Business Acquisition (Tables)

9 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

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 Royal Oak and its affiliate and the amounts of assets acquired and liabilities assumed as of the acquisition date (in thousands):

Calculation of purchase price consideration
Cash paid for Royal Oak net assets	$	25,848
Cash paid for bulk land purchase	28,009
Contingent consideration (earn-out)	2,500
Debt repaid at closing	8,827
Total consideration	$	65,184
Assets acquired and liabilities assumed
Assets
Prepaid and other current assets	$	582
Land and other inventories	60,217
Property, plant and equipment	366
Trade name	614
Goodwill	6,071
Total assets acquired	67,850
Liabilities
Accounts payable	1,343
Accrued and other liabilities	469
Customer deposits	854
Total liabilities assumed	2,666
Total net assets acquired	$	65,184

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

Calculation of purchase price consideration
Cash paid for Bonterra net assets	$	42,241
Contingent consideration (earn-out)	6,300
Debt repaid at closing	52,941
Total consideration	$	101,482
Assets acquired and liabilities assumed
Assets
Receivables and other current assets	$	574
Land and other inventories	91,631
Property, plant and equipment	14
Trade name	1,400
Non-compete intangible asset	600
Goodwill	14,947
Total assets acquired	109,166
Liabilities
Accounts payable	5,071
Accrued and other liabilities	763
Customer deposits	1,850
Total liabilities assumed	7,684
Total net assets acquired	$	101,482

Pro Forma Operating Results

The following represents pro forma operating results as if Bonterra had been included in the Company’s consolidated statements of operations and comprehensive income (loss) as of the beginning of the fiscal year presented (in thousands, except per share data):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2014		2015		2014
Revenue	$	114,895	$	362,813	$	266,524
Net income (loss)	2,448		772		(2,458		)
Income (loss) per common share - basic	$	0.11	$	0.04	$	(0.11	)
Income (loss) per common share - diluted	$	0.11	$	0.04	$	(0.11	)

The following represents pro forma operating results as if Royal Oak had been included in the Company’s consolidated statements of operations and comprehensive income (loss) as of the beginning of the fiscal year presented (in thousands, except per share data):

	Nine Months Ended September 30, 2014
Revenue	$	195,089
Net loss	(1,418		)
Loss per common share - basic and diluted	$	(0.06	)