Redeemable Convertible Preferred Stock
 12 Months Ended
Dec. 31, 2013
Disclosure Redeemable Convertible Preferred Stock Narrative [Abstract]  
Redeemable Convertible Preferred Stock
Redeemable Convertible Preferred Stock
On May 21, 2013, the Company completed its initial public offering of shares of Class A Common Stock. In connection with the initial public offering, the Company completed a common stock recapitalization which included a 1-for-8.25 reverse stock split of its Class A Common Stock (the “Class A Reverse Split”), the conversion of all outstanding shares of Parent’s Class C Common Stock, Class D Common Stock and Convertible Preferred Stock into Class A Common Stock on a one-for-one basis and as automatically adjusted for the Class A Reverse Split, and a 1-for-8.25 reverse stock split of its Class B Common Stock. As a result, on May 21, 2013 all outstanding shares of Convertible Preferred stock were converted to Class A Common Stock. The Company had no outstanding shares of Convertible Preferred Stock at December 31, 2013 .
As of December 31, 2012, there were 9,334,030 shares of Convertible Preferred Stock, $0.01 par value per share, or the Convertible Preferred Stock, outstanding, of which 7,858,404 shares were issued in accordance with our plan of reorganization, in exchange for aggregate cash consideration of $50.0 million. In conjunction with the application of fresh start accounting, the fair value of the Convertible Preferred Stock was $56.4 million upon emergence.
On October 12, 2012, the Company entered into a Subscription Agreement between the Company and WLH Recovery Acquisition LLC, a Delaware limited liability company and investment vehicle managed by affiliates of Paulson & Co. Inc. (“Paulson”), pursuant to which, the Company issued to Paulson (i) 1,847,042 shares of Class A Common Stock, for $16.0 million in cash and (ii) 1,475,626 shares of the Company’s Convertible Preferred Stock, for $14.0 million in cash, for an aggregate purchase price of $30.0 million.
Holders of our Convertible Preferred Stock were entitled to receive cumulative dividends at a rate of 6% per annum consisting of (i) cash dividends at the rate of 4% paid quarterly in arrears, and (ii) accreting dividends accruing at the rate of 2% per annum (the “Convertible Preferred Dividends”). During the year ended December 31, 2013 and the period from February 25, 2012 through December 31, 2012, the company recorded preferred stock dividends of $1.5 million and $2.7 million, respectively. During the year ended December 31, 2013 and the period from February 25, 2012 through December 31, 2012, $2.6 million and $1.7 million were paid in cash, respectively. As of December 31, 2012 $0.9 million of accreting dividends were included in Convertible Preferred Stock.