Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Change in Valuation Allowance

The following table summarizes the change in the valuation allowance during 2015 and 2016 (in thousands):

Balance at December 31, 2014	$	28,842
Change during 2015		3,080
Balance at December 31, 2015		31,922
Change during 2016		(264	)
Balance at December 31, 2016	$	31,658

Schedule of Components of Income Tax Expense (Benefit)

The reported tax expense varies from the amount that would be provided by applying the statutory U.S. Federal income tax rate to the income (loss) before income tax expense for the following reasons in each of the years ending December 31 (in thousands):

	2016			2015
Expected federal statutory tax benefit	$	14		$	(4,130	)
Increase (reduction) in taxes resulting from:
State income taxes recoverable		21			17
Non-deductible expenses (permanent differences)		45			1,162
Change in valuation allowance		(264	)		3,080
Other		205			(114	)
Income tax expense	$	21		$	15

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows in (thousands):

	2016			2015
Net operating loss carry forwards	$	29,909		$	30,073
Stock based compensation		1,070			1,019
Write-down of real estate inventory		1,569			1,550
Trade names		(1,363	)		(1,388	)
Customer relationships		(293	)		(351	)
Fair value adjustment of contingent consideration		(55	)		91
Other		(139	)		(32	)
Gross deferred tax assets		30,698			30,962
Less: valuation allowance		(31,658	)		(31,922	)
Deferred tax assets (liabilities), net of valuation allowance	$	(960	)	$	(960	)