The following tables presents certain unaudited consolidated quarterly financial information for each of the eight fiscal quarters in the period ended December 31, 2013. This quarterly information has been prepared on the same basis as the audited consolidated financial statements and includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the information for the periods presented. The results for these quarterly periods are not necessarily indicative of the operating results for a full year or any future period.



	Three Months Ended
	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
	(Unaudited)
	(Dollars in thousands, except per share data)
Homebuilding revenue	$	4,333		$	20,907		$	21,369		$	25,902
Land development revenue	7,470			6,815			2,250			3,680
Total revenue	11,803			27,722			23,619			29,582
Gross margin – homebuilding	873			4,425			4,811			4,902
Gross margin – land development	2,890			1,679			817			1,009
Gross margin	3,763			6,104			5,628			5,911

Sales and marketing expenses	1,132			2,099			1,516			1,900
General and administrative expenses	3,480			5,326			4,503			6,059
Total expenses	4,612			7,425			6,019			7,959
Other income	39			224			55			4
Net loss	$	(810	)	$	(1,097	)	$	(336	)	$	(2,044	)
Net loss attributable to stockholders	$	—		$	—		$	(15	)	$	(1,926	)
Net loss per common share:
Basic and diluted	$	—		$	—		$	—		$	(0.25	)



	Three Months Ended
	March 31, 2012			June 30, 2012			September 30, 2012		December 31, 2012
	(Unaudited)
	(Dollars in thousands, except per share data)
Homebuilding revenue	$	1,533		$	1,435		$	1,356	$	9,736
Land development revenue	2,002			—			21,945		20,119
Total revenue	3,535			1,435			23,301		29,855
Gross margin – homebuilding	471			378			368		3,011
Gross margin – land development	653			(9		)	5,325		5,221
Gross margin	1,124			369			5,693		8,232
Sales and marketing expenses	221			238			873		1,543
General and administrative expenses	2,208			2,386			2,481		3,028
Total expenses	2,429			2,624			3,354		4,571
Other income	208			93			227		50
Net (loss) income	$	(1,097	)	$	(2,162	)	$	2,566	$	3,711
Net (loss) income attributable to stockholders	$	—		$	—		$	—	$	—
Net (loss) income per common share:
Basic and diluted	$	—		$	—		$	—	$	—