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BUSINESS COMBINATIONS (Tables)
 3 Months Ended
Mar. 31, 2020
Business Combinations [Abstract]  
Summary of Fair Value of Assets Acquired and Liabilities Created
The following is a summary of management's estimate of the fair value of assets acquired and liabilities assumed. In addition, we incur various costs and expenses in connection with our acquisitions. For the acquisition of WLH such costs primarily consisted of investment banking fees, severance, compensation, and legal fees, among other items, and for the three months ended March 31, 2020, totaled $86.4 million which are presented in Transaction expenses on the condensed consolidated statement of operations.
(Dollars in thousands)
 
Acquisition Date
February 6, 2020
Assets acquired
 
Real estate inventory
$
2,134,146

Prepaid expenses and other assets(1)
261,651

Deferred tax assets, net
128,226

Goodwill(2)
462,651

Total assets
$
2,986,674

 
 
Less liabilities assumed
 
Accrued expenses and other liabilities
$
447,291

Total debt(3)
1,306,578

Non-controlling interest
116,157

Net assets acquired
$
1,116,648

(1) Includes cash acquired.
(2) Goodwill is not deductible for tax purposes. We allocated $423.5 million and $39.2 million of goodwill to the West and Central homebuilding segments, respectively.
(3) See Note 9 - Debt for discussion relating to acquired debt
Unaudited Pro Forma Results of Business Combinations The pro forma amounts are based on available information and certain assumptions that we believe are reasonable.
 
For the three months ended March 31,
(Dollars in thousands except per share data)
2020
(Pro forma)
 
2019
(Pro forma)
Total revenues
$
1,432,797

 
$
1,380,956

 
 
 
 
Net income/(loss) before allocation to non-controlling interests
$
9,027

 
$
2,339

Net income attributable to non-controlling interests — joint ventures
(988
)
 
(7,165
)
Net income/(loss) available to TMHC
$
8,039

 
$
(4,826
)
 
 
 
 
Weighted average shares - Basic
133,643

 
139,175

Weighted average shares - Diluted
134,935

 
139,175

 
 
 
 
Earnings/(loss) per share - Basic
$
0.06

 
$
(0.03
)
Earnings/(loss) per share - Diluted
$
0.06

 
$
(0.03
)