Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

At December 31, 2014 and 2013, property and equipment, net consisted of the following (in thousands):



	At December 31,
	2014			2013
Computer and office equipment	$	30,084		$	25,221
Model home furnishings	36,403			27,894
Gross property and equipment	66,487			53,115
Accumulated depreciation	(34,084		)	(31,016		)
Total	$	32,403		$	22,099

Accrued liabilities at December 31, 2014 and 2013 consisted of the following (in thousands):



	At December 31,
	2014		2013
Accruals related to real estate development and construction activities	$	29,365	$	29,992
Payroll and other benefits	44,107		36,232
Accrued taxes	11,096		22,902
Warranty reserves	22,080		21,971
Legal reserves	16,499		16,463
Other accruals	30,997		23,058
Total	$	154,144	$	150,618

The table below outlines our surety bond and letter of credit obligations (in thousands):




	December 31, 2014				December 31, 2013
	Outstanding		Estimated work remaining to complete (unaudited)		Outstanding		Estimated work remaining to complete (unaudited)
Sureties:
Sureties related to joint ventures	$	87	$	87	$	87	$	87
Sureties related to owned projects and lots under contract	230,079		93,667		191,742		86,115
Total Sureties	$	230,166	$	93,754	$	191,829	$	86,202
Letters of Credit (“LOCs”):
LOCs in lieu of deposits for contracted lots	$	1,200	N/A		$	1,685	N/A
LOCs for land development	13,789		N/A		35,883		N/A
LOCs for general corporate operations	4,500		N/A		4,500		N/A
Total LOCs	$	19,489	N/A		$	42,068	N/A

A summary of changes in our warranty reserves follows (in thousands):



	Year Ended December 31,
	2014			2013
Balance, beginning of year	$	21,971		$	22,064
Additions to reserve from new home deliveries	11,929			10,939
Warranty claims	(12,320		)	(12,343		)
Adjustments to pre-existing reserves	500			1,311
Balance, end of year	$	22,080		$	21,971