Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates in Preparation of Financial Statements

Use of Estimates in Preparation of Financial Statements:

The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses for each reporting period. The significant estimates made in the preparation of the Company’s condensed consolidated financial statements relate to the assessment of impairment losses, intangible assets, real estate and water assets, deferred income taxes, and stock-based compensation. It is reasonably possible that actual results could differ from the estimates upon which the carrying values were based.

Discontinued Agribusiness Operations

Discontinued Operations:

On April 10, 2017, our majority owned subsidiary, UCP, Inc. (“UCP”) entered into an agreement with Century Communities, Inc. (“Century”) whereby each outstanding share of UCP common stock will be converted into $5.32 in cash and 0.2309 of a newly issued share of Century common stock. The transaction is expected to close by the end of the third quarter of 2017 and is subject to customary closing conditions. The Company anticipates no longer having a controlling financial interest in UCP and will deconsolidate UCP’s assets, liabilities, and results of operations when the transaction closes. The assets and liabilities of UCP qualified as held-for-sale at March 31, 2017 and UCP’s results of operations have been classified as discontinued operations as of the earliest period presented. Consequently, prior periods presented have been recast from amounts previously reported to reflect UCP as discontinued operations. See Note 10 “Discontinued Operations” for additional information.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements: