Subsequent Events

3 Months Ended

Mar. 31, 2012

12.	Subsequent Event

In January 2012, the Company assumed seven construction contracts with $25.0 million of unearned revenues from Aggregate Industries - SWR, Inc. ("AI"), an unrelated third party. On April 27, 2012, RHB entered into a merger agreement with two companies that were wholly owned by Richard Buenting, the President and Chief Executive Officer of RHB. In exchange, the Company granted Mr. Buenting a 50% member interest in RHB. The assets of the acquired companies primarily consisted of construction related machinery and equipment and land with quarries with fair values totaling approximately $12.0 million which had been acquired from AI in January 2012. In addition, AI entered into a two-year non-compete agreement with respect to Utah, Idaho and Montana as well as certain areas of Nevada. Based on a fairness opinion obtained by the Company, it was determined that the fair value of the companies acquired from Mr. Buenting exceeded the fair value of the 50% interest in RHB granted to him.

The Company also entered into a buy/sell and management agreement with Mr. Buenting. Under this agreement, the Company or Mr. Buenting may annually elect to make an offer to buy the other owner's 50% interest in RHB or sell their 50% interest in RHB at a price which they specify. Upon receipt of an offer to buy their interest, the other owner may either accept the offer or elect to buy the other owner's 50% interest. Similarly in the instance of an offer to sell, the other owner may either agree to buy the other owner's 50% interest or require the other owner to buy their 50% interest. The agreement also provides that the Company will provide RHB with a $5 million line of credit.