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Real Estate Inventories | 6 Months Ended
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Jun. 30, 2014
Inventory Disclosure [Abstract] |
Real Estate Inventories | 3. Real Estate Inventories Real estate inventories consisted of the following (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
Inventories owned: |  |  |  |  |  |  |  |
Deposits and pre-acquisition costs |  | $ | 21,889 |  |  | $ | 19,714 |
Land under development |  |  | 324,132 |  |  |  | 326,209 |
Homes completed or under construction |  |  | 168,612 |  |  |  | 92,901 |
Model homes |  |  | 27,404 |  |  |  | 16,818 |
|  | $ | 542,037 |  |  | $ | 455,642 |
Model homes, homes completed, and homes under construction include all costs associated with home construction, including land, development, indirect costs, permits, and vertical construction. Land under development includes costs incurred during site development such as land, development, indirect costs, and permits. Land is classified as held for future development if no significant development has occurred. Interest incurred, capitalized and expensed were as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Interest incurred |  | $ | 2,068 |  |  | $ | 579 |  |  | $ | 3,304 |  |  | $ | 1,313 |
Interest capitalized |  |  | (2,068 | ) |  |  | (579 | ) |  |  | (3,304 | ) |  |  | (1,313 | )
Interest expensed |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Capitalized interest in beginning inventory |  | $ | 3,078 |  |  | $ | 1,842 |  |  | $ | 2,264 |  |  | $ | 1,364 |
Interest capitalized as a cost of inventory |  |  | 2,068 |  |  |  | 579 |  |  |  | 3,304 |  |  |  | 1,313 |
Interest previously capitalized as a cost of inventory, included in cost of sales |  |  | (557 | ) |  |  | (502 | ) |  |  | (979 | ) |  |  | (758 | )
Capitalized interest in ending inventory |  | $ | 4,589 |  |  | $ | 1,919 |  |  | $ | 4,589 |  |  | $ | 1,919 |
Interest is capitalized to real estate inventory during development and other qualifying activities. Interest that is capitalized to real estate inventory is included in cost of sales as related units are closed.

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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 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: 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 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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