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Inventory (Tables) | 6 Months Ended
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Mar. 31, 2013
Real Estate [Abstract] |
Schedule of Inventory |
(In thousands) | March 31, 2013 |  | September 30, 2012
Homes under construction | $ | 271,882 |  |  | $ | 251,828 |
Development projects in progress | 420,914 |  |  | 391,019 |
Land held for future development | 355,613 |  |  | 367,102 |
Land held for sale | 10,413 |  |  | 10,149 |
Capitalized interest | 45,501 |  |  | 38,190 |
Model homes | 39,414 |  |  | 40,844 |
Total owned inventory | $ | 1,143,737 |  |  | $ | 1,099,132 |
Schedule of Total Owned Inventory, by Segment | Total owned inventory, by reportable segment, is set forth in the table below:
(In thousands) | Projects in Progress |  | Held for Future Development |  | Land Held for Sale |  | Total Owned Inventory
March 31, 2013 |  |  |  |  |  |  |
West Segment | $ | 289,932 |  |  | $ | 306,496 |  |  | $ | 2,478 |  |  | $ | 598,906 |
East Segment | 261,501 |  |  | 25,496 |  |  | 3,130 |  |  | 290,127 |
Southeast Segment | 155,370 |  |  | 23,621 |  |  | 2,087 |  |  | 181,078 |
Unallocated & Other | 70,908 |  |  | — |  |  | 2,718 |  |  | 73,626 |
Total | $ | 777,711 |  |  | $ | 355,613 |  |  | $ | 10,413 |  |  | $ | 1,143,737 |
September 30, 2012 |  |  |  |  |  |  |
West Segment | $ | 261,239 |  |  | $ | 318,351 |  |  | $ | 2,553 |  |  | $ | 582,143 |
East Segment | 279,954 |  |  | 25,130 |  |  | 3,204 |  |  | 308,288 |
Southeast Segment | 118,853 |  |  | 23,621 |  |  | 1,675 |  |  | 144,149 |
Unallocated & Other | 61,835 |  |  | — |  |  | 2,717 |  |  | 64,552 |
Total | $ | 721,881 |  |  | $ | 367,102 |  |  | $ | 10,149 |  |  | $ | 1,099,132 |
Recoverability Schedule of Inventory assets Held for Development, by Reportable Segment | The following tables represent the results, by reportable segment, of our community level review of the recoverability of our inventory assets held for development as of March 31, 2013, and 2012. We have elected to aggregate our disclosure at the reportable segment level because we believe this level of disclosure is most meaningful to the readers of our financial statements. The aggregate undiscounted cash flow fair value as a percentage of book value for the communities represented below is consistent with our expectations given our “watch list” methodology.
($ in thousands) |  |  | Undiscounted Cash Flow Analyses Prepared
Segment | # of Communities on Watch List |  | # of Communities |  | Pre-analysis Book Value (BV) |  | Aggregate Undiscounted Cash Flow as a % of BV
Quarter Ended March 31, 2013 |  |  |  |  |  |  |
West | — |  |  | — |  |  | $ | — |  |  | — | %
East | 1 |  |  | — |  |  | — |  |  | — | %
Southeast | — |  |  | — |  |  | — |  |  | — | %
Unallocated | — |  |  | — |  |  | — |  |  | — | %
Total | 1 |  |  | — |  |  | $ | — |  |  | — | %
Quarter Ended March 31, 2012 |  |  |  |  |  |  |
West | 6 |  |  | 4 |  |  | $ | 8,550 |  |  | 103.7 | %
East | 12 |  |  | 4 |  |  | 12,920 |  |  | 101.2 | %
Southeast | 2 |  |  | 1 |  |  | 1,027 |  |  | 132.4 | %
Unallocated | — |  |  | — |  |  | 1,178 |  |  | n/a |
Total | 20 |  |  | 9 |  |  | $ | 23,675 |  |  | 103.4 | %
Summary of Discounted Cash Flow Analysis | The table below summarizes the results of our discounted cash flow analysis for the three and six months ended March 31, 2012. The impairment charges below include impairments taken as a result of these discounted cash flow analyses and impairment charges recorded for individual homes sold and in backlog with net contribution margins below a minimum threshold of profitability in communities that were not otherwise impaired through our discounted cash flow analyses. The estimated fair value of the impaired inventory is determined immediately after a community’s impairment.
($ in thousands) | Communities Impaired As a Result of Discounted Cash Flow Analyses Prepared
Segment | # of Communities Impaired |  | # of Lots Impaired |  | Impairment Charge |  | Estimated Fair Value of Impaired Inventory at Period End |  | # of Communities Impaired |  | # of Lots Impaired |  | Impairment Charge |  | Estimated Fair Value of Impaired Inventory at Period End
Quarter Ended March 31, 2012 |  |  |  |  |  |  |  | Six Months Ended March 31, 2012
West | — |  |  | — |  |  | $ | 202 |  |  | $ | — |  |  | 1 |  |  | 51 |  |  | $ | 2,198 |  |  | $ | 6,377 |
East | 1 |  |  | 25 |  |  | 565 |  |  | 3,292 |  |  | 1 |  |  | 25 |  |  | 687 |  |  | 3,292 |
Southeast | — |  |  | — |  |  | 46 |  |  | — |  |  | — |  |  | — |  |  | 164 |  |  | — |
Unallocated | — |  |  | — |  |  | 36 |  |  | — |  |  | — |  |  | — |  |  | 84 |  |  | — |
Continuing Operations | 1 |  |  | 25 |  |  | $ | 849 |  |  | $ | 3,292 |  |  | 2 |  |  | 76 |  |  | 3,133 |  |  | 9,669 |
Discontinued Operations | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 18 |  |  | — |
Total | 1 |  |  | 25 |  |  | $ | 851 |  |  | $ | 3,292 |  |  | 2 |  |  | 76 |  |  | $ | 3,151 |  |  | $ | 9,669 |
Schedule of Inventory Impairments and Lot Option Abandonment Charges, by Reportable Homebuilding Segment | The following table sets forth, by reportable homebuilding segment, the inventory impairments and lot option abandonment charges recorded for the three and six months ended March 31, 2013 and 2012:
| Three Months Ended March 31, |  | Six Months Ended March 31,
(In thousands) | 2013 |  | 2012 |  | 2013 |  | 2012
Development projects and homes in process (Held for Development) |  |  |  |  |  |
West | $ | — |  |  | $ | 202 |  |  | $ | 46 |  |  | $ | 2,198 |
East | — |  |  | 565 |  |  | 13 |  |  | 687 |
Southeast | — |  |  | 46 |  |  | — |  |  | 164 |
Unallocated | — |  |  | 36 |  |  | — |  |  | 84 |
Subtotal | $ | — |  |  | $ | 849 |  |  | $ | 59 |  |  | $ | 3,133 |
Land Held for Sale |  |  |  |  |  |  |
West | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
East | — |  |  | — |  |  | — |  |  | — |
Southeast | 1,778 |  |  | — |  |  | 1,778 |  |  | 208 |
Subtotal | $ | 1,778 |  |  | $ | — |  |  | $ | 1,778 |  |  | $ | 208 |
Lot Option Abandonments |  |  |  |  |  |  |
West | $ | 30 |  |  | $ | 170 |  |  | $ | 104 |  |  | $ | 172 |
East | (2 | ) |  | 90 |  |  | 20 |  |  | 564 |
Southeast | 219 |  |  | 60 |  |  | 268 |  |  | 594 |
Unallocated | — |  |  | 1 |  |  | — |  |  | 2 |
Subtotal | $ | 247 |  |  | $ | 321 |  |  | $ | 392 |  |  | $ | 1,332 |
Continuing Operations | $ | 2,025 |  |  | $ | 1,170 |  |  | $ | 2,229 |  |  | $ | 4,673 |
Discontinued Operations |  |  |  |  |  |  |
Held for Development | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 18 |
Land Held for Sale | — |  |  | — |  |  | 17 |  |  | — |
Lot Option Abandonments | — |  |  | — |  |  | — |  |  | 16 |
Subtotal | $ | — |  |  | $ | 2 |  |  | $ | 17 |  |  | $ | 34 |
Total Company | $ | 2,025 |  |  | $ | 1,172 |  |  | $ | 2,246 |  |  | $ | 4,707 |
Summary of Interests in Lot Option Agreements | The following provides a summary of our interests in lot option agreements as of March 31, 2013 and September 30, 2012:
(In thousands) | Deposits & Non-refundable Preacquisition Costs Incurred |  | Remaining Obligation |  | Land Not Owned - Under Option Agreements
As of March 31, 2013 |  |  |  |  |
Consolidated VIEs | $ | 4,899 |  |  | $ | 2,650 |  |  | $ | 7,549 |
Other consolidated lot option agreements (a) | 190 |  |  | 636 |  |  | 826 |
Unconsolidated lot option agreements | 19,933 |  |  | 203,618 |  |  | — |
Total lot option agreements | $ | 25,022 |  |  | $ | 206,904 |  |  | $ | 8,375 |
As of September 30, 2012 |  |  |  |  |
Consolidated VIEs | $ | 7,203 |  |  | $ | 3,346 |  |  | $ | 10,549 |
Other consolidated lot option agreements (a) | 430 |  |  | 1,441 |  |  | 1,871 |
Unconsolidated lot option agreements | 17,290 |  |  | 193,711 |  |  | — |
Total lot option agreements | $ | 24,923 |  |  | $ | 198,498 |  |  | $ | 12,420 |
(a) | Represents lot option agreements with non-VIE entities that we have deemed to be “financing arrangements” pursuant to ASC 470-40, Product Financing Arrangements.

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