2.	Recent Accounting Pronouncements

May 2014,

the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU")

No.

2014

09,

Revenue from Contracts with Customers

("ASU

2014

09"

), which supersedes existing accounting literature relating to how and when a company recognizes revenue. Under ASU

2014

09,

a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. In

August 2015,

the FASB issued ASU

No.

2015

14,

Revenue from Contracts with Customers (Topic

606

): Deferral of the Effective Date

, which delayed the effective date of ASU

2014

one

year. As a result, for public companies, ASU

2014

will be effective for annual reporting periods and interim periods within those annual periods beginning after

December 15, 2017,

and is to be applied either with a full retrospective or modified retrospective approach, with early application permitted. We do

not

plan to early adopt the guidance. We expect to adopt the new standard under the modified retrospective approach. Although we are still in the process of evaluating our contracts, we do

not

believe the adoption of ASU

2014

will have a material impact on the amount or timing of our homebuilding revenues. We are continuing to evaluate the impact the adoption of ASU

2014

may

have on other aspects of our business and on our condensed consolidated financial statements and disclosures.

January 2016,

the FASB issued ASU

No.

2016

01,

Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities

("ASU

2016

01"

), which modifies how entities measure equity investments and present changes in the fair value of financial liabilities. Under the new guidance, entities will have to measure equity investments that do

not

result in consolidation and are

not

accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do

not

have a readily determinable fair value and do

not

qualify for the practical expedient to estimate fair value under Accounting Standards Codification ("ASC") Topic

820,

Fair Value Measurements

, and as such these investments

may

be measured at cost. ASU

2016

is effective for annual periods and interim periods within those annual periods beginning after

December 15, 2017.

We are currently evaluating the impact adoption will have on our condensed consolidated financial statements.

March 2016,

the FASB issued ASU

No.

2016

02,

Leases

("ASU

2016

02"

), which provides guidance for accounting for leases. ASU

2016

requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than

months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. ASU

2016

is effective for annual periods and interim periods within those annual periods beginning after

December 15, 2018.

We are currently evaluating the impact adoption will have on our condensed consolidated financial statements.

March 2016,

the FASB issued ASU

No.

2016

07,

Investments- Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting

("ASU

2016

07"

), which eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. Our adoption of ASU

2016

January 1, 2017

did

not

have an effect on our condensed consolidated financial statements.

March 2016,

the FASB issued ASU

No.

2016

09,

Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting

("ASU

2016

09"

), which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. In connection with our adoption of ASU

2016

January 1, 2017,

the Company elected to apply the provisions of ASU

2016

related to the income statement and statement of cash flows impact of income taxes on a prospective basis, and as such, prior periods have

not

been adjusted. The Company made a policy election to continue to estimate forfeitures at the grant date of an award. The remaining updates required in connection with our adoption of ASU

2016

did

not

have a material effect on our condensed consolidated financial statements.

August 2016,

the FASB issued ASU

No.

2016

15,

Statement of Cash Flows (Topic

230

): Classification of Certain Cash Receipts and Cash Payments

("ASU

2016

15"

), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. ASU

2016

is effective for annual periods and interim periods within those annual periods beginning after

December 15, 2017,

and early adoption is permitted. We do

not

believe that the adoption of ASU

2016

will have a material effect on our condensed consolidated financial statements.

November 2016,

the FASB issued ASU

No.

2016

18,

Statement of Cash Flows (Topic

230

): Restricted Cash

("ASU

2016

18"

), which provides guidance on the classification of restricted cash in the statement of cash flows. ASU

2016

is effective for annual periods and interim periods within those annual periods beginning after

December 15, 2017,

and early adoption is permitted. We determined that upon adoption of this new standard, the Company will

longer present the changes within restricted cash in the consolidated statements of cash flows.

January 2017,

the FASB issued ASU

No.

2017

01,

Business Combinations: Clarifying the Definition of a Business

("ASU

2017

01"

), which clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU

2017

is effective for annual periods and interim periods within those annual periods beginning after

December 15, 2017,

and early adoption is permitted. Once adopted, the Company will be required to analyze any future acquisitions to determine whether the transaction qualifies as a purchase of a business or an asset. Transaction costs associated with asset acquisitions will be capitalized, while transaction costs associated with a business combination will continue to be expensed as incurred. In addition, asset acquisitions will

not

be subject to a measurement period, as are business combinations. The adoption of ASU

2017

may

have a future impact on our condensed consolidated financial statements.

January 2017,

the FASB issued ASU

No.

2017

04,

Intangibles - Goodwill and Other (Topic

350

): Simplifying the Accounting for Goodwill Impairment

("ASU

2017

04"

), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value,

not

to exceed the carrying amount of goodwill. ASU

2017

is effective for annual periods and interim periods within those annual periods beginning after

December 15, 2019,

and early adoption is permitted. We elected to early adopt ASU

2017

for the reporting period beginning

January 1, 2017.

Our adoption of ASU

2017

did

not

have a material effect on our condensed consolidated financial statements.