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Inventory | 9 Months Ended
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Sep. 30, 2015
Inventory Disclosure [Abstract] |
Inventory | INVENTORY Inventory consists primarily of land in the process of development, undeveloped land, developed lots, completed homes, and raw land scheduled for development, primarily in Texas and Georgia. Inventory is valued at cost unless the carrying value is determined to be not recoverable in which case the affected inventory is written down to fair value. Cost includes any related pre-acquisition costs that are directly identifiable with a specific property so long as those pre-acquisition costs are recoverable at the sale of the property. A summary of inventory is as follows (in thousands):
| September 30, 2015 |  | December 31, 2014
Completed home inventory and residential lots held for sale | $ | 80,181 |  |  | $ | 47,048 |
Work in process | 213,849 |  |  | 203,756 |
Undeveloped land | 6,193 |  |  | 16,220 |
Land not owned under option agreements | 17,804 |  |  | 7,279 |
Total Inventory | $ | 318,027 |  |  | $ | 274,303 |
We capitalize interest costs incurred to inventory during active development and other qualifying activities. Interest capitalized as cost of inventory is charged to cost of sales as related homes, land and/or lots are closed. Interest incurred on undeveloped land is directly expensed and included in interest expense in our consolidated statements of income. Interest costs incurred, capitalized and expensed were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Interest capitalized at beginning of period | $ | 9,854 |  |  | $ | 1,082 |  |  | $ | 3,713 |  |  | $ | 1,065 |
Interest incurred | 1,890 |  |  | 308 |  |  | 9,238 |  |  | 1,138 |
Interest charged to cost of sales | (1,389 | ) |  | — |  |  | (2,315 | ) |  | (105 | )
Interest charged to interest expense | — |  |  | (308 | ) |  | (281 | ) |  | (1,016 | )
Interest capitalized at end of period | $ | 10,355 |  |  | $ | 1,082 |  |  | $ | 10,355 |  |  | $ | 1,082 |

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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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