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Investments In Unconsolidated Entities
 9 Months Ended
Sep. 30, 2012
Equity Method Investments and Joint Ventures [Abstract]  
Investments In Unconsolidated Entities
Investments in unconsolidated entities

We participate in a number of joint ventures with independent third parties. Many of these joint ventures purchase, develop, and/or sell land and homes in the U.S. and Puerto Rico. A summary of our joint ventures is presented below ($000’s omitted):
 
 
September 30,
2012
 
December 31,
2011
Investments in joint ventures with debt non-recourse to PulteGroup
$
12,049

 
$
11,453

Investments in other active joint ventures
18,745

 
24,535

Total investments in unconsolidated entities
$
30,794

 
$
35,988

 
 
 
 
Total joint venture debt
$
8,279

 
$
11,107

 
 
 
 
PulteGroup proportionate share of joint venture debt:
 
 
 
Joint venture debt with limited recourse guaranties
$
1,054

 
$
1,202

Joint venture debt non-recourse to PulteGroup
896

 
2,009

PulteGroup's total proportionate share of joint venture debt
$
1,950

 
$
3,211



We recognized (income) expense from unconsolidated joint ventures of $(0.3) million and $0.3 million during the three months ended September 30, 2012 and 2011, respectively, and $(3.8) million and $(2.0) million during the nine months ended September 30, 2012 and 2011, respectively. During the nine months ended September 30, 2012 and 2011, we made capital contributions of $1.3 million and $3.7 million, respectively, and received capital and earnings distributions of $9.9 million and $9.4 million, respectively.

The timing of cash obligations under the joint venture and any related financing agreements varies by agreement. If additional capital contributions are required and approved, we would need to contribute our pro rata portion of those capital needs in order to not dilute our ownership in the joint ventures. While future capital contributions may be required, we believe the total amount of such contributions will be limited. Our maximum financial loss exposure related to joint ventures is unlikely to exceed the combined investment and limited recourse guaranty totals.