Business Acquisition (Tables)

12 Months Ended

Dec. 31, 2017

Savvy Homes

Business Acquisitions

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the calculation of the fair value of the total consideration transferred to Savvy Homes and its allocation to the assets acquired and liabilities assumed as of the acquisition date (in thousands):

Fair value of consideration transferred:
Cash paid for Savvy Homes net assets	$	41,150
Contingent consideration (earn-out)		1,818
Total consideration transferred	$	42,968
Assets acquired and liabilities assumed:
Assets
Receivables and other assets	$	159
Land and other inventories		39,311
Property and equipment		168
Trade name		407
Goodwill		11,005
Total assets acquired		51,050
Liabilities
Accounts payable		7,692
Accrued and other liabilities		390
Total liabilities assumed		8,082
Total net assets acquired	$	42,968

Pro Forma Operating Results

The following represents the unaudited pro forma operating results as if Savvy Homes had been included in our consolidated statements of operations and as of the beginning of the fiscal year presented (in thousands, except per share data):

	Year Ended December 31,
	2017		2016
Revenue	$	860,723	$	850,937
Net income (loss)		(21,722)		150,195
Basic earnings (loss) per share		(0.97)		6.72
Diluted earnings (loss) per share		(0.97)		5.78

Bonterra Builders, LLC

Business Acquisitions

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the calculation of the fair value of the total consideration transferred to Bonterra Builders and the amounts of assets acquired and liabilities assumed as of the acquisition date (in thousands):

Fair value of consideration transferred:
Cash paid for Bonterra Builders net assets	$	40,818
Contingent consideration (earn-out)		6,000
Debt repaid at closing		52,941
Total consideration transferred	$	99,759
Assets acquired and liabilities assumed:
Assets
Receivables and other assets	$	574
Land and other inventories		91,632
Property and equipment		14
Trade name		1,400
Non-compete intangible asset		600
Goodwill		13,223
Total assets acquired		107,443
Liabilities
Accounts payable		5,071
Accrued and other liabilities		763
Customer deposits		1,850
Total liabilities assumed		7,684
Total net assets acquired	$	99,759

Pro Forma Operating Results

The following represents the unaudited pro forma operating results as if Bonterra Builders had been included in the Company’s consolidated statements of operations as of the beginning of the fiscal year presented (in thousands):

	Year Ended December 31,
	2015
Revenue	$	588,533
Net income		17,158