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Real Estate Inventories (Tables)

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

Summary of Real Estate Inventories

Real estate inventories consisted of the following (in thousands):

		December 31,
		2014				2013
Real estate inventories owned:
Homes completed or under construction		$	461,712			$	308,856
Land under development			1,391,303				760,731
Land held for future development			245,673				264,120
Model homes			103,270				53,351
Total real estate inventories owned			2,201,958				1,387,058
Real estate inventories not owned:
Land purchase and land option deposits			44,155				38,788
Consolidated inventory held by VIEs			34,070				39,680
Total real estate inventories not owned			78,225				78,468
Total real estate inventories		$	2,280,183			$	1,465,526

Summary of Interest Incurred, Capitalized and Expensed

Interest incurred, capitalized and expensed were as follows (in thousands):

		Year Ended December 31,
		2014				2013				2012
Interest incurred		$	41,706			$	22,674			$	27,038
Interest capitalized			(38,975	)			(19,081	)			(22,059	)
Interest expensed		$	2,731			$	3,593			$	4,979
Capitalized interest in beginning inventory		$	138,233			$	155,823			$	164,056
Interest capitalized as a cost of inventory			38,975				19,081				22,059
Interest previously capitalized as a cost of inventory, included in cost of sales			(52,747	)			(36,671	)			(30,292	)
Capitalized interest in ending inventory		$	124,461			$	138,233			$	155,823

Schedule of Real Estate Inventory Impairments and Land Option Abandonments

Real estate inventory impairments and land option abandonments consisted of the following (in thousands):

		Year Ended December 31,
		2014				2013				2012
Real estate inventory impairments		$	931			$	341,086			$	735
Land option abandonments and pre-acquisition costs			1,584				4,362				2,856
		$	2,515			$	345,448			$	3,591

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Tabular disclosure of interest incurred, capitalized and expensed.

+ References

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Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 5

-Section CC

-Subsection 3



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230

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Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations.

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