Business Combinations (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Fair Value of Assets Acquired and Liabilities Created

The following is a summary of the fair value of assets acquired, liabilities assumed, and liabilities created:



(Dollars in thousands)	Acadia Homes
Acquisition Date	January 8, 2016
Assets acquired
Real estate inventory	$	76,152
Land deposits	984
Prepaid expenses and other assets	816
Property and equipment	204
Goodwill⁽¹⁾	8,500
Total assets	$	86,656

Less liabilities assumed
Accrued expenses and other liabilities	$	2,562
Customer deposits	463
Net assets acquired	$	83,631

⁽¹⁾ Goodwill is fully deductible for tax purposes. The goodwill was allocated to our East homebuilding segment.

2015 Acquisitions

For JEH Homes and the divisions of Orleans Homes, the Company performed a final allocation of purchase price as of each acquisition date. The following is a summary of the fair value of assets acquired, liabilities assumed, and liabilities created:



(Dollars in thousands)	JEH Homes		Orleans Homes		Total
Acquisition Date	April 30, 2015		July 21, 2015
Assets acquired
Real estate inventory	$	55,559	$	140,602	$	196,161
Land deposits	—		2,236		2,236
Prepaid expenses and other assets	1,301		2,436		3,737
Property and equipment	395		623		1,018
Goodwill⁽¹⁾	9,125		25,198		34,323
Total assets	$	66,380	$	171,095	$	237,475

Less liabilities assumed
Accrued expenses and other liabilities	$	—	$	2,700	$	2,700
Customer deposits	—		1,081		1,081
Net assets acquired	$	66,380	$	167,314	$	233,694

⁽¹⁾ Goodwill is fully deductible for tax purposes. We allocated $27.8 million and $6.5 million of goodwill to our East and West homebuilding segments, respectively.

Unaudited Pro Forma Results of Business Combinations

Pro forma presentation for the 2016 acquisition ⁽¹⁾



	As Adjusted for the Year Ended December 31,
(Dollars in thousands except per share data)	2016		2015
Pro forma total revenues	$	3,550,029	$	3,054,664
Pro forma net income from continuing operations	$	207,304	$	170,456

Pro forma earnings per share from continuing operations available to TMHC - Basic and Diluted	$	1.70	$	1.39

⁽¹⁾The pro forma results above only give effect to the Acadia acquisition.

Pro forma presentation for the 2015 acquisitions⁽¹⁾



	As Adjusted for the Year Ended December 31,
(Dollars in thousands except per share data)	2015		2014
Pro forma total revenues	$	3,091,766	$	2,923,241
Pro forma net income from continuing operations	$	181,122	$	240,385

Pro forma earnings per share from continuing operations available to TMHC - Basic and Diluted	$	1.48	$	1.97

⁽¹⁾The pro forma results above only give effect to the acquisitions of JEH and divisions of Orleans Homes.