Royal Oaks Homes Acquisition (Tables)

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary calculation of the fair value of the total consideration transferred to Royal Oak and its affiliate and the provisional amounts of assets acquired and liabilities assumed as of the acquisition date:

Preliminary calculation of purchase price consideration
Cash paid for Royal Oak net assets	$	26,066
Cash paid for bulk land purchase	28,009
Contingent consideration (earn-out)	2,500
Debt repaid at closing	8,827
Total consideration	65,402
Assets acquired and liabilities assumed
Assets
Prepaids and other current assets	582
Land and other inventories	60,530
Property, plant and equipment	366
Trade name	614
Goodwill	5,976
Total assets acquired	68,068
Liabilities
Accounts payable	1,343
Accrued and other liabilities	469
Customer deposits	854
Total liabilities assumed	2,666
Total net assets acquired	65,402

Pro Forma Operating Results

The following represents pro forma operating results as if Royal Oak had been included in the Company’s condensed consolidated statements of operations as of the beginning of the fiscal years presented:

	Three Months Ended March 31,
	2014			2013
Revenue	$	57,191		$	34,224
Net income (loss)	(706		)	(4,127		)
Loss per common share - basic and diluted	$	(0.03	)	$	(0.33	)