| Summary of Quarterly Results of Operations |
The following table reflects the quarterly results of operations
for the years ended December 31, 2014 and 2013 (dollars in
thousands).
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Quarter ended |
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December 31, 2014 |
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September 30, 2014 |
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June 30, 2014 |
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March 31, 2014 |
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Operating revenues
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$ |
19,216 |
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$ |
19,014 |
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$ |
18,390 |
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$ |
17,136 |
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Operating expenses
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|
10,970 |
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|
11,457 |
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|
11,243 |
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|
23,736 |
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Other expense
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|
(2,082 |
) |
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(7,328 |
) |
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(5,928 |
) |
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(6,914 |
) |
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Net income (loss)
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6,164 |
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|
229 |
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1,219 |
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(13,514 |
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Dividends attributable to preferred and senior common stock
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(1,220 |
) |
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(1,160 |
) |
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(1,133 |
) |
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(1,123 |
) |
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Net income (loss) available to common stockholders
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4,944 |
(1) |
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(931 |
) |
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|
86 |
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(14,637 |
) (2) |
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Net income (loss) available to common stockholders -
basic & diluted
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$ |
0.36 |
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$ |
(0.05 |
) |
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$ |
0.01 |
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|
$ |
(0.93 |
) |
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Quarter ended |
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December 31, 2013 |
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September 30, 2013 |
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June 30, 2013 |
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March 31, 2013 |
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Operating revenues
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$ |
16,860 |
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|
$ |
16,190 |
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$ |
14,258 |
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$ |
14,035 |
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Operating expenses
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9,542 |
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|
8,639 |
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|
7,369 |
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|
7,273 |
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Other expense
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(6,984 |
) |
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(7,242 |
) |
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(6,438 |
) |
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(6,329 |
) |
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Net income
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|
334 |
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|
309 |
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|
451 |
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|
433 |
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Dividends attributable to preferred and senior common stock
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(1,120 |
) |
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(1,106 |
) |
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(1,092 |
) |
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(1,076 |
) |
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Net loss available to common stockholders
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(786 |
) |
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(797 |
) |
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(641 |
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(643 |
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Net loss available to common stockholders - basic &
diluted
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$ |
(0.05 |
) |
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$ |
(0.06 |
) |
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$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
| (1) |
Includes a $5.3 million gain on debt
extinguishment recorded during the three months ended
December 31, 2014. |
| (2) |
Includes a $14.0 million impairment
loss recorded during the three months ended March 31,
2014. |
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