Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

Summary of Significant Accounting Policies

Schedule of assets measured at fair value on a recurring and non-recurring basis

The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at March 31, 2015 and December 31, 2014 (in thousands):

			Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
March 31, 2015 (unaudited):
Interest rate cap derivative agreements	$	—	$	—	$	—	$	—
Life insurance policy (1)		1,013		—		1,013		—
Total assets at March 31, 2015	$	1,013	$	—	$	1,013	$	—
December 31, 2014:
Interest rate cap derivative agreements	$	—	$	—	$	—	$	—
Life insurance policy (1)		1,198		—		1,198		—
Total assets at December 31, 2014	$	1,198	$	—	$	1,198	$	—

(1) Includes the split life insurance policy for one of the Company’s former associates, which the Company values using Level 2 measurements. These amounts are included in other assets, net on the accompanying consolidated balance sheets, and will be used to reimburse the Company for payments made to the former associate from the related retirement benefit agreement, which is included in accrued payroll and employee benefits on the accompanying consolidated balance sheets.

Schedule of liabilities measured at fair value on a recurring and non-recurring basis

The following table presents the Company’s liabilities measured at fair value on a recurring and non-recurring basis at March 31, 2015 and December 31, 2014 (in thousands):

			Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
March 31, 2015 (unaudited):
Retirement benefit agreement (1)	$	1,013	$	—	$	1,013	$	—
December 31, 2014:
Retirement benefit agreement (1)	$	1,198	$	—	$	1,198	$	—

(1) Includes the retirement benefit agreement for one of the Company’s former associates, which the Company values using Level 2 measurements. The agreement calls for the balance of the retirement benefit to be paid out to the former associate in 10 annual installments, beginning in 2011. As such, the Company has paid the former associate a total of $1.0 million through March 31, 2015, which was reimbursed to the Company using funds from the related split life insurance policy noted above. These amounts are included in accrued payroll and employee benefits on the accompanying consolidated balance sheets.

Schedule of computation of basic and diluted earnings per common share

The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):

	Three Months Ended		Three Months Ended
	March 31, 2015		March 31, 2014
	(unaudited)		(unaudited)
Numerator:
Net income (loss)	$	1,203	$	(3,496)
Income from consolidated joint ventures attributable to non-controlling interests		(2,181)		(2,234)
Preferred stock dividends		(2,300)		(2,300)
Dividends paid on unvested restricted stock compensation		(58)		(100)
Numerator for basic and diluted loss attributable to common stockholders	$	(3,336)	$	(8,130)
Denominator:
Weighted average basic and diluted common shares outstanding		206,600		181,061
Basic and diluted loss attributable to common stockholders per common share	$	(0.02)	$	(0.04)