View Filing Data

$ 51,252

$ 45,338

$ 47,089

49,126

44,162

43,961

Income from operations before equity in earnings of unconsolidated joint ventures

2,126

1,176

3,128

Other Income:

Investment income

696

941

1,242

Interest expense

(12)

Other income

343

113

Total other income

1,039

1,007

1,343

3,165

2,183

4,471

Equity in earnings of unconsolidated joint ventures, net

5,294

4,006

2,535

Income before income tax expense

8,459

6,189

7,006

Income tax expense

2,697

2,086

2,723

Net income

5,762

4,103

4,283

Net income/(loss) attributable to non-controlling interest

107

(62)

(158)

Net income attributable to common stockholders

$ 5,655

$ 4,165

$ 4,441

Net income per share attributable to common stockholders, basic, in dollars per share

$ 0.27

$ 0.21

$ 0.22

Net income per share attributable to common stockholders, diluted, in dollars per share

$ 0.27

$ 0.20

$ 0.22

Real estate - commercial/industrial

Revenues:

$ 11,379

$ 11,148

$ 9,941

13,204

12,902

12,271

Equity in earnings of unconsolidated joint ventures, net

3,504

2,311

247

Other Income:

5,329

4,065

2,577

Real estate- resort/residential

Revenues:

183

338

2,608

2,231

3,697

(2,460)

(1,952)

(3,739)

Revenues:

^[1]

16,255

10,242

14,012

6,418

1,277

1,042

^[1]

9,837

8,965

12,970

Farming

Revenues:

23,435

23,610

23,136

16,250

15,926

14,387

7,185

7,684

8,749

Corporate expenses

Summary of Significant Accounting Policies

$ 10,646

$ 11,826

$ 12,564

[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 Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Comprehensive income attributable to common stockholders
Net income	$ 5,762	$ 4,103	$ 4,283
Other comprehensive income/(loss):
Unrealized gains/(losses) on available for sale securities	(208)	(348)	182
Benefit plan adjustments	(3,168)	2,218	(922)
Benefit plan reclassification for losses included in net income	407	0	0
Equity in other comprehensive income of unconsolidated joint venture	0	0	152
Unrealized interest rate swap losses	(2,227)	0	0
Other comprehensive income/(loss) before taxes	(6,199)	2,968	(600)
(Provision) benefit for income taxes related to other comprehensive loss items	2,644	(1,183)	238
Other comprehensive income/(loss)	(3,555)	1,785	(362)
Comprehensive income	2,207	5,888	3,921
Comprehensive income/(loss) attributable to non-controlling interests	107	(62)	(158)
Comprehensive income attributable to common stockholders	2,100	5,950	4,079
SERP
Other comprehensive income/(loss):
Benefit plan adjustments	(1,003)	1,098	$ (12)
Benefit plan reclassification for losses included in net income	$ (1,376)	$ 974

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Tejon Ranch Co.'s Stockholders Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2011			19,975,706
Beginning Balance, value at Dec. 31, 2011	$ 300,439	$ 260,614	$ 9,988	$ 194,273	$ (4,756)	$ 61,109	$ 39,825
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 (in shares) at Dec. 31, 2012			20,085,865
Ending Balance, value at Dec. 31, 2012	308,259	268,592	$ 10,043	198,117	(5,118)	65,550	39,667
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 exercised	0			6,930		(6,930)
Ending Balance (in shares) at Dec. 31, 2013			20,563,023
Ending Balance, value at Dec. 31, 2013	320,187	280,582	$ 10,282	210,848	(3,333)	62,785	39,605
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,762	5,655				5,655	107
Other comprehensive income	(3,555)	(3,555)			(3,555)
Restricted stock issuance (in shares)			94,014
Restricted stock issuance	0	0	$ 47	(47)
Stock compensation	2,564	2,564		2,564
Shares withheld for taxes (in shares)			(20,559)
Shares withheld for taxes	(625)	(625)	$ (11)	(603)	(11)
Warrants exercised	0			1		(1)
Ending Balance (in shares) at Dec. 31, 2014			20,636,478
Ending Balance, value at Dec. 31, 2014	$ 324,333	$ 284,621	$ 10,318	$ 212,763	$ (6,899)	$ 68,439	$ 39,712

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Statement of Stockholders' Equity [Abstract]
Exercise of stock options, tax benefit	$ 3	$ 8
Warrants issued as dividends	3,000,000,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Activities
Net income	$ 5,762	$ 4,103	$ 4,283
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,871	4,226	4,954
Amortization of premium/discount of marketable securities	769	879	874
Equity in earnings	(5,294)	(4,006)	(2,535)
Non-cash retirement plan expense	164	865	1,047
Gain on sale of real estate/assets	0	(46)	(676)
Deferred income taxes	112	(8)	1,810
Stock compensation expense	3,534	929	5,440
Excess tax benefit from stock-based compensation	0	0	8
Distribution of earnings from unconsolidated joint ventures	0	0	7,200
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net	2,291	3,712	(1,761)
Current liabilities, net	1,009	(1,118)	(6,552)
Net cash provided by operating activities	13,218	9,536	14,092
Investing Activities
Maturities and sales of marketable securities	20,844	29,779	19,809
Funds invested in marketable securities	(8,525)	(21,392)	(16,984)
Property and equipment expenditures	(24,775)	(21,558)	(20,669)
Reimbursement of outlet center costs	0	512	0
Reimbursement proceeds from Communities Facilities District	0	17,809	0
Proceeds from sale of real estate	0	0	0
Investment in unconsolidated joint ventures	(9,656)	(3,415)	(6,154)
Purchase of partner interest in TMV LLC	(70,000)	0	0
Distribution of equity from unconsolidated joint ventures	0	1,000	1,512
Investments in long-term water assets	(480)	(9,635)	(797)
Other	0	(711)	10
Net cash used in investing activities	(92,592)	(7,611)	(23,273)
Financing Activities
Borrowings of line of credit	31,050	0	1,500
Repayments of line of credit	(24,200)	0	(1,500)
Borrowings of long-term debt	70,000	4,750	0
Repayments of long-term debt	(244)	(310)	(39)
Proceeds from exercise of stock options	0	211	370
Taxes on vested stock grants	(625)	(4,764)	(2,303)
Net cash provided by (used in) financing activities	75,981	(113)	(1,972)
Increase (decrease) in cash and cash equivalents	(3,393)	1,812	(11,153)
Cash and cash equivalents at beginning of year	9,031	7,219	18,372
Cash and cash equivalents at end of year	5,638	9,031	7,219
Supplemental cash flow information
Increase in construction in progress attributable to the reclassification of equity in investment of TMV LLC	44,950	0	0
Accrued capital expenditures included in current liabilities	1,096	2,058	2,293
Sale of assets accounted as direct finance leases	0	0	913
Taxes paid (net of refunds)	(2,384)	15	4,021
Common stock issued for water purchase	$ 0	$ 9,370	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company

Tejon Ranch Co. (the Company, Tejon, we, us and our) is a diversified real estate development and agribusiness company committed to responsibly using our land and resources to meet the housing, employment, and lifestyle needs of Californians. Current operations consist of land planning and entitlement, land development, commercial sales and leasing, leasing of land for mineral royalties, water asset management and sales, grazing leases, income portfolio management, and farming.

These activities are performed through our four major segments:


•	Real Estate - Commercial/Industrial development


•	Real Estate - Resort/Residential development


•	Mineral Resources


•	Farming

Our prime asset is approximately 270,000 acres of contiguous, largely undeveloped land that, at its most southerly border, is 60 miles north of Los Angeles and, at its most northerly border, is 15 miles east of Bakersfield. We create value by securing entitlements for our land, facilitating infrastructure development, strategic land planning, development, and conservation, in order to maximize the highest and best use for our land.

We are involved in several joint ventures, which facilitate the development of portions of our land. We are also actively engaged in land planning, land entitlement, and conservation projects.

Any references to the number of acres, number of buildings, square footage, number of leases, occupancy, and any amounts derived from these values in the notes to the consolidated financial statements are unaudited.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, and the accounts of all subsidiaries and investments in which a controlling interest is held by the Company. 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.

Interest Rate Swap Agreements

In October 2014, we entered into an interest rate swap agreement with Wells Fargo. See Note 8 (Short-Term and Long-Term Debt) of the Notes to Consolidated Financial Statements for further detail regarding this interest rate swap related to the Company's New Credit Facility. We believe it is prudent at times to limit the variability of floating-rate interest payments and in the past have entered into interest rate swaps to manage those fluctuations.

We recognize interest rate swap agreements as either an asset or liability on the balance sheet at fair value. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a Company must designate the hedging instrument, based on the hedged exposure, as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. Our interest rate swap agreement is considered a cash flow hedge because it was designed to match the terms of the Term Loan as a hedge of the exposure to variability in expected future cash flows. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the earnings effect of the hedged transactions in a cash flow hedge. This interest rate swap agreement will be evaluated based on whether it is deemed “highly effective” in reducing our exposure to variable interest rates. We formally document all relationships between interest rate swap agreements and hedged items, including the method for evaluating effectiveness and the risk strategy. We make an assessment at the inception of each interest rate swap agreement and on an ongoing basis to determine whether these instruments are “highly effective” in offsetting changes in cash flows associated with the hedged items. The ineffective portion of each interest rate swap agreement is immediately recognized in earnings. While we intend to continue to meet the conditions for such hedge accounting, if swaps did not qualify as “highly effective,” the changes in the fair values of the derivatives used as hedges would be reflected in earnings.

The effective portion of changes in the fair value of our interest rate swap agreements that are designated and that qualify as cash flow hedges is recognized in accumulated other comprehensive income. Amounts classified in accumulated other comprehensive income will be reclassified into earnings in the period during which the hedged transactions affect earnings. The fair value of each interest rate swap agreement is determined using widely accepted valuation techniques including discounted cash flow analyses on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities (also referred to as “significant other observable inputs”). The fair values of our interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default, which we have determined to be insignificant to the overall fair value of our interest rate swap agreements.

Variable Interest Entity

We consolidate a variable interest entity (“VIE”) if it is determined that we are the primary beneficiary, an evaluation that we perform on an ongoing basis. A VIE is broadly defined as an entity in which either (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We use qualitative analyses when determining whether or not we are the primary beneficiary of a VIE. Factors considered include, but are not limited to, the purpose and design of the VIE, risks that the VIE was designed to create and pass through, the form of our ownership interest, our representation on the entity’s governing body, the size and seniority of our investment, our ability to participate in policy-making decisions, and the rights of the other investors to participate in the decision-making process and to replace us as manager and/or liquidate the venture, if applicable. Our ability to correctly assess our influence or control over an entity at the inception of our involvement with the entity or upon reevaluation of the entity’s continuing status as a VIE and determine the primary beneficiary of a VIE affects the presentation of these entities in our consolidated financial statements. As of December 31, 2014 and 2013, we had one VIE consolidated in our financial statements see Note 17, (Investment in Unconsolidated and Consolidated Joint Ventures) to the Notes to Consolidated Financial Statements for further discussion.

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 and 2012, Stockdale Oil and Gas, a subsidiary of Occidental Petroleum Corporation, an oil and gas leaseholder, accounted for 10% and 15%, respectively, of our revenues from continuing operations. We had no customers account for 10% or more of our revenues from continuing operations in 2014.

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 Company also purchased a contract that allows and requires it to purchase 6,693 acre-feet of water each year from the Nickel Family LLC. The initial terms of this contract runs through 2044. 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 $4,132,000 in 2014, $3,328,000 in 2013, and $2,668,000 in 2012. The adjustment for 2014 includes $1,458,000 related to pistachios due to improving prices related to an aggressive industry marketing campaign, it also includes $2,674,000 from almonds due to increased demand which pushed almond prices higher. The adjustment for 2013 includes $1,326,000 related to pistachios due to improving prices based on the growth in demand for the product, and it also includes $2,002,000 from almonds due to higher final prices. The adjustment for 2012 includes $1,676,000 related to pistachios due to an improving price market resulting from low industry inventories, and $992,000 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, 2014, 2013, and 2012, 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 2014 and 2013, 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. Sales of conservation easements are accounted for in accordance with Staff Accounting Bulletin Topic 13 - Revenue Recognition, or SAB Topic 13.

Since the conservation easements generally do not impose any significant continuing performance obligations on the Company, revenue from conservation easement sales have 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

Rental income from leases is recognized on a straight-line basis over the respective lease terms. We classify amounts currently recognized as income, and amounts expected to be received in later years, as an asset in deferred rent in the accompanying consolidated balance sheets. Amounts received currently, but recognized as income in future years, are classified in accounts payable, accrued expenses, and tenant security deposits in the accompanying consolidated balance sheets. We commence recognition of rental income at the date the property is ready for its intended use and the client tenant takes possession of or controls the physical use of the property.

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, 2014 and 2013.

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 made certain reclassifications to the prior periods to conform to the current year presentation as follows:

Mineral Resources

During 2014, the Company has continued to expand its water operations to not only manage water infrastructure and water assets but to also sell water on an annual basis to third parties as we did during the first quarter of 2014. We determined during the third quarter that water assets and activity fit most appropriately with our other resource assets and will now be included in the mineral resources segment. As a result of this, the Company has reclassified prior year amortization associated with the purchase of water contracts from corporate expenses into mineral resources expenses on the consolidated statements of operations to conform to the current year presentation. The amounts reclassified for the nine months ended September 30, 2014 was $1,014,000; $815,000 for the twelve months ended December 31, 2013; and $708,000 for the twelve months ended December 31, 2012. No reclassifications were necessary for the three months ended December 31, 2014 as the Company recorded amortization associated with the purchase of water contracts in mineral resources expenses for this three month period. The Company has also reclassified current year income from water sales of $7,702,000 into mineral resources revenues and mineral resources expenses of $4,523,000 on the consolidated statements of operations from other income for the twelve months ended December 31, 2014.

Farming

During the fourth quarter of 2014, the Company determined hay crop sales previously recorded in the resort/residential revenues segment related to farming activities within Centennial, fit most appropriately with our farming revenues segment. As a result, the Company has reclassified prior period hay crop sales into farming revenue on the consolidated statements of operations to conform to the current year presentation. The amounts reclassified for the twelve months ended December 31, 2014, December 31, 2013, and December 31, 2012 were $1,361,000, $928,000, and $583,000, respectively.

Pension Liability

The Company also reclassified our pension liability into other liabilities to conform to the current year presentation. The amount reclassified into other liabilities for the twelve months ended December 31, 2013 was $989,000.

2014 Performance and Milestone Share-Based Grants

During 2014, the Compensation Committee of the Board of Directors, or the Board, conducted a compensation study prepared by an outside consultant that was completed during the first quarter of 2014. One of the outcomes of the compensation study was that the Board elected to modify selected outstanding and unvested performance share grants, or the existing performance milestone grants, and issue new milestone performance grants. The Company has assessed that it is probable that these new performance milestones will be met. The values for the 2014 performance grants, including the new milestone grants, are fixed at threshold, target and maximum performance values, meaning that the amount of shares at vesting will vary depending on the stock price at that time. These grants cannot be settled in cash and there are sufficient registered shares in the equity compensation plans to meet the delivery requirements.

The Company has concluded it is appropriate to classify these share-based awards as a liability in other liabilities. See Note 9 (Other Liabilities) and Note 11 (Stock Compensation - Restricted Stock and Performance Share Grants) of the Notes to Consolidated Financial Statements for further detail regarding these share-based awards. Previously, these share-based awards had been classified as additional paid-in capital, or APIC, due to the fact that these share-based awards would be settled in Company stock. Accordingly, the Company revised the classification in its consolidated balance sheets and consolidated statements of equity for the twelve months ended December 31, 2014 from APIC to other liabilities for these share-based awards. The amount reclassified from APIC to other liabilities is $1,065,000 for the twelve months ended December 31, 2014. The change in classification is limited to the 2014 consolidated balance sheet and does not impact quarterly consolidated statements of cash flows, or consolidated statements of operations for any period.

Recent Accounting Pronouncements

In July 2013, the Financial Account Standards Board, or FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU 2013-11 is intended to end inconsistent practices regarding the presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from the disallowance of a tax position. ASU 2013-11 is effective for us beginning January 1, 2014. The adoption of ASU 2013-11 did not have a material effect on our consolidated financial statements or disclosures.

In May 2014, FASB, issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for us beginning January 1, 2017, and, at that time, we may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption is not permitted. We are currently evaluating the impact the adoption of ASU 2014-09 will have on our consolidated financial statements and disclosures.

In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation," which states that a performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition. The guidance is effective for us beginning January 1, 2016. We are currently evaluating the impact the adoption of ASU 2014-12 will have on our consolidated financial statements and disclosures.

Equity

12 Months Ended

Dec. 31, 2014

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 December 31
	2014	2013	2012
Weighted average number of shares outstanding:
Common stock	20,595,422	20,190,245	20,043,862
Common stock equivalents-stock options, grants	37,033	195,310	75,114
Diluted shares outstanding	20,632,455	20,385,555	20,118,976

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.

Investments, Debt and Equity Securities [Abstract]

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Marketable Securities

12 Months Ended

Dec. 31, 2014

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)		2014				2013
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	2,522	$	2,492	$	1,690	$	1,677
with unrecognized losses for more than 12 months		837		832		110		110
with unrecognized gains		5,379		5,395		6,298		6,334
Total Certificates of deposit	Level 1	8,738		8,719		8,098		8,121
US Treasury and agency notes
with unrecognized losses for less than 12 months		1,919		1,910		4,672		4,664
with unrecognized losses for more than 12 months		702		700		1,699		1,694
with unrecognized gains		1,182		1,207		3,713		3,760
Total US Treasury and agency notes	Level 2	3,803		3,817		10,084		10,118
Corporate notes
with unrecognized losses for less than 12 months		3,872		3,841		7,270		7,192
with unrecognized losses for more than 12 months		4,423		4,405		530		523
with unrecognized gains		16,897		16,963		21,945		22,173
Total Corporate notes	Level 2	25,192		25,209		29,745		29,888
Municipal notes
with unrecognized losses for less than 12 months		739		733		1,688		1,677
with unrecognized losses for more than 12 months		457		456		318		316
with unrecognized gains		3,183		3,206		5,267		5,316
Total Municipal notes	Level 2	4,379		4,395		7,273		7,309
		$	42,112	$	42,140	$	55,200	$	55,436

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, 2014, the fair market value of investment securities exceeded the cost basis by $28,000. The cost basis includes any other-than-temporary impairments that have been recorded for the securities. None have been recorded at December 31, 2014. The Company has determined that any unrealized losses in the portfolio are temporary as of December 31, 2014. 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, 2014, the adjustment to accumulated other comprehensive loss in consolidated equity for the temporary change in the value of securities reflects a decrease in the market value of available-for-sale securities of $208,000, which includes estimated taxes of $83,000.

As of December 31, 2014, the Company’s gross unrealized holding gains equal $130,000 and gross unrealized holding losses equal $102,000.

The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands):



At December 31, 2014	2015		2016		2017		2018		Total
Certificates of deposit	$	4,213	$	1,501	$	831	$	2,149	$	8,694
U.S. Treasury and agency notes	1,176		600		1,209		879		3,864
Corporate notes	9,588		6,704		6,498		1,625		24,415
Municipal notes	2,105		1,235		790		125		4,255
	$	17,082	$	10,040	$	9,328	$	4,778	$	41,228



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

The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s.

The entire disclosure for investments in certain debt and equity securities.

Property, Plant and Equipment [Abstract]

Inventories

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consist of the following at December 31:



($ in thousands)	2014		2013
Farming inventories	$	3,844	$	3,334
Other	254		176
	$	4,098	$	3,510

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

12 Months Ended

Dec. 31, 2014

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment, net, consists of the following at December 31:



($ in thousands)	2014			2013
Land and land improvements	$	16,765		$	16,439
Buildings and improvements	13,300			13,346
Machinery, water pipelines, furniture fixtures and other equipment	16,876			15,885
Vineyards and orchards	46,674			37,752
Development in process	237,777			108,500
	331,392			191,922
Less accumulated depreciation	(48,418		)	(45,380		)
	$	282,974		$	146,542

During 2014, we had a gain of $1,145,000 related to a land sale of $1,268,000 sold to the TA/Petro joint venture. Related to the sale, we recognized $458,000 of the gain and deferred $687,000 of the gain, which will be recognized at the time we exit the joint venture or the joint venture is terminated. TA/Petro is an unconsolidated joint venture with TravelCenters of America, LLC for the development and management of travel plazas and convenience stores. The company has 50% voting rights and shares 60% of profit and losses in this joint venture, which owns and operates travel plazas/commercial highway operations in TRCC. See Note 17 (Investments in Unconsolidated and Consolidated Joint Ventures) of the Notes to Consolidated Financial Statements for further detail regarding the TA/Petro unconsolidated joint venture. Also during 2014, the Company completed the asset purchase of DMB TMV LLC's membership interest in TMV LLC which increased our development in process balance by $101,648,000 when compared to 2013.

Long Term Water Assets

12 Months Ended

Dec. 31, 2014

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.

In recent years we have also been purchasing water for our future use or sale. In 2008 we purchased 8,393 acre-feet of transferable water and in 2009 we purchased an additional 6,393 acre-feet of transferable water, all of which is currently held on our behalf by AVEK. We also have secured State Water Project, or SWP, entitlement under long-term SWP water contracts within the Tulare Lake Basin Water Storage District and the Dudley-Ridge Water District, totaling 3,444 acre-feet of SWP entitlement annually, subject to SWP allocations. These contracts extend through 2035 and now have been transferred to AVEK for our use in the Antelope Valley. On November 6, 2013, the Company acquired from DMB Pacific, or DMB, a contract to purchase water that obligates the Company to purchase 6,693 acre feet of water each year from the Nickel Family, LLC, or Nickel, a California limited liability company that is located in Kern County. The aggregate purchase price was approximately $18,700,000 and was paid one-half in cash and one-half in shares of Company Common Stock. The number of shares of Common Stock delivered was determined based on the volume weighted average price of Common Stock for the ten trading days that ended two days prior to closing, which calculated to be 251,876 shares of Common Stock.

This Nickel water purchase is similar to other transactions the Company has completed over the last several years as the Company has been building its water assets for internal needs as well as for investment purposes due to the limited water supply within California.

The initial term of the water purchase agreement with Nickel runs through 2044 and includes a Company option to extend the contract for an additional 35 years. The purchase cost of water in 2014 was $656 per acre-foot. Purchase costs in 2015 and beyond are subject to annual cost increases based on the greater of the consumer price index and 3%, resulting in a 2015 purchase cost of $675 per acre-foot.

The water purchased under the contract with Nickel will ultimately be used in the development of the Company’s land for commercial/industrial development, residential development, and farming. Interim uses may include the sale of portions of this water to third party users on an annual basis until this water is fully allocated to Company uses, as just described.

These contracts are being amortized using the straight line method over that period. Annual amortization for the next five years will be $1,351,000 per year.

During the first nine months of 2014, we sold 6,250 acre feet of water totaling $7,702,000 with a cost of $4,523,000, which cost is recorded in the mineral resources segment on the Consolidated Statements of Operations.

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)	December 31, 2014	December 31, 2013
Banked water and water for future delivery
AVEK water bank	13,033	12,280
Company water bank	8,700	8,818
AVEK water for future delivery	2,362	2,362
Total Company and AVEK banked water	24,095	23,460
Transferable water *	15,229	14,786
Water Contracts	10,137	10,137
Total purchased water - third parties	49,461	48,383
WRMWSD - Contracts with Company	15,547	15,547
TCWD - Contracts with Company	5,749	5,479
TCWD - Banked water contracted to Company	38,401	42,685
Total purchased and contracted water sources in acre feet	109,158	112,094

*14,786 acre-feet of 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, 2014			December 31, 2013
Banked water and water for future delivery	$	4,779		$	4,779
Transferable water	9,309			8,988
Water Contracts (net of accumulated amortization of $4,188 and $2,837 at December 31, 2014 and December 2013, respectively)	32,612			33,804
Total long-term assets	46,700			47,571
less: Current portion	(1,351		)	(817		)
	$	45,349		$	46,754

Accrued Liabilities and Other

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Accrued Liabilities and Other

ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other consists of the following:



($ in thousands)
	December 31, 2014		December 31, 2013
Accrued vacation	$	799	$	673
Accrued paid personal leave	613		619
Accrued bonus	1,023		677
Other	339		678
	$	2,774	$	2,647

Line-of-Credit and Long-term Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Line-of-Credit and Long-term Debt

LINE-OF-CREDIT AND LONG-TERM DEBT

Debt consists of the following:



($ in thousands)
	December 31, 2014			December 31, 2013
Revolving line of credit	$	6,850		$	—
Notes payable	74,459			4,693
Total short-term and long-term debt	81,309			4,693
Less line-of-credit and current maturities of long-term debt	(7,094		)	(234		)
	$	74,215		$	4,459

On October 13, 2014, the Company as borrower, entered into an Amended and Restated Credit Agreement, a Term Note and a Revolving Line of Credit Note, with Wells Fargo, or collectively the New Credit Facility. The New Credit Facility amends and restates the Company's existing credit facility dated as of November 5, 2010 and extended on December 4, 2013. The New Credit Facility adds a $70,000,000 term loan, or Term Loan to the existing $30,000,000 revolving line of credit, or RLC. Funds from the Term Loan were used to finance the Company's purchase of DMB TMV LLC’s interest in TMV LLC as disclosed in the Current Report on Form 8-K filed on July 16, 2014. Any future borrowings under the RLC will be used for ongoing working capital requirements and other general corporate purposes. To maintain availability of funds under the RLC, undrawn amounts under the RLC will accrue a commitment fee of 10 basis points per annum. The Company's ability to borrow additional funds in the future under the RLC is subject to compliance with certain financial covenants and making certain representations and warranties. As of December 31, 2014 and 2013, the RLC had a $6,850,000 and no outstanding balance, respectively. At the Company’s option, the interest rate on this line of credit can float at 1.50% 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 September 2019), we can borrow at any time and partially or wholly repay any outstanding borrowings and then re-borrow, as necessary.

The interest rate per annum applicable to the Term Loan is LIBOR (as defined in the Term Note) plus a margin of 170 basis points. The interest rate for the term of the note has been fixed through the use of an interest rate swap at a rate of 4.11%. The Term Loan requires interest only payments for the first two years of the term and thereafter requires monthly amortization payments pursuant to a schedule set forth in the Term Note, with the final outstanding principal amount due October 5, 2024. The Company may make voluntary prepayments on the Term Loan at any time without penalty (excluding any applicable LIBOR or interest rate swap breakage costs). Each optional prepayment will be applied to reduce the most remote principal payment then unpaid. The New Credit Facility is secured by the Company's farmland and farm assets, which include equipment, crops and crop receivables and the Calpine power plant lease and lease site, and related accounts and other rights to payment and inventory.

The New Credit Facility requires compliance with three financial covenants: (a) total liabilities divided by tangible net worth not greater than 0.75 to 1.0 at each quarter end; (b) a debt service coverage ratio not less than 1.25 to 1.00 as of each quarter end on a rolling four quarter basis; and (c) maintain liquid assets equal to or greater than $20,000,000. Under the terms of the line of credit in 2013, we were to 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, 2014 and 2013, we were in compliance with all financial covenants.

The New Credit Facility also contains customary negative covenants that limit the ability of the Company to, among other things, make capital expenditures, incur indebtedness and issue guaranties, consummate certain assets sales, acquisitions or mergers, make investments, pay dividends or repurchase stock, or incur liens on any assets.

The New Credit Facility contains customary events of default, including: failure to make required payments; failure to comply with terms of the New Credit Facility; bankruptcy and insolvency; and a change in control without consent of bank (which consent will not be unreasonably withheld). The New Credit Facility contains other customary terms and conditions, including representations and warranties, which are typical for credit facilities of this type.

The foregoing descriptions of the New Credit Facility documents are qualified in their entirety by reference to each such material contract. Copies of the New Credit Facility documents are filed as Exhibits 10.31 through 10.33 in the Current Report on Form 8-K filed October 17, 2014. The balance of the long-term debt instruments listed above approximates the fair value of the instrument.

During the third quarter of 2013, we entered into a promissory note agreement to pay a principal amount of $4,750,000 with principal and interest due monthly starting on October 1, 2013. The interest rate on this promissory note is 4.25% per annum, with principal and interest payments ending on September 1, 2028. The proceeds from this promissory note were used to eliminate debt that had been previously used to provide long-term financing for a building being leased to Starbucks and provide additional working capital for future investment. The balance of this long-term debt instrument listed above approximates the fair value of the instrument.

Other Liabilities

12 Months Ended

Dec. 31, 2014

Other Liabilities Disclosure [Abstract]

Other Liabilities

OTHER LIABILITIES

Other liabilities consist of the following:



($ in thousands)	December 31, 2014		December 31, 2013
Pension liability (See Note 15)	$	3,079	$	693
Interest rate swap liability (See Note 10)	2,227		—
Supplemental executive retirement plan liability (See Note 15)	7,431		6,131
Other	—		387
Share-based awards liability (See Note 11)	1,065		—
	$	13,802	$	7,211

For the captions presented in the table above, please refer to the respective Notes to Consolidated Financial Statements for further detail.

Interest Rate Swap Liability

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Swap Liability

INTEREST RATE SWAP LIABILITY

During October 2014, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the Term Loan as discussed in Note 8 (Short Term and Long Term Debt) of the Notes to Consolidated Financial Statements. The ineffective portion of the change in fair value of our interest rate swap agreement is required to be recognized directly in earnings. During the year ended December 31, 2014, our interest rate swap agreement was 100% effective; because of this, no hedge ineffectiveness was recognized in earnings. Changes in fair value, including accrued interest and adjustments for non-performance risk, on the effective portion of our interest rate swap agreements that are designated and that qualify as cash flow hedges are classified in accumulated other comprehensive loss. Amounts classified in accumulated other comprehensive loss are subsequently reclassified into earnings in the period during which the hedged transactions affect earnings. As of December 31, 2014, the fair values of our interest rate swap agreement aggregating a liability balance were classified in other liabilities based upon its respective fair value. We had the following outstanding interest rate swap agreement designated as cash flow hedges of interest rate risk as of December 31, 2014 ($ in thousands):



Effective Date	Maturity Date	Fair Value Hierarchy	Weighted Average Interest Pay Rate	Fair Value as of 12/31/2014	Notional Amount as of 12/31/2014
October 15, 2014	October 5, 2024	Level 2	4.11%	$(2,227)	$70,000

Stock Compensation - Restricted Stock and Performance Share Grants [Abstract]

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Stock Compensation - Restricted Stock and Performance Share Grants

12 Months Ended

Dec. 31, 2014

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, 2014:



Performance Share Grants with Performance Conditions
Below threshold performance		—
Threshold performance		79,390
Target performance		148,728
Maximum performance		268,049

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 2014		December 31 2013		December 31 2012
Stock Grants Outstanding Beginning of the Year at Target Achievement	265,701		688,041		744,508
New Stock Grants/Additional shares due to maximum achievement	165,996		192,348		113,643
Vested Grants	(41,694	)	(361,886	)	(170,110	)
Expired/Forfeited Grants	(152,958	)	(252,802	)	—
Stock Grants Outstanding December 31, 2014 at Target Achievement	237,045		265,701		688,041

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, 2014 was $4,878,000 and 25 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.

Beginning in the second half of 2013, the Compensation Committee of the Board conducted a compensation study prepared by an outside consultant that was completed during the first quarter of 2014. One of the outcomes of the compensation study was that the Board elected to modify selected outstanding and unvested performance share grants, or the existing performance milestone grants, and issue new milestone performance grants. The Company has assessed that it is probable that these new performance milestones will be met.

As discussed above, the performance share grant approved by the Board in March 2014, included the modification of existing performance milestone grants totaling 133,890 restricted stock units and the issuance of new performance share grants totaling 89,837 restricted stock units. The restricted stock units of the modified existing performance milestone grants have been accounted for as probable-to-probable modification since the Company has determined that achieving the existing performance milestones was probable. The unamortized total cost relating to these probable-to-probable modified performance share grants is being recognized ratably over the new requisite service period. The impact of modifying the existing performance stock grants is an annual expense of $1,109,000 over the service period. The values for the 2014 performance grants, including the new milestone grants, are fixed at threshold, target and maximum performance values, meaning that the amount of shares at vesting will vary depending on the stock price at that time. The total value for these grants at maximum performance is $5,702,000. These grants cannot be settled in cash and there are a sufficient variable number of shares in the equity compensation plans to meet the delivery requirements. Based upon the value of the award being determined at each level of performance the Company has concluded it is appropriate to classify these liability awards as a liability in other liabilities. The amount to be included in other liabilities for 2014 is $1,065,000.

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 2014		December 31 2013		December 31 2012
Expensed	$	2,645,000	$	161,000	$	5,054,000
Capitalized	95,000		294,000		392,000
	2,740,000		455,000		5,446,000
NDSI Plan	889,000		768,000		386,000
	$	3,629,000	$	1,223,000	$	5,832,000

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

12 Months Ended

Dec. 31, 2014

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)	2014			2013			2012
Total provision:	$	2,697		$	2,086		$	2,723
Federal:
Current	$	2,289		(2,459		)	903
Deferred	(313		)	4,097			1,092
	1,976			1,638			1,995
State:
Current	603			231			67
Deferred	118			217			661
	721			448			728
	$	2,697		$	2,086		$	2,723

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)	2014			2013			2012
Income tax at statutory rate	$	2,912		$	2,139		$	2,382
State income taxes, net of Federal benefit	452			307			472
Oil and mineral depletion	(385		)	(450		)	(620		)
Valuation allowance - land contribution	—			—			—
Other, net	(282		)	90			489
Total provision	$	2,697		$	2,086		$	2,723

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)	2014		2013
Deferred income tax assets:
Accrued expenses	$	608	$	600
Deferred revenues	498		371
Capitalization of costs	2,746		2,151
Pension adjustment	4,502		2,923
Stock grant expense	2,936		2,660
State deferred taxes	200		2
Book deferred gains	1,711		1,416
Joint venture allocations	587		—
Provision for additional capitalized costs	1,003		1,003
Interest rate swap	954		—
Other	3		1,208
Total deferred income tax assets	$	15,748	$	12,334
Deferred income tax liabilities:
Deferred gains	$	1,390	$	1,390
Depreciation	4,228		3,495
Cost of sales allocations	1,252		1,252
Joint venture allocations	2,456		2,001
Straight line rent	947		1,006
Prepaid expenses	191		406
State deferred taxes	501		444
Other	207		296
Total deferred income tax liabilities	$	11,172	$	10,290
Net deferred income tax asset	$	4,576	$	2,044
Allowance for deferred tax assets	—		—
Net deferred taxes	$	4,576	$	2,044

The net current and non-current deferred tax assets for 2014 and 2013 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 2014 and 2013, the Company recognized certain net tax benefits related to stock option plans in the amount of $0 and $3,000, 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 $1,100,000 in 2014 and $15,000 during 2013. The Company received federal refunds of $3,484,000 and $0 in 2014 and 2013, 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, 2014 and 2013 within the scope of ASC 740, "Income Taxes." Tax years from 2011 to 2013 and 2010 to 2013 remain available for examination by the Federal and California State taxing authorities, respectively.

Leases

12 Months Ended

Dec. 31, 2014

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 held for leases as of December 31, 2014:



Buildings and Improvements
Cost	$	7,942,000
Accumulated Depreciation	$	4,598,000

The following is a summary of income from commercial rents included in real estate revenue as of December 31:



	2014		2013		2012
Base rent	$	4,934,000	$	4,929,000	$	4,861,000
Percentage rent	$	422,000	$	1,213,000	$	707,000

Future minimum rental income on commercial, communication and right-of-way on non-cancellable leases as of December 31, 2014:



2015		2016		2017		2018		2019		Thereafter
$	5,115	$	5,074	$	5,121	$	4,953	$	4,925	$	51,430

The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

The Company's land is subject to water contracts with minimum future annual payments of approximately $7,900,000 per year, based on payments due in 2015. These estimated water contract payments consist of SWP, contracts with Wheeler Ridge Maricopa Water Storage District, Tejon-Castac Water District, or TCWD, Tulare Lake Basin Water Storage District, Dudley-Ridge Water Storage District and the Nickel water contract. These contracts for the supply of future water run through 2035 and 2044. The Tulare Lake Basin Water Storage District and Dudley-Ridge Water Storage District SWP contracts have now been transferred to AVEK, for our use in the Antelope Valley. Beginning in 2014, payments related to these contracts are now paid to AVEK. As discussed in Note 6 (Long Term Water Assets) of the Notes to Consolidated Financial Statement, we purchased the assignment of a contract to purchase water in late 2013. The assigned water contract is with Nickel Family, LLC, and obligates us to purchase 6,693 acre-feet of water annually starting in 2014 and running through 2044.

The Company is obligated to make payments of approximately $800,000 per year to the Tejon Ranch Conservancy as prescribed in the Conservation Agreement we entered into with five major environmental organizations in 2008. Our advances to the Tejon Ranch Conservancy are dependent on the occurrence of certain events and their timing, and are therefore subject to change in amount and period. These amounts are recorded in construction in progress for the Centennial and TMV projects.

The Company exited a consulting contract during the second quarter of 2014 related to the Grapevine Development and is obligated to pay an earned incentive fee at the time of successful receipt of project entitlements and at a value measurement date five-years after entitlements have been achieved for Grapevine. The final amount of the incentive fees will not be finalized until the future payment dates. The Company believes that net savings from exiting the contract over this future time period will more than offset the incentive payment costs.

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 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 year's 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 December 31, 2014 there are no additional improvement funds remaining from the West CFD bonds and there were $4,971,000 in improvement funds within the East CFD bonds for reimbursement of cost during 2014 and future years. The remaining improvement funds in the East CFD were distributed in January 2015. During 2014, the Company paid approximately $933,000 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. This amount could change in the future based on the amount of bonds outstanding and the amount of taxes paid by others. The assessment of each individual property sold or leased is not determinable at this time because it is based on current tax rate and the assessed value of the property at the time of sale or on its assessed value at the time it is leased to a third-party. Accordingly, the Company is not required to recognize an obligation at December 31, 2014.

In July 2014, the Company received a copy of a Notice of Intent to Sue, or Notice, dated July 17, 2014 indicating that the Center for Biological Diversity, the Wishtoyo Foundation and Dee Dominguez intend to initiate a lawsuit against the U.S. Fish and Wildlife Service, or USFWS, under the federal Endangered Species Act challenging USFWS's approval of Tejon Ranchcorp's Tehachapi Uplands Multiple Species Habitat Conservation Plan, or TUMSHCP, and USFWS's issuance of an Incidental Take Permit, or ITP, to Tejon Ranchcorp for the take of federally listed species. The foregoing approvals authorize, among other things, removal of California condor habitat associated with Tejon Ranchcorp's potential future development of Tejon Mountain Village. No lawsuit has been filed at this time. It is not possible to predict whether any lawsuit will actually be filed or whether the Company or Tejon Ranchcorp will incur any damages from such a lawsuit.

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 Tejon Mountain Village, or 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 Ken Salazar. 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. The County and the DOJ both filed their answering briefs on September 17, 2013. Both the Company and the 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. The Ninth Circuit initially scheduled an oral argument to occur on Wednesday, May 14, 2014, but counsel for Robinson filed a motion to continue the argument due to a scheduling conflict. A new oral argument was set for November 20, 2014 and was conducted as scheduled. Questions from the panel members seemed to indicate skepticism about Robinson's claims. No written opinion has been received yet, but it is anticipated that one will be received during the first half of 2015. 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.

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 fifth phase of the trial commenced in February, 2014, and concerned 1) whether the United States has a federal reserved water right to basin groundwater, and 2) the rights to return flows from imported water. The court heard evidence on the federal reserve right but continued the trial on the return flow issues while most of the parties to the adjudication discussed a settlement, including rights to return flows. On March 4, 2015, an overwhelming majority of parties reached a settlement consisting of a proposed judgment and physical solution which is being submitted to the court for approval. The court is reserving a date in August 2015 to hear any objections before approving the settlement. Because the settlement is contingent on court approval and given the complex nature of the adjudication, 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.

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 (collectively Central Delta), 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 the 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 Central Delta 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. Another lawsuit was filed in Sacramento by two districts adjacent to the KWB, namely Rosedale Rio Bravo and Buena Vista Water Storage Districts (Rosedale), which is before the same court, asserting that the remedial EIR did not adequately evaluate potential impacts arising from future operations of the KWB, but this lawsuit did not name the Company, only TCWD. TCWD has a contract right for water stored in the KWB and rights to recharge and withdraw water. In an initial favorable ruling on January 25, 2013, the Court determined that the challenges to the validity of the Monterey Amendments, including the transfer of the KWB, were not timely and were barred by the statutes of limitation and doctrine of the laches. The substantive hearing on the challenges to the EIR was held on January 31, 2014. On March 5, 2014 the court issued a lengthy decision, rejecting all of Central Delta’s California Environmental Quality Act claims, except the Rosedale claims joined by Central Delta, essentially joined claiming that the EIR did not adequately evaluate future impacts from operation of the KWB, in particular potential impacts on groundwater and water quality. On November 24, 2014 the Court issued a writ of mandate that requires DWR to prepare a revised EIR regarding the Monterey Amendments evaluating the potential operational impacts of the KWB. The writ authorizes the continued operation of the KWB pending completion of the revised EIR subject to certain conditions including those described in an interim operating plan negotiated between the KWBA and the Rosedale plaintiffs. We are uncertain as to whether in the future the writ of mandate or the revised EIR could result in some curtailment in KWBA operations. To the extent there may be an adverse outcome on the claims, the monetary value cannot be estimated at this time. On November 24, 2014 the Court entered a judgment in the Central Delta case (1) dismissing the challenges to the validity of the Monterey Amendments and the transfer of the KWB in their entirety and (2) granting in part, and denying, in part, the CEQA petition for writ mandate. Central Delta has appealed the judgment and the Kern Water Bank Authority and certain other parties have filed a cross-appeal with regard to the CEQA cause of action. On December 3, 2014 the Court entered judgment in the Rosedale case (i) in favor of the Rosedale parties in the CEQA cause of action, and (ii) dismissing the declaratory relief cause of action. No appeal of the Rosedale judgment has been filed.

Retirement Plans

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

RETIREMENT PLANS

The Company sponsors a defined benefit retirement plan that covers eligible employees hired prior to February 1, 2007. The benefits are based on years of service and the employee’s five-year final average salary. The accounting for the defined benefit plan requires the use of assumptions and estimates in order to calculate periodic benefit cost and the value of the plan's assets and benefit obligation. These assumptions include discount rates, investment returns, and project salary increases, amongst others. The discount rates used in valuing the plan's benefits obligations was determined with reference to high quality corporate and government bonds that are appropriately matched to the duration of the plan's obligation.

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 table sets forth changes in the plan's net benefit obligation and accumulated benefit information as of December 31:



($ in thousands)	2014			2013
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$	9,326		$	10,215
Service cost	248			359
Interest cost	392			402
Actuarial gain/assumption changes	2,804			(1,379		)
Benefits paid	(1,719		)	(271		)
Benefit obligation at end of year	$	11,051		$	9,326
Accumulated benefit obligation at end of year	$	9,473		$	8,427
Change in Plan Assets
Fair value of plan assets at beginning of year	$	8,633		$	6,799
Actual return on plan assets	407			1,105
Employer contribution	650			1,000
Benefits/expenses paid	(1,718		)	(271		)
Fair value of plan assets at end of year	$	7,972		$	8,633
Funded status - liability	$	(3,079	)	$	(693	)

Amounts recorded in equity
Net actuarial loss	$	4,453		$	1,961
Prior service cost	(119		)	(148		)
Total amount recorded	$	4,334		$	1,813
Amount recorded, net taxes	$	2,600		$	1,088

Other changes in plan assets and benefit obligations recognized in other comprehensive income for 2014 and 2013 include the following components:



($ in thousands)	2014			2013
Net (gain)/loss	$	2,973		$	(1,867	)
Recognition of net actuarial gain or (loss)	(481		)	(282		)
Recognized prior service cost	29			28
Total changes	$	2,521		$	(2,121	)
Changes, net of taxes	$	1,511		$	(1,271	)

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)	$	312
Amortization prior service cost	$	(29	)

At December 31, 2014 and 2013 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 2015, the Company is estimating that contributions to the pension plan will be approximately $600,000.

Based on actuarial estimates, it is expected that annual benefit payments from the pension trust will be as follows ($ in thousands):



2015		2016		2017		2018		2019		2020 - 2022
$	175	$	197	$	288	$	338	$	358	$	2,121

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, 2014, the investment mix was approximately 59% equity, 30% debt, and 11% money market funds. At December 31, 2013, the investment mix was approximately 54% equity, 30% debt and 16% 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 4.3% in 2014 and 5.0% in 2013. The expected long-term rate of return on plan assets is 7.5% in 2014 and 2013. 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 Hierarchy	2014		2013
Pension Plan Assets:
Cash and Cash Equivalents	Level 1	$	858	$	1,336
Collective Funds	Level 2	3,575		3,851
Treasury/Corporate Notes	Level 2	1,372		1,357
Corporate Equities	Level 1	2,167		2,089
		$	7,972	$	8,633

Total pension and retirement expense was as follows for each of the years ended December 31:



($ in thousands)	2014			2013			2012
Cost components:
Service cost	$	(248	)	$	(359	)	$	(284	)
Interest cost	(392		)	(402		)	(375		)
Expected return on plan assets	576			542			454
Net amortization and deferral	(452		)	(253		)	(190		)
Total net periodic pension cost	$	(516	)	$	(472	)	$	(395	)

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)	2014			2013
Change in benefit obligation - SERP
Benefit obligation at beginning of year	$	6,131		$	6,507
Service cost	26			318
Interest cost	258			219
Actuarial gain/assumption changes	1,399			(913		)
Benefits paid	$	(383	)	$	—
Benefit obligation at end of year	$	7,431		$	6,131
Accumulated benefit obligation at end of year	$	6,937		$	6,099
Funded status - liability	$	(7,431	)	$	(6,131	)



($ in thousands)	2014		2013
Amounts recorded in stockholders’ equity
Net actuarial (gain)	$	2,072	$	696
Prior service cost	—		—
Total amount recorded	$	2,072	$	696
Amount recorded, net taxes	$	1,243	$	418

Other changes in benefit obligations recognized in other comprehensive income for 2014 and 2013 include the following components:



($ in thousands)	2014			2013
Net (gain) loss	$	1,399		$	(745	)
Recognition of net actuarial gain or (loss)	(23		)	(229		)
Total changes	$	1,376		$	(974	)
Changes, net of taxes	$	826		$	(584	)

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)	$	337

Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands):



2015		2016		2017		2018		2019		2020 - 2022
$	438	$	434	$	448	$	444	$	440	$	2,116

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 3.85% and 3.5% for 2014, 4.35% and 3.5% for 2013, and 3.45% and 3.5% for 2012. Total pension and retirement expense was as follows for each of the years ended December 31:



($ in thousands)	2014		2013		2012
Cost components:
Service cost	$	26	$	318	$	525
Interest cost	258		219		208
Net amortization and deferral	23		229		287
Total net periodic pension cost	$	307	$	766	$	1,020

The Company also provides a 401(k) plan to its employees and contributed $122,000 to the plan for 2014 and $98,000 to the plan for 2013.

Business Segments

12 Months Ended

Dec. 31, 2014

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:



($ in thousands)	2014			2013			2012
Revenues
Real estate—commercial/industrial	$	16,708		$	15,213		$	12,518
Real estate—resort/residential	148			279			(42		)
Mineral resources (1)	16,255			10,242			14,012
Farming	23,435			23,610			23,136
Segment revenues	56,546			49,344			49,624
Investment income	696			941			1,242
Other income	343			66			113
Total revenues and other income	$	57,585		$	50,351		$	50,979
Segment Profits (Losses)
Real estate—commercial/industrial	$	3,504		$	2,311		$	247
Real estate—resort/residential	(2,460		)	(1,952		)	(3,739		)
Mineral resources (1)	9,837			8,965			12,970
Farming	7,185			7,684			8,749
Segment profits (2)	18,066			17,008			18,227
Investment income	696			941			1,242
Other income	343			66			113
Interest expense	—			—			(12		)
Corporate expenses	(10,646		)	(11,826		)	(12,564		)
Income from operations before income taxes	$	8,459		$	6,189		$	7,006

(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 plus equity in earnings of unconsolidated joint ventures, less operating expenses, excluding investment income and expense, corporate expenses, and income taxes.

The revenue components of the commercial/industrial real estate segment for the years ended December 31 are as follows:



($ in thousands)	2014		2013		2012
Commercial leases and related fees	$	6,156	$	6,799	$	6,095
Grazing leases	1,155		1,433		1,331
Land sale	508		—		648
All other land management ancillary services	3,560		2,916		1,867
	11,379		11,148		9,941
Equity in earnings of unconsolidated joint ventures	5,329		4,065		2,577
Revenues and equity in earnings of unconsolidated joint ventures	$	16,708	$	15,213	$	12,518

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 management fees and is actively involved in the land entitlement and pre-development process.

The revenue components of the resort/residential real estate land development segment for the year ended December 31 are as follows:



($ in thousands)	2014			2013			2012
Management fees	180			312			—
Other	3			26			—
	183			338			—
Equity in earnings of unconsolidated joint ventures	(35		)	(59		)	(42		)
Revenues and equity in earnings of unconsolidated joint ventures	$	148		$	279		$	(42	)

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 and receives revenue from water sales. Revenues from our mineral resources segment decreased $6,013,000, or 59%, to $16,255,000 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)	2014		2013		2012
Oil and gas	$	6,096	$	7,810	$	11,075
Rock aggregate	1,216		964		920
Cement	1,043		819		758
Land lease for oil exploration	198		648		1,257
Water sales	7,702		—		—
Other	—		1		2
	$	16,255	$	10,242	$	14,012

The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The revenue components of the farming segment was as follows for each of the year ended December 31:



	2014		2013		2012
Almonds	$	10,036	$	10,857	$	8,898
Pistachios	7,585		7,537		8,644
Wine grapes	3,978		4,094		5,136
Hay	1,361		928		583
Total crop proceeds	22,960		23,416		23,261
Other farming revenues	475		194		(125		)
Total farming revenues	$	23,435	$	23,610	$	23,136

Information pertaining to assets of the Company’s business segments is as follows for each of the years ended December 31:



($ in thousands)	Identifiable Assets		Depreciation and Amortization		Capital Expenditures
2014
Real estate - commercial/industrial	$	80,646	$	1,098	$	8,952
Real estate - resort/residential	199,528		76		10,214
Mineral resources	47,434		1,351		—
Farming	34,464		1,633		4,701
Corporate	70,043		713		908
Total	$	432,115	$	4,871	$	24,775
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		1,587		3,379
Corporate	121,091		1,438		1,139
Total	$	327,856	$	4,954	$	20,669

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.

Equity Method Investments and Joint Ventures [Abstract]

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Investment in Unconsolidated and Consolidated Joint Ventures

12 Months Ended

Dec. 31, 2014

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, 2014 was $32,604,000. The equity in the income of the unconsolidated joint ventures was $5,294,000 for the twelve months ended December 31, 2014. The unconsolidated joint ventures have not been consolidated as of December 31, 2014, 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. The Company has 50% voting rights and shares 60% of profit and losses in this joint venture. It houses multiple commercial eating establishments as well as diesel and gasoline operations in TRCC. 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, 2014, the Company had an equity investment balance of $16,448,000 in this joint venture.

•

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 has been extended to May 2016 tied to the one-year lease extension of Dollar General 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 $87 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, 2014, had an outstanding balance of $45,449,000

At December 31, 2014, the Company’s combined equity investment balance in these three joint ventures was $16,156,000.

•

Centennial Founders, LLC – Centennial Founders, LLC is a joint venture with Pardee Homes (owned by TRI Pointe 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, 2014 the Company had a 74.05% ownership position in Centennial Founders, LLC.

Condensed balance sheet information of the Company’s unconsolidated and consolidated joint ventures as of December 31, 2014 and December 31, 2013 and condensed statements of operations for the twelve months ended December 31, 2014 and December 31, 2013 are as follows:

Statement of Operations for the twelve months ending December 31, 2014



	UNCONSOLIDATED								CONSOLIDATED					CONSOLIDATED
($ in thousands)	Petro Travel Plaza Holdings		Five West Parcel		18-19 West LLC		TRCC/Rock Outlet Center		Tejon Mountain Village			Total		Centennial-VIE
Revenues	$	122,584	$	3,635	$	60	$	5,220	$	—		$	131,499	$	1,361
Net income (loss)	$	8,229	$	442	$	15	$	328	$	(70	)	$	8,944	$	415
Partner’s share of net income (loss)	$	3,291	$	221	$	8	$	164	$	(35	)	$	3,649	$	107
Equity in earnings (losses)	$	4,937	$	221	$	7	$	164	$	(35	)	$	5,294	$	—

Balance Sheet Information as of December 31, 2014



	UNCONSOLIDATED															CONSOLIDATED
($ in thousands)	Petro Travel Plaza Holdings			Five West Parcel			18-19 West LLC			TRCC/Rock Outlet Center			Total			Centennial-VIE
Current assets	$	18,960		$	3,834		$	5		$	2,302		$	25,101		$	651
Property and equipment, net	48,011			14,869			4,617			66,112			133,609			77,373
Other assets	181			67			—			19,624			19,872
Long-term debt	(15,808		)	(11,000		)	—			(45,449		)	(72,257		)
Other liabilities	(3,263		)	(440		)	(2		)	(4,616		)	(8,321		)	(158		)
Net assets	$	48,081		$	7,330		$	4,620		$	37,973		$	98,004		$	77,866

Statement of Operations for the twelve months ending December 31, 2013



	UNCONSOLIDATED														CONSOLIDATED
($ in thousands)	Petro Travel Plaza Holdings		Five West Parcel		18-19 West		TRCC/Rock Outlet Center			Tejon Mountain Village			Total		Centennial
Revenues	$	125,804	$	3,368	$	61	$	—		$	—		$	129,233	$	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 Plaza Holdings			Five West Parcel			18-19 West		TRCC/Rock Outlet Center			Tejon Mountain Village			Total			Centennial
Current assets	$	14,832		$	813		$	10	$	2,428		$	—		$	18,083		$	86
Property and equipment, net	43,950			16,980			4,514		24,633			99,690			189,767			74,968
Other assets	208			438			—		2,161			—			2,807			—
Long-term debt	(16,602		)	(11,000		)	—		—			—			(27,602		)	—
Other liabilities	(2,536		)	(343		)	—		(8,577		)	(168		)	(11,624		)	(204		)
Net assets	$	39,852		$	6,888		$	4,524	$	20,645		$	99,522		$	171,431		$	74,850

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 Results

12 Months Ended

Dec. 31, 2014

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 Revenue (1)		Segment Profit (Loss)		Net Income (Loss) attributable to Common Stockholders			Net Income(Loss), Per Share attributable to Common Stockholders (2)
2014
First Quarter	$	14,760	$	4,095	$	1,113		$	0.05
Second Quarter	8,526		2,244		874			$	0.04
Third Quarter	14,056		3,319		1,752			$	0.09
Fourth Quarter	14,949		3,114		1,916			$	0.09
	$	52,291	$	12,772	$	5,655
2013
First Quarter	$	10,038	$	3,921	$	615		$	0.04
Second Quarter	7,727		1,825		2,084			$	0.10
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

_______________________________

(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 Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Principles of Consolidation

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

Investments in Unconsolidated Joint Ventures

Fair Values of Financial Instruments


•	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.

Credit Risk

Farm Inventories

Property and Equipment

Long-term Water Assets

Long Term Water Assets

Vineyards and Orchards

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.

Long-Lived Assets

Sales of Real Estate

Sales of Easements

Allocation of Costs Related to Land Sales and Leases

Royalty Income

Rental Income

Environmental Expenditures

Use of Estimates

Reclassification

Reclassifications

The Company has made certain reclassifications to the prior periods to conform to the current year presentation

New Accounting Standards

Recent Accounting Pronouncements

Equity (Tables)

12 Months Ended

Dec. 31, 2014

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 December 31
	2014	2013	2012
Weighted average number of shares outstanding:
Common stock	20,595,422	20,190,245	20,043,862
Common stock equivalents-stock options, grants	37,033	195,310	75,114
Diluted shares outstanding	20,632,455	20,385,555	20,118,976

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2014

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)		2014				2013
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	2,522	$	2,492	$	1,690	$	1,677
with unrecognized losses for more than 12 months		837		832		110		110
with unrecognized gains		5,379		5,395		6,298		6,334
Total Certificates of deposit	Level 1	8,738		8,719		8,098		8,121
US Treasury and agency notes
with unrecognized losses for less than 12 months		1,919		1,910		4,672		4,664
with unrecognized losses for more than 12 months		702		700		1,699		1,694
with unrecognized gains		1,182		1,207		3,713		3,760
Total US Treasury and agency notes	Level 2	3,803		3,817		10,084		10,118
Corporate notes
with unrecognized losses for less than 12 months		3,872		3,841		7,270		7,192
with unrecognized losses for more than 12 months		4,423		4,405		530		523
with unrecognized gains		16,897		16,963		21,945		22,173
Total Corporate notes	Level 2	25,192		25,209		29,745		29,888
Municipal notes
with unrecognized losses for less than 12 months		739		733		1,688		1,677
with unrecognized losses for more than 12 months		457		456		318		316
with unrecognized gains		3,183		3,206		5,267		5,316
Total Municipal notes	Level 2	4,379		4,395		7,273		7,309
		$	42,112	$	42,140	$	55,200	$	55,436

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, 2014	2015		2016		2017		2018		Total
Certificates of deposit	$	4,213	$	1,501	$	831	$	2,149	$	8,694
U.S. Treasury and agency notes	1,176		600		1,209		879		3,864
Corporate notes	9,588		6,704		6,498		1,625		24,415
Municipal notes	2,105		1,235		790		125		4,255
	$	17,082	$	10,040	$	9,328	$	4,778	$	41,228



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

Inventories (Tables)

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

Components of inventories

Inventories consist of the following at December 31:



($ in thousands)	2014		2013
Farming inventories	$	3,844	$	3,334
Other	254		176
	$	4,098	$	3,510

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Components of property and equipment, net

Property and equipment, net, consists of the following at December 31:



($ in thousands)	2014			2013
Land and land improvements	$	16,765		$	16,439
Buildings and improvements	13,300			13,346
Machinery, water pipelines, furniture fixtures and other equipment	16,876			15,885
Vineyards and orchards	46,674			37,752
Development in process	237,777			108,500
	331,392			191,922
Less accumulated depreciation	(48,418		)	(45,380		)
	$	282,974		$	146,542

Long Term Water Assets (Tables)

12 Months Ended

Dec. 31, 2014

Long Term Water Assets [Abstract]

Components of water assets

Water assets consist of the following:



(in acre feet, unaudited)	December 31, 2014	December 31, 2013
Banked water and water for future delivery
AVEK water bank	13,033	12,280
Company water bank	8,700	8,818
AVEK water for future delivery	2,362	2,362
Total Company and AVEK banked water	24,095	23,460
Transferable water *	15,229	14,786
Water Contracts	10,137	10,137
Total purchased water - third parties	49,461	48,383
WRMWSD - Contracts with Company	15,547	15,547
TCWD - Contracts with Company	5,749	5,479
TCWD - Banked water contracted to Company	38,401	42,685
Total purchased and contracted water sources in acre feet	109,158	112,094



($ in thousands)	December 31, 2014			December 31, 2013
Banked water and water for future delivery	$	4,779		$	4,779
Transferable water	9,309			8,988
Water Contracts (net of accumulated amortization of $4,188 and $2,837 at December 31, 2014 and December 2013, respectively)	32,612			33,804
Total long-term assets	46,700			47,571
less: Current portion	(1,351		)	(817		)
	$	45,349		$	46,754

Accrued Liabilities and Other (Tables)

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities and other consists of the following:



($ in thousands)
	December 31, 2014		December 31, 2013
Accrued vacation	$	799	$	673
Accrued paid personal leave	613		619
Accrued bonus	1,023		677
Other	339		678
	$	2,774	$	2,647

Line-of-Credit and Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Components of long-term debt

Debt consists of the following:



($ in thousands)
	December 31, 2014			December 31, 2013
Revolving line of credit	$	6,850		$	—
Notes payable	74,459			4,693
Total short-term and long-term debt	81,309			4,693
Less line-of-credit and current maturities of long-term debt	(7,094		)	(234		)
	$	74,215		$	4,459

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities consist of the following:



($ in thousands)	December 31, 2014		December 31, 2013
Pension liability (See Note 15)	$	3,079	$	693
Interest rate swap liability (See Note 10)	2,227		—
Supplemental executive retirement plan liability (See Note 15)	7,431		6,131
Other	—		387
Share-based awards liability (See Note 11)	1,065		—
	$	13,802	$	7,211

Interest Rate Swap Liability (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

We had the following outstanding interest rate swap agreement designated as cash flow hedges of interest rate risk as of December 31, 2014 ($ in thousands):



Effective Date	Maturity Date	Fair Value Hierarchy	Weighted Average Interest Pay Rate	Fair Value as of 12/31/2014	Notional Amount as of 12/31/2014
October 15, 2014	October 5, 2024	Level 2	4.11%	$(2,227)	$70,000

Stock Compensation - Restricted Stock and Performance Share Grants (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014:



Performance Share Grants with Performance Conditions
Below threshold performance		—
Threshold performance		79,390
Target performance		148,728
Maximum performance		268,049

Summary of stock grant activity



	December 31 2014		December 31 2013		December 31 2012
Stock Grants Outstanding Beginning of the Year at Target Achievement	265,701		688,041		744,508
New Stock Grants/Additional shares due to maximum achievement	165,996		192,348		113,643
Vested Grants	(41,694	)	(361,886	)	(170,110	)
Expired/Forfeited Grants	(152,958	)	(252,802	)	—
Stock Grants Outstanding December 31, 2014 at Target Achievement	237,045		265,701		688,041

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 2014		December 31 2013		December 31 2012
Expensed	$	2,645,000	$	161,000	$	5,054,000
Capitalized	95,000		294,000		392,000
	2,740,000		455,000		5,446,000
NDSI Plan	889,000		768,000		386,000
	$	3,629,000	$	1,223,000	$	5,832,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

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)	2014			2013			2012
Total provision:	$	2,697		$	2,086		$	2,723
Federal:
Current	$	2,289		(2,459		)	903
Deferred	(313		)	4,097			1,092
	1,976			1,638			1,995
State:
Current	603			231			67
Deferred	118			217			661
	721			448			728
	$	2,697		$	2,086		$	2,723

Reconciliation of income tax expense from statutory Federal income tax rate



($ in thousands)	2014			2013			2012
Income tax at statutory rate	$	2,912		$	2,139		$	2,382
State income taxes, net of Federal benefit	452			307			472
Oil and mineral depletion	(385		)	(450		)	(620		)
Valuation allowance - land contribution	—			—			—
Other, net	(282		)	90			489
Total provision	$	2,697		$	2,086		$	2,723

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)	2014		2013
Deferred income tax assets:
Accrued expenses	$	608	$	600
Deferred revenues	498		371
Capitalization of costs	2,746		2,151
Pension adjustment	4,502		2,923
Stock grant expense	2,936		2,660
State deferred taxes	200		2
Book deferred gains	1,711		1,416
Joint venture allocations	587		—
Provision for additional capitalized costs	1,003		1,003
Interest rate swap	954		—
Other	3		1,208
Total deferred income tax assets	$	15,748	$	12,334
Deferred income tax liabilities:
Deferred gains	$	1,390	$	1,390
Depreciation	4,228		3,495
Cost of sales allocations	1,252		1,252
Joint venture allocations	2,456		2,001
Straight line rent	947		1,006
Prepaid expenses	191		406
State deferred taxes	501		444
Other	207		296
Total deferred income tax liabilities	$	11,172	$	10,290
Net deferred income tax asset	$	4,576	$	2,044
Allowance for deferred tax assets	—		—
Net deferred taxes	$	4,576	$	2,044

Leases (Tables)

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Summary of building and improvements subject to commercial lease agreements

The following is a summary of Building and Improvements held for leases as of December 31, 2014:



Buildings and Improvements
Cost	$	7,942,000
Accumulated Depreciation	$	4,598,000

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:



	2014		2013		2012
Base rent	$	4,934,000	$	4,929,000	$	4,861,000
Percentage rent	$	422,000	$	1,213,000	$	707,000

Schedule of future minimum rental income

Future minimum rental income on commercial, communication and right-of-way on non-cancellable leases as of December 31, 2014:



2015		2016		2017		2018		2019		Thereafter
$	5,115	$	5,074	$	5,121	$	4,953	$	4,925	$	51,430

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2014

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 table sets forth changes in the plan's net benefit obligation and accumulated benefit information as of December 31:



($ in thousands)	2014			2013
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$	9,326		$	10,215
Service cost	248			359
Interest cost	392			402
Actuarial gain/assumption changes	2,804			(1,379		)
Benefits paid	(1,719		)	(271		)
Benefit obligation at end of year	$	11,051		$	9,326
Accumulated benefit obligation at end of year	$	9,473		$	8,427
Change in Plan Assets
Fair value of plan assets at beginning of year	$	8,633		$	6,799
Actual return on plan assets	407			1,105
Employer contribution	650			1,000
Benefits/expenses paid	(1,718		)	(271		)
Fair value of plan assets at end of year	$	7,972		$	8,633
Funded status - liability	$	(3,079	)	$	(693	)

Amounts recorded in equity
Net actuarial loss	$	4,453		$	1,961
Prior service cost	(119		)	(148		)
Total amount recorded	$	4,334		$	1,813
Amount recorded, net taxes	$	2,600		$	1,088

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 2014 and 2013 include the following components:



($ in thousands)	2014			2013
Net (gain)/loss	$	2,973		$	(1,867	)
Recognition of net actuarial gain or (loss)	(481		)	(282		)
Recognized prior service cost	29			28
Total changes	$	2,521		$	(2,121	)
Changes, net of taxes	$	1,511		$	(1,271	)

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)	$	312
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):



2015		2016		2017		2018		2019		2020 - 2022
$	175	$	197	$	288	$	338	$	358	$	2,121

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 Hierarchy	2014		2013
Pension Plan Assets:
Cash and Cash Equivalents	Level 1	$	858	$	1,336
Collective Funds	Level 2	3,575		3,851
Treasury/Corporate Notes	Level 2	1,372		1,357
Corporate Equities	Level 1	2,167		2,089
		$	7,972	$	8,633

Components of net periodic pension cost

Total pension and retirement expense was as follows for each of the years ended December 31:



($ in thousands)	2014			2013			2012
Cost components:
Service cost	$	(248	)	$	(359	)	$	(284	)
Interest cost	(392		)	(402		)	(375		)
Expected return on plan assets	576			542			454
Net amortization and deferral	(452		)	(253		)	(190		)
Total net periodic pension cost	$	(516	)	$	(472	)	$	(395	)

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)	2014			2013
Change in benefit obligation - SERP
Benefit obligation at beginning of year	$	6,131		$	6,507
Service cost	26			318
Interest cost	258			219
Actuarial gain/assumption changes	1,399			(913		)
Benefits paid	$	(383	)	$	—
Benefit obligation at end of year	$	7,431		$	6,131
Accumulated benefit obligation at end of year	$	6,937		$	6,099
Funded status - liability	$	(7,431	)	$	(6,131	)



($ in thousands)	2014		2013
Amounts recorded in stockholders’ equity
Net actuarial (gain)	$	2,072	$	696
Prior service cost	—		—
Total amount recorded	$	2,072	$	696
Amount recorded, net taxes	$	1,243	$	418

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 2014 and 2013 include the following components:



($ in thousands)	2014			2013
Net (gain) loss	$	1,399		$	(745	)
Recognition of net actuarial gain or (loss)	(23		)	(229		)
Total changes	$	1,376		$	(974	)
Changes, net of taxes	$	826		$	(584	)

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)	$	337

Schedule of expected annual benefit payments

Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands):



2015		2016		2017		2018		2019		2020 - 2022
$	438	$	434	$	448	$	444	$	440	$	2,116

Components of net periodic pension cost

Total pension and retirement expense was as follows for each of the years ended December 31:



($ in thousands)	2014		2013		2012
Cost components:
Service cost	$	26	$	318	$	525
Interest cost	258		219		208
Net amortization and deferral	23		229		287
Total net periodic pension cost	$	307	$	766	$	1,020

Business Segments (Tables)

12 Months Ended

Dec. 31, 2014

Reconciliation of revenues, segment profits (losses) and net income (loss)

December 31 are as follows:



($ in thousands)	2014			2013			2012
Revenues
Real estate—commercial/industrial	$	16,708		$	15,213		$	12,518
Real estate—resort/residential	148			279			(42		)
Mineral resources (1)	16,255			10,242			14,012
Farming	23,435			23,610			23,136
Segment revenues	56,546			49,344			49,624
Investment income	696			941			1,242
Other income	343			66			113
Total revenues and other income	$	57,585		$	50,351		$	50,979
Segment Profits (Losses)
Real estate—commercial/industrial	$	3,504		$	2,311		$	247
Real estate—resort/residential	(2,460		)	(1,952		)	(3,739		)
Mineral resources (1)	9,837			8,965			12,970
Farming	7,185			7,684			8,749
Segment profits (2)	18,066			17,008			18,227
Investment income	696			941			1,242
Other income	343			66			113
Interest expense	—			—			(12		)
Corporate expenses	(10,646		)	(11,826		)	(12,564		)
Income from operations before income taxes	$	8,459		$	6,189		$	7,006

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 Assets		Depreciation and Amortization		Capital Expenditures
2014
Real estate - commercial/industrial	$	80,646	$	1,098	$	8,952
Real estate - resort/residential	199,528		76		10,214
Mineral resources	47,434		1,351		—
Farming	34,464		1,633		4,701
Corporate	70,043		713		908
Total	$	432,115	$	4,871	$	24,775
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		1,587		3,379
Corporate	121,091		1,438		1,139
Total	$	327,856	$	4,954	$	20,669

Real estate - commercial/industrial

Real estate - resort/residential

The revenue components of the commercial/industrial real estate segment for the years ended December 31 are as follows:



($ in thousands)	2014		2013		2012
Commercial leases and related fees	$	6,156	$	6,799	$	6,095
Grazing leases	1,155		1,433		1,331
Land sale	508		—		648
All other land management ancillary services	3,560		2,916		1,867
	11,379		11,148		9,941
Equity in earnings of unconsolidated joint ventures	5,329		4,065		2,577
Revenues and equity in earnings of unconsolidated joint ventures	$	16,708	$	15,213	$	12,518

The revenue components of the resort/residential real estate land development segment for the year ended December 31 are as follows:



($ in thousands)	2014			2013			2012
Management fees	180			312			—
Other	3			26			—
	183			338			—
Equity in earnings of unconsolidated joint ventures	(35		)	(59		)	(42		)
Revenues and equity in earnings of unconsolidated joint ventures	$	148		$	279		$	(42	)

The following table summarizes these activities for each of the years ended December 31:



($ in thousands)	2014		2013		2012
Oil and gas	$	6,096	$	7,810	$	11,075
Rock aggregate	1,216		964		920
Cement	1,043		819		758
Land lease for oil exploration	198		648		1,257
Water sales	7,702		—		—
Other	—		1		2
	$	16,255	$	10,242	$	14,012

Farming segment

Equity Method Investments and Joint Ventures [Abstract]

The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The revenue components of the farming segment was as follows for each of the year ended December 31:



	2014		2013		2012
Almonds	$	10,036	$	10,857	$	8,898
Pistachios	7,585		7,537		8,644
Wine grapes	3,978		4,094		5,136
Hay	1,361		928		583
Total crop proceeds	22,960		23,416		23,261
Other farming revenues	475		194		(125		)
Total farming revenues	$	23,435	$	23,610	$	23,136

Investment in Unconsolidated and Consolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2014

Condensed statements of operations and balance sheet information of consolidated and unconsolidated joint ventures

Statement of Operations for the twelve months ending December 31, 2014



	UNCONSOLIDATED								CONSOLIDATED					CONSOLIDATED
($ in thousands)	Petro Travel Plaza Holdings		Five West Parcel		18-19 West LLC		TRCC/Rock Outlet Center		Tejon Mountain Village			Total		Centennial-VIE
Revenues	$	122,584	$	3,635	$	60	$	5,220	$	—		$	131,499	$	1,361
Net income (loss)	$	8,229	$	442	$	15	$	328	$	(70	)	$	8,944	$	415
Partner’s share of net income (loss)	$	3,291	$	221	$	8	$	164	$	(35	)	$	3,649	$	107
Equity in earnings (losses)	$	4,937	$	221	$	7	$	164	$	(35	)	$	5,294	$	—

Balance Sheet Information as of December 31, 2014



	UNCONSOLIDATED															CONSOLIDATED
($ in thousands)	Petro Travel Plaza Holdings			Five West Parcel			18-19 West LLC			TRCC/Rock Outlet Center			Total			Centennial-VIE
Current assets	$	18,960		$	3,834		$	5		$	2,302		$	25,101		$	651
Property and equipment, net	48,011			14,869			4,617			66,112			133,609			77,373
Other assets	181			67			—			19,624			19,872
Long-term debt	(15,808		)	(11,000		)	—			(45,449		)	(72,257		)
Other liabilities	(3,263		)	(440		)	(2		)	(4,616		)	(8,321		)	(158		)
Net assets	$	48,081		$	7,330		$	4,620		$	37,973		$	98,004		$	77,866

Statement of Operations for the twelve months ending December 31, 2013



	UNCONSOLIDATED														CONSOLIDATED
($ in thousands)	Petro Travel Plaza Holdings		Five West Parcel		18-19 West		TRCC/Rock Outlet Center			Tejon Mountain Village			Total		Centennial
Revenues	$	125,804	$	3,368	$	61	$	—		$	—		$	129,233	$	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 Plaza Holdings			Five West Parcel			18-19 West		TRCC/Rock Outlet Center			Tejon Mountain Village			Total			Centennial
Current assets	$	14,832		$	813		$	10	$	2,428		$	—		$	18,083		$	86
Property and equipment, net	43,950			16,980			4,514		24,633			99,690			189,767			74,968
Other assets	208			438			—		2,161			—			2,807			—
Long-term debt	(16,602		)	(11,000		)	—		—			—			(27,602		)	—
Other liabilities	(2,536		)	(343		)	—		(8,577		)	(168		)	(11,624		)	(204		)
Net assets	$	39,852		$	6,888		$	4,524	$	20,645		$	99,522		$	171,431		$	74,850

Unaudited Quarterly Operating Results (Tables)

12 Months Ended

Dec. 31, 2014

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 Revenue (1)		Segment Profit (Loss)		Net Income (Loss) attributable to Common Stockholders			Net Income(Loss), Per Share attributable to Common Stockholders (2)
2014
First Quarter	$	14,760	$	4,095	$	1,113		$	0.05
Second Quarter	8,526		2,244		874			$	0.04
Third Quarter	14,056		3,319		1,752			$	0.09
Fourth Quarter	14,949		3,114		1,916			$	0.09
	$	52,291	$	12,772	$	5,655
2013
First Quarter	$	10,038	$	3,921	$	615		$	0.04
Second Quarter	7,727		1,825		2,084			$	0.10
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

_______________________________

(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 Accounting Policies - Credit Risk (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Revenue \| Customer concentration risk \| Stockdale Oil and Gas
Concentration Risk [Line Items]
Percentage of revenue from continuing operations	10.00%	15.00%

Summary of Significant Accounting Policies - Property and Equipment (Details) a in Thousands	12 Months Ended
	Dec. 31, 2014 a aft mi	Dec. 31, 2013 aft
Property, Plant and Equipment [Line Items]
Area of Land \| a	270
Long-term Water Assets (Volume) \| aft	49,461	48,383
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
Los Angeles, California
Property, Plant and Equipment [Line Items]
Property Border, Distance to Major City	60
Bakersfield, California
Property, Plant and Equipment [Line Items]
Property Border, Distance to Major City	15

Summary of Significant Accounting Policies - Vineyards and Orchards (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue from External Customer [Line Items]
Farming revenue adjustments for differences between original estimates and actual revenues received			$ 4,132,000	$ 3,328,000	$ 2,668,000
Prior year amortization reclassification adjustment	$ 0	$ 1,014,000	815,000	708,000
Pistachios
Revenue from External Customer [Line Items]
Farming revenue adjustments for differences between original estimates and actual revenues received			1,458,000	1,326,000	1,676,000
Almonds
Revenue from External Customer [Line Items]
Farming revenue adjustments for differences between original estimates and actual revenues received			2,674,000	2,002,000	992,000
Hay sales - Centennial operations
Revenue from External Customer [Line Items]
Prior year amortization reclassification adjustment			$ 1,361,000	$ 928,000	$ 583,000

Summary of Significant Accounting Policies - Reclassifcation Adjustments (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Reclassification adjustment	$ 0	$ 1,014,000	$ 815,000	$ 708,000
Water assets sales price		7,702,000	7,702,000
Cost of purchased water		$ 4,523,000	4,523,000
Adjustments from APIC to other liabilities			$ 1,065,000
Pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Reclassification adjustment				$ 989,000

Equity - Earnings Per Share (EPS) (Details) - shares	12 Months Ended
Equity - Earnings Per Share (EPS) (Details) - shares	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common stock	20,595,422	20,190,245	20,043,862
Common stock equivalents-stock options, grants	37,033	195,310	75,114
Diluted shares outstanding	20,632,455	20,385,555	20,118,976

- (Equity Method Investments) (Details)	Aug. 07, 2013 $ / shares shares	Dec. 31, 2014 $ / shares	Dec. 31, 2013 $ / shares
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
Schedule of Equity Method Investments [Line Items]
Exercise price	$ 40.00
Number of securities called by warrants \| shares	3,000,000

Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Summary of available-for-sale securities
Available-for-sale securities, Cost	$ 42,112	$ 55,200
Available-for-sale securities, Estimated Fair Value	42,140	55,436
Level 1 \| Certificates of deposit
Summary of available-for-sale securities
Unrecognized losses for less than 12 months, Cost	2,522	1,690
Unrecognized losses for less than 12 months, Estimated Fair value	2,492	1,677
Unrecognized losses for more than 12 months, Cost	837	110
Unrecognized losses for more than 12 months, Estimated Fair value	832	110
Unrecognized gains, Cost	5,379	6,298
Unrecognized gains, Estimated Fair value	5,395	6,334
Available-for-sale securities, Cost	8,738	8,098
Available-for-sale securities, Estimated Fair Value	8,719	8,121
Level 2 \| U.S. Treasury and agency notes
Summary of available-for-sale securities
Unrecognized losses for less than 12 months, Cost	1,919	4,672
Unrecognized losses for less than 12 months, Estimated Fair value	1,910	4,664
Unrecognized losses for more than 12 months, Cost	702	1,699
Unrecognized losses for more than 12 months, Estimated Fair value	700	1,694
Unrecognized gains, Cost	1,182	3,713
Unrecognized gains, Estimated Fair value	1,207	3,760
Available-for-sale securities, Cost	3,803	10,084
Available-for-sale securities, Estimated Fair Value	3,817	10,118
Level 2 \| Corporate notes
Summary of available-for-sale securities
Unrecognized losses for less than 12 months, Cost	3,872	7,270
Unrecognized losses for less than 12 months, Estimated Fair value	3,841	7,192
Unrecognized losses for more than 12 months, Cost	4,423	530
Unrecognized losses for more than 12 months, Estimated Fair value	4,405	523
Unrecognized gains, Cost	16,897	21,945
Unrecognized gains, Estimated Fair value	16,963	22,173
Available-for-sale securities, Cost	25,192	29,745
Available-for-sale securities, Estimated Fair Value	25,209	29,888
Level 2 \| Municipal notes
Summary of available-for-sale securities
Unrecognized losses for less than 12 months, Cost	739	1,688
Unrecognized losses for less than 12 months, Estimated Fair value	733	1,677
Unrecognized losses for more than 12 months, Cost	457	318
Unrecognized losses for more than 12 months, Estimated Fair value	456	316
Unrecognized gains, Cost	3,183	5,267
Unrecognized gains, Estimated Fair value	3,206	5,316
Available-for-sale securities, Cost	4,379	7,273
Available-for-sale securities, Estimated Fair Value	$ 4,395	$ 7,309

Marketable Securities - Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Summary of maturities, at par, of marketable securities
2015	$ 17,082	$ 17,166
2016	10,040	19,791
2017	9,328	10,040
2018	4,778	6,842
Total	41,228	53,839
Certificates of deposit
Summary of maturities, at par, of marketable securities
2015	4,213	1,627
2016	1,501	4,213
2017	831	1,501
2018	2,149	681
Total	8,694	8,022
U.S. Treasury and agency notes
Summary of maturities, at par, of marketable securities
2015	1,176	5,485
2016	600	3,336
2017	1,209	600
2018	879	692
Total	3,864	10,113
Corporate notes
Summary of maturities, at par, of marketable securities
2015	9,588	6,729
2016	6,704	10,037
2017	6,498	6,704
2018	1,625	5,174
Total	24,415	28,644
Municipal notes
Summary of maturities, at par, of marketable securities
2015	2,105	3,325
2016	1,235	2,205
2017	790	1,235
2018	125	295
Total	$ 4,255	$ 7,060

Marketable Securities - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Fair market value of investment securities exceeds cost basis	$ 28,000
Other-than-temporary impairments recorded for securities	0
Changes in unrealized gains on available for sale securities, taxes	(208,000)	$ (348,000)	$ 182,000
Estimated taxes of change in value of available-for-sale securities	83,000
Gross unrealized holding gains	130,000
Gross unrealized holding losses	$ 102,000

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Inventories consist of:
Farming inventories	$ 3,844	$ 3,334
Other	254	176
Inventories	$ 4,098	$ 3,510

Property and Equipment - Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Property and equipment, net, consists of:
Property and equipment, gross	$ 331,392	$ 191,922
Less accumulated depreciation	(48,418)	(45,380)
Property and equipment, net	282,974	146,542
Land and land improvements
Property and equipment, net, consists of:
Property and equipment, gross	16,765	16,439
Building and improvements
Property and equipment, net, consists of:
Property and equipment, gross	13,300	13,346
Machinery, water pipelines, furniture, fixtures, and other equipment
Property and equipment, net, consists of:
Property and equipment, gross	16,876	15,885
Vineyards and orchards
Property and equipment, net, consists of:
Property and equipment, gross	46,674	37,752
Development in process
Property and equipment, net, consists of:
Property and equipment, gross	$ 237,777	$ 108,500

Property and Equipment - Land Sales (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Property, Plant and Equipment [Line Items]
Retail Land Sales, Gain	$ 1,145
Land sale, sale price	1,268
Gain recognized in the period	458
Deferred gain on sale of property	$ 687
Petro Travel Plaza Holdings LLC
Property, Plant and Equipment [Line Items]
Percentage of voting interests	50.00%
Ownership percentage	60.00%
Development in process
Property, Plant and Equipment [Line Items]
Asset purchase, increase in development in process	$ 101,648

Long Term Water Assets - Future Amortization (Details) - SWP contracts $ in Thousands	Dec. 31, 2014 USD ($)
Long Lived Assets Held For Sale [Line Items]
Water contract future amortization (Year 1)	$ 1,351
Water contract future amortization (Year 2)	1,351
Water contract future amortization (Year 3)	1,351
Water contract future amortization (Year 4)	1,351
Water contract future amortization (Year 5)	$ 1,351

Long Term Water Assets - Volume of Water Assets (Details)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

USD ($)

aft

Sep. 30, 2014

USD ($)

aft

Dec. 31, 2015

$ / acre_foot

Dec. 31, 2014

USD ($)

aft

$ / acre_foot

Dec. 31, 2013

aft

Sep. 30, 2013

aft

Dec. 31, 2009

aft

Dec. 31, 2008

aft

Contract renewal optional term

35 years

Cost of purchased water | $

$ 4,523

Water assets, water sold (volume)

6,250

Water assets sales price | $

$ 7,702

Water Contracts

10,137

Long Term Water Assets, Contracts with Company

48,383

49,461

48,383

112,094

109,158

112,094

AVEK

AVEK water for future delivery

AVEK water bank

12,280

13,033

12,280

6,393

8,393

Company water bank

8,818

8,700

8,818

2,362

Banked water and water for future delivery

23,460

24,095

23,460

Transferable water

^[1]

14,786

15,229

14,786

14,786

SWP contracts

AVEK water for future delivery

3,444

DMB Pacific LLC

Cost of purchased water | $

$ 18,700

Cost of purchased water, area | $ / acre_foot

656

Wheeler Ridge Maricopa Water Storage District

Tejon-Castac Water District

Water Contracts

15,547

Banked water and water for future delivery

42,685

38,401

42,685

Water Contracts

5,479

5,749

5,479

Transferable water | AVEK

Long-term Water Assets, Transferrable Water Factor

22,179

1.5

Transferable water | DMB Pacific LLC

6,693

SWP contracts

Water contract future amortization | $

$ 1,351

Common Stock

Common stock issued for water purchase (in shares) | shares

251,876

Maximum | DMB Pacific LLC

Annual fee increase, percent

3.00%

Scenario, Forecast | DMB Pacific LLC

Cost of purchased water, area | $ / acre_foot

675

[1]

14,786 acre-feet of 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, 2014 December 31, 2013Banked water and water for future delivery$4,779 $4,779Transferable water9,309 8,988Water Contracts (net of accumulated amortization of $4,188 and $2,837 at December 31, 2014 and December 2013, respectively)32,612 33,804Total long-term assets46,700 47,571less: Current portion(1,351) (817) $45,349 $46,754

Long Term Water Assets - Value of Water Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Components of water assets
Total long-term assets	$ 46,700	$ 47,571
less: Current portion	(1,351)	(817)
Long-term water assets	45,349	46,754
Banked water and water for future delivery
Components of water assets
Total long-term assets	4,779	4,779
Transferable water
Components of water assets
Total long-term assets	9,309	8,988
SWP contracts
Components of water assets
Total long-term assets	32,612	33,804
Accumulated amortization	$ 4,188	$ 2,837

Accrued Liabilities and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Payables and Accruals [Abstract]
Accrued vacation	$ 799	$ 673
Accrued paid personal leave	613	619
Accrued bonus	1,023	677
Other	339	678
Total	$ 2,774	$ 2,647

Line-of-Credit and Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Long-term debt consists of:
Revolving line of credit	$ 6,850	$ 0
Total short-term and long-term debt	81,309	4,693
Less line-of-credit and current maturities of long-term debt	(7,094)	(234)
Long-term debt, less current portion	74,215	4,459
Note payable to a bank
Long-term debt consists of:
Revolving line of credit	6,850	0
Notes payable	$ 74,459	$ 4,693

The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Line-of-Credit and Long-term Debt - Line of Credit (Details)	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 30, 2013 USD ($)
Line of Credit Facility [Line Items]
Interest rate swap, fixed rate	4.11%
Commitment fee percentage	0.01%
Face amount			$ 4,750,000
Stated percentage			4.25%
Term loan
Line of Credit Facility [Line Items]
Line of credit amount	$ 70,000,000
Interest only payment period	2 years
Term loan \| Selected LIBOR rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.17%
Revolving line of credit
Line of Credit Facility [Line Items]
Line of credit amount	$ 30,000,000
Line of credit outstanding balance	6,850,000	$ 0
Minimum tangible net worth required		225,000,000
Liquid assets	$ 20,000,000	$ 25,000,000
Revolving line of credit \| Maximum
Line of Credit Facility [Line Items]
Total liabilities divided by tangible net worth, not greater than	0.75
Revolving line of credit \| Minimum
Line of Credit Facility [Line Items]
Debt service coverage ratio, not less than	1.25
Revolving line of credit \| Selected LIBOR rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Revolving line of credit \| LIBOR for a fixed rate term
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Other	$ 0	$ 387
Share-based awards liability (See Note11)	1,065	0
Other liabilities	13,802	7,211
Pension plan
Pension liability and SERP liability (See Note 15)	3,079	693
SERP
Pension liability and SERP liability (See Note 15)	7,431	6,131
Interest Rate Swap \| Other Liabilities \| Level 2
Interest rate swap liability (See Note 10)	$ 2,227	$ 0

Interest Rate Swap Liability (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Derivatives, Fair Value [Line Items]
Weighted Average Interest Pay Rate	4.11%
Interest Rate Swap \| Level 2 \| Other Liabilities
Derivatives, Fair Value [Line Items]
Weighted Average Interest Pay Rate	4.11%
Fair Value as of 12/31/2014	$ (2,227)
Notional Amount as of 12/31/2014	$ 70,000

Stock Compensation - Restricted Stock and Performance Share Grants - Performance Share Grants (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized				$ 4,878
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition				25 months
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent		$ 0		$ 1,065
Performance share grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Below threshold performance				0
Performance share grants \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshhold and target performance				79,390
Performance share grants \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshhold and target performance				148,728
Maximum performance				268,049
Tejon Mountain Village LLC \| 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
Restricted Stock Units (RSUs) \| 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, Modifications in Period	133,890
New Stock Grants/Additional shares due to maximum achievement	89,837
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Modifications, Annual Cost				$ 1,109
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Modifications Aggregate Fair Value				$ 5,702

Stock Compensation - Restricted Stock and Performance Share Grants - Summary of Stock Grant Activity (Details) - Stock Grants - shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of stock grant activity:
Stock Grants Outstanding Beginning of the Year at Target Achievement	265,701		688,041
New Stock Grants/Additional shares due to maximum achievement	165,996	192,348	113,643
Vested Grants	(41,694)	(361,886)	(170,110)
Expired/Forfeited Grants	(152,958)	(252,802)	0
Stock Grants Outstanding December 31, 2014 at Target Achievement	237,045	265,701

Stock Compensation - Restricted Stock and Performance Share Grants - Compensation Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs	$ 3,629	$ 1,223	$ 5,832
1998 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs, expensed	2,645	161	5,054
Stock compensation costs, capitalized	95	294	392
Stock compensation costs	2,740	455	5,446
NDSI Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs, expensed	$ 889	$ 768	$ 386

Income Taxes - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Federal:
Current	$ 2,289	$ (2,459)	$ 903
Deferred	(313)	4,097	1,092
Federal	1,976	1,638	1,995
Current
Current	603	231	67
Deferred	118	217	661
State	721	448	728
Total provision	$ 2,697	$ 2,086	$ 2,723

Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
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	$ 2,912	$ 2,139	$ 2,382
State income taxes, net of Federal benefit	452	307	472
Oil and mineral depletion	(385)	(450)	(620)
Valuation allowance - land contribution	0	0	0
Other, net	(282)	90	489
Total provision	$ 2,697	$ 2,086	$ 2,723

Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Deferred income tax assets:
Accrued expenses	$ 608	$ 600
Deferred revenues	498	371
Capitalization of costs	2,746	2,151
Pension adjustment	4,502	2,923
Stock grant expense	2,936	2,660
State deferred taxes	200	2
Book deferred gains	1,711	1,416
Joint venture allocations	587	0
Provision for additional capitalized costs	1,003	1,003
Interest rate swap	954	0
Other	3	1,208
Total deferred income tax assets	15,748	12,334
Deferred income tax liabilities:
Deferred gains	1,390	1,390
Depreciation	4,228	3,495
Cost of sales allocations	1,252	1,252
Joint venture allocations	2,456	2,001
Straight line rent	947	1,006
Prepaid expenses	191	406
State deferred taxes	501	444
Other	207	296
Total deferred income tax liabilities	11,172	10,290
Net deferred income tax asset	4,576	2,044
Allowance for deferred tax assets	0	0
Net deferred taxes	$ 4,576	$ 2,044

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
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	$ 0	$ 3
Income tax payments	1,100	15
Federal tax refunds received	$ 3,484	$ 0

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of income from commercial rents included in real estate revenue:
Base rent	$ 4,934	$ 4,929	$ 4,861
Percentage rent	422	$ 1,213	$ 707
Future minimum rental income on commercial, communication and right-of-way leases:
2014	5
2015	5
2016	5
2017	5
2018	5
Thereafter	$ 51
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	$ 4,598

Commitments and Contingencies (Details)		12 Months Ended
Commitments and Contingencies (Details)	Nov. 10, 2009 defendant	Dec. 31, 2014 USD ($) a aft district facility	Dec. 31, 2013 aft	Sep. 30, 2013 USD ($)
Commitment and Contingencies Disclosure [Line Items]
Capital Leases, Future Minimum Payments Due		$ 7,900,000
Long-term Water Assets (Volume) \| aft		49,461	48,383
Estimated future minimum annual payments		$ 800,000
Number of Community Facility Districts \| facility		2
Additional bond debt authorized to be sold in future				$ 4,750,000
Letter of credit period		2 years
Letter of credit renewal period		2 years
Special taxes paid		$ 933,000
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 \| a		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 \| a		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		$ 4,971,000
Affiliated Entity
Commitment and Contingencies Disclosure [Line Items]
Loss Contingency, Number of Defendants \| defendant	2
DMB Pacific LLC \| Transferable water
Commitment and Contingencies Disclosure [Line Items]
Long-term Water Assets (Volume) \| aft		6,693
Rosedale Rio Bravo and Buena Vista Water Storage Districts
Commitment and Contingencies Disclosure [Line Items]
Number of Community Facility Districts \| district		2

Retirement Plans - Change in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Pension plan
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$ 9,326		$ 10,215
Service cost	248	$ 359	284
Interest cost	392	402	375
Actuarial gain/assumption changes	2,804	(1,379)
Benefits paid	(1,719)	(271)
Benefit obligation at end of year	11,051	9,326
Accumulated benefit obligation at end of year	9,473	8,427
Change in Plan Assets
Fair value of plan assets at beginning of year	8,633		6,799
Actual return on plan assets	407	1,105
Employer contribution	650	1,000
Benefits/expenses paid	(1,718)	(271)
Fair value of plan assets at end of year	7,972	8,633
Funded status - liability	(3,079)	(693)
Amounts recorded in stockholders’ equity
Net actuarial (gain) loss	4,453	1,961
Prior service cost	(119)	(148)
Total amount recorded	4,334	1,813
Amount recorded, net taxes	2,600	1,088
SERP
Change in benefit obligation - Pension
Benefit obligation at beginning of year	6,131		6,507
Service cost	26	318	525
Interest cost	258	219	$ 208
Actuarial gain/assumption changes	1,399	(913)
Benefits paid	(383)	0
Benefit obligation at end of year	7,431	6,131
Accumulated benefit obligation at end of year	6,937	6,099
Change in Plan Assets
Funded status - liability	(7,431)	(6,131)
Amounts recorded in stockholders’ equity
Net actuarial (gain) loss	2,072	696
Prior service cost	0	0
Total amount recorded	2,072	696
Amount recorded, net taxes	$ 1,243	$ 418

Retirement Plans - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Total changes	$ (407)	$ 0	$ 0
Pension plan
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain)/loss	2,973	(1,867)
Recognition of net actuarial gain or (loss)	(481)	(282)
Recognized prior service cost	29	28
Total changes	2,521	(2,121)
Changes, net of taxes	1,511	(1,271)
SERP
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain)/loss	1,399	(745)
Recognition of net actuarial gain or (loss)	(23)	(229)
Total changes	1,376	(974)
Changes, net of taxes	$ 826	$ (584)

Retirement Plans - Amounts Expected to be Recognized as Components of Net Periodic Pension Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
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)	$ 312
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)	$ 337

Retirement Plans - Expected Annual Benefit Payments (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Pension plan
Expected annual benefit payments based on actuarial estimates:
2015	$ 175
2016	197
2017	288
2018	338
2019	358
2020 - 2022	2,121
SERP
Expected annual benefit payments based on actuarial estimates:
2015	438
2016	434
2017	448
2018	444
2019	440
2020 - 2022	$ 2,116

Retirement Plans - Fair Value of Plan Assets by Investment Type (Details) - Pension plan - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 7,972	$ 8,633	$ 6,799
Cash and Cash Equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	858	1,336
Collective Funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,575	3,851
Treasury/Corporate Notes \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,372	1,357
Corporate Equities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,167	$ 2,089

Retirement Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Pension plan
Cost components:
Service cost	$ (248)	$ (359)	$ (284)
Interest cost	(392)	(402)	(375)
Expected return on plan assets	576	542	454
Net amortization and deferral	452	253	190
Total net periodic pension cost	516	472	395
SERP
Cost components:
Service cost	(26)	(318)	(525)
Interest cost	(258)	(219)	(208)
Net amortization and deferral	23	229	287
Total net periodic pension cost	$ 307	$ 766	$ 1,020

Retirement Plans - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Estimated contribution to the pension plan in 2015	$ 600
401(k) pan:
Employer contribution to the plan	$ 122	$ 98
Pension plan
Current investment policy targets:
Equity and debt investment fluctuations by plus or minus	20.00%
Assumptions used in determining periodic pension cost:
Rate of increase in periodic pension costs	4.30%	4.30%
Weighted-average discount rate	5.00%	4.30%
Expected long-term rate of return on plan assets	7.50%	7.50%
Pension plan \| Equities
Current investment policy targets:
Current investment policy target	65.00%
Current investment policy target, maximum	78.00%
Current investment policy target, minimum	52.00%
Current investment mix	59.00%	54.00%
Pension plan \| Treasury/Corporate Notes
Current investment policy targets:
Current investment policy target	25.00%
Current investment mix	30.00%	30.00%
Pension plan \| Money market funds
Current investment policy targets:
Current investment policy target	10.00%
Current investment mix	11.00%	16.00%
SERP
Assumptions used in determining actuarial present value of projected benefits obligation:
Weighted-average discount rate	3.85%	4.35%	3.45%
Rate of increase in future compensation levels	3.50%	3.50%	3.50%

Business Segments - Reconciliation of Reveunes, Segment Profits (Losses) and Net Income (Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

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, 2014

Dec. 31, 2013

Dec. 31, 2012

Revenues

Total revenues and other income

$ 51,252

$ 45,338

$ 47,089

Investment income

696

941

1,242

Other income

343

113

Interest expense

(12)

^[1]

$ 14,949

$ 14,056

$ 8,526

$ 14,760

$ 13,216

$ 15,364

$ 7,727

$ 10,038

52,291

46,345

2,126

1,176

3,128

Equity in earnings (losses)

(49,126)

(44,162)

(43,961)

5,294

4,006

2,535

Income before income tax expense

8,459

6,189

7,006

Reportable Segment

Revenues

Total revenues and other income

56,546

49,344

49,624

57,585

50,351

50,979

Real estate - commercial/industrial

^[2]

18,066

17,008

18,227

Revenues

Revenues and Income (Loss) from Equity Method Investments

16,708

15,213

12,518

11,379

11,148

9,941

3,504

2,311

247

Equity in earnings (losses)

(13,204)

(12,902)

(12,271)

5,329

4,065

2,577

Real estate- resort/residential

Revenues

Revenues and Income (Loss) from Equity Method Investments

148

279

(42)

183

338

(2,460)

(1,952)

(3,739)

(2,608)

(2,231)

(3,697)

Revenues

^[3]

16,255

10,242

14,012

^[3]

9,837

8,965

12,970

(6,418)

(1,277)

(1,042)

Farming

Revenues

23,435

23,610

23,136

7,185

7,684

8,749

(16,250)

(15,926)

(14,387)

Corporate expenses

$ (10,646)

$ (11,826)

$ (12,564)

[1]	Includes investment income and other income.
[2]	Segment profits are revenues from operations plus equity in earnings of unconsolidated joint ventures, less operating expenses, excluding investment income and expense, corporate expenses, 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 Components of Real Estate Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue from External Customer [Line Items]
Segment revenues	$ 51,252	$ 45,338	$ 47,089
Equity in earnings of unconsolidated joint ventures, net	5,294	4,006	2,535
Real estate - commercial/industrial
Revenue from External Customer [Line Items]
Segment revenues	11,379	11,148	9,941
Equity in earnings of unconsolidated joint ventures, net	5,329	4,065	2,577
Revenues and Income (Loss) from Equity Method Investments	16,708	15,213	12,518
Real estate - commercial/industrial \| Commercial leases
Revenue from External Customer [Line Items]
Segment revenues	6,156	6,799	6,095
Real estate - commercial/industrial \| Grazing leases
Revenue from External Customer [Line Items]
Segment revenues	1,155	1,433	1,331
Real estate - commercial/industrial \| Land sale
Revenue from External Customer [Line Items]
Segment revenues	508	0	648
Real estate - commercial/industrial \| All other land management ancillary services
Revenue from External Customer [Line Items]
Segment revenues	3,560	2,916	1,867
Real estate - resort/residential
Revenue from External Customer [Line Items]
Segment revenues	183	338	0
Equity in earnings of unconsolidated joint ventures, net	(35)	(59)	(42)
Revenues and Income (Loss) from Equity Method Investments	148	279	(42)
Real estate - resort/residential \| Management fees
Revenue from External Customer [Line Items]
Segment revenues	180	312	0
Real estate - resort/residential \| Other
Revenue from External Customer [Line Items]
Segment revenues	$ 3	$ 26	$ 0

Business Segments - Revenue Components of Mineral Resources Segment (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

$ 51,252

$ 45,338

$ 47,089

Decrease in revenues, percent

Decrease in Revenues

$ 6,013

59.00%

Decrease in royalties revenues

^[1]

$ 16,255

10,242

14,012

$ 3,401

Decrease in production, percent

29.00%

Decrease in price per barrel, percent

3.00%

Mineral resources | Oil and gas

Mineral resources | Rock aggregate

$ 6,096

7,810

11,075

Mineral resources | Cement

1,216

964

920

Mineral resources | Land lease for oil exploration

1,043

819

758

Mineral resources | Water sales

198

648

1,257

Mineral resources | Other

7,702

Selected Quarterly Financial Information [Abstract]

$ 0

$ 1

$ 2

[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 - Revenue Components of Farming Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue from External Customer [Line Items]
Total revenues	$ 51,252	$ 45,338	$ 47,089
Farming segment
Revenue from External Customer [Line Items]
Total revenues	23,435	23,610	23,136
Farming segment \| Almonds
Revenue from External Customer [Line Items]
Total revenues	10,036	10,857	8,898
Farming segment \| Pistachios
Revenue from External Customer [Line Items]
Total revenues	7,585	7,537	8,644
Farming segment \| Wine grapes
Revenue from External Customer [Line Items]
Total revenues	3,978	4,094	5,136
Farming segment \| Hay
Revenue from External Customer [Line Items]
Total revenues	1,361	928	583
Farming segment \| Total crop proceeds
Revenue from External Customer [Line Items]
Total revenues	22,960	23,416	23,261
Farming segment \| Other farming revenues
Revenue from External Customer [Line Items]
Total revenues	$ 475	$ 194	$ (125)

Business Segments - Information Pretaining to Assets of Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Information pretaining to assets of the business segments
Identifiable assets	$ 432,115	$ 342,879		$ 327,856
Other Depreciation and Amortization	4,871	4,226	$ 4,954
Depreciation and amortization	4,871	4,226	4,954
Capital expenditures	24,775	21,558	20,669
Real estate - commercial/industrial
Information pretaining to assets of the business segments
Identifiable assets	80,646	58,390		57,151
Depreciation and amortization	1,098	1,205	1,852
Capital expenditures	8,952	12,296	11,672
Real estate- resort/residential
Information pretaining to assets of the business segments
Identifiable assets	199,528	124,568		118,627
Depreciation and amortization	76	78	77
Capital expenditures	10,214	2,957	4,479
Mineral resources
Information pretaining to assets of the business segments
Identifiable assets	47,434	1,063		1,449
Depreciation and amortization	1,351	0	0
Capital expenditures	0	0	0
Farming
Information pretaining to assets of the business segments
Identifiable assets	34,464	31,925		29,538
Depreciation and amortization	1,633	1,465	1,587
Capital expenditures	4,701	5,733	3,379
Corporate expenses
Information pretaining to assets of the business segments
Identifiable assets	70,043	126,933		$ 121,091
Depreciation and amortization	713	1,478	1,438
Capital expenditures	$ 908	$ 572	$ 1,139

Investment in Unconsolidated and Consolidated Joint Ventures - Investment Information (Details) ft² in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2013 USD ($) a	Dec. 31, 2014 USD ($) a ft² joint_venture	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Jun. 30, 2012 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 32,604,000	$ 62,604,000
Equity in earnings (losses)		$ 5,294,000	4,006,000	$ 2,535,000
Number of joint venture contracts \| joint_venture		3
Development of land in TRCC including pursuing Foreign Trade Zone \| a		270,000
Long-term Debt		$ (81,309,000)	(4,693,000)
Line of Credit
Schedule of Equity Method Investments [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		52,000,000
Petro Travel Plaza Holdings LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses)		$ 4,937,000	3,925,000
Ownership percentage		60.00%
Unconsolidated joint ventures, voiting rights		50.00%
Long-term Debt		$ (15,808,000)	(16,602,000)
Investment in unconsolidated joint ventures		16,448,000
Tejon Mountain Village LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses)		$ (35,000)	(59,000)
Long-term Debt			0
Rockefeller Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 335,000
Number of joint venture contracts \| joint_venture		2
Number of acres for development \| a		91
Development of land in TRCC including pursuing Foreign Trade Zone \| a		500
Investment in unconsolidated joint ventures		$ 16,156,000
Five West Parcel LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses)		$ 221,000	13,000
Ownership percentage		50.00%
Area of building owned and leased \| ft²		606
Long-term Debt		$ (11,000,000)	(11,000,000)
18-19 West LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses)		$ 7,000	27,000
Ownership percentage		50.00%
Long-term Debt		$ 0	0
Number of acres for development \| a		61.5
TRCC-East [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 87,000,000
Number of acres for development \| a	326,000.0
Equity Method Investment, Aggregate Cost					$ 2,159,000
TRCC/Rock Outlet Center
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 0
Equity in earnings (losses)		$ 164,000	100,000
Long-term Debt		(45,449,000)	0
Investment in unconsolidated joint ventures	$ 10,558,000
Centennial Founders, LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses)		$ 0	0
Consolidated joint venture, ownership interest		74.05%
Long-term Debt			$ 0

Investment in Unconsolidated and Consolidated Joint Ventures - Condensed Statements of Operations and Balance Sheet Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Operations
Equity in earnings (losses)	$ 5,294	$ 4,006	$ 2,535
Balance Sheet Information
Current assets	65,927	83,244
Property and equipment, net	282,974	146,542
Long-term debt	(81,309)	(4,693)
Unconsolidated Properties [Member]
Statement of Operations
Revenues	131,499	129,233
Net income (loss)	8,944	5,646
Partner’s share of net income (loss)	3,649	2,208
Equity in earnings (losses)	5,294	4,006
Balance Sheet Information
Current assets	25,101	18,083
Property and equipment, net	133,609	189,767
Other assets	19,872	2,807
Long-term debt	(72,257)	(27,602)
Other liabilities	(8,321)	(11,624)
Net assets	98,004	171,431
Petro Travel Plaza Holdings LLC
Statement of Operations
Revenues	122,584	125,804
Net income (loss)	8,229	6,154
Partner’s share of net income (loss)	3,291	2,462
Equity in earnings (losses)	4,937	3,925
Balance Sheet Information
Current assets	18,960	14,832
Property and equipment, net	48,011	43,950
Other assets	181	208
Long-term debt	(15,808)	(16,602)
Other liabilities	(3,263)	(2,536)
Net assets	48,081	39,852
Five West Parcel LLC
Statement of Operations
Revenues	3,635	3,368
Net income (loss)	442	26
Partner’s share of net income (loss)	221	13
Equity in earnings (losses)	221	13
Balance Sheet Information
Current assets	3,834	813
Property and equipment, net	14,869	16,980
Other assets	67	438
Long-term debt	(11,000)	(11,000)
Other liabilities	(440)	(343)
Net assets	7,330	6,888
18-19 West LLC
Statement of Operations
Revenues	60	61
Net income (loss)	15	55
Partner’s share of net income (loss)	8	28
Equity in earnings (losses)	7	27
Balance Sheet Information
Current assets	5	10
Property and equipment, net	4,617	4,514
Other assets	0	0
Long-term debt	0	0
Other liabilities	(2)	0
Net assets	4,620	4,524
TRCC/Rock Outlet Center
Statement of Operations
Revenues	5,220	0
Net income (loss)	328	(470)
Partner’s share of net income (loss)	164	(235)
Equity in earnings (losses)	164	100
Balance Sheet Information
Current assets	2,302	2,428
Property and equipment, net	66,112	24,633
Other assets	19,624	2,161
Long-term debt	(45,449)	0
Other liabilities	(4,616)	(8,577)
Net assets	37,973	20,645
Tejon Mountain Village LLC
Statement of Operations
Revenues	0	0
Net income (loss)	(70)	(119)
Partner’s share of net income (loss)	(35)	(60)
Equity in earnings (losses)	(35)	(59)
Balance Sheet Information
Current assets		0
Property and equipment, net		99,690
Other assets		0
Long-term debt		0
Other liabilities		(168)
Net assets		99,522
Centennial Founders, LLC
Statement of Operations
Revenues	1,361	935
Net income (loss)	415	(223)
Partner’s share of net income (loss)	107	(62)
Equity in earnings (losses)	0	0
Balance Sheet Information
Current assets	651	86
Property and equipment, net	77,373	74,968
Other assets		0
Long-term debt		0
Other liabilities	(158)	(204)
Net assets	$ 77,866	$ 74,850

Unaudited Quarterly Operating Results (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

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, 2014

Dec. 31, 2013

Dec. 31, 2012

Total Revenue

^[1]

$ 14,949

$ 14,056

$ 8,526

$ 14,760

$ 13,216

$ 15,364

$ 7,727

$ 10,038

$ 52,291

$ 46,345

Net Income (Loss) attributable to Common Stockholders

$ 1,916

$ 1,752

$ 874

$ 1,113

$ (826)

$ 2,292

$ 2,084

$ 615

$ 5,655

$ 4,165

$ 4,441

Net Income(Loss), Per Share attributable to Common Stockholders, in dollars per share

$ 0.09

^[2]

$ 0.09

^[2]

$ 0.04

^[2]

$ 0.05

^[2]

$ (0.04)

^[2]

$ 0.11

^[2]

$ 0.10

^[2]

$ 0.04

^[2]

$ 0.27

$ 0.20

$ 0.22

Reportable Segment

Selected Quarterly Financial Information [Abstract]

Total Revenue

$ 57,585

$ 50,351

$ 50,979

Segment Profit (Loss)

$ 3,114

$ 3,319

$ 2,244

$ 4,095

$ 3,413

$ 4,658

$ 1,825

$ 3,921

$ 12,772

$ 13,817

[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.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.