SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives

Asset Type	Years
Buildings and improvements		10-45
Equipment, tenant improvements and fixtures		5-10
Computer hardware and software, and vehicles		3-5

Schedule of categories of developments

	December 31,
	2012		2011
	(In thousands)
Land & improvements	$	172,614	$	150,273
Pre-development costs		78,198		34,686
Condominium rights		22,801		22,801
Total Developments	$	273,613	$	207,760

Summary of changes in allowance for doubtful accounts

	2012			2011			2010
	(In thousands)
Balance as of January 1	$	8,496		$	10,966		$	11,455
Provision (Recovery) *		1,224			(235	)		1,782
Write-offs		(806	)		(2,235	)		(2,271	)
Balance as of December 31	$	8,914		$	8,496		$	10,966

*

Collection of significantly aged receivables previously reserved resulted in no provision in 2011.

Summary of information related to the entity's EPS calculations

	Years Ended December 31,
	2012			2011			2010
	(In thousands, except per share amounts)
Basic EPS:
Numerator:
Net income (loss)	$	(127,543	)	$	148,470		$	(69,230	)
Net income attributable to noncontrolling interests		(745	)		(1,290	)		(201	)
Net income (loss) attributable to common stockholders	$	(128,288	)	$	147,180		$	(69,431	)
Denominator:
Weighted average number of common shares outstanding		38,127			37,908			37,726
Diluted EPS:
Numerator:
Net income (loss) attributable to common stockholders	$	(128,288	)	$	147,180		$	(69,431	)
Less: warrant liability gain		—			(101,584	)		—
Adjusted net income (loss) available to common stockholders	$	(128,288	)	$	45,596		$	(69,431	)
Denominator:
Weighted average number of common shares outstanding		38,127			37,908			37,726
Warrants		—			1,074			—
Weighted average diluted common shares oustanding		38,127			38,982			37,726
Basic earnings (loss) per share	$	(3.36	)	$	3.88		$	(1.84	)
Diluted earnings (loss) per share	$	(3.36	)	$	1.17		$	(1.84	)

Schedule of reorganization items

Reorganization Items	December 31, 2010
	(In thousands)
Gains on liabilities subject to compromise – vendors (a)	$	(791	)
Gains on liabilities subject to compromise, net – mortgage debt (b)		(2,749	)
Interest income (c)		(16	)
U.S. Trustee fees		571
Restructuring costs (d)		60,267
Total reorganization items	$	57,282

(a)

This amount includes gains from repudiation, rejection or termination of contracts or guarantee of obligations. Such gains reflect agreements reached with certain critical vendors, which were authorized by the Bankruptcy Court and for which payments on an installment basis began in July 2009.

(b)

Such net gains include the Fair Value adjustments of mortgage debt relating to entities that emerged from bankruptcy.

(c)

Interest income primarily reflects amounts earned on cash accumulated as a result of our Chapter 11 Cases.

(d)

Restructuring costs primarily include professional fees incurred related to the bankruptcy filings, our allocated share of the KEIP payment, finance costs incurred by debtors upon emergence from bankruptcy and any associated write-off of unamortized deferred finance costs.