Business Combinations, Acquisitions, and Deconsolidations (Tables)

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The acquisition date fair value of the consideration transferred totaled $18.7 million, which consisted of the following (in thousands):

	Preliminary		Adjustment			Final
Cash	$	14,006				$	14,006
Contingent consideration	4,644		$	(742	)	3,902
Total consideration	$	18,650	$	(742	)	$	17,908

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the calculation of the preliminary estimated fair value of the assets and liabilities assumed at the acquisition date (in thousands):

	Preliminary		Adjustment			Final
Assets Acquired
Real estate	$	13,832				$	13,832
Other assets	1,433		$	(70	)	1,363
	15,265		(70		)	15,195
Less: Liabilities assumed	1,608		(98		)	1,510
Net assets acquired	13,657		28			13,685
Goodwill	4,993		(770		)	4,223
Consideration transferred	$	18,650	$	(742	)	$	17,908

Business Acquisition, Pro Forma Information

The pro forma financial information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place at the beginning of fiscal 2013, or indicative of the results that will be attained in the future (in thousands):

	Year Ended December 31,
	2014			2013
Total revenues and other income	$	365,523		$	382,131
Net loss	$	(52,217	)	$	(23,315	)
Net loss per common share – basic and diluted:	$	(2.29	)	$	(1.03	)

Fair Value Inputs, Assets, Quantitative Information

The following table outlines the key assumptions used to determine the fair value of the real estate:

Real Estate: Methodology and Significant Input Assumptions
Method	Home comparable sales and discounted cash flow models
Home comparable range of base price per square foot	$77- $118 per square foot
Average discount rate applied	15%
Range of builder profit margin	18-24%
Builder profit margin applied	20%

Schedule of Business Acquisitions

The consideration transferred and the estimated fair values of net assets acquired and liabilities assumed is as follows. The fair values were determined using a market approach which considers the price at which comparable assets have been or are being purchased. This approach relies on recent transactions in the marketplace involving similar assets (in thousands):

Consideration transferred:
Cash paid and other consideration	$	6,156
Net assets acquired:
Cash	$	5,174
Goodwill	5,101
Intangible assets	10,976
Other assets	6,009
Total assets	27,260
Debt	(8,038		)
Accounts payable and accrued liabilities	(13,066		)
Total liabilities	(21,104		)
Net assets acquired	$	6,156

Business Combination and Deconsolidation of Noncontrolling Interest

The calculation of the gain is as follows (in thousands):

Fair value of total investment in Mindjet	$	28,679
Less: carrying amount of the investment in Spigit	(7,498		)
Gain on deconsolidation	$	21,181