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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ucp Class A | NYSE:UCP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.44 | 0 | 01:00:00 |
Delaware
|
90-0978085
|
|
(State or Other Jurisdiction
of Incorporation)
|
|
(IRS Employer
Identification No.)
|
99 Almaden Boulevard, Suite 400, San Jose, CA 95113 | ||
(Address of Principal Executive Offices) | ||
Registrant’s telephone number, including area code
(408) 207-9499
|
||
Registrant’s telephone number, including area code
Securities Registered Pursuant to Section 12(b) of the Act:
|
Title of Each Class
|
Name of Each Exchange On Which Registered
|
|
Class A Common Stock, Par Value $0.01
|
New York Stock Exchange
|
Large accelerated filer Yes ☐
|
Accelerated filer
☑
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
Emerging growth company
☑
|
|
Item 1A.
|
Risk Factors. |
1
|
|
Item 10.
|
Directors, Executive Officers and Corporate Governance. |
4
|
|
Item 11.
|
Executive Compensation. |
8
|
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters. |
18
|
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence. |
21
|
|
Item 14.
|
Principal Accounting Fees and Services. |
31
|
Item 1A. |
Risk Factors.
|
·
|
the attention of our management may be directed to transaction-related considerations and may be diverted from the day-to-day operations of our business;
|
·
|
our employees may experience uncertainty about their future roles with us, which might adversely affect our ability to retain and hire key personnel and other employees; and
|
·
|
homebuyers, lenders, vendors, suppliers and other parties with which we maintain business relationships may experience uncertainty about our future and purchase homes elsewhere (in the case of homebuyers) or alternative relationships with third parties or seek to alter their business relationships with us.
|
Name and present position,
if any, with the Company
|
Age, period served as a director and
other business experience
|
|
Dustin L. Bogue
President, Chief Executive Officer and Director |
Mr. Bogue, 43, has served as a director and as our President and Chief Executive Officer since our incorporation in May 2013. He is a Class II director whose current term expires in 2018. Since 2004, Mr. Bogue has been principally responsible for developing the strategic direction of the Company and its predecessors and their operations. He was involved with the formation of Union Community Partners, LLC in 2004 and served as the President and Principal Executive Officer of UCP, LLC beginning in 2008. Previously, from 2001 to 2004, Mr. Bogue was a Vice President of Development and Sales at Landcastle Real Estate, a land brokerage and market analysis firm serving Northern California. From 1999 to 2001, Mr. Bogue served as a Director of Land Acquisitions and Development at Wellington Corporation of Northern California (“Wellington”), a subsidiary of Triple Five National Development Company, during which he managed Wellington’s real estate portfolio in California.
|
|
Mr. Bogue’s position as our President and Chief Executive Officer, thorough knowledge of the facets of our business and operations, in-depth experience in the homebuilding business and leadership capabilities enable him to make key contributions to the Board and strengthen the Board’s collective qualifications, skills and experience. | ||
Michael C. Cortney
Director |
Mr. Cortney, 69, has served as a director and the Chairman of our Board since our Initial Public Offering in July 2013. He is a Class III director whose current term expires in 2019. In 2006, Mr. Cortney retired as the President and a member of the board of directors of Standard Pacific Homes (“Standard Pacific”), a publicly-traded national homebuilder, which were positions he had held since 2001 and 2000, respectively. He had numerous responsibilities during this period, including responsibility for Standard Pacific’s operations in Northern California, Florida, North Carolina and South Carolina and the acquisition of numerous homebuilders. Mr. Cortney initially joined Standard Pacific in 1982 and held various other positions with the company, including Executive Vice President from 1997 to 2001. Prior to joining Standard Pacific, he was employed by the Irvine Company as a Project Engineer and Project Manager, where he assisted in developing 70,000 acres in Orange County, California. Mr. Cortney is a member of the board of directors of the California Homebuilder Foundation, which manages scholarships and industry research grants. He was commissioned as an officer in the Civil Engineering Corps of the U.S. Navy, where he attained the rank of Commander in the U.S. Navy Reserves. Mr. Cortney received a B.S. in Civil Engineering from the University of New Mexico.
|
|
Mr. Cortney’s significant experience in the homebuilding industry, experience as an executive officer and board member of a publicly-traded company and demonstration of leadership abilities enable him to make key contributions to the Board and strengthen the Board’s collective qualifications, skills and experience. |
Name and present position,
if any, with the Company
|
Age, period served as a director and
other business experience
|
|
Peter H. Lori
Director |
Mr. Lori, 51, has served as a director since our Initial Public Offering in July 2013. He is a Class II director whose current term expires in 2018. Currently, Mr. Lori is the Executive Vice President, Finance, Chief Accounting Officer and Deputy Chief Financial Officer of Univision Communications Inc. (“Univision”), a media company serving Hispanic America. He has served as Univision’s Executive Vice President, Finance and Chief Accounting Officer since 2010, and he became its Deputy Chief Financial Officer in 2015. In these positions, Mr. Lori manages a finance team and has the opportunity to serve as a member of the Univision Executive Council and Commercial Leadership Team. Previously, Mr. Lori served as Univision’s Interim Chief Financial Officer from February 2015 until May 2015 and as its Senior Vice President, Finance and Chief Accounting Officer from 2005 to 2009. Prior to joining Univision, from 2002 to 2005, Mr. Lori was an Audit Partner at KPMG LLP, an audit, tax and advisory services firm. From 1987 to 2002, he was employed by Arthur Andersen LLP (“Arthur Andersen”), an audit, tax and advisory services firm. In 1999, he became an Audit Partner at Arthur Andersen, in which capacity he led the delivery of a variety of services to large, multinational companies, as well as small and medium-sized private and publicly-traded companies. Mr. Lori is a Certified Public Accountant in New York and New Jersey (inactive status). Mr. Lori received a B.S. with a concentration in Accounting from Montclair State University.
|
|
Mr. Lori’s significant audit experience, experience as an executive officer and demonstrated leadership abilities, enable him to make key contributions to the Board and strengthen the Board’s collective qualifications, skills and experience. | ||
Eric H. Speron
Director |
Mr. Speron, 37, has served as a director since December 2016. He is a Class I director whose current term expires in 2017. Mr. Speron
is an analyst and portfolio manager of three portfolios managed for clients of First Foundation. He also serves as a member of the investment committee of First Foundation Advisors and, as a member of the First Foundation Advisors investment committee, assists in shaping the portfolio investment process and overall asset allocations. Mr. Speron joined First Foundation Advisors in 2007 from JPMorgan’s Institutional Equity division. Mr. Speron
is a member of the Board of Directors of PICO Holdings Inc. (“PICO”), a publicly-traded diversified holding company that has primary operations in water resources and storage and real estate, and was nominated at the request of PICO pursuant to the Investor Rights Agreement, dated as of July 23, 2013, between the Company, PICO and the holders named therein (the “Investor Rights Agreement”). PICO is the Company’s controlling stockholder.
|
|
Mr. Speron is currently a member of the CFA Institute and the Orange County Society of Financial Analysts. He earned a Bachelor of Arts Degree with a double major from Georgetown University where he was also voted Academic All-American, Mid-Atlantic, for his academic and athletic accomplishments. | ||
Mr. Speron’s experience as a portfolio manager and investor bring a valuable perspective to the Board and enhance its overall qualifications, skills and experience. |
Name and present position,
if any, with the Company
|
Age, period served as a director and
other business experience
|
|
Kathleen R. Wade
Director |
Ms. Wade, 63, has served as a director since April 2014. She is a Class I director whose current term expires in 2017. Currently, Ms. Wade is a private investor. Previously, she held positions at Standard Pacific, a publicly-traded national homebuilder, for almost a decade, including as the President of the Southwest and Southeast Regions from 2009 to 2011 and the President of the Southwest Region from 2002 to 2009. In addition, she previously held positions at Standard Pacific of Arizona as the Chief Executive Officer from 2000 to 2002 and as the President from 1999 to 2000. Prior to joining Standard Pacific, Ms. Wade served as the President of the Arizona Division of UDC Homes, Inc., a homebuilder, from 1996 to 1998 and as a Co-Chief Executive Officer and director of Continental Homes, Inc., a publicly-traded homebuilder, from 1985 to 1995. Ms. Wade is a Certified Public Accountant in Arizona (inactive status). Ms. Wade also serves on the board of directors of Honor Health, an Arizona non-profit health system serving the Phoenix/Scottsdale area. Ms. Wade received a B.S. in Accounting from Arizona State University.
|
|
Ms. Wade’s significant experience in the homebuilding industry, experience as an executive officer of a publicly-traded company and demonstration of leadership abilities enable her to make key contributions to the Board and strengthen the Board’s collective qualifications, skills and experience . | ||
Maxim C. W. Webb
Director |
Mr. Webb, 56, has served as a director since our incorporation in May 2013. He is a Class III director whose current term expires in 2019. Prior to our incorporation, Mr. Webb served as a member of the board of managers of UCP, LLC, which is now our subsidiary, from 2007 to 2013. Mr. Webb is the Chief Executive Officer of PICO. Previously, from 2001 to 2016, Mr. Webb served as PICO’s Chief Financial Officer and from 1998 to 2001, he served as the Vice President, Investments of PICO. Prior to joining PICO, Mr. Webb worked in a number of corporate finance positions in a wide variety of industries in the United Kingdom, Asia and North America. Mr. Webb was nominated at the request of PICO pursuant to the Investor Rights Agreement. Mr. Webb has been qualified as a chartered accountant in the United Kingdom and received a B.Sc. from London University.
|
|
Mr. Webb’s publicly-traded company experience, long-held position as a director and manager of the Company and UCP, LLC, respectively, and his familiarity with our business and, in particular, its financial and accounting areas, enable him to make key contributions to the Board and strengthen the Board’s collective qualifications, skills and experience. | ||
Name and present position
with the Company |
Age, period served as an executive officer
and other business experience |
|
James M. Pirrello
Chief Financial Officer, Treasurer and Chief Accounting Officer
|
Mr. Pirrello, 58, has served as our Chief Financial Officer, Treasurer and Chief Accounting Officer since January 15, 2016. Mr. Pirrello has served in senior finance and operational positions in the homebuilding industry, including Chief Financial Officer, Chief Operating Officer and division president. Mr. Pirrello most recently served as President and Founder of American New Homes Group. Over his career he has served in senior financial positions of numerous homebuilder and real estate development firms including BCB Homes, Michael Sivage Homes & Communities, First Homebuilders of Florida, The Longford Group, The Fortress Group and NVR. During his career, he has negotiated over $3 billion of debt and equity capital market financings and over 20 merger and acquisition transactions. Mr. Pirrello earned MBAs from both Columbia University and the University of California, Berkeley, along with an undergraduate degree in accounting from Juniata College.
|
·
|
honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest;
|
·
|
full, fair, accurate, timely and understandable disclosure in our communications with and reports to our stockholders, including reports filed with the SEC, and other public communications;
|
·
|
compliance with applicable governmental laws, rules and regulations;
|
·
|
prompt internal reporting of violations of the Code of Business Conduct and Ethics to appropriate persons; and
|
·
|
accountability for adherence to the Code of Business Conduct and Ethics.
|
Item 11. |
Executive Compensation.
|
Name and Principal Position
|
Fiscal
Year |
Salary
($) |
Stock Awards ($)
(1)
|
Option
Awards ($) |
Non-Equity Incentive Plan Compensation ($)
|
All Other
Compensation ($) (2) |
Total ($)
|
|||||||||||||||||||
Dustin L. Bogue
(3)
President and Chief Executive Officer |
2016
|
500,000
|
525,000
|
—
|
182,639
|
59,388
|
1,267,027
|
|||||||||||||||||||
2015
|
500,000
|
—
|
—
|
200,000
|
51,306
|
751,306
|
||||||||||||||||||||
James M. Pirrello
(4)
Chief Financial Officer, Treasurer and Chief Accounting Officer |
2016
|
375,000
|
375,000
|
—
|
163,363
|
79,884
|
993,247
|
|||||||||||||||||||
William J. La Herran
(5)
|
2016 | 15,625 | — | — | — | 754,545 | 770,170 | |||||||||||||||||||
Former Chief Financial Officer, | ||||||||||||||||||||||||||
Treasurer and Chief Accounting | 2015 | 375,000 | — | — | — | 31,306 | 406,306 | |||||||||||||||||||
Officer |
(1) |
Amounts shown reflect the value of restricted stock unit (“RSU”) awards made during fiscal years 2016 and 2015 based upon the aggregate grant date fair value of such awards, as determined in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“FASB ASC Topic 718”). Grant date fair value for RSUs received on April 1, 2016 was determined by a 30-day volume weighted average price per share of Class A Common stock on the NYSE of $6.99 as of March 30, 2016. All amounts represent potential future income calculated for financial reporting purposes; actual amounts recognized by the Named Executive Officers may be materially different depending on, among other things, the Company’s stock price performance and the period of service of the Named Executive Officer. Each of the Named Executive Officers’ restricted stock units granted in fiscal year 2016 vest in five installments as follows: 20% vested on January 1, 2017, 20% will vest on January 1, 2018, 20% will vest on January 1, 2019, 20% will vest on January 1, 2020 and 20% will vest on January 1, 2021.
|
(2) |
Individual breakdowns of the amounts set forth in the “All Other Compensation” column are as follows:
|
Name
|
Fiscal
Year |
Contributions
to 401(k) Plan ($) |
Perquisites
and Other Personal Benefits ($) (A) |
Medical
and Other Expenses ($) |
Severance
($) (B) |
Acceleration
of Unvested RSUs ($) (B) |
Total All
Other Compensation ($) |
|||||||
Dustin L. Bogue
|
2016
|
13,250
|
24,000
|
22,138
|
—
|
—
|
59,388 | |||||||
2015
|
13,250
|
20,000
|
18,056
|
—
|
—
|
51,306 | ||||||||
James M. Pirrello
|
2016
|
—
|
65,452
|
14,432
|
—
|
—
|
79,884 | |||||||
William J. La Herran
|
2016
|
5,685
|
—
|
23,702
|
660,572
|
64,586
|
754,545 | |||||||
2015
|
13,250
|
—
|
18,056
|
—
|
—
|
31,306 | ||||||||
(A)
|
Amounts shown reflect an annual car allowance for both Messrs. Bogue and Pirrello and housing allowance for Mr. Pirrello.
|
|
|
(B)
|
Previously, Mr. La Herran, who resigned as our Chief Financial Officer as of January 15, 2016, was entitled to severance benefits under his employment agreement. In connection with his resignation, we entered into a resignation agreement with Mr. La Herran to effectuate the termination of the employment relationship on the terms described therein.
|
|
|
(3)
|
Mr. Bogue, the Company’s only employee director, was not separately compensated for his services as a director in fiscal years 2016 and 2015.
|
|
|
(4)
|
Mr. Pirrello was appointed as the Company’s Chief Financial Officer, Treasurer and Chief Accounting Officer effective as of January 15, 2016.
|
|
|
(5)
|
Mr. La Herran ceased serving as an executive officer of the Company upon his resignation effective as of January 15, 2016. Mr. La Herran was succeeded by Mr. Pirrello, who was appointed as the Company’s Chief Financial Officer, Treasurer and Chief Accounting Officer effective as of January 15, 2016. The Company’s proxy statement relating to its Annual Meeting of Stockholders held on May 18, 2016, that was filed with the SEC on April 7, 2016, erroneously reported that Mr. La Herran received a bonus of $187,500 for the year ended December 31, 2015. No such bonus was paid for such period, and the disclosure regarding Mr. La Herran’s 2015 compensation has been appropriately adjusted herein.
|
|
|
·
|
an annual base salary of $500,000 for Mr. Bogue and $375,000 for Mr. Pirrello for the fiscal year ended December 31, 2016 (effective February 1, 2017, Mr. Bogue’s annual base salary was increased to $530,000 and Mr. Pirrello’s was increased to $400,000);
|
·
|
eligibility for annual cash bonuses based on the satisfaction of performance goals established by our Compensation Committee, with a target bonus equal to 50% of base salary;
|
·
|
for Mr. Bogue, participation in the Long-Term Incentive Plan and any subsequent equity incentive plans approved by our Board, with an annual award target equal to 125% of base salary; and
|
·
|
participation in employee benefit plans and programs that are maintained from time to time for our senior executive officers.
|
·
|
Mr. Bogue’s new title will be Regional President – West, and he no longer will have a contractual right to report to the Board;
|
·
|
Mr. Bogue’s annual cash incentive bonus in respect of the 2017 fiscal year will be determined in accordance with the annual performance goals or objectives established as of immediately prior to the closing of the transaction with Century;
|
·
|
The current vesting schedule for Mr. Bogue’s unvested RSUs (which currently vest in calendar years 2018 through 2022) will instead vest (after giving effect to their conversion into Century restricted stock units following the transaction with Century) in three installments on each of the 60th day following the closing of the transaction with Century, the first anniversary of the 60th day following the closing of the transaction with Century and the second anniversary of the 60th day following the closing of the transaction with Century, and will also vest in full upon a termination without “cause” or resignation for “good reason”;
|
·
|
Mr. Bogue will receive a one-time transaction bonus 60 days following the closing of the transaction with Century equal to three times the sum of his current base salary and average annual bonus for the past three completed fiscal years (such bonus equal to $1,972,639 in total);
|
·
|
Any options held by Mr. Bogue shall be canceled for no consideration; and
|
·
|
Mr. Bogue’s “change in control” severance arrangements will be eliminated, such that following any termination without “cause” or resignation for “good reason,” Mr. Bogue will be entitled to receive, subject to a release, (i) a severance payment equal to one times his base salary (or, in the event of a termination for good reason and if higher, his base salary prior to the event constituting good reason), and (ii) a Company subsidy for any Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) contribution coverage premiums for twelve months; under his current employment agreement, upon a termination without “cause” or resignation for “good reason” within two years following a “change in control,” Mr. Bogue would have been entitled to a severance payment equal to three times the sum of his base salary and average of his annual bonuses for the three previous fiscal years (or, if such termination occurred absent a “change in control,” two times the sum of his base salary and target annual bonus), and Mr. Bogue would have been entitled to a COBRA subsidy for 24 months following termination.
|
·
|
Accelerated Vesting: Accelerated vesting will occur upon termination of employment by the Company without Cause or by the recipient for Good Reason; and
|
·
|
Forfeiture: Forfeiture will occur upon termination of employment (other than as discussed immediately above) to the extent the award’s restrictions have not lapsed.
|
·
|
Accelerated Vesting: Accelerated vesting will occur upon termination of employment by the Company without Cause or by the recipient for Good Reason; and
|
·
|
Forfeiture: Forfeiture will occur upon termination by the Company with Cause.
|
·
|
“Cause” generally means, unless otherwise provided in the recipient’s employment agreement, the occurrence of any of the following: (i) the willful and continued failure by the recipient to substantially perform his or her duties with the Company (other than any such failure resulting from his or her incapacity due to physical or mental illness) after a written demand for substantial performance is delivered to the recipient by the Company, which demand specifically identifies the manner in which the Company believes that the recipient has not substantially performed his or her duties; (ii) conviction or plea of guilty to a charge of commission of a felony; or (iii) the commission of dishonest, fraudulent or deceptive acts or practices in connection with the recipient’s employment that are materially injurious to the Company, monetarily or otherwise;
|
·
|
“Good Reason” generally means, unless otherwise provided in the recipient’s employment agreement, any of the following actions, if taken without the express written consent of the recipient: (i) a material diminution in the recipient’s base salary; (ii) a material diminution in the recipient’s authority, duties or responsibilities; (iii) requiring the recipient to move his or her place of employment more than 50 miles from his or her place of employment prior to such move; or (iv) a material breach by the Company of any employment agreement between the Company and the recipient; and
|
·
|
“Change in Control” generally means the occurrence of a “change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the assets” of the Company, as such phrases are defined in the Long-Term Incentive Plan.
|
|
Number of
Securities Underlying Unexercised Options (Exercisable) (1) |
Number of
Securities Underlying Unexercised Options (Unexercisable) (1) |
Option
Exercise Price ($) |
Option
Expiration Date |
Number of
Shares or Units of Stock That Have Not Vested |
Market
Value of Shares or Units of Stock That Have Not Vested ($) (2) |
||||||
Dustin L. Bogue
|
16,476
|
38,445
|
16.20
|
February 26, 2024
|
88,610
(3)
|
1,067,751
|
||||||
|
|
|
|
|
|
|||||||
James M. Pirrello
|
—
|
—
|
—
|
—
|
53,648
(4)
|
646,458
|
||||||
|
|
|
|
|
|
|
(1)
|
Mr. Bogue’s Class A common stock options vest in four installments as follows: 10% vested on February 26, 2015, 20% vested on February 26, 2016, 30% vested on February 26, 2017 and 40% will vest on February 26, 2018.
|
|
|
(2)
|
Calculated based on the closing price per share of the Company’s Class A common stock of $12.05 on December 31, 2016.
|
|
|
(3)
|
Mr. Bogue’s 75,107 Class A restricted stock units granted in 2016 vest as follows: 20% vested on January 1, 2017, 20% will vest on January 1, 2018, 20% will vest on January 1, 2019, 20% will vest on January 1, 2020, and 20% will vest on January 1, 2021. In addition, Mr. Bogue’s remaining Class A restricted stock units vest as follows: 5,787 vested on February 26, 2017 and 7,716 will vest on February 26, 2018.
|
|
|
(4)
|
Mr. Pirrello’s 53,648 Class A restricted stock units vest as follows: 20% vested on January 1, 2017, 20% will vest on January 1, 2018, 20% will vest on January 1, 2019, 20% will vest on January 1, 2020, and 20% will vest on January 1, 2021.
|
|
|
·
|
“Cause” generally means the occurrence of any of the following: (i) any act or omission that constitutes a material breach by the officer of any of his material obligations under his employment agreement, after a written demand for substantial performance is delivered to him by the Board that specifically identifies the manner in which the Board believes that he has materially breached such obligations and his failure to cure such alleged breach not later than 30 days following his receipt of such notice; (ii) a conviction or plea of guilty to a charge of commission of a felony; (iii) the commission of dishonest, fraudulent or deceptive acts or practices in connection with the officer’s employment that are materially injurious to the Company, monetarily or otherwise; or (iv) the officer’s ongoing willful refusal to follow the proper and lawful directions of
|
|
the Board after a written demand for substantial performance is delivered to him by the Board that specifically identifies the manner in which the Board believes that he has refused to follow its instructions and his failure to cure such refusal not later than 30 days following his receipt of such notice, subject to certain exceptions;
|
·
|
“Good Reason” generally means any of the following actions, if taken without the express written consent of the officer: (i) a material diminution in the officer’s annual base salary, short- or long-term incentive opportunity or employee benefits; (ii) a material diminution in the officer’s authority, duties or responsibilities; (iii) a requirement of the officer to move his place of employment more than 50 miles from his place of employment prior to such move; or (iv) a material breach by the Company of the employment agreement of the officer; and
|
·
|
“Change in Control” generally means the occurrence of a “change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the assets” of the Company, as such phrases are defined in the employment agreements of the officers.
|
Executive Payments
and Benefits upon Termination/CIC |
Termination Without Cause or for Good Reason ($)
|
Termination
Without Cause or for Good Reason following a CIC (Double Trigger) ($) |
Death ($)
|
Disability ($)
|
||||||||||||||
Severance
(1)
|
600,000
|
1,126,726
|
—
|
—
|
||||||||||||||
Benefit Continuation
|
8,769
|
8,769
|
8,769
|
8,769
|
||||||||||||||
Long-term Incentive
|
||||||||||||||||||
—Acceleration of Unvested Stock Options
|
—
|
—
|
—
|
—
|
||||||||||||||
—Acceleration of Unvested equity awards
|
646,458
|
646,458
|
—
|
—
|
||||||||||||||
Total
|
1,255,227
|
1,781,953
|
8,769
|
8,769
|
||||||||||||||
Name
|
Fees Earned or
Paid in Cash ($) |
Stock Awards
($)
(1)
|
All Other Compensation
($)
|
Total
($)
|
|||||||||||||
Michael C. Cortney
|
42,500
(2)
|
135,000
(3)
|
—
|
177,500
(4)
|
|||||||||||||
John R. Hart
(5)
|
—
|
—
|
—
|
—
|
|||||||||||||
Peter H. Lori
|
42,500
(2)
|
135,000
(3)
|
—
|
177,500
(4)
|
|||||||||||||
Eric H. Speron
(6)
|
—
|
—
|
—
|
—
|
|||||||||||||
Kathleen R. Wade
|
35,000
(2)
|
130,000
(3)
|
—
|
165,000
(4)
|
|||||||||||||
Maxim C. W. Webb
(5)
|
—
|
—
|
—
|
—
|
|||||||||||||
(1)
|
Outstanding equity awards for each independent director at fiscal year 2016 end is as follows:
|
Name
|
Number of Shares or Units
of Stock That Have Not Vested |
|
Michael C. Cortney
|
12,594
|
|
Peter H. Lori
|
12,594
|
|
Kathleen R. Wade
|
12,274
|
(2)
|
Each of Messrs. Cortney and Lori and Ms. Wade elected to receive approximately one-half of their 2016 director’s fees in cash and one-half in RSUs.
|
(3)
|
On April 1, 2016, each of Messrs. Cortney and Lori and Ms. Wade received a grant of 7,153 RSUs, which vested on January 1, 2017, in recognition of their service as independent members of the Board. Each of these awards was valued at $50,000, based on the 30-day volume weighted average price per share of Class A common stock on the NYSE of $6.99 as of March 30, 2016.
|
(4)
|
As described in footnote (3) above, this amount includes $42,500 for each of Messrs. Cortney and Lori and $35,000 for Ms. Wade relating to their service as members of the Board during the first half of 2017.
|
(5)
|
For as long as PICO beneficially owns shares of any class of our common stock, Messrs. Hart and Webb have agreed to waive any directors’ fees and grants that would otherwise be payable or made, as the case may be, to them in connection with their service on our Board. Mr. Hart resigned as a director of the Company effective December 12, 2016. In the event that PICO ceases to beneficially own any shares of any class of our common stock, Mr. Webb may elect to receive such fees and grants on a prospective basis.
|
(6)
|
Mr. Speron was elected to the Board of the Company, effective as of December 12, 2016. Mr. Speron is not directly compensated for his service on the Board. The Highland Total Return Fund, which Mr. Speron currently manages, is entitled to receive cash compensation consistent with the amounts paid to the Company’s other non-employee directors in connection with Mr. Speron’s service on the Board. Neither Mr. Speron nor The Highland Total Return Fund received any compensation in 2016 relating to Mr. Speron’s service on the Board.
|
Item 12. |
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
Plan Category
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
Weighted-average exercise price of outstanding options, warrants and rights ($)
(1)
|
Number of securities
remaining available for future issuance under equity compensation plans |
||||||||||||
Equity compensation plans approved by security holders
|
400,965
|
16.20
|
1,541,466
|
||||||||||||
Equity compensation plans not approved by security holders
|
—
|
—
|
—
|
||||||||||||
Total
|
400,965
|
16.20
|
1,541,466
|
||||||||||||
(1) |
The weighted average exercise price only takes account of outstanding options to purchase the Company’s common stock and does not take into account any outstanding restricted stock unit awards, which are settled without payment of any exercise price.
|
·
|
each person or group who is known by us to own beneficially more than 5% of any class of our common stock;
|
·
|
each member of our Board and each of our named executive officers; and
|
·
|
all members of our Board and our executive officers as a group.
|
Name and Address of Beneficial Owner
|
Number of Shares of Class A Common Stock
|
Percent of Class A Common Stock
(1)
|
Number of Shares of Class B Common Stock
Shares
|
Percent of Class B Common Stock
(2)
|
Number of Total Shares of Common Stock
|
Percent of Total Common Stock Voting Power
(3)
|
|||||||||||||||
PICO Holdings, Inc.
(4)(5)
|
10,401,722
|
56.65
|
%
|
100
|
100.00
|
%
|
10,401,822
|
56.65
|
%
|
||||||||||||
Century Communities, Inc.
(6)
|
10,401,722
|
56.65
|
%
|
—
|
—
|
%
|
10,401,722
|
56.65
|
%
|
||||||||||||
Buckingham Capital Management, Inc.
(7)
|
965,535
|
12.13
|
%
|
—
|
—
|
%
|
965,535
|
5.26
|
%
|
||||||||||||
Ameriprise Financial, Inc.
(8)
|
840,021
|
10.56
|
%
|
—
|
—
|
%
|
840,021
|
4.58
|
%
|
||||||||||||
Craton Capital Management, LLC
(9)
|
783,765
|
9.85
|
%
|
—
|
—
|
%
|
783,765
|
4.27
|
%
|
||||||||||||
River Road Asset Management, LLC
(10)
|
752,534
|
9.46
|
%
|
—
|
—
|
%
|
752,534
|
4.10
|
%
|
||||||||||||
Wellington Management Group LLP
(11)
|
552,268
|
6.94
|
%
|
—
|
—
|
%
|
552,268
|
3.01
|
%
|
||||||||||||
Maxim C. W. Webb
(5)(12)
|
10,401,722
|
56.65
|
%
|
100
|
100.00
|
%
|
10,401,822
|
56.65
|
%
|
||||||||||||
Dustin L. Bogue (13) | 47,625 | * | — | — | % | 47,625 | * | ||||||||||||||
Michael C. Cortney (14)(15) | 36,376 | * | — | — | % | 36,376 | * | ||||||||||||||
Peter H. Lori (14)(15) | 23,273 | * | — | — | % | 23,273 | * | ||||||||||||||
Kathleen R. Wade (14)(16) | 21,383 | * | — | — | % | 21,383 | * | ||||||||||||||
Eric H. Speron (12)(17) | 10,476,722 | 56.83 | % | 100 | 100.00 | % | 10,476,822 | 56.83 | % | ||||||||||||
James M. Pirrello | 6,055 | * | — | — | % | 6,055 | % | ||||||||||||||
All directors and executive officers as a group (6 persons) | 10,611,434 | 57.80 | % | 100 | 100.00 | % | 10,611,534 | 57.80 | % | ||||||||||||
* |
Denotes less than 1.0%
|
(1)
|
The percentage of beneficial ownership of our Class A common stock is based on 7,958,314 shares of our Class A common stock outstanding as of April 12, 2017.
|
|
|
(2)
|
The percentage of beneficial ownership of our Class B common stock is based on 100 shares of our Class B common stock outstanding as of April 12, 2017.
|
|
|
(3)
|
The percentage of beneficial ownership of the total voting power of our common stock represents the percentage of voting power of our Class A common stock and Class B common stock voting together as a single class and is based on 7,958,414 shares of our common stock outstanding as of April 12, 2017, consisting of 7,958,314 shares of our Class A common stock and 100 shares of our Class B common stock. PICO and its permitted transferees hold all of the shares of our Class B common stock, which entitle the holder(s), without regard to the number of shares of our Class B common stock held by such holder(s), a number of votes equal to the number of UCP, LLC Series A units held by such holder(s).
|
|
|
(4)
|
Based on information as of April 10, 2017 set forth in a report on Schedule 13D/A filed with the SEC by PICO on April 11, 2017: PICO has shared voting power and sole dispositive power over 10,401,722 shares of our Class A common stock. The address of PICO is 7979 Ivanhoe Avenue, Suite 300, La Jolla, California 92037. Subject to the terms of the Exchange Agreement (as defined herein), PICO and certain of its permitted assignees may from time to time cause us to exchange its UCP, LLC Series A units for shares of our Class A common stock on a one-for-one basis, subject to equitable adjustments for stock splits, stock dividends and reclassifications. See “Item 13. Certain Relationships and Related Transactions, and Director Independence—Related Person Transactions—Agreements Related to Our Initial Public Offering—Exchange Agreement.”
|
|
|
(5)
|
Mr. Webb is the President and Chief Executive Officer and is member of the board of directors of PICO and may be deemed to share voting power and investment control over the shares of our common stock owned by PICO. Mr. Webb disclaims beneficial ownership of the shares of our common stock owned by PICO except to the extent of any pecuniary interest therein.
|
|
|
(6)
|
Century may be deemed to have beneficial ownership of such shares of Class A common stock by virtue of the obligations of, including the grant to the Century of a voting proxy by, PICO under a Voting Agreement (as defined herein) for the benefit of Century. See “Certain Relationships and Related Transactions, and Director Independence—Related Person Transactions—Proposed Merger of the Company with Century—Voting Agreement.”
|
|
|
(7)
|
Based on information as of December 31, 2016 set forth in a report on Schedule 13G/A filed with the SEC by Buckingham Capital Management, Inc. on February 13, 2017: Buckingham Capital Management, Inc. has sole voting power and sole dispositive power over 965,535 shares of our Class A common stock. The address of Buckingham Capital Management, Inc. is 485 Lexington Avenue, Third Floor, New York, New York 10017.
|
|
|
(8)
|
Based on information as of December 31, 2016 set forth in a report on Schedule 13G/A filed with the SEC by Ameriprise Financial, Inc. and Columbia Management Investment Advisers, LLC on February 10, 2017: (i) Ameriprise Financial, Inc. has shared voting power and shared dispositive power over 840,021 shares of our Class A common stock and (ii) Columbia Management Investment Advisers, LLC has shared voting power and shared dispositive power over 840,021 shares of our Class A common stock. The address of Ameriprise Financial, Inc. is 145 Ameriprise Financial Center, Minneapolis, Minnesota 55474. The address of Columbia Management Investment Advisers, LLC is 225 Franklin St., Boston, Massachusetts 02110.
|
|
|
(9)
|
Based on information as of December 31, 2016 set forth in a report on Schedule 13G filed with the SEC by Craton Capital Management, LLC on March 9, 2017: Craton Capital Management, LLC has sole voting power and sole dispositive power over 783,765 shares of our Class A common stock. The address of Craton Capital Management is 1528 6th Street, Suite 100, Santa Monica, California 90401.
|
|
|
(10)
|
Based on information as of December 31, 2016 set forth in a report on Schedule 13G filed with the SEC by River Road Asset Management, LLC (“River Road”) on January 12, 2017, River Road has sole voting power over 531,744 shares of our Class A common stock and sole dispositive power over 752,534 shares of our Class A common stock. The address of River Road is 462 S. 4th Street, Suite 2000, Louisville, Kentucky 40202.
|
|
|
(11)
|
Based on information as of December 31, 2016 set forth in a report on Schedule 13G/A filed with the SEC by Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP and Wellington Management Company LLP on February 9, 2017: (i) Wellington Management Group LLP has shared voting power and shared dispositive power over 552,268 shares of our Class A common stock; (ii) Wellington Group Holdings LLP has shared voting power and shared dispositive power over 552,268 shares of our Class A common stock; (iii) Wellington Investment Advisors Holdings LLP has shared voting power and shared dispositive power over 552,268 shares of our Class A common stock; and (iv) Wellington Management Company LLP has shared voting power and shared dispositive power over 552,268 shares of our Class A common stock. The address of each of Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP and Wellington Management Company LLP is c/o Wellington Management Company LLP, 280 Congress Street, Boston, Massachusetts 02210.
|
|
|
(12)
|
For as long as PICO beneficially owns shares of any class of our common stock, Mr. Webb shall waive any directors’ grants that would otherwise be made in connection with his service on our Board. In the event that PICO ceases to beneficially own any shares of any class of our common stock, Mr. Webb may elect to receive such grants on a prospective basis.
|
Mr. Speron is not directly compensated for his service on our Board. The Highland Total Return Fund, which Mr. Speron currently manages, is entitled to receive cash compensation consistent with the amounts paid to the Company’s other non-employee directors in connection with Mr. Speron’s service on the board. | |
|
|
(13)
|
Includes Class A common stock options of 5,492, 10,984 and 16,476 that vested on February 26, 2015, February 26, 2016 and February 26, 2017, respectively, of Mr. Bogue and remain unexercised.
|
|
|
(14)
|
Includes 7,153 Class A Common restricted stock units that vested on January 1, 2017 for each of Messrs. Lori and Cortney and Ms. Wade. See the section entitled “Director Compensation.”
|
|
|
(15)
|
Includes 2,721 Class A Common restricted stock units that vested on February 3, 2017 and 2,720 Class A Common restricted stock units that will vest on May 4, 2017 for each of Messrs. Lori and Cortney. See the section entitled “Director Compensation.”
|
|
|
(16)
|
Includes 2,561 Class A Common restricted stock units that vested on February 3, 2017 and 2,560 Class A Common restricted stock units that will vest on May 4, 2017 for Ms. Wade. See the section entitled “Director Compensation.”
|
|
|
(17)
|
Mr. Speron is a member of the board of directors of PICO and may be deemed to share voting power and investment control over the shares of our common stock owned by PICO. Additionally, Mr. Speron may be deemed to share voting power and/or investment control over 75,000 shares of Class A common stock held by funds and accounts managed by First Foundation Advisors. Mr. Speron disclaims beneficial ownership of the shares of our common stock owned by PICO and the funds and accounts managed by First Foundation Advisors except to the extent of any pecuniary interest therein.
|
|
|
Item 13. |
Certain Relationships and Related Transactions, and Director Independence.
|
·
|
the timing of any exchanges of UCP, LLC Series A units for shares of our Class A common stock by PICO, as the increase in any tax deductions will vary depending on the fair market value of the depreciable and amortizable assets of UCP, LLC at the time of any such exchanges, and this value may fluctuate over time;
|
·
|
the price of our Class A common stock at the time of any exchanges of UCP, LLC Series A units for shares of our Class A common stock, since the increase in our share of the basis in the assets of UCP, LLC, as well as the increase in any tax deductions, will be related to the price of our Class A common stock at the time of any such exchanges;
|
|
·
|
the tax rates in effect at the time we use the increased amortization and depreciation deductions or realize other tax benefits; and
|
·
|
the amount, character and timing of our taxable income.
|
·
|
we will record an increase in deferred tax assets for the estimated income tax effects of the increase in the tax basis of the assets owned by UCP, LLC based on enacted federal, state and local income tax rates at the date of the relevant transaction. To the extent we estimate that we will not realize the full benefit represented by the deferred tax asset, based on an analysis of our expected future earnings, we will reduce the deferred tax asset with a valuation allowance;
|
·
|
we will record 85% of the estimated realizable tax benefit resulting from the increase in the tax basis of the UCP, LLC Series A units obtained as noted above and certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement as an increase payable to a related person pursuant to Tax Receivable Agreement; and
|
·
|
we will record an increase to additional paid-in capital in an amount equal to the difference between the increase in deferred tax assets and the increase in liability due to our existing owners (i.e., PICO) under the Tax Receivable Agreement.
|
·
|
the requirement that a majority of the board of directors consist of independent directors;
|
·
|
the requirement that we have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities;
|
·
|
the requirement that we have a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and
|
·
|
the requirement for an annual performance evaluation of the nominating and corporate governance committee and compensation committee.
|
Item 14. |
Principal Accounting Fees and Services.
|
Year Ended December 31,
|
||||||||
2016
|
2015
|
|||||||
Audit fees
|
$
|
968,904
|
$
|
893,511
|
||||
Audit-related fees
|
20,115
|
41,150
|
||||||
Tax fees
|
228,751
|
211,884
|
||||||
All other fees
|
2,000
|
2,000
|
||||||
Total fees
|
$
|
1,219,770
|
$
|
1,148,545
|
|
UCP, INC.
|
|
|
|
|
|
|
|
|
/s/ Dustin L. Bogue
|
|
Name: Dustin L. Bogue | ||
Title: President, Chief Executive Officer and Director |
Exhibit Number
|
Exhibit Description
|
|
2.1
|
Agreement and Plan of Merger, dated April 10, 2017, among Century Communities, Inc., Casa Acquisition Corp., and UCP, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (filed April 11, 2017)) | |
3.1
|
Amended & Restated Certificate of Incorporation of UCP, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (filed May 12, 2014))
|
|
3.2
|
Amended and Restated Bylaws of UCP, Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (filed May 12, 2014))
|
|
3.3
|
Amendment to the Amended and Restated Bylaws of UCP, Inc., dated December 28, 2016 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (filed December 30, 2016))
|
|
3.4
|
Amendment to the Amended and Restated Bylaws, as amended, of UCP, Inc., effective April 10, 2017 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (filed April 11, 2017)) | |
4.1
|
Specimen Class A Common Stock Certificate of UCP, Inc. (incorporated by reference to Exhibit 4.1 to the Company’s Form S-1/A (filed May 21, 2013))
|
|
4.2
|
Investor Rights Agreement between PICO Holdings, Inc. and UCP, Inc. (incorporated by reference to Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (filed May 12, 2014))
|
|
4.3
|
Indenture, dated October 21, 2014, among UCP, Inc., the subsidiaries of the Company signatory thereto and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (filed October 23, 2014))
|
|
4.4
|
Form of 8.5% Notes due 2017 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (filed October 23, 2014))
|
|
10.1*
|
UCP, Inc. 2013 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (filed May 12, 2014))
|
|
10.2*
|
Registration Rights Agreement between UCP, Inc. and PICO Holdings, Inc. (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (filed May 12, 2014))
|
|
10.3*
|
Employment Agreement between UCP, Inc. and Dustin L. Bogue (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (filed May 12, 2014))
|
|
10.4
|
Tax Receivable Agreement among UCP, Inc., UCP, LLC and PICO Holdings, Inc. (incorporated by reference to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (filed May 12, 2014))
|
|
10.5
|
Exchange Agreement among UCP, Inc., UCP, LLC and PICO Holdings, Inc. (incorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (filed May 12, 2014))
|
|
10.6
|
Second Amended and Restated Limited Liability Company Operating Agreement of UCP, LLC (incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (filed May 12, 2014))
|
|
10.7
|
Purchase and Sale Agreement, dated as of March 25, 2014, between UCP, LLC and
|
|
Exhibit Number
|
Exhibit Description
|
||
|
Citizens Homes, Inc. (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (filed May 12, 2014))
|
||
10.8*
|
UCP, Inc. 2014 Short-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (filed May 16, 2014))
|
||
10.9*
|
Employment Agreement between UCP, Inc. and James M. Pirrello (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (filed January 20, 2016))
|
||
10.10*
|
Resignation Agreement between UCP, Inc. and William J. La Herran (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (filed January 20, 2016))
|
||
10.11*
|
Amendment One to Employment Agreement, dated as of April 1, 2016, between UCP, Inc. and Dustin L. Bogue (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (filed April 6, 2016))
|
||
10.12
|
Form of Conditional Resignation Letter (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (filed December 2, 2016))
|
||
10.13*
|
Amended and Restated Employment Agreement, dated as of February 1, 2017, between UCP, Inc. and Dustin L. Bogue (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (filed February 3, 2017))
|
||
10.14*
|
Amended and Restated Employment Agreement, dated as of February 1, 2017, between UCP, Inc. and James M. Pirrello (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (filed February 3, 2017))
|
||
10.15
|
Agreement, made and entered into as of March 29, 2017, by and between PICO Holdings, Inc. and UCP, Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (filed March 30, 2017))
|
||
10.16
|
Voting Support and Transfer Restriction Agreement, dated April 10, 2017, by and among Century Communities, Inc., PICO Holdings, Inc., UCP, Inc. and UCP, LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (filed April 11, 2017))
|
||
10.17
|
Agreement to Exchange, entered into as of April 10, 2017, by and among UCP, Inc., UCP, LLC and PICO Holdings, Inc. (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (filed April 11, 2017))
|
||
10.18*
|
Amendment to Employment Agreement, dated April 10, 2017, by and between Dustin L. Bogue and UCP, Inc. (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (filed April 11, 2017))
|
||
21.1
|
List of subsidiaries of UCP, Inc. (incorporated by reference to Exhibit 21.1 to the Original 2016 Form 10-K)
|
||
23.1
|
Consent of Deloitte & Touche LLP on UCP, Inc. (incorporated by reference to Exhibit 23.1 to the Original 2016 Form 10-K)
|
||
31.1
|
Certification of Dustin L. Bogue, Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
31.2
|
Certification of James M. Pirrello, Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
32.1
|
Certification of Dustin L. Bogue, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (incorporated
|
Exhibit Number
|
Exhibit Description
|
||
|
by reference to Exhibit 32.1 to the Original 2016 Form 10-K)
|
||
32.2
|
Certification of James M. Pirrello, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (incorporated by reference to Exhibit 32.1 to the Original 2016 Form 10-K)
|
||
101
|
The following financial information from UCP, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2016 has been filed with the SEC on March 3, 2017, formatted in XBRL (Extensible Business Reporting Language): (1) Consolidated Balance Sheets, (2) Consolidated Statements of Operations and Comprehensive Income (Loss), (3) Consolidated Statements of Equity, (4) Consolidated Statements of Cash Flows and (5) Notes to Consolidated Financial Statements, tagged as blocks of text
|
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