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Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cumulative Effect of Adopting ASC 606
The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet resulting from the adoption of ASC 606 was as follows (in thousands):
 
 
Balance at December 31, 2017
 
Adjustments due to ASC 606
 
Balance at January 1, 2018
Assets
 
 
 
 
 
 
 Real estate inventories
 
$
3,105,553

 
$
(49,317
)
 
$
3,056,236

 Deferred income tax asset
 
76,413

 
2,429

 
78,842

 Other assets
 
48,070

 
39,534

 
87,604

Equity
 
 
 
 
 
 
 Retained earnings
 
1,134,230

 
(7,354
)
 
1,126,876

Impact of Adopting ASC 606 on Consolidated Income Statement and Balance Sheet
In accordance with ASC 606 disclosure requirements, the impact of adopting ASC 606 on our consolidated statements of operations and balance sheets for the three and nine months ended September 30, 2018 were as follows (in thousands, except per share amounts):
 
Three Months Ended September 30, 2018
 
Nine Months Ended September 30, 2018
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 Home sales
$
771,768

 
$
771,784

 
$
(16
)
 
$
2,123,135

 
$
2,123,387

 
$
(252
)
 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses
 
 
 
 
 
 
 
 
 
 
 
 Cost of home sales
607,053

 
617,483

 
(10,430
)
 
1,661,651

 
1,689,324

 
(27,673
)
 Sales and marketing
44,854

 
38,506

 
6,348

 
128,881

 
109,346

 
19,535

 Provision for income taxes
(19,661
)
 
(18,683
)
 
978

 
(55,457
)
 
(53,518
)
 
1,939

 Net income
63,969

 
60,881

 
3,088

 
170,529

 
164,582

 
5,947

Diluted earnings per share
$
0.43

 
$
0.41

 
$
0.02

 
$
1.13

 
$
1.09

 
$
0.04

 
 
 
 
 
 
 
 
 
 
 
 
 
As of September 30, 2018
 
 
 
 
 
 
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
 
 
 
 
 
 
Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 Real estate inventories
$
3,377,735

 
$
3,424,468

 
$
(46,733
)
 
 
 
 
 
 
Deferred tax assets, net
59,113

 
54,750

 
4,363

 
 
 
 
 
 
 Other assets
107,309

 
63,874

 
43,435

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 Accrued expenses and other liabilities
313,194

 
313,442

 
(248
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
 
 
 
 
 Retained earnings
1,297,405

 
1,296,092

 
1,313