Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Financial Instruments

		September 30, 2015				December 31, 2014
	Hierarchy	Carrying		Fair Value		Carrying		Fair Value
Secured note receivable(1)	Level 2	$	2,971	$	2,984	$	—	$	—
6.875% senior notes(2)	Level 2	$	257,777	$	247,000	$	198,605	$	203,013
Revolving line of credit(3)	Level 2		100,000		100,000		20,000		20,000
Land development notes(4)	Level 2		3,528		3,536		5,737		5,724
Insurance premium notes(3)	Level 2		1,021		1,021		5,135		5,135
Capital lease obligations(3)	Level 2		—		—		133		133
Total notes payable and revolving line of credit		$	362,326	$	351,557	$	229,610	$	234,005
Earnout liability(5)	Level 3	$	504	$	504	$	2,426	$	2,426

⁽¹⁾ The estimated fair value of the secured note received in connection with the disposition of the golf course in our Tuscany community in our Nevada operating segment as of September 30, 2015 was based on a cash flow model discounted at market interest rates that considered the underlying risks of the note.

⁽²⁾ Estimated fair value of the Initial Senior Notes at December 31, 2014 was based on a cash flow model discounted at market interest rates that considered underlying risks of the debt. At September 30, 2015, the fair values of the Senior Notes also incorporated recent trading activity of the Exchange Notes and Additional Senior Notes in inactive markets.

⁽³⁾ Carrying amount approximates fair value due to short-term nature and interest rate terms.

⁽⁴⁾ The estimated fair values of the land development notes at September 30, 2015 and December 31, 2014 were based on cash flow models discounted at market interest rates that considered underlying risks of the debt.

⁽⁵⁾ Recognized in connection with the acquisition of Grand View on August 12, 2014.  A Monte Carlo model was used to value the earnout by simulating earnings, applying the terms of the earnout in each simulated path, determining the average payment in each year across all the trials of the simulation, and calculating the sum of the present values of the payments in each year. The primary inputs and key assumptions of this Monte Carlo model included a range of forecasted revenue and gross margin scenarios which increased and decreased by 10.1% from our base case and discount rates ranging from 5.1% to 6.3%. We decreased the liability by $1.3 million and $1.9  million during the three and nine months ended September 30, 2015, respectively, to adjust the carrying value of the earnout to fair value. The decrease is included as a reduction to selling, general and administrative expense on our consolidated statement of operations.