of bringing crops to harvest are inventoried when incurred. Such costs are expensed when the crops are sold. Expenses are computed and recognized on an average cost per pound or per ton basis, as appropriate. Costs during the current year related to the next year’s crop are inventoried and carried in inventory until the matching crop is harvested and sold. Farm inventories held for sale are valued at the lower of cost (first-in, first-out method) or market. | ||
Property and Equipment | ||
Property and equipment are stated on the basis of cost, except for land acquired upon organization in 1936, which is stated on the basis (presumed to be at cost) carried by the Company’s predecessor. Depreciation is computed using the straight-line method over the estimated useful lives of the various assets. Buildings and improvements are depreciated over a 10-year to 27.5-year life. Machinery, water pipelines, furniture, fixtures, and other equipment are depreciated over a three-year to 10-year life depending on the type of asset. Vineyards and orchards are generally depreciated over a 20-year life with irrigation systems over a 10-year life. Oil, gas and mineral reserves have not been appraised, and accordingly no value has been assigned to them. | ||
Long Term Water Assets | ||
Long-term purchased water contracts are in place with the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water Storage District. These contracts provide the Company with the right to receive water over the term of the contracts that expire in 2035. The purchase price of these contracts is being amortized on the straight-line basis over their contractual life. Water contracts with the Wheeler Ridge Maricopa Water Storage District and the Tejon-Castac Water District are also in place, but were entered into with each district at inception and not purchased later from third parties, and therefore do not have a related financial value on the books of the Company. As a result, there is no amortization expense related to these contracts. | ||
Vineyards and Orchards | ||
Costs of planting and developing vineyards and orchards are capitalized until the crops become commercially productive. Interest costs and depreciation of irrigation systems and trellis installations during the development stage are also capitalized. Revenues from crops earned during the development stage are netted against development costs. Depreciation commences when the crops become commercially productive. | ||
At the time farm crops are harvested, contracted, and delivered to buyers and revenues can be estimated, revenues are recognized and any related inventoried costs are expensed, which traditionally occurs during the third and fourth quarters of each year. It is not unusual for portions of our almond or pistachio crop to be sold in the year following the harvest. Orchard (almond and pistachio) revenues are based upon the contract settlement price or estimated selling price, whereas vineyard revenues are typically recognized at the contracted selling price. Estimated prices for orchard crops are based upon the quoted estimate of what the final market price will be by marketers and handlers of the orchard crops. These market price estimates are updated through the crop payment cycle as new information is received as to the final settlement price for the crop sold. These estimates are adjusted to actual upon receipt of final payment for the crop. This method of recognizing revenues on the sale of orchard crops is a standard practice within the agribusiness community. Adjustments for differences between original estimates and actual revenues received are recorded during the period in which such amounts become known. The net effect of these adjustments increased farming revenue by $3,328,000 in 2013, $2,668,000 in 2012, and $1,882,000 in 2011. The adjustment for 2013 includes $1,326,000 related to pistachios due to improving prices related to an aggressive industry marketing campaign, it also includes $2,002,000 from almonds due to increased demand which pushed almond prices higher. The adjustment for 2012 includes $1,676,000 related to pistachios due to improving prices based on the growth in demand for the product, and it also includes $992,000 from almonds due to higher final prices. The adjustment for 2011 includes $1,335,000 related to pistachios due to an improving price market resulting from low industry inventories, and $531,000 from almonds as increased demand pushed prices higher. | ||
The Almond Board of California has the authority to require producers of almonds to withhold a portion of their annual production from the marketplace through a marketing order approved by the Secretary of Agriculture. At December 31, 2013, 2012, and 2011, no such withholding was mandated. | ||
Common Stock Options and Grants | ||
The Company follows ASC 718, “Compensation – Stock Compensation” in accounting for stock incentive plans using the fair value method of accounting. | ||
The estimated fair value of the restricted stock grants and restricted stock units are expensed over the expected vesting period. For performance based grants the Company makes estimates of the number of shares that will actually be granted based upon estimated ranges of success in meeting defined performance measures. Periodically, the Company updates its estimates and reflects any changes to the estimate in the consolidated statements of operations. | ||
Long-Lived Assets | ||
In accordance with ASC 360 “Property, Plant, and Equipment” the Company records impairment losses on long-lived assets held and used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their related carrying amounts. In addition, the Company accounts for long-lived assets to be disposed of at the lower of their carrying amounts or fair value less selling and disposal costs. At 2013 and 2012, management of the Company believes that none of its assets are impaired. | ||
Sales of Real Estate | ||
In recognizing revenue from land sales, the Company follows the provisions in ASC 976 “Real Estate – Retail Land” to record these sales. ASC 976 provides specific sales recognition criteria to determine when land sales revenue can be recorded. For example, ASC 976 requires a land sale to be consummated with a sufficient down payment of at least 20% to 25% of the sales price depending upon the type and timeframe for development of the property sold, and that any receivable from the sale cannot be subject to future subordination. In addition, the seller cannot retain any material continuing involvement in the property sold, or be required to develop the property in the future or construct facilities or off-site improvements. | ||
Sales of Easements | ||
From time to time the Company sells easements over its land and the easements are either in the form of rights of access granted for such things as utility corridors or are in the form of conservation easements that generally require the Company to divest its rights to commercially develop a portion of its land, but do not result in a change in ownership of the land or restrict the Company from continuing other revenue generating activities on the land. The sales of conservation easements that occurred in 2011 have been accounted for in accordance with Staff Accounting Bulletin Topic 13 - Revenue Recognition (SAB Topic 13). SAB Topic 13 requires that the following four criteria be met before revenue may be recognized: | ||
• | Persuasive evidence of arrangement exists; | |
• | Delivery has occurred or services have been rendered; | |
• | The seller's price to buyer is fixed or determinable; and | |
• | Collectibility is reasonably assured. | |
Since the conservation easements do not impose any significant continuing performance obligations on the Company, revenue from conservation easement sales has been recognized when the four criteria of SAB Topic 13 have been met, which generally occurs in the period the sale has closed and consideration has been received. | ||
Allocation of Costs Related to Land Sales and Leases | ||
When the Company sells land within one of its real estate developments and has not completed all infrastructure development related to the total project, the Company follows ASC 976 “Real Estate – Retail Land” to determine the appropriate costs of sales for the sold land and the timing of recognition of the sale. In the calculation of cost of sales or allocations to leased land, the Company uses estimates and forecasts to determine total costs at completion of the development project. These estimates of final development costs can change as conditions in the market change and costs of construction change. | ||
Royalty Income | ||
Royalty revenues are contractually defined as to the percentage of royalty and are tied to production and market prices. The Company’s royalty arrangements generally require payment on a monthly basis with the payment based on the previous month’s activity. The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments. | ||
Rental Income | ||
Minimum rent revenues are generally recognized on a straight-line basis over the respective initial lease term unless there is considerable risk as to collectibility. | ||
Environmental Expenditures | ||
Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or the Company’s commitment to a formal plan of action. No liabilities for environmental costs have been recorded at December 31, 2013 and 2012. | ||
Use of Estimates | ||
The preparation of the Company’s consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting period. Due to uncertainties inherent in the estimation process, it is reasonably possible that actual results could differ from these estimates. | ||
Reclassifications | ||
The Company has reclassified mineral resources revenue from its historical presentation in real estate - commercial/industrial on the consolidated statement of operations to conform to the current year presentation. Please see further discussion in Note 14 of the Notes to the Consolidated Financial Statements for more information. | ||
New Accounting Standards | ||
There are currently no recently issued accounting pronouncements that are expected to have a material effect on our financial condition and results of operations in future periods. |
Equity
Equity | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||
Equity | ' | |||||||||
EQUITY | ||||||||||
Earnings Per Share (EPS) | ||||||||||
Basic net income (loss) per share attributable to common stockholders is based upon the weighted-average number of shares of common stock outstanding during the year. Diluted net income (loss) per share attributable to common stockholders is based upon the weighted-average number of shares of common stock outstanding and the weighted-average number of shares outstanding assuming the issuance of common stock upon exercise of stock options, warrants to purchase common stock, and the vesting of restricted stock grants per ASC 260, “Earnings Per Share.” | ||||||||||
Twelve Months Ended | ||||||||||
31-Dec | ||||||||||
2013 | 2012 | 2011 | ||||||||
Weighted average number of shares outstanding: | ||||||||||
Common stock | 20,190,245 | 20,043,862 | 19,890,838 | |||||||
Common stock equivalents-stock options, grants | 195,310 | 75,114 | 64,422 | |||||||
Diluted shares outstanding | 20,385,555 | 20,118,976 | 19,955,260 | |||||||
Warrants | ||||||||||
On August 7, 2013, the Company announced that its Board of Directors declared a dividend of warrants, or the Warrants, to purchase shares of Company common stock, par value $0.50 per share, or Common Stock, to holders of record of Common Stock as of August 21, 2013, the Record Date. The Warrants were distributed to shareholders on August 28, 2013. Each Warrant will entitle the holder to purchase one share of Common Stock at an initial exercise price of $40.00 per share. The Warrants will be exercisable through August 31, 2016, subject to the Company's right to accelerate the expiration date under certain circumstances when the Warrants are in-the-money. Each holder of Common Stock as of the Record Date received a number of Warrants equal to the number of shares held multiplied by 0.14771, rounded to the nearest whole number. No cash or other consideration was paid in respect of any fractional Warrants that were rounded down. As a result, the Company issued an aggregate of 3,000,000 Warrants. These Warrants were issued pursuant to a Warrant Agreement, dated as of August 7, 2013, between the Company, Computershare, Inc. and Computershare Trust Company, N.A., as warrant agent. The Warrants are currently anti-dilutive and have not been included in the EPS calculation. |
Marketable_Securities
Marketable Securities | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||
MARKETABLE SECURITIES | ||||||||||||||||||||
ASC 320 “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at December 31: | ||||||||||||||||||||
($ in thousands) | 2013 | 2012 | ||||||||||||||||||
Marketable Securities: | Fair | Cost | Estimated | Cost | Estimated | |||||||||||||||
Value | Fair | Fair | ||||||||||||||||||
Hierarchy | Value | Value | ||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||
with unrecognized losses for less than 12 months | $ | 1,690 | $ | 1,677 | $ | 1,578 | $ | 1,571 | ||||||||||||
with unrecognized losses for more than 12 months | 110 | 110 | 508 | 507 | ||||||||||||||||
with unrecognized gains | 6,298 | 6,334 | 5,586 | 5,628 | ||||||||||||||||
Total Certificates of deposit | Level 1 | 8,098 | 8,121 | 7,672 | 7,706 | |||||||||||||||
US Treasury and agency notes | ||||||||||||||||||||
with unrecognized losses for less than 12 months | 4,672 | 4,664 | 3,057 | 3,024 | ||||||||||||||||
with unrecognized losses for more than 12 months | 1,699 | 1,694 | 874 | 873 | ||||||||||||||||
with unrecognized gains | 3,713 | 3,760 | 12,175 | 12,267 | ||||||||||||||||
Total US Treasury and agency notes | Level 2 | 10,084 | 10,118 | 16,106 | 16,164 | |||||||||||||||
Corporate notes | ||||||||||||||||||||
with unrecognized losses for less than 12 months | 7,270 | 7,192 | 1,993 | 1,971 | ||||||||||||||||
with unrecognized losses for more than 12 months | 530 | 523 | 201 | 200 | ||||||||||||||||
with unrecognized gains | 21,945 | 22,173 | 29,210 | 29,653 | ||||||||||||||||
Total Corporate notes | Level 2 | 29,745 | 29,888 | 31,404 | 31,824 | |||||||||||||||
Municipal notes | ||||||||||||||||||||
with unrecognized losses for less than 12 months | 1,688 | 1,677 | 1,961 | 1,948 | ||||||||||||||||
with unrecognized losses for more than 12 months | 318 | 316 | 620 | 613 | ||||||||||||||||
with unrecognized gains | 5,267 | 5,316 | 6,702 | 6,794 | ||||||||||||||||
Total Municipal notes | Level 2 | 7,273 | 7,309 | 9,283 | 9,355 | |||||||||||||||
$ | 55,200 | $ | 55,436 | $ | 64,465 | $ | 65,049 | |||||||||||||
We evaluate our securities for other-than-temporary impairment based on the specific facts and circumstances surrounding each security valued below its cost. Factors considered include the length of time the securities have been valued below cost, the financial condition of the issuer, industry reports related to the issuer, the severity of any decline, our intention not to sell the security, and our assessment as to whether it is not more likely than not that we will be required to sell the security before a recovery of its amortized cost basis. We then segregate the loss between the amounts representing a decrease in cash flows expected to be collected, or the credit loss, which is recognized through earnings, and the balance of the loss which is recognized through other comprehensive income. | ||||||||||||||||||||
At December 31, 2013, the fair market value of investment securities exceeded the cost basis by $236,000. The cost basis includes any other-than-temporary impairments that have been recorded for the securities. None have been recorded at December 31, 2013. The Company has determined that any unrealized losses in the portfolio are temporary as of December 31, 2013. The Company believes that market factors such as, changes in interest rates, liquidity discounts, and premiums required by market participants rather than an adverse change in cash flows or a fundamental weakness in credit quality of the issuer have led to the temporary declines in value. In the future based on changes in the economy, credit markets, financial condition of issuers, or market interest rates, this could change. | ||||||||||||||||||||
As of December 31, 2013, the adjustment to accumulated other comprehensive income (loss) in consolidated equity for the temporary change in the value of securities reflects an decrease in the market value of available-for-sale securities of $348,000, which includes estimated taxes of $139,000. | ||||||||||||||||||||
As of December 31, 2013, the Company’s gross unrealized holding gains equal $360,000 and gross unrealized holding losses equal $124,000. | ||||||||||||||||||||
The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands): | ||||||||||||||||||||
At December 31, 2013 | 2014 | 2015 | 2016 | 2017 | Total | |||||||||||||||
Certificates of deposit | $ | 1,627 | $ | 4,213 | $ | 1,501 | $ | 681 | $ | 8,022 | ||||||||||
U.S. Treasury and agency notes | 5,485 | 3,336 | 600 | 692 | 10,113 | |||||||||||||||
Corporate notes | 6,729 | 10,037 | 6,704 | 5,174 | 28,644 | |||||||||||||||
Municipal notes | 3,325 | 2,205 | 1,235 | 295 | 7,060 | |||||||||||||||
$ | 17,166 | $ | 19,791 | $ | 10,040 | $ | 6,842 | $ | 53,839 | |||||||||||
At December 31, 2012 | 2013 | 2014 | 2015 | 2016 | Total | |||||||||||||||
Certificates of deposit | $ | 1,268 | $ | 1,627 | $ | 4,316 | $ | 301 | $ | 7,512 | ||||||||||
U.S. Treasury and agency notes | 6,285 | 7,248 | 2,633 | 11 | 16,177 | |||||||||||||||
Corporate notes | 10,916 | 6,729 | 9,420 | 3,325 | 30,390 | |||||||||||||||
Municipal notes | 2,305 | 4,340 | 1,960 | 400 | 9,005 | |||||||||||||||
$ | 20,774 | $ | 19,944 | $ | 18,329 | $ | 4,037 | $ | 63,084 | |||||||||||
The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
INVENTORIES | |||||||||
Inventories consist of the following at December 31: | |||||||||
($ in thousands) | 2013 | 2012 | |||||||
Farming inventories | $ | 3,334 | $ | 3,667 | |||||
Other | 176 | 172 | |||||||
$ | 3,510 | $ | 3,839 | ||||||
Farming inventories consist of costs incurred during the current year related to the next year’s crop as well as any current year’s unsold product and farming chemicals. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
PROPERTY AND EQUIPMENT | |||||||||
Property and equipment, net, consists of the following at December 31: | |||||||||
($ in thousands) | 2013 | 2012 | |||||||
Land and land improvements | $ | 16,439 | $ | 16,162 | |||||
Buildings and improvements | 13,346 | 13,150 | |||||||
Machinery, water pipelines, furniture fixtures and other equipment | 15,885 | 14,429 | |||||||
Vineyards and orchards | 37,752 | 36,625 | |||||||
Development in process | 108,500 | 108,952 | |||||||
191,922 | 189,318 | ||||||||
Less accumulated depreciation | (45,380 | ) | (42,728 | ) | |||||
$ | 146,542 | $ | 146,590 | ||||||
During 2012, we recognized $648,000 of revenue related to a land sale of $4,988,000 that closed in December 2011, when offsite infrastructure related to the land sale was completed. | |||||||||
During 2011, we recognized $4,340,000 of revenue and a $4,058,000 gain related to a land sale of $4,988,000 that closed in December 2011 and deferred $648,000 of revenue to 2012 when offsite infrastructure related to the land sale will be completed. |
Long_Term_Water_Assets
Long Term Water Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Long Term Water Assets [Abstract] | ' | |||||||
Long Term Water Assets | ' | |||||||
LONG TERM WATER ASSETS | ||||||||
Long term assets consist of water and water contracts held for future use or sale. The water is held at cost which includes the price paid for the water and the cost to pump and deliver the water from the California aqueduct into the water bank. Water is currently held in a water bank on Company land in southern Kern County. Company banked water costs also include costs related to the right to receive additional acre feet of water in the future from the Antelope Valley East Kern Water Agency, or AVEK. The Company has also banked water within an AVEK owned water bank. | ||||||||
The Company also owns additional transferable water as well as holding State Water Project, or SWP contracts with the Tulare Water Storage and Dudley-Ridge Water Storage Districts to supply water through 2035. During the fourth quarter of 2013, we purchased a contract for 6,693 acre-feet of water that we will receive annually. The term of the initial contract is 27 years and we have the right to extend the term for an additional 44 years. These contracts are being amortized using the straight line method over that period. Annual amortization for the next five years will be $817,000 per year. | ||||||||
Water contracts with the Wheeler Ridge Maricopa Water Storage District, or WRMWSD, and the Tejon-Castac Water District, or TCWD, are also in place, but were entered into with each district at inception of the contract and not purchased later from third parties, and do not have a related financial value on the books of the Company. Therefore there is no amortization expense related to these contracts. Water assets consist of the following: | ||||||||
(in acre feet, unaudited) | 31-Dec-13 | 31-Dec-12 | ||||||
Banked water and water for future delivery | ||||||||
AVEK water bank | 12,280 | 11,478 | ||||||
Company water bank | 8,818 | 8,700 | ||||||
AVEK water for future delivery | 2,362 | 2,362 | ||||||
Total Company and AVEK banked water | 23,460 | 22,540 | ||||||
Transferable water with AVEK* | 14,786 | 14,786 | ||||||
Water Contracts | 10,137 | 3,444 | ||||||
Total purchased water - third parties | 48,383 | 40,770 | ||||||
WRMWD - Contracts with Company | 15,547 | 15,547 | ||||||
TCWD - Contracts with Company | 5,479 | 5,479 | ||||||
TCWD - Banked water contracted to Company | 42,685 | 38,943 | ||||||
Total purchased and contracted water sources in acre feet | 112,094 | 100,739 | ||||||
*Any transferable water with AVEK that is used by the Company or returned by AVEK to the Company will be returned at a 1.5 to 1 factor giving the Company use of a total of 22,179 feet. | ||||||||
($ in thousands) | December 31, 2013 | 31-Dec-12 | ||||||
Banked water and water for future delivery | $ | 4,779 | $ | 4,448 | ||||
Transferable water | 8,988 | 8,988 | ||||||
Water Contracts (net of accumulated amortization of $2,837 and $2,021 at December 31, 2013 and December 2012, respectively) | 33,804 | 15,837 | ||||||
Total long-term assets | 47,571 | 29,273 | ||||||
less: Current portion | (817 | ) | (708 | ) | ||||
$ | 46,754 | $ | 28,565 | |||||
Accrued_Liabilities_and_Other_
Accrued Liabilities and Other (Notes) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities and Other | ' | |||||||
ACCRUED LIABILITIES AND OTHER | ||||||||
Accrued liabilities and other consists of the following: | ||||||||
($ in thousands) | ||||||||
December 31, 2013 | 31-Dec-12 | |||||||
Accrued vacation | $ | 673 | $ | 674 | ||||
Accrued paid personal leave | 619 | 662 | ||||||
Accrued bonus | 677 | 573 | ||||||
Other | 678 | 223 | ||||||
$ | 2,647 | $ | 2,132 | |||||
Shortterm_and_Longterm_Debt
Short-term and Long-term Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Short-term and Long-term Debt | ' | |||||||
SHORT-TERM AND LONG-TERM DEBT | ||||||||
Long-term debt consists of the following: | ||||||||
($ in thousands) | ||||||||
December 31, 2013 | 31-Dec-12 | |||||||
Note payable to a bank | $ | 4,693 | $ | 253 | ||||
Less current portion | (234 | ) | (41 | ) | ||||
$ | 4,459 | $ | 212 | |||||
The outstanding long-term debt is being used to provide long-term financing for commercial retail development within TRCC-West. The balance of the long-term debt instrument listed above approximates the fair value of the instrument. | ||||||||
We also have a long-term revolving line of credit of $30,000,000 that, as of December 31, 2013 and 2012, had no outstanding balance. At the Company’s option, the interest rate on this line of credit can float at 1.75% over a selected LIBOR rate or can be fixed at 1.50% above LIBOR for a fixed rate term. During the term of this credit facility (which matures in December 2016), we can borrow at any time and partially or wholly repay any outstanding borrowings and then re-borrow, as necessary. Under the terms of the line of credit, we must maintain tangible net worth, defined as total equity, including noncontrolling interest, plus debt less intangible assets, of not less than $225,000,000 and liquid assets of not less than $25,000,000, including the amount then available for borrowing under the line of credit. At December 31, 2013 our tangible net worth was $324,880,000 and liquid assets were $64,467,000 and including available line of credit total $94,467,000. A portion of our farm acreage secures this line of credit. |
Stock_Compensation_Restricted_
Stock Compensation - Restricted Stock and Performance Share Grants | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock Compensation - Restricted Stock and Performance Share Grants [Abstract] | ' | ||||||||||||
Stock Compensation - Restricted Stock and Performance Share Grants | ' | ||||||||||||
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS | |||||||||||||
The Company’s stock incentive plans provide for the making of awards to employees based upon time-based criteria or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with time-based vesting, performance share grants that only vest upon the achievement of specified performance conditions, and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance milestones. These awards are tied to corporate cash flow goals and the achievement of specified milestone development activities. | |||||||||||||
The following is a summary of the Company's performance share grants with performance conditions for the year ended December 31, 2013: | |||||||||||||
Performance Share Grants with Performance Conditions | |||||||||||||
Below threshold performance | — | ||||||||||||
Threshold performance | 40,764 | ||||||||||||
Target performance | 177,044 | ||||||||||||
Maximum performance | 233,613 | ||||||||||||
The following is a summary of the Company’s stock grant activity, both time and performance unit grants, assuming target achievement for outstanding performance grants for the following twelve month periods ended: | |||||||||||||
December 31 | December 31 | December 31 | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Stock Grants Outstanding Beginning of the Year at Target Achievement | 688,041 | 744,508 | 782,087 | ||||||||||
New Stock Grants/Additional shares due to maximum achievement | 192,348 | 113,643 | 64,679 | ||||||||||
Vested Grants | (361,886 | ) | (170,110 | ) | (36,980 | ) | |||||||
Expired/Forfeited Grants | (252,802 | ) | — | (65,278 | ) | ||||||||
Stock Grants Outstanding December 31, 2013 at Target Achievement | 265,701 | 688,041 | 744,508 | ||||||||||
The unamortized cost associated with nonvested stock grants and the weighted-average period over which it is expected to be recognized as of December 31, 2013 was $3,506,000 and 29 months, respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. Fair value of performance grants that cliff vest based on the achievement of performance conditions is based on the share price of the Company’s stock on the day of grant once the Company determines that it is probable that the award will vest. This fair value is expensed over the service period applicable to these grants. For performance grants that contain a range of shares from zero to maximum we determine, based on historic and projected results, the probability of (1) achieving the performance objective, and (2) the level of achievement. Based on this information, we determine the fair value of the award and measure the expense over the service period related to these grants. Because the ultimate vesting of all performance grants is tied to the achievement of a performance condition, we estimate whether the performance condition will be met and over what period of time. Ultimately, we adjust compensation cost according to the actual outcome of the performance condition. Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director receives his or her annual compensation in stock. | |||||||||||||
The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee 1998 Plan, and NDSI Plan for the following periods: | |||||||||||||
Employee 1998 Plan: | December 31 | December 31 | December 31 | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Expensed | $ | 161,000 | $ | 5,054,000 | $ | 5,016,000 | |||||||
Capitalized | 294,000 | 392,000 | 166,000 | ||||||||||
455,000 | 5,446,000 | 5,182,000 | |||||||||||
NDSI Plan | 768,000 | 386,000 | 325,000 | ||||||||||
$ | 1,223,000 | $ | 5,832,000 | $ | 5,507,000 | ||||||||
During the fourth quarter of 2013, the Company achieved the final performance milestone for Tejon Mountain Village, which was full entitlement with all required permits resulting in 296,389 shares to vest. | |||||||||||||
During the second quarter of 2012, the Company achieved the second performance milestone for the Tejon Mountain Village project, which was to successfully defend its environmental impact report in the courts and achieve litigation free entitlement resulting in 99,207 shares to vest. | |||||||||||||
During the third quarter of 2012, we adjusted our estimates as to the achievement of performance milestones for the Centennial project. These adjustments led to a reduction in expense in 2012 costs associated with the Centennial performance milestones due to strategic decisions being made as to the methods and tactics being used to achieve entitlement approval, which will add additional time to the entitlement process. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
INCOME TAXES | |||||||||||||
The Company accounts for income taxes using ASC 740, “Income Taxes” which is an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized differently in the financial statements and the tax returns. The provision for income taxes consists of the following at December 31: | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
Total provision: | $ | 2,086 | $ | 2,723 | $ | 7,367 | |||||||
Federal: | |||||||||||||
Current | $ | (2,459 | ) | 903 | 6,812 | ||||||||
Deferred | 4,097 | 1,092 | (1,233 | ) | |||||||||
1,638 | 1,995 | 5,579 | |||||||||||
State: | |||||||||||||
Current | 231 | 67 | 2,133 | ||||||||||
Deferred | 217 | 661 | (345 | ) | |||||||||
448 | 728 | 1,788 | |||||||||||
$ | 2,086 | $ | 2,723 | $ | 7,367 | ||||||||
The reasons for the difference between total income tax expense and the amount computed by applying the statutory Federal income tax rate of 34% to income before taxes are as follows for the years ended December 31: | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
Income tax at statutory rate | $ | 2,139 | $ | 2,382 | $ | 7,909 | |||||||
State income taxes, net of Federal benefit | 307 | 472 | 1,180 | ||||||||||
Oil and mineral depletion | (450 | ) | (620 | ) | (552 | ) | |||||||
Valuation allowance - land contribution | — | — | (595 | ) | |||||||||
Other, net | 90 | 489 | (575 | ) | |||||||||
Total provision | $ | 2,086 | $ | 2,723 | $ | 7,367 | |||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows at December 31: | |||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||
Deferred income tax assets: | |||||||||||||
Accrued expenses | $ | 600 | $ | 525 | |||||||||
Deferred revenues | 371 | 512 | |||||||||||
Capitalization of costs | 2,151 | 1,758 | |||||||||||
Pension adjustment | 2,923 | 4,262 | |||||||||||
Stock grant expense | 2,660 | 7,005 | |||||||||||
State deferred taxes | 2 | 777 | |||||||||||
Book deferred gains | 1,416 | 963 | |||||||||||
Provision for additional capitalized costs | 1,003 | 1,003 | |||||||||||
Other | 1,208 | 73 | |||||||||||
Total deferred income tax assets | $ | 12,334 | $ | 16,878 | |||||||||
Deferred income tax liabilities: | |||||||||||||
Deferred gains | $ | 1,390 | $ | 1,390 | |||||||||
Depreciation | 3,495 | 3,374 | |||||||||||
Cost of sales allocations | 1,252 | 1,252 | |||||||||||
Joint venture allocations | 2,001 | 2,084 | |||||||||||
Straight line rent | 1,006 | 1,063 | |||||||||||
Prepaid expenses | 406 | 212 | |||||||||||
State deferred taxes | 444 | 345 | |||||||||||
Other | 296 | 785 | |||||||||||
Total deferred income tax liabilities | $ | 10,290 | $ | 10,505 | |||||||||
Net deferred income tax asset | $ | 2,044 | $ | 6,373 | |||||||||
Allowance for deferred tax assets | — | — | |||||||||||
Net deferred taxes | $ | 2,044 | $ | 6,373 | |||||||||
The net current and non-current deferred tax assets for 2013 and 2012 are included separately on the face of the balance sheet. Due to the nature of most of our deferred tax assets, the Company believes they will be used through operations in future years and an allowance is not necessary. | |||||||||||||
During 2013 and 2012, the Company recognized certain net tax benefits related to stock option plans in the amount of $3,000 and $8,000, respectively. Such benefits were recorded as a reduction of income taxes payable and an increase in additional paid in capital. | |||||||||||||
The Company made total income tax payments of $15,000 in 2013 and $4,601,000 during 2012. The Company received federal refunds of $0 and $580,000 in 2013 and 2012, respectively. | |||||||||||||
The Company evaluates its tax positions for all income tax items based on their technical merits to determine whether each position satisfies the “more likely than not to be sustained upon examination” test. The tax benefits are then measured as the largest amount of benefit, determined on a cumulative basis, that is “more likely than not” to be realized upon ultimate settlement. As a result of the this evaluation, the Company determined there were no uncertain tax positions that required recognition and measurement for the years ended December 31, 2013 and 2012 within the scope of ASC 740, "Income Taxes." Tax years from 2010 to 2012 and 2009 to 2012 remain available for examination by the Federal and California State taxing authorities, respectively. |
Leases
Leases | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||||||||
Leases | ' | ||||||||||||||||||||||
LEASES | |||||||||||||||||||||||
The Company is a lessor of certain property pursuant to various commercial lease agreements having terms ranging up to 60 years. The Company generates income from commercial rents. The following is a summary of Building and Improvements information as of December 31, 2013: | |||||||||||||||||||||||
Buildings and Improvements | |||||||||||||||||||||||
Cost | $ | 7,942,000 | |||||||||||||||||||||
Accumulated Depreciation | $ | 4,303,000 | |||||||||||||||||||||
The following is a summary of income from commercial rents included in real estate revenue as of December 31: | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Base rent | $ | 4,929,000 | $ | 4,861,000 | $ | 4,620,000 | |||||||||||||||||
Percentage rent | $ | 1,213,000 | $ | 707,000 | $ | 310,000 | |||||||||||||||||
Future minimum rental income on commercial, communication and right-of-way leases as of December 31, 2013: | |||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||
$ | 4,664,000 | $ | 4,246,000 | $ | 4,107,000 | $ | 4,118,000 | $ | 3,932,000 | $ | 23,229,000 | ||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
COMMITMENTS AND CONTINGENCIES | ||
A total of 5,488 acres (unaudited) of the Company’s land is subject to water contracts with WRMWSD, requiring minimum future annual payments through the life of the contract which is 2035. The estimated future minimum annual payments are $2,500,000 before any potential credits are received, whether or not water is available or is used. | ||
The Tejon Ranch Public Facilities Financing Authority, or TRPFFA, is a joint powers authority formed by Kern County and TCWD to finance public infrastructure within the Company’s Kern County developments. TRPFFA has created two Community Facilities Districts, or CFDs, the West CFD and the East CFD. The West CFD has placed liens on 420 acres of the Company’s land to secure payment of special taxes related to $28,620,000 of bond debt sold by TRPFFA for TRCC-West. The reduction in land liens placed on lands in the West CFD when compared to year-end 2011 is due to a refinancing that occurred during February 2012 that allowed for the release of liens on 1,457 acres. The East CFD has placed liens on 1,931 acres of the Company’s land to secure payments of special taxes related to $39,750,000 of bond debt sold by TRPFFA for TRCC-East. At TRCC-West, the West CFD has no additional bond debt approved for issuance. At TRCC-East, the East CFD has approximately $80,250,000 of additional bond debt authorized by TRPFFA that can be sold in the future. | ||
In connection with the sale of bonds there is a standby letter of credit for $5,426,000 related to the issuance of East CFD bonds. The standby letter of credit is in place to provide additional credit enhancement and cover approximately two years worth of interest on the outstanding bonds. This letter of credit will not be drawn upon unless the Company, as the largest land owner in the CFD, fails to make its property tax payments. The Company believes that the letter of credit will never be drawn upon. The letter of credit is for two years and will be renewed in two-year intervals as necessary. The annual cost related to the letter of credit is approximately $83,000. | ||
The Company is obligated, as a landowner in each CFD, to pay its share of the special taxes assessed each year. The secured lands include both the TRCC-West and TRCC-East developments. Proceeds from the sale of West CFD bonds went to reimburse the Company for public infrastructure related to the TRCC West development. At this time there are no additional improvement funds remaining from the West CFD bonds and there are approximately $4,967,000 in improvement funds within the East CFD bonds for reimbursement of cost during 2014 and future years. During 2013, the Company paid approximately $886,000 in special taxes. As development continues to occur at TRCC, new owners of land and new lease tenants, through triple net leases, will bear an increasing portion of the assessed special tax. As this happens, the Company’s obligation is correspondingly reduced. This amount could change in the future based on the amount of bonds outstanding and the amount of taxes paid by others. | ||
Tejon Mountain Village | ||
On November 10, 2009, a suit was filed in the U.S. District Court for the Eastern District of California (Fresno division) by David Laughing Horse Robinson, or the plaintiff, an alleged representative of the federally-unrecognized "Kawaiisu Tribe" alleging, inter alia, that the Company does not hold legal title to the land within the TMV development that it seeks to develop. The grounds for the federal lawsuit were the subject of a United States Supreme Court decision in 1924 where the United States Supreme Court found against the Indian tribes. The suit named as defendants the Company, two affiliates (Tejon Mountain Village, LLC and Tejon Ranchcorp), the County of Kern, or the County, and Ken Salazar, in his capacity as U.S. Secretary of the Interior. | ||
The Company and other defendants filed motions to dismiss the plaintiff's complaint for failure to state a claim and lack of jurisdiction. On January 24, 2011, the Company received a ruling by Judge Wanger dismissing all claims against the Company, TMV, the County and the federal defendants. However, the judge did grant a limited right by the plaintiff to amend certain causes of action in the complaint. | ||
During April, 2011, the plaintiff filed his second amended complaint against the Company, alleging similar items as in the original suit. The plaintiff filed new materials during July, 2011 related to his second amended complaint. Thereafter, the case was reassigned to Magistrate Judge McAuliffe. On January 18, 2012, Judge McAuliffe issued an order dismissing all claims in the plaintiff's second amended complaint for failure to state a cause of action and/or for lack of jurisdiction, but allowing the plaintiff one more opportunity to state certain land claims provided the plaintiff file an amended complaint on or before February 17, 2012. The court also indicated that it was considering dismissing the case due to the lack of federal recognition of the "Kawaiisu Tribe". The court then granted the plaintiff an extension until March 19, 2012 to file his third amended complaint. | ||
The plaintiff filed his third amended complaint on March 19, 2012. The defendants filed motions to dismiss all claims in the third amended complaint without further leave to amend on April 30, 2012. The plaintiff thereafter substituted in new counsel and with leave of court filed his opposition papers on June 8, 2012. The defendants filed their reply papers on June 22, 2012. Oral argument of the motions to dismiss the third amended complaint was conducted on July 20, 2012. On August 7, 2012, the court issued its Order dismissing all of Robinson's claims without leave to amend and with prejudice, on grounds of lack of jurisdiction and failure to state a claim. | ||
On September 24, 2012, Robinson (through another new counsel) filed a timely notice of appeal to the U.S. Court of Appeals for the Ninth Circuit. On September 26, 2012, the Court of Appeals issued its time schedule order calling for briefing to be completed by February, 2013. Robinson's brief was due to be filed on January 2, 2013. On February 26, 2013, the Ninth Circuit issued an order dismissing the appeal for failure to prosecute including failure to file an opening brief. Forty-five days later, Robinson's counsel filed a motion to reinstate the appeal. As an excuse Robinson’s new counsel offered that he overlooked the court of appeal's briefing schedule order and assumed that state court procedure would be followed. The motion to reinstate the appeal was accompanied by a proposed opening brief. In response, the Company and the County filed oppositions to the motion to reinstate the appeal. Despite objections by the Company and the County (in which the U.S. Department of Justice, or the DOJ, did not join), the Ninth Circuit granted Robinson's motion to reinstate, rejected the appeal of that reinstatement decision by the County and the Company, and set a due date of July 7, 2013 for the opposition briefs of the Company and the County to be filed. Thereafter, the DOJ and the County exercised their right to obtain an automatic 30-day extension to August 6, 2013, and the Company filed an unopposed motion (which the Ninth Circuit granted) extending the Company's date for its opposition brief to August 6, 2013 as well. Thereafter, the DOJ requested and obtained further extensions of time to file its answering brief, first to August 27, 2013, and finally to September 17, 2013. The Company filed its answering brief and supplemental excerpts of record on August 27, 2013. Kern County and DOJ both filed their answering briefs on September 17, 2013. Both the Company and Kern County (but not the DOJ) included in their answering briefs the argument that the Court of Appeal lacks jurisdiction to hear the appeal because the plaintiff did not show the required extraordinary good cause for his failure to file his opening briefs. The plaintiff filed a short reply brief on November 4, 2013. The matter is now fully briefed but the Ninth Circuit has not yet indicated whether it will entertain oral argument before deciding the case. In the meantime, the Company continues to believe that a negative outcome of this case is remote and the monetary impact of an adverse result, if any, cannot be estimated at this time. | ||
National Cement | ||
The Company leases land to National Cement Company of California Inc., or National, for the purpose of manufacturing Portland cement from limestone deposits on the leased acreage. The California Regional Water Quality Control Board, or RWQCB, for the Lahontan Region issued several orders in the late 1990s with respect to environmental conditions on the property currently leased to National: | ||
-1 | Groundwater plume of chlorinated hydrocarbon compounds. This order directs the Company’s former tenant Lafarge Corporation, or Lafarge, the current tenant National, and the Company to, among other things, clean up groundwater contamination on the leased property. In 2003, Lafarge and National installed a groundwater pump-and-treat system to clean up the groundwater. The Company is advised that Lafarge and National continue to operate the cleanup system and will continue to do so over the near-term. | |
-2 | Cement kiln dust. National and Lafarge have consolidated, closed and capped cement kiln dust piles located on land leased from the Company. An order of the RWQCB directs National, Lafarge and the Company to maintain and monitor the effectiveness of the cap. Maintenance of the cap and groundwater monitoring remain as on-going activities. | |
-3 | Former industrial waste landfills. This order requires Lafarge, National and the Company to complete the cleanup of groundwater associated with the former industrial waste landfills. The Company is advised that the cleanup is complete. Lafarge continues to monitor the groundwater. | |
-4 | Diesel fuel. An order of the RWQCB directs Lafarge, National and the Company to clean up contamination from a diesel fuel tank and pipeline. The Company is advised that Lafarge and National have substantially completed the groundwater cleanup and that groundwater monitoring remains an on-going activity. | |
To date, the Company is not aware of any failure by Lafarge or National to comply with the orders or informal requests of the RWQCB. Under current and prior leases, National and Lafarge are obligated to indemnify the Company for costs and liabilities arising directly or indirectly out of their use of the leased premises. The Company believes that all of the matters described above are included within the scope of the National or Lafarge indemnity obligations and that Lafarge and National have sufficient resources to perform any reasonably likely obligations relating to these matters. If they do not and the Company is required to perform the work at its own cost, it is unlikely that the amount of any such expenditure by the Company would be material. | ||
Antelope Valley Groundwater Cases | ||
On November 29, 2004, a conglomerate of public water suppliers filed a cross-complaint in the Los Angeles Superior Court seeking a judicial determination of the rights to groundwater within the Antelope Valley basin, including the groundwater underlying the Company’s land near the Centennial project. Four phases of a multi-phase trial have been completed. Upon completion of the third phase, the court ruled that the groundwater basin is currently in overdraft and established a current total sustainable yield. The fourth phase of trial occurred in first half 2013 and resulted in confirmation of each party’s groundwater pumping for 2011 and 2012. The next phase of trial is scheduled to occur in the first quarter of 2014 and will address 1) whether federal government parties operating in the basin have established a priority right to basin groundwater, and 2) the rights to return flows from land-applied water. At this time, it is difficult to ascertain what the outcome of the court proceedings will be or whether an alternative settlement agreement will be reached and what effect, if any, this case may have on the Centennial project or the Company’s remaining lands in the Antelope Valley. Because the water supply plan for the Centennial project includes several sources of water in addition to groundwater underlying the Company’s lands, and because the creation of an efficient market for local water rights is frequently an outcome of adjudication proceedings, the Company remains hopeful that sufficient water to supply the Company's needs will continue to be available for its use regardless of the outcome of this case. | ||
State Water Resources Control Board Lawsuit | ||
On May 12, 2010, the California Attorney General, on behalf of the State Water Resources Control Board, filed a complaint in the Alameda County Superior Court for civil penalties and a permanent injunction against a number of TravelCenters of America LLC, or TA, facilities in the Central Valley of California. The travel centers in the Petro Travel Plaza Holdings LLC, or TA/Petro, were also included in the complaint. The lawsuit alleges violations of various reporting, operating and monitoring regulations related to operation and maintenance of underground storage tanks. In addition to the TA/Petro entity and its respective member entities, the lawsuit also names the Company and Tejon Industrial Corporation as defendants. The Company has tendered defense of the lawsuit to TA, under the “defend and indemnify” clause in the TA/Petro LLC's operating agreement, and has also secured the services of an outside law firm to work with TA's outside counsel under a joint defense agreement. On September 16, 2011, the Company and Tejon Industrial Corp. were dismissed from the lawsuit, without prejudice. The parties remaining have reached agreement in principle on a negotiated resolution of the claims asserted in the litigation. If a final settlement is reached, the Company does not anticipate a material adverse impact on the Company. | ||
Water Bank Lawsuits | ||
On June 3, 2010, the Central Delta and South Delta Water Agencies and several environmental groups, including the Center for Biological Diversity, filed a complaint in the Sacramento County Superior Court against the California Department of Water Resources (DWR), Kern County Water Agency and a number of “real parties in interest,” including the Company and TCWD. The lawsuit challenges certain amendments to the SWP contracts that were originally approved in 1995, known as the “Monterey Amendments.” The original Environmental Impact Report, or EIR, for the Monterey Amendments was determined to be insufficient in an earlier lawsuit.The current lawsuit principally (i) challenges the adequacy of the remedial EIR that DWR prepared as a result of the original lawsuit and (ii) challenges the validity of the Monterey Amendments on various grounds, including the transfer of the Kern Water Bank, or KWB, from DWR to Kern County Water Agency and in turn to the Kern Water Bank Authority (KWBA), whose members are various Kern and Kings County interests, including TCWD, which TCWD has a 2% interest in the KWBA. A parallel lawsuit was also filed by the same plaintiffs in Sacramento Superior Court against Kern County Water Agency, also naming the Company and TCWD as real parties in interest, which has been stayed pending the outcome of the other action against DWR. The Company is named on the ground that it “controls” TCWD. TCWD has a contract right for water stored in the KWB and rights to recharge and withdraw water. Counsel for the Company is pursuing a dismissal of the Company from these lawsuits. In an initial favorable ruling on January 25, 2013, Judge Frawley determined that the challenges to the validity of the Monterey Amendments, including the transfer of the KWB, were not timely and barred by the statutes of litigation and doctrine of latches. The substantive hearing on the challenges to the EIR was held on January 31, 2014 and the EIR matter was taken under submission and the Court provided no indication of the direction it was leaning at this time. Given the preliminary nature of these lawsuits, the Company has an insufficient basis to address the merits or potential outcomes of the lawsuits. The monetary value of a potential adverse outcome on the claims likewise cannot be estimated at this time. |
Retirement_Plans
Retirement Plans | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||
Retirement Plans | ' | ||||||||||||||||||||||
RETIREMENT PLANS | |||||||||||||||||||||||
The Company has a defined benefit retirement plan that covers the majority of employees hired prior to February 1, 2007. The benefits are based on years of service and the employee’s five-year final average salary. | |||||||||||||||||||||||
Contributions are intended to provide for benefits attributable to service both to date and expected to be provided in the future. The Company funds the plan in accordance with the Employee Retirement Income Security Act of 1974, or ERISA. The following accumulated benefit information is as of December 31: | |||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation - Pension | |||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 10,215 | $ | 8,701 | |||||||||||||||||||
Service cost | 359 | 284 | |||||||||||||||||||||
Interest cost | 402 | 375 | |||||||||||||||||||||
Actuarial gain/assumption changes | (1,379 | ) | 1,344 | ||||||||||||||||||||
Benefits paid | (271 | ) | (489 | ) | |||||||||||||||||||
Benefit obligation at end of year | $ | 9,326 | $ | 10,215 | |||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 8,427 | $ | 9,195 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 6,799 | $ | 5,722 | |||||||||||||||||||
Actual return on plan assets | 1,105 | 706 | |||||||||||||||||||||
Employer contribution | 1,000 | 860 | |||||||||||||||||||||
Benefits/expenses paid | (271 | ) | (489 | ) | |||||||||||||||||||
Fair value of plan assets at end of year | $ | 8,633 | $ | 6,799 | |||||||||||||||||||
Funded status - liability | $ | (693 | ) | $ | (3,416 | ) | |||||||||||||||||
Amounts recorded in equity | |||||||||||||||||||||||
Net actuarial (gain) | $ | (1,961 | ) | $ | (4,110 | ) | |||||||||||||||||
Prior service cost | 148 | 176 | |||||||||||||||||||||
Total amount recorded | $ | (1,813 | ) | $ | (3,934 | ) | |||||||||||||||||
Amount recorded, net taxes | $ | (1,088 | ) | $ | (2,360 | ) | |||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income for 2013 and 2012 include the following components: | |||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||||||||||||
Net (gain) loss | $ | (1,867 | ) | $ | (1,092 | ) | |||||||||||||||||
Recognition of net actuarial gain or (loss) | (282 | ) | 218 | ||||||||||||||||||||
Recognized prior service cost | 28 | (29 | ) | ||||||||||||||||||||
Total changes | $ | (2,121 | ) | $ | (903 | ) | |||||||||||||||||
Changes, net of taxes | $ | (1,271 | ) | $ | (542 | ) | |||||||||||||||||
The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands): | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Amortization net actuarial gain or (loss) | $ | 61 | |||||||||||||||||||||
Amortization prior service cost | $ | (29 | ) | ||||||||||||||||||||
At December 31, 2013 and 2012 the Company has a long-term pension liability. The Company has always valued its plan assets as of December 31 each year so there were no additional transition impacts upon implementation of a year-end measurement date for plan assets as required by ASC 715 "Compensation - Retirement Benefits." For 2014, the Company is estimating that contributions to the pension plan will be approximately $800,000. | |||||||||||||||||||||||
Based on actuarial estimates, it is expected that annual benefit payments from the pension trust will be as follows ($ in thousands): | |||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 - 2021 | ||||||||||||||||||
$ | 1,119 | $ | 309 | $ | 393 | $ | 389 | $ | 427 | $ | 2,364 | ||||||||||||
Plan assets consist of equity, debt and short-term money market investment funds. The plan’s current investment policy targets 65% equities, 25% debt and 10% money market funds. Equity and debt investment percentages are allowed to fluctuate plus or minus 20% around the respective targets to take advantage of market conditions. As an example, equities can fluctuate from 78% to 52% of plan assets. At December 31, 2013, the investment mix was approximately 54% equity, 30% debt, and 16% money market funds. At December 31, 2012, the investment mix was approximately 71% equity, 26% debt and 3% money market funds. Equity investments consist of a combination of individual equity securities plus value funds, growth funds, large cap funds and international stock funds. Debt investments consist of U.S. Treasury securities and investment grade corporate debt. The weighted-average discount rate and rate of increase in future compensation levels used in determining the periodic pension cost is 5.0% in 2013 and 4.0% in 2012. The expected long-term rate of return on plan assets is 7.5% in 2013 and 2012. The long-term rate of return on plan assets is based on the historical returns within the plan and expectations for future returns. See the following table for fair value hierarchy by investment type at December 31: | |||||||||||||||||||||||
($ in thousands) | Fair Value | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Hierarchy | |||||||||||||||||||||||
Pension Plan Assets: | |||||||||||||||||||||||
Cash and Cash Equivalents | Level 1 | $ | 1,336 | $ | 231 | ||||||||||||||||||
Collective Funds | Level 2 | 3,851 | 3,449 | ||||||||||||||||||||
Treasury/Corporate Notes | Level 2 | 1,357 | 1,129 | ||||||||||||||||||||
Corporate Equities | Level 1 | 2,089 | 1,990 | ||||||||||||||||||||
$ | 8,633 | $ | 6,799 | ||||||||||||||||||||
Total pension and retirement expense was as follows for each of the years ended December 31: | |||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||
Cost components: | |||||||||||||||||||||||
Service cost | $ | (359 | ) | $ | (284 | ) | $ | (251 | ) | ||||||||||||||
Interest cost | (402 | ) | (375 | ) | (384 | ) | |||||||||||||||||
Expected return on plan assets | 542 | 454 | 446 | ||||||||||||||||||||
Net amortization and deferral | (253 | ) | (190 | ) | (220 | ) | |||||||||||||||||
Total net periodic pension cost | $ | (472 | ) | $ | (395 | ) | $ | (409 | ) | ||||||||||||||
The Company has a Supplemental Executive Retirement Plan, or SERP, to restore to executives designated by the Compensation Committee of the Board of Directors the full benefits under the pension plan that would otherwise be restricted by certain limitations now imposed under the Internal Revenue Code. The SERP is currently unfunded. The following SERP benefit information is as of December 31: | |||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation - SERP | |||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 6,507 | $ | 5,474 | |||||||||||||||||||
Service cost | 318 | 525 | |||||||||||||||||||||
Interest cost | 219 | 208 | |||||||||||||||||||||
Actuarial gain/assumption changes | (913 | ) | 300 | ||||||||||||||||||||
Benefit obligation at end of year | $ | 6,131 | $ | 6,507 | |||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 6,099 | $ | 6,339 | |||||||||||||||||||
Funded status - liability | $ | (6,131 | ) | $ | (6,507 | ) | |||||||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||||||||||||
Amounts recorded in stockholders’ equity | |||||||||||||||||||||||
Net actuarial (gain) | $ | 696 | $ | 1,671 | |||||||||||||||||||
Prior service cost | — | — | |||||||||||||||||||||
Total amount recorded | $ | 696 | $ | 1,671 | |||||||||||||||||||
Amount recorded, net taxes | $ | 418 | $ | 1,003 | |||||||||||||||||||
Other changes in benefit obligations recognized in other comprehensive income for 2013 and 2012 include the following components: | |||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||||||||||||
Net (gain) loss | $ | (745 | ) | $ | 133 | ||||||||||||||||||
Recognition of net actuarial gain or (loss) | (229 | ) | (287 | ) | |||||||||||||||||||
Recognized prior service cost | — | — | |||||||||||||||||||||
Total changes | $ | (974 | ) | $ | (154 | ) | |||||||||||||||||
Changes, net of taxes | $ | (584 | ) | $ | (92 | ) | |||||||||||||||||
The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands): | |||||||||||||||||||||||
Amortization net actuarial gain or (loss) | $ | 23 | |||||||||||||||||||||
Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands): | |||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 - 2021 | ||||||||||||||||||
$ | 550 | $ | 621 | $ | 697 | $ | 688 | $ | 715 | $ | 3,680 | ||||||||||||
The weighted-average discount rate and rate of increase in future compensation levels used in determining the actuarial present value of projected benefits obligation was 4.35% and 3.5% for 2013, 3.45% and 3.5% for 2012, and 3.95% and 3.5% for 2011. Total pension and retirement expense was as follows for each of the years ended December 31: | |||||||||||||||||||||||
($ in thousands) | 2012 | 2011 | 2010 | ||||||||||||||||||||
Cost components: | |||||||||||||||||||||||
Service cost | $ | 318 | $ | 525 | $ | (172 | ) | ||||||||||||||||
Interest cost | 219 | 208 | (215 | ) | |||||||||||||||||||
Net amortization and deferral | 229 | 287 | (66 | ) | |||||||||||||||||||
Total net periodic pension cost | $ | 766 | $ | 1,020 | $ | (453 | ) | ||||||||||||||||
The Company also provides a 401(k) plan to its employees and contributed $98,000 to the plan for 2013 and $115,000 to the plan for 2012. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Business Segments | ' | ||||||||||||
BUSINESS SEGMENTS | |||||||||||||
We currently operate in four business segments: commercial/industrial real estate development; resort/residential real estate development; mineral resources; and farming. | |||||||||||||
Information pertaining to operating results of the Company's business segments follows for each of the years ended December 31 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | |||||||||||||
Real estate—commercial/industrial | $ | 15,213 | $ | 12,518 | $ | 14,665 | |||||||
Real estate—resort/residential | 1,207 | 541 | 16,131 | ||||||||||
Mineral resources (1) | 10,242 | 14,012 | 12,206 | ||||||||||
Farming | 22,682 | 22,553 | 21,012 | ||||||||||
Segment revenues | 49,344 | 49,624 | 64,014 | ||||||||||
Investment income | 941 | 1,242 | 1,260 | ||||||||||
Other income | 66 | 113 | 98 | ||||||||||
Total revenues and other income | $ | 50,351 | $ | 50,979 | $ | 65,372 | |||||||
Segment Profits (Losses) | |||||||||||||
Real estate—commercial/industrial | $ | 2,311 | $ | 247 | $ | 1,444 | |||||||
Real estate—resort/residential | (2,144 | ) | (4,220 | ) | 12,189 | ||||||||
Mineral resources (1) | 9,780 | 13,678 | 11,997 | ||||||||||
Farming | 7,876 | 9,230 | 8,437 | ||||||||||
Segment profits (2) | 17,823 | 18,935 | 34,067 | ||||||||||
Investment income | 941 | 1,242 | 1,260 | ||||||||||
Other income | 66 | 113 | 98 | ||||||||||
Interest expense | — | (12 | ) | — | |||||||||
Corporate expenses | (12,641 | ) | (13,272 | ) | (12,277 | ) | |||||||
Income from operations before income taxes | $ | 6,189 | $ | 7,006 | $ | 23,148 | |||||||
(1) During the fourth quarter of 2012, the Company evaluated its operations and determined that an additional segment should be reported, Mineral Resources. Mineral Resources collects royalty income from oil and gas leases, rock and aggregate leases, and from a cement company. | |||||||||||||
(2) Segment profits are revenues from operations less operating expenses, excluding investment income and expense, corporate expenses, equity in earnings of unconsolidated joint ventures, and income taxes. | |||||||||||||
The revenue components of the commercial/industrial real estate segment for the years ended December 31 are as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Commercial leases | $ | 6,799 | $ | 6,095 | $ | 5,450 | |||||||
Grazing leases | 1,433 | 1,331 | 1,087 | ||||||||||
Land Sale | — | 648 | 4,340 | ||||||||||
All other land management ancillary services | 2,916 | 1,867 | 2,869 | ||||||||||
11,148 | 9,941 | 13,746 | |||||||||||
Equity in earnings of unconsolidated joint ventures | 4,065 | 2,577 | 919 | ||||||||||
Revenues and equity in earnings of unconsolidated joint ventures | $ | 15,213 | $ | 12,518 | $ | 14,665 | |||||||
Commercial lease revenue consists of land and building leases to tenants at our commercial retail and industrial developments, base and percentage rents from our Calpine power plant lease, communication tower rents, and payments from easement leases. Land management ancillary services include wildlife management, landscape and property maintenance, and building management services. During the first eight months of 2012, the Company’s game management operations were temporarily suspended in order to complete the development of a new sales program and operating procedures. Please refer to Form 8-K filed on January 20, 2012 regarding the Company’s game management and hunting operations. Game management reopened operations on September 1, 2012. | |||||||||||||
The resort/residential real estate land development segment produces revenues from farming activities, such as hay sales, within the Centennial Founders, LLC and is actively involved in the land entitlement and pre-development process. The farming segment produces revenues from the sale of wine grapes, almonds and pistachios. | |||||||||||||
The revenue components of the resort/residential real estate land development segment for the year ended December 31 are as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Hay sales - Centennial operations | $ | 928 | $ | 583 | $ | 380 | |||||||
Management fees | 312 | — | 4 | ||||||||||
Conservation easements | — | — | 15,750 | ||||||||||
Other | 26 | — | — | ||||||||||
1,266 | 583 | 16,134 | |||||||||||
Equity in earnings of unconsolidated joint ventures | (59 | ) | (42 | ) | (3 | ) | |||||||
Revenues and equity in earnings of unconsolidated joint ventures | $ | 1,207 | $ | 541 | $ | 16,131 | |||||||
The mineral resources segment receives oil and mineral royalties from the exploration and development companies that extract or mine the natural resources from our land. Revenues from our mineral resources segment decreased $3,770,000, or 27%, to $10,242,000 during 2013 compared to 2012, primarily due to a $3,401,000 decrease in oil royalty revenues. The 29% decrease in production was the result of temporary closures of existing wells for maintenance, expansion of production facilities, and regulatory permitting management, which reduced the number of new wells being drilled. In addition, the price per barrel of oil decreased by 3% when compared to the 2012. The following table summarizes these activities for each of the years ended December 31: | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
Oil and gas | $ | 7,810 | $ | 11,075 | $ | 9,876 | |||||||
Rock aggregate | 964 | 920 | 886 | ||||||||||
Cement | 819 | 758 | 621 | ||||||||||
Land lease for oil exploration | 648 | 1,257 | 811 | ||||||||||
Other | 1 | 2 | 12 | ||||||||||
$ | 10,242 | $ | 14,012 | $ | 12,206 | ||||||||
Information pertaining to assets of the Company’s business segments is as follows for each of the years ended December 31: | |||||||||||||
($ in thousands) | Identifiable | Depreciation | Capital | ||||||||||
Assets | and | Expenditures | |||||||||||
Amortization | |||||||||||||
2013 | |||||||||||||
Real estate - commercial/industrial | $ | 58,390 | $ | 1,205 | $ | 12,296 | |||||||
Real estate - resort/residential | 124,568 | 78 | 2,957 | ||||||||||
Mineral resources | 1,063 | — | — | ||||||||||
Farming | 31,925 | 1,465 | 5,733 | ||||||||||
Corporate | 126,933 | 1,478 | 572 | ||||||||||
Total | $ | 342,879 | $ | 4,226 | $ | 21,558 | |||||||
2012 | |||||||||||||
Real estate - commercial/industrial | $ | 57,151 | $ | 1,852 | $ | 11,672 | |||||||
Real estate - resort/residential | 118,627 | 77 | 4,479 | ||||||||||
Mineral resources | 1,449 | — | — | ||||||||||
Farming | 29,538 | 1,384 | 3,379 | ||||||||||
Corporate | 121,091 | 1,238 | 1,139 | ||||||||||
Total | $ | 327,856 | $ | 4,551 | $ | 20,669 | |||||||
2011 | |||||||||||||
Real estate - commercial/industrial | $ | 56,552 | $ | 1,111 | $ | 4,155 | |||||||
Real estate - resort/residential | 110,147 | 96 | 7,132 | ||||||||||
Mineral resources | 1,193 | — | — | ||||||||||
Farming | 24,326 | 1,293 | 1,477 | ||||||||||
Corporate | 129,758 | 1,097 | 885 | ||||||||||
Total | $ | 321,976 | $ | 3,597 | $ | 13,649 | |||||||
Segment profits (losses) are total revenues less operating expenses, excluding interest income, corporate expenses and interest expense. Identifiable assets by segment include both assets directly identified with those operations and an allocable share of jointly used assets. Corporate assets consist primarily of cash and cash equivalents, marketable securities, deferred income taxes, and land and buildings. Land is valued at cost for acquisitions since 1936. Land acquired in 1936, upon organization of the Company, is stated on the basis carried by the Company’s predecessor. During the first quarter of 2011, the Company completed the sale of five conservation easements totaling approximately 62,000 acres for $15,750,000. These easements were sold to the Tejon Ranch Conservancy, an independent non-profit organization. |
Investment_in_Unconsolidated_a
Investment in Unconsolidated and Consolidated Joint Ventures | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||||||||||
Investment in Unconsolidated and Consolidated Joint Ventures | ' | |||||||||||||||||||||||||||
INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES | ||||||||||||||||||||||||||||
The Company maintains investments in joint ventures. The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting unless the venture is a variable interest entity, or VIE, and meets the requirements for consolidation. The Company’s investment in its unconsolidated joint ventures at December 31, 2013 was $62,604,000. The equity in the income of the unconsolidated joint ventures was $4,006,000 for the twelve months ended December 31, 2013. The unconsolidated joint ventures have not been consolidated as of December 31, 2013, because the Company does not control the investments. The Company’s current joint ventures are as follows: | ||||||||||||||||||||||||||||
• | Petro Travel Plaza Holdings LLC – TA/Petro is an unconsolidated joint venture with TravelCenters of America, LLC for the development and management of travel plazas and convenience stores. This is a 60%-owned joint venture which owns and operates travel plazas/commercial highway operations in TRCC. It houses multiple commercial eating establishments as well as diesel and gasoline operations. The Company does not control the investment due to its having only 50% voting rights, and because our partner in the joint venture is the managing partner and performs all of the day-to-day operations and has significant decision making authority regarding key business components such as fuel inventory and pricing at the facility. At December 31, 2013, the Company had an equity investment balance of $11,513,000 in this joint venture. | |||||||||||||||||||||||||||
• | Tejon Mountain Village LLC – Tejon Mountain Village LLC, or TMV LLC, is an unconsolidated joint venture between the Company and DMB Pacific LLC formed to obtain all necessary government entitlement approvals and to develop the Tejon Mountain Village project. The Company owns a 50% interest in this venture. At December 31, 2013, the Company’s equity investment balance in this joint venture was $43,873,000. | |||||||||||||||||||||||||||
• | Rockefeller Joint Ventures – The Company has multiple joint ventures with Rockefeller Group Development Corporation or Rockefeller. Two joint ventures are for the development of buildings on approximately 91 acres and are part of an agreement for the potential development of up to 500 acres of land in TRCC including pursuing Foreign Trade Zone, or FTZ, designation and development of the property within the FTZ for warehouse distribution and light manufacturing. The Company owns a 50% interest in each of the joint ventures. Currently the Five West Parcel LLC joint venture owns and leases a 606,000 square foot building. The Five-West Parcel joint venture currently has an outstanding loan with a balance of $11,000,000. The note is due in 2015 and is fully secured by the building as well as guarantees from each partner. We do not believe the bank will call on the guarantees provided. The second of these joint ventures, 18-19 West LLC, was formed in August 2009 through the contribution of 61.5 acres of land by the Company, which is being held for future development. | |||||||||||||||||||||||||||
During the second quarter of 2013, we entered into a new joint venture with Rockefeller, the TRCC/Rock Outlet Center LLC joint venture, to develop, own, and manage a 326,000 square foot outlet center on land at TRCC-East. This outlet center is estimated to cost approximately $86 million to construct and will be funded through a construction loan for up to 60% of the costs and equity from the members. This joint venture is separate from the above agreement to develop up to 500 acres of land in TRCC. During the second quarter of 2013, we contributed land and other assets at an agreed value of $10,558,000 for our capital contribution ($2,159,000 at cost) and Rockefeller matched our capital contribution with cash. Rockefeller also reimbursed the Company for $335,000 in outlet center marketing costs, which were offset against the Company's equity in losses for the TRCC/Rock Outlet Center LLC joint venture. During the fourth quarter of 2013, the TRCC/Rock Outlet Center LLC joint venture entered into a construction line of credit agreement with a financial institution for $52,000,000 that, as of December 31, 2013, had no outstanding balance. | ||||||||||||||||||||||||||||
At December 31, 2013, the Company’s combined equity investment balance in these three joint ventures was $7,218,000. | ||||||||||||||||||||||||||||
• | Centennial Founders, LLC – Centennial Founders, LLC is a joint venture with Pardee Homes, Lewis Investment Company, and Standard Pacific Corp. that was organized to pursue the entitlement and development of land that the Company owns in Los Angeles County. Based on the Second Amended and Restated Limited Company Agreement of Centennial Founders, LLC and the change in control and funding that resulted from the amended agreement, Centennial Founders, LLC qualified as a VIE, beginning in the third quarter of 2009 and the Company was determined to be the primary beneficiary. As a result, Centennial Founders, LLC has been consolidated into our financial statements beginning in that quarter. Our partners retained a noncontrolling interest in the joint venture. At December 31, 2013 the Company had a 72.83% ownership position in Centennial Founders, LLC. | |||||||||||||||||||||||||||
Condensed balance sheet information of the Company’s unconsolidated and consolidated joint ventures as of December 31, 2013 and December 31, 2012 and condensed statements of operations for the twelve months ended December 31, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||||||||||
Statement of Operations for the twelve months ending December 31, 2013 | ||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | |||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five West Parcel | 18-19 West | TRCC/Rock Outlet Center | Tejon Mountain Village | Total | Centennial-VIE | |||||||||||||||||||||
Plaza | LLC | |||||||||||||||||||||||||||
Holdings | ||||||||||||||||||||||||||||
Revenues | $ | 125,084 | $ | 3,368 | $ | 61 | $ | — | $ | — | $ | 128,513 | $ | 935 | ||||||||||||||
Net income (loss) | $ | 6,154 | $ | 26 | $ | 55 | $ | (470 | ) | $ | (119 | ) | $ | 5,646 | $ | (223 | ) | |||||||||||
Partner’s share of net income (loss) | $ | 2,462 | $ | 13 | $ | 28 | $ | (235 | ) | $ | (60 | ) | $ | 2,208 | $ | (62 | ) | |||||||||||
Equity in earnings (losses) | $ | 3,925 | $ | 13 | $ | 27 | $ | 100 | $ | (59 | ) | $ | 4,006 | $ | — | |||||||||||||
Balance Sheet Information as of December 31, 2013 | ||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | |||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five West Parcel | 18-19 West LLC | TRCC/Rock Outlet Center | Tejon Mountain Village | Total | Centennial-VIE | |||||||||||||||||||||
Plaza | ||||||||||||||||||||||||||||
Holdings | ||||||||||||||||||||||||||||
Current assets | $ | 14,886 | $ | 813 | $ | 10 | $ | 2,428 | $ | 99,690 | $ | 117,827 | $ | 86 | ||||||||||||||
Property and equipment, net | 43,897 | 16,980 | 4,514 | 24,633 | — | 90,024 | 74,968 | |||||||||||||||||||||
Other assets | 208 | 438 | — | 2,161 | — | 2,807 | — | |||||||||||||||||||||
Long-term debt | (16,602 | ) | (11,000 | ) | — | — | — | (27,602 | ) | — | ||||||||||||||||||
Other liabilities | (2,687 | ) | (343 | ) | — | (8,577 | ) | (168 | ) | (11,775 | ) | (204 | ) | |||||||||||||||
Net assets | $ | 39,702 | $ | 6,888 | $ | 4,524 | $ | 20,645 | $ | 99,522 | $ | 171,281 | $ | 74,850 | ||||||||||||||
Statement of Operations for the twelve months ending December 31, 2012 | ||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | |||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five | 18-19 | Tejon Mountain Village | Total | Centennial | ||||||||||||||||||||||
Plaza | West | West | ||||||||||||||||||||||||||
Holdings | Parcel | |||||||||||||||||||||||||||
Revenues | $ | 133,962 | $ | 2,710 | $ | 80 | $ | — | $ | 136,752 | $ | 582 | ||||||||||||||||
Net income (loss) | $ | 4,857 | $ | (241 | ) | $ | 72 | $ | (84 | ) | $ | 4,604 | $ | (530 | ) | |||||||||||||
Partner’s share of net income (loss) | $ | 1,943 | $ | (121 | ) | $ | 36 | $ | (42 | ) | $ | 1,816 | $ | (158 | ) | |||||||||||||
Equity in earnings (losses) | $ | 2,661 | $ | (120 | ) | $ | 36 | $ | (42 | ) | $ | 2,535 | $ | — | ||||||||||||||
Balance Sheet Information as of December 31, 2012 | ||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | |||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five | 18-19 | Tejon Mountain Village | Total | Centennial | ||||||||||||||||||||||
Plaza | West | West | ||||||||||||||||||||||||||
Holdings | Parcel | |||||||||||||||||||||||||||
Current assets | $ | 9,577 | $ | 194 | $ | 42 | $ | 218 | $ | 10,031 | $ | 491 | ||||||||||||||||
Property and equipment, net | 44,196 | 19,025 | 4,412 | 92,846 | 160,479 | 72,356 | ||||||||||||||||||||||
Other assets | 246 | 683 | — | — | 929 | — | ||||||||||||||||||||||
Long-term debt | (17,358 | ) | (11,000 | ) | — | — | (28,358 | ) | — | |||||||||||||||||||
Other liabilities | (3,350 | ) | (39 | ) | (1 | ) | (224 | ) | (3,614 | ) | (1,099 | ) | ||||||||||||||||
Net assets | $ | 33,311 | $ | 8,863 | $ | 4,453 | $ | 92,840 | $ | 139,467 | $ | 71,748 | ||||||||||||||||
The Company’s investment balance in its unconsolidated joint ventures differs from its respective capital accounts in the respective joint ventures. The differential represents the difference between the cost basis of assets contributed by the Company and the agreed upon contribution value of the assets contributed. |
Unaudited_Quarterly_Operating_
Unaudited Quarterly Operating Results | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Unaudited Quarterly Operating Results | ' | ||||||||||||||||
UNAUDITED QUARTERLY OPERATING RESULTS | |||||||||||||||||
The following is a tabulation of unaudited quarterly operating results for the years indicated: | |||||||||||||||||
($ in thousands, except per share) | Total | Segment | Net Income | Net | |||||||||||||
Revenue | Profit | (Loss) | Income(Loss), | ||||||||||||||
-1 | (Loss) | attributable | Per Share | ||||||||||||||
to Common | attributable to | ||||||||||||||||
Stockholders | Common | ||||||||||||||||
Stockholders | |||||||||||||||||
-2 | |||||||||||||||||
2013 | |||||||||||||||||
First Quarter | $ | 10,038 | $ | 3,921 | $ | 615 | $ | 0.04 | |||||||||
Second Quarter | 7,727 | 1,825 | 2,084 | $ | 0.1 | ||||||||||||
Third Quarter | 15,364 | 4,658 | 2,292 | $ | 0.11 | ||||||||||||
Fourth Quarter | 13,216 | 3,413 | (826 | ) | $ | (0.04 | ) | ||||||||||
$ | 46,345 | $ | 13,817 | $ | 4,165 | ||||||||||||
2012 | |||||||||||||||||
First Quarter | $ | 9,921 | $ | 3,158 | $ | 275 | $ | 0.01 | |||||||||
Second Quarter | 8,177 | 2,799 | 118 | $ | 0.01 | ||||||||||||
Third Quarter | 16,442 | 6,592 | 4,021 | $ | 0.2 | ||||||||||||
Fourth Quarter | 13,904 | 3,851 | 27 | $ | — | ||||||||||||
$ | 48,444 | $ | 16,400 | $ | 4,441 | ||||||||||||
_______________________________ | |||||||||||||||||
(1)Includes investment income and other income. | |||||||||||||||||
(2)Net income (loss) per share on a diluted basis. Quarterly rounding of per share amounts can result in a variance from the reported annual amount. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Principles of Consolidation | ' | |
Principles of Consolidation | ||
The consolidated financial statements include the accounts of Tejon Ranch Co., or the Company, and the accounts of all subsidiaries and investments in which a controlling interest is held by Tejon Ranch Co. All significant intercompany transactions have been eliminated in consolidation. | ||
Cash Equivalents | ' | |
Cash Equivalents | ||
The Company considers all highly liquid investments with maturities of three months or less when purchased, to be cash equivalents. The carrying amount for cash equivalents approximates fair value. | ||
Marketable Securities | ' | |
Marketable Securities | ||
The Company considers those investments not qualifying as cash equivalents, but which are readily marketable, to be marketable securities. The Company classifies all marketable securities as available-for-sale. These are stated at fair value with the unrealized gains (losses), net of tax, reported as a component of accumulated other comprehensive income (loss) in the consolidated statements of equity. | ||
Investments in Unconsolidated Joint Ventures | ' | |
Investments in Unconsolidated Joint Ventures | ||
Investments in unconsolidated joint ventures in which the Company does not have a controlling interest, or is not the primary beneficiary if the joint venture is determined to be a variable interest entity under Accounting Standards Codification 810 – “Consolidation,” are accounted for under the equity method of accounting and, accordingly, are adjusted for capital contributions, distributions, and the Company’s equity in net earnings or loss of the respective joint venture. | ||
Fair Values of Financial Instruments | ' | |
Fair Values of Financial Instruments | ||
The Company follows the Financial Accounting Standards Board's authoritative guidance for fair value measurements of certain financial instruments. The guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the exchange (exit) price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance establishes a three-level hierarchy for fair value measurements based upon the inputs to the valuation of an asset or liability. Observable inputs are those which can be easily seen by market participants while unobservable inputs are generally developed internally, utilizing management’s estimates and assumptions: | ||
• | Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. | |
• | Level 2 – Valuation is determined from quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model-based techniques in which all significant inputs are observable in the market. | |
• | Level 3 – Valuation is derived from model-based techniques in which at least one significant input is unobservable and based on our own estimates about the assumptions that market participants would use to value the asset or liability. | |
When available, we use quoted market prices in active markets to determine fair value. We consider the principal market and nonperformance risk associated with our counterparties when determining the fair value measurement. Fair value measurements are used on a recurring basis for marketable securities, investments within the pension plan and hedging instruments, if any. | ||
Credit Risk | ' | |
Credit Risk | ||
The Company grants credit in the course of operations to co-ops, wineries, nut marketing companies, and lessees of the Company’s facilities. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. | ||
In 2013, 2012 and 2011, Stockdale Oil and Gas, a subsidiary of Occidental Petroleum Corporation, an oil and gas leaseholder, accounted for 10%, 15% and 13%, respectively, of our revenues from continuing operations. | ||
The Company maintains its cash and cash equivalents in federally insured financial institutions. The account balances at these institutions periodically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant. | ||
Farm Inventories | ' | |
Farm Inventories | ||
Costs of bringing crops to harvest are inventoried when incurred. Such costs are expensed when the crops are sold. Expenses are computed and recognized on an average cost per pound or per ton basis, as appropriate. Costs during the current year related to the next year’s crop are inventoried and carried in inventory until the matching crop is harvested and sold. Farm inventories held for sale are valued at the lower of cost (first-in, first-out method) or market. | ||
Property and Equipment | ' | |
Property and Equipment | ||
Property and equipment are stated on the basis of cost, except for land acquired upon organization in 1936, which is stated on the basis (presumed to be at cost) carried by the Company’s predecessor. Depreciation is computed using the straight-line method over the estimated useful lives of the various assets. Buildings and improvements are depreciated over a 10-year to 27.5-year life. Machinery, water pipelines, furniture, fixtures, and other equipment are depreciated over a three-year to 10-year life depending on the type of asset. Vineyards and orchards are generally depreciated over a 20-year life with irrigation systems over a 10-year life. Oil, gas and mineral reserves have not been appraised, and accordingly no value has been assigned to them. | ||
Long-term Water Assets | ' | |
Long Term Water Assets | ||
Long-term purchased water contracts are in place with the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water Storage District. These contracts provide the Company with the right to receive water over the term of the contracts that expire in 2035. The purchase price of these contracts is being amortized on the straight-line basis over their contractual life. Water contracts with the Wheeler Ridge Maricopa Water Storage District and the Tejon-Castac Water District are also in place, but were entered into with each district at inception and not purchased later from third parties, and therefore do not have a related financial value on the books of the Company. As a result, there is no amortization expense related to these contracts. | ||
Vineyards and Orchards | ' | |
Vineyards and Orchards | ||
Costs of planting and developing vineyards and orchards are capitalized until the crops become commercially productive. Interest costs and depreciation of irrigation systems and trellis installations during the development stage are also capitalized. Revenues from crops earned during the development stage are netted against development costs. Depreciation commences when the crops become commercially productive. | ||
At the time farm crops are harvested, contracted, and delivered to buyers and revenues can be estimated, revenues are recognized and any related inventoried costs are expensed, which traditionally occurs during the third and fourth quarters of each year. It is not unusual for portions of our almond or pistachio crop to be sold in the year following the harvest. Orchard (almond and pistachio) revenues are based upon the contract settlement price or estimated selling price, whereas vineyard revenues are typically recognized at the contracted selling price. Estimated prices for orchard crops are based upon the quoted estimate of what the final market price will be by marketers and handlers of the orchard crops. These market price estimates are updated through the crop payment cycle as new information is received as to the final settlement price for the crop sold. These estimates are adjusted to actual upon receipt of final payment for the crop. This method of recognizing revenues on the sale of orchard crops is a standard practice within the agribusiness community. Adjustments for differences between original estimates and actual revenues received are recorded during the period in which such amounts become known. | ||
Common Stock Options and Grants | ' | |
Common Stock Options and Grants | ||
The Company follows ASC 718, “Compensation – Stock Compensation” in accounting for stock incentive plans using the fair value method of accounting. | ||
The estimated fair value of the restricted stock grants and restricted stock units are expensed over the expected vesting period. For performance based grants the Company makes estimates of the number of shares that will actually be granted based upon estimated ranges of success in meeting defined performance measures. Periodically, the Company updates its estimates and reflects any changes to the estimate in the consolidated statements of operations. | ||
Long-Lived Assets | ' | |
Long-Lived Assets | ||
In accordance with ASC 360 “Property, Plant, and Equipment” the Company records impairment losses on long-lived assets held and used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their related carrying amounts. In addition, the Company accounts for long-lived assets to be disposed of at the lower of their carrying amounts or fair value less selling and disposal costs. | ||
Sales of Real Estate | ' | |
Sales of Real Estate | ||
In recognizing revenue from land sales, the Company follows the provisions in ASC 976 “Real Estate – Retail Land” to record these sales. ASC 976 provides specific sales recognition criteria to determine when land sales revenue can be recorded. For example, ASC 976 requires a land sale to be consummated with a sufficient down payment of at least 20% to 25% of the sales price depending upon the type and timeframe for development of the property sold, and that any receivable from the sale cannot be subject to future subordination. In addition, the seller cannot retain any material continuing involvement in the property sold, or be required to develop the property in the future or construct facilities or off-site improvements. | ||
Sales of Easements | ' | |
Sales of Easements | ||
From time to time the Company sells easements over its land and the easements are either in the form of rights of access granted for such things as utility corridors or are in the form of conservation easements that generally require the Company to divest its rights to commercially develop a portion of its land, but do not result in a change in ownership of the land or restrict the Company from continuing other revenue generating activities on the land. The sales of conservation easements that occurred in 2011 have been accounted for in accordance with Staff Accounting Bulletin Topic 13 - Revenue Recognition (SAB Topic 13). SAB Topic 13 requires that the following four criteria be met before revenue may be recognized: | ||
• | Persuasive evidence of arrangement exists; | |
• | Delivery has occurred or services have been rendered; | |
• | The seller's price to buyer is fixed or determinable; and | |
• | Collectibility is reasonably assured. | |
Since the conservation easements do not impose any significant continuing performance obligations on the Company, revenue from conservation easement sales has been recognized when the four criteria of SAB Topic 13 have been met, which generally occurs in the period the sale has closed and consideration has been received. | ||
Allocation of Costs Related to Land Sales and Leases | ' | |
Allocation of Costs Related to Land Sales and Leases | ||
When the Company sells land within one of its real estate developments and has not completed all infrastructure development related to the total project, the Company follows ASC 976 “Real Estate – Retail Land” to determine the appropriate costs of sales for the sold land and the timing of recognition of the sale. In the calculation of cost of sales or allocations to leased land, the Company uses estimates and forecasts to determine total costs at completion of the development project. These estimates of final development costs can change as conditions in the market change and costs of construction change. | ||
Royalty Income | ' | |
Royalty Income | ||
Royalty revenues are contractually defined as to the percentage of royalty and are tied to production and market prices. The Company’s royalty arrangements generally require payment on a monthly basis with the payment based on the previous month’s activity. The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments. | ||
Rental Income | ' | |
Rental Income | ||
Minimum rent revenues are generally recognized on a straight-line basis over the respective initial lease term unless there is considerable risk as to collectibility. | ||
Environmental Expenditures | ' | |
Environmental Expenditures | ||
Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or the Company’s commitment to a formal plan of action. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of the Company’s consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting period. Due to uncertainties inherent in the estimation process, it is reasonably possible that actual results could differ from these estimates. | ||
Reclassification | ' | |
Reclassifications | ||
The Company has reclassified mineral resources revenue from its historical presentation in real estate - commercial/industrial on the consolidated statement of operations to conform to the current year presentation. | ||
New Accounting Standards | ' | |
New Accounting Standards | ||
There are currently no recently issued accounting pronouncements that are expected to have a material effect on our financial condition and results of operations in future periods. |
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||
Schedule of weighted average number of shares outstanding | ' | |||||||||
Diluted net income (loss) per share attributable to common stockholders is based upon the weighted-average number of shares of common stock outstanding and the weighted-average number of shares outstanding assuming the issuance of common stock upon exercise of stock options, warrants to purchase common stock, and the vesting of restricted stock grants per ASC 260, “Earnings Per Share.” | ||||||||||
Twelve Months Ended | ||||||||||
31-Dec | ||||||||||
2013 | 2012 | 2011 | ||||||||
Weighted average number of shares outstanding: | ||||||||||
Common stock | 20,190,245 | 20,043,862 | 19,890,838 | |||||||
Common stock equivalents-stock options, grants | 195,310 | 75,114 | 64,422 | |||||||
Diluted shares outstanding | 20,385,555 | 20,118,976 | 19,955,260 | |||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||
Summary of available-for-sale securities | ' | |||||||||||||||||||
The following is a summary of available-for-sale securities at December 31: | ||||||||||||||||||||
($ in thousands) | 2013 | 2012 | ||||||||||||||||||
Marketable Securities: | Fair | Cost | Estimated | Cost | Estimated | |||||||||||||||
Value | Fair | Fair | ||||||||||||||||||
Hierarchy | Value | Value | ||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||
with unrecognized losses for less than 12 months | $ | 1,690 | $ | 1,677 | $ | 1,578 | $ | 1,571 | ||||||||||||
with unrecognized losses for more than 12 months | 110 | 110 | 508 | 507 | ||||||||||||||||
with unrecognized gains | 6,298 | 6,334 | 5,586 | 5,628 | ||||||||||||||||
Total Certificates of deposit | Level 1 | 8,098 | 8,121 | 7,672 | 7,706 | |||||||||||||||
US Treasury and agency notes | ||||||||||||||||||||
with unrecognized losses for less than 12 months | 4,672 | 4,664 | 3,057 | 3,024 | ||||||||||||||||
with unrecognized losses for more than 12 months | 1,699 | 1,694 | 874 | 873 | ||||||||||||||||
with unrecognized gains | 3,713 | 3,760 | 12,175 | 12,267 | ||||||||||||||||
Total US Treasury and agency notes | Level 2 | 10,084 | 10,118 | 16,106 | 16,164 | |||||||||||||||
Corporate notes | ||||||||||||||||||||
with unrecognized losses for less than 12 months | 7,270 | 7,192 | 1,993 | 1,971 | ||||||||||||||||
with unrecognized losses for more than 12 months | 530 | 523 | 201 | 200 | ||||||||||||||||
with unrecognized gains | 21,945 | 22,173 | 29,210 | 29,653 | ||||||||||||||||
Total Corporate notes | Level 2 | 29,745 | 29,888 | 31,404 | 31,824 | |||||||||||||||
Municipal notes | ||||||||||||||||||||
with unrecognized losses for less than 12 months | 1,688 | 1,677 | 1,961 | 1,948 | ||||||||||||||||
with unrecognized losses for more than 12 months | 318 | 316 | 620 | 613 | ||||||||||||||||
with unrecognized gains | 5,267 | 5,316 | 6,702 | 6,794 | ||||||||||||||||
Total Municipal notes | Level 2 | 7,273 | 7,309 | 9,283 | 9,355 | |||||||||||||||
$ | 55,200 | $ | 55,436 | $ | 64,465 | $ | 65,049 | |||||||||||||
Summary of maturities, at par, of marketable securities by year | ' | |||||||||||||||||||
The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands): | ||||||||||||||||||||
At December 31, 2013 | 2014 | 2015 | 2016 | 2017 | Total | |||||||||||||||
Certificates of deposit | $ | 1,627 | $ | 4,213 | $ | 1,501 | $ | 681 | $ | 8,022 | ||||||||||
U.S. Treasury and agency notes | 5,485 | 3,336 | 600 | 692 | 10,113 | |||||||||||||||
Corporate notes | 6,729 | 10,037 | 6,704 | 5,174 | 28,644 | |||||||||||||||
Municipal notes | 3,325 | 2,205 | 1,235 | 295 | 7,060 | |||||||||||||||
$ | 17,166 | $ | 19,791 | $ | 10,040 | $ | 6,842 | $ | 53,839 | |||||||||||
At December 31, 2012 | 2013 | 2014 | 2015 | 2016 | Total | |||||||||||||||
Certificates of deposit | $ | 1,268 | $ | 1,627 | $ | 4,316 | $ | 301 | $ | 7,512 | ||||||||||
U.S. Treasury and agency notes | 6,285 | 7,248 | 2,633 | 11 | 16,177 | |||||||||||||||
Corporate notes | 10,916 | 6,729 | 9,420 | 3,325 | 30,390 | |||||||||||||||
Municipal notes | 2,305 | 4,340 | 1,960 | 400 | 9,005 | |||||||||||||||
$ | 20,774 | $ | 19,944 | $ | 18,329 | $ | 4,037 | $ | 63,084 | |||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of inventories | ' | ||||||||
Inventories consist of the following at December 31: | |||||||||
($ in thousands) | 2013 | 2012 | |||||||
Farming inventories | $ | 3,334 | $ | 3,667 | |||||
Other | 176 | 172 | |||||||
$ | 3,510 | $ | 3,839 | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Components of property and equipment, net | ' | ||||||||
Property and equipment, net, consists of the following at December 31: | |||||||||
($ in thousands) | 2013 | 2012 | |||||||
Land and land improvements | $ | 16,439 | $ | 16,162 | |||||
Buildings and improvements | 13,346 | 13,150 | |||||||
Machinery, water pipelines, furniture fixtures and other equipment | 15,885 | 14,429 | |||||||
Vineyards and orchards | 37,752 | 36,625 | |||||||
Development in process | 108,500 | 108,952 | |||||||
191,922 | 189,318 | ||||||||
Less accumulated depreciation | (45,380 | ) | (42,728 | ) | |||||
$ | 146,542 | $ | 146,590 | ||||||
Long_Term_Water_Assets_Tables
Long Term Water Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Long Term Water Assets [Abstract] | ' | |||||||
Components of water assets | ' | |||||||
Water assets consist of the following: | ||||||||
(in acre feet, unaudited) | 31-Dec-13 | 31-Dec-12 | ||||||
Banked water and water for future delivery | ||||||||
AVEK water bank | 12,280 | 11,478 | ||||||
Company water bank | 8,818 | 8,700 | ||||||
AVEK water for future delivery | 2,362 | 2,362 | ||||||
Total Company and AVEK banked water | 23,460 | 22,540 | ||||||
Transferable water with AVEK* | 14,786 | 14,786 | ||||||
Water Contracts | 10,137 | 3,444 | ||||||
Total purchased water - third parties | 48,383 | 40,770 | ||||||
WRMWD - Contracts with Company | 15,547 | 15,547 | ||||||
TCWD - Contracts with Company | 5,479 | 5,479 | ||||||
TCWD - Banked water contracted to Company | 42,685 | 38,943 | ||||||
Total purchased and contracted water sources in acre feet | 112,094 | 100,739 | ||||||
*Any transferable water with AVEK that is used by the Company or returned by AVEK to the Company will be returned at a 1.5 to 1 factor giving the Company use of a total of 22,179 feet. | ||||||||
($ in thousands) | December 31, 2013 | 31-Dec-12 | ||||||
Banked water and water for future delivery | $ | 4,779 | $ | 4,448 | ||||
Transferable water | 8,988 | 8,988 | ||||||
Water Contracts (net of accumulated amortization of $2,837 and $2,021 at December 31, 2013 and December 2012, respectively) | 33,804 | 15,837 | ||||||
Total long-term assets | 47,571 | 29,273 | ||||||
less: Current portion | (817 | ) | (708 | ) | ||||
$ | 46,754 | $ | 28,565 | |||||
Accrued_Liabilities_and_Other_1
Accrued Liabilities and Other (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued liabilities and other consists of the following: | ||||||||
($ in thousands) | ||||||||
December 31, 2013 | 31-Dec-12 | |||||||
Accrued vacation | $ | 673 | $ | 674 | ||||
Accrued paid personal leave | 619 | 662 | ||||||
Accrued bonus | 677 | 573 | ||||||
Other | 678 | 223 | ||||||
$ | 2,647 | $ | 2,132 | |||||
Shortterm_and_Longterm_Debt_Ta
Short-term and Long-term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Components of long-term debt | ' | |||||||
Long-term debt consists of the following: | ||||||||
($ in thousands) | ||||||||
December 31, 2013 | 31-Dec-12 | |||||||
Note payable to a bank | $ | 4,693 | $ | 253 | ||||
Less current portion | (234 | ) | (41 | ) | ||||
$ | 4,459 | $ | 212 | |||||
Stock_Compensation_Restricted_1
Stock Compensation - Restricted Stock and Performance Share Grants (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock Compensation - Restricted Stock and Performance Share Grants [Abstract] | ' | ||||||||||||
Summary of performance share grants with performance conditions | ' | ||||||||||||
The following is a summary of the Company's performance share grants with performance conditions for the year ended December 31, 2013: | |||||||||||||
Performance Share Grants with Performance Conditions | |||||||||||||
Below threshold performance | — | ||||||||||||
Threshold performance | 40,764 | ||||||||||||
Target performance | 177,044 | ||||||||||||
Maximum performance | 233,613 | ||||||||||||
Summary of stock grant activity | ' | ||||||||||||
The following is a summary of the Company’s stock grant activity, both time and performance unit grants, assuming target achievement for outstanding performance grants for the following twelve month periods ended: | |||||||||||||
December 31 | December 31 | December 31 | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Stock Grants Outstanding Beginning of the Year at Target Achievement | 688,041 | 744,508 | 782,087 | ||||||||||
New Stock Grants/Additional shares due to maximum achievement | 192,348 | 113,643 | 64,679 | ||||||||||
Vested Grants | (361,886 | ) | (170,110 | ) | (36,980 | ) | |||||||
Expired/Forfeited Grants | (252,802 | ) | — | (65,278 | ) | ||||||||
Stock Grants Outstanding December 31, 2013 at Target Achievement | 265,701 | 688,041 | 744,508 | ||||||||||
Summary of stock compensation costs for Employee and NDSI Plans | ' | ||||||||||||
The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee 1998 Plan, and NDSI Plan for the following periods: | |||||||||||||
Employee 1998 Plan: | December 31 | December 31 | December 31 | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Expensed | $ | 161,000 | $ | 5,054,000 | $ | 5,016,000 | |||||||
Capitalized | 294,000 | 392,000 | 166,000 | ||||||||||
455,000 | 5,446,000 | 5,182,000 | |||||||||||
NDSI Plan | 768,000 | 386,000 | 325,000 | ||||||||||
$ | 1,223,000 | $ | 5,832,000 | $ | 5,507,000 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of provision (benefit) for income taxes | ' | ||||||||||||
The provision for income taxes consists of the following at December 31: | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
Total provision: | $ | 2,086 | $ | 2,723 | $ | 7,367 | |||||||
Federal: | |||||||||||||
Current | $ | (2,459 | ) | 903 | 6,812 | ||||||||
Deferred | 4,097 | 1,092 | (1,233 | ) | |||||||||
1,638 | 1,995 | 5,579 | |||||||||||
State: | |||||||||||||
Current | 231 | 67 | 2,133 | ||||||||||
Deferred | 217 | 661 | (345 | ) | |||||||||
448 | 728 | 1,788 | |||||||||||
$ | 2,086 | $ | 2,723 | $ | 7,367 | ||||||||
Reconciliation of income tax expense from statutory Federal income tax rate | ' | ||||||||||||
The reasons for the difference between total income tax expense and the amount computed by applying the statutory Federal income tax rate of 34% to income before taxes are as follows for the years ended December 31: | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
Income tax at statutory rate | $ | 2,139 | $ | 2,382 | $ | 7,909 | |||||||
State income taxes, net of Federal benefit | 307 | 472 | 1,180 | ||||||||||
Oil and mineral depletion | (450 | ) | (620 | ) | (552 | ) | |||||||
Valuation allowance - land contribution | — | — | (595 | ) | |||||||||
Other, net | 90 | 489 | (575 | ) | |||||||||
Total provision | $ | 2,086 | $ | 2,723 | $ | 7,367 | |||||||
Components of net deferred tax assets and liabilities | ' | ||||||||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows at December 31: | |||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||
Deferred income tax assets: | |||||||||||||
Accrued expenses | $ | 600 | $ | 525 | |||||||||
Deferred revenues | 371 | 512 | |||||||||||
Capitalization of costs | 2,151 | 1,758 | |||||||||||
Pension adjustment | 2,923 | 4,262 | |||||||||||
Stock grant expense | 2,660 | 7,005 | |||||||||||
State deferred taxes | 2 | 777 | |||||||||||
Book deferred gains | 1,416 | 963 | |||||||||||
Provision for additional capitalized costs | 1,003 | 1,003 | |||||||||||
Other | 1,208 | 73 | |||||||||||
Total deferred income tax assets | $ | 12,334 | $ | 16,878 | |||||||||
Deferred income tax liabilities: | |||||||||||||
Deferred gains | $ | 1,390 | $ | 1,390 | |||||||||
Depreciation | 3,495 | 3,374 | |||||||||||
Cost of sales allocations | 1,252 | 1,252 | |||||||||||
Joint venture allocations | 2,001 | 2,084 | |||||||||||
Straight line rent | 1,006 | 1,063 | |||||||||||
Prepaid expenses | 406 | 212 | |||||||||||
State deferred taxes | 444 | 345 | |||||||||||
Other | 296 | 785 | |||||||||||
Total deferred income tax liabilities | $ | 10,290 | $ | 10,505 | |||||||||
Net deferred income tax asset | $ | 2,044 | $ | 6,373 | |||||||||
Allowance for deferred tax assets | — | — | |||||||||||
Net deferred taxes | $ | 2,044 | $ | 6,373 | |||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||||||||
Summary of building and improvements subject to commercial lease agreements | ' | ||||||||||||||||||||||
The following is a summary of Building and Improvements information as of December 31, 2013: | |||||||||||||||||||||||
Buildings and Improvements | |||||||||||||||||||||||
Cost | $ | 7,942,000 | |||||||||||||||||||||
Accumulated Depreciation | $ | 4,303,000 | |||||||||||||||||||||
Summary of income from commercial rents included in real estate revenue | ' | ||||||||||||||||||||||
The following is a summary of income from commercial rents included in real estate revenue as of December 31: | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Base rent | $ | 4,929,000 | $ | 4,861,000 | $ | 4,620,000 | |||||||||||||||||
Percentage rent | $ | 1,213,000 | $ | 707,000 | $ | 310,000 | |||||||||||||||||
Schedule of future minimum rental income | ' | ||||||||||||||||||||||
Future minimum rental income on commercial, communication and right-of-way leases as of December 31, 2013: | |||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||
$ | 4,664,000 | $ | 4,246,000 | $ | 4,107,000 | $ | 4,118,000 | $ | 3,932,000 | $ | 23,229,000 | ||||||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Pension plan | ' | ||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||||||
Summary of changes in benefit obligations and plan assets | ' | ||||||||||||||||||||||
The following accumulated benefit information is as of December 31: | |||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation - Pension | |||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 10,215 | $ | 8,701 | |||||||||||||||||||
Service cost | 359 | 284 | |||||||||||||||||||||
Interest cost | 402 | 375 | |||||||||||||||||||||
Actuarial gain/assumption changes | (1,379 | ) | 1,344 | ||||||||||||||||||||
Benefits paid | (271 | ) | (489 | ) | |||||||||||||||||||
Benefit obligation at end of year | $ | 9,326 | $ | 10,215 | |||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 8,427 | $ | 9,195 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 6,799 | $ | 5,722 | |||||||||||||||||||
Actual return on plan assets | 1,105 | 706 | |||||||||||||||||||||
Employer contribution | 1,000 | 860 | |||||||||||||||||||||
Benefits/expenses paid | (271 | ) | (489 | ) | |||||||||||||||||||
Fair value of plan assets at end of year | $ | 8,633 | $ | 6,799 | |||||||||||||||||||
Funded status - liability | $ | (693 | ) | $ | (3,416 | ) | |||||||||||||||||
Amounts recorded in equity | |||||||||||||||||||||||
Net actuarial (gain) | $ | (1,961 | ) | $ | (4,110 | ) | |||||||||||||||||
Prior service cost | 148 | 176 | |||||||||||||||||||||
Total amount recorded | $ | (1,813 | ) | $ | (3,934 | ) | |||||||||||||||||
Amount recorded, net taxes | $ | (1,088 | ) | $ | (2,360 | ) | |||||||||||||||||
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income | ' | ||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income for 2013 and 2012 include the following components: | |||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||||||||||||
Net (gain) loss | $ | (1,867 | ) | $ | (1,092 | ) | |||||||||||||||||
Recognition of net actuarial gain or (loss) | (282 | ) | 218 | ||||||||||||||||||||
Recognized prior service cost | 28 | (29 | ) | ||||||||||||||||||||
Total changes | $ | (2,121 | ) | $ | (903 | ) | |||||||||||||||||
Changes, net of taxes | $ | (1,271 | ) | $ | (542 | ) | |||||||||||||||||
Summary of amounts expected to be recognized as component of net periodic pension costs during the next fiscal year | ' | ||||||||||||||||||||||
The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands): | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Amortization net actuarial gain or (loss) | $ | 61 | |||||||||||||||||||||
Amortization prior service cost | $ | (29 | ) | ||||||||||||||||||||
Schedule of expected annual benefit payments | ' | ||||||||||||||||||||||
Based on actuarial estimates, it is expected that annual benefit payments from the pension trust will be as follows ($ in thousands): | |||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 - 2021 | ||||||||||||||||||
$ | 1,119 | $ | 309 | $ | 393 | $ | 389 | $ | 427 | $ | 2,364 | ||||||||||||
Schedule of fair value of plan assets by investment type | ' | ||||||||||||||||||||||
See the following table for fair value hierarchy by investment type at December 31: | |||||||||||||||||||||||
($ in thousands) | Fair Value | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Hierarchy | |||||||||||||||||||||||
Pension Plan Assets: | |||||||||||||||||||||||
Cash and Cash Equivalents | Level 1 | $ | 1,336 | $ | 231 | ||||||||||||||||||
Collective Funds | Level 2 | 3,851 | 3,449 | ||||||||||||||||||||
Treasury/Corporate Notes | Level 2 | 1,357 | 1,129 | ||||||||||||||||||||
Corporate Equities | Level 1 | 2,089 | 1,990 | ||||||||||||||||||||
$ | 8,633 | $ | 6,799 | ||||||||||||||||||||
Components of net periodic pension cost | ' | ||||||||||||||||||||||
Total pension and retirement expense was as follows for each of the years ended December 31: | |||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||
Cost components: | |||||||||||||||||||||||
Service cost | $ | (359 | ) | $ | (284 | ) | $ | (251 | ) | ||||||||||||||
Interest cost | (402 | ) | (375 | ) | (384 | ) | |||||||||||||||||
Expected return on plan assets | 542 | 454 | 446 | ||||||||||||||||||||
Net amortization and deferral | (253 | ) | (190 | ) | (220 | ) | |||||||||||||||||
Total net periodic pension cost | $ | (472 | ) | $ | (395 | ) | $ | (409 | ) | ||||||||||||||
SERP | ' | ||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||||||
Summary of changes in benefit obligations and plan assets | ' | ||||||||||||||||||||||
The following SERP benefit information is as of December 31: | |||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation - SERP | |||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 6,507 | $ | 5,474 | |||||||||||||||||||
Service cost | 318 | 525 | |||||||||||||||||||||
Interest cost | 219 | 208 | |||||||||||||||||||||
Actuarial gain/assumption changes | (913 | ) | 300 | ||||||||||||||||||||
Benefit obligation at end of year | $ | 6,131 | $ | 6,507 | |||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 6,099 | $ | 6,339 | |||||||||||||||||||
Funded status - liability | $ | (6,131 | ) | $ | (6,507 | ) | |||||||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||||||||||||
Amounts recorded in stockholders’ equity | |||||||||||||||||||||||
Net actuarial (gain) | $ | 696 | $ | 1,671 | |||||||||||||||||||
Prior service cost | — | — | |||||||||||||||||||||
Total amount recorded | $ | 696 | $ | 1,671 | |||||||||||||||||||
Amount recorded, net taxes | $ | 418 | $ | 1,003 | |||||||||||||||||||
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income | ' | ||||||||||||||||||||||
Other changes in benefit obligations recognized in other comprehensive income for 2013 and 2012 include the following components: | |||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||||||||||||
Net (gain) loss | $ | (745 | ) | $ | 133 | ||||||||||||||||||
Recognition of net actuarial gain or (loss) | (229 | ) | (287 | ) | |||||||||||||||||||
Recognized prior service cost | — | — | |||||||||||||||||||||
Total changes | $ | (974 | ) | $ | (154 | ) | |||||||||||||||||
Changes, net of taxes | $ | (584 | ) | $ | (92 | ) | |||||||||||||||||
Summary of amounts expected to be recognized as component of net periodic pension costs during the next fiscal year | ' | ||||||||||||||||||||||
The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands): | |||||||||||||||||||||||
Amortization net actuarial gain or (loss) | $ | 23 | |||||||||||||||||||||
Schedule of expected annual benefit payments | ' | ||||||||||||||||||||||
Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands): | |||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 - 2021 | ||||||||||||||||||
$ | 550 | $ | 621 | $ | 697 | $ | 688 | $ | 715 | $ | 3,680 | ||||||||||||
Components of net periodic pension cost | ' | ||||||||||||||||||||||
Total pension and retirement expense was as follows for each of the years ended December 31: | |||||||||||||||||||||||
($ in thousands) | 2012 | 2011 | 2010 | ||||||||||||||||||||
Cost components: | |||||||||||||||||||||||
Service cost | $ | 318 | $ | 525 | $ | (172 | ) | ||||||||||||||||
Interest cost | 219 | 208 | (215 | ) | |||||||||||||||||||
Net amortization and deferral | 229 | 287 | (66 | ) | |||||||||||||||||||
Total net periodic pension cost | $ | 766 | $ | 1,020 | $ | (453 | ) | ||||||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||
Reconciliation of revenues, segment profits (losses) and net income (loss) | ' | ||||||||||||
December 31 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | |||||||||||||
Real estate—commercial/industrial | $ | 15,213 | $ | 12,518 | $ | 14,665 | |||||||
Real estate—resort/residential | 1,207 | 541 | 16,131 | ||||||||||
Mineral resources (1) | 10,242 | 14,012 | 12,206 | ||||||||||
Farming | 22,682 | 22,553 | 21,012 | ||||||||||
Segment revenues | 49,344 | 49,624 | 64,014 | ||||||||||
Investment income | 941 | 1,242 | 1,260 | ||||||||||
Other income | 66 | 113 | 98 | ||||||||||
Total revenues and other income | $ | 50,351 | $ | 50,979 | $ | 65,372 | |||||||
Segment Profits (Losses) | |||||||||||||
Real estate—commercial/industrial | $ | 2,311 | $ | 247 | $ | 1,444 | |||||||
Real estate—resort/residential | (2,144 | ) | (4,220 | ) | 12,189 | ||||||||
Mineral resources (1) | 9,780 | 13,678 | 11,997 | ||||||||||
Farming | 7,876 | 9,230 | 8,437 | ||||||||||
Segment profits (2) | 17,823 | 18,935 | 34,067 | ||||||||||
Investment income | 941 | 1,242 | 1,260 | ||||||||||
Other income | 66 | 113 | 98 | ||||||||||
Interest expense | — | (12 | ) | — | |||||||||
Corporate expenses | (12,641 | ) | (13,272 | ) | (12,277 | ) | |||||||
Income from operations before income taxes | $ | 6,189 | $ | 7,006 | $ | 23,148 | |||||||
(1) During the fourth quarter of 2012, the Company evaluated its operations and determined that an additional segment should be reported, Mineral Resources. Mineral Resources collects royalty income from oil and gas leases, rock and aggregate leases, and from a cement company. | |||||||||||||
(2) Segment profits are revenues from operations less operating expenses, excluding investment income and expense, corporate expenses, equity in earnings of unconsolidated joint ventures, and income taxes. | |||||||||||||
Schedule of information pertaining to assets of segments | ' | ||||||||||||
Information pertaining to assets of the Company’s business segments is as follows for each of the years ended December 31: | |||||||||||||
($ in thousands) | Identifiable | Depreciation | Capital | ||||||||||
Assets | and | Expenditures | |||||||||||
Amortization | |||||||||||||
2013 | |||||||||||||
Real estate - commercial/industrial | $ | 58,390 | $ | 1,205 | $ | 12,296 | |||||||
Real estate - resort/residential | 124,568 | 78 | 2,957 | ||||||||||
Mineral resources | 1,063 | — | — | ||||||||||
Farming | 31,925 | 1,465 | 5,733 | ||||||||||
Corporate | 126,933 | 1,478 | 572 | ||||||||||
Total | $ | 342,879 | $ | 4,226 | $ | 21,558 | |||||||
2012 | |||||||||||||
Real estate - commercial/industrial | $ | 57,151 | $ | 1,852 | $ | 11,672 | |||||||
Real estate - resort/residential | 118,627 | 77 | 4,479 | ||||||||||
Mineral resources | 1,449 | — | — | ||||||||||
Farming | 29,538 | 1,384 | 3,379 | ||||||||||
Corporate | 121,091 | 1,238 | 1,139 | ||||||||||
Total | $ | 327,856 | $ | 4,551 | $ | 20,669 | |||||||
2011 | |||||||||||||
Real estate - commercial/industrial | $ | 56,552 | $ | 1,111 | $ | 4,155 | |||||||
Real estate - resort/residential | 110,147 | 96 | 7,132 | ||||||||||
Mineral resources | 1,193 | — | — | ||||||||||
Farming | 24,326 | 1,293 | 1,477 | ||||||||||
Corporate | 129,758 | 1,097 | 885 | ||||||||||
Total | $ | 321,976 | $ | 3,597 | $ | 13,649 | |||||||
Real estate - commercial/industrial | ' | ||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||
Components of segment revenues | ' | ||||||||||||
The revenue components of the commercial/industrial real estate segment for the years ended December 31 are as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Commercial leases | $ | 6,799 | $ | 6,095 | $ | 5,450 | |||||||
Grazing leases | 1,433 | 1,331 | 1,087 | ||||||||||
Land Sale | — | 648 | 4,340 | ||||||||||
All other land management ancillary services | 2,916 | 1,867 | 2,869 | ||||||||||
11,148 | 9,941 | 13,746 | |||||||||||
Equity in earnings of unconsolidated joint ventures | 4,065 | 2,577 | 919 | ||||||||||
Revenues and equity in earnings of unconsolidated joint ventures | $ | 15,213 | $ | 12,518 | $ | 14,665 | |||||||
Real estate - resort/residential | ' | ||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||
Components of segment revenues | ' | ||||||||||||
The revenue components of the resort/residential real estate land development segment for the year ended December 31 are as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Hay sales - Centennial operations | $ | 928 | $ | 583 | $ | 380 | |||||||
Management fees | 312 | — | 4 | ||||||||||
Conservation easements | — | — | 15,750 | ||||||||||
Other | 26 | — | — | ||||||||||
1,266 | 583 | 16,134 | |||||||||||
Equity in earnings of unconsolidated joint ventures | (59 | ) | (42 | ) | (3 | ) | |||||||
Revenues and equity in earnings of unconsolidated joint ventures | $ | 1,207 | $ | 541 | $ | 16,131 | |||||||
Mineral resources | ' | ||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||
Components of segment revenues | ' | ||||||||||||
The following table summarizes these activities for each of the years ended December 31: | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
Oil and gas | $ | 7,810 | $ | 11,075 | $ | 9,876 | |||||||
Rock aggregate | 964 | 920 | 886 | ||||||||||
Cement | 819 | 758 | 621 | ||||||||||
Land lease for oil exploration | 648 | 1,257 | 811 | ||||||||||
Other | 1 | 2 | 12 | ||||||||||
$ | 10,242 | $ | 14,012 | $ | 12,206 | ||||||||
Investment_in_Unconsolidated_a1
Investment in Unconsolidated and Consolidated Joint Ventures (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||||||||||
Condensed statements of operations and balance sheet information of consolidated and unconsolidated joint ventures | ' | |||||||||||||||||||||||||||
ondensed balance sheet information of the Company’s unconsolidated and consolidated joint ventures as of December 31, 2013 and December 31, 2012 and condensed statements of operations for the twelve months ended December 31, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||||||||||
Statement of Operations for the twelve months ending December 31, 2013 | ||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | |||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five West Parcel | 18-19 West | TRCC/Rock Outlet Center | Tejon Mountain Village | Total | Centennial-VIE | |||||||||||||||||||||
Plaza | LLC | |||||||||||||||||||||||||||
Holdings | ||||||||||||||||||||||||||||
Revenues | $ | 125,084 | $ | 3,368 | $ | 61 | $ | — | $ | — | $ | 128,513 | $ | 935 | ||||||||||||||
Net income (loss) | $ | 6,154 | $ | 26 | $ | 55 | $ | (470 | ) | $ | (119 | ) | $ | 5,646 | $ | (223 | ) | |||||||||||
Partner’s share of net income (loss) | $ | 2,462 | $ | 13 | $ | 28 | $ | (235 | ) | $ | (60 | ) | $ | 2,208 | $ | (62 | ) | |||||||||||
Equity in earnings (losses) | $ | 3,925 | $ | 13 | $ | 27 | $ | 100 | $ | (59 | ) | $ | 4,006 | $ | — | |||||||||||||
Balance Sheet Information as of December 31, 2013 | ||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | |||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five West Parcel | 18-19 West LLC | TRCC/Rock Outlet Center | Tejon Mountain Village | Total | Centennial-VIE | |||||||||||||||||||||
Plaza | ||||||||||||||||||||||||||||
Holdings | ||||||||||||||||||||||||||||
Current assets | $ | 14,886 | $ | 813 | $ | 10 | $ | 2,428 | $ | 99,690 | $ | 117,827 | $ | 86 | ||||||||||||||
Property and equipment, net | 43,897 | 16,980 | 4,514 | 24,633 | — | 90,024 | 74,968 | |||||||||||||||||||||
Other assets | 208 | 438 | — | 2,161 | — | 2,807 | — | |||||||||||||||||||||
Long-term debt | (16,602 | ) | (11,000 | ) | — | — | — | (27,602 | ) | — | ||||||||||||||||||
Other liabilities | (2,687 | ) | (343 | ) | — | (8,577 | ) | (168 | ) | (11,775 | ) | (204 | ) | |||||||||||||||
Net assets | $ | 39,702 | $ | 6,888 | $ | 4,524 | $ | 20,645 | $ | 99,522 | $ | 171,281 | $ | 74,850 | ||||||||||||||
Statement of Operations for the twelve months ending December 31, 2012 | ||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | |||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five | 18-19 | Tejon Mountain Village | Total | Centennial | ||||||||||||||||||||||
Plaza | West | West | ||||||||||||||||||||||||||
Holdings | Parcel | |||||||||||||||||||||||||||
Revenues | $ | 133,962 | $ | 2,710 | $ | 80 | $ | — | $ | 136,752 | $ | 582 | ||||||||||||||||
Net income (loss) | $ | 4,857 | $ | (241 | ) | $ | 72 | $ | (84 | ) | $ | 4,604 | $ | (530 | ) | |||||||||||||
Partner’s share of net income (loss) | $ | 1,943 | $ | (121 | ) | $ | 36 | $ | (42 | ) | $ | 1,816 | $ | (158 | ) | |||||||||||||
Equity in earnings (losses) | $ | 2,661 | $ | (120 | ) | $ | 36 | $ | (42 | ) | $ | 2,535 | $ | — | ||||||||||||||
Balance Sheet Information as of December 31, 2012 | ||||||||||||||||||||||||||||
UNCONSOLIDATED | CONSOLIDATED | |||||||||||||||||||||||||||
($ in thousands) | Petro Travel | Five | 18-19 | Tejon Mountain Village | Total | Centennial | ||||||||||||||||||||||
Plaza | West | West | ||||||||||||||||||||||||||
Holdings | Parcel | |||||||||||||||||||||||||||
Current assets | $ | 9,577 | $ | 194 | $ | 42 | $ | 218 | $ | 10,031 | $ | 491 | ||||||||||||||||
Property and equipment, net | 44,196 | 19,025 | 4,412 | 92,846 | 160,479 | 72,356 | ||||||||||||||||||||||
Other assets | 246 | 683 | — | — | 929 | — | ||||||||||||||||||||||
Long-term debt | (17,358 | ) | (11,000 | ) | — | — | (28,358 | ) | — | |||||||||||||||||||
Other liabilities | (3,350 | ) | (39 | ) | (1 | ) | (224 | ) | (3,614 | ) | (1,099 | ) | ||||||||||||||||
Net assets | $ | 33,311 | $ | 8,863 | $ | 4,453 | $ | 92,840 | $ | 139,467 | $ | 71,748 | ||||||||||||||||
Unaudited_Quarterly_Operating_1
Unaudited Quarterly Operating Results (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of quarterly operating results | ' | ||||||||||||||||
The following is a tabulation of unaudited quarterly operating results for the years indicated: | |||||||||||||||||
($ in thousands, except per share) | Total | Segment | Net Income | Net | |||||||||||||
Revenue | Profit | (Loss) | Income(Loss), | ||||||||||||||
-1 | (Loss) | attributable | Per Share | ||||||||||||||
to Common | attributable to | ||||||||||||||||
Stockholders | Common | ||||||||||||||||
Stockholders | |||||||||||||||||
-2 | |||||||||||||||||
2013 | |||||||||||||||||
First Quarter | $ | 10,038 | $ | 3,921 | $ | 615 | $ | 0.04 | |||||||||
Second Quarter | 7,727 | 1,825 | 2,084 | $ | 0.1 | ||||||||||||
Third Quarter | 15,364 | 4,658 | 2,292 | $ | 0.11 | ||||||||||||
Fourth Quarter | 13,216 | 3,413 | (826 | ) | $ | (0.04 | ) | ||||||||||
$ | 46,345 | $ | 13,817 | $ | 4,165 | ||||||||||||
2012 | |||||||||||||||||
First Quarter | $ | 9,921 | $ | 3,158 | $ | 275 | $ | 0.01 | |||||||||
Second Quarter | 8,177 | 2,799 | 118 | $ | 0.01 | ||||||||||||
Third Quarter | 16,442 | 6,592 | 4,021 | $ | 0.2 | ||||||||||||
Fourth Quarter | 13,904 | 3,851 | 27 | $ | — | ||||||||||||
$ | 48,444 | $ | 16,400 | $ | 4,441 | ||||||||||||
_______________________________ | |||||||||||||||||
(1)Includes investment income and other income. | |||||||||||||||||
(2)Net income (loss) per share on a diluted basis. Quarterly rounding of per share amounts can result in a variance from the reported annual amount. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Credit Risk (Details) (Revenue, Customer concentration risk, Stockdale Oil and Gas) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue | Customer concentration risk | Stockdale Oil and Gas | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percentage of revenue from continuing operations | 10.00% | 15.00% | 13.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Building and improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful life | '10 years |
Building and improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful life | '27 years 6 months |
Machinery, water pipelines, furniture, fixtures, and other equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful life | '3 years |
Machinery, water pipelines, furniture, fixtures, and other equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful life | '10 years |
Vineyards and orchards | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful life | '20 years |
Irrigation systems | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful life | '10 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Vineyards and Orchards (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from External Customer [Line Items] | ' | ' | ' |
Farming revenue adjustments for differences between original estimates and actual revenues received | $3,328 | $2,668 | $1,882 |
Pistachios | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Farming revenue adjustments for differences between original estimates and actual revenues received | 1,326 | 1,676 | 1,335 |
Almonds | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Farming revenue adjustments for differences between original estimates and actual revenues received | $2,002 | $992 | $531 |
Equity_Earnings_Per_Share_EPS_
Equity - Earnings Per Share (EPS) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ' | ' | ' |
Common stock | 20,190,245 | 20,043,862 | 19,890,838 |
Common stock equivalents-stock options, grants | 195,310 | 75,114 | 64,422 |
Diluted shares outstanding | 20,385,555 | 20,118,976 | 19,955,260 |
Equity_Method_Investments_Deta
- (Equity Method Investments) (Details) (USD $) | 0 Months Ended | ||
Aug. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Common stock, par value per share | $0.50 | $0.50 | $0.50 |
Ratio of Common Stock to Warrant | 0.14771 | ' | ' |
Warrant [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 40 | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,000,000 | ' | ' |
Marketable_Securities_Summary_
Marketable Securities - Summary of Available-for-sale Securities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of available-for-sale securities | ' | ' |
Available-for-sale securities, Cost | $55,200 | $64,465 |
Available-for-sale securities, Estimated Fair Value | 55,436 | 65,049 |
Level 1 | Certificates of deposit | ' | ' |
Summary of available-for-sale securities | ' | ' |
Unrecognized losses for less than 12 months, Cost | 1,690 | 1,578 |
Unrecognized losses for less than 12 months, Estimated Fair value | 1,677 | 1,571 |
Unrecognized losses for more than 12 months, Cost | 110 | 508 |
Unrecognized losses for more than 12 months, Estimated Fair value | 110 | 507 |
Unrecognized gains, Cost | 6,298 | 5,586 |
Unrecognized gains, Estimated Fair value | 6,334 | 5,628 |
Available-for-sale securities, Cost | 8,098 | 7,672 |
Available-for-sale securities, Estimated Fair Value | 8,121 | 7,706 |
Level 2 | U.S. Treasury and agency notes | ' | ' |
Summary of available-for-sale securities | ' | ' |
Unrecognized losses for less than 12 months, Cost | 4,672 | 3,057 |
Unrecognized losses for less than 12 months, Estimated Fair value | 4,664 | 3,024 |
Unrecognized losses for more than 12 months, Cost | 1,699 | 874 |
Unrecognized losses for more than 12 months, Estimated Fair value | 1,694 | 873 |
Unrecognized gains, Cost | 3,713 | 12,175 |
Unrecognized gains, Estimated Fair value | 3,760 | 12,267 |
Available-for-sale securities, Cost | 10,084 | 16,106 |
Available-for-sale securities, Estimated Fair Value | 10,118 | 16,164 |
Level 2 | Corporate notes | ' | ' |
Summary of available-for-sale securities | ' | ' |
Unrecognized losses for less than 12 months, Cost | 7,270 | 1,993 |
Unrecognized losses for less than 12 months, Estimated Fair value | 7,192 | 1,971 |
Unrecognized losses for more than 12 months, Cost | 530 | 201 |
Unrecognized losses for more than 12 months, Estimated Fair value | 523 | 200 |
Unrecognized gains, Cost | 21,945 | 29,210 |
Unrecognized gains, Estimated Fair value | 22,173 | 29,653 |
Available-for-sale securities, Cost | 29,745 | 31,404 |
Available-for-sale securities, Estimated Fair Value | 29,888 | 31,824 |
Level 2 | Municipal notes | ' | ' |
Summary of available-for-sale securities | ' | ' |
Unrecognized losses for less than 12 months, Cost | 1,688 | 1,961 |
Unrecognized losses for less than 12 months, Estimated Fair value | 1,677 | 1,948 |
Unrecognized losses for more than 12 months, Cost | 318 | 620 |
Unrecognized losses for more than 12 months, Estimated Fair value | 316 | 613 |
Unrecognized gains, Cost | 5,267 | 6,702 |
Unrecognized gains, Estimated Fair value | 5,316 | 6,794 |
Available-for-sale securities, Cost | 7,273 | 9,283 |
Available-for-sale securities, Estimated Fair Value | $7,309 | $9,355 |
Marketable_Securities_Availabl
Marketable Securities - Available-for-sale Securities by Maturities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of maturities, at par, of marketable securities | ' | ' |
2014 | $17,166 | $20,774 |
2015 | 19,791 | 19,944 |
2016 | 10,040 | 18,329 |
2017 | 6,842 | 4,037 |
Total | 53,839 | 63,084 |
Certificates of deposit | ' | ' |
Summary of maturities, at par, of marketable securities | ' | ' |
2014 | 1,627 | 1,268 |
2015 | 4,213 | 1,627 |
2016 | 1,501 | 4,316 |
2017 | 681 | 301 |
Total | 8,022 | 7,512 |
U.S. Treasury and agency notes | ' | ' |
Summary of maturities, at par, of marketable securities | ' | ' |
2014 | 5,485 | 6,285 |
2015 | 3,336 | 7,248 |
2016 | 600 | 2,633 |
2017 | 692 | 11 |
Total | 10,113 | 16,177 |
Corporate notes | ' | ' |
Summary of maturities, at par, of marketable securities | ' | ' |
2014 | 6,729 | 10,916 |
2015 | 10,037 | 6,729 |
2016 | 6,704 | 9,420 |
2017 | 5,174 | 3,325 |
Total | 28,644 | 30,390 |
Municipal notes | ' | ' |
Summary of maturities, at par, of marketable securities | ' | ' |
2014 | 3,325 | 2,305 |
2015 | 2,205 | 4,340 |
2016 | 1,235 | 1,960 |
2017 | 295 | 400 |
Total | $7,060 | $9,005 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Fair market value of investment securities exceeds cost basis | $236,000 | ' | ' |
Other-than-temporary impairments recorded for securities | 0 | ' | ' |
Changes in unrealized gains on available for sale securities, taxes | -348,000 | 182,000 | -82,000 |
Estimated taxes of change in value of available-for-sale securities | 139,000 | ' | ' |
Gross unrealized holding gains | 360,000 | ' | ' |
Gross unrealized holding losses | $124,000 | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories consist of: | ' | ' |
Farming inventories | $3,334 | $3,667 |
Other | 176 | 172 |
Inventories | $3,510 | $3,839 |
Property_and_Equipment_Compone
Property and Equipment - Components of Property and Equipment, Net (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property and equipment, net, consists of: | ' | ' |
Property and equipment, gross | $191,922 | $189,318 |
Less accumulated depreciation | -45,380 | -42,728 |
Property and equipment, net | 146,542 | 146,590 |
Land and land improvements | ' | ' |
Property and equipment, net, consists of: | ' | ' |
Property and equipment, gross | 16,439 | 16,162 |
Building and improvements | ' | ' |
Property and equipment, net, consists of: | ' | ' |
Property and equipment, gross | 13,346 | 13,150 |
Machinery, water pipelines, furniture, fixtures, and other equipment | ' | ' |
Property and equipment, net, consists of: | ' | ' |
Property and equipment, gross | 15,885 | 14,429 |
Vineyards and orchards | ' | ' |
Property and equipment, net, consists of: | ' | ' |
Property and equipment, gross | 37,752 | 36,625 |
Development in process | ' | ' |
Property and equipment, net, consists of: | ' | ' |
Property and equipment, gross | $108,500 | $108,952 |
Property_and_Equipment_Land_Sa
Property and Equipment - Land Sales (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Deferred revenue recognized from prior land sale | ' | $648 | ' |
Land sale, sale price | 4,988 | ' | ' |
Land sale revenue | ' | ' | 4,340 |
Gain on land sale | ' | 4,058 | ' |
Deferred land sale revenue | ' | ' | $648 |
Long_Term_Water_Assets_Future_
Long Term Water Assets - Future Amortization (Details) (SWP contracts, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
SWP contracts | ' |
Long Lived Assets Held For Sale [Line Items] | ' |
Water contract future amortization (Year 1) | $817 |
Water contract future amortization (Year 2) | 817 |
Water contract future amortization (Year 3) | 817 |
Water contract future amortization (Year 4) | 817 |
Water contract future amortization (Year 5) | $817 |
Long_Term_Water_Assets_Volume_
Long Term Water Assets - Volume of Water Assets (Details) | 12 Months Ended | ||||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |||
aft | aft | ||||
Banked water and water for future delivery | ' | ' | ' | ||
Transferable water with AVEK | ' | 1.5 | ' | ||
Water Contracts | 10,137 | ' | 3,444 | ||
Water assets | 48,383 | ' | 40,770 | ||
Long Term Water Assets, Contractual Term | '27 years | ' | ' | ||
Long Term Water Assets, Contracts with Company | 112,094 | ' | 100,739 | ||
Long Term Water Assets, Contract Renewal Optional Term | '44 years | ' | ' | ||
AVEK | ' | ' | ' | ||
Banked water and water for future delivery | ' | ' | ' | ||
AVEK water bank | 12,280 | ' | 11,478 | ||
Company water bank | 8,818 | ' | 8,700 | ||
AVEK water for future delivery | 2,362 | ' | 2,362 | ||
Banked water and water for future delivery | 23,460 | ' | 22,540 | ||
Transferable water with AVEK | 14,786 | [1] | ' | 14,786 | [1] |
Wheeler Ridge Maricopa Water Storage District | ' | ' | ' | ||
Banked water and water for future delivery | ' | ' | ' | ||
Water Contracts | 15,547 | ' | 15,547 | ||
Tejon-Castac Water District | ' | ' | ' | ||
Banked water and water for future delivery | ' | ' | ' | ||
Banked water and water for future delivery | 42,685 | ' | 38,943 | ||
Water Contracts | 5,479 | ' | 5,479 | ||
Transferable water | ' | ' | ' | ||
Banked water and water for future delivery | ' | ' | ' | ||
Water assets | 6,693 | 22,179 | ' | ||
[1] | Any transferable water with AVEK that is used by the Company or returned by AVEK to the Company will be returned at a 1.5 to 1 factor giving the Company use of a total of 22,179 feet. |
Long_Term_Water_Assets_Value_o
Long Term Water Assets - Value of Water Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of water assets | ' | ' |
Total long-term assets | $47,571 | $29,273 |
less: Current portion | -817 | -708 |
Long-term water assets | 46,754 | 28,565 |
Banked water and water for future delivery | ' | ' |
Components of water assets | ' | ' |
Total long-term assets | 4,779 | 4,448 |
Transferable water | ' | ' |
Components of water assets | ' | ' |
Total long-term assets | 8,988 | 8,988 |
SWP contracts | ' | ' |
Components of water assets | ' | ' |
Total long-term assets | 33,804 | 15,837 |
Accumulated amortization | $2,837 | $2,021 |
Accrued_Liabilities_and_Other_2
Accrued Liabilities and Other (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued vacation | $673 | $674 |
Accrued paid personal leave | 619 | 662 |
Accrued bonus | 677 | 573 |
Other | 678 | 223 |
Total | $2,647 | $2,132 |
Shortterm_and_Longterm_Debt_Co
Short-term and Long-term Debt - Components of Long-term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term debt consists of: | ' | ' |
Less current portion | ($234) | ($41) |
Long-term debt, less current portion | 4,459 | 212 |
Long-term debt secured by leased building and land | 4,693 | ' |
Note payable to a bank | ' | ' |
Long-term debt consists of: | ' | ' |
Long-term debt | $4,693 | $253 |
Shortterm_and_Longterm_Debt_Li
Short-term and Long-term Debt - Line of Credit (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Revolving line of credit | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit amount | $30,000,000 | ' |
Line of credit outstanding balance | 0 | 0 |
Tangible net worth | 324,880,000 | ' |
Liquid Assets | 64,467,000 | ' |
Revolving line of credit | Minimum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Minimum tangible net worth required | 225,000,000 | ' |
Liquid assets | 25,000,000 | ' |
Revolving line of credit | Selected LIBOR rate | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate on line of credit, variable rate | 1.75% | ' |
Revolving line of credit | LIBOR for a fixed rate term | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate on line of credit, variable rate | 1.50% | ' |
Line of Credit | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit amount | $94,467,000 | ' |
Stock_Compensation_Restricted_2
Stock Compensation - Restricted Stock and Performance Share Grants - Performance Share Grants (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 |
Performance share grants | Performance share grants | Performance share grants | Tejon Mountain Village LLC | Tejon Mountain Village LLC | ||
Minimum | Maximum | Performance share grants | Performance share grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | ' | 296,389 | 99,207 |
Below threshold performance | ' | 0 | ' | ' | ' | ' |
Threshhold and target performance | ' | ' | 40,764 | 177,044 | ' | ' |
Maximum performance | ' | ' | ' | 233,613 | ' | ' |
Compensation cost not yet recognized | $3,506 | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '29 months | ' | ' | ' | ' | ' |
Stock_Compensation_Restricted_3
Stock Compensation - Restricted Stock and Performance Share Grants - Summary of Stock Grant Activity (Details) (Stock Grants) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Grants | ' | ' | ' |
Summary of stock grant activity: | ' | ' | ' |
Stock Grants Outstanding Beginning of the Year at Target Achievement | 688,041 | 744,508 | 782,087 |
New Stock Grants/Additional shares due to maximum achievement | 192,348 | 113,643 | 64,679 |
Vested Grants | -361,886 | -170,110 | -36,980 |
Expired/Forfeited Grants | -252,802 | 0 | -65,278 |
Stock Grants Outstanding December 31, 2013 at Target Achievement | 265,701 | 688,041 | 744,508 |
Stock_Compensation_Restricted_4
Stock Compensation - Restricted Stock and Performance Share Grants - Compensation Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation costs | $1,223 | $5,832 | $5,507 |
1998 Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation costs, expensed | 161 | 5,054 | 5,016 |
Stock compensation costs, capitalized | 294 | 392 | 166 |
Stock compensation costs | 455 | 5,446 | 5,182 |
NDSI Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation costs, expensed | $768 | $386 | $325 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision (Benefit) for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Federal: | ' | ' | ' |
Current | ($2,459) | $903 | $6,812 |
Deferred | 4,097 | 1,092 | -1,233 |
Federal | 1,638 | 1,995 | 5,579 |
Current | ' | ' | ' |
Current | 231 | 67 | 2,133 |
Deferred | 217 | 661 | -345 |
State | 448 | 728 | 1,788 |
Total provision | $2,086 | $2,723 | $7,367 |
Income_Taxes_Income_Tax_Rate_R
Income Taxes - Income Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory tax rate | 34.00% | 34.00% | 34.00% |
Difference between total income tax expense and the amount computed by applying the statutory Federal income tax rate 33% to income before taxes: | ' | ' | ' |
Income tax at statutory rate | $2,139 | $2,382 | $7,909 |
State income taxes, net of Federal benefit | 307 | 472 | 1,180 |
Oil and mineral depletion | -450 | -620 | -552 |
Valuation allowance - land contribution | 0 | 0 | -595 |
Other, net | 90 | 489 | -575 |
Total provision | $2,086 | $2,723 | $7,367 |
Income_Taxes_Components_of_Net
Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ' | ' |
Accrued expenses | $600 | $525 |
Deferred revenues | 371 | 512 |
Capitalization of costs | 2,151 | 1,758 |
Pension adjustment | 2,923 | 4,262 |
Stock grant expense | 2,660 | 7,005 |
State deferred taxes | 2 | 777 |
Book deferred gains | 1,416 | 963 |
Provision for additional capitalized costs | 1,003 | 1,003 |
Other | 1,208 | 73 |
Total deferred income tax assets | 12,334 | 16,878 |
Deferred income tax liabilities: | ' | ' |
Deferred gains | 1,390 | 1,390 |
Depreciation | 3,495 | 3,374 |
Cost of sales allocations | 1,252 | 1,252 |
Joint venture allocations | 2,001 | 2,084 |
Straight line rent | 1,006 | 1,063 |
Prepaid expenses | 406 | 212 |
State deferred taxes | 444 | 345 |
Other | 296 | 785 |
Total deferred income tax liabilities | 10,290 | 10,505 |
Net deferred income tax asset | 2,044 | 6,373 |
Allowance for deferred tax assets | 0 | 0 |
Net deferred taxes | $2,044 | $6,373 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Net tax benefits related to stock option plans recorded as a reduction of income taxes payable and an increase in APIC | $3 | $8 |
Income tax payments | 15 | 4,601 |
Federal tax refunds received | $0 | $580 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of income from commercial rents included in real estate revenue: | ' | ' | ' |
Base rent | $4,929 | $4,861 | $4,620 |
Percentage rent | 1,213 | 707 | 310 |
Future minimum rental income on commercial, communication and right-of-way leases: | ' | ' | ' |
2013 | 4,664 | ' | ' |
2014 | 4,246 | ' | ' |
2015 | 4,107 | ' | ' |
2016 | 4,118 | ' | ' |
2017 | 3,932 | ' | ' |
Thereafter | 23,229 | ' | ' |
Maximum | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Commercial lease agreements, contract terms | '60 years | ' | ' |
Building and improvements | Properties subject to lease agreements | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Cost | 7,942 | ' | ' |
Accumulated Depreciation | $4,303 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
acre | |
Commitment and Contingencies Disclosure [Line Items] | ' |
Acres of land subject to water contracts | 5,488 |
Estimated future minimum annual payments | $2,500,000 |
Acres of land related to land liens | 1,457 |
Letter of credit period | '2 years |
Letter of credit renewal period | '2 years |
Special taxes paid | 886,000 |
Percentage of Interest Rate Held | 2.00% |
Standby letter of credit | ' |
Commitment and Contingencies Disclosure [Line Items] | ' |
Letters of Credit Outstanding, Amount | 5,426,000 |
Annual cost related to letter of credit | 83,000 |
West CFD | ' |
Commitment and Contingencies Disclosure [Line Items] | ' |
Acres of land related to land liens | 420 |
Bond debt sold by TRPFFA | 28,620,000 |
Additional bond debt authorized to be sold in future | 0 |
Additional reimbursement funds | 0 |
East CFD | ' |
Commitment and Contingencies Disclosure [Line Items] | ' |
Acres of land related to land liens | 1,931 |
Letters of Credit Outstanding, Amount | 39,750,000 |
Additional bond debt authorized to be sold in future | 80,250,000 |
Additional reimbursement funds | $4,967,000 |
Retirement_Plans_Change_in_Ben
Retirement Plans - Change in Benefit Obligations and Plan Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension plan | ' | ' | ' |
Change in benefit obligation - Pension | ' | ' | ' |
Benefit obligation at beginning of year | $10,215 | $8,701 | ' |
Service cost | 359 | 284 | 251 |
Interest cost | 402 | 375 | 384 |
Actuarial gain/assumption changes | -1,379 | 1,344 | ' |
Benefits paid | -271 | -489 | ' |
Benefit obligation at end of year | 9,326 | 10,215 | 8,701 |
Accumulated benefit obligation at end of year | 8,427 | 9,195 | ' |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 6,799 | 5,722 | ' |
Actual return on plan assets | 1,105 | 706 | ' |
Employer contribution | 1,000 | 860 | ' |
Benefits/expenses paid | -271 | -489 | ' |
Fair value of plan assets at end of year | 8,633 | 6,799 | 5,722 |
Funded status - liability | -693 | -3,416 | ' |
Amounts recorded in stockholders’ equity | ' | ' | ' |
Net actuarial (gain) loss | -1,961 | -4,110 | ' |
Prior service cost | 148 | 176 | ' |
Total amount recorded | -1,813 | -3,934 | ' |
Amount recorded, net taxes | -1,088 | -2,360 | ' |
SERP | ' | ' | ' |
Change in benefit obligation - Pension | ' | ' | ' |
Benefit obligation at beginning of year | 6,507 | 5,474 | ' |
Service cost | 318 | 525 | -172 |
Interest cost | 219 | 208 | -215 |
Actuarial gain/assumption changes | -913 | 300 | ' |
Benefit obligation at end of year | 6,131 | 6,507 | 5,474 |
Accumulated benefit obligation at end of year | 6,099 | 6,339 | ' |
Change in Plan Assets | ' | ' | ' |
Funded status - liability | -6,131 | -6,507 | ' |
Amounts recorded in stockholders’ equity | ' | ' | ' |
Net actuarial (gain) loss | 696 | 1,671 | ' |
Prior service cost | 0 | 0 | ' |
Total amount recorded | 696 | 1,671 | ' |
Amount recorded, net taxes | $418 | $1,003 | ' |
Retirement_Plans_Changes_in_Pl
Retirement Plans - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension plan | ' | ' |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | ' | ' |
Net (gain) loss | ($1,867) | ($1,092) |
Recognition of net actuarial gain or (loss) | -282 | 218 |
Recognized prior service cost | 28 | -29 |
Total changes | -2,121 | -903 |
Changes, net of taxes | -1,271 | -542 |
SERP | ' | ' |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | ' | ' |
Net (gain) loss | -745 | 133 |
Recognition of net actuarial gain or (loss) | -229 | -287 |
Recognized prior service cost | 0 | 0 |
Total changes | -974 | -154 |
Changes, net of taxes | ($584) | ($92) |
Retirement_Plans_Amounts_Expec
Retirement Plans - Amounts Expected to be Recognized as Components of Net Periodic Pension Costs (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension plan | ' |
Amounts expected to be recognized as component of net periodic pension costs during the next fiscal year: | ' |
Amortization net actuarial gain or (loss) | $61 |
Amortization prior service cost | -29 |
SERP | ' |
Amounts expected to be recognized as component of net periodic pension costs during the next fiscal year: | ' |
Amortization net actuarial gain or (loss) | $23 |
Retirement_Plans_Expected_Annu
Retirement Plans - Expected Annual Benefit Payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension plan | ' |
Expected annual benefit payments based on actuarial estimates: | ' |
2013 | $1,119 |
2014 | 309 |
2015 | 393 |
2016 | 389 |
2017 | 427 |
2019 - 2021 | 2,364 |
SERP | ' |
Expected annual benefit payments based on actuarial estimates: | ' |
2013 | 550 |
2014 | 621 |
2015 | 697 |
2016 | 688 |
2017 | 715 |
2019 - 2021 | $3,680 |
Retirement_Plans_Fair_Value_of
Retirement Plans - Fair Value of Plan Assets by Investment Type (Details) (Pension plan, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $8,633 | $6,799 | $5,722 |
Cash and Cash Equivalents | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 1,336 | 231 | ' |
Collective Funds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3,851 | 3,449 | ' |
Treasury/Corporate Notes | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 1,357 | 1,129 | ' |
Corporate Equities | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $2,089 | $1,990 | ' |
Retirement_Plans_Net_Periodic_
Retirement Plans - Net Periodic Pension Cost (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension plan | ' | ' | ' |
Cost components: | ' | ' | ' |
Service cost | ($359) | ($284) | ($251) |
Interest cost | -402 | -375 | -384 |
Expected return on plan assets | 542 | 454 | 446 |
Net amortization and deferral | 253 | 190 | 220 |
Total net periodic pension cost | 472 | 395 | 409 |
SERP | ' | ' | ' |
Cost components: | ' | ' | ' |
Service cost | -318 | -525 | 172 |
Interest cost | -219 | -208 | 215 |
Net amortization and deferral | 229 | 287 | -66 |
Total net periodic pension cost | $766 | $1,020 | ($453) |
Retirement_Plans_Additional_In
Retirement Plans - Additional Information (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension plan | Pension plan | Pension plan | Pension plan | Pension plan | Pension plan | Pension plan | Pension plan | SERP | SERP | SERP | |||
Equities | Equities | Treasury/Corporate Notes | Treasury/Corporate Notes | Money market funds | Money market funds | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated contribution to the pension plan in 2013 | ' | ' | $800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current investment policy targets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current investment policy target | ' | ' | ' | ' | 65.00% | ' | 25.00% | ' | 10.00% | ' | ' | ' | ' |
Equity and debt investment fluctuations by plus or minus | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current investment policy target, maximum | ' | ' | ' | ' | 78.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Current investment policy target, minimum | ' | ' | ' | ' | 52.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Current investment mix | ' | ' | ' | ' | 54.00% | 71.00% | 30.00% | 26.00% | 16.00% | 3.00% | ' | ' | ' |
Assumptions used in determining periodic pension cost: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of increase in periodic pension costs | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average discount rate | ' | ' | 4.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected long-term rate of return on plan assets | ' | ' | 7.50% | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumptions used in determining actuarial present value of projected benefits obligation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.35% | 3.45% | 3.95% |
Rate of increase in future compensation levels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.50% | 3.50% |
401(k) pan: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contribution to the plan | $98 | $115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Segments_Reconciliati
Business Segments - Reconciliation of Reveunes, Segment Profits (Losses) and Net Income (Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment revenues | ' | ' | ' | ' | ' | ' | ' | ' | $45,338 | $47,089 | $63,098 | |||||||||||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 941 | 1,242 | 1,260 | |||||||||||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 66 | 113 | 98 | |||||||||||
Interest income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -12 | 0 | |||||||||||
Total revenues | 13,216 | [1] | 15,364 | [1] | 7,727 | [1] | 10,038 | [1] | 13,904 | [1] | 16,442 | [1] | 8,177 | [1] | 9,921 | [1] | 46,345 | [1] | 48,444 | [1] | ' | |
Segment profits (losses) and net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment profits | ' | ' | ' | ' | ' | ' | ' | ' | 1,176 | 3,128 | 20,874 | |||||||||||
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -44,162 | -43,961 | -42,224 | |||||||||||
Equity in earnings (losses) | ' | ' | ' | ' | ' | ' | ' | ' | 4,006 | 2,535 | 916 | |||||||||||
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 6,189 | 7,006 | 23,148 | |||||||||||
Reportable Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 49,344 | 49,624 | 64,014 | |||||||||||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 50,351 | 50,979 | 65,372 | |||||||||||
Segment profits (losses) and net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment profits | ' | ' | ' | ' | ' | ' | ' | ' | 17,823 | [2] | 18,935 | [2] | 34,067 | [2] | ||||||||
Real estate - commercial/industrial | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues and Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 15,213 | 12,518 | 14,665 | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 11,148 | 9,941 | 13,746 | |||||||||||
Segment profits (losses) and net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment profits | ' | ' | ' | ' | ' | ' | ' | ' | 2,311 | 247 | 1,444 | |||||||||||
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -12,902 | -12,271 | -13,221 | |||||||||||
Equity in earnings (losses) | ' | ' | ' | ' | ' | ' | ' | ' | 4,065 | 2,577 | 919 | |||||||||||
Real estate- resort/residential | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues and Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 1,207 | 541 | 16,131 | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,266 | 583 | 16,134 | |||||||||||
Segment profits (losses) and net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment profits | ' | ' | ' | ' | ' | ' | ' | ' | -2,144 | -4,220 | 12,189 | |||||||||||
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -3,351 | -4,761 | -3,942 | |||||||||||
Mineral resources | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 10,242 | [3] | 14,012 | [3] | 12,206 | [3] | ||||||||
Segment profits (losses) and net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment profits | ' | ' | ' | ' | ' | ' | ' | ' | 9,780 | [3] | 13,678 | [3] | 11,997 | [3] | ||||||||
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -462 | -334 | -209 | |||||||||||
Farming | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 22,682 | 22,553 | 21,012 | |||||||||||
Segment profits (losses) and net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment profits | ' | ' | ' | ' | ' | ' | ' | ' | 7,876 | 9,230 | 8,437 | |||||||||||
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -14,806 | -13,323 | -12,575 | |||||||||||
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment profits (losses) and net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ($12,641) | ($13,272) | ($12,277) | |||||||||||
[1] | Includes investment income and other income. | |||||||||||||||||||||
[2] | Segment profits are revenues from operations less operating expenses, excluding investment income and expense, corporate expenses, equity in earnings of unconsolidated joint ventures, and income taxes. | |||||||||||||||||||||
[3] | During the fourth quarter of 2012, the Company evaluated its operations and determined that an additional segment should be reported, Mineral Resources. Mineral Resources collects royalty income from oil and gas leases, rock and aggregate leases, and from a cement company. |
Business_Segments_Revenue_Comp
Business Segments - Revenue Components of Real Estate Segments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from External Customer [Line Items] | ' | ' | ' |
Segment revenues | $45,338 | $47,089 | $63,098 |
Equity in earnings of unconsolidated joint ventures, net | 4,006 | 2,535 | 916 |
Real estate - commercial/industrial | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Segment revenues | 11,148 | 9,941 | 13,746 |
Equity in earnings of unconsolidated joint ventures, net | 4,065 | 2,577 | 919 |
Revenues and Income (Loss) from Equity Method Investments | 15,213 | 12,518 | 14,665 |
Real estate - commercial/industrial | Commercial leases | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Segment revenues | 6,799 | 6,095 | 5,450 |
Real estate - commercial/industrial | Grazing leases | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Segment revenues | 1,433 | 1,331 | 1,087 |
Real estate - commercial/industrial | Land sale | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Segment revenues | 0 | 648 | 4,340 |
Real estate - commercial/industrial | All other land management ancillary services | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Segment revenues | 2,916 | 1,867 | 2,869 |
Real estate - resort/residential | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Segment revenues | 1,266 | 583 | 16,134 |
Equity in earnings of unconsolidated joint ventures, net | -59 | -42 | -3 |
Revenues and Income (Loss) from Equity Method Investments | 1,207 | 541 | 16,131 |
Real estate - resort/residential | Hay sales - Centennial operations | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Segment revenues | 928 | 583 | 380 |
Real estate - resort/residential | Management fees | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Segment revenues | 312 | 0 | 4 |
Real estate - resort/residential | Conservation easements | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Segment revenues | 0 | 0 | 15,750 |
Real estate - resort/residential | Other | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Segment revenues | $26 | $0 | $0 |
Business_Segments_Revenue_Comp1
Business Segments - Revenue Components of Mineral Resources Segment (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Segment revenues | $45,338 | $47,089 | $63,098 | |||
Mineral resources | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Increase (Decrease) in Price Per Barrel, Percent | 3.00% | ' | ' | |||
Decrease in Revenues | -3,770 | ' | ' | |||
Increase (Decrease) in Revenues, Percent | -27.00% | ' | ' | |||
Segment revenues | 10,242 | [1] | 14,012 | [1] | 12,206 | [1] |
Decrease in Royalties Revenues | 3,401 | ' | ' | |||
Increase (Decrease) in Production, Percent | 29.00% | ' | ' | |||
Mineral resources | Oil and gas | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Segment revenues | 7,810 | 11,075 | 9,876 | |||
Mineral resources | Rock aggregate | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Segment revenues | 964 | 920 | 886 | |||
Mineral resources | Cement | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Segment revenues | 819 | 758 | 621 | |||
Mineral resources | Land lease for oil exploration | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Segment revenues | 648 | 1,257 | 811 | |||
Mineral resources | Other | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Segment revenues | $1 | $2 | $12 | |||
[1] | During the fourth quarter of 2012, the Company evaluated its operations and determined that an additional segment should be reported, Mineral Resources. Mineral Resources collects royalty income from oil and gas leases, rock and aggregate leases, and from a cement company. |
Business_Segments_Information_
Business Segments - Information Pretaining to Assets of Segments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Information pretaining to assets of the business segments | ' | ' | ' |
Identifiable assets | $342,879 | $327,856 | $321,976 |
Other Depreciation and Amortization | 4,226 | 4,551 | 3,597 |
Depreciation and amortization | 4,226 | 4,954 | 3,629 |
Capital expenditures | 21,558 | 20,669 | 13,649 |
Real estate - commercial/industrial | ' | ' | ' |
Information pretaining to assets of the business segments | ' | ' | ' |
Identifiable assets | 58,390 | 57,151 | 56,552 |
Depreciation and amortization | 1,205 | 1,852 | 1,111 |
Capital expenditures | 12,296 | 11,672 | 4,155 |
Real estate- resort/residential | ' | ' | ' |
Information pretaining to assets of the business segments | ' | ' | ' |
Identifiable assets | 124,568 | 118,627 | 110,147 |
Depreciation and amortization | 78 | 77 | 96 |
Capital expenditures | 2,957 | 4,479 | 7,132 |
Mineral resources | ' | ' | ' |
Information pretaining to assets of the business segments | ' | ' | ' |
Identifiable assets | 1,063 | 1,449 | 1,193 |
Depreciation and amortization | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Farming | ' | ' | ' |
Information pretaining to assets of the business segments | ' | ' | ' |
Identifiable assets | 31,925 | 29,538 | 24,326 |
Depreciation and amortization | 1,465 | 1,384 | 1,293 |
Capital expenditures | 5,733 | 3,379 | 1,477 |
Corporate expenses | ' | ' | ' |
Information pretaining to assets of the business segments | ' | ' | ' |
Identifiable assets | 126,933 | 121,091 | 129,758 |
Depreciation and amortization | 1,478 | 1,238 | 1,097 |
Capital expenditures | $572 | $1,139 | $885 |
Business_Segments_Additional_I
Business Segments - Additional Information (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2011 |
acre | |
easement | |
Segment Reporting [Abstract] | ' |
Number of conservation easements sold | 5 |
Number of conservation easements acres sold | 62,000 |
Revenue from sale of conservation easements | $15,750 |
Investment_in_Unconsolidated_a2
Investment in Unconsolidated and Consolidated Joint Ventures - Investment Information (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
joint_venture | Line of Credit | Petro Travel Plaza Holdings LLC | Petro Travel Plaza Holdings LLC | Tejon Mountain Village LLC | Tejon Mountain Village LLC | Rockefeller Joint Ventures | Rockefeller Joint Ventures | Five West Parcel LLC | Five West Parcel LLC | 18-19 West LLC | 18-19 West LLC | TRCC-East [Member] | TRCC-East [Member] | TRCC/Rock Outlet Center | TRCC/Rock Outlet Center | Centennial Founders, LLC | Centennial Founders, LLC | SERP | SERP | SERP | |||
acre | sqft | acre | acre | ||||||||||||||||||||
joint_venture | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated joint ventures | $62,604,000 | $54,022,000 | ' | ' | ' | ' | ' | ' | ' | $335,000 | ' | ' | ' | ' | $86,000,000 | ' | ' | $0 | ' | ' | ' | ' | ' |
Equity in earnings (losses) | 4,006,000 | 2,535,000 | 916,000 | ' | 3,925,000 | 2,661,000 | -59,000 | -42,000 | ' | ' | 13,000 | -120,000 | 27,000 | 36,000 | ' | ' | 100,000 | ' | 0 | 0 | ' | ' | ' |
Unconsolidated joint ventures, ownership interest | ' | ' | ' | ' | 60.00% | ' | 50.00% | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unconsolidated joint ventures, voiting rights | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint venture contracts | 3 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acres for development | ' | ' | ' | ' | ' | ' | ' | ' | 91 | ' | ' | ' | ' | ' | 326,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Development of land in TRCC including pursuing Foreign Trade Zone | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated joint venture, ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72.83% | ' | ' | ' | ' |
Area of building owned and leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 606,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | ' | ' | ' | -16,602,000 | -17,358,000 | 0 | 0 | ' | ' | -11,000,000 | -11,000,000 | 0 | 0 | ' | ' | 0 | ' | 0 | 0 | ' | ' | ' |
Number of acres for development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of increase in future compensation levels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.50% | 3.50% |
Investment in unconsolidated joint ventures | ' | ' | ' | ' | 11,513,000 | ' | 43,873,000 | ' | 7,218,000 | ' | ' | ' | ' | ' | ' | ' | ' | 10,558,000 | ' | ' | ' | ' | ' |
Equity Method Investment, Aggregate Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,159,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | $52,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_in_Unconsolidated_a3
Investment in Unconsolidated and Consolidated Joint Ventures - Condensed Statements of Operations and Balance Sheet Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Operations | ' | ' | ' |
Equity in earnings (losses) | $4,006 | $2,535 | $916 |
Balance Sheet Information | ' | ' | ' |
Current assets | 83,244 | 90,753 | ' |
Property and equipment, net | 146,542 | 146,590 | ' |
Unconsolidated Properties [Member] | ' | ' | ' |
Statement of Operations | ' | ' | ' |
Revenues | 128,513 | 136,752 | ' |
Net income (loss) | 5,646 | 4,604 | ' |
Partner’s share of net income (loss) | 2,208 | 1,816 | ' |
Equity in earnings (losses) | 4,006 | 2,535 | ' |
Balance Sheet Information | ' | ' | ' |
Current assets | 117,827 | 10,031 | ' |
Property and equipment, net | 90,024 | 160,479 | ' |
Other assets | 2,807 | 929 | ' |
Long-term debt | -27,602 | -28,358 | ' |
Other liabilities | -11,775 | -3,614 | ' |
Net assets | 171,281 | 139,467 | ' |
Petro Travel Plaza Holdings LLC | ' | ' | ' |
Statement of Operations | ' | ' | ' |
Revenues | 125,084 | 133,962 | ' |
Net income (loss) | 6,154 | 4,857 | ' |
Partner’s share of net income (loss) | 2,462 | 1,943 | ' |
Equity in earnings (losses) | 3,925 | 2,661 | ' |
Balance Sheet Information | ' | ' | ' |
Current assets | 14,886 | 9,577 | ' |
Property and equipment, net | 43,897 | 44,196 | ' |
Other assets | 208 | 246 | ' |
Long-term debt | -16,602 | -17,358 | ' |
Other liabilities | -2,687 | -3,350 | ' |
Net assets | 39,702 | 33,311 | ' |
Five West Parcel LLC | ' | ' | ' |
Statement of Operations | ' | ' | ' |
Revenues | 3,368 | 2,710 | ' |
Net income (loss) | 26 | -241 | ' |
Partner’s share of net income (loss) | 13 | -121 | ' |
Equity in earnings (losses) | 13 | -120 | ' |
Balance Sheet Information | ' | ' | ' |
Current assets | 813 | 194 | ' |
Property and equipment, net | 16,980 | 19,025 | ' |
Other assets | 438 | 683 | ' |
Long-term debt | -11,000 | -11,000 | ' |
Other liabilities | -343 | -39 | ' |
Net assets | 6,888 | 8,863 | ' |
18-19 West LLC | ' | ' | ' |
Statement of Operations | ' | ' | ' |
Revenues | 61 | 80 | ' |
Net income (loss) | 55 | 72 | ' |
Partner’s share of net income (loss) | 28 | 36 | ' |
Equity in earnings (losses) | 27 | 36 | ' |
Balance Sheet Information | ' | ' | ' |
Current assets | 10 | 42 | ' |
Property and equipment, net | 4,514 | 4,412 | ' |
Other assets | 0 | 0 | ' |
Long-term debt | 0 | 0 | ' |
Other liabilities | 0 | -1 | ' |
Net assets | 4,524 | 4,453 | ' |
TRCC/Rock Outlet Center | ' | ' | ' |
Statement of Operations | ' | ' | ' |
Revenues | 0 | ' | ' |
Net income (loss) | -470 | ' | ' |
Partner’s share of net income (loss) | -235 | ' | ' |
Equity in earnings (losses) | 100 | ' | ' |
Balance Sheet Information | ' | ' | ' |
Current assets | 2,428 | ' | ' |
Property and equipment, net | 24,633 | ' | ' |
Other assets | 2,161 | ' | ' |
Long-term debt | 0 | ' | ' |
Other liabilities | -8,577 | ' | ' |
Net assets | 20,645 | ' | ' |
Tejon Mountain Village LLC | ' | ' | ' |
Statement of Operations | ' | ' | ' |
Revenues | 0 | 0 | ' |
Net income (loss) | -119 | -84 | ' |
Partner’s share of net income (loss) | -60 | -42 | ' |
Equity in earnings (losses) | -59 | -42 | ' |
Balance Sheet Information | ' | ' | ' |
Current assets | 99,690 | 218 | ' |
Property and equipment, net | 0 | 92,846 | ' |
Other assets | 0 | 0 | ' |
Long-term debt | 0 | 0 | ' |
Other liabilities | -168 | -224 | ' |
Net assets | 99,522 | 92,840 | ' |
Centennial Founders, LLC | ' | ' | ' |
Statement of Operations | ' | ' | ' |
Revenues | 935 | 582 | ' |
Net income (loss) | -223 | -530 | ' |
Partner’s share of net income (loss) | -62 | -158 | ' |
Equity in earnings (losses) | 0 | 0 | ' |
Balance Sheet Information | ' | ' | ' |
Current assets | 86 | 491 | ' |
Property and equipment, net | 74,968 | 72,356 | ' |
Other assets | 0 | 0 | ' |
Long-term debt | 0 | 0 | ' |
Other liabilities | -204 | -1,099 | ' |
Net assets | $74,850 | $71,748 | ' |
Unaudited_Quarterly_Operating_2
Unaudited Quarterly Operating Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total revenues | $13,216 | [1] | $15,364 | [1] | $7,727 | [1] | $10,038 | [1] | $13,904 | [1] | $16,442 | [1] | $8,177 | [1] | $9,921 | [1] | ' | $46,345 | [1] | $48,444 | [1] | ' |
Net income (loss) attributable to common stockholders | -826 | 2,292 | 2,084 | 615 | 27 | 4,021 | 118 | 275 | ' | 4,165 | 4,441 | 15,894 | ||||||||||
Net income per share attributable to common stockholders, diluted, in dollars per share | ($0.04) | [2] | $0.11 | [2] | $0.10 | [2] | $0.04 | [2] | $0 | [2] | $0.20 | [2] | $0.01 | [2] | $0.01 | [2] | ' | $0.20 | $0.22 | $0.80 | ||
Revenue from sale of conservation easements | ' | ' | ' | ' | ' | ' | ' | ' | 15,750 | ' | ' | ' | ||||||||||
Reportable Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,351 | 50,979 | 65,372 | ||||||||||
Segment profit (loss) | $3,413 | $4,658 | $1,825 | $3,921 | $3,851 | $6,592 | $2,799 | $3,158 | ' | $13,817 | $16,400 | ' | ||||||||||
[1] | Includes investment income and other income. | |||||||||||||||||||||
[2] | Net income (loss) per share on a diluted basis. Quarterly rounding of per share amounts can result in a variance from the reported annual amount. |