Correction of Previously Issued Financial Statements

6 Months Ended

Jun. 30, 2012

Correction of Previously Issued Financial Statements

Correction of Previously Issued Financial Statements

14.Correction of Previously Issued Financial Statements

Subsequent to the issuance of the Company’s condensed consolidated financial statements for the quarter ended June 30, 2011, the Company concluded that general and administrative expenses and gain on asset dispositions were understated by approximately $1,547,000 for the six months ended June 30, 2011. This understatement originated from contributions of land and improvements that were not recorded at their fair value, however the net effect had no impact on net income. In addition, the Company concluded that accumulated other comprehensive loss was overstated by $207,000 and $423,000 and comprehensive income was understated by the same amounts for the three and six months ended June 30, 2011, respectively. This misstatement was due to amounts included in periodic pension expense that were not reclassified from accumulated other comprehensive income, however the net effect had no impact on net income. As a result, the accompanying financial statements for the three and six months ended June 30, 2011, have been corrected as follows:

For the three months ended June 30, 2011:

	As			Adjustments					As
	Previously						Corrections of		Reclassified
	Reported			Reclassifications			Error		& Corrected
Consolidated Statement of Comprehensive Loss
General and administrative expenses	$	1,867		$	(378	)	$	—	$	1,489
Pension and other postretirement expense	—			285			—		285
(Gain) loss on asset dispositions	—			(13		)	—		(13		)
Pension, net of income taxes of $0	—			—			207		207
Comprehensive loss	(2,462		)	—			207		(2,255		)

For the six months ended June 30, 2011:

	As			Adjustments						As
	Previously						Corrections of			Reclassified
	Reported			Reclassifications			Error			& Corrected
Consolidated Statement of Comprehensive Income
General and administrative expenses	$	3,568		$	(681	)	$	1,547		$	4,434
Pension and other postretirement expense	—			598			—			598
(Gain) loss on asset dispositions	193			(22		)	(1,547		)	(1,376		)
Pension, net of income taxes of $0	—			—			423			423
Comprehensive income	9,963			—			423			10,386
Consolidated Statement of Stockholders’ Deficiency
Other comprehensive income - pension	$	—		$	—		$	423		$	423
Accumulated other comprehensive loss	(16,894		)	—			423			(16,471		)

Management does not consider the foregoing corrections to be material. In addition certain 2011 amounts have been reclassified as shown above to conform to current period presentation and the adjustments to retrospectively reclassify the operating results of the discontinued golf and retail operations as discussed in Note 6. Pension and other postretirement expense of $285,000 and $598,000 were previously recorded within general and administrative expenses for the three and six months ended June 30, 2011, respectively, and have been reclassified to a separate line item. Gain on asset dispositions of $13,000 was previously recorded within general and administrative expenses for the three months ended June 30, 2011 and has been reclassified to a separate line item.