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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues:        
Master Planned Community land sales $ 66,021 $ 43,928 $ 113,247 $ 80,017
Builder price participation 2,426 1,528 3,701 2,341
Minimum rents 20,134 20,577 39,060 39,474
Tenant recoveries 5,065 6,003 10,390 11,867
Condominium rights and unit sales 30,381 134 30,381 267
Resort and conference center revenues 11,270 11,970 22,374 21,626
Other land revenues 3,830 3,531 6,632 7,048
Other rental and property revenues 7,925 6,268 11,358 11,062
Total revenues 147,052 93,939 237,143 173,702
Expenses:        
Master Planned Community cost of sales 29,854 22,978 55,553 41,657
Master Planned Community operations 9,794 9,979 18,290 21,026
Other property operating costs 17,334 15,044 32,854 29,373
Rental property real estate taxes 3,359 3,171 7,116 7,009
Rental property maintenance costs 2,143 2,086 3,948 4,041
Condominium rights and unit cost of sales 15,272 36 15,272 96
Resort and conference center operations 7,680 7,371 15,156 14,785
Provision for doubtful accounts 277 164 706 45
General and administrative 6,769 8,160 17,940 16,557
Depreciation and amortization 6,780 5,893 13,224 10,951
Total expenses 99,262 74,882 180,059 145,540
Operating income 47,790 19,057 57,084 28,162
Interest income 2,067 2,342 4,423 4,673
Interest expense   (200) (143) (201)
Warrant liability gain (loss) (111,200) 23,430 (144,227) (98,421)
Reduction in tax indemnity receivable (7,499) (8,782) (9,403) (8,782)
Equity in earnings from Real Estate Affiliates 5,707 446 8,440 3,122
Income (loss) before taxes (63,135) 36,293 (83,826) (71,447)
Provision for income taxes 13,361 1,301 15,840 5,085
Net income (loss) (76,496) 34,992 (99,666) (76,532)
Net income attributable to noncontrolling interests (58) (682) (12) (1,418)
Net income (loss) attributable to common stockholders $ (76,554) $ 34,310 $ (99,678) $ (77,950)
Basic earnings (loss) per share: (in dollars per share) $ (1.94) $ 0.91 $ (2.53) $ (2.06)
Diluted earnings (loss) per share: (in dollars per share) $ (1.94) $ 0.27 $ (2.53) $ (2.06)