PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

Property and equipment consist of the following at December 31 (in thousands):

	Successor			Predecessor
	2011			2010
Land and improvements	$	86,025		$	21,926
Buildings and improvements		30,259			99,659
Equipment, furniture, and fixtures		25,345			147,049

Total cost		141,629			268,634
Less - Accumulated depreciation and amortization		(3,603	)		(166,180	)
Property and equipment - net	$	138,026		$	102,454

In accordance with its policy, the Company reviews the estimated lives of its fixed assets on an ongoing basis. This review indicated that the actual lives of certain property and equipment were shorter than the estimated useful lives used for depreciation purposes in the Company’s financial statements. As a result, effective October 1, 2011, the Company changed its estimates of the useful lives of its property and equipment to better reflect the estimated periods during which these assets will remain in service. The property and equipment that previously averaged 7 years were decreased or increased to an average of 3 to 15 years. The effect of this change in estimate was to increase 2011 depreciation expense and net income by $0.7 million, and decrease 2011 diluted earnings per share by $0.07.

Substantially all of the Company’s property and equipment are pledged as collateral to secure debt (see Note 11).

- 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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