Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 06, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Registrant Name | 'HOMEFED CORP | ' | ' |
Entity Central Index Key | '0000833795 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 7,879,500 | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Public Float | ' | ' | $131,276,500 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Real estate | $107,072 | $120,245 |
Cash and cash equivalents | 57,306 | 22,987 |
Investments available for sale (amortized cost of $31,894 and $36,385) | 31,896 | 36,390 |
Accounts receivable, deposits and other assets | 1,715 | 1,030 |
Net deferred tax asset | 6,413 | 8,757 |
TOTAL | 204,402 | 189,409 |
LIABILITIES | ' | ' |
Accounts payable and accrued liabilities | 5,822 | 5,097 |
Non-refundable option payments | 1,015 | ' |
Liability for environmental remediation | 1,543 | 4,607 |
Deferred revenue | 2,739 | 886 |
Income taxes payable | 3,125 | 1,644 |
Other liabilities | 228 | 136 |
Total liabilities | 14,472 | 12,370 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
EQUITY | ' | ' |
Common stock, $.01 par value; 25,000,000 shares authorized; 7,879,500 shares outstanding after deducting 395,409 shares held in treasury | 79 | 79 |
Additional paid-in capital | 381,171 | 380,982 |
Accumulated other comprehensive income | 1 | 3 |
Accumulated deficit | -201,416 | -212,684 |
Total HomeFed Corporation common shareholders' equity | 179,835 | 168,380 |
Noncontrolling interest | 10,095 | 8,659 |
Total equity | 189,930 | 177,039 |
TOTAL | $204,402 | $189,409 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Investments available for sale, amortized cost | $31,894 | $36,385 |
Common stock, par value | $0.01 | $0.01 |
Common shares, authorized | 25,000,000 | 25,000,000 |
Common shares, shares outstanding | 7,879,500 | 7,879,500 |
Treasury stock, shares | 395,409 | 395,409 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES | ' | ' | ' |
Sales of real estate | $50,097 | $28,193 | $27,522 |
Farming revenues | 4,882 | 6,422 | 5,979 |
Rental income | 511 | 509 | 448 |
Co-op marketing and advertising fees | 1,142 | 557 | 192 |
Total revenues | 56,632 | 35,681 | 34,141 |
EXPENSES | ' | ' | ' |
Cost of sales | 23,198 | 13,659 | 12,939 |
Reduction in estimated liability for environmental remediation | -662 | -1,500 | ' |
General and administrative expenses | 12,744 | 9,064 | 8,077 |
Farming expenses | 2,859 | 2,873 | 2,862 |
Administrative services fees to Leucadia National Corporation | 180 | 180 | 180 |
Total expenses | 38,319 | 24,276 | 24,058 |
Income from operations | 18,313 | 11,405 | 10,083 |
Interest and other income | 889 | 107 | 382 |
Income before income taxes and noncontrolling interest | 19,202 | 11,512 | 10,465 |
Income tax provision | -6,498 | -4,080 | -4,368 |
Net income | 12,704 | 7,432 | 6,097 |
Net income attributable to noncontrolling interest | 1,436 | 1,410 | 1,606 |
Net income attributable to HomeFed Corporation common shareholders | $11,268 | $6,022 | $4,491 |
Basic and diluted earnings per common share attributable to HomeFed Corporation common shareholders | $1.43 | $0.76 | $0.57 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net income | $12,704 | $7,432 | $6,097 |
Other comprehensive income (loss): | ' | ' | ' |
Net unrealized holding gains (losses) on investments arising during the period, net of taxes of $(1), $2 and $(2) | -2 | 2 | -2 |
Net change in unrealized holding gains (losses) on investments, net of taxes of $(1), $2 and $(2) | -2 | 2 | -2 |
Other comprehensive income (loss), net of income taxes | -2 | 2 | -2 |
Comprehensive income | 12,702 | 7,434 | 6,095 |
Comprehensive (income) loss attributable to the noncontrolling interest | -1,436 | -1,410 | -1,606 |
Comprehensive income attributable to HomeFed Corporation common shareholders | $11,266 | $6,024 | $4,489 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit) | ($1) | $2 | ($2) |
Net change in unrealized holding gains (losses) on investments, tax provision (benefit) | ($1) | $2 | ($2) |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Equity (USD $) | Common Stock $.01 Par Value [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Subtotal [Member] | Noncontrolling Interest [Member] | Total |
In Thousands | |||||||
Balance at Dec. 31, 2010 | $79 | $376,110 | $3 | ($223,197) | $152,995 | $15,117 | $168,112 |
Net income | ' | ' | ' | 4,491 | 4,491 | 1,606 | 6,097 |
Other comprehensive income (loss), net of taxes | ' | ' | -2 | ' | -2 | ' | -2 |
Share-based compensation expense | ' | 222 | ' | ' | 222 | ' | 222 |
Balance at Dec. 31, 2011 | 79 | 376,332 | 1 | -218,706 | 157,706 | 16,723 | 174,429 |
Net income | ' | ' | ' | 6,022 | 6,022 | 1,410 | 7,432 |
Acquisition of noncontrolling interest | ' | 4,474 | ' | ' | 4,474 | -9,474 | -5,000 |
Other comprehensive income (loss), net of taxes | ' | ' | 2 | ' | 2 | ' | 2 |
Share-based compensation expense | ' | 176 | ' | ' | 176 | ' | 176 |
Balance at Dec. 31, 2012 | 79 | 380,982 | 3 | -212,684 | 168,380 | 8,659 | 177,039 |
Net income | ' | ' | ' | 11,268 | 11,268 | 1,436 | 12,704 |
Other comprehensive income (loss), net of taxes | ' | ' | -2 | ' | -2 | ' | -2 |
Share-based compensation expense | ' | 189 | ' | ' | 189 | ' | 189 |
Balance at Dec. 31, 2013 | $79 | $381,171 | $1 | ($201,416) | $179,835 | $10,095 | $189,930 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $12,704,000 | $7,432,000 | $6,097,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Reduction in estimated liability for environmental remediation | -662,000 | -1,500,000 | ' |
Provision for deferred income taxes | 2,345,000 | 2,093,000 | 2,457,000 |
Share-based compensation expense | 189,000 | 176,000 | 222,000 |
Depreciation and amortization of property, equipment and leasehold improvements | 239,000 | 249,000 | 244,000 |
Accretion of discount on investments available for sale | -35,000 | -40,000 | -45,000 |
Changes in operating assets and liabilities: | ' | ' | ' |
Real estate | 13,579,000 | 4,458,000 | 6,182,000 |
Accounts receivable, deposits and other assets | -823,000 | -20,000 | -389,000 |
Deferred revenue | 1,853,000 | 886,000 | ' |
Accounts payable and accrued liabilities | 725,000 | 1,977,000 | -820,000 |
Non-refundable option payments | 1,015,000 | -350,000 | -300,000 |
Liability for environmental remediation | -2,402,000 | -2,865,000 | -680,000 |
Income taxes receivable/payable | 1,481,000 | -83,000 | 132,000 |
Other liabilities | 92,000 | -19,000 | -99,000 |
Net cash used for operating activities | 30,300,000 | 12,394,000 | 13,001,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Acquisition of real estate | -507,000 | -32,178,000 | -11,000,000 |
Purchases of investments (other than short-term) | -68,374,000 | -90,549,000 | -92,569,000 |
Proceeds from maturities of investments available for sale | 72,900,000 | 94,900,000 | 87,600,000 |
Proceeds from sale of investments | 0 | 2,600,000 | 0 |
Net cash provided by (used for) investing activities | 4,019,000 | -25,227,000 | -15,969,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Acquisition of noncontrolling interest | ' | -5,000,000 | ' |
Net increase (decrease) in cash and cash equivalents | 34,319,000 | -17,833,000 | -2,968,000 |
Cash and cash equivalents, beginning of period | 22,987,000 | 40,820,000 | 43,788,000 |
Cash and cash equivalents, end of period | 57,306,000 | 22,987,000 | 40,820,000 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash paid for income taxes | $2,672,000 | $2,070,000 | $2,200,000 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation – The accompanying consolidated financial statements include the accounts of HomeFed Corporation (the “Company”), Otay Land Company, LLC and its wholly-owned subsidiaries (“Otay Land Company”), HomeFed Resources Corporation, CDS Holding Corporation and its majority owned subsidiaries (“CDS”), HomeFed Fanita Rancho, LLC (“Fanita Ranch”), Rampage Vineyard, LLC (“Rampage”) and Ashville Park, LLC (“Ashville Park”). The Company is currently engaged, directly and through its subsidiaries, in the investment in and development of residential real estate properties in California and Virginia. Real estate development is the Company’s only business segment. All intercompany balances and transactions have been eliminated in consolidation. | |
The Company’s business, real estate development, is highly competitive, and there are numerous residential real estate developers and development projects operating in the same geographic area in which the Company operates. In addition, the residential real estate development industry is subject to increasing environmental, building, zoning and real estate regulations that are imposed by various federal, state and local authorities. Timing of the initiation and completion of development projects depends upon receipt of necessary authorizations and approvals. Furthermore, changes in prevailing local circumstances or applicable laws may require additional approvals, or modifications of approvals previously obtained. Delays could adversely affect the Company’s ability to complete its projects, significantly increase the costs of doing so or drive potential customers to purchase competitors’ products. Environmental laws may cause the Company to incur substantial compliance, mitigation and other costs, may restrict or prohibit development in certain areas and may delay completion of the Company’s development projects. Delays arising from compliance with environmental laws and regulations could adversely affect the Company’s ability to complete its projects and significantly increase development costs. The Company’s business may also be adversely affected by inflation and is interest-rate sensitive. | |
Critical Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Company to make estimates and assumptions that affect the reported amounts in the financial statements and disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates all of these estimates and assumptions. Actual results could differ from those estimates. | |
Profit Recognition on Sales of Real Estate – When the Company has an obligation to complete improvements on property subsequent to the date of sale, it utilizes the percentage of completion method of accounting to record revenues and cost of sales. Under percentage of completion accounting, the Company recognizes revenues and cost of sales based upon the ratio of development costs completed as of the date of sale to an estimate of total development costs which will ultimately be incurred, including an estimate for common areas. Revenues which cannot be recognized as of the date of sale are reported as deferred revenue on the consolidated balance sheets. | |
The Company believes it can reasonably estimate its future costs and profit allocation in order to determine how much revenue should be deferred. However, such estimates are based on numerous assumptions and require management’s judgment. For example, the estimate of future development costs includes an assumption about the cost of construction services for which the Company has no current contractual arrangement. If the estimate of these future costs proves to be too low, then the Company will have recognized too much profit as of the date of sale resulting in less profit to be reported as the improvements are completed. However, to date the Company’s estimates of future development costs that have been used to determine the amount of revenue to be deferred at the date of sale have subsequently been proven to be reasonably accurate. | |
Prior to 2010, the percentage of completion method of accounting was applied for sold properties at the San Elijo Hills project; however, during the fourth quarter of 2009, the Company completed all the required improvements for sold properties at the San Elijo Hills project and all of the remaining deferred revenue was recognized in income. During 2011 and 2010, since all required improvements to sold properties had been completed as of the closing date, the Company applied the full accrual method for those sales. Accordingly, the Company recognized total sales proceeds, net of closing costs, in revenues and all costs in cost of sales on the closing date. Commencing in 2012, revenue is again being deferred until the Company completes required improvements to properties sold. | |
Income Taxes – The Company provides for income taxes using the liability method. The Company records a valuation allowance to reduce its net deferred tax asset to an amount that the Company expects is more likely than not to be realized. If the Company’s estimate of the realizability of its deferred tax asset changes in the future, an adjustment to the valuation allowance would be recorded which would either increase or decrease income tax expense in such period. The valuation allowance is determined after considering all relevant facts and circumstances, and is based, in significant part, on the Company’s projection of taxable income in the future. Since any projection of future profitability is inherently unreliable, changes in the valuation allowance should be expected. | |
During 2013, the Company generated profits from lot sales at the San Elijo Hills and Ashville Park projects that were greater than projected as of December 31, 2012. Also, the Company has entered into agreements to sell additional lots at both projects which are expected to close during 2014. The Company considered its recent results and pending lot sale agreements to be positive evidence to be considered when estimating its future taxable income. As a result, the Company was able to conclude that it is more likely than not that it will be able to realize an additional portion of the Company’s net deferred tax asset; accordingly, approximately $1,350,000 of the deferred tax valuation allowance was released as a credit to income tax expense during 2013. | |
During 2012 the Company acquired the Ashville Park project, profitably sold finished lots during 2012 and entered into an agreement to sell additional lots in 2013, some of which closed during the first quarter of 2013. The Company believed that these sales represented positive evidence to be considered when estimating future taxable income that may be generated at the Ashville Park project. The Company also lowered its estimated liability for environmental remediation costs during 2012, and updated its consolidated projection of future taxable income for this activity and for recent developments at its other projects. As a result, the Company was able to conclude that it is more likely than not that it will be able to realize an additional portion of the Company’s net deferred tax asset; accordingly, approximately $750,000 of the deferred tax valuation allowance was released as a credit to income tax expense during 2012. | |
The projection of future taxable income is based upon numerous assumptions about the future, including future market conditions where the Company’s projects are located, regulatory requirements, estimates of future real estate revenues and development costs, future interest expense, operating and overhead costs and other factors. To the extent the Company’s actual taxable income in the future exceeds its estimate, the Company will recognize additional tax benefits and reduce its valuation allowance; conversely, if the actual taxable income is less than the amounts projected, an addition to the valuation allowance would be recorded that would increase tax expense in the future. Adjustments to the valuation allowance in the future should be expected. | |
The Company records interest and penalties, if any, with respect to uncertain tax positions as components of income tax expense. Based on the Company’s evaluation of its tax filings at December 31, 2013, the Company did not record any amounts for uncertain tax positions. If any of the Company’s tax filing positions are successfully challenged, payments could be required that might be material. | |
Provision for Environmental Remediation – The Company records environmental liabilities when it is probable that a liability has been incurred and the amount or range of the liability is reasonably estimable. During 2002, the Company recorded a charge of $11,150,000 representing its estimate of the cost (including legal fees) to implement the most likely remediation alternative with respect to approximately 30 acres of undeveloped land owned by a subsidiary of Otay Land Company. The estimated liability was neither discounted nor reduced for claims for recovery from previous owners and users of the land who may be liable, and may increase or decrease based upon the actual extent and nature of the remediation required, the actual cost of the remediation, the expenses of the regulatory process, the costs of post-remediation monitoring requirements, inflation and other items. | |
The Company has periodically examined, and when appropriate, adjusted its liability for environmental remediation to reflect its current best estimate. A change to the current estimate could result from, among other things, that the cost to implement the remediation is different than the Company’s current estimate, that the cost of future on-going monitoring efforts is different than the Company’s current estimate, and/or requirements imposed by regulatory authorities that the Company did not anticipate but is nevertheless required to implement. During 2004, the Company increased its estimate of remediation costs by approximately $1,300,000, primarily due to increases in site investigation and remediation costs, and during 2003 by approximately $250,000, primarily for consulting costs. During 2012, the Company’s revised its estimate of future remediation costs, including on-going monitoring expenses, which resulted in a reduction in the previously accrued estimate of $1,500,000. Such amount was reflected on the consolidated statement of operations as a reduction to expenses. | |
During the fourth quarter of 2012, upon receipt of required approvals, the Company commenced remediation activities, which were completed in February 2013. The Company received final approval from the County of San Diego Department of Environmental Health in June 2013; as a result, the Company reduced its liability for environmental remediation by $650,000. | |
Provision for Impairment Losses on Real Estate – The Company’s real estate is carried at cost. Whenever events or changes in circumstances suggest that the carrying amount may not be recoverable, management assesses the recoverability of the carrying amount of its real estate in accordance with GAAP and, if impaired, reduces the carrying amount to its estimated fair value. The process involved in evaluating assets for impairment and determining fair value requires estimates as to future events and market conditions. This estimation process may assume that the Company has the ability to complete development and dispose of its real estate properties in the ordinary course of business based on management’s present plans and intentions. If management determines that the carrying value of a specific real estate investment is impaired, a write-down is recorded as a charge to current period operations. The evaluation process is based on estimates and assumptions and the ultimate outcome may be different. | |
The Company did not record any provisions for impairment losses during the years ended December 31, 2013, 2012 and 2011. | |
Real Estate – Real estate includes all expenditures incurred in connection with the acquisition, development and construction of the property, including interest and property taxes. At acquisition, land costs are allocated to individual parcels or lots based on relative fair values. Subsequent to acquisition, substantially all development costs are specifically identifiable to individual parcels or lots, or are considered allocated costs that are allocated principally based on acreage (principally property taxes, legal fees and consulting fees). Capitalized land costs are charged to cost of sales at the time that revenue is recognized. | |
Cash and Cash Equivalents – Cash equivalents are money market accounts and short‑term, highly liquid investments that have maturities of less than three months at the time of acquisition. | |
Investments – Securities with maturities equal to or greater than three months at the time of acquisition are classified as investments available for sale, and are carried at fair value with unrealized gains and losses reflected as a separate component of shareholders’ equity, net of taxes. The cost of securities sold is based on specific identification. | |
Recognition of Fee Income – The Company may be contractually entitled to receive co-op marketing and advertising fees that are due when builders sell homes. These fees are generally based upon a fixed percentage of the homes’ selling price and are recorded as revenue when the home is sold. | |
Revenue and Profit Sharing Arrangements – Certain of the Company’s lot purchase agreements with homebuilders include provisions that entitle the Company to a share of the revenues or profits realized by the homebuilders upon their sale of the homes, after certain thresholds are achieved. The actual amount which could be received by the Company is generally based on a formula and other specified criteria contained in the lot purchase agreements, and are generally not payable and cannot be determined with reasonable certainty until the builder has completed the sale of a substantial portion of the homes covered by the lot purchase agreement. The Company’s policy is to accrue revenue earned pursuant to these agreements when amounts are fully earned and payable pursuant to the lot purchase agreements, which is classified as sales of real estate. Any amounts received from homebuilders prior to then are deferred. | |
The Company has not recognized any income from revenue or profit sharing arrangements during the last three years. | |
Option Deposits – Option payments received from prospective buyers are recognized as liabilities until the title of the real estate is transferred or the option is forfeited, or in the case of refundable deposits, the prospective buyer decides not to purchase the real estate and the deposit is returned. | |
Capitalization of Interest and Real Estate Taxes – If applicable, interest and real estate taxes attributable to land and property construction are capitalized and added to the cost of those properties while the properties are being actively developed. | |
Farming Revenues and Expenses – Income from farming related activities at the Rampage property are recognized when grapes are sold, and expenses from farming related activities are recognized when incurred. | |
Share-Based Compensation – The cost of all share-based payments to employees, including grants of employee stock options and warrants, are recognized in the financial statements based on their fair values. The cost is recognized as an expense over the vesting period of the award. The fair value of each award is estimated at the date of grant using the Black-Scholes option pricing model. | |
Acquisition_Of_CDS
Acquisition Of CDS | 12 Months Ended |
Dec. 31, 2013 | |
Acquisition Of CDS [Abstract] | ' |
Acquisition Of CDS | ' |
2. ACQUISITION OF CDS | |
In October 2002, the Company purchased from Leucadia National Corporation (together with its subsidiaries, “Leucadia”) all of the issued and outstanding shares of capital stock of CDS which, through its majority-owned indirect subsidiary, San Elijo Hills Development Company, LLC (“San Elijo”), is the owner of the San Elijo Hills project, a master-planned community located in the City of San Marcos, in San Diego County, California. The Company has been the development manager for the San Elijo Hills project since August 1998. The purchase price of $25,000,000 consisted of $1,000,000 in cash and 2,474,226 shares of the Company’s common stock, which represented approximately 30% of the Company’s outstanding common shares. Prior to the acquisition, Leucadia had also committed to obtain project improvement bonds for the San Elijo Hills project which is required prior to the commencement of any project development (see Note 11). | |
Investments
Investments | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||
Investments | ' | |||||||||||||||||||||
3. INVESTMENTS | ||||||||||||||||||||||
At December 31, 2013 and 2012, the Company’s investments consisted of fixed income securities issued by the U.S. Government, which were classified as available for sale. All of the Company’s investments mature in one year or less. The par value, amortized cost, gross unrealized gains and losses and estimated fair value of these investments as of December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||||||||
Active Markets | Other | |||||||||||||||||||||
Gross | Gross | for | Observable | Total | ||||||||||||||||||
Par | Amortized | Unrealized | Unrealized | Identical Assets | Inputs | Fair Value | ||||||||||||||||
Value | Cost | Gains | Losses | (Level 1) | (Level 2) | Measurements | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
U.S. Treasury securities | $ | 31,900 | $ | 31,894 | $ | 2 | $ | - | $ | 31,896 | $ | - | $ | 31,896 | ||||||||
December 31, 2012 | ||||||||||||||||||||||
U.S. Treasury securities | $ | 36,400 | $ | 36,385 | $ | 5 | $ | - | $ | 36,390 | $ | - | $ | 36,390 | ||||||||
There were no proceeds from sales of investments classified as available for sale during 2013 and 2011. Proceeds from sales of investments classified as available for sale were $2,600,000 during 2012. Realized gross gains were not significant for 2013, 2012 and 2011. | ||||||||||||||||||||||
The difference between the par value and amortized cost of an individual investment is accreted to interest income over the remaining life of the investment using the effective interest rate method. | ||||||||||||||||||||||
Real_Estate
Real Estate | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Real Estate [Abstract] | ' | ||||||
Real Estate | ' | ||||||
4. REAL ESTATE | |||||||
A summary of real estate carrying values by project is as follows (in thousands): | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
Held for development: | |||||||
San Elijo Hills | $ | 35,915 | $ | 45,585 | |||
Otay Ranch | 38,848 | 36,018 | |||||
Ashville Park | 9,469 | 16,335 | |||||
Fanita Ranch | 14,688 | 14,054 | |||||
Rampage | 4,545 | 4,545 | |||||
Subtotal | 103,465 | 116,537 | |||||
Held for investment-- San Elijo Hills | 3,607 | 3,708 | |||||
Total | $ | 107,072 | $ | 120,245 | |||
The San Elijo Hills, Otay Ranch, Ashville Park and Fanita Ranch projects are considered to be land under development while the Rampage property is not currently being developed. | |||||||
In January 2011, the Company acquired in a foreclosure sale the Fanita Ranch property, a 2,600 acre parcel of vacant land located in Santee, California. The aggregate purchase price of $12,350,000 consisted of cash consideration of $11,000,000 and the assumption of certain payables. Fanita Ranch is partially entitled for approximately 1,400 residential units. The Company acquired the property with the intention of completing the necessary entitlements to develop the property as a master-planned community, although there can be no assurance that the Company will be successful in these efforts. If successful, obtaining all the entitlements is expected to take several years. | |||||||
In February 2012, the Company acquired Ashville Park, a 450 acre master planned community located in Virginia Beach, Virginia, for cash consideration of $17,350,000 including closing costs. The Company acquired 451 entitled single family lots, of which 91 lots were finished lots that were available for sale and one lot was a visitor center. | |||||||
In October 2012, the Company purchased 52 single family lots at the San Elijo Hills project that had been previously sold to a homebuilder in 2005 and 2006. The lots were purchased for cash consideration of $14,850,000. Included on six of the lots are finished model homes that will require some renovation prior to being sold. | |||||||
Noncontrolling_Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2013 | |
Noncontrolling Interest [Abstract] | ' |
Noncontrolling Interest | ' |
5. NONCONTROLLING INTEREST | |
Through its ownership of CDS, the Company owns 85% of the common stock of San Elijo Ranch, Inc. (“SERI”). Pursuant to a stockholders’ agreement with the holders of the noncontrolling interests in SERI, the Company loans funds to SERI and charges a 12% annual rate. Once this loan is fully repaid, the noncontrolling shareholders of SERI are entitled to 15% of future cash flows distributed to shareholders. As of December 31, 2013, approximately $10,100,000 has been recognized for the SERI noncontrolling interests. Amounts recorded for the noncontrolling interests have been reduced for income taxes calculated pursuant to tax sharing agreements. | |
In December 2012, the Company purchased an indirect 20% noncontrolling interest in SERI for $5,000,000, increasing its effective interest in SERI from 68% to 85%. The amount paid was $4,450,000 less than the amount recorded for the noncontrolling interest; such amount was credited to additional paid in capital. As part of the purchase, pending litigation commenced by the holder of the purchased noncontrolling interest against the Company was settled without any payment. | |
Stock_Incentive_Plans
Stock Incentive Plans | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Stock Incentive Plans [Abstract] | ' | |||||||||
Stock Incentive Plans | ' | |||||||||
6. STOCK INCENTIVE PLANS | ||||||||||
Under the Company’s Amended and Restated 1999 Stock Incentive Plan (the “Plan”), the Company may grant options, stock appreciation rights and restricted stock to non-employee directors, certain non-employees and employees up to a maximum grant of 30,000 shares to any individual in a given taxable year. Pursuant to the Plan, each director of the Company is automatically granted options to purchase 1,000 shares on the date on which the annual meeting of stockholders is held. In August 2004, following shareholder approval, the Plan was amended to, among other things, increase the number of shares of common stock available for issuance by 300,000 shares. The Plan provides for the issuance of options and rights at not less than 100% of the fair market value of the underlying stock at the date of grant. Options granted to employees and certain non-employees generally become exercisable in five equal instalments starting one year from the date of grant and must be exercised within six years from the date of grant. Options granted to directors generally become exercisable in four equal instalments starting one year from the date of grant and must be exercised within five years from the date of grant. No stock appreciation rights have been granted. As of December 31, 2013, 405,400 shares were available for grant under the Plan. | ||||||||||
A summary of activity with respect to the Plan for 2013, 2012 and 2011 is as follows: | ||||||||||
Weighted- | ||||||||||
Common | Weighted- | Average | ||||||||
Shares | Average | Remaining | Aggregate | |||||||
Subject to | Exercise | Contractual | Intrinsic | |||||||
Option | Price | Term | Value | |||||||
Balance at January 1, 2011 | 104,500 | $ | 30.02 | |||||||
Granted | 6,000 | $ | 21.50 | |||||||
Cancelled | -6,000 | $ | 65.50 | |||||||
Balance at December 31, 2011 | 104,500 | $ | 27.50 | |||||||
Granted | 6,000 | $ | 22.35 | |||||||
Cancelled | -14,000 | $ | 41.18 | |||||||
Balance at December 31, 2012 | 96,500 | $ | 25.19 | |||||||
Granted | 6,000 | $ | 32.30 | |||||||
Cancelled | -8,000 | $ | 36.44 | |||||||
Balance at December 31, 2013 | 94,500 | $ | 24.69 | 2.4 years | $ | 1,125,300 | ||||
Exercisable at December 31, 2013 | 53,700 | $ | 24.17 | 2.1 years | $ | 667,395 | ||||
The Company recorded compensation cost related to stock incentive plans of $190,000, $180,000 and $220,000 for the years ended December 31, 2013, 2012 and 2011, respectively; such costs reduced net income by $110,000, $110,000 and $130,000 for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, total unrecognized compensation cost related to nonvested share-based compensation plans was $300,000; this cost is expected to be recognized over a weighted-average period of 1.0 year. | ||||||||||
The following summary presents the weighted-average assumptions used for the Black-Scholes option pricing model to determine the fair value for each of the stock option grants made during each of the three years in the period ended December 31, 2013: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Risk free rate | 1.20% | 0.56% | 1.13% | |||||||
Expected volatility | 30.85% | 46.90% | 46.67% | |||||||
Expected dividend yield | 0.0% | 0.0% | 0.0% | |||||||
Expected life | 4.3 years | 4.3 years | 4.3 years | |||||||
Fair value per grant | $ | 8.70 | $ | 8.49 | $ | 8.30 | ||||
The expected life assumptions were based on historical behavior for the awards identified. The expected volatility was based on the historical behavior of the Company’s stock price. | ||||||||||
In July 2004, the Board of Directors approved the repurchase of up to 500,000 shares of the Company’s common stock. In 2008, the Company purchased 394,931 shares of the Company’s common stock for approximately $5,900,000 in a private transaction with an unrelated party. During 2009, the Company purchased 478 shares of the Company’s common stock in an open market transaction in accordance with the Company’s repurchase plan. After considering these transactions, the Company can repurchase up to 104,591 common shares without board approval. Repurchased shares would be available for, among other things, use in connection with the Company’s stock option plan. The shares may be purchased from time to time, subject to prevailing market conditions, in the open market, in privately negotiated transactions or otherwise. Any such purchases may be commenced or suspended at any time without prior notice. | ||||||||||
Sales_Of_Real_Estate
Sales Of Real Estate | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Sales Of Real Estate [Abstract] | ' | |||||||||
Sales Of Real Estate | ' | |||||||||
7. SALES OF REAL ESTATE | ||||||||||
Revenues from sales of real estate for each of the three years in the period ended December 31, 2013 is comprised of the following (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Developed lots at San Elijo Hills | $ | 37,370 | $ | 20,649 | $ | 26,697 | ||||
Developed lots at Ashville Park | 12,038 | 7,544 | - | |||||||
Residential condominium units at San Elijo Hills | 689 | - | 825 | |||||||
Total | $ | 50,097 | $ | 28,193 | $ | 27,522 | ||||
At the time the Company closes on sales of real estate, a portion of the revenue is initially deferred if the Company is required to make significant improvements to the property. For the years ended December 31, 2013 and 2012, the activity in the deferred revenue account is as follows (in thousands): | ||||||||||
2013 | 2012 | |||||||||
Deferred revenue balance at January 1, | $ | 886 | $ | - | ||||||
Revenue deferred on the date of sale | 2,660 | 886 | ||||||||
Deferred revenue recognized in operations | -807 | - | ||||||||
Deferred revenue balance at December 31, | $ | 2,739 | $ | 886 | ||||||
As of December 31, 2013, the Company estimates that it will spend approximately $1,500,000 to complete the required improvements, including costs related to common areas. The Company estimates these improvements will be substantially complete by the end of 2014. | ||||||||||
As of December 31, 2013, the Company had entered into agreements to sell 15 lots at the Ashville Park project to homebuilders for aggregate cash proceeds of $2,500,000, for which it received non-refundable option deposits of $100,000. Sales of 5 lots closed during the first quarter of 2014 for aggregate cash consideration of $800,000. | ||||||||||
Other_Results_Of_Operations
Other Results Of Operations | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Other Results Of Operations [Abstract] | ' | |||||||||
Other Results Of Operations | ' | |||||||||
8. OTHER RESULTS OF OPERATIONS | ||||||||||
Interest and other income for each of the three years in the period ended December 31, 2013 consists of the following (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Interest income | $ | 55 | $ | 79 | $ | 196 | ||||
Gain on settlement of a lawsuit | 764 | - | - | |||||||
Gain on settlement of a contract dispute | - | 15 | 162 | |||||||
Other | 70 | 13 | 24 | |||||||
Total | $ | 889 | $ | 107 | $ | 382 | ||||
Advertising costs included in general and administrative expenses were $650,000, $650,000 and $550,000 for 2013, 2012 and 2011, respectively. Expenses related to rental income at the San Elijo Hills project were $300,000 in each of 2013, 2012 and 2011. | ||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
9. INCOME TAXES | ||||||||||
The benefit (provision) for income taxes for each of the three years in the period ended December 31, 2013 was as follows (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
State income taxes-- current | $ | -1,212 | $ | -642 | $ | -549 | ||||
State income taxes-- deferred | -340 | -389 | -301 | |||||||
Federal income taxes-- current | -2,905 | -1,337 | -1,363 | |||||||
Federal income taxes-- deferred | -2,041 | -1,712 | -2,155 | |||||||
$ | -6,498 | $ | -4,080 | $ | -4,368 | |||||
Current federal income taxes for all years principally relates to federal alternative minimum tax. | ||||||||||
The table below reconciles the expected statutory federal income tax to the actual income tax provision (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Expected federal income tax provision | $ | -6,721 | $ | -4,029 | $ | -3,663 | ||||
State income taxes, net of federal income tax benefit | -1,009 | -670 | -621 | |||||||
Decrease in deferred tax valuation allowance | 1,360 | 742 | - | |||||||
Recognition of previously unrecognized tax benefits | - | - | 160 | |||||||
Permanent differences | -77 | -61 | -73 | |||||||
Other | -51 | -62 | -171 | |||||||
Actual income tax provision | $ | -6,498 | $ | -4,080 | $ | -4,368 | ||||
At December 31, 2013 and 2012, the net deferred tax asset consisted of the following (in thousands): | ||||||||||
2013 | 2012 | |||||||||
Net operating loss carryforwards | $ | - | $ | 3,804 | ||||||
Land basis | 3,503 | 4,520 | ||||||||
Minimum tax credit carryovers | 35,349 | 33,760 | ||||||||
Other, net | 1,860 | 2,332 | ||||||||
40,712 | 44,416 | |||||||||
Valuation allowance | -34,299 | -35,659 | ||||||||
$ | 6,413 | $ | 8,757 | |||||||
As discussed above, during 2013 and 2012 the Company was able to conclude that it is more likely than not that it will be able to realize an additional portion of the Company’s net deferred tax asset; accordingly, approximately $1,350,000 and $750,000 of the deferred tax valuation allowance was released as a credit to income tax expense during 2013 and 2012, respectively. | ||||||||||
The valuation allowance reserves for a substantial portion of the Company’s alternative minimum tax credit carryovers, which have no expiration date. Minimum tax credit carryovers do not offset alternative minimum tax; however, they are able to reduce the Company’s federal income tax rate to 20% in any given year. In order to fully utilize its alternative minimum tax credit carryovers, the Company would have to generate an additional $215,000,000 of taxable income above its current estimate to fully utilize all of the credits. The Company has reserved for this benefit in its valuation allowance. | ||||||||||
The following table reconciles the total amount of unrecognized tax benefits as of the beginning and end of the period presented (in thousands): | ||||||||||
Unrecognized | ||||||||||
Tax Benefits | Interest | Total | ||||||||
Balance, January 1, 2011 | $ | 90 | $ | 60 | $ | 150 | ||||
Additional interest expense recognized | - | 10 | 10 | |||||||
Reductions as a result of the lapse | ||||||||||
of the statute of limitations | -90 | -70 | -160 | |||||||
Balance, December 31, 2011 | - | - | - | |||||||
Additional interest expense recognized | - | - | - | |||||||
Reductions as a result of the lapse | ||||||||||
of the statute of limitations | - | - | - | |||||||
Balance, December 31, 2012 | - | - | - | |||||||
Additional interest expense recognized | - | - | - | |||||||
Reductions as a result of the lapse | ||||||||||
of the statute of limitations | - | - | - | |||||||
Balance, December 31, 2013 | $ | - | $ | - | $ | - | ||||
The Company recognized previously unrecognized tax benefits during 2011 (reducing income tax expense) due to the expiration of the statute of limitations for the 2006 California state income tax return. The Company does not have any amounts in its consolidated balance sheet for unrecognized tax benefits related to uncertain tax positions at December 31, 2013 and 2012. The statute of limitations with respect to the Company’s federal income tax returns has expired for all years through 2009 and with respect to California state income tax returns has expired for all years through 2008. | ||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share | ' | |||||||||
10. EARNINGS PER SHARE | ||||||||||
Basic earnings per share of common stock was calculated by dividing net income by the sum of the weighted average number of common shares outstanding, and for diluted earnings per share, the incremental weighted average number of shares issuable upon exercise of outstanding options for the periods they were outstanding. The treasury stock method is used for these calculations. The numerators and denominators used to calculate basic and diluted earnings per share for 2013, 2012 and 2011 are as follows (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Numerator – net income attributable to | ||||||||||
HomeFed Corporation common shareholders | $ | 11,268 | $ | 6,022 | $ | 4,491 | ||||
Denominator for basic earnings per share– weighted | ||||||||||
average shares | 7,880 | 7,880 | 7,880 | |||||||
Stock options | 13 | 1 | - | |||||||
Denominator for diluted earnings per share– weighted | ||||||||||
average shares | 7,893 | 7,881 | 7,880 | |||||||
For 2011, there is no difference between basic and diluted per share weighted average amounts primarily because the exercise prices of stock options were greater than the average market price for the period. | ||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
11. COMMITMENTS AND CONTINGENCIES | |
Prior to its acquisition by the Company, a subsidiary of CDS entered into a non-cancelable operating lease for its office space, a portion of which was sublet to the Company and a portion of which was sublet to Leucadia. Effective October 2002, as a result of the acquisition of CDS, sublease payments from Leucadia reflected in other income were $12,000 in each of 2013, 2012 and 2011. Rental expense (net of sublease income) was $350,000 in 2013 and 2012, and $300,000 in 2011; the lease expires in October 2018. Future minimum annual rentals (exclusive of real estate, maintenance and other charges) are approximately $250,000 per year for the remainder of the lease term. | |
The Company is required to obtain infrastructure improvement bonds primarily for the benefit of the City of San Marcos (the “City”) prior to the beginning of lot construction work and warranty bonds upon completion of such improvements in the San Elijo Hills project. These bonds provide funds primarily to the City in the event the Company is unable or unwilling to complete certain infrastructure improvements in the San Elijo Hills project. Leucadia is contractually obligated to obtain these bonds on behalf of CDS and its subsidiaries pursuant to the terms of agreements entered into when CDS was acquired by the Company. CDS is responsible for paying all third party fees related to obtaining the bonds. Should the City or others draw on the bonds for any reason, one of CDS’s subsidiaries would be obligated to reimburse Leucadia for the amount drawn. As of December 31, 2013, the amount of outstanding bonds was approximately $2,600,000, none of which has been drawn upon. | |
The Company is also required to obtain infrastructure improvement bonds for the benefit of the City of Virginia Beach in connection with the Ashville Park project. As of December 31, 2013, the amount of outstanding bonds was approximately $1,800,000, none of which has been drawn upon. | |
The Company has purchased a $10,000,000 excess insurance policy that provides coverage for general liability claims relating to homes sold at the San Elijo Hills project through August 1, 2011. In 2012, the Company purchased a new $1,000,000 primary insurance policy and $10,000,000 excess insurance policy that provides coverage for general liability claims relating to unsold lots as of August 1, 2012. In 2013, the Company purchased a new $1,000,000 primary insurance policy that provides coverage for general liability claims relating to unsold lots as of August 1, 2013. In March 2012, the Company purchased a $1,000,000 primary policy and $10,000,000 excess policy that provide coverage for general liability claims related to homes sold at the Ashville Park project that expires in March 2014. No claims have ever been made under these policies. In addition, the Company is indemnified by its homebuilders and is named an additional insured by any contractor who works on the property. | |
The Company is subject to litigation which arises in the course of its business. Except as otherwise disclosed herein, based on discussions with counsel, management is of the opinion that such litigation is not likely to have any significant adverse effect on the consolidated financial position of the Company, its consolidated results of operations or liquidity. | |
Administrative_Services_Agreem
Administrative Services Agreement | 12 Months Ended |
Dec. 31, 2013 | |
Administrative Services Agreement [Abstract] | ' |
Administrative Services Agreement | ' |
12. ADMINISTRATIVE SERVICES AGREEMENT | |
Pursuant to administrative services agreements, Leucadia provides administrative and accounting services to the Company, including providing the services of the Company’s Secretary. Administrative fees paid to Leucadia were $180,000 in each of 2013, 2012 and 2011. The administrative services agreement automatically renews for successive annual periods unless terminated in accordance with its terms. Leucadia has the right to terminate the agreement by giving the Company not less than one year’s prior notice, in which event the then monthly fee will remain in effect until the end of the notice period. The Company has the right to terminate the agreement, without restriction or penalty, upon 30 days prior written notice to Leucadia. The agreement has not been terminated by either party. | |
Fair_Value
Fair Value | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value [Abstract] | ' |
Fair Value | ' |
13. FAIR VALUE | |
The Company’s material financial instruments include cash and cash equivalents and investments classified as available for sale. For cash and cash equivalents and investments available for sale, the carrying amounts of such financial instruments approximate their fair values. | |
No assets or liabilities were measured at fair value on a nonrecurring basis as of December 31, 2013 and 2012. | |
The Company does not invest in any derivatives or engage in any hedging activities. | |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Selected Quarterly Financial Data [Abstract] | ' | ||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||
14. SELECTED QUARTERLY FINANCIAL DATA (unaudited) | |||||||||||||
First | Second | Third | Fourth | ||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||
(In thousands, except per share amounts) | |||||||||||||
2013:00:00 | |||||||||||||
Sales of real estate | $ | 8,271 | $ | 953 | $ | 803 | $ | 40,070 | |||||
Farming revenues | $ | - | $ | - | $ | 3,805 | $ | 1,077 | |||||
Rental income | $ | 121 | $ | 133 | $ | 126 | $ | 131 | |||||
Co-op marketing and advertising fees | $ | 236 | $ | 280 | $ | 356 | $ | 270 | |||||
Cost of sales | $ | 5,759 | $ | 561 | $ | 471 | $ | 16,407 | |||||
Reduction in estimated liability for environmental | |||||||||||||
remediation | $ | - | $ | -662 | $ | - | $ | - | |||||
Farming expenses | $ | 876 | $ | 897 | $ | 881 | $ | 205 | |||||
Income (loss) from operations | $ | -1,305 | $ | -2,345 | $ | 1,126 | $ | 20,837 | |||||
Net income (loss) attributable to HomeFed | |||||||||||||
Corporation common shareholders | $ | -769 | $ | -1,131 | $ | 902 | $ | 12,266 | |||||
Basic earnings (loss) per common share attributable to | |||||||||||||
HomeFed Corporation shareholders | $ | -0.1 | $ | -0.14 | $ | 0.11 | $ | 1.56 | |||||
Diluted earnings (loss) per common share attributable to | |||||||||||||
HomeFed Corporation shareholders | $ | -0.1 | $ | -0.14 | $ | 0.11 | $ | 1.56 | |||||
2012:00:00 | |||||||||||||
Sales of real estate | $ | 3,350 | $ | - | $ | 3,971 | $ | 20,872 | |||||
Farming revenues | $ | - | $ | - | $ | 4,962 | $ | 1,460 | |||||
Rental income | $ | 124 | $ | 130 | $ | 130 | $ | 125 | |||||
Co-op marketing and advertising fees | $ | 114 | $ | 104 | $ | 75 | $ | 264 | |||||
Cost of sales | $ | 632 | $ | - | $ | 2,632 | $ | 10,395 | |||||
Reduction in estimated liability for environmental | |||||||||||||
remediation | $ | - | $ | - | $ | - | $ | 1,500 | |||||
Farming expenses | $ | 864 | $ | 763 | $ | 991 | $ | 255 | |||||
Income (loss) from operations | $ | 95 | $ | -2,473 | $ | 3,412 | $ | 10,371 | |||||
Net income (loss) attributable to HomeFed | |||||||||||||
Corporation common shareholders | $ | -367 | $ | -1,423 | $ | 2,028 | $ | 5,784 | |||||
Basic earnings (loss) per common share attributable to | |||||||||||||
HomeFed Corporation shareholders | $ | -0.05 | $ | -0.18 | $ | 0.26 | $ | 0.73 | |||||
Diluted earnings (loss) per common share attributable to | |||||||||||||
HomeFed Corporation shareholders | $ | -0.05 | $ | -0.18 | $ | 0.26 | $ | 0.73 | |||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation – The accompanying consolidated financial statements include the accounts of HomeFed Corporation (the “Company”), Otay Land Company, LLC and its wholly-owned subsidiaries (“Otay Land Company”), HomeFed Resources Corporation, CDS Holding Corporation and its majority owned subsidiaries (“CDS”), HomeFed Fanita Rancho, LLC (“Fanita Ranch”), Rampage Vineyard, LLC (“Rampage”) and Ashville Park, LLC (“Ashville Park”). The Company is currently engaged, directly and through its subsidiaries, in the investment in and development of residential real estate properties in California and Virginia. Real estate development is the Company’s only business segment. All intercompany balances and transactions have been eliminated in consolidation. | |
The Company’s business, real estate development, is highly competitive, and there are numerous residential real estate developers and development projects operating in the same geographic area in which the Company operates. In addition, the residential real estate development industry is subject to increasing environmental, building, zoning and real estate regulations that are imposed by various federal, state and local authorities. Timing of the initiation and completion of development projects depends upon receipt of necessary authorizations and approvals. Furthermore, changes in prevailing local circumstances or applicable laws may require additional approvals, or modifications of approvals previously obtained. Delays could adversely affect the Company’s ability to complete its projects, significantly increase the costs of doing so or drive potential customers to purchase competitors’ products. Environmental laws may cause the Company to incur substantial compliance, mitigation and other costs, may restrict or prohibit development in certain areas and may delay completion of the Company’s development projects. Delays arising from compliance with environmental laws and regulations could adversely affect the Company’s ability to complete its projects and significantly increase development costs. The Company’s business may also be adversely affected by inflation and is interest-rate sensitive. | |
Critical Accounting Estimates | ' |
Critical Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Company to make estimates and assumptions that affect the reported amounts in the financial statements and disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates all of these estimates and assumptions. Actual results could differ from those estimates. | |
Profit Recognition On Sales Of Real Estate | ' |
Profit Recognition on Sales of Real Estate – When the Company has an obligation to complete improvements on property subsequent to the date of sale, it utilizes the percentage of completion method of accounting to record revenues and cost of sales. Under percentage of completion accounting, the Company recognizes revenues and cost of sales based upon the ratio of development costs completed as of the date of sale to an estimate of total development costs which will ultimately be incurred, including an estimate for common areas. Revenues which cannot be recognized as of the date of sale are reported as deferred revenue on the consolidated balance sheets. | |
The Company believes it can reasonably estimate its future costs and profit allocation in order to determine how much revenue should be deferred. However, such estimates are based on numerous assumptions and require management’s judgment. For example, the estimate of future development costs includes an assumption about the cost of construction services for which the Company has no current contractual arrangement. If the estimate of these future costs proves to be too low, then the Company will have recognized too much profit as of the date of sale resulting in less profit to be reported as the improvements are completed. However, to date the Company’s estimates of future development costs that have been used to determine the amount of revenue to be deferred at the date of sale have subsequently been proven to be reasonably accurate. | |
Prior to 2010, the percentage of completion method of accounting was applied for sold properties at the San Elijo Hills project; however, during the fourth quarter of 2009, the Company completed all the required improvements for sold properties at the San Elijo Hills project and all of the remaining deferred revenue was recognized in income. During 2011 and 2010, since all required improvements to sold properties had been completed as of the closing date, the Company applied the full accrual method for those sales. Accordingly, the Company recognized total sales proceeds, net of closing costs, in revenues and all costs in cost of sales on the closing date. Commencing in 2012, revenue is again being deferred until the Company completes required improvements to properties sold. | |
Income Taxes | ' |
Income Taxes – The Company provides for income taxes using the liability method. The Company records a valuation allowance to reduce its net deferred tax asset to an amount that the Company expects is more likely than not to be realized. If the Company’s estimate of the realizability of its deferred tax asset changes in the future, an adjustment to the valuation allowance would be recorded which would either increase or decrease income tax expense in such period. The valuation allowance is determined after considering all relevant facts and circumstances, and is based, in significant part, on the Company’s projection of taxable income in the future. Since any projection of future profitability is inherently unreliable, changes in the valuation allowance should be expected. | |
During 2013, the Company generated profits from lot sales at the San Elijo Hills and Ashville Park projects that were greater than projected as of December 31, 2012. Also, the Company has entered into agreements to sell additional lots at both projects which are expected to close during 2014. The Company considered its recent results and pending lot sale agreements to be positive evidence to be considered when estimating its future taxable income. As a result, the Company was able to conclude that it is more likely than not that it will be able to realize an additional portion of the Company’s net deferred tax asset; accordingly, approximately $1,350,000 of the deferred tax valuation allowance was released as a credit to income tax expense during 2013. | |
During 2012 the Company acquired the Ashville Park project, profitably sold finished lots during 2012 and entered into an agreement to sell additional lots in 2013, some of which closed during the first quarter of 2013. The Company believed that these sales represented positive evidence to be considered when estimating future taxable income that may be generated at the Ashville Park project. The Company also lowered its estimated liability for environmental remediation costs during 2012, and updated its consolidated projection of future taxable income for this activity and for recent developments at its other projects. As a result, the Company was able to conclude that it is more likely than not that it will be able to realize an additional portion of the Company’s net deferred tax asset; accordingly, approximately $750,000 of the deferred tax valuation allowance was released as a credit to income tax expense during 2012. | |
The projection of future taxable income is based upon numerous assumptions about the future, including future market conditions where the Company’s projects are located, regulatory requirements, estimates of future real estate revenues and development costs, future interest expense, operating and overhead costs and other factors. To the extent the Company’s actual taxable income in the future exceeds its estimate, the Company will recognize additional tax benefits and reduce its valuation allowance; conversely, if the actual taxable income is less than the amounts projected, an addition to the valuation allowance would be recorded that would increase tax expense in the future. Adjustments to the valuation allowance in the future should be expected. | |
The Company records interest and penalties, if any, with respect to uncertain tax positions as components of income tax expense. Based on the Company’s evaluation of its tax filings at December 31, 2013, the Company did not record any amounts for uncertain tax positions. If any of the Company’s tax filing positions are successfully challenged, payments could be required that might be material. | |
Provision For Environmental Remediation | ' |
Provision for Environmental Remediation – The Company records environmental liabilities when it is probable that a liability has been incurred and the amount or range of the liability is reasonably estimable. During 2002, the Company recorded a charge of $11,150,000 representing its estimate of the cost (including legal fees) to implement the most likely remediation alternative with respect to approximately 30 acres of undeveloped land owned by a subsidiary of Otay Land Company. The estimated liability was neither discounted nor reduced for claims for recovery from previous owners and users of the land who may be liable, and may increase or decrease based upon the actual extent and nature of the remediation required, the actual cost of the remediation, the expenses of the regulatory process, the costs of post-remediation monitoring requirements, inflation and other items. | |
The Company has periodically examined, and when appropriate, adjusted its liability for environmental remediation to reflect its current best estimate. A change to the current estimate could result from, among other things, that the cost to implement the remediation is different than the Company’s current estimate, that the cost of future on-going monitoring efforts is different than the Company’s current estimate, and/or requirements imposed by regulatory authorities that the Company did not anticipate but is nevertheless required to implement. During 2004, the Company increased its estimate of remediation costs by approximately $1,300,000, primarily due to increases in site investigation and remediation costs, and during 2003 by approximately $250,000, primarily for consulting costs. During 2012, the Company’s revised its estimate of future remediation costs, including on-going monitoring expenses, which resulted in a reduction in the previously accrued estimate of $1,500,000. Such amount was reflected on the consolidated statement of operations as a reduction to expenses. | |
During the fourth quarter of 2012, upon receipt of required approvals, the Company commenced remediation activities, which were completed in February 2013. The Company received final approval from the County of San Diego Department of Environmental Health in June 2013; as a result, the Company reduced its liability for environmental remediation by $650,000. | |
Provision For Impairment Losses On Real Estate | ' |
Provision for Impairment Losses on Real Estate – The Company’s real estate is carried at cost. Whenever events or changes in circumstances suggest that the carrying amount may not be recoverable, management assesses the recoverability of the carrying amount of its real estate in accordance with GAAP and, if impaired, reduces the carrying amount to its estimated fair value. The process involved in evaluating assets for impairment and determining fair value requires estimates as to future events and market conditions. This estimation process may assume that the Company has the ability to complete development and dispose of its real estate properties in the ordinary course of business based on management’s present plans and intentions. If management determines that the carrying value of a specific real estate investment is impaired, a write-down is recorded as a charge to current period operations. The evaluation process is based on estimates and assumptions and the ultimate outcome may be different. | |
The Company did not record any provisions for impairment losses during the years ended December 31, 2013, 2012 and 2011. | |
Real Estate | ' |
Real Estate – Real estate includes all expenditures incurred in connection with the acquisition, development and construction of the property, including interest and property taxes. At acquisition, land costs are allocated to individual parcels or lots based on relative fair values. Subsequent to acquisition, substantially all development costs are specifically identifiable to individual parcels or lots, or are considered allocated costs that are allocated principally based on acreage (principally property taxes, legal fees and consulting fees). Capitalized land costs are charged to cost of sales at the time that revenue is recognized. | |
Cash And Cash Equivalents | ' |
Cash and Cash Equivalents – Cash equivalents are money market accounts and short‑term, highly liquid investments that have maturities of less than three months at the time of acquisition. | |
Investments | ' |
Investments – Securities with maturities equal to or greater than three months at the time of acquisition are classified as investments available for sale, and are carried at fair value with unrealized gains and losses reflected as a separate component of shareholders’ equity, net of taxes. The cost of securities sold is based on specific identification. | |
Recognition Of Fee Income | ' |
Recognition of Fee Income – The Company may be contractually entitled to receive co-op marketing and advertising fees that are due when builders sell homes. These fees are generally based upon a fixed percentage of the homes’ selling price and are recorded as revenue when the home is sold. | |
Revenue And Profit Sharing Arrangements | ' |
Revenue and Profit Sharing Arrangements – Certain of the Company’s lot purchase agreements with homebuilders include provisions that entitle the Company to a share of the revenues or profits realized by the homebuilders upon their sale of the homes, after certain thresholds are achieved. The actual amount which could be received by the Company is generally based on a formula and other specified criteria contained in the lot purchase agreements, and are generally not payable and cannot be determined with reasonable certainty until the builder has completed the sale of a substantial portion of the homes covered by the lot purchase agreement. The Company’s policy is to accrue revenue earned pursuant to these agreements when amounts are fully earned and payable pursuant to the lot purchase agreements, which is classified as sales of real estate. Any amounts received from homebuilders prior to then are deferred. | |
The Company has not recognized any income from revenue or profit sharing arrangements during the last three years. | |
Option Deposits | ' |
Option Deposits – Option payments received from prospective buyers are recognized as liabilities until the title of the real estate is transferred or the option is forfeited, or in the case of refundable deposits, the prospective buyer decides not to purchase the real estate and the deposit is returned. | |
Capitalization Of Interest And Real Estate Taxes | ' |
Capitalization of Interest and Real Estate Taxes – If applicable, interest and real estate taxes attributable to land and property construction are capitalized and added to the cost of those properties while the properties are being actively developed. | |
Farming Revenues And Expenses | ' |
Farming Revenues and Expenses – Income from farming related activities at the Rampage property are recognized when grapes are sold, and expenses from farming related activities are recognized when incurred. | |
Share-Based Compensation | ' |
Share-Based Compensation – The cost of all share-based payments to employees, including grants of employee stock options and warrants, are recognized in the financial statements based on their fair values. The cost is recognized as an expense over the vesting period of the award. The fair value of each award is estimated at the date of grant using the Black-Scholes option pricing model. | |
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||
Schedule Of Available For Sale Investments | ' | |||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||||||||
Active Markets | Other | |||||||||||||||||||||
Gross | Gross | for | Observable | Total | ||||||||||||||||||
Par | Amortized | Unrealized | Unrealized | Identical Assets | Inputs | Fair Value | ||||||||||||||||
Value | Cost | Gains | Losses | (Level 1) | (Level 2) | Measurements | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
U.S. Treasury securities | $ | 31,900 | $ | 31,894 | $ | 2 | $ | - | $ | 31,896 | $ | - | $ | 31,896 | ||||||||
December 31, 2012 | ||||||||||||||||||||||
U.S. Treasury securities | $ | 36,400 | $ | 36,385 | $ | 5 | $ | - | $ | 36,390 | $ | - | $ | 36,390 | ||||||||
Real_Estate_Tables
Real Estate (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Real Estate [Abstract] | ' | ||||||
Schedule Of Real Estate | ' | ||||||
December 31, | |||||||
2013 | 2012 | ||||||
Held for development: | |||||||
San Elijo Hills | $ | 35,915 | $ | 45,585 | |||
Otay Ranch | 38,848 | 36,018 | |||||
Ashville Park | 9,469 | 16,335 | |||||
Fanita Ranch | 14,688 | 14,054 | |||||
Rampage | 4,545 | 4,545 | |||||
Subtotal | 103,465 | 116,537 | |||||
Held for investment-- San Elijo Hills | 3,607 | 3,708 | |||||
Total | $ | 107,072 | $ | 120,245 | |||
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Stock Incentive Plans [Abstract] | ' | |||||||||
Schedule Of Option Activity | ' | |||||||||
Weighted- | ||||||||||
Common | Weighted- | Average | ||||||||
Shares | Average | Remaining | Aggregate | |||||||
Subject to | Exercise | Contractual | Intrinsic | |||||||
Option | Price | Term | Value | |||||||
Balance at January 1, 2011 | 104,500 | $ | 30.02 | |||||||
Granted | 6,000 | $ | 21.50 | |||||||
Cancelled | -6,000 | $ | 65.50 | |||||||
Balance at December 31, 2011 | 104,500 | $ | 27.50 | |||||||
Granted | 6,000 | $ | 22.35 | |||||||
Cancelled | -14,000 | $ | 41.18 | |||||||
Balance at December 31, 2012 | 96,500 | $ | 25.19 | |||||||
Granted | 6,000 | $ | 32.30 | |||||||
Cancelled | -8,000 | $ | 36.44 | |||||||
Balance at December 31, 2013 | 94,500 | $ | 24.69 | 2.4 years | $ | 1,125,300 | ||||
Exercisable at December 31, 2013 | 53,700 | $ | 24.17 | 2.1 years | $ | 667,395 | ||||
Summary Of Weighted-Average Assumptions | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Risk free rate | 1.20% | 0.56% | 1.13% | |||||||
Expected volatility | 30.85% | 46.90% | 46.67% | |||||||
Expected dividend yield | 0.0% | 0.0% | 0.0% | |||||||
Expected life | 4.3 years | 4.3 years | 4.3 years | |||||||
Fair value per grant | $ | 8.70 | $ | 8.49 | $ | 8.30 | ||||
Sales_Of_Real_Estate_Tables
Sales Of Real Estate (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Sales Of Real Estate [Abstract] | ' | |||||||||
Schedule Of Real Estate Sales | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Developed lots at San Elijo Hills | $ | 37,370 | $ | 20,649 | $ | 26,697 | ||||
Developed lots at Ashville Park | 12,038 | 7,544 | - | |||||||
Residential condominium units at San Elijo Hills | 689 | - | 825 | |||||||
Total | $ | 50,097 | $ | 28,193 | $ | 27,522 | ||||
Schedule Of Changes In Deferred Revenue | ' | |||||||||
2013 | 2012 | |||||||||
Deferred revenue balance at January 1, | $ | 886 | $ | - | ||||||
Revenue deferred on the date of sale | 2,660 | 886 | ||||||||
Deferred revenue recognized in operations | -807 | - | ||||||||
Deferred revenue balance at December 31, | $ | 2,739 | $ | 886 | ||||||
Other_Results_Of_Operations_Ta
Other Results Of Operations (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Other Results Of Operations [Abstract] | ' | |||||||||
Schedule Of Interest And Other Income | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Interest income | $ | 55 | $ | 79 | $ | 196 | ||||
Gain on settlement of a lawsuit | 764 | - | - | |||||||
Gain on settlement of a contract dispute | - | 15 | 162 | |||||||
Other | 70 | 13 | 24 | |||||||
Total | $ | 889 | $ | 107 | $ | 382 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Schedule Of Components Of Income Tax Benefit (Provision) | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
State income taxes-- current | $ | -1,212 | $ | -642 | $ | -549 | ||||
State income taxes-- deferred | -340 | -389 | -301 | |||||||
Federal income taxes-- current | -2,905 | -1,337 | -1,363 | |||||||
Federal income taxes-- deferred | -2,041 | -1,712 | -2,155 | |||||||
$ | -6,498 | $ | -4,080 | $ | -4,368 | |||||
Reconciliation Of Effective Tax Provision | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Expected federal income tax provision | $ | -6,721 | $ | -4,029 | $ | -3,663 | ||||
State income taxes, net of federal income tax benefit | -1,009 | -670 | -621 | |||||||
Decrease in deferred tax valuation allowance | 1,360 | 742 | - | |||||||
Recognition of previously unrecognized tax benefits | - | - | 160 | |||||||
Permanent differences | -77 | -61 | -73 | |||||||
Other | -51 | -62 | -171 | |||||||
Actual income tax provision | $ | -6,498 | $ | -4,080 | $ | -4,368 | ||||
Schedule Of Deferred Tax Assets | ' | |||||||||
2013 | 2012 | |||||||||
Net operating loss carryforwards | $ | - | $ | 3,804 | ||||||
Land basis | 3,503 | 4,520 | ||||||||
Minimum tax credit carryovers | 35,349 | 33,760 | ||||||||
Other, net | 1,860 | 2,332 | ||||||||
40,712 | 44,416 | |||||||||
Valuation allowance | -34,299 | -35,659 | ||||||||
$ | 6,413 | $ | 8,757 | |||||||
Changes In Unrecognized Tax Benefits | ' | |||||||||
Unrecognized | ||||||||||
Tax Benefits | Interest | Total | ||||||||
Balance, January 1, 2011 | $ | 90 | $ | 60 | $ | 150 | ||||
Additional interest expense recognized | - | 10 | 10 | |||||||
Reductions as a result of the lapse | ||||||||||
of the statute of limitations | -90 | -70 | -160 | |||||||
Balance, December 31, 2011 | - | - | - | |||||||
Additional interest expense recognized | - | - | - | |||||||
Reductions as a result of the lapse | ||||||||||
of the statute of limitations | - | - | - | |||||||
Balance, December 31, 2012 | - | - | - | |||||||
Additional interest expense recognized | - | - | - | |||||||
Reductions as a result of the lapse | ||||||||||
of the statute of limitations | - | - | - | |||||||
Balance, December 31, 2013 | $ | - | $ | - | $ | - | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Schedule Of Calculation Of Numerator And Denominator For Loss Per Common Share | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Numerator – net income attributable to | ||||||||||
HomeFed Corporation common shareholders | $ | 11,268 | $ | 6,022 | $ | 4,491 | ||||
Denominator for basic earnings per share– weighted | ||||||||||
average shares | 7,880 | 7,880 | 7,880 | |||||||
Stock options | 13 | 1 | - | |||||||
Denominator for diluted earnings per share– weighted | ||||||||||
average shares | 7,893 | 7,881 | 7,880 | |||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Selected Quarterly Financial Data [Abstract] | ' | ||||||||||||
Schedule Of Quarterly Financial Data | ' | ||||||||||||
First | Second | Third | Fourth | ||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||
(In thousands, except per share amounts) | |||||||||||||
2013:00:00 | |||||||||||||
Sales of real estate | $ | 8,271 | $ | 953 | $ | 803 | $ | 40,070 | |||||
Farming revenues | $ | - | $ | - | $ | 3,805 | $ | 1,077 | |||||
Rental income | $ | 121 | $ | 133 | $ | 126 | $ | 131 | |||||
Co-op marketing and advertising fees | $ | 236 | $ | 280 | $ | 356 | $ | 270 | |||||
Cost of sales | $ | 5,759 | $ | 561 | $ | 471 | $ | 16,407 | |||||
Reduction in estimated liability for environmental | |||||||||||||
remediation | $ | - | $ | -662 | $ | - | $ | - | |||||
Farming expenses | $ | 876 | $ | 897 | $ | 881 | $ | 205 | |||||
Income (loss) from operations | $ | -1,305 | $ | -2,345 | $ | 1,126 | $ | 20,837 | |||||
Net income (loss) attributable to HomeFed | |||||||||||||
Corporation common shareholders | $ | -769 | $ | -1,131 | $ | 902 | $ | 12,266 | |||||
Basic earnings (loss) per common share attributable to | |||||||||||||
HomeFed Corporation shareholders | $ | -0.1 | $ | -0.14 | $ | 0.11 | $ | 1.56 | |||||
Diluted earnings (loss) per common share attributable to | |||||||||||||
HomeFed Corporation shareholders | $ | -0.1 | $ | -0.14 | $ | 0.11 | $ | 1.56 | |||||
2012:00:00 | |||||||||||||
Sales of real estate | $ | 3,350 | $ | - | $ | 3,971 | $ | 20,872 | |||||
Farming revenues | $ | - | $ | - | $ | 4,962 | $ | 1,460 | |||||
Rental income | $ | 124 | $ | 130 | $ | 130 | $ | 125 | |||||
Co-op marketing and advertising fees | $ | 114 | $ | 104 | $ | 75 | $ | 264 | |||||
Cost of sales | $ | 632 | $ | - | $ | 2,632 | $ | 10,395 | |||||
Reduction in estimated liability for environmental | |||||||||||||
remediation | $ | - | $ | - | $ | - | $ | 1,500 | |||||
Farming expenses | $ | 864 | $ | 763 | $ | 991 | $ | 255 | |||||
Income (loss) from operations | $ | 95 | $ | -2,473 | $ | 3,412 | $ | 10,371 | |||||
Net income (loss) attributable to HomeFed | |||||||||||||
Corporation common shareholders | $ | -367 | $ | -1,423 | $ | 2,028 | $ | 5,784 | |||||
Basic earnings (loss) per common share attributable to | |||||||||||||
HomeFed Corporation shareholders | $ | -0.05 | $ | -0.18 | $ | 0.26 | $ | 0.73 | |||||
Diluted earnings (loss) per common share attributable to | |||||||||||||
HomeFed Corporation shareholders | $ | -0.05 | $ | -0.18 | $ | 0.26 | $ | 0.73 | |||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2004 | Dec. 31, 2003 | Dec. 31, 2002 | |
acre | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax valuation allowance was released as a credit to income tax expense | ' | ' | ' | $1,350,000 | $750,000 | ' | ' | ' | ' |
Environmental remediation charge | ' | ' | ' | ' | ' | ' | 1,300,000 | 250,000 | 11,150,000 |
Area of land related to environmental remediation | ' | ' | ' | 30 | ' | ' | ' | ' | ' |
Reduction in the previously accrued environmental remediation amount | 650,000 | 662,000 | -1,500,000 | ' | 1,500,000 | ' | ' | ' | ' |
Provision for impairment losses on real estate | ' | ' | ' | $0 | $0 | $0 | ' | ' | ' |
Acquisition_Of_CDS_Details
Acquisition Of CDS (Details) (USD $) | 1 Months Ended |
Oct. 31, 2002 | |
Acquisition Of CDS [Abstract] | ' |
Cash consideration | $25,000,000 |
Cash paid for acquired entity | $1,000,000 |
Shares issued for acquired entity | 2,474,226 |
Percentage of outstanding shares acquired | 30.00% |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investments [Abstract] | ' | ' | ' |
Proceeds from sale of avaliable for sale investments | $0 | $2,600,000 | $0 |
Investments_Schedule_Of_Avalia
Investments (Schedule Of Avaliable For Sale Investments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $31,894 | $36,385 |
US Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Par Value | 31,900 | 36,400 |
Amortized Cost | 31,894 | 36,385 |
Gross Unrealized Gains | 2 | 5 |
Gross Unrealized Losses | ' | ' |
Fair Value Measurements | 31,896 | 36,390 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | US Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value Measurements | 31,896 | 36,390 |
Significant Other Observable Inputs (Level 2) [Member] | US Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value Measurements | ' | ' |
Real_Estate_Narrative_Details
Real Estate (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 29, 2012 | Jan. 31, 2011 | Oct. 31, 2012 | Feb. 29, 2012 | Oct. 31, 2012 | Feb. 29, 2012 | Oct. 31, 2012 | |
Ashville Park [Member] | Fanita Ranch [Member] | San Elijo Hills [Member] | Single Family Lots [Member] | Single Family Lots [Member] | Finished Single Family Lots [Member] | Finished Single Family Lots [Member] | ||||
acre | acre | Ashville Park [Member] | San Elijo Hills [Member] | Ashville Park [Member] | San Elijo Hills [Member] | |||||
property | property | property | property | property | ||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of real estate property (acres) | ' | ' | ' | 450 | 2,600 | ' | ' | ' | ' | ' |
Purchase price of property acquired | ' | ' | ' | ' | $12,350,000 | ' | ' | ' | ' | ' |
Cash payment for acquisition of real estate | $507,000 | $32,178,000 | $11,000,000 | $17,350,000 | $11,000,000 | $14,850,000 | ' | ' | ' | ' |
Residential units | ' | ' | ' | ' | 1,400 | ' | 451 | 52 | 91 | 6 |
Real_Estate_Schedule_Of_Real_E
Real Estate (Schedule Of Real Estate) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ' | ' |
Held for development | $103,465 | $116,537 |
Held for investment - San Elijo Hills | 3,607 | 3,708 |
Total | 107,072 | 120,245 |
San Elijo Hills [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Held for development | 35,915 | 45,585 |
Otay Ranch [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Held for development | 38,848 | 36,018 |
Ashville Park [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Held for development | 9,469 | 16,335 |
Fanita Ranch [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Held for development | 14,688 | 14,054 |
Rampage [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Held for development | $4,545 | $4,545 |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 |
CDS Devco, Inc. [Member] | San Elijo Ranch, Inc. [Member] | |||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Ownership percentage of San Elijo Ranch, Inc. | ' | ' | ' | 85.00% |
Previous ownership percentage of San Elijo Ranch, Inc. | ' | ' | 68.00% | ' |
Rate of return on advances to subsidiary | ' | ' | ' | 12.00% |
Noncontrolling interest | $10,095,000 | $8,659,000 | ' | $10,100,000 |
Percentage of future cash flows entitled to noncontrolling interests | ' | ' | 20.00% | 15.00% |
Acquisition of noncontrolling interest | ' | ' | 5,000,000 | ' |
Difference between amount paid and recorded for noncontrolling interest | ' | ' | $4,450,000 | ' |
Stock_Incentive_Plans_Narrativ
Stock Incentive Plans (Narrative) (Details) (USD $) | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 1999 | Aug. 31, 2004 | Jul. 31, 2004 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum grants avaliable per employee | ' | ' | ' | ' | ' | 30,000 | ' | ' |
Common stock avaliable for grant | ' | ' | ' | ' | ' | ' | 300,000 | ' |
Number of shares avaliable for grant | 405,400 | ' | ' | ' | ' | ' | ' | ' |
Compensation costs related to stock incentive plans | $190,000 | $180,000 | $220,000 | ' | ' | ' | ' | ' |
Impact of compensation costs related to stock incentive plans on net income | 110,000 | 110,000 | 130,000 | ' | ' | ' | ' | ' |
Total unrecognized compensation cost | 300,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period of recognition for total unrecognized compensation cost | '1 year | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for repurchase | ' | ' | ' | ' | ' | ' | ' | 500,000 |
Common stock repurchased, shares | ' | ' | ' | 478 | 394,931 | ' | ' | ' |
Purchase of common shares for treasury | ' | ' | ' | ' | $5,900,000 | ' | ' | ' |
Remaining number of shares authorized for repurchase | 104,591 | ' | ' | ' | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of fair market value allowed for the issuance of options and rights | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Directors [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Automatic annual grant to directors | 1,000 | ' | ' | ' | ' | ' | ' | ' |
Vesting period | '4 years | ' | ' | ' | ' | ' | ' | ' |
Term until first instalment of vesting becomes exercisable | '1 year | ' | ' | ' | ' | ' | ' | ' |
Term until expiration | '5 years | ' | ' | ' | ' | ' | ' | ' |
Employees And Certain Non-Employees [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | '5 years | ' | ' | ' | ' | ' | ' | ' |
Term until first instalment of vesting becomes exercisable | '1 year | ' | ' | ' | ' | ' | ' | ' |
Term until expiration | '6 years | ' | ' | ' | ' | ' | ' | ' |
Stock_Incentive_Plans_Schedule
Stock Incentive Plans (Schedule Of Option Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Incentive Plans [Abstract] | ' | ' | ' |
Common Shares Subject to Option, Balance | 96,500 | 104,500 | 104,500 |
Common Shares Subject to Option, Granted | 6,000 | 6,000 | 6,000 |
Common Shares Subject to Option, Cancelled | -8,000 | -14,000 | -6,000 |
Common Shares Subject to Option, Balance | 94,500 | 96,500 | 104,500 |
Common Shares Subject to Option, Exercisable at December 31, 2013 | 53,700 | ' | ' |
Weighted-Average Exercise Price, Balance | $25.19 | $27.50 | $30.02 |
Weighted-Average Exercise Price, Granted | $32.30 | $22.35 | $21.50 |
Weighted-Average Exercise Price, Cancelled | $36.44 | $41.18 | $65.50 |
Weighted-Average Exercise Price, Balance | $24.69 | $25.19 | $27.50 |
Weighted-Average Exercise Price, Exercisable at December 31, 2013 | $24.17 | ' | ' |
Weighted Average Remaining Contractual Term, Balance at December 31, 2013 | '2 years 4 months 24 days | ' | ' |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2013 | '2 years 1 month 6 days | ' | ' |
Aggregate Intrinsic Value, Balance at December 31, 2013 | $1,125,300 | ' | ' |
Aggregate Intrinsic Value, Exercisable at December 31, 2013 | $667,395 | ' | ' |
Stock_Incentive_Plans_Summary_
Stock Incentive Plans (Summary Of Weighted-Average Assumptions) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Incentive Plans [Abstract] | ' | ' | ' |
Risk free interest rate | 1.20% | 0.56% | 1.13% |
Expected volatility | 30.85% | 46.90% | 46.67% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected life | '4 years 3 months 18 days | '4 years 3 months 18 days | '4 years 3 months 18 days |
Fair value per grant | $8.70 | $8.49 | $8.30 |
Sales_Of_Real_Estate_Narrative
Sales Of Real Estate (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 |
Ashville Park Project [Member] | Ashville Park Project [Member] | ||
property | Subsequent Event [Member] | ||
property | |||
Real Estate Properties [Line Items] | ' | ' | ' |
Estimated costs to complete construction, including common areas | $1,500,000 | ' | ' |
Number of real estate properties contracted to sell | ' | 15 | ' |
Sales price of real estate lots contracted to sell | ' | 2,500,000 | ' |
Non-refundable option payment received | ' | 100,000 | ' |
Number of real estate properties sold | ' | ' | 5 |
Cash proceeds | ' | ' | $800,000 |
Sales_Of_Real_Estate_Schedule_
Sales Of Real Estate (Schedule Of Real Estate Sales) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales of real estate | $40,070 | $803 | $953 | $8,271 | $20,872 | $3,971 | $3,350 | $50,097 | $28,193 | $27,522 |
Developed Lots [Member] | San Elijo Hills [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales of real estate | ' | ' | ' | ' | ' | ' | ' | 37,370 | 20,649 | 26,697 |
Developed Lots [Member] | Ashville Park [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales of real estate | ' | ' | ' | ' | ' | ' | ' | 12,038 | 7,544 | ' |
Residential Condominium Unit [Member] | San Elijo Hills [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales of real estate | ' | ' | ' | ' | ' | ' | ' | $689 | ' | $825 |
Sales_Of_Real_Estate_Schedule_1
Sales Of Real Estate (Schedule Of Changes In Deferred Revenue) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Sales Of Real Estate [Abstract] | ' | ' |
Deferred Revenue, Beginning Balance | $886 | ' |
Revenue deferred on the date of sale | 2,660 | 886 |
Deferred revenue recognized in operations | -807 | ' |
Deferred Revenue, Ending Balance | $2,739 | $886 |
Other_Results_Of_Operations_Na
Other Results Of Operations (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Results Of Operations [Abstract] | ' | ' | ' |
Advertising costs | $650,000 | $650,000 | $550,000 |
Expenses related to rental income | $300,000 | $300,000 | $300,000 |
Other_Results_Of_Operations_Sc
Other Results Of Operations (Schedule Of Interest And Other Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Results Of Operations [Abstract] | ' | ' | ' |
Interest income | $55 | $79 | $196 |
Gain on settlement of a lawsuit | 764 | ' | ' |
Gain on settlement of a contract dispute | ' | 15 | 162 |
Other | 70 | 13 | 24 |
Total | $889 | $107 | $382 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | ' | ' |
Deferred tax valuation allowance was released as a credit to income tax expense | $1,350,000 | $750,000 |
Alternative minimum tax rate | 20.00% | ' |
Taxable income necessary to utilize all alternative minimum tax credits | $215,000,000 | ' |
Income_Taxes_Schedule_Of_Compo
Income Taxes (Schedule Of Components Of Income Tax Benefit (Provision)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
State income taxes - current | ($1,212) | ($642) | ($549) |
State income taxes - deferred | -340 | -389 | -301 |
Federal income taxes - current | -2,905 | -1,337 | -1,363 |
Federal income taxes - deferred | -2,041 | -1,712 | -2,155 |
Income tax provision | ($6,498) | ($4,080) | ($4,368) |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Effective Tax Provision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Expected federal income tax provision | ($6,721) | ($4,029) | ($3,663) |
State income taxes, net of federal income tax benefit | -1,009 | -670 | -621 |
Decrease in deferred tax valuation allowance | 1,360 | 742 | ' |
Recognition of previously unrecognized tax benefits | ' | ' | 160 |
Permanent differences | -77 | -61 | -73 |
Other | -51 | -62 | -171 |
Income tax provision | ($6,498) | ($4,080) | ($4,368) |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Net operating loss carryforwards | ' | $3,804 |
Land basis | 3,503 | 4,520 |
Minimum tax credit carryovers | 35,349 | 33,760 |
Other, net | 1,860 | 2,332 |
Deferred tax asset, gross | 40,712 | 44,416 |
Valuation allowance | -34,299 | -35,659 |
Deferred tax asset, net | $6,413 | $8,757 |
Income_Taxes_Changes_In_Unreco
Income Taxes (Changes In Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrecognized Tax Benefits Components [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits, Beginning Balance | ' | ' | $150 |
Additional interest expense recognized | ' | ' | 10 |
Reductions as a result of the lapse of the statute of limitations | ' | ' | -160 |
Unrecognized Tax Benefits, Ending Balance | ' | ' | ' |
Unrecognized Tax Benefits [Member] | ' | ' | ' |
Unrecognized Tax Benefits Components [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits, Beginning Balance | ' | ' | 90 |
Additional interest expense recognized | ' | ' | ' |
Reductions as a result of the lapse of the statute of limitations | ' | ' | -90 |
Unrecognized Tax Benefits, Ending Balance | ' | ' | ' |
Interest [Member] | ' | ' | ' |
Unrecognized Tax Benefits Components [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits, Beginning Balance | ' | ' | 60 |
Additional interest expense recognized | ' | ' | 10 |
Reductions as a result of the lapse of the statute of limitations | ' | ' | -70 |
Unrecognized Tax Benefits, Ending Balance | ' | ' | ' |
Earnings_Loss_Per_Common_Share
Earnings (Loss) Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Numerator- net income attributable to HomeFed Corporation common shareholders | $12,266 | $902 | ($1,131) | ($769) | $5,784 | $2,028 | ($1,423) | ($367) | $11,268 | $6,022 | $4,491 |
Denominator for basic earnings per shareb weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | 7,880 | 7,880 | 7,880 |
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 1 | ' |
Denominator for diluted earnings per shareb weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | 7,893 | 7,881 | 7,880 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 12 Months Ended | 7 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
General Liability And Professional Liability Insurance [Member] | General Liability And Professional Liability Insurance [Member] | General Liability [Member] | San Elijo Hills [Member] | San Elijo Hills [Member] | Ashville Park [Member] | 2012 Policy [Member] | 2012 Policy [Member] | ||||
General Liability [Member] | San Elijo Hills [Member] | San Elijo Hills [Member] | |||||||||
General Liability And Professional Liability Insurance [Member] | General Liability [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublease payments from Leucadia | $12,000 | $12,000 | $12,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Rental expense (net of sublease income) | 350,000 | 350,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Future minimum annual rentals | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of outstanding bonds | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | 1,800,000 | ' | ' |
Insurance coverage | ' | ' | ' | $10,000,000 | $10,000,000 | $1,000,000 | ' | $1,000,000 | ' | $10,000,000 | $1,000,000 |
Administrative_Services_Agreem1
Administrative Services Agreement (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Administrative Services Agreement [Abstract] | ' | ' | ' |
Administrative services fee expenses | $180 | $180 | $180 |
Notice required for Leucadia to cancel agreement | '1 year | ' | ' |
Notice required for company to cancel agreement | '30 days | ' | ' |
Fair_Value_Details
Fair Value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value [Abstract] | ' | ' |
Assets measured at fair value on a nonrecurring basis | $0 | $0 |
Liabilities measured at fair value on a nonrecurring basis | $0 | $0 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Selected Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales of real estate | ' | $40,070,000 | $803,000 | $953,000 | $8,271,000 | $20,872,000 | $3,971,000 | ' | $3,350,000 | $50,097,000 | $28,193,000 | $27,522,000 |
Farming revenues | ' | 1,077,000 | 3,805,000 | ' | ' | 1,460,000 | 4,962,000 | ' | ' | 4,882,000 | 6,422,000 | 5,979,000 |
Rental income | ' | 131,000 | 126,000 | 133,000 | 121,000 | 125,000 | 130,000 | 130,000 | 124,000 | 511,000 | 509,000 | 448,000 |
Co-op marketing and advertising fees | ' | 270,000 | 356,000 | 280,000 | 236,000 | 264,000 | 75,000 | 104,000 | 114,000 | 1,142,000 | 557,000 | 192,000 |
Cost of sales | ' | 16,407,000 | 471,000 | 561,000 | 5,759,000 | 10,395,000 | 2,632,000 | ' | 632,000 | 23,198,000 | 13,659,000 | 12,939,000 |
Reduction in estimated liability for environmental remediation | -650,000 | ' | ' | -662,000 | ' | 1,500,000 | ' | ' | ' | ' | -1,500,000 | ' |
Farming expenses | ' | 205,000 | 881,000 | 897,000 | 876,000 | 255,000 | 991,000 | 763,000 | 864,000 | 2,859,000 | 2,873,000 | 2,862,000 |
Income (loss) from operations | ' | 20,837,000 | 1,126,000 | -2,345,000 | -1,305,000 | 10,371,000 | 3,412,000 | -2,473,000 | 95,000 | 18,313,000 | 11,405,000 | 10,083,000 |
Net income (loss) attributable to HomeFed Corporation common shareholders | ' | $12,266,000 | $902,000 | ($1,131,000) | ($769,000) | $5,784,000 | $2,028,000 | ($1,423,000) | ($367,000) | $11,268,000 | $6,022,000 | $4,491,000 |
Basic earnings (loss) per common share attributable to HomeFed Corporation common shareholders | ' | $1.56 | $0.11 | ($0.14) | ($0.10) | $0.73 | $0.26 | ($0.18) | ($0.05) | ' | ' | ' |
Diluted earnings (loss) per common share attributable to HomeFed Corporation common shareholders | ' | $1.56 | $0.11 | ($0.14) | ($0.10) | $0.73 | $0.26 | ($0.18) | ($0.05) | ' | ' | ' |