12.

Senior Notes

The Company's senior notes are not secured and, while the senior note indentures contain some restrictions on secured debt and other transactions, they do not contain financial covenants. The Company's senior notes are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by most of its homebuilding segment subsidiaries. The following table sets forth the carrying amount of the Company's senior notes as of March 31, 2012 and December 31, 2011:


	March 31, 2012		December 31, 2011
	(Dollars in thousands)
5.375% Senior Notes due 2014	$	249,483	$	249,438
5.375% Senior Notes due 2015		249,866		249,857
5.625% Senior Notes due 2020		244,939		244,813

Total	$	744,288	$	744,108