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Inventory And Land Held For Sale (Tables)
 9 Months Ended
Sep. 30, 2012
Inventory Disclosure [Abstract]  
Components of Inventory
Major components of inventory were as follows ($000’s omitted): 
 
September 30,
2012
 
December 31,
2011
Homes under construction
$
1,358,227

 
$
1,210,717

Land under development
2,444,553

 
2,610,501

Raw land
667,791

 
815,250

 
$
4,470,571

 
$
4,636,468
Capitalized interest rollforward
Information related to interest capitalized into inventory is as follows ($000’s omitted):
 
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2012
 
2011
 
2012
 
2011
Interest in inventory, beginning of period
$
358,451

 
$
358,806

 
$
355,068

 
$
323,379

Interest capitalized
50,730

 
55,230

 
153,369

 
167,367

Interest expensed
(57,155
)
 
(48,693
)
 
(156,411
)
 
(125,403
)
Interest in inventory, end of period
$
352,026

 
$
365,343

 
$
352,026

 
$
365,343

Interest incurred*
$
50,730

 
$
55,230

 
$
153,369

 
$
167,367


*
Homebuilding interest incurred includes interest on senior debt and certain other financing arrangements.
Fair Value, Measurement Inputs, Disclosure
The table below summarizes certain quantitative unobservable inputs utilized in determining the fair value of impaired communities at September 30, 2012:
Unobservable input
Range
Average selling price ($000s)
$139
-
$234
Sales pace per quarter (units)
2
-
9
Discount rate
12%
Summary of Land Impairments
The table below provides, as of the date indicated, the number of communities for which we recognized impairment charges, the fair value of those communities at such date (net of impairment charges), and the amount of impairment charges recognized ($000’s omitted):
 
2012
 
2011
Quarter Ended
Number of
Communities
Impaired
 
Fair Value of
Communities
Impaired, Net
of Impairment
Charges
 
Impairment
Charges
 
Number of
Communities
Impaired
 
Fair Value of
Communities
Impaired, Net
of Impairment
Charges
 
Impairment
Charges
March 31
4

 
$
7,468

 
$
4,514

 
1

 
$
483

 
$
103

June 30
4

 
16,311

 
2,796

 
6

 
6,665

 
3,300

September 30
4

 
6,172

 
2,263

 
3

 
6,416

 
1,494

 
 
 
 
 
$
9,573

 
 
 
 
 
$
4,897
Land Held for Sale
Land held for sale was as follows ($000’s omitted):
 
 
September 30,
2012
 
December 31,
2011
Land held for sale, gross
$
175,256

 
$
190,099

Net realizable value reserves
(45,733
)
 
(54,792
)
Land held for sale, net
$
129,523

 
$
135,307