Tejon Ranch Co. reported unaudited earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported net income attributable to common stockholders of $5,238,000, or $0.26 per basic and diluted common share compared to net loss attributable to common stockholders of $1,193,000, or $0.06 per basic and diluted common share a year ago. Revenue from operations was $19,815,000, compared to $10,883,000 a year ago. Income from operating segments was $10,196,000, compared to $1,612,000 a year ago. Income from operations before income tax was $6,859,000 compared to loss from operations before income tax of $1,667,000 a year ago. The improvement in income for the fourth quarter of 2011, when compared to the fourth quarter of 2010, is due to increases in revenue as shown above, which were partially offset by an increase in operating and corporate expenses of $846,000. For the year, the company reported net income attributable to common stockholders of $15,894,000, or $0.80 per diluted common share compared to net income attributable to common stockholders of $4,175,000, or $0.22 per diluted common. Revenue from operations was $63,098,000 compared to $35,513,000 a year ago. Income from operating segments was $33,151,000, compared to $10,851,000 a year ago. Income from operations before income tax was $23,148,000, compared to $6,811,000 a year ago. The improvement in net income during 2010 is largely the result of higher farming revenues and an overall reduction in operating expenses. The increase in revenue was driven by the sale of conservation easements for $15,750,000, the recognition of a portion of revenue associated with a commercial land sale for $4,340,000, higher oil revenues over the prior year of $5,541,000, and a $2,436,000 increase in farming revenues. The company expects that the variability of its quarterly and annual operating results will continue during 2012 due to its farming and real estate activities.