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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Jul. 31, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	TEJON RANCH CO
Entity Central Index Key	0000096869
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock Shares Outstanding		20,733,667
Trading Symbol	TRC

Unaudited Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Total revenues	$ 6,849,000	$ 7,000,000	$ 19,802,000	$ 23,633,000
Costs and Expenses:
Total expenses	9,956,000	8,402,000	22,726,000	23,915,000
Operating loss	(3,107,000)	(1,402,000)	(2,924,000)	(282,000)
Other Income:
Investment income	120,000	142,000	238,000	297,000
Other income	37,000	17,000	88,000	55,000
Total other income	157,000	159,000	326,000	352,000
(Loss) income from operations before equity in earnings of unconsolidated joint ventures	(2,950,000)	(1,243,000)	(2,598,000)	70,000
Equity in earnings of unconsolidated joint ventures, net	1,842,000	1,656,000	3,297,000	2,806,000
(Loss) income before income tax expense	(1,108,000)	413,000	699,000	2,876,000
Income tax (benefit) expense	(380,000)	36,000	232,000	898,000
Net (loss) income	(728,000)	377,000	467,000	1,978,000
Net loss attributable to non-controlling interest	(40,000)	(29,000)	(54,000)	(45,000)
Net (loss) income attributable to common stockholders	$ (688,000)	$ 406,000	$ 521,000	$ 2,023,000
Net (loss) income per share attributable to common stockholders, basic, in dollars per share	$ (0.03)	$ 0.02	$ 0.03	$ 0.10
Net (loss) income per share attributable to common stockholders, diluted, in dollars per share	$ (0.03)	$ 0.02	$ 0.03	$ 0.10
Operating Segments \| Real estate - commercial/industrial
Revenues:
Total revenues	$ 2,159,000	$ 1,810,000	$ 4,313,000	$ 4,089,000
Costs and Expenses:
Total expenses	1,714,000	1,676,000	3,393,000	3,285,000
Other Income:
Equity in earnings of unconsolidated joint ventures, net		1,656,000		2,806,000
(Loss) income before income tax expense	2,287,000	1,790,000	4,217,000	3,610,000
Operating Segments \| Real estate - resort/residential
Revenues:
Total revenues			0
Costs and Expenses:
Total expenses	387,000	576,000	929,000	1,327,000
Operating Segments \| Mineral resources
Revenues:
Total revenues	3,187,000	2,652,000	11,927,000	12,852,000
Costs and Expenses:
Total expenses	1,800,000	723,000	6,493,000	6,417,000
Other Income:
(Loss) income from operations before equity in earnings of unconsolidated joint ventures	1,387,000	1,929,000	5,434,000	6,435,000
Operating Segments \| Farming
Revenues:
Total revenues	502,000	1,323,000	1,723,000	4,394,000
Costs and Expenses:
Total expenses	1,350,000	1,244,000	2,856,000	3,587,000
Operating Segments \| Ranch operations
Revenues:
Total revenues	1,001,000	1,215,000	1,839,000	2,298,000
Costs and Expenses:
Total expenses	1,542,000	1,419,000	2,889,000	3,012,000
Other Income:
(Loss) income from operations before equity in earnings of unconsolidated joint ventures	(541,000)	(204,000)	(1,050,000)	(714,000)
Corporate expenses
Costs and Expenses:
Total expenses	$ 3,163,000	$ 2,764,000	$ 6,166,000	$ 6,287,000

Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (728)	$ 377	$ 467	$ 1,978
Other comprehensive income:
Unrealized gain (loss) on available for sale securities	54	(119)	242	(57)
Unrealized (loss) gain on interest rate swap	(1,031)	1,794	(3,307)	399
Other comprehensive (loss) income before taxes	(977)	1,675	(3,065)	342
Benefit (provision) from income taxes related to other comprehensive income (loss) items	342	(670)	1,072	(136)
Other comprehensive (loss) income	(635)	1,005	(1,993)	206
Comprehensive (loss) income	(1,363)	1,382	(1,526)	2,184
Comprehensive loss attributable to non-controlling interests	(40)	(29)	(54)	(45)
Comprehensive (loss) income attributable to common stockholders	$ (1,323)	$ 1,411	$ (1,472)	$ 2,229

Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 862,000	$ 1,930,000
Marketable securities - available-for-sale	32,661,000	32,815,000
Accounts receivable	3,066,000	6,511,000
Inventories	9,466,000	3,517,000
Prepaid expenses and other current assets	6,261,000	4,120,000
Total current assets	52,316,000	48,893,000
Real estate and improvements - held for lease, net	23,234,000	21,942,000
Real estate development (includes $87,217 at June 30, 2016 and $84,194 at December 31, 2015, attributable to Centennial Founders, LLC, Note 15)	239,932,000	235,466,000
Property and equipment, net	45,819,000	44,469,000
Investments in unconsolidated joint ventures	33,432,000	30,680,000
Long-term water assets	43,089,000	43,806,000
Deferred tax assets	5,732,000	4,659,000
Other assets	2,444,000	2,004,000
TOTAL ASSETS	445,998,000	431,919,000
Current Liabilities:
Trade accounts payable	4,135,000	3,252,000
Accrued liabilities and other	2,853,000	3,492,000
Income taxes payable	0	1,237,000
Deferred income	1,698,000	1,525,000
Revolving line of credit	11,000,000	0
Current maturities of long-term debt	2,503,000	815,000
Total current liabilities	22,189,000	10,321,000
Long-term debt, less current portion	71,417,000	73,223,000
Long-term deferred gains	3,811,000	3,816,000
Other liabilities	16,843,000	13,251,000
Total liabilities	114,260,000	100,611,000
Commitments and contingencies
Tejon Ranch Co. Stockholders’ Equity
Common stock, $.50 par value per share: Authorized shares - 30,000,000, Issued and outstanding shares - 20,725,851 at June 30, 2016 and 20,688,154 at December 31, 2015	10,363,000	10,344,000
Additional paid-in capital	218,740,000	216,803,000
Accumulated other comprehensive loss	(8,895,000)	(6,902,000)
Retained earnings	71,910,000	71,389,000
Total Tejon Ranch Co. Stockholders’ Equity	292,118,000	291,634,000
Non-controlling interest	39,620,000	39,674,000
Total equity	331,738,000	331,308,000
TOTAL LIABILITIES AND EQUITY	$ 445,998,000	$ 431,919,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Real estate developments	$ 239,932	$ 235,466
Common stock, par value per share (in dollars per share)	$ 0.50	$ 0.50
Common stock, authorized shares	30,000,000	30,000,000
Common stock, issued shares	20,725,851	20,688,154
Common stock, outstanding shares	20,725,851	20,688,154
Centennial
Real estate developments	$ 87,217	$ 84,194

Unaudited Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating Activities
Net income	$ 467,000	$ 1,978,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	2,810,000	2,431,000
Amortization of premium/discount of marketable securities	255,000	328,000
Equity in earnings of unconsolidated joint ventures	(3,297,000)	(2,806,000)
Non-cash retirement plan expense	483,000	507,000
Deferred income taxes	0	1,000
Stock compensation expense	2,131,000	1,900,000
Changes in operating assets and liabilities:
Receivables, inventories and other assets, net	(4,939,000)	(2,830,000)
Current liabilities	(1,607,000)	124,000
Net cash (used in) provided by operating activities	(3,697,000)	1,633,000
Investing Activities
Maturities and sales of marketable securities	3,291,000	14,665,000
Funds invested in marketable securities	(3,151,000)	(12,200,000)
Property and equipment expenditures	(13,266,000)	(12,113,000)
Communities Facilities District and other reimbursements	4,650,000	4,971,000
Investment in unconsolidated joint ventures	(55,000)	0
Distribution of equity from unconsolidated joint ventures	600,000	1,100,000
Other	0	38,000
Net cash used in investing activities	(7,931,000)	(3,615,000)
Financing Activities
Borrowings of short-term debt	11,000,000	10,560,000
Repayments of short-term debt	0	(13,450,000)
Repayments of long-term debt	(126,000)	(126,000)
Taxes on vested stock grants	(314,000)	(529,000)
Net cash provided by (used in) financing activities	10,560,000	(3,545,000)
Decrease in cash and cash equivalents	(1,068,000)	(5,527,000)
Cash and cash equivalents at beginning of year	1,930,000	5,638,000
Cash and cash equivalents at end of period	862,000	111,000
Supplemental cash flow information
Accrued capital expenditures included in current liabilities	584,000	1,383,000
Income taxes paid	$ 1,350,000	$ 2,117,000

Unaudited Consolidated Statement of Changes in Equity and Noncontrolling Interests - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2015			20,688,154
Beginning Balance, value at Dec. 31, 2015	$ 331,308	$ 291,634	$ 10,344	$ 216,803	$ (6,902)	$ 71,389	$ 39,674
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	467	521				521	(54)
Other comprehensive loss	(1,993)	(1,993)			(1,993)
Restricted stock issuance (in shares)			53,892
Restricted stock issuance	0		$ 27	(27)
Stock compensation	2,270	2,270		2,270
Shares withheld for taxes and tax benefit of vested shares (in shares)			(16,195)
Shares withheld for taxes and tax benefit of vested shares	(314)	(314)	$ (8)	(306)
Ending Balance (in shares) at Jun. 30, 2016			20,725,851
Ending Balance, value at Jun. 30, 2016	$ 331,738	$ 292,118	$ 10,363	$ 218,740	$ (8,895)	$ 71,910	$ 39,620

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2016
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, 2016 and 2015 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, 2016 and December 31, 2015 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 five reportable segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources; farming, and ranch operations. 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. We use segment profit or loss, along with equity in earnings of unconsolidated joint ventures, as the primary measure of profitability to evaluate operating performance and to allocate capital resources. 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. Ranch Operations During the fourth quarter of 2015, the Company reclassified revenues and expenses comprised of grazing leases, game management and other ancillary services supporting the ranch, from commercial/industrial into a new segment called ranch operations. As a result, the Company reclassified prior period ranch operation revenues and expenses on the consolidated statements of income. For the six months ended June 30, 2015, revenues and expenses reclassified were $2,298,000 and $3,012,000, respectively. For the quarter ended June 30, 2015, revenues and expenses reclassified were $1,215,000 and $1,419,000, respectively. 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, 2015. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, "Revenue from Contracts with Customers", which provides guidance for revenue recognition that supersedes existing revenue recognition guidance (but does not apply to nor supersede accounting guidance for lease contracts). The ASU’s core principle is that an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The ASU is effective for reporting periods beginning after December 15, 2016, and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. In July 2015, the FASB affirmed its proposal to defer the effective date by one year. The new standard will become effective for the Company beginning with the first quarter of fiscal 2018. The Company is currently in the process of evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity, and (3) the primary beneficiary determination. ASU 2015-02 is effective for periods beginning after December 15, 2015. As a result of adopting this ASU, on January 1, 2016 we were not required to consolidate any legal entities that were previously unconsolidated or deconsolidate any legal entities that were previously consolidated. Therefore, upon adoption, we were not required to retrospectively adjust any prior period information or recognize a cumulative effect of the change in retained earnings as a result of the initial application of this update. In January 2016, the FASB issued ASU 2016-01, "Financial Statements - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which requires equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) to be measured at fair value with changes in fair value recognized in net income. There will no longer be an available-for-sale classification for equity securities with readily determinable fair values. The new guidance is effective for periods beginning after December 15, 2017, with early adoption permitted. The Company is currently in the process of evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases." From the lessee's perspective, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for a lessee. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing lease. If the lessor doesn’t convey risks and rewards or control, an operating lease results. ASU 2016-02 is effective for periods beginning after December 15, 2018. The Company is currently in the process of evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements.

Equity

6 Months Ended

Jun. 30, 2016

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,
	2016	2015	2016	2015
Weighted average number of shares outstanding:
Common stock	20,724,689	20,660,797	20,713,396	20,653,363
Common stock equivalents-stock options, grants	115,693	69,701	103,664	64,554
Diluted shares outstanding	20,840,382	20,730,498	20,817,060	20,717,917

Warrants

On August 7, 2013, the Company announced that its Board of Directors declared a dividend of 3,000,000 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 issued pursuant to a Warrant Agreement between the Company, Computershare, Inc. and Computershare Trust Company, N.A., as warrant agent. 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 are 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. On February 26, 2016, the Company received a notice from NYSE MKT indicating the Warrants are not in compliance with the NYSE MKT's continued listing standard due to the security's abnormally low market value of less than $0.01. Consequently, the NYSE has delisted the Warrants. Based on current stock prices, the Company expects the Warrants will expire without being exercised.

- 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

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

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-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

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

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

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

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

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

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Marketable Securities

6 Months Ended

Jun. 30, 2016

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, 2016				December 31, 2015
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	42	$	41	$	4,810	$	4,797
with unrecognized losses for more than 12 months		—		—		239		238
with unrecognized gains		6,422		6,455		2,800		2,805
Total Certificates of deposit	Level 1	6,464		6,496		7,849		7,840
US Treasury and agency notes
with unrecognized losses for less than 12 months		—		—		860		857
with unrecognized losses for more than 12 months		—		—		—		—
with unrecognized gains		2,032		2,043		736		738
Total US Treasury and agency notes	Level 2	2,032		2,043		1,596		1,595
Corporate notes
with unrecognized losses for less than 12 months		2,979		2,960		14,638		14,516
with unrecognized losses for more than 12 months		1,961		1,951		2,080		2,061
with unrecognized gains		15,532		15,591		3,334		3,339
Total Corporate notes	Level 2	20,472		20,502		20,052		19,916
Municipal notes
with unrecognized losses for less than 12 months		554		550		1,742		1,725
with unrecognized losses for more than 12 months		361		358		301		298
with unrecognized gains		2,696		2,712		1,435		1,441
Total Municipal notes	Level 2	3,611		3,620		3,478		3,464
		$	32,579	$	32,661	$	32,975	$	32,815

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, 2016, the fair market value of investment securities was $82,000 higher than their cost basis.

As of June 30, 2016, the adjustment to accumulated other comprehensive loss in consolidated equity for the temporary change in the value of securities reflected an increase in the market value of available-for-sale securities of $242,000, which includes estimated taxes of $85,000. As of June 30, 2016, the Company’s gross unrealized holding income equaled $119,000 and gross unrealized holding losses equaled $37,000.

The following tables summarize the maturities, at par, of marketable securities as of:



	June 30, 2016
($ in thousands)	2016		2017		2018		2019		Total
Certificates of deposit	$	1,079	$	671	$	4,510	$	169	$	6,429
U.S. Treasury and agency notes	100		1,234		579		143		2,056
Corporate notes	3,067		6,425		7,573		2,861		19,926
Municipal notes	775		940		1,605		230		3,550
	$	5,021	$	9,270	$	14,267	$	3,403	$	31,961



	December 31, 2015
($ in thousands)	2016		2017		2018		2019		Total
Certificates of deposit	$	2,492	$	631	$	4,510	169		$	7,802
U.S. Treasury and agency notes	100		759		579		188		1,626
Corporate notes	4,572		6,525		6,462		1,881		19,440
Municipal notes	995		940		1,455		—		3,390
	$	8,159	$	8,855	$	13,006	$	2,238	$	32,258

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

Real Estate

6 Months Ended

Jun. 30, 2016

Real Estate [Abstract]

Real Estate

REAL ESTATE



($ in thousands)	June 30, 2016			December 31, 2015
Real estate development
Mountain Village	$	123,538		$	120,954
Centennial	87,217			84,194
Grapevine	20,669			18,285
Tejon Ranch Commerce Center	8,508			12,033
Real estate development	239,932			235,466

Real estate and improvements - held for lease, net
Tejon Ranch Commerce Center	21,263			19,783
Rancho Santa Fe and Other	4,242			4,242
Real estate and improvements - held for lease	25,505			24,025
Less accumulated depreciation	(2,271		)	(2,083		)
Real estate and improvements - held for lease, net	$	23,234		$	21,942

Long-Term Water Assets

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [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.

We also purchase water for 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, or TLBWSD, and the Dudley-Ridge Water District, or DRWD, 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 to 2044 and includes a Company option to extend the contract for an additional 35 years. Purchase costs in 2016 were $695 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.

On August 6, 2015, Tejon Ranchcorp, or Ranchcorp, a wholly-owned subsidiary of Tejon Ranch Co., entered into a Water Supply Agreement with Pastoria Energy Facility, L.L.C., or PEF. PEF is the current lessee under the power plant lease. Pursuant to the Water Supply Agreement, beginning on January 1, 2016, PEF may purchase from Ranchcorp up to 2,000 acre feet of water and, from January 1, 2017 through July 31, 2030, with an option to extend the term, PEF may purchase from Ranchcorp up to 3,500 acre feet of water per year. PEF is under no obligation to purchase water from Ranchcorp in any year, but is required to pay Ranchcorp an annual option payment equal to 30% of the maximum annual payment. The price of the water under the Water Supply Agreement is $1,025 per acre foot of annual water, subject to 3% annual increases commencing January 1, 2017. The Water Supply Agreement contains other customary terms and conditions, including representations and warranties, which are typical for agreements of this type. The Company's commitments to sell water can be met through current water assets.

During the first six months ended June 30, 2016, we sold 7,285 acre feet of water totaling $9,601,000 with a cost of $5,925,000, which was recorded in the mineral resources segment on the unaudited consolidated statements of operations.

Water contracts with the Wheeler Ridge Maricopa Water Storage District, or WRMWSD, and the Tejon-Castac Water District, or TCWD, are also in place, but were entered into with each district at inception of the contract and not purchased later from third parties, and do not have a related financial 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, 2016	December 31, 2015
Banked water and water for future delivery
AVEK water bank	13,033	13,033
Company water bank	17,287	8,700
AVEK water for future delivery	2,362	2,362
Total Company and AVEK banked water	32,682	24,095
Transferable water*	9,061	14,786
Water Contracts	10,137	10,137
Total purchased water - third parties	51,880	49,018
WRMWSD - Contracts with Company	15,547	15,547
TCWD - Contracts with Company	5,749	5,749
TCWD - Banked water contracted to Company	33,390	34,496
Total purchased and contracted water sources in acre feet	106,566	104,810

*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 13,592 (9,061 x 1.5) acre feet.



($ in thousands)	June 30, 2016			December 31, 2015
Banked water and water for future delivery	$	4,778		$	4,779
Transferable water	9,076			9,117
Water contracts	30,586			31,261
Total long-term water assets	44,440			45,157
less: Current portion	(1,351		)	(1,351		)
	$	43,089		$	43,806

Accrued Liabilities and Other

6 Months Ended

Jun. 30, 2016

Payables and Accruals [Abstract]

Accrued Liabilities and Other

ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other consists of the following:



($ in thousands)	June 30, 2016		December 31, 2015
Accrued vacation	$	821	$	801
Accrued paid personal leave	556		585
Accrued bonus	1,041		1,549
Other	435		557
	$	2,853	$	3,492

Line of Credit and Long-Term Debt

6 Months Ended

Jun. 30, 2016

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, 2016			December 31, 2015
Revolving line of credit	$	11,000		$	—
Term Note	70,000			70,000
Promissory note	4,089			4,215
Total short-term and long-term debt	85,089			74,215
Less: line-of-credit and current maturities of long-term debt	(13,503		)	(815		)
Less: deferred loan costs	(169		)	(177		)
Long-term debt, less current portion	$	71,417		$	73,223

On October 13, 2014, the Company, through its wholly-owned subsidiary 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 amended and restated the Company's existing credit facility dated as of November 5, 2010 and extended on December 4, 2013. The Credit Facility added a $70,000,000 Term Note, to the existing $30,000,000 revolving line of credit, or RLC. Funds from the Term Note were used to finance the Company's purchase of DMB TMV LLC’s interest in Tejon Mountain Village LLC. 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, 2016 and December 31, 2015, the RLC had an outstanding balance of $11,000,000 and $0, respectively. At the Company’s option, the interest rate on this line of credit can float at 1.50% over a selected LIBOR 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 Note 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 Note 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 Note 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, 2016 and December 31, 2015, we were in compliance with all financial covenants.

During the third quarter of 2013, we entered into a promissory note agreement with CMFG Life Insurance Company, 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 monthly principal and interest payments of $102,700 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 $4,089,000. The balance of this long-term debt instrument listed above approximates the fair value of the instrument.

Other Liabilities

6 Months Ended

Jun. 30, 2016

Other Liabilities Disclosure [Abstract]

Other Liabilities

OTHER LIABILITIES

Other liabilities consist of the following:



($ in thousands)	June 30, 2016		December 31, 2015
Pension liability (See Note 13)	$	2,413	$	2,263
Interest rate swap liability (See Note 10)	6,212		2,905
Supplemental executive retirement plan liability (See Note 13)	8,049		7,999
Other	169		84
Total	$	16,843	$	13,251

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, 2016

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 a service condition or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with service condition 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 Company has also granted performance share grants that contain both performance-based and market-based conditions. Compensation cost for these awards is recognized based on either the achievement of the performance-based conditions, if they are considered probable, or if they are not considered probable, on the achievement of the market-based condition. Failure to satisfy the threshold performance conditions will result in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions results in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions does not result in a reversal of previously recognized share-based compensation expense.

The following is a summary of the Company's performance share grants with performance conditions for the six months ended June 30, 2016:



Performance Share Grants with Performance Conditions
Below threshold performance		—
Threshold performance		205,712
Target performance		377,385
Maximum performance		569,972

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, 2016		December 31, 2015
Stock grants outstanding beginning of the year at target achievement	272,353		237,045
New stock grants/additional shares due to maximum achievement	245,781		114,221
Vested grants	(36,028	)	(52,436	)
Expired/forfeited grants	(524	)	(26,477	)
Stock grants outstanding June 30, 2016 at target achievement	481,582		272,353

The unamortized costs associated with nonvested stock grants and the weighted-average period over which it is expected to be recognized as of June 30, 2016 were $4,791,546 and 17 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.

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 June 30,
Employee Plan:	2016		2015
Expensed	$	1,768	$	1,488
Capitalized	139		68
	1,907		1,556
NDSI Plan - Expensed	363		412
Total Stock Compensation Costs	$	2,270	$	1,968

Interest Rate Swap Liability

6 Months Ended

Jun. 30, 2016

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 7 (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, 2016, 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, 2016, 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, 2016 ($ in thousands):



Effective Date	Maturity Date	Fair Value Hierarchy	Weighted Average Interest Rate	Fair Value	Notional Amount
October 15, 2014	October 5, 2024	Level 2	4.11%	$(6,212)	$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
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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the six months ended June 30, 2016, the Company's income tax expense was $232,000 compared to an income tax expense of $898,000 for the six months ended June 30, 2015. These represent effective income tax rates of approximately 33% and 31% for the six months ended June 30, 2016 and, 2015, respectively. As of June 30, 2016, we did not have income taxes payable. The Company classifies interest and penalties incurred on tax payments as income tax expense. During the six months ended June 30, 2016, the Company made $1,350,000 of income tax payments for the 2015 tax year.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2016
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 2016 of approximately $8,240,000, of which $8,219,000 was paid through the second quarter with the remainder to be paid throughout the remainder of the year. These estimated water contract payments consist of SWP, contracts with WRMWDS, TCWD, TLBWSD, DRWD and the Nickel water contract. The SWP contracts run through 2035 and the Nickel water contract runs to 2044, with an option to extend an additional 35 years. The TLBWSD and DRWD SWP contracts have now been transferred to AVEK, for our use in the Antelope Valley. As discussed in Note 5 (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 through the term of the contract. 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 Mountain Village at Tejon Ranch, or MV projects. Our obligation under this commitment terminates at the end of 2021. 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 $55,000,000 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 $65,000,000 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, 2016, there were no additional improvement funds remaining from the West CFD bonds. During the first quarter of 2016, the East CFD reimbursed the Company approximately $4,162,000 for public infrastructure. After this payment, there is $13,923,000 in funds remaining in the East CFD improvement fund. There were no reimbursement payments made to the Company during the second quarter of 2016. During 2015, the Company paid approximately $963,000 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, or Notice, dated July 17, 2014 indicating that the Center for Biological Diversity, the Wishtoyo Foundation and Dee Dominguez intend to initiate a lawsuit against the U.S. Fish and Wildlife Service, or USFWS, under the federal Endangered Species Act challenging USFWS's approval of Ranchcorp's Tehachapi Uplands Multiple Species Habitat Conservation Plan, or TUMSHCP, and USFWS's issuance of an Incidental Take Permit, or ITP, to Ranchcorp for the take of federally listed species. The foregoing approvals authorize, among other things, removal of California condor habitat associated with Ranchcorp's potential future development of MV. No lawsuit has been filed at this time. It is not possible to predict whether any lawsuit will actually be filed or whether the Company or Ranchcorp will incur any damages from such a lawsuit. 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 orders in the late 1990s with respect to environmental conditions on the property currently leased to National. One order directs the Company's former tenant Lafarge Corporation (or Lafarge), the current tenant National, and the Company to clean up groundwater contamination on the leased property. Lafarge and National installed a groundwater cleanup system in 2003 and that system continues to operate. National and Lafarge have consolidated, closed, and capped cement kiln dust piles located on land leased from the Company. A second order directs National, Lafarge, and the Company to maintain and monitor the effectiveness of the cap. The Company is not aware of any failure by Lafarge or National to comply with directives of the RWQCB. Under current and prior leases, National and Lafarge are obligated to indemnify the Company for costs and liabilities arising out of their use of the leased premises. The Company believes that the matters described above are included within the scope of the National or Lafarge indemnity obligations. If 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 and there is no reasonable likelihood of continuing risk from this matter. 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. In February 2015, more than 140 parties representing more than 99% of the current water use within the adjudication boundary agreed to a 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. On December 23, 2015, the court entered Judgment approving the Stipulation for Entry of Judgment and Physical Solution. The Company’s water supply plan for the Centennial project anticipated reliance on, among other sources, a certain quantity of groundwater underlying the Company’s lands in the Antelope Valley. The Company’s allocation in the Judgment is consistent with that amount. Prior to the Judgment becoming final, on February 19 and 22, 2016, several parties, including the Willis Class and Phelan Pinon Hills CSD, filed notices of appeal from the Judgment. Notwithstanding the appeals, the parties with assistance from the Court have begun establishment of the Watermaster and administration of the Physical Solution, consistent with the Judgment. 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 Kern County Superior Court on July 2, 2010, 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. This lawsuit has since been moved to the Sacramento County Superior Court. Another lawsuit was filed in Kern County Superior Court on June 3, 2010, by two districts adjacent to the KWB, namely Rosedale Rio Bravo and Buena Vista Water Storage Districts, or Rosedale, asserting that the remedial EIR did not adequately evaluate potential impacts arising from 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. This lawsuit has since been moved to the Sacramento County Superior Court. 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 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 Rosedale. The writ of mandate, as revised by the court, requires DWR to certify the revised EIR and file the return to the writ of mandate by September 28, 2016. 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 certain defenses 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 Rosedale in the CEQA cause of action, and (ii) dismissing the declaratory relief cause of action. No appeal of the Rosedale judgment has been filed. Proceedings Incidental to Business From time to time, we are involved in other proceedings incidental to our business, including actions relating to employee claims, environmental law issues, real estate disputes, contractor disputes and grievance hearings before labor regulatory agencies. The outcome of these other proceedings is not predictable. However, based on current circumstances, we do not believe that the ultimate resolution of these other proceedings, after considering available defenses and any insurance coverage or indemnification rights, will have a material adverse effect on our financial position, results of operations or cash flows either individually or in the aggregate.

Retirement Plans

6 Months Ended

Jun. 30, 2016

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 $450,000 to the plan during 2016.

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, 2016, the investment mix was approximately 60% equity, 36% debt, and 4% money market funds. At December 31, 2015, the investment mix was approximately 61% equity, 33% debt and 6% 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 4.6% in 2016 and 2015. The expected long-term rate of return on plan assets is 7.5% in 2016 and 2015. 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)	2016			2015
Cost components:
Service cost-benefits earned during the period	$	(111	)	$	(133	)
Interest cost on projected benefit obligation	(203		)	(233		)
Expected return on plan assets	258			308
Net amortization and deferral	(92		)	(141		)
Total net periodic pension cost	$	(148	)	$	(199	)

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)	2016			2015
Cost components:
Interest cost on projected benefit obligation	(161		)	(139		)
Net amortization and deferral	(172		)	(168		)
Total net periodic pension cost	$	(333	)	$	(307	)

Business Segments

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

We currently operate in five business segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations.

Commercial lease revenue consists of land and building leases to tenants at our commercial retail and industrial developments, base and percentage rents from our Pastoria Energy Facility power plant lease, communication tower rents, and payments from easement leases.

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)	2016		2015		2016		2015
Pastoria Energy Facility Lease	$	860	$	894	$	1,731	$	1,792
Commercial leases	912		717		1,806		1,401
Communication leases	198		187		394		392
Landscaping and other	189		12		382		504
Commercial/industrial revenues	2,159		1,810		4,313		4,089
Equity in earnings from unconsolidated joint ventures	1,842		1,656		3,297		2,806
Total commercial/industrial revenues and equity in earnings from unconsolidated joint ventures	4,001		3,466		7,610		6,895
Net income from commercial/industrial and unconsolidated joint ventures	$	2,287	$	1,790	$	4,217	$	3,610

The resort/residential real estate development segment is actively involved in the land entitlement and development process internally and through a joint venture. The segment incurs costs and expenses related to its development activities, but currently generates no revenue. The segment produced losses of $929,000 and $1,327,000 for the six months ended June 30, 2016 and 2015, respectively. The segment produced losses of $387,000 and $576,000 for the quarters ended June 30, 2016 and 2015, respectively.

The mineral resources segment receives oil and mineral royalties in addition to periodic reimbursable costs from lessors. The segment also generates revenues through water sales. The revenue components of the mineral resources segment were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2016		2015		2016		2015
Oil and gas	$	383	$	917	$	769	$	1,693
Water sales	1,810		1,172		9,601		10,165
Rock aggregate	305		245		507		347
Cement	369		301		629		543
Land lease for oil exploration	25		17		126		104
Reimbursable costs	295		—		295		—
Total mineral resources revenues	3,187		2,652		11,927		12,852
Income from mineral resources	$	1,387	$	1,929	$	5,434	$	6,435

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)	2016			2015		2016			2015
Almonds	$	359		$	663	$	1,344		$	3,379
Pistachios	59			514		258			763
Hay and other	84			146		121			252
Total farming revenues	502			1,323		1,723			4,394
(Loss) income from farming	$	(848	)	$	79	$	(1,133	)	$	807

Ranch operations consists of game management, ranch and property maintenance, and ancillary land uses such as grazing leases and filming. Within game management, we offer a wide variety of guided big game hunts including trophy Rocky Mountain elk, deer, turkey and wild pig. The revenue components of the ranch operations segment were as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)	2016			2015			2016			2015
Game management	$	373		$	593		$	852		$	1,117
Grazing	523			524			773			911
Filming and other	105			98			214			270
Total ranch operations revenues	1,001			1,215			1,839			2,298
(Loss) income from ranch operations	$	(541	)	$	(204	)	$	(1,050	)	$	(714	)

- 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=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 41
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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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=51669610&loc=d3e8906-108599

+ Details

Investment in Unconsolidated and Consolidated Joint Ventures

6 Months Ended

Jun. 30, 2016

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, 2016 was $33,432,000. The equity in earnings of unconsolidated joint ventures was $1,842,000 and $3,297,000 for the three and six months ended June 30, 2016, respectively. 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, 2016, the Company had an equity investment balance of $18,703,000 in this joint venture.


•	Rockefeller Joint Ventures - The Company has three joint ventures with Rockefeller Group Development Corporation or Rockefeller. At June 30, 2016, the Company’s combined equity investment balance in these three joint ventures was $14,729,000.

◦

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 to Dollar General which has now been extended to April 2022, and includes an option to extend for an additional three years. For operating revenue, please see the following table. The Five West Parcel joint venture currently has an outstanding term loan with a balance of $10,520,000 that matures on May 5, 2022. The Company and Rockefeller guarantee the performance of the debt. 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 is the TRCC/Rock Outlet Center LLC joint venture that was formed during the second quarter of 2013 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 Outlet 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, 2016, had an outstanding balance of $51,339,000. The Company and Rockefeller guarantee the performance of the debt.

•

Centennial Founders, LLC – Centennial Founders, LLC is a joint venture with TRI Pointe Homes (formerly Pardee Homes), Lewis Investment Company, and CalAtlantic Group Inc. (formerly 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, 2016 the Company had a 76.32% 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, 2016 and December 31, 2015 and unaudited condensed statements of operations for the six months ended June 30, 2016 and 2015 are as follows:

Statement of Operations for the six months ended June 30, 2016



	Unconsolidated												Consolidated
($ in thousands)	Petro Travel Plaza Holdings		Five West Parcel LLC		18-19 West LLC			TRCC/Rock Outlet Center¹			Total		Centennial-VIE
Revenues	48,052		1,484		4			4,755			54,295		72
Net income (loss)	$	5,129	$	549	$	(72	)	$	(37	)	$	5,569	$	(225	)
Partner’s share of net income (loss)	$	2,052	$	274	$	(36	)	$	(18	)	$	2,272	$	(54	)
Equity in earnings (loss)	$	3,077	$	275	$	(36	)	$	(19	)	$	3,297	$	—

¹ Revenue for TRCC/Rock Outlet Center is comprised of $5.8 million in rental income less non-cash tenant allowance amortization of $1.0 million ($5.8 - $1.0 = $4.8).

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



	Unconsolidated												Consolidated
($ in thousands)	Petro Travel Plaza Holdings		Five West Parcel LLC		18-19 West LLC			TRCC/Rock Outlet Center¹			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 (loss)	$	2,751	$	236	$	(30	)	$	(151	)	$	2,806	$	—

¹ Revenue for TRCC/Rock Outlet Center is comprised of $5.4 million in rental income less non-cash tenant allowance amortization of $1.1 million ($5.4 - $1.1 = $4.3).

Balance Sheet Information as of June 30, 2016



	Unconsolidated														Consolidated
($ in thousands)	Petro Travel Plaza Holdings			Five West Parcel LLC			18-19 West LLC		TRCC/Rock Outlet Center			Total			Centennial-VIE
Current assets	$	14,433		$	2,533		$	61	$	6,913		$	23,940		$	46
Real Estate	54,763			13,358			4,617		63,826			136,564			84,284
Other assets	170			313			—		18,387			18,870			5
Long-term debt	(14,500		)	(10,520		)	—		(51,339		)	(76,359		)	—
Other liabilities	(3,027		)	(122		)	—		(934		)	(4,083		)	(1,483		)
Net assets	$	51,839		$	5,562		$	4,678	$	36,853		$	98,932		$	82,852

Balance Sheet Information as of December 31, 2015



	Unconsolidated														Consolidated
($ in thousands)	Petro Travel Plaza Holdings			Five West Parcel LLC			18-19 West LLC		TRCC/Rock Outlet Center			Total			Centennial-VIE
Current assets	$	12,013		$	3,277		$	23	$	4,733		$	20,046		$	230
Real Estate	52,296			13,704			4,617		64,842			135,459			81,742
Other assets	264			297			—		19,714			20,275			9
Long-term debt	(14,973		)	(10,725		)	—		(51,557		)	(77,255		)	—
Other liabilities	(2,890		)	(340		)	—		(841		)	(4,071		)	(754		)
Net assets	$	46,710		$	6,213		$	4,640	$	36,891		$	94,454		$	81,227

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS TCWD is a not-for-profit governmental entity, organized on December 28, 1965, pursuant to Division 13 of the Water Code, State of California. TCWD is a landowner voting district, which requires an elector, or voter, to be an owner of land located within the district. TCWD was organized to provide the water needs for future municipal and industrial development. The Company is the largest landowner and taxpayer within TCWD. The Company has a water service contract with TCWD that entitles us to receive all of TCWD’s State Water Project entitlement and all of TCWD’s banked water. TCWD is also entitled to make assessments of all taxpayers within the district, to the extent funds are required to cover expenses and to charge water users within the district for the use of water. From time to time, we transact with TCWD in the ordinary course of business.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Equity (Tables)

6 Months Ended

Jun. 30, 2016

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,
	2016	2015	2016	2015
Weighted average number of shares outstanding:
Common stock	20,724,689	20,660,797	20,713,396	20,653,363
Common stock equivalents-stock options, grants	115,693	69,701	103,664	64,554
Diluted shares outstanding	20,840,382	20,730,498	20,817,060	20,717,917

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016				December 31, 2015
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	42	$	41	$	4,810	$	4,797
with unrecognized losses for more than 12 months		—		—		239		238
with unrecognized gains		6,422		6,455		2,800		2,805
Total Certificates of deposit	Level 1	6,464		6,496		7,849		7,840
US Treasury and agency notes
with unrecognized losses for less than 12 months		—		—		860		857
with unrecognized losses for more than 12 months		—		—		—		—
with unrecognized gains		2,032		2,043		736		738
Total US Treasury and agency notes	Level 2	2,032		2,043		1,596		1,595
Corporate notes
with unrecognized losses for less than 12 months		2,979		2,960		14,638		14,516
with unrecognized losses for more than 12 months		1,961		1,951		2,080		2,061
with unrecognized gains		15,532		15,591		3,334		3,339
Total Corporate notes	Level 2	20,472		20,502		20,052		19,916
Municipal notes
with unrecognized losses for less than 12 months		554		550		1,742		1,725
with unrecognized losses for more than 12 months		361		358		301		298
with unrecognized gains		2,696		2,712		1,435		1,441
Total Municipal notes	Level 2	3,611		3,620		3,478		3,464
		$	32,579	$	32,661	$	32,975	$	32,815

Summary of maturities, at par, of marketable securities by year

The following tables summarize the maturities, at par, of marketable securities as of:



	June 30, 2016
($ in thousands)	2016		2017		2018		2019		Total
Certificates of deposit	$	1,079	$	671	$	4,510	$	169	$	6,429
U.S. Treasury and agency notes	100		1,234		579		143		2,056
Corporate notes	3,067		6,425		7,573		2,861		19,926
Municipal notes	775		940		1,605		230		3,550
	$	5,021	$	9,270	$	14,267	$	3,403	$	31,961



	December 31, 2015
($ in thousands)	2016		2017		2018		2019		Total
Certificates of deposit	$	2,492	$	631	$	4,510	169		$	7,802
U.S. Treasury and agency notes	100		759		579		188		1,626
Corporate notes	4,572		6,525		6,462		1,881		19,440
Municipal notes	995		940		1,455		—		3,390
	$	8,159	$	8,855	$	13,006	$	2,238	$	32,258

Real Estate (Tables)

6 Months Ended

Jun. 30, 2016

Real Estate [Abstract]

Schedule of Real Estate



($ in thousands)	June 30, 2016			December 31, 2015
Real estate development
Mountain Village	$	123,538		$	120,954
Centennial	87,217			84,194
Grapevine	20,669			18,285
Tejon Ranch Commerce Center	8,508			12,033
Real estate development	239,932			235,466

Real estate and improvements - held for lease, net
Tejon Ranch Commerce Center	21,263			19,783
Rancho Santa Fe and Other	4,242			4,242
Real estate and improvements - held for lease	25,505			24,025
Less accumulated depreciation	(2,271		)	(2,083		)
Real estate and improvements - held for lease, net	$	23,234		$	21,942

Long-Term Water Assets (Tables)

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Components of water assets

Water assets consist of the following:



(in acre-feet, unaudited)	June 30, 2016	December 31, 2015
Banked water and water for future delivery
AVEK water bank	13,033	13,033
Company water bank	17,287	8,700
AVEK water for future delivery	2,362	2,362
Total Company and AVEK banked water	32,682	24,095
Transferable water*	9,061	14,786
Water Contracts	10,137	10,137
Total purchased water - third parties	51,880	49,018
WRMWSD - Contracts with Company	15,547	15,547
TCWD - Contracts with Company	5,749	5,749
TCWD - Banked water contracted to Company	33,390	34,496
Total purchased and contracted water sources in acre feet	106,566	104,810



($ in thousands)	June 30, 2016			December 31, 2015
Banked water and water for future delivery	$	4,778		$	4,779
Transferable water	9,076			9,117
Water contracts	30,586			31,261
Total long-term water assets	44,440			45,157
less: Current portion	(1,351		)	(1,351		)
	$	43,089		$	43,806

Accrued Liabilities and Other (Tables)

6 Months Ended

Jun. 30, 2016

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities and other consists of the following:



($ in thousands)	June 30, 2016		December 31, 2015
Accrued vacation	$	821	$	801
Accrued paid personal leave	556		585
Accrued bonus	1,041		1,549
Other	435		557
	$	2,853	$	3,492

Line of Credit and Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Components of long-term debt

Debt consists of the following:



($ in thousands)	June 30, 2016			December 31, 2015
Revolving line of credit	$	11,000		$	—
Term Note	70,000			70,000
Promissory note	4,089			4,215
Total short-term and long-term debt	85,089			74,215
Less: line-of-credit and current maturities of long-term debt	(13,503		)	(815		)
Less: deferred loan costs	(169		)	(177		)
Long-term debt, less current portion	$	71,417		$	73,223

Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2016

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities consist of the following:



($ in thousands)	June 30, 2016		December 31, 2015
Pension liability (See Note 13)	$	2,413	$	2,263
Interest rate swap liability (See Note 10)	6,212		2,905
Supplemental executive retirement plan liability (See Note 13)	8,049		7,999
Other	169		84
Total	$	16,843	$	13,251

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

6 Months Ended

Jun. 30, 2016

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, 2016:



Performance Share Grants with Performance Conditions
Below threshold performance		—
Threshold performance		205,712
Target performance		377,385
Maximum performance		569,972

Summary of stock grant activity



	June 30, 2016		December 31, 2015
Stock grants outstanding beginning of the year at target achievement	272,353		237,045
New stock grants/additional shares due to maximum achievement	245,781		114,221
Vested grants	(36,028	)	(52,436	)
Expired/forfeited grants	(524	)	(26,477	)
Stock grants outstanding June 30, 2016 at target achievement	481,582		272,353

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 June 30,
Employee Plan:	2016		2015
Expensed	$	1,768	$	1,488
Capitalized	139		68
	1,907		1,556
NDSI Plan - Expensed	363		412
Total Stock Compensation Costs	$	2,270	$	1,968

Interest Rate Swap Liability (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016 ($ in thousands):



Effective Date	Maturity Date	Fair Value Hierarchy	Weighted Average Interest Rate	Fair Value	Notional Amount
October 15, 2014	October 5, 2024	Level 2	4.11%	$(6,212)	$70,000

Retirement Plans (Tables)

6 Months Ended

Jun. 30, 2016

Pension plan

Defined Benefit Plan Disclosure [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)	2016			2015
Cost components:
Service cost-benefits earned during the period	$	(111	)	$	(133	)
Interest cost on projected benefit obligation	(203		)	(233		)
Expected return on plan assets	258			308
Net amortization and deferral	(92		)	(141		)
Total net periodic pension cost	$	(148	)	$	(199	)

SERP

Defined Benefit Plan Disclosure [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)	2016			2015
Cost components:
Interest cost on projected benefit obligation	(161		)	(139		)
Net amortization and deferral	(172		)	(168		)
Total net periodic pension cost	$	(333	)	$	(307	)

Business Segments (Tables) - Operating Segments

6 Months Ended

Jun. 30, 2016

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)	2016		2015		2016		2015
Pastoria Energy Facility Lease	$	860	$	894	$	1,731	$	1,792
Commercial leases	912		717		1,806		1,401
Communication leases	198		187		394		392
Landscaping and other	189		12		382		504
Commercial/industrial revenues	2,159		1,810		4,313		4,089
Equity in earnings from unconsolidated joint ventures	1,842		1,656		3,297		2,806
Total commercial/industrial revenues and equity in earnings from unconsolidated joint ventures	4,001		3,466		7,610		6,895
Net income from commercial/industrial and unconsolidated joint ventures	$	2,287	$	1,790	$	4,217	$	3,610

Mineral resources

Segment Reporting Information [Line Items]

Components of segment revenues

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



	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2016		2015		2016		2015
Oil and gas	$	383	$	917	$	769	$	1,693
Water sales	1,810		1,172		9,601		10,165
Rock aggregate	305		245		507		347
Cement	369		301		629		543
Land lease for oil exploration	25		17		126		104
Reimbursable costs	295		—		295		—
Total mineral resources revenues	3,187		2,652		11,927		12,852
Income from mineral resources	$	1,387	$	1,929	$	5,434	$	6,435

Farming Segment

Segment Reporting Information [Line Items]

Components of segment revenues

The revenue components of the farming segment were as follows:



	Three Months Ended June 30,					Six Months Ended June 30,
($ in thousands)	2016			2015		2016			2015
Almonds	$	359		$	663	$	1,344		$	3,379
Pistachios	59			514		258			763
Hay and other	84			146		121			252
Total farming revenues	502			1,323		1,723			4,394
(Loss) income from farming	$	(848	)	$	79	$	(1,133	)	$	807

Ranch operations

Segment Reporting Information [Line Items]

Components of segment revenues

The revenue components of the ranch operations segment were as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)	2016			2015			2016			2015
Game management	$	373		$	593		$	852		$	1,117
Grazing	523			524			773			911
Filming and other	105			98			214			270
Total ranch operations revenues	1,001			1,215			1,839			2,298
(Loss) income from ranch operations	$	(541	)	$	(204	)	$	(1,050	)	$	(714	)

Investment in Unconsolidated and Consolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016



	Unconsolidated												Consolidated
($ in thousands)	Petro Travel Plaza Holdings		Five West Parcel LLC		18-19 West LLC			TRCC/Rock Outlet Center¹			Total		Centennial-VIE
Revenues	48,052		1,484		4			4,755			54,295		72
Net income (loss)	$	5,129	$	549	$	(72	)	$	(37	)	$	5,569	$	(225	)
Partner’s share of net income (loss)	$	2,052	$	274	$	(36	)	$	(18	)	$	2,272	$	(54	)
Equity in earnings (loss)	$	3,077	$	275	$	(36	)	$	(19	)	$	3,297	$	—

¹ Revenue for TRCC/Rock Outlet Center is comprised of $5.8 million in rental income less non-cash tenant allowance amortization of $1.0 million ($5.8 - $1.0 = $4.8).

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



	Unconsolidated												Consolidated
($ in thousands)	Petro Travel Plaza Holdings		Five West Parcel LLC		18-19 West LLC			TRCC/Rock Outlet Center¹			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 (loss)	$	2,751	$	236	$	(30	)	$	(151	)	$	2,806	$	—

¹ Revenue for TRCC/Rock Outlet Center is comprised of $5.4 million in rental income less non-cash tenant allowance amortization of $1.1 million ($5.4 - $1.1 = $4.3).

Balance Sheet Information as of June 30, 2016



	Unconsolidated														Consolidated
($ in thousands)	Petro Travel Plaza Holdings			Five West Parcel LLC			18-19 West LLC		TRCC/Rock Outlet Center			Total			Centennial-VIE
Current assets	$	14,433		$	2,533		$	61	$	6,913		$	23,940		$	46
Real Estate	54,763			13,358			4,617		63,826			136,564			84,284
Other assets	170			313			—		18,387			18,870			5
Long-term debt	(14,500		)	(10,520		)	—		(51,339		)	(76,359		)	—
Other liabilities	(3,027		)	(122		)	—		(934		)	(4,083		)	(1,483		)
Net assets	$	51,839		$	5,562		$	4,678	$	36,853		$	98,932		$	82,852

Balance Sheet Information as of December 31, 2015



	Unconsolidated														Consolidated
($ in thousands)	Petro Travel Plaza Holdings			Five West Parcel LLC			18-19 West LLC		TRCC/Rock Outlet Center			Total			Centennial-VIE
Current assets	$	12,013		$	3,277		$	23	$	4,733		$	20,046		$	230
Real Estate	52,296			13,704			4,617		64,842			135,459			81,742
Other assets	264			297			—		19,714			20,275			9
Long-term debt	(14,973		)	(10,725		)	—		(51,557		)	(77,255		)	—
Other liabilities	(2,890		)	(340		)	—		(841		)	(4,071		)	(754		)
Net assets	$	46,710		$	6,213		$	4,640	$	36,891		$	94,454		$	81,227

Basis of Presentation (Details) $ in Thousands	3 Months Ended	6 Months Ended
Basis of Presentation (Details) $ in Thousands	Jun. 30, 2015 USD ($)	Jun. 30, 2016 segment	Jun. 30, 2015 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of reportable segments \| segment		5
Ranch operations \| Revenue
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Prior period reclassification adjustment	$ 1,215		$ 2,298
Ranch operations \| Expense
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Prior period reclassification adjustment	$ (1,419)		$ (3,012)

Equity - Earnings Per Share (EPS) (Details) - shares	3 Months Ended		6 Months Ended
Equity - Earnings Per Share (EPS) (Details) - shares	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common stock	20,724,689	20,660,797	20,713,396	20,653,363
Common stock equivalents-stock options, grants	115,693	69,701	103,664	64,554
Diluted shares outstanding	20,840,382	20,730,498	20,817,060	20,717,917

Equity - Additional Information (Details) - $ / shares	Jun. 30, 2016	Dec. 31, 2015	Aug. 07, 2013
Schedule of Equity Method Investments [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.50	$ 0.50	$ 0.50
Warrant
Schedule of Equity Method Investments [Line Items]
Aggregate number of warrants			3,000,000
Number of securities called by warrants			1
Exercise price (in dollars per share)			$ 40.00

Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Summary of available-for-sale securities
Available-for-sale securities, Cost	$ 32,579	$ 32,975
Available-for-sale securities, Estimated Fair Value	32,661	32,815
Level 1 \| Certificates of deposit
Summary of available-for-sale securities
Unrecognized losses for less than 12 months, Cost	42	4,810
Unrecognized losses for more than 12 months, Cost	0	239
Unrecognized gains, Cost	6,422	2,800
Available-for-sale securities, Cost	6,464	7,849
Unrecognized losses for less than 12 months, Estimated Fair Value	41	4,797
Unrecognized losses for more than 12 months, Estimated Fair Value	0	238
Unrecognized gains, Estimated Fair value	6,455	2,805
Available-for-sale securities, Estimated Fair Value	6,496	7,840
Level 2 \| U.S. Treasury and agency notes
Summary of available-for-sale securities
Unrecognized losses for less than 12 months, Cost	0	860
Unrecognized losses for more than 12 months, Cost	0	0
Unrecognized gains, Cost	2,032	736
Available-for-sale securities, Cost	2,032	1,596
Unrecognized losses for less than 12 months, Estimated Fair Value	0	857
Unrecognized losses for more than 12 months, Estimated Fair Value	0	0
Unrecognized gains, Estimated Fair value	2,043	738
Available-for-sale securities, Estimated Fair Value	2,043	1,595
Level 2 \| Corporate notes
Summary of available-for-sale securities
Unrecognized losses for less than 12 months, Cost	2,979	14,638
Unrecognized losses for more than 12 months, Cost	1,961	2,080
Unrecognized gains, Cost	15,532	3,334
Available-for-sale securities, Cost	20,472	20,052
Unrecognized losses for less than 12 months, Estimated Fair Value	2,960	14,516
Unrecognized losses for more than 12 months, Estimated Fair Value	1,951	2,061
Unrecognized gains, Estimated Fair value	15,591	3,339
Available-for-sale securities, Estimated Fair Value	20,502	19,916
Level 2 \| Municipal notes
Summary of available-for-sale securities
Unrecognized losses for less than 12 months, Cost	554	1,742
Unrecognized losses for more than 12 months, Cost	361	301
Unrecognized gains, Cost	2,696	1,435
Available-for-sale securities, Cost	3,611	3,478
Unrecognized losses for less than 12 months, Estimated Fair Value	550	1,725
Unrecognized losses for more than 12 months, Estimated Fair Value	358	298
Unrecognized gains, Estimated Fair value	2,712	1,441
Available-for-sale securities, Estimated Fair Value	$ 3,620	$ 3,464

Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Fair market value of investment securities exceeds cost basis	$ 82		$ 82
Changes in unrealized gains on available for sale securities, taxes	54	$ (119)	242	$ (57)
Estimated taxes of change in value of available-for-sale securities			85
Gross unrealized holding gains	119		119
Gross unrealized holding losses	$ (37)		$ (37)

Marketable Securities - Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Summary of maturities, at par, of marketable securities
2016	$ 5,021	$ 8,159
2017	9,270	8,855
2018	14,267	13,006
2019	3,403	2,238
Total	31,961	32,258
Certificates of deposit
Summary of maturities, at par, of marketable securities
2016	1,079	2,492
2017	671	631
2018	4,510	4,510
2019	169	169
Total	6,429	7,802
U.S. Treasury and agency notes
Summary of maturities, at par, of marketable securities
2016	100	100
2017	1,234	759
2018	579	579
2019	143	188
Total	2,056	1,626
Corporate notes
Summary of maturities, at par, of marketable securities
2016	3,067	4,572
2017	6,425	6,525
2018	7,573	6,462
2019	2,861	1,881
Total	19,926	19,440
Municipal notes
Summary of maturities, at par, of marketable securities
2016	775	995
2017	940	940
2018	1,605	1,455
2019	230	0
Total	$ 3,550	$ 3,390

Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Real estate developments	$ 239,932	$ 235,466
Real estate and improvements - held for lease	25,505	24,025
Less accumulated depreciation	(2,271)	(2,083)
Real estate and improvements - held for lease, net	23,234	21,942
Mountain Village
Property, Plant and Equipment [Line Items]
Real estate developments	123,538	120,954
Centennial
Property, Plant and Equipment [Line Items]
Real estate developments	87,217	84,194
Grapevine
Property, Plant and Equipment [Line Items]
Real estate developments	20,669	18,285
Tejon Ranch Commerce Center
Property, Plant and Equipment [Line Items]
Real estate developments	8,508	12,033
Real estate and improvements - held for lease	21,263	19,783
Rancho Santa Fe and Other
Property, Plant and Equipment [Line Items]
Real estate and improvements - held for lease	$ 4,242	$ 4,242

Long-Term Water Assets - Additional Information (Details)		3 Months Ended	6 Months Ended	12 Months Ended
	Aug. 06, 2015 $ / acre ft acre ft	Mar. 31, 2016 USD ($) $ / acre ft acre ft	Jun. 30, 2016 USD ($) $ / acre ft acre ft	Dec. 31, 2013 acre ft	Dec. 31, 2015 acre ft	Dec. 31, 2009 acre ft	Dec. 31, 2008 acre ft
Long Lived Assets Held For Sale [Line Items]
Long-term water assets (volume)			51,880		49,018
Water assets sales price \| $ / acre ft		9,601,000
Water sold (volume)		7,285
Cost of purchased water \| $		$ 5,925,000
Amortization expense \| $			$ 0
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 water contracts
Long Lived Assets Held For Sale [Line Items]
AVEK water for future delivery			3,444
DMB
Long Lived Assets Held For Sale [Line Items]
Contract renewal optional term			35 years	35 years
Consumer price per acre \| $ / acre ft			695
DMB \| Maximum
Long Lived Assets Held For Sale [Line Items]
Annual fee increase, percent			3.00%
DMB \| Transferable water
Long Lived Assets Held For Sale [Line Items]
Long-term water assets (volume)				6,693
PEF \| Transferable water \| Ranchcorp
Long Lived Assets Held For Sale [Line Items]
Annual fee increase, percent	3.00%
Annual option payment, percent	30.00%
Water assets sales price \| $ / acre ft	1,025
PEF \| Transferable water \| Maximum \| Ranchcorp
Long Lived Assets Held For Sale [Line Items]
Water assets, volume available for purchase in 2016 (up to)	2,000
Water assets, volume available for purchase from 2017-2030 (up to)	3,500

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

Jun. 30, 2016

acre ft

Dec. 31, 2015

acre ft

Dec. 31, 2009

acre ft

Dec. 31, 2008

acre ft

Banked water and water for future delivery

Total purchased water - third parties

51,880

49,018

Total purchased and contracted water sources in acre feet

106,566

104,810

AVEK

Banked water and water for future delivery

AVEK water bank

13,033

6,393

8,393

Company water bank

17,287

8,700

AVEK water for future delivery

2,362

Banked water and water for future delivery

32,682

24,095

Transferable water

^[1]

9,061

14,786

Water returned (in acre feet)

13,592

Transferable water with AVEK multiple

1.5

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

33,390

34,496

Water contracts and purchased water

5,749

[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 13,592 (9,061 x 1.5) acre feet.

Long-Term Water Assets - Value of Water Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Components of water assets
Total long-term assets	$ 44,440	$ 45,157
less: Current portion	(1,351)	(1,351)
Long-term water assets	43,089	43,806
Banked water and water for future delivery
Components of water assets
Total long-term assets	4,778	4,779
Transferable water
Components of water assets
Total long-term assets	9,076	9,117
Water contracts
Components of water assets
Total long-term assets	$ 30,586	$ 31,261

Accrued Liabilities and Other (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued vacation	$ 821	$ 801
Accrued paid personal leave	556	585
Accrued bonus	1,041	1,549
Other	435	557
Total	$ 2,853	$ 3,492

Line of Credit and Long-Term Debt - Components of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Long-term debt consists of:
Long-term debt	$ 85,089	$ 74,215
Less: line-of-credit and current maturities of long-term debt	(13,503)	(815)
Less: deferred loan costs	(169)	(177)
Long-term debt, less current portion	71,417	73,223
Revolving line of credit
Long-term debt consists of:
Long-term debt	11,000	0
Term Note
Long-term debt consists of:
Long-term debt	70,000	70,000
Promissory note
Long-term debt consists of:
Long-term debt	$ 4,089	$ 4,215

Line of Credit and Long-Term Debt - Line of Credit (Details)	3 Months Ended	6 Months Ended
	Sep. 30, 2013 USD ($)	Jun. 30, 2016 USD ($) covenant	Dec. 31, 2015 USD ($)
Line of Credit Facility [Line Items]
Long-term debt		$ 85,089,000	$ 74,215,000
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%
Revolving line of credit
Line of Credit Facility [Line Items]
Long-term debt		$ 11,000,000	$ 0
Promissory note agreement
Line of Credit Facility [Line Items]
Long-term debt		4,089,000
Debt instrument face amount	$ 4,750,000
Stated interest rate	4.25%
Periodic principal and interest payments	$ 102,700
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		0.10%
Number of debt covenants \| covenant		3
Minimum 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

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Liabilities
Interest rate swap liability	$ 6,212	$ 2,905
Other	169	84
Total	16,843	13,251
Pension plan
Other Liabilities
Pension and supplemental executive retirement plan liability	2,413	2,263
SERP
Other Liabilities
Pension and supplemental executive retirement plan liability	$ 8,049	$ 7,999

Stock Compensation - Restricted Stock and Performance Share Grants - Additional Information (Details)	6 Months Ended
	Jun. 30, 2016 USD ($) award_type
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of types of stock grant awards \| award_type	3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	$ 4,791,546
Total compensation cost not yet recognized, period for recognition	17 months
Additional Paid-In Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Modified share-based awards	$ 1,065,000

Stock Compensation - Restricted Stock and Performance Share Grants - Performance Share Grants (Details) - Performance share grants	6 Months Ended
	Jun. 30, 2016 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Below threshold performance	0
Threshold performance	205,712
Target performance	377,385
Maximum performance	569,972

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, 2016	Dec. 31, 2015
Summary of stock grant activity:
Stock grants outstanding beginning of the year at target achievement	272,353	237,045
New stock grants/additional shares due to maximum achievement	245,781	114,221
Vested grants	(36,028)	(52,436)
Expired/forfeited grants	(524)	(26,477)
Stock grants outstanding June 30, 2016 at target achievement	481,582	272,353

Stock Compensation - Restricted Stock and Performance Share Grants - Compensation Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock Compensation Costs	$ 2,270	$ 1,968
1998 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs, expensed	1,768	1,488
Stock compensation costs, capitalized	139	68
Total Stock Compensation Costs	1,907	1,556
NDSI Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs, expensed	$ 363	$ 412

Interest Rate Swap Liability (Details)	3 Months Ended
Interest Rate Swap Liability (Details)	Jun. 30, 2016 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedge ineffectiveness	$ 0
Level 2 \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Weighted Average Interest Rate	4.11%
Notional Amount	$ 70,000,000
Level 2 \| Interest Rate Swap \| Other Liabilities
Derivatives, Fair Value [Line Items]
Fair Value	$ (6,212,000)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income tax expense	$ (380,000)	$ 36,000	$ 232,000	$ 898,000
Effective income tax rate			33.00%	31.00%
Income taxes payable	$ 0		$ 0		$ 1,237,000
Income taxes paid			$ 1,350,000	$ 2,117,000

Commitments and Contingencies (Details)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
Commitments and Contingencies (Details)	Feb. 28, 2015 participant	Jun. 30, 2016 USD ($) a acre ft	Mar. 31, 2016 USD ($)	Jun. 30, 2016 USD ($) a facility acre ft	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($) acre ft	Dec. 31, 2013 acre ft
Loss Contingencies [Line Items]
Future minimum payments due		$ 8,240,000		$ 8,240,000
Payments on water contracts		$ 8,219,000
Long-term water assets (volume) \| acre ft		51,880		51,880		49,018
Estimated future payments		$ 800,000		$ 800,000
Number of community facility districts \| facility				2
Letter of credit period				2 years
Letter of credit renewal period				2 years
Payments for (proceeds from) communities facilities district and other investing activities		$ 0	$ (4,162,000)	$ 4,650,000	$ 4,971,000
Special taxes paid						$ 963,000
Tejon-Castac Water District \| Kern Water Bank Authority
Loss Contingencies [Line Items]
Percentage of interest rate held		2.00%		2.00%
Antelope Valley Groundwater Cases \| Settled Litigation
Loss Contingencies [Line Items]
Number of parties in agreement for settlement \| participant	140
Percentage of current water usage with the adjudication boundary (more than)	99.00%
West CFD
Loss Contingencies [Line Items]
Acres of land related to land liens \| a		420		420
Bond debt sold by TRPFFA		$ 28,620,000		$ 28,620,000
Additional bond debt authorized to be sold in future		0		0
Additional reimbursement funds		$ 0		$ 0
East CFD
Loss Contingencies [Line Items]
Acres of land related to land liens \| a		1,931		1,931
Letters of credit outstanding amount		$ 55,000,000		$ 55,000,000
Additional bond debt authorized to be sold in future		65,000,000		65,000,000
Additional reimbursement funds		13,923,000		13,923,000
Standby letter of credit
Loss Contingencies [Line Items]
Letters of credit outstanding amount		$ 5,426,000		5,426,000
Annual cost related to letter of credit				$ 83,000
DMB
Loss Contingencies [Line Items]
Contract renewal optional term				35 years			35 years
Transferable water \| DMB
Loss Contingencies [Line Items]
Long-term water assets (volume) \| acre ft							6,693

Retirement Plans - Additional Information (Details) - Pension plan - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Service period	5 years
Estimated contribution to the pension plan	$ 450
Current investment policy targets:
Current investment policy target percentage of fluctuation	20.00%
Assumptions used in determining periodic pension cost:
Discount rate	4.60%	4.60%
Expected long-term rate of return on plan assets	7.50%	7.50%
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	60.00%		61.00%
Treasury/Corporate Notes
Current investment policy targets:
Current investment policy target	25.00%
Current investment mix	36.00%		33.00%
Money market funds
Current investment policy targets:
Current investment policy target	10.00%
Current investment mix	4.00%		6.00%

Retirement Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Pension plan
Cost components:
Service cost-benefits earned during the period	$ (111)	$ (133)
Interest cost on projected benefit obligation	(203)	(233)
Expected return on plan assets	258	308
Net amortization and deferral	(92)	(141)
Total net periodic pension cost	(148)	(199)
SERP
Cost components:
Interest cost on projected benefit obligation	(161)	(139)
Net amortization and deferral	(172)	(168)
Total net periodic pension cost	$ (333)	$ (307)

Business Segments - Additional Information (Details)	3 Months Ended		6 Months Ended
Business Segments - Additional Information (Details)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) segment	Jun. 30, 2015 USD ($)
Revenue from External Customer [Line Items]
Number of reportable segments \| segment			5
Total revenues	$ 6,849,000	$ 7,000,000	$ 19,802,000	$ 23,633,000
Segment losses	9,956,000	8,402,000	22,726,000	23,915,000
Operating Segments \| Real estate - resort/residential
Revenue from External Customer [Line Items]
Total revenues			0
Segment losses	$ 387,000	$ 576,000	$ 929,000	$ 1,327,000

Business Segments - Revenue Components of Real Estate Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue from External Customer [Line Items]
Commercial/industrial revenues	$ 6,849	$ 7,000	$ 19,802	$ 23,633
Equity in earnings of unconsolidated joint ventures, net	1,842	1,656	3,297	2,806
Net income from commercial/industrial and unconsolidated joint ventures	(1,108)	413	699	2,876
Operating Segments \| Real estate - commercial/industrial
Revenue from External Customer [Line Items]
Commercial/industrial revenues	2,159	1,810	4,313	4,089
Equity in earnings of unconsolidated joint ventures, net		1,656		2,806
Total commercial/industrial revenues and equity in earnings from unconsolidated joint ventures	4,001	3,466	7,610	6,895
Net income from commercial/industrial and unconsolidated joint ventures	2,287	1,790	4,217	3,610
Operating Segments \| Real estate - commercial/industrial \| Pastoria Energy Facility Lease
Revenue from External Customer [Line Items]
Commercial/industrial revenues	860	894	1,731	1,792
Operating Segments \| Real estate - commercial/industrial \| Commercial leases
Revenue from External Customer [Line Items]
Commercial/industrial revenues	912	717	1,806	1,401
Operating Segments \| Real estate - commercial/industrial \| Communication leases
Revenue from External Customer [Line Items]
Commercial/industrial revenues	198	187	394	392
Operating Segments \| Real estate - commercial/industrial \| Landscaping and other
Revenue from External Customer [Line Items]
Commercial/industrial revenues	$ 189	$ 12	$ 382	$ 504

Business Segments - Revenue Components of Mineral Resources Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue from External Customer [Line Items]
Commercial/industrial revenues	$ 6,849	$ 7,000	$ 19,802	$ 23,633
Income (loss)	(2,950)	(1,243)	(2,598)	70
Operating Segments \| Mineral resources
Revenue from External Customer [Line Items]
Commercial/industrial revenues	3,187	2,652	11,927	12,852
Income (loss)	1,387	1,929	5,434	6,435
Operating Segments \| Mineral resources \| Oil and gas
Revenue from External Customer [Line Items]
Commercial/industrial revenues	383	917	769	1,693
Operating Segments \| Mineral resources \| Water sales
Revenue from External Customer [Line Items]
Commercial/industrial revenues	1,810	1,172	9,601	10,165
Operating Segments \| Mineral resources \| Rock aggregate
Revenue from External Customer [Line Items]
Commercial/industrial revenues	305	245	507	347
Operating Segments \| Mineral resources \| Cement
Revenue from External Customer [Line Items]
Commercial/industrial revenues	369	301	629	543
Operating Segments \| Mineral resources \| Land lease for oil exploration
Revenue from External Customer [Line Items]
Commercial/industrial revenues	25	17	126	104
Operating Segments \| Mineral resources \| Reimbursable costs
Revenue from External Customer [Line Items]
Commercial/industrial revenues	$ 295	$ 0	$ 295	$ 0

Business Segments - Revenue Components of Farming Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue from External Customer [Line Items]
Commercial/industrial revenues	$ 6,849	$ 7,000	$ 19,802	$ 23,633
Income (loss)	(2,950)	(1,243)	(2,598)	70
Operating Segments \| Farming Segment
Revenue from External Customer [Line Items]
Commercial/industrial revenues	502	1,323	1,723	4,394
Income (loss)	(848)	79	(1,133)	807
Operating Segments \| Farming Segment \| Almonds
Revenue from External Customer [Line Items]
Commercial/industrial revenues	359	663	1,344	3,379
Operating Segments \| Farming Segment \| Pistachios
Revenue from External Customer [Line Items]
Commercial/industrial revenues	59	514	258	763
Operating Segments \| Farming Segment \| Hay and other
Revenue from External Customer [Line Items]
Commercial/industrial revenues	$ 84	$ 146	$ 121	$ 252

Business Segments - Revenue Components of Ranch Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue from External Customer [Line Items]
Total revenues	$ 6,849	$ 7,000	$ 19,802	$ 23,633
Income (loss)	(2,950)	(1,243)	(2,598)	70
Ranch operations \| Operating Segments
Revenue from External Customer [Line Items]
Total revenues	1,001	1,215	1,839	2,298
Income (loss)	(541)	(204)	(1,050)	(714)
Ranch operations \| Operating Segments \| Game management
Revenue from External Customer [Line Items]
Total revenues	373	593	852	1,117
Ranch operations \| Operating Segments \| Grazing
Revenue from External Customer [Line Items]
Total revenues	523	524	773	911
Ranch operations \| Operating Segments \| Filming and other
Revenue from External Customer [Line Items]
Total revenues	$ 105	$ 98	$ 214	$ 270

Investment in Unconsolidated and Consolidated Joint Ventures - Investment Information (Details) ft² in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2016 USD ($) a	Jun. 30, 2015 USD ($)	Jun. 30, 2013 USD ($) ft² member	Jun. 30, 2016 USD ($) a ft² joint_venture	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 33,432,000			$ 33,432,000		$ 30,680,000
Equity in earnings (loss)	1,842,000	$ 1,656,000		3,297,000	$ 2,806,000
Long-term debt	85,089,000			85,089,000		74,215,000
Summarized financial information, long-term debt	$ 76,359,000			$ 76,359,000		77,255,000
Line of Credit
Schedule of Equity Method Investments [Line Items]
Summarized financial information, maximum borrowing capacity							$ 52,000,000
Petro Travel Plaza Holdings LLC
Schedule of Equity Method Investments [Line Items]
Unconsolidated joint ventures, voting rights				50.00%
Unconsolidated joint ventures, ownership interest	60.00%			60.00%
Investment in unconsolidated joint ventures	$ 18,703,000			$ 18,703,000
Summarized financial information, long-term debt	14,500,000			14,500,000		14,973,000
Rockefeller Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	$ 14,729,000			$ 14,729,000
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 (up to) \| a	500			500
Five West Parcel LLC
Schedule of Equity Method Investments [Line Items]
Unconsolidated joint ventures, ownership interest	50.00%			50.00%
Area of building owned and leased \| ft²				606
Summarized financial information, long-term debt	$ 10,520,000			$ 10,520,000		10,725,000
18-19 West LLC
Schedule of Equity Method Investments [Line Items]
Unconsolidated joint ventures, ownership interest	50.00%			50.00%
Number of acres for development \| a				61.5
Summarized financial information, long-term debt	$ 0			$ 0		0
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
Unconsolidated joint ventures, voting rights			50.00%
Construction loan percent of costs			60.00%
Equity contributions, percent			40.00%
Number of members \| member			2
Summarized financial information, long-term debt	51,339,000			51,339,000		51,557,000
Centennial \| Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss)				0	$ 0
Long-term debt	$ 0			$ 0		$ 0
Consolidated joint venture, ownership interest	76.32%			76.32%
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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Statement of Operations
Revenues			$ 54,295	$ 61,354
Total revenues	$ 6,849	$ 7,000	19,802	23,633
Net income (loss)			5,569	4,695
Net (loss) income	(728)	377	467	1,978
Partner’s share of net income (loss)			2,272	1,889
Net income attributable to parent	(688)	406	521	2,023
Equity in earnings (loss)			3,297	2,806
Equity in earnings of unconsolidated joint ventures, net	1,842	$ 1,656	3,297	2,806
Balance Sheet Information
Current assets	23,940		23,940		$ 20,046
Current assets, consolidated	52,316		52,316		48,893
Real Estate	136,564		136,564		135,459
Real Estate, consolidated	45,819		45,819		44,469
Other assets	18,870		18,870		20,275
Long-term debt	(76,359)		(76,359)		(77,255)
Long-term debt, consolidated	(85,089)		(85,089)		(74,215)
Other liabilities	(4,083)		(4,083)		(4,071)
Net assets	98,932		98,932		94,454
Petro Travel Plaza Holdings
Statement of Operations
Revenues			48,052	55,180
Net income (loss)			5,129	4,583
Partner’s share of net income (loss)			2,052	1,833
Equity in earnings (loss)			3,077	2,751
Balance Sheet Information
Current assets	14,433		14,433		12,013
Real Estate	54,763		54,763		52,296
Other assets	170		170		264
Long-term debt	(14,500)		(14,500)		(14,973)
Other liabilities	(3,027)		(3,027)		(2,890)
Net assets	51,839		51,839		46,710
Five West Parcel LLC
Statement of Operations
Revenues			1,484	1,856
Net income (loss)			549	472
Partner’s share of net income (loss)			274	236
Equity in earnings (loss)			275	236
Balance Sheet Information
Current assets	2,533		2,533		3,277
Real Estate	13,358		13,358		13,704
Other assets	313		313		297
Long-term debt	(10,520)		(10,520)		(10,725)
Other liabilities	(122)		(122)		(340)
Net assets	5,562		5,562		6,213
18-19 West LLC
Statement of Operations
Revenues			4	13
Net income (loss)			(72)	(59)
Partner’s share of net income (loss)			(36)	(30)
Equity in earnings (loss)			(36)	(30)
Balance Sheet Information
Current assets	61		61		23
Real Estate	4,617		4,617		4,617
Other assets	0		0		0
Long-term debt	0		0		0
Other liabilities	0		0		0
Net assets	4,678		4,678		4,640
TRCC/Rock Outlet Center
Statement of Operations
Revenues			4,755	4,305
Net income (loss)			(37)	(301)
Partner’s share of net income (loss)			(18)	(150)
Equity in earnings (loss)			(19)	(151)
Balance Sheet Information
Current assets	6,913		6,913		4,733
Real Estate	63,826		63,826		64,842
Other assets	18,387		18,387		19,714
Long-term debt	(51,339)		(51,339)		(51,557)
Other liabilities	(934)		(934)		(841)
Net assets	36,853		36,853		36,891
Rental income			5,800	5,400
Non-cash tenant allowance amortization			1,000	1,100
Centennial-VIE \| Primary Beneficiary
Statement of Operations
Total revenues			72	205
Net (loss) income			(225)	(175)
Net income attributable to parent			(54)	(45)
Equity in earnings of unconsolidated joint ventures, net			0	$ 0
Balance Sheet Information
Current assets, consolidated	46		46		230
Real Estate, consolidated	84,284		84,284		81,742
Other assets, consolidated	5		5		9
Long-term debt, consolidated	0		0		0
Other liabilities, consolidated	(1,483)		(1,483)		(754)
Net assets	$ 82,852		$ 82,852		$ 81,227