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Inventory | 3 Months Ended
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Mar. 31, 2020
Inventory Disclosure [Abstract] |
Inventory | INVENTORY A summary of inventory is as follows (in thousands):
| March 31, 2020 |  | December 31, 2019
Homes completed or under construction | $ | 344,961 |  |  | $ | 314,966 |
Land and lots - developed and under development | 421,471 |  |  | 437,553 |
Land held for sale | 4,196 |  |  | 1,048 |
Total inventory | $ | 770,628 |  |  |  | $ | 753,567 |
A summary of interest costs incurred, capitalized and expensed is as follows (in thousands):
| Three Months Ended March 31, |  |
| 2020 |  | 2019
Interest capitalized at beginning of period | $ | 18,596 |  |  |  | $ | 14,780 |
Interest incurred | 2,959 |  |  |  | 2,886 |
Interest charged to cost of revenues | (2,679) |  |  |  | (1,140) |
Interest capitalized at end of period | $ | 18,876 |  |  |  | $ | 16,526 |
As of March 31, 2020, the Company reviewed the performance and outlook for all of its communities for indicators of potential impairment and performed detailed impairment analysis when necessary. As of March 31, 2020, the Company performed further impairment analysis of the selling communities with indicators of impairment with a combined corresponding carrying value of approximately $11.8 million. For the three months ended March 31, 2020, the Company recorded a de minimis impairment adjustment to reduce the carrying value of impaired communities to fair value. There were no impairment adjustments related to inventory recorded during the three months ended March 31, 2019.
Other Assets Disclosure | EARNEST MONEY DEPOSITS In the ordinary course of business, we enter into land purchase contracts with third-party developers in order to procure lots for the construction of our homes in the future. We also utilize option contracts with lot sellers as a method of acquiring lots in staged takedowns. Both land purchase and lot option contracts generally require us to pay a non-refundable earnest money deposit. We generally have the right, at our discretion, to terminate our obligations under both purchase contracts and option contracts by forfeiting the earnest money deposit with no further financial responsibility to the land seller. Management determined to abandon certain option contracts due to the impact of the COVID-19 pandemic on the homebuilding industry and projected future demand for homes in certain markets and/or locations. Earnest money deposits and pre-acquisition costs written off related to option contracts abandoned totaled $3.4 million and $0.5 million for the three months ended March 31, 2020 and 2019, respectively.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
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