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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	TEJON RANCH CO
Entity Central Index Key	0000096869
Trading Symbol	TRC
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock Shares Outstanding		20,669,350

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Total revenues	$ 7,000	$ 8,321	$ 23,633	$ 22,856
Costs and Expenses:
Total expenses	8,402	8,347	23,915	21,873
Operating income (loss)	(1,402)	(26)	(282)	983
Other Income:
Investment income	142	185	297	383
Other income	17	20	55	47
Total other income	159	205	352	430
Income (loss) from operations before equity in earnings of unconsolidated joint ventures	(1,243)	179	70	1,413
Equity in earnings of unconsolidated joint ventures, net	1,656	1,148	2,806	1,586
Income before income tax expense	413	1,327	2,876	2,999
Income tax expense	36	479	898	1,020
Net income	377	848	1,978	1,979
Net loss attributable to non-controlling interest	(29)	(26)	(45)	(8)
Net income attributable to common stockholders	$ 406	$ 874	$ 2,023	$ 1,987
Net income per share attributable to common stockholders, basic, in dollars per share	$ 0.02	$ 0.04	$ 0.10	$ 0.10
Net income per share attributable to common stockholders, diluted, in dollars per share	$ 0.02	$ 0.04	$ 0.10	$ 0.10
Real estate - commercial/industrial
Revenues:
Total revenues	$ 3,025	$ 2,553	$ 6,387	$ 5,495
Costs and Expenses:
Total expenses	3,095	3,336	6,297	6,647
Real estate - resort/residential
Revenues:
Total revenues	0	90	0	183
Costs and Expenses:
Total expenses	576	687	1,327	1,151
Mineral resources
Revenues:
Total revenues	2,652	2,754	12,852	12,408
Costs and Expenses:
Total expenses	723	626	6,417	5,427
Farming
Revenues:
Total revenues	1,323	2,924	4,394	4,770
Costs and Expenses:
Total expenses	1,244	1,428	3,587	3,292
Corporate expenses
Costs and Expenses:
Total expenses	$ 2,764	$ 2,270	$ 6,287	$ 5,356

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Comprehensive income attributable to common stockholders
Net income	$ 377	$ 848	$ 1,978	$ 1,979
Other comprehensive income:
Unrealized gains (losses) on available for sale securities	(119)	(1)	(57)	11
Benefit plan adjustments	0	0	0	(474)
Benefit plan reclassification for losses included in net income	0	0	0	407
Unrealized gains on interest rate swap	1,794	0	399	0
Other comprehensive income (loss) before taxes	1,675	(1)	342	(56)
Provision benefit from income taxes related to other comprehensive income (loss) items	(670)	0	(136)	186
Other comprehensive income (loss)	1,005	(1)	206	130
Comprehensive income	1,382	847	2,184	2,109
Comprehensive loss attributable to non-controlling interests	(29)	(26)	(45)	(8)
Comprehensive income attributable to common stockholders	$ 1,411	$ 873	$ 2,229	$ 2,117

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 111	$ 5,638
Marketable securities - available-for-sale	39,289	42,140
Accounts receivable	3,825	8,506
Inventories	9,986	4,098
Prepaid expenses and other current assets	6,278	4,456
Deferred tax assets	952	1,089
Total current assets	60,441	65,927
Real estate and improvements - held for lease, net	20,130	20,226
Real estate development (includes $78,555 at June 30, 2015 and $77,131 at December 31, 2014, attributable to Centennial Founders LLC, Note 14)	224,733	219,654
Property and equipment, net	44,764	43,094
Investments in unconsolidated joint ventures	34,362	32,604
Long-term water assets	44,482	45,349
Long-term deferred tax assets	3,487	3,487
Other assets	1,758	1,774
TOTAL ASSETS	434,157	432,115
Current Liabilities:
Trade accounts payable	5,582	3,347
Accrued liabilities and other	3,402	2,774
Income taxes payable	501	1,703
Deferred income	1,210	1,164
Revolving line of credit	3,960	6,850
Current maturities of long-term debt	249	244
Total current liabilities	14,904	16,082
Long-term debt, less current portion	74,089	74,215
Long-term deferred gains	3,816	3,683
Other liabilities	12,327	13,802
Total liabilities	105,136	107,782
Commitments and contingencies
Tejon Ranch Co. Stockholders’ Equity
Common stock, $.50 par value per share: Authorized shares - 30,000,000, Issued and outstanding shares - 20,661,590 at June 30, 2015 and 20,636,478 at December 31, 2014	10,331	10,318
Additional paid-in capital	215,254	212,763
Accumulated other comprehensive loss	(6,693)	(6,899)
Retained earnings	70,462	68,439
Total Tejon Ranch Co. Stockholders’ Equity	289,354	284,621
Non-controlling interest	39,667	39,712
Total equity	329,021	324,333
TOTAL LIABILITIES AND EQUITY	$ 434,157	$ 432,115

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Common stock, par value per share	$ 0.50	$ 0.50
Common stock, authorized shares	30,000,000	30,000,000
Common stock, issued shares	20,661,590	20,636,478
Common stock, outstanding shares	20,661,590	20,636,478
Real estate developments	$ 224,733	$ 219,654
Centennial Founders, LLC
Real estate developments	$ 78,555	$ 77,131

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities
Net income	$ 1,978	$ 1,979
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,431	2,449
Amortization of premium/discount of marketable securities	328	392
Equity in earnings of unconsolidated joint ventures	(2,806)	(1,586)
Non-cash retirement plan expense	507	851
Deferred income taxes	1	0
Stock compensation expense	1,900	1,562
Changes in operating assets and liabilities:
Receivables, inventories and other assets, net	(2,830)	521
Current liabilities	124	(4,040)
Net cash provided by operating activities	1,633	2,128
Investing Activities
Maturities and sales of marketable securities	14,665	8,352
Funds invested in marketable securities	(12,200)	(6,142)
Property and equipment expenditures	(12,113)	(11,479)
Reimbursement proceeds from Communities Facilities District	4,971	0
Investment in unconsolidated joint ventures	0	(9,532)
Distribution of equity from unconsolidated joint ventures	1,100	0
Investments in long-term water assets	0	(482)
Other	(38)	453
Net cash (used in) provided by investing activities	(3,615)	(18,830)
Financing Activities
Borrowings of short-term debt	10,560	14,700
Repayments of short-term debt	(13,450)	(4,500)
Repayments of long-term debt	(126)	(116)
Taxes on vested stock grants	(529)	(515)
Net cash used in financing activities	(3,545)	9,569
Decrease in cash and cash equivalents	(5,527)	(7,133)
Cash and cash equivalents at beginning of year	5,638	9,031
Cash and cash equivalents at end of period	111	1,898
Supplemental cash flow information
Accrued capital expenditures included in current liabilities	1,383	1,183
Taxes paid	$ 2,117	$ 0

Consolidated Statements of Changed in Equity and Noncontrolling Interests - 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, 2013			20,563,023
Beginning 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 loss	(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 and tax benefit of vested shares (in shares)			(20,559)
Shares withheld for taxes and tax benefit of vested shares	(625)	(625)	$ (11)	(603)	(11)
Warrants exercised				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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,978	2,023				2,023	(45)
Other comprehensive loss	206	206			206
Restricted stock issuance (in shares)			47,025
Restricted stock issuance	0	0	$ 24	(24)
Stock compensation	1,968	1,968		1,968
Shares withheld for taxes and tax benefit of vested shares (in shares)			(21,913)
Shares withheld for taxes and tax benefit of vested shares	(529)	(529)	$ (11)	(518)
Modified share-based awards	1,065	1,065		1,065
Ending Balance (in shares) at Jun. 30, 2015			20,661,590
Ending Balance, value at Jun. 30, 2015	$ 329,021	$ 289,354	$ 10,331	$ 215,254	$ (6,693)	$ 70,462	$ 39,667

Basis of Presentation

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

The summarized information of Tejon Ranch Co. and its subsidiaries, (the Company, Tejon, we, us and our), furnished pursuant to the instructions to Part I of Form 10-Q is unaudited and reflects all adjustments which are, in the opinion of the Company’s management, necessary for a fair statement of the results for the interim period. All such adjustments are of a normal recurring nature. We have evaluated subsequent events through the date of issuance of our consolidated financial statements.

The periods ending June 30, 2015 and 2014 include the consolidation of Centennial Founders, LLC’s statement of operations within the resort /residential real estate development segment and statements of cash flows. The Company’s June 30, 2015 and December 31, 2014 balance sheets and statements of changes in equity and noncontrolling interests are presented on a consolidated basis including the consolidation of Centennial Founders, LLC.

The Company has identified four reportable segments: commercial/industrial real estate development; resort/residential real estate development; mineral resources; and farming. Information for the Company’s reported segments is presented in its consolidated statements of operations. The Company’s reporting segments follow the same accounting policies used for the Company’s consolidated financial statements. Management evaluates a segment’s performance based upon a number of factors including pretax results.

The results of the period reported herein are not indicative of the results to be expected for the full year due to the seasonal nature of the Company’s agricultural activities and timing of real estate sales and leasing activities. Historically, the Company’s largest percentages of farming revenues are recognized during the third and fourth quarters of the fiscal year.

Reclassifications

Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on results of operations, and are as follows:

Mineral Resources

In 2014, the Company expanded its water operations to not only manage water infrastructure and water assets but to also sell water on an annual basis to third parties. We continued these sales during the first and second quarters of 2015 and 2014. We determined during the third quarter of 2014 that water assets 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 amortization amount reclassified for the three months ended June 30, 2014 was $676,000. The Company has also reclassified, for the three- and six-months ended June 30, 2014, water sales of $312,000 and $7,703,000, respectively, into mineral resources revenues and mineral resources expenses of $135,000 and $4,524,000, respectively, related to cost of water sales on the unaudited consolidated statements of operations from other income.

Farming

During the fourth quarter of 2014, the Company determined that hay crop sales related to farming activities which were previously recorded as revenues in the resort/residential segment, fit most appropriately with our farming segment. As a result, the Company has reclassified prior period hay crop sales and related cost of sales into the farming revenue and farming expenses, respectively, on the unaudited consolidated statements of operations to conform to the current year presentation. The hay crop sales reclassified for the three months ended June 30, 2014 was $138,000 and the related cost of sales was $191,000.

The hay crop sales reclassified for the six months ended June 30, 2014 was $404,000 and the related cost of sales was $422,000.

Real Estate, Real Estate Development, and Property & Equipment

In the first quarter of 2015, the Company concluded that it was appropriate to classify its real estate held for development and its income producing real estate as real estate development and real estate and improvements - held for lease, net, respectively, on the Company’s consolidated financial statements. Previously, such balances had been classified within property and equipment, net. This change in the classification has no effect on previously reported consolidated statement of operations for any period. This change better reflects the current use of our real estate development assets.

Our commercial/industrial segment generates operating income from operating leases with various types of tenants. As a of result of this consideration, we determined during the first quarter of 2015 that these real estate properties fit most appropriately as real estate and improvements - held for lease, net on the unaudited consolidated financial statements.

As a Company, we are also involved in land entitlement and land development processes. Based on our consideration, we determined during the first quarter of 2015 that these activities fit most appropriately as real estate development on the unaudited consolidated financial statements.

Based on our considerations for bifurcating the real estate and real estate development activities on the unaudited consolidated financial statements as described above, the Company will present property and equipment activities separately on the unaudited consolidated financial statements. Amounts previously reported as property and equipment at December 31, 2014 have been classified as follows:



($ in thousands)	As Originally Reported		As Currently Reported
Real estate and improvements - held for lease, net	$	—	$	20,226
Real estate developments	$	—	$	219,654
Property and equipment, net	$	282,974	$	43,094
	$	282,974	$	282,974

For further information and a summary of significant accounting policies, refer to the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

Equity

6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Equity

EQUITY

Earnings Per Share (EPS)

Basic net income 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 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 warrants to purchase common stock, and the vesting of restricted stock grants per ASC 260, “Earnings Per Share.”



	Three Months Ended June 30		Six Months Ended June 30
	2015	2014	2015	2014
Weighted average number of shares outstanding:
Common stock	20,660,797	20,586,190	20,653,363	20,577,280
Common stock equivalents-stock options, grants	69,701	35,406	64,554	40,323
Diluted shares outstanding	20,730,498	20,621,596	20,717,917	20,617,603

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 entitles 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.

- Definition

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

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+ Details

Marketable Securities

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

MARKETABLE SECURITIES

ASC 320, “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at:



($ in thousands)		June 30, 2015				December 31, 2014
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	3,925	$	3,899	$	2,522	$	2,492
with unrecognized losses for more than 12 months		620		619		837		832
with unrecognized gains		3,789		3,798		5,379		5,395
Total Certificates of deposit	Level 1	8,334		8,316		8,738		8,719
US Treasury and agency notes
with unrecognized losses for less than 12 months		723		720		1,919		1,910
with unrecognized losses for more than 12 months		200		200		702		700
with unrecognized gains		1,764		1,790		1,182		1,207
Total US Treasury and agency notes	Level 2	2,687		2,710		3,803		3,817
Corporate notes
with unrecognized losses for less than 12 months		8,049		7,996		3,872		3,841
with unrecognized losses for more than 12 months		2,520		2,507		4,423		4,405
with unrecognized gains		12,893		12,934		16,897		16,963
Total Corporate notes	Level 2	23,462		23,437		25,192		25,209
Municipal notes
with unrecognized losses for less than 12 months		1,532		1,518		739		733
with unrecognized losses for more than 12 months		641		634		457		456
with unrecognized gains		2,662		2,674		3,183		3,206
Total Municipal notes	Level 2	4,835		4,826		4,379		4,395
		$	39,318	$	39,289	$	42,112	$	42,140

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 June 30, 2015, the fair market value of investment securities was $29,000 less than their cost basis. The cost basis includes any other-than-temporary impairments that have been recorded for the securities. The Company believes that any unrealized losses in the portfolio are temporary and accordingly, has not recognized other-than-temporary impairment related to any securities as of June 30, 2015. The Company also 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 June 30, 2015, the adjustment to accumulated other comprehensive loss in consolidated equity for the temporary change in the value of securities reflects an increase in the market value of available-for-sale securities of $57,000, which includes estimated taxes of $23,000.

As of June 30, 2015, the Company’s gross unrealized holding income equal $88,000 and gross unrealized holding losses equal $117,000.

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



At June 30, 2015	2015		2016		2017		2018		2019		Total
Certificates of deposit	$	1,355	$	2,492	$	631	$	3,800	$	—	$	8,278
U.S. Treasury and agency notes	419		100		959		1,079		188		2,745
Corporate notes	3,653		6,604		6,625		5,845		—		22,727
Municipal notes	1,080		1,325		940		1,355		—		4,700
	$	6,507	$	10,521	$	9,155	$	12,079	$	188	$	38,450



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

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

- Definition

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

+ References + Details

Long-Term Water Assets

6 Months Ended

Jun. 30, 2015

Long Term Water Assets [Abstract]

Long-Term Water Assets

LONG-TERM WATER ASSETS

Long-term water 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 incurred to pump and deliver the water. A portion of our water is currently held in a water bank on Company land in southern Kern County. 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. In 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 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. Purchase costs in 2015 were $675 per acre-foot. For future years, the purchase cost is subject to annual increases based on the greater of the consumer price index and 3%.

The water purchased under the contract with Nickel is expected to 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.

During the first six months of 2015, we sold 7,922 acre feet of water totaling $10,165,000 with a cost of $5,483,000, which are recorded in the mineral resources segment on the unaudited consolidated statements of income. The Company also has an agreement to sell 500 acre-feet of water to a local water district during the first quarter of 2016. This commitment can be met through current water assets.

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 carrying cost 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)	June 30, 2015	December 31, 2014
Banked water and water for future delivery
AVEK water bank	13,033	13,033
Company water bank	8,700	8,700
AVEK water for future delivery	2,362	2,362
Total Company and AVEK banked water	24,095	24,095
Transferable water*	14,786	15,229
Water Contracts	10,137	10,137
Total purchased water - third parties	49,018	49,461
WRMWSD - Contracts with Company	15,547	15,547
TCWD - Contracts with Company	5,749	5,749
TCWD - Banked water contracted to Company	34,281	38,401
Total purchased and contracted water sources in acre feet	104,595	109,158

*Any transferable water with AVEK that is used by the Company or returned by AVEK to the Company will be returned at a 1.5 to 1 factor giving the Company use of a total of 22,179 (14,786 x 1.5) acre feet.



($ in thousands)	June 30, 2015			December 31, 2014
Banked water and water for future delivery	$	4,779		$	4,779
Transferable water	9,117			9,309
Water contracts (net of accumulated amortization of $4,863 and $4,188 at June 30, 2015 and December 2014, respectively)	31,937			32,612
Total long-term water assets	45,833			46,700
less: Current portion	(1,351		)	(1,351		)
	$	44,482		$	45,349

Accrued Liabilities and Other

6 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Accrued Liabilities and Other

ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other consists of the following:



($ in thousands)	June 30, 2015		December 31, 2014
Accrued vacation	$	813	$	799
Accrued paid personal leave	607		613
Accrued bonus	1,697		1,023
Other	285		339
	$	3,402	$	2,774

Line-of-Credit and Long-term Debt

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Line-of-Credit and Long-term Debt

LINE OF CREDIT AND LONG-TERM DEBT

Debt consists of the following:



($ in thousands)	June 30, 2015			December 31, 2014
Revolving line of credit	$	3,960		$	6,850
Notes payable	74,338			74,459
Total short-term and long-term debt	78,298			81,309
Less line-of-credit and current maturities of long-term debt	$	(4,209	)	$	(7,094	)
	$	74,089		$	74,215

On October 13, 2014, the Company, through its wholly owned subsidiary Tejon Ranchcorp, 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 Credit Facility. The Credit Facility amends and restates the Company's existing credit facility dated as of November 5, 2010 and extended on December 4, 2013. The 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 Tejon Mountain Village LLC, or TMV. 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 June 30, 2015 and December 31, 2014, the RLC had a $3,960,000 and $6,850,000 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 the 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 Credit Facility is secured by the Company's farmland and farm assets, which include equipment, crops and crop receivables and the power plant lease and lease site, and related accounts and other rights to payment and inventory.

The 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. At June 30, 2015 and December 31, 2014, we were in compliance with all financial covenants.

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 current balance on the note is $4,338,000. The balance of this long-term debt instrument listed above approximates the fair value of the instrument.

Other Liabilities Other Liabilites

6 Months Ended

Jun. 30, 2015

Other Liabilities Disclosure [Abstract]

Other Liabilities

OTHER LIABILITIES

Other liabilities consist of the following:



($ in thousands)	June 30, 2015		December 31, 2014
Pension liability (See Note 12)	$	2,980	$	3,079
Interest rate swap liability (See Note 9)	1,828		2,227
Supplemental executive retirement plan liability (See Note 12)	7,519		7,431
Share-based awards liability (See Note 8)	—		1,065
	$	12,327	$	13,802

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

Stock Compensation - Restricted Stock and Performance Share Grants

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Compensation - Restricted Stock and Performance Share Grants

STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS

The Company’s stock incentive plans provide for the making of awards to employees based upon time-based criteria or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with time-based vesting; performance share grants that only vest upon the achievement of specified performance conditions, such as corporate cash flow goals, or Performance Condition Grants; and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance milestones, or Performance Milestone Grants.

The following is a summary of the Company's performance share grants with performance conditions for the six months ended June 30, 2015:



Performance Share Grants with Performance Conditions
Below threshold performance		—
Threshold performance		99,184
Target performance		184,862
Maximum performance		340,129

The following is a summary of the Company’s stock grant activity, both time and performance share grants, assuming target achievement for outstanding performance share grants for the following periods:



	June 30, 2015		December 31, 2014
Stock grants outstanding beginning of the year at target achievement	237,045		265,701
New stock grants/additional shares due to maximum achievement	83,968		165,996
Vested grants	(29,941	)	(41,694	)
Expired/forfeited grants	—		(152,958	)
Stock grants outstanding June 30, 2015 at target achievement	291,072		237,045

The unamortized cost associated with nonvested stock grants and the weighted-average period over which it is expected to be recognized as of June 30, 2015 were $4,679,000 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 share 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 share 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 share 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.

Beginning in the second half of 2013, 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 milestone 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 milestone grants totaling 89,837 restricted stock units. The restricted stock units of the modified existing performance milestone grants have been accounted for as a 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 milestone grants is being recognized ratably over the new requisite service period. The impact of modifying the existing performance milestone 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, meaning that the amount of shares at vesting will vary depending on the stock price at that time.

During the second quarter of 2015, the 2014 performance milestone grants were modified to fix the number of shares to be received rather than have the number of shares to be issued at vesting float with the price of the stock, which converted the awards from liability awards to equity awards. As such, we reclassified $1,065,000 from other liabilities to equity. In accordance with ASC 718, "Compensation - Stock Compensation," this resulted in a probable-to-improbable modification resulting in no impact to earnings.

Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director receives his or her annual compensation in stock. The stock is granted at the end of each quarter based on the quarter ending stock price.

The following table summarizes stock compensation costs for the Company's Employee 1998 Stock Incentive Plan, or the Employee Plan, and NDSI Plan for the following periods:



($ in thousands)	Six Months Ended		Six Months Ended
Employee Plan:	June 30, 2015		June 30, 2014
Expensed	$	1,488	$	1,148
Capitalized	68		46
	1,556		1,194
NDSI Plan - Expensed	412		414
	$	1,968	$	1,608

Interest Rate Swap Liability

6 Months Ended

Jun. 30, 2015

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 6 (Line of Credit and Long-Term Debt) 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 quarter ended June 30, 2015, 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 income. Amounts classified in accumulated other comprehensive income are subsequently reclassified into earnings in the period during which the hedged transactions affect earnings. As of June 30, 2015, the fair value of our interest rate swap agreement aggregating a liability balance was classified in other liabilities. We had the following outstanding interest rate swap agreement designated as a cash flow hedge of interest rate risk as of June 30, 2015 ($ in thousands):



Effective Date	Maturity Date	Fair Value Hierarchy	Weighted Average Interest Pay Rate	Fair Value at June 30, 2015	Notional Amount at June 30, 2015
October 15, 2014	October 5, 2024	Level 2	4.11%	$(1,828)	$70,000

- Definition

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
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the six months ended June 30, 2015, the Company's income tax expense was $898,000 compared to a income tax expense of $1,020,000 for the six months ended June 30, 2014. These represent effective income tax rates of approximately 31% and 34% for the six months ended June 30, 2015 and, 2014, respectively. The effective tax rate for the first six months of 2015 is based on forecasted annual pre-tax income for 2015. As of June 30, 2015, we had income taxes payable of $501,000. The Company classifies interest and penalties incurred on tax payments as income tax expense. During the six months ended June 30, 2015, the Company made $2,117,000 of income tax payments for the 2015 tax year.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

The Company's land is subject to water contracts with minimum annual payments in 2015 of approximately $7,900,000. 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. The SWP contracts run through 2035 and the Nickel water contract run through 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. As discussed in Note 4 (Long-Term Water Assets), 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 real estate development 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 years' worth of interest on the outstanding bonds. This letter of credit will not be drawn upon unless the Company, as the largest landowner 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. As of June 30, 2015, there were no additional improvement funds remaining from the West CFD bonds. During the first quarter of 2015 the East CFD reimbursed the Company approximately $4,971,000 for public infrastructure. After this payment there are now no funds remaining in the East CFD improvement fund. 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 new owners of land and new lease tenants. The assessment of each individual property sold or leased is not determinable at this time because it is based on the 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 currently required to recognize an obligation.

In July 2014, the Company received a copy of a Notice of Intent to Sue, 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 the Company's Tehachapi Uplands Multiple Species Habitat Conservation Plan, or TUMSHCP, and USFWS's issuance of an Incidental Take Permit, to the Company for the take of federally listed species. The foregoing approvals authorize, among other things, removal of California condor habitat associated with the Company'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 will incur any damages from such a lawsuit.

On July 16, 2015, the Center for Biological Diversity filed a Petition for Writ of Mandate, or Petition, against the County of Los Angeles and the Board of Supervisors, among other things, challenging approval of the Antelope Valley Area Plan Update, or AVAP and certification of the final Environmental Impact Report related to the AVAP. Neither the Company nor Centennial Founders, LLC is a named as a Respondent in the Petition and it is not possible to determine what impact, if any, the Petition will have on development of the Centennial project.

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, an alleged representative of the federally-unrecognized "Kawaiisu Tribe" (collectively, “Robinson”) 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.

After Robinson’s complaints were thrice dismissed for failure to state a claim, Robinson 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. On August 7, 2012, the district 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 filed a timely notice of appeal to the U.S. Court of Appeals for the Ninth Circuit. After some delays in the briefing and oral argument occasioned by Robinson’s counsel, oral argument was conducted on November 20, 2014 before Circuit Judges Thomas, Reinhardt and Christen. On June 22, 2015, the unanimous three-judge panel of the Ninth Circuit Court of Appeals issued a 20-page published decision affirming the district court’s judgment in favor of the Company and specifically finding that the "District Court" properly determined that the Tribe has no ownership interest in Tejon Ranch and that no reservation was established.”

On August 6, 2015, Robinson filed a Petition for Panel Rehearing asking the Ninth Circuit panel to change its June 22, 2015 ruling or allow reargument of the case. Robinson did not also file a Petition for Rehearing En Banc. No response to the Petition for Rehearing by the panel is required or permitted unless ordered by the Court. If the Petition for Panel Rehearing is denied, Robinson may submit a petition to the U.S. Supreme Court seeking review of the Ninth Circuit’s decision by a writ of certiorari. Robinson’s s chances of prevailing with his Petition for Rehearing or any subsequent petition for writ of certiorari are very small. In the meantime, the Company believes that a negative outcome of this case is very 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. In February 2015 more than 140 parties representing more than 99% of the current water use within the adjudication boundary agreed to a settlement, or the Woods Class Settlement. On March 4, 2015, the settling parties, including Tejon, submitted a Stipulation for Entry of Judgment and Physical Solution to the Court for approval. The Court has scheduled several weeks commencing on August 3, 2015, for 1) Approval of the Woods Class Settlement, 2) prove-up of the proposed Judgment and Physical Solution, and 3) to hear evidence of all non-settling parties' claims to groundwater. Because the settlement remains subject to 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 physical solution will be approved by the Court, 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 believes that sufficient water to supply the Company's needs will continue to be available for its use regardless of the outcome of this case.

Summary and Status of Kern 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, or 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, or 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 the Rosedale Rio Bravo and Buena Vista Water Storage Districts, or the Rosedale Plaintiffs, 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, the doctrine of laches, and by the annual validating statute. The substantive hearing on the challenges to the EIR was held on January 31, 2014. On March 5, 2014 the court issued a decision, rejecting all of Central Delta’s California Environmental Quality Act, or CEQA, claims, except the Rosedale Plaintiffs claim, joined by Central Delta, 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. The writ of mandate requires DWR to certify the revised EIR by December 31, 2015. DWR is proceeding to prepare the revised EIR. 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 of mandate. Central Delta has appealed the judgment and the KWBA and certain other parties have filed a cross-appeal with regard to the CEQA cause of action. The appeals are pending in the California Court of Appeal.

On December 3, 2014 the Court entered judgment in the Rosedale case (i) in favor of the Rosedale Plaintiffs in the CEQA cause of action, and (ii) dismissing the declaratory relief cause of action. No appeal of the Rosedale judgment has been filed. Central Delta and the Rosedale Plaintiffs have filed motions for award of costs and attorneys fees. The motions are pending in the Superior Court.

Retirement Plans

6 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

RETIREMENT PLANS

The Company has a defined benefit plan that covers many of its employees, or the Benefit Plan. The benefits are based on years of service and the employee’s five-year final average salary. Contributions are intended to provide for benefits attributable to service both to-date and expected-to-be provided in the future. The Company funds the plan in accordance with the Employee Retirement Income Security Act of 1974 (ERISA) and the Pension Protection Act. The Company anticipates contributing approximately $600,000 to the plan during 2015.

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% to take advantage of market conditions. As an example, equities could fluctuate from 78% to 52% of plan assets. At June 30, 2015, the investment mix was approximately 63% equity, 31% debt, and 6% money market funds. At December 31, 2014, the investment mix was approximately 59% equity, 30% debt and 11% 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 used in determining the periodic pension cost is 4.3% in 2015 and 2014. The expected long-term rate of return on plan assets is 7.5% in 2015 and 2014. The long-term rate of return on plan assets is based on the historical returns within the plan and expectations for future returns.

The expected total pension and retirement expense for the Benefit Plan was as follows:



	Six Months Ended June 30
($ in thousands)	2015			2014
Cost components:
Service cost-benefits earned during the period	$	(133	)	$	(180	)
Interest cost on projected benefit obligation	(233		)	(202		)
Expected return on plan assets	308			272
Net amortization and deferral	(141		)	(533		)
Total net periodic pension cost	$	(199	)	$	(643	)

During the first quarter of 2014, the Pension Trust purchased annuities for eligible, retired participants of the defined benefit plan. The retirement benefits payments were of a size that met the requirement for settlement accounting within the pension plan. Based on the projected benefit obligation and the fair value of plan assets before and after the payment of benefits we realized a $392,000 increase in minimum pension liability and an increase in expense of $407,000 above our normal periodic pension cost.

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 pension and retirement expense for the SERP was as follows:



	Six Months Ended June 30
($ in thousands)	2015			2014
Cost components:
Service cost-benefits earned during the period	$	—		$	(160	)
Interest cost on projected benefit obligation	(139		)	(110		)
Net amortization and deferral	(168		)	(114		)
Total net periodic pension cost	$	(307	)	$	(384	)

Business Segments

6 Months Ended

Jun. 30, 2015

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.

Commercial lease revenue consists of land and building leases to tenants at our commercial retail and industrial developments, base and percentage rents from our power plant lease, communication tower rents, and payments from easement leases. Land management ancillary services include development fees, wildlife management, landscape and property maintenance, and building management services.

The revenue components of the commercial/industrial real estate development segment were as follows:



	Three Months Ended June 30						Six Months Ended June 30
($ in thousands)	2015			2014			2015		2014
Commercial leases	$	1,650		$	1,510		$	3,795	$	2,785
Grazing leases	524			346			911		713
All other land management ancillary services	851			697			1,681		1,997
Total commercial revenues	3,025			2,553			6,387		5,495
Profit (loss) from commercial activities	(70		)	(783		)	90		(1,152		)
Equity in earnings of unconsolidated joint ventures	1,656			1,148			2,806		1,621
Income from commercial/industrial and unconsolidated joint ventures	$	1,586		$	365		$	2,896	$	469

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, which represented management fees from TMV prior to us acquiring the remaining ownership interest from our joint venture partner, were as follows:



	Three Months Ended June 30						Six Months Ended June 30
($ in thousands)	2015			2014			2015			2014
Management fees	$	—		$	90		$	—		$	180
Other	—			—			—			3
Total revenue	—			90			—			183
Equity in losses of unconsolidated joint ventures	—			(14		)	—			(35		)
Revenues and equity in earnings of unconsolidated joint ventures	—			76			—			148
Loss from resort/residential	$	(576	)	(611		)	(1,327		)	(1,003		)

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. The revenue components of the mineral resources segment was as follows:



	Three Months Ended June 30				Six Months Ended June 30
($ in thousands)	2015		2014		2015		2014
Oil and gas	$	917	$	1,782	$	1,693	$	3,522
Water sales	1,172		313		10,165		7,703
Rock aggregate	245		329		347		592
Cement	301		274		543		479
Land lease for oil exploration	17		56		104		112
Total revenue	2,652		2,754		12,852		12,408
Income from mineral resources activities	$	1,929	$	2,128	$	6,435	$	6,981

The farming segment produces revenues from the sale of almonds, pistachios, wine grapes, and hay. The revenue components of the farming segment were as follows:



	Three Months Ended June 30				Six Months Ended June 30
($ in thousands)	2015		2014		2015		2014
Almonds	$	663	$	820	$	3,379	$	2,095
Pistachios	514		1,811		763		2,119
Hay	112		138		205		404
Total crop proceeds	1,289		2,769		4,347		4,618
Other farming revenues	34		155		47		152
Total farming revenues	1,323		2,924		4,394		4,770
Income from farming activities	$	79	$	1,496	$	807	$	1,478

- Definition

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
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 280
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-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: 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=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 10
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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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
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Investment in Unconsolidated and Consolidated Joint Ventures

6 Months Ended

Jun. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated and Consolidated Joint Ventures

INVESTMENT IN UNCONSOLIDATED AND CONSOLIDATED 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 or is a voting interest entity and is controlled by the Company. The Company’s investment in its unconsolidated joint ventures at June 30, 2015 was $34,362,000. The equity in the income of the unconsolidated joint ventures was $2,806,000 for the six months ended June 30, 2015. 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 June 30, 2015, the Company had an equity investment balance of $19,198,000 in this joint venture.

•

Rockefeller Joint Ventures – The Company has three 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 bank loan with a balance of $11,000,000. The bank loan has been extended to May 2016 in connection with 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 lender 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. Both of these joint ventures are being accounted for under the equity method due to both members having significant participating rights in the management of the ventures.

The third joint venture, formed during the second quarter of 2013, is 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. The cost of the outlet center was approximately $87,000,000 and was funded through a construction loan for up to 60% of the costs and the remaining 40% was through equity contributions from the two members. The Company controls 50% of the voting interests of TRCC/Rock Outlet Center LLC, thus it does not control by voting interest alone. The Company is the named managing member, as such we considered the presumption that a managing member controls the limited liability company. The managing member's responsibilities relate to the routine day-to-day activities of TRCC/Rock Outlet Center LLC. However, all operating decisions during development and operations, including the setting and monitoring of the budget, leasing, marketing, financing and selection of the contractor for any of the project's construction, are jointly made by both members of the joint venture. Therefore, the Company concluded that both members have significant participating rights that are sufficient to overcome the presumption of the Company controlling the joint venture through it being named the managing member. Therefore, the investment in TRCC/Rock Outlet Center LLC is being accounted for under the equity method.

The TRCC/Rock Outelet Center LLC joint venture is separate from the aforementioned agreement to potentially develop up to 500 acres of land in TRCC. 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 June 30, 2015, had an outstanding balance of $51,453,000.

At June 30, 2015, the Company’s combined equity investment balance in these three joint ventures was $15,164,000.

•

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 Liability 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 June 30, 2015 the Company had a 74.48% ownership position in Centennial Founders, LLC.

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 condensed balance sheet information of the Company’s unconsolidated and consolidated joint ventures as of June 30, 2015 and December 31, 2014 and unaudited condensed statements of operations for the six months ended June 30, 2015 and June 30, 2014 are as follows:

Statement of Operations for the six months ended June 30, 2015



	UNCONSOLIDATED												CONSOLIDATED
($ in thousands)	Petro Travel Plaza Holdings		Five West Parcel		18-19 West LLC			TRCC/Rock Outlet Center			Total		Centennial-VIE
Revenues	$	55,180	$	1,856	$	13		$	4,305		$	61,354	$	205
Net income (loss)	$	4,583	$	472	$	(59	)	$	(301	)	$	4,695	$	(175	)
Partner’s share of net income (loss)	$	1,833	$	236	$	(30	)	$	(150	)	$	1,889	$	(45	)
Equity in earnings (losses)	$	2,751	$	236	$	(30	)	$	(151	)	$	2,806	$	—

Balance Sheet Information as of June 30, 2015



	UNCONSOLIDATED															CONSOLIDATED
($ in thousands)	Petro Travel Plaza Holdings			Five West Parcel			18-19 West LLC			TRCC/Rock Outlet Center			Total			Centennial-VIE
Current assets	$	22,357		$	2,606		$	82		$	3,336		$	28,381		$	44
Real Estate	48,114			14,050			4,617			65,695			132,476			78,797
Other assets	286			73			—			20,852			21,211			12
Long-term debt	(15,399		)	(11,000		)	—			(51,453		)	(77,852		)	—
Other liabilities	(2,694		)	(127		)	(9		)	(758		)	(3,588		)	(612		)
Net assets	$	52,664		$	5,602		$	4,690		$	37,672		$	100,628		$	78,241

Statement of Operations for the six months ended June 30, 2014



	UNCONSOLIDATED													CONSOLIDATED
($ in thousands)	Petro Travel Plaza Holdings		Five West Parcel		18-19 West		TRCC/Rock Outlet Center		Tejon Mountain Village*			Total		Centennial-VIE
Revenues	$	54,658	$	1,710	$	31	$	480	$	—		$	56,879	$	407
Net income (loss)	$	2,555	$	136	$	19	$	20	$	(70	)	$	2,660	$	(32	)
Partner’s share of net income (loss)	$	1,021	$	68	$	10	$	10	$	(35	)	$	1,074	$	(8	)
Equity in earnings (losses)	$	1,534	$	68	$	9	$	10	$	(35	)	$	1,586	$	—

*The Company purchased DMB TMV LLC's membership interest in the Tejon Mountain Village joint venture on July 15, 2014.

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
Real Estate	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

Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

Amounts previously reported as property and equipment at December 31, 2014 have been classified as follows:



($ in thousands)	As Originally Reported		As Currently Reported
Real estate and improvements - held for lease, net	$	—	$	20,226
Real estate developments	$	—	$	219,654
Property and equipment, net	$	282,974	$	43,094
	$	282,974	$	282,974

Equity (Tables)

6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Schedule of weighted average number of shares outstanding

Diluted net income 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 warrants to purchase common stock, and the vesting of restricted stock grants per ASC 260, “Earnings Per Share.”



	Three Months Ended June 30		Six Months Ended June 30
	2015	2014	2015	2014
Weighted average number of shares outstanding:
Common stock	20,660,797	20,586,190	20,653,363	20,577,280
Common stock equivalents-stock options, grants	69,701	35,406	64,554	40,323
Diluted shares outstanding	20,730,498	20,621,596	20,717,917	20,617,603

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Summary of available-for-sale securities

The following is a summary of available-for-sale securities at:



($ in thousands)		June 30, 2015				December 31, 2014
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	3,925	$	3,899	$	2,522	$	2,492
with unrecognized losses for more than 12 months		620		619		837		832
with unrecognized gains		3,789		3,798		5,379		5,395
Total Certificates of deposit	Level 1	8,334		8,316		8,738		8,719
US Treasury and agency notes
with unrecognized losses for less than 12 months		723		720		1,919		1,910
with unrecognized losses for more than 12 months		200		200		702		700
with unrecognized gains		1,764		1,790		1,182		1,207
Total US Treasury and agency notes	Level 2	2,687		2,710		3,803		3,817
Corporate notes
with unrecognized losses for less than 12 months		8,049		7,996		3,872		3,841
with unrecognized losses for more than 12 months		2,520		2,507		4,423		4,405
with unrecognized gains		12,893		12,934		16,897		16,963
Total Corporate notes	Level 2	23,462		23,437		25,192		25,209
Municipal notes
with unrecognized losses for less than 12 months		1,532		1,518		739		733
with unrecognized losses for more than 12 months		641		634		457		456
with unrecognized gains		2,662		2,674		3,183		3,206
Total Municipal notes	Level 2	4,835		4,826		4,379		4,395
		$	39,318	$	39,289	$	42,112	$	42,140

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 June 30, 2015	2015		2016		2017		2018		2019		Total
Certificates of deposit	$	1,355	$	2,492	$	631	$	3,800	$	—	$	8,278
U.S. Treasury and agency notes	419		100		959		1,079		188		2,745
Corporate notes	3,653		6,604		6,625		5,845		—		22,727
Municipal notes	1,080		1,325		940		1,355		—		4,700
	$	6,507	$	10,521	$	9,155	$	12,079	$	188	$	38,450



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

Long-Term Water Assets (Tables)

6 Months Ended

Jun. 30, 2015

Long Term Water Assets [Abstract]

Components of water assets

Water assets consist of the following:



(in acre feet, unaudited)	June 30, 2015	December 31, 2014
Banked water and water for future delivery
AVEK water bank	13,033	13,033
Company water bank	8,700	8,700
AVEK water for future delivery	2,362	2,362
Total Company and AVEK banked water	24,095	24,095
Transferable water*	14,786	15,229
Water Contracts	10,137	10,137
Total purchased water - third parties	49,018	49,461
WRMWSD - Contracts with Company	15,547	15,547
TCWD - Contracts with Company	5,749	5,749
TCWD - Banked water contracted to Company	34,281	38,401
Total purchased and contracted water sources in acre feet	104,595	109,158



($ in thousands)	June 30, 2015			December 31, 2014
Banked water and water for future delivery	$	4,779		$	4,779
Transferable water	9,117			9,309
Water contracts (net of accumulated amortization of $4,863 and $4,188 at June 30, 2015 and December 2014, respectively)	31,937			32,612
Total long-term water assets	45,833			46,700
less: Current portion	(1,351		)	(1,351		)
	$	44,482		$	45,349

Accrued Liabilities and Other (Tables)

6 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities and other consists of the following:



($ in thousands)	June 30, 2015		December 31, 2014
Accrued vacation	$	813	$	799
Accrued paid personal leave	607		613
Accrued bonus	1,697		1,023
Other	285		339
	$	3,402	$	2,774

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

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Components of long-term debt

Debt consists of the following:



($ in thousands)	June 30, 2015			December 31, 2014
Revolving line of credit	$	3,960		$	6,850
Notes payable	74,338			74,459
Total short-term and long-term debt	78,298			81,309
Less line-of-credit and current maturities of long-term debt	$	(4,209	)	$	(7,094	)
	$	74,089		$	74,215

Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2015

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities consist of the following:



($ in thousands)	June 30, 2015		December 31, 2014
Pension liability (See Note 12)	$	2,980	$	3,079
Interest rate swap liability (See Note 9)	1,828		2,227
Supplemental executive retirement plan liability (See Note 12)	7,519		7,431
Share-based awards liability (See Note 8)	—		1,065
	$	12,327	$	13,802

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

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [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 six months ended June 30, 2015:



Performance Share Grants with Performance Conditions
Below threshold performance		—
Threshold performance		99,184
Target performance		184,862
Maximum performance		340,129

Summary of stock grant activity



	June 30, 2015		December 31, 2014
Stock grants outstanding beginning of the year at target achievement	237,045		265,701
New stock grants/additional shares due to maximum achievement	83,968		165,996
Vested grants	(29,941	)	(41,694	)
Expired/forfeited grants	—		(152,958	)
Stock grants outstanding June 30, 2015 at target achievement	291,072		237,045

Summary of stock compensation costs for Employee and NDSI Plans

The following table summarizes stock compensation costs for the Company's Employee 1998 Stock Incentive Plan, or the Employee Plan, and NDSI Plan for the following periods:



($ in thousands)	Six Months Ended		Six Months Ended
Employee Plan:	June 30, 2015		June 30, 2014
Expensed	$	1,488	$	1,148
Capitalized	68		46
	1,556		1,194
NDSI Plan - Expensed	412		414
	$	1,968	$	1,608

Interest Rate Swap Liability (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

We had the following outstanding interest rate swap agreement designated as a cash flow hedge of interest rate risk as of June 30, 2015 ($ in thousands):



Effective Date	Maturity Date	Fair Value Hierarchy	Weighted Average Interest Pay Rate	Fair Value at June 30, 2015	Notional Amount at June 30, 2015
October 15, 2014	October 5, 2024	Level 2	4.11%	$(1,828)	$70,000

Retirement Plans (Tables)

6 Months Ended

Jun. 30, 2015

Pension plan

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Components of net periodic pension cost

The expected total pension and retirement expense for the Benefit Plan was as follows:



	Six Months Ended June 30
($ in thousands)	2015			2014
Cost components:
Service cost-benefits earned during the period	$	(133	)	$	(180	)
Interest cost on projected benefit obligation	(233		)	(202		)
Expected return on plan assets	308			272
Net amortization and deferral	(141		)	(533		)
Total net periodic pension cost	$	(199	)	$	(643	)

SERP

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Components of net periodic pension cost

The pension and retirement expense for the SERP was as follows:



	Six Months Ended June 30
($ in thousands)	2015			2014
Cost components:
Service cost-benefits earned during the period	$	—		$	(160	)
Interest cost on projected benefit obligation	(139		)	(110		)
Net amortization and deferral	(168		)	(114		)
Total net periodic pension cost	$	(307	)	$	(384	)

Business Segments (Tables) - Operating Segments

6 Months Ended

Jun. 30, 2015

Real estate - commercial/industrial

Segment Reporting Information [Line Items]

Components of segment revenues

The revenue components of the commercial/industrial real estate development segment were as follows:



	Three Months Ended June 30						Six Months Ended June 30
($ in thousands)	2015			2014			2015		2014
Commercial leases	$	1,650		$	1,510		$	3,795	$	2,785
Grazing leases	524			346			911		713
All other land management ancillary services	851			697			1,681		1,997
Total commercial revenues	3,025			2,553			6,387		5,495
Profit (loss) from commercial activities	(70		)	(783		)	90		(1,152		)
Equity in earnings of unconsolidated joint ventures	1,656			1,148			2,806		1,621
Income from commercial/industrial and unconsolidated joint ventures	$	1,586		$	365		$	2,896	$	469

Real estate - resort/residential

Segment Reporting Information [Line Items]

Components of segment revenues



	Three Months Ended June 30						Six Months Ended June 30
($ in thousands)	2015			2014			2015			2014
Management fees	$	—		$	90		$	—		$	180
Other	—			—			—			3
Total revenue	—			90			—			183
Equity in losses of unconsolidated joint ventures	—			(14		)	—			(35		)
Revenues and equity in earnings of unconsolidated joint ventures	—			76			—			148
Loss from resort/residential	$	(576	)	(611		)	(1,327		)	(1,003		)

Mineral resources

Segment Reporting Information [Line Items]

Components of segment revenues

The revenue components of the mineral resources segment was as follows:



	Three Months Ended June 30				Six Months Ended June 30
($ in thousands)	2015		2014		2015		2014
Oil and gas	$	917	$	1,782	$	1,693	$	3,522
Water sales	1,172		313		10,165		7,703
Rock aggregate	245		329		347		592
Cement	301		274		543		479
Land lease for oil exploration	17		56		104		112
Total revenue	2,652		2,754		12,852		12,408
Income from mineral resources activities	$	1,929	$	2,128	$	6,435	$	6,981

Farming Segment

Segment Reporting Information [Line Items]

Components of segment revenues

The farming segment produces revenues from the sale of almonds, pistachios, wine grapes, and hay. The revenue components of the farming segment were as follows:



	Three Months Ended June 30				Six Months Ended June 30
($ in thousands)	2015		2014		2015		2014
Almonds	$	663	$	820	$	3,379	$	2,095
Pistachios	514		1,811		763		2,119
Hay	112		138		205		404
Total crop proceeds	1,289		2,769		4,347		4,618
Other farming revenues	34		155		47		152
Total farming revenues	1,323		2,924		4,394		4,770
Income from farming activities	$	79	$	1,496	$	807	$	1,478

Investment in Unconsolidated and Consolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

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

Statement of Operations for the six months ended June 30, 2015



	UNCONSOLIDATED												CONSOLIDATED
($ in thousands)	Petro Travel Plaza Holdings		Five West Parcel		18-19 West LLC			TRCC/Rock Outlet Center			Total		Centennial-VIE
Revenues	$	55,180	$	1,856	$	13		$	4,305		$	61,354	$	205
Net income (loss)	$	4,583	$	472	$	(59	)	$	(301	)	$	4,695	$	(175	)
Partner’s share of net income (loss)	$	1,833	$	236	$	(30	)	$	(150	)	$	1,889	$	(45	)
Equity in earnings (losses)	$	2,751	$	236	$	(30	)	$	(151	)	$	2,806	$	—

Balance Sheet Information as of June 30, 2015



	UNCONSOLIDATED															CONSOLIDATED
($ in thousands)	Petro Travel Plaza Holdings			Five West Parcel			18-19 West LLC			TRCC/Rock Outlet Center			Total			Centennial-VIE
Current assets	$	22,357		$	2,606		$	82		$	3,336		$	28,381		$	44
Real Estate	48,114			14,050			4,617			65,695			132,476			78,797
Other assets	286			73			—			20,852			21,211			12
Long-term debt	(15,399		)	(11,000		)	—			(51,453		)	(77,852		)	—
Other liabilities	(2,694		)	(127		)	(9		)	(758		)	(3,588		)	(612		)
Net assets	$	52,664		$	5,602		$	4,690		$	37,672		$	100,628		$	78,241

Statement of Operations for the six months ended June 30, 2014



	UNCONSOLIDATED													CONSOLIDATED
($ in thousands)	Petro Travel Plaza Holdings		Five West Parcel		18-19 West		TRCC/Rock Outlet Center		Tejon Mountain Village*			Total		Centennial-VIE
Revenues	$	54,658	$	1,710	$	31	$	480	$	—		$	56,879	$	407
Net income (loss)	$	2,555	$	136	$	19	$	20	$	(70	)	$	2,660	$	(32	)
Partner’s share of net income (loss)	$	1,021	$	68	$	10	$	10	$	(35	)	$	1,074	$	(8	)
Equity in earnings (losses)	$	1,534	$	68	$	9	$	10	$	(35	)	$	1,586	$	—

*The Company purchased DMB TMV LLC's membership interest in the Tejon Mountain Village joint venture on July 15, 2014.

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
Real Estate	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

Basis of Presentation - Reclassifications (Details)	3 Months Ended	6 Months Ended
Basis of Presentation - Reclassifications (Details)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) segment	Jun. 30, 2014 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of reportable segments \| segment		4
Water assets sales price	$ 312,000	$ 10,165,000	$ 7,703,000
Cost of purchased water	135,000	$ 5,483,000	4,524,000
Mineral resources expenses
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Prior year amortization reclassification adjustment	(676,000)
Corporate expenses
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Prior year amortization reclassification adjustment	338,000
Hay Sales, Centennial Operations
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Prior year amortization reclassification adjustment	(138,000)		(404,000)
Hay Sales, Centennial Operations \| Cost of Sales
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Prior year amortization reclassification adjustment	$ (191,000)		$ (422,000)

Basis of Presentation - Prior Period Adjustments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Real estate and improvements - held for lease, net	$ 20,130	$ 20,226
Real estate developments	224,733	219,654
Property and equipment, net	44,764	43,094
Bifurcation of Real Estate and Real Estate Development Activities
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Real estate and improvements - held for lease, net	20,226
Real estate developments	219,654
Property and equipment, net	43,094
Total adjustments	$ 282,974
Bifurcation of Real Estate and Real Estate Development Activities \| As Originally Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Real estate and improvements - held for lease, net		0
Real estate developments		0
Property and equipment, net		282,974
Total adjustments		$ 282,974

Equity - Earnings Per Share (EPS) (Details) - shares	3 Months Ended		6 Months Ended
Equity - Earnings Per Share (EPS) (Details) - shares	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common stock	20,660,797	20,586,190	20,653,363	20,577,280
Common stock equivalents-stock options, grants	69,701	35,406	64,554	40,323
Diluted shares outstanding	20,730,498	20,621,596	20,717,917	20,617,603

Equity - Equity Method Investments (Details)	Aug. 07, 2013 $ / shares shares	Jun. 30, 2015 $ / shares	Dec. 31, 2014 $ / shares
Schedule of Equity Method Investments [Line Items]
Common stock, par value per share \| $ / shares	$ 0.50	$ 0.50	$ 0.50
Ratio of common stock to warrant	0.14771
Warrant
Schedule of Equity Method Investments [Line Items]
Exercise price \| $ / shares	$ 40.00
Number of securities called by warrants \| shares	1
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right \| shares	3,000,000

Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Summary of available-for-sale securities
Available-for-sale securities, Cost	$ 39,318	$ 42,112
Available-for-sale securities, Estimated Fair Value	39,289	42,140
Level 1 \| Certificates of deposit
Summary of available-for-sale securities
Unrecognized losses for less than 12 months, Cost	3,925	2,522
Unrecognized losses for more than 12 months, Cost	620	837
Unrecognized gains, Cost	3,789	5,379
Available-for-sale securities, Cost	8,334	8,738
Unrecognized losses for less than 12 months, Estimated Fair value	3,899	2,492
Unrecognized losses for more than 12 months, Estimated Fair value	619	832
Unrecognized gains, Estimated Fair value	3,798	5,395
Available-for-sale securities, Estimated Fair Value	8,316	8,719
Level 2 \| U.S. Treasury and agency notes
Summary of available-for-sale securities
Unrecognized losses for less than 12 months, Cost	723	1,919
Unrecognized losses for more than 12 months, Cost	200	702
Unrecognized gains, Cost	1,764	1,182
Available-for-sale securities, Cost	2,687	3,803
Unrecognized losses for less than 12 months, Estimated Fair value	720	1,910
Unrecognized losses for more than 12 months, Estimated Fair value	200	700
Unrecognized gains, Estimated Fair value	1,790	1,207
Available-for-sale securities, Estimated Fair Value	2,710	3,817
Level 2 \| Corporate notes
Summary of available-for-sale securities
Unrecognized losses for less than 12 months, Cost	8,049	3,872
Unrecognized losses for more than 12 months, Cost	2,520	4,423
Unrecognized gains, Cost	12,893	16,897
Available-for-sale securities, Cost	23,462	25,192
Unrecognized losses for less than 12 months, Estimated Fair value	7,996	3,841
Unrecognized losses for more than 12 months, Estimated Fair value	2,507	4,405
Unrecognized gains, Estimated Fair value	12,934	16,963
Available-for-sale securities, Estimated Fair Value	23,437	25,209
Level 2 \| Municipal notes
Summary of available-for-sale securities
Unrecognized losses for less than 12 months, Cost	1,532	739
Unrecognized losses for more than 12 months, Cost	641	457
Unrecognized gains, Cost	2,662	3,183
Available-for-sale securities, Cost	4,835	4,379
Unrecognized losses for less than 12 months, Estimated Fair value	1,518	733
Unrecognized losses for more than 12 months, Estimated Fair value	634	456
Unrecognized gains, Estimated Fair value	2,674	3,206
Available-for-sale securities, Estimated Fair Value	$ 4,826	$ 4,395

Marketable Securities - Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Summary of maturities, at par, of marketable securities
2015	$ 6,507	$ 17,082
2016	10,521	10,040
2017	9,155	9,328
2018	12,079	4,778
2019	188
Total	38,450	41,228
Certificates of deposit
Summary of maturities, at par, of marketable securities
2015	1,355	4,213
2016	2,492	1,501
2017	631	831
2018	3,800	2,149
2019	0
Total	8,278	8,694
U.S. Treasury and agency notes
Summary of maturities, at par, of marketable securities
2015	419	1,176
2016	100	600
2017	959	1,209
2018	1,079	879
2019	188
Total	2,745	3,864
Corporate notes
Summary of maturities, at par, of marketable securities
2015	3,653	9,588
2016	6,604	6,704
2017	6,625	6,498
2018	5,845	1,625
2019	0
Total	22,727	24,415
Municipal notes
Summary of maturities, at par, of marketable securities
2015	1,080	2,105
2016	1,325	1,235
2017	940	790
2018	1,355	125
2019	0
Total	$ 4,700	$ 4,255

Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]
Fair market value of investment securities exceeds cost basis	$ 29		$ 29
Changes in unrealized gains on available for sale securities, taxes	(119)	$ (1)	(57)	$ 11
Estimated taxes of change in value of available-for-sale securities			23
Gross unrealized holding gains	88		88
Gross unrealized holding losses	$ 117		$ 117

Long-Term Water Assets - Narrative (Details)	3 Months Ended	6 Months Ended		12 Months Ended
Long-Term Water Assets - Narrative (Details)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) aft	Jun. 30, 2014 USD ($)	Dec. 31, 2015 $ / acre_foot	Dec. 31, 2014 aft	Dec. 31, 2009 aft	Dec. 31, 2008 aft
Long Lived Assets Held For Sale [Line Items]
Long-term water assets (volume)		49,018			49,461
Contract renewal optional term			35 years
Water sold (Volume)		7,922
Water assets sales price \| $	$ 312,000	$ 10,165,000	$ 7,703,000
Cost of purchased water \| $	$ 135,000	$ 5,483,000	$ 4,524,000
Transferable water
Long Lived Assets Held For Sale [Line Items]
Long-term water assets (volume)		22,179
AVEK
Long Lived Assets Held For Sale [Line Items]
AVEK water bank		13,033			13,033	6,393	8,393
AVEK water for future delivery		2,362			2,362
SWP contracts
Long Lived Assets Held For Sale [Line Items]
AVEK water for future delivery						3,444
DMB \| Transferable water
Long Lived Assets Held For Sale [Line Items]
Long-term water assets (volume)		6,693
Scenario, Forecast \| DMB
Long Lived Assets Held For Sale [Line Items]
Consumer price per acre \| $ / acre_foot				675
Maximum \| DMB
Long Lived Assets Held For Sale [Line Items]
Annual fee increase, percent	3.00%

Long-Term Water Assets - Volume of Water Assets (Details)

Jun. 30, 2015

aft

Dec. 31, 2014

aft

Dec. 31, 2009

aft

Dec. 31, 2008

aft

Banked water and water for future delivery

Total purchased water - third parties

49,018

49,461

Total purchased and contracted water sources in acre feet

104,595

109,158

Transferable water with AVEK multiple

1.5

Transferable water

Banked water and water for future delivery

Total purchased water - third parties

22,179

AVEK

Banked water and water for future delivery

AVEK water bank

13,033

6,393

8,393

Company water bank

8,700

AVEK water for future delivery

2,362

Banked water and water for future delivery

24,095

Transferable water

^[1]

14,786

15,229

Affiliated Entity

Banked water and water for future delivery

Water contracts and purchased water

10,137

Wheeler Ridge Maricopa Water Storage District

Banked water and water for future delivery

Water contracts and purchased water

15,547

Tejon-Castac Water District

Banked water and water for future delivery

Banked water and water for future delivery

34,281

38,401

Water contracts and purchased water

5,749

SWP contracts

Banked water and water for future delivery

AVEK water for future delivery

3,444

[1]	Any transferable water with AVEK that is used by the Company or returned by AVEK to the Company will be returned at a 1.5 to 1 factor giving the Company use of a total of 22,179 (14,786 x 1.5) acre feet.

Long-Term Water Assets - Value of Water Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Components of water assets
Total long-term assets	$ 45,833	$ 46,700
less: Current portion	(1,351)	(1,351)
Long-term water assets	44,482	45,349
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	9,117	9,309
SWP contracts
Components of water assets
Total long-term assets	31,937	32,612
Accumulated amortization	$ 4,863	$ 4,188

Accrued Liabilities and Other (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued vacation	$ 813	$ 799
Accrued paid personal leave	607	613
Accrued bonus	1,697	1,023
Other	285	339
Total	$ 3,402	$ 2,774

Line-of-Credit and Long-term Debt - Components of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Long-term debt consists of:
Long-term debt	$ 78,298	$ 81,309
Less line-of-credit and current maturities of long-term debt	(4,209)	(7,094)
Long-term debt, less current portion	74,089	74,215
Revolving line of credit
Long-term debt consists of:
Long-term debt	3,960	6,850
Note payable to a bank
Long-term debt consists of:
Long-term debt	$ 74,338	$ 74,459

Line-of-Credit and Long-term Debt - Line of Credit (Details)	6 Months Ended
	Jun. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2013 USD ($)
Line of Credit Facility [Line Items]
Long-term debt	$ 78,298,000	$ 81,309,000
Selected LIBOR rate
Line of Credit Facility [Line Items]
Interest rate on line of credit, variable rate	1.50%
LIBOR for a fixed rate term
Line of Credit Facility [Line Items]
Interest rate on line of credit, variable rate	1.50%
Term Notes
Line of Credit Facility [Line Items]
Line of credit amount	$ 70,000,000
Interest pay rate	4.11%
Periodic payments, interest only period	2 years
Term Notes \| Selected LIBOR rate
Line of Credit Facility [Line Items]
Interest rate on line of credit, variable rate	1.70%
Revolving line of credit
Line of Credit Facility [Line Items]
Line of credit amount	$ 30,000,000
Commitment fee percentage	10.00%
Liquid assets	$ 20,000,000
Revolving line of credit \| Maximum
Line of Credit Facility [Line Items]
Debt equity ratio	0.75
Revolving line of credit \| Minimum
Line of Credit Facility [Line Items]
Debt service coverage ratio	1.25
Revolving line of credit
Line of Credit Facility [Line Items]
Long-term debt	$ 3,960,000	$ 6,850,000
Promissory note agreement
Line of Credit Facility [Line Items]
Long-term debt	$ 4,338,000
Debt instrument face amount			$ 4,750,000
Stated interest rate			4.25%

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Liabilities [Line Items]
Share-based awards liability	$ 0	$ 1,065
Other liabilities	12,327	13,802
Pension plan
Other Liabilities [Line Items]
Pension and supplemental executive retirement plan liability	2,980	3,079
SERP
Other Liabilities [Line Items]
Pension and supplemental executive retirement plan liability	7,519	7,431
Level 2 \| Interest Rate Swap \| Other Liabilities
Other Liabilities [Line Items]
Interest rate swap liability	$ 1,828	$ 2,227

Stock Compensation - Restricted Stock and Performance Share Grants - Performance Share Grants (Details) - Performance share grants	12 Months Ended
	Dec. 31, 2014 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Below threshold performance	0
Threshold performance	99,184
Target performance	184,862
Maximum performance	340,129

Stock Compensation - Restricted Stock and Performance Share Grants - Summary of Stock Grant Activity (Details) - Performance share grants - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Summary of stock grant activity:
Stock grants outstanding beginning of the year at target achievement	237,045	265,701
New stock grants/additional shares due to maximum achievement	83,968	165,996
Vested grants	(29,941)	(41,694)
Expired/forfeited grants	0	(152,958)
Stock grants outstanding June 30, 2015 at target achievement	291,072	237,045

Stock Compensation - Restricted Stock and Performance Share Grants - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized		$ 4,679
Total compensation cost not yet recognized, period for recognition		25 months
Modified share-based awards		$ 1,065
Performance share grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New stock grants/additional shares due to maximum achievement		83,968	165,996
Performance share grants \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized	133,890
New stock grants/additional shares due to maximum achievement	89,837
Modifications annual cost		$ 1,109
Additional Paid-In Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Modified share-based awards		$ 1,065

Stock Compensation - Restricted Stock and Performance Share Grants - Compensation Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs	$ 1,968	$ 1,608
1998 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs, expensed	1,488	1,148
Stock compensation costs, capitalized	68	46
Stock compensation costs	1,556	1,194
NDSI Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs, expensed	$ 412	$ 414

Interest Rate Swap Liability (Details) - Level 2 - Interest Rate Swap - Other Liabilities $ in Thousands	Jun. 30, 2015 USD ($)
Derivatives, Fair Value [Line Items]
Weighted Average Interest Pay Rate	4.11%
Fair Value at June 30, 2015	$ (1,828)
Notional Amount at June 30, 2015	$ 70,000

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income tax expense	$ 36,000	$ 479,000	$ 898,000	$ 1,020,000
Effective income tax rate			31.00%	34.00%
Income taxes payable	$ 501,000		$ 501,000		$ 1,703,000
Income taxes paid			$ 2,117,000

Commitments and Contingencies (Details)		1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
Commitments and Contingencies (Details)	Nov. 10, 2009 defendant	Feb. 28, 2015 participant	Mar. 31, 2015 USD ($)	Jun. 30, 2015 USD ($) a aft facility	Dec. 31, 2014 USD ($) aft
Commitment and Contingencies Disclosure [Line Items]
Future minimum payments due				$ 7,900,000
Long-term water assets (volume) \| aft				49,018	49,461
Estimated future payments				$ 800,000
Number of community facility districts \| facility				2
Letter of credit period				2 years
Letter of credit renewal period				2 years
Special taxes paid					$ 933,000
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
Proceeds from additional reimbursement funds			$ 4,971,000
Transferable water
Commitment and Contingencies Disclosure [Line Items]
Long-term water assets (volume) \| aft				22,179
Transferable water \| DMB
Commitment and Contingencies Disclosure [Line Items]
Long-term water assets (volume) \| aft				6,693
Affiliated Entity
Commitment and Contingencies Disclosure [Line Items]
Number of defendants \| defendant	2
Settled Litigation \| Antelope Valley Groundwater Cases
Commitment and Contingencies Disclosure [Line Items]
Number of parties settled, more than \| participant		140
Loss Contingency, Settlement, Percent of Water Use Within the Adjudication Boundary		99.00%
KWBA \| TCWD
Commitment and Contingencies Disclosure [Line Items]
Percentage of interest rate held				2.00%

Retirement Plans - Additional Information (Details) - Pension plan - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Estimated contribution to the pension plan		$ 600,000
Current investment policy targets:
Defined Benefit Plan Assets, Target Allocation Period Increase (Decrease) Percentage		20.00%
Assumptions used in determining periodic pension cost:
Discount rate		4.30%	4.30%
Expected long-term rate of return on plan assets		7.50%	7.50%
Increase in pension liability due to annuity settlement	$ 392,000
Increase in expense due to annuity settlement	$ 407,000
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		63.00%		59.00%
Treasury/Corporate Notes
Current investment policy targets:
Current investment policy target		25.00%
Current investment mix		31.00%		30.00%
Money market funds
Current investment policy targets:
Current investment policy target		10.00%
Current investment mix		6.00%		11.00%

Retirement Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Pension plan
Cost components:
Service cost-benefits earned during the period	$ (133)	$ (180)
Interest cost on projected benefit obligation	(233)	(202)
Expected return on plan assets	308	272
Net amortization and deferral	(141)	(533)
Total net periodic pension cost	(199)	(643)
SERP
Cost components:
Service cost-benefits earned during the period	0	(160)
Interest cost on projected benefit obligation	(139)	(110)
Net amortization and deferral	(168)	(114)
Total net periodic pension cost	$ (307)	$ (384)

Business Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
Business Segments (Details) $ in Thousands	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) segment	Jun. 30, 2014 USD ($)
Revenue from External Customer [Line Items]
Number of reportable segments \| segment			4
Segment revenues	$ 7,000	$ 8,321	$ 23,633	$ 22,856
Profit (Loss) from commercial and resort/residential activities	(1,243)	179	70	1,413
Equity in earnings/losses of unconsolidated joint ventures	(1,656)	(1,148)	(2,806)	(1,586)
Real estate - commercial/industrial
Revenue from External Customer [Line Items]
Segment revenues	3,025	2,553	6,387	5,495
Real estate - resort/residential
Revenue from External Customer [Line Items]
Segment revenues	0	90	0	183
Real estate - resort/residential \| Management fees
Revenue from External Customer [Line Items]
Segment revenues	0	90	0	180
Real estate - resort/residential \| Other
Revenue from External Customer [Line Items]
Segment revenues	0	0	0	3
Mineral resources
Revenue from External Customer [Line Items]
Segment revenues	2,652	2,754	12,852	12,408
Operating Segments \| Real estate - commercial/industrial
Revenue from External Customer [Line Items]
Segment revenues	3,025	2,553	6,387	5,495
Profit (Loss) from commercial and resort/residential activities	(70)	(783)	90	(1,152)
Equity in earnings/losses of unconsolidated joint ventures			(2,806)	(1,621)
Revenues and equity in earnings of unconsolidated joint ventures	1,586	365	2,896	469
Operating Segments \| Real estate - commercial/industrial \| Commercial leases
Revenue from External Customer [Line Items]
Segment revenues	1,650	1,510	3,795	2,785
Operating Segments \| Real estate - commercial/industrial \| Grazing leases
Revenue from External Customer [Line Items]
Segment revenues	524	346	911	713
Operating Segments \| Real estate - commercial/industrial \| All other land management ancillary services
Revenue from External Customer [Line Items]
Segment revenues	851	697	1,681	1,997
Operating Segments \| Real estate - resort/residential \| Management fees
Revenue from External Customer [Line Items]
Profit (Loss) from commercial and resort/residential activities	(576)	(611)	(1,327)	(1,003)
Equity in earnings/losses of unconsolidated joint ventures	0	(14)	0	(35)
Revenues and equity in earnings of unconsolidated joint ventures	0	76	0	148
Operating Segments \| Mineral resources
Revenue from External Customer [Line Items]
Segment revenues	2,652	2,754	12,852	12,408
Profit (Loss) from commercial and resort/residential activities	1,929	2,128	6,435	6,981
Operating Segments \| Mineral resources \| Oil and gas
Revenue from External Customer [Line Items]
Segment revenues	917	1,782	1,693	3,522
Operating Segments \| Mineral resources \| Water sales
Revenue from External Customer [Line Items]
Segment revenues	1,172	313	10,165	7,703
Operating Segments \| Mineral resources \| Rock aggregate
Revenue from External Customer [Line Items]
Segment revenues	245	329	347	592
Operating Segments \| Mineral resources \| Cement
Revenue from External Customer [Line Items]
Segment revenues	301	274	543	479
Operating Segments \| Mineral resources \| Land lease for oil exploration
Revenue from External Customer [Line Items]
Segment revenues	17	56	104	112
Operating Segments \| Farming Segment
Revenue from External Customer [Line Items]
Segment revenues	1,323	2,924	4,394	4,770
Profit (Loss) from commercial and resort/residential activities	79	1,496	807	1,478
Operating Segments \| Farming Segment \| Total crop proceeds
Revenue from External Customer [Line Items]
Segment revenues	1,289	2,769	4,347	4,618
Operating Segments \| Farming Segment \| Almonds
Revenue from External Customer [Line Items]
Segment revenues	663	820	3,379	2,095
Operating Segments \| Farming Segment \| Pistachios
Revenue from External Customer [Line Items]
Segment revenues	514	1,811	763	2,119
Operating Segments \| Farming Segment \| Hay
Revenue from External Customer [Line Items]
Segment revenues	112	138	205	404
Operating Segments \| Farming Segment \| Other farming revenues
Revenue from External Customer [Line Items]
Segment revenues	$ 34	$ 155	$ 47	$ 152

Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Related Parties (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Total revenues	$ 7,000	$ 8,321	$ 23,633	$ 22,856
Equity in earnings of unconsolidated joint ventures, net	$ 1,656	$ 1,148	$ 2,806	$ 1,586

Investment in Unconsolidated and Consolidated Joint Ventures - Investment Information (Details) ft² in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015 USD ($) a	Jun. 30, 2014 USD ($) ft²	Jun. 30, 2013 member	Jun. 30, 2015 USD ($) a ft² joint_venture	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 30, 2013 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 34,362,000			$ 34,362,000		$ 32,604,000
Equity in earnings (losses)	1,656,000	$ 1,148,000		$ 2,806,000	$ 1,586,000
Number of joint venture contracts \| joint_venture				3
Long-term debt	$ 78,298,000			$ 78,298,000		81,309,000
Line of Credit
Schedule of Equity Method Investments [Line Items]
Maximum borrowing capacity							$ 52,000,000
Petro Travel Plaza Holdings LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses)				$ 2,751,000	1,534,000
Unconsolidated joint ventures, ownership interest	60.00%			60.00%
Unconsolidated joint ventures, voting rights				50.00%
Long-term debt	$ 15,399,000			$ 15,399,000		15,808,000
Investment in unconsolidated joint ventures	$ 19,198,000			$ 19,198,000
Tejon Mountain Village LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses)					(35,000)
Rockefeller Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of joint venture contracts \| joint_venture				3
Number of acres for development \| a				91
Development of land in TRCC including pursuing foreign trade zone \| a	500			500
Investment in unconsolidated joint ventures	$ 15,164,000			$ 15,164,000
Five West Parcel LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses)				$ 236,000	68,000
Unconsolidated joint ventures, ownership interest	50.00%			50.00%
Area of building owned and leased \| ft²				606
Long-term debt	$ 11,000,000			$ 11,000,000		11,000,000
18-19 West LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses)				$ (30,000)	9,000
Unconsolidated joint ventures, ownership interest	50.00%			50.00%
Long-term debt	$ 0			$ 0		0
Number of acres for development \| a				61.5
TRCC-East
Schedule of Equity Method Investments [Line Items]
Number of acres for development \| ft²		326
TRCC/Rock Outlet Center
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures								$ 87,000,000
Construction loan percent of costs			60.00%
Equity contributions, percent			40.00%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Number of Members \| member			2
Equity in earnings (losses)				$ (151,000)	10,000
Unconsolidated joint ventures, voting rights				50.00%
Long-term debt	$ 51,453,000			$ 51,453,000		45,449,000
Centennial Founders, LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses)				$ 0	$ 0
Consolidated joint venture, ownership interest	74.48%			74.48%
Long-term debt	$ 0			$ 0		$ 0
Building Development \| Rockefeller Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of joint venture contracts \| joint_venture				2

Investment in Unconsolidated and Consolidated Joint Ventures - Condensed Statements of Operations and Balance Sheet Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Statement of Operations
Equity in earnings (losses)	$ 1,656	$ 1,148	$ 2,806	$ 1,586
Balance Sheet Information
Current assets	60,441		60,441		$ 65,927
Property and equipment, net	44,764		44,764		43,094
Long-term debt	(78,298)		(78,298)		(81,309)
Unconsolidated Properties [Member]
Statement of Operations
Revenues			61,354	56,879
Net income (loss)			4,695	2,660
Partner’s share of net income (loss)			1,889	1,074
Equity in earnings (losses)			2,806	1,586
Balance Sheet Information
Current assets	28,381		28,381		25,101
Property and equipment, net	132,476		132,476		133,609
Other assets	21,211		21,211		19,872
Long-term debt	(77,852)		(77,852)		(72,257)
Other liabilities	(3,588)		(3,588)		(8,321)
Net assets	100,628		100,628		98,004
Petro Travel Plaza Holdings LLC
Statement of Operations
Revenues			55,180	54,658
Net income (loss)			4,583	2,555
Partner’s share of net income (loss)			1,833	1,021
Equity in earnings (losses)			2,751	1,534
Balance Sheet Information
Current assets	22,357		22,357		18,960
Property and equipment, net	48,114		48,114		48,011
Other assets	286		286		181
Long-term debt	(15,399)		(15,399)		(15,808)
Other liabilities	(2,694)		(2,694)		(3,263)
Net assets	52,664		52,664		48,081
Five West Parcel LLC
Statement of Operations
Revenues			1,856	1,710
Net income (loss)			472	136
Partner’s share of net income (loss)			236	68
Equity in earnings (losses)			236	68
Balance Sheet Information
Current assets	2,606		2,606		3,834
Property and equipment, net	14,050		14,050		14,869
Other assets	73		73		67
Long-term debt	(11,000)		(11,000)		(11,000)
Other liabilities	(127)		(127)		(440)
Net assets	5,602		5,602		7,330
18-19 West LLC
Statement of Operations
Revenues			13	31
Net income (loss)			(59)	19
Partner’s share of net income (loss)			(30)	10
Equity in earnings (losses)			(30)	9
Balance Sheet Information
Current assets	82		82		5
Property and equipment, net	4,617		4,617		4,617
Other assets	0		0		0
Long-term debt	0		0		0
Other liabilities	(9)		(9)		(2)
Net assets	4,690		4,690		4,620
TRCC/Rock Outlet Center
Statement of Operations
Revenues			4,305	480
Net income (loss)			(301)	20
Partner’s share of net income (loss)			(150)	10
Equity in earnings (losses)			(151)	10
Balance Sheet Information
Current assets	3,336		3,336		2,302
Property and equipment, net	65,695		65,695		66,112
Other assets	20,852		20,852		19,624
Long-term debt	(51,453)		(51,453)		(45,449)
Other liabilities	(758)		(758)		(4,616)
Net assets	37,672		37,672		37,973
Tejon Mountain Village LLC
Statement of Operations
Revenues				0
Net income (loss)				(70)
Partner’s share of net income (loss)				(35)
Equity in earnings (losses)				(35)
Centennial Founders, LLC
Statement of Operations
Revenues			205	407
Net income (loss)			(175)	(32)
Partner’s share of net income (loss)			(45)	(8)
Equity in earnings (losses)			0	$ 0
Balance Sheet Information
Current assets	44		44		651
Property and equipment, net	78,797		78,797		77,373
Other assets	12		12		0
Long-term debt	0		0		0
Other liabilities	(612)		(612)		(158)
Net assets	$ 78,241		$ 78,241		$ 77,866