PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2012

NOTE D - PROPERTY AND EQUIPMENT

Property and equipment and accumulated depreciation consist of the following:

	December 31
	2012		2011
Land and improvements	$	19,122	$	22,325
Buildings and improvements		37,812		32,963
Machinery, equipment and fixtures		9,875		12,989
Amenities construction in progress		-		1,484
		66,809		69,761
Less accumulated depreciation		(30,148)		(31,785	)
	$	36,661	$	37,976

Amenities owned by AV Homes and which are not held for sale or future transfer to homeowners associations are included in property and equipment. The net book values of these amenities (excluding amenities construction in progress) were $34,330 and $35,245 as of December 31, 2012 and 2011, respectively.

We review our Property and Equipment quarterly for indicators of impairment in accordance with ASC 360-10. For our amenities, which are located within our housing communities, indicators of potential impairment are similar to those of our housing communities (described above) as these factors may impact our ability to generate revenues at our amenities or cause construction costs to increase. In addition, we factor in the collectability and potential delinquency of the fees due for our amenities. There were no impairments of our amenities in 2012, 2011, or 2010.

Depreciation charged to operations during 2012, 2011 and 2010 was $2,636, $2,837 and $3,091, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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