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Notes Payable (Tables)
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Schedule of Notes Payable Notes payable consist of the following (in thousands):
 
 
September 30, 2016
 
December 31, 2015
 
 
 
Notes payable under credit facility ($360.0 million revolving credit facility at September 30, 2016) maturing on May 27, 2019; interest paid monthly at LIBOR plus 3.50%; net of approximately $2.8 million of debt issuance costs at September 30, 2016 and $1.5 million at December 31, 2015; collateralized by certain land, land under development, and finished lots (carrying value of $61.8 million at September 30, 2016)
 
$
277,247

 
$
228,470

4.25% Convertible Notes due November 15, 2019; interest paid semi-annually at 4.25%; net of debt issuance costs of approximately $1.7 million and $2.1 million at September 30, 2016 and December 31, 2015, respectively; and approximately $5.6 million and $6.8 million in unamortized discount at September 30, 2016 and December 31, 2015, respectively
 
77,685

 
76,091

Total notes payable
 
$
354,932


$
304,561

Schedule of Interest Activity for Notes Payable Interest activity, including debt issuance costs and accretion of discount, for notes payable for the periods presented is as follows (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2016
 
2015
 
2016
 
2015
Interest incurred
 
$
4,547

 
$
3,468

 
$
13,499

 
$
10,347

Less: Amounts capitalized
 
(4,547
)
 
(3,468
)
 
(13,499
)
 
(10,347
)
Interest expense
 
$

 
$

 
$

 
$

 
 
 
 
 
 
 
 
 
Cash paid for interest
 
$
2,784

 
$
1,554

 
$
9,477

 
$
6,193