5. Redeemable Non-Controlling Interest

In 2015, the Company purchased additional interests in a partnership which was classified as redeemable non-controlling interest. The purchase price was $1.5 million in cash.

Also, in four separate transactions during 2014, the Company purchased partnership interests in four partnerships. The interests in the partnerships purchased and sold ranged from less than 1% to 35%. The aggregate of the purchase prices paid was $0.6 million. The purchase prices paid included a net of $0.1 million of undistributed earnings. The remaining $0.5 million, less future tax benefits of $0.2 million, was recognized as an adjustment to additional paid-in capital.

The following table details the changes in the carrying amount of redeemable non-controlling interest:

	Year Ended December 31, 2015			Year Ended December 31, 2014
Beginning balance	$	7,376		$	4,104
Operating results allocated to redeemable non-controlling interest partners		666			396
Distributions to redeemable non-controlling interest partners		(909	)		(453	)
Reclass of non-controlling interests		2,681			6,375
Increase due to revaluation fair value of redeemable non-controlling interest		529			1,841
Payments for purchase of redeemable non-controlling interests		(1,500	)		(4,887	)
Ending balance	$	8,843		$	7,376

The non-controlling interests that are reflected as redeemable non-controlling interests in the consolidated financial statements consist of those owners who have certain redemption rights that are currently exercisable, and that, if exercised, require that the Company purchase the non-controlling interest of those owners. The redeemable non-controlling interests are adjusted to the fair value in the reporting period in which the Company deems it probable that the limited partner will assert the redemption rights and it will be adjusted each reporting period thereafter. The after tax adjustments are charged to additional paid-in capital and are not reflected in the statements of net income. Although the adjustments are not reflected in the statements of net income, current accounting rules require that the Company reflects the charge in the earnings per share calculation.

The results of operations of the acquired non-controlling interests are included in the accompanying financial statements from the dates of purchase in the net income attributable to common shareholders.