QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2011

QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]

QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE R - QUARTERLY FINANCIAL DATA (UNAUDITED)

Summarized quarterly financial data for 2011 and 2010 is as follows:

	2011 Quarter
	First			Second			Third			Fourth
Net revenues	$	12,212		$	28,366		$	14,703		$	33,701
Expenses		22,308			45,163			135,705			51,112
Equity earnings (losses) from unconsolidated entities		(128	)		143			(341	)		(72	)
Loss before income taxes		(10,224	)		(16,654	)		(121,343	)		(17,483	)
Less: Net loss attributable to non-controlling interests		127			128			132			(91	)
Income tax expense		-			-			(350	)		(123	)
Net loss attributable to AV Homes	$	(10,097	)	$	(16,526	)	$	(121,561	)	$	(17,697	)
Loss per share:
Basic and Diluted	$	(0.81	)	$	(1.33	)	$	(9.76	)	$	(1.42	)

	2010 Quarter
	First			Second			Third			Fourth
Net revenues	$	9,623		$	17,302		$	9,573		$	22,640
Expenses		19,802			23,067			19,488			32,562
Equity earnings (losses) from unconsolidated entities		(90	)		(117	)		(124	)		55
Loss before income taxes		(10,269	)		(5,882	)		(10,039	)		(9,867	)
Less: Net loss attributable to non-controlling interests		133			139			145			157
Income tax expense		-			-			375			-
Net loss attributable to AV Homes	$	(10,136	)	$	(5,743	)	$	(9,519	)	$	(9,710	)
Loss per share:
Basic and Diluted	$	(0.90	)	$	(0.51	)	$	(0.84	)	$	(0.81	)

1. Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year.

2. During the second quarter of 2011, our impairment evaluation resulted in total impairment charges of $13,800 which included $700 in impairment charges for homes completed or under construction and $13,100 in impairment charges for land developed and/or held for future development.

3. During the third quarter of 2011, our impairment evaluation resulted in total impairment charges of $115,806, which included $486 in impairment charges for homes completed or under construction, $94,881 in impairment charges for land developed and/or held for future development, $17,215 in impairment charges for goodwill, and $3,224 in impairment charges for club amenities.

4. During the fourth quarter of 2011, the Company identified and corrected an immaterial error related to the impairments noted in footnote 3.  The inventory balance should have been decreased by approximately $3,450 and impairment expenses should have been increased by the same amount, which resulted in an understatement of net loss and basic and diluted loss per share in the third quarter of $3,450 and $0.28, respectively. Management has determined that the effect of the error is immaterial to the prior periods, and as such, has corrected it in the fourth quarter of 2011. As a result of this correction, the balances are properly stated as of  and for the year ended December 31, 2011.