Annual report pursuant to Section 13 and 15(d)

VARIABLE INTEREST ENTITIES

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VARIABLE INTEREST ENTITIES
 12 Months Ended
Dec. 31, 2013
Variable Interest Entities [Abstract]  
VARIABLE INTEREST ENTITIES
3. VARIABLE INTEREST ENTITIES
 
GEM. Prior to the sale of our interest on March 30, 2012, we directed the day-to-day operational activities of GEM which significantly impacted GEM’s economic performance, and therefore, we were the primary beneficiary pursuant to the relevant portions of FASB ASC Topic 810 “Consolidation” [ASC 810-10-25 Recognition of Variable Interest Entities, paragraphs 38-39].  As such, the joint venture was a variable interest entity that was consolidated in our financial statements.
 
An unaudited summary of GEM’s operations follows (In thousands):
 
GEM CONDENSED STATEMENT OF INCOME INFORMATION
 
   
Twelve Months Ended:
  
   
December 31,
2013
    
December 31,
2012
  
Revenues
   $ --     $ 5,340  
Net income
     --       4,362