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Investments in Unconsolidated Entities (Tables) | 9 Months Ended
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Sep. 30, 2012
Equity Method Investments and Joint Ventures [Abstract] |
Financial information related to unconsolidated joint ventures, Balance sheets |
| At September 30, 2012 |  | At December 31, 2011
Assets: |  |  |
Cash | $ | 3,802 |  |  | $ | 4,530 |
Real estate | 45,804 |  |  | 44,764 |
Other assets | 3,622 |  |  | 3,946 |
Total assets | $ | 53,228 |  |  | $ | 53,240 |
Liabilities and equity: |  |  |
Accounts payable and other liabilities | $ | 4,529 |  |  | $ | 4,534 |
Notes and mortgages payable | 20,658 |  |  | 20,923 |
Equity of: |  |  |
Meritage (1) | 9,303 |  |  | 9,351 |
Other | 18,738 |  |  | 18,432 |
Total liabilities and equity | $ | 53,228 |  |  | $ | 53,240 |
Financial information related to unconsolidated joint ventures, operations |
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
Revenue | $ | 10,268 |  |  | $ | 6,116 |  |  | $ | 18,733 |  |  | $ | 13,764 |
Costs and expenses | (3,711 | ) |  | (3,164 | ) |  | (8,250 | ) |  | (8,399 | )
Net earnings of unconsolidated entities | $ | 6,557 |  |  | $ | 2,952 |  |  | $ | 10,483 |  |  | $ | 5,365 |
Meritage’s share of pre-tax earnings (1)(2)(3) | $ | 2,975 |  |  | $ | 1,797 |  |  | $ | 6,626 |  |  | $ | 3,931 |
(1) | Balance represents Meritage’s interest, as reflected in the financial records of the respective joint ventures. This balance may differ from the balance reflected in our condensed consolidated balance sheets due to the following reconciling items: (i) timing differences for revenue and distributions recognition, (ii) step-up basis and corresponding amortization, (iii) income deferrals as discussed in Note (3) below and (iv) the cessation of allocation of losses from joint ventures in which we have previously impaired our investment balance to zero and where we have no commitment to fund additional losses.
(2) | The joint venture financial statements above represent the most recent information available to us.
(3) | Our share of pre-tax earnings is recorded in “Earnings from unconsolidated entities, net” on our consolidated statements of operations and excludes joint venture profit related to lots we purchased from the joint ventures. Such profit is deferred until homes are delivered by us and title passes to a homebuyer.

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