Real Estate Inventories (Tables)
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6 Months Ended |
Jun. 30, 2016 |
Inventory Disclosure [Abstract] |
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Summary of Real Estate Inventories |
Real estate inventories consisted of the following (in thousands): | | | | | | | | | | June 30, 2016 | | December 31, 2015 | Real estate inventories owned: | | | | Homes completed or under construction | $ | 788,672 |
| | $ | 575,076 |
| Land under development | 1,568,273 |
| | 1,443,461 |
| Land held for future development | 295,792 |
| | 295,241 |
| Model homes | 145,387 |
| | 140,232 |
| Total real estate inventories owned | 2,798,124 |
| | 2,454,010 |
| Real estate inventories not owned: | | | | Land purchase and land option deposits | 24,489 |
| | 39,055 |
| Consolidated inventory held by VIEs | 17,600 |
| | 26,208 |
| Total real estate inventories not owned | 42,089 |
| | 65,263 |
| Total real estate inventories | $ | 2,840,213 |
| | $ | 2,519,273 |
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Summary of Interest Incurred, Capitalized and Expensed |
Interest incurred, capitalized and expensed were as follows (in thousands): | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2016 | | 2015 | | 2016 | | 2015 | Interest incurred | $ | 16,280 |
| | $ | 15,149 |
| | $ | 31,429 |
| | $ | 30,325 |
| Interest capitalized | (16,280 | ) | | (15,149 | ) | | (31,429 | ) | | (30,325 | ) | Interest expensed | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Capitalized interest in beginning inventory | $ | 146,630 |
| | $ | 132,872 |
| | $ | 140,311 |
| | $ | 124,461 |
| Interest capitalized as a cost of inventory | 16,280 |
| | 15,149 |
| | 31,429 |
| | 30,325 |
| Interest previously capitalized as a cost of inventory, included in cost of sales | (11,563 | ) | | (7,915 | ) | | (20,393 | ) | | (14,680 | ) | Capitalized interest in ending inventory | $ | 151,347 |
| | $ | 140,106 |
| | $ | 151,347 |
| | $ | 140,106 |
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Schedule of Land and Lot Option Abandonments and Pre-acquisition Charges |
Land and lot option abandonments and pre-acquisition charges were as follows (in thousands): | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2016 | | 2015 | | 2016 | | 2015 | Real estate inventory impairments | $ | — |
| | $ | 878 |
| | $ | — |
| | $ | 1,044 |
| Land and lot option abandonments and pre-acquisition charges | 107 |
| | 300 |
| | 289 |
| | 494 |
| Total | $ | 107 |
| | $ | 1,178 |
| | $ | 289 |
| | $ | 1,538 |
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