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Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

March 31, 2017

 

December 31, 2016



 

Hierarchy 

 

Carrying 

 

Fair Value

 

Carrying 

 

Fair Value

Secured note receivable(1)

 

Level 2

 

$

 2,825 

 

$

 2,807 

 

$

 2,850 

 

$

 2,828 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.875% senior notes(2)

 

Level 2

 

$

 378,531 

 

$

 391,821 

 

$

 253,089 

 

$

 260,090 

Revolving line of credit(3)

 

Level 2

 

 

 65,000 

 

 

 65,000 

 

 

 195,000 

 

 

 195,000 

Insurance premium notes(3)

 

Level 2

 

 

 4,417 

 

 

 4,417 

 

 

 5,999 

 

 

 5,999 

Total notes payable and revolving line of credit

 

 

 

$

 447,948 

 

$

 461,238 

 

$

 454,088 

 

$

 461,089 

(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 March 31, 2017 and December 31, 2016 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 Senior Notes at March 31, 2017 and December 31, 2016 incorporated recent trading activity in inactive markets.

(3)

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