Capitalization of Interest (Tables)

9 Months Ended

Sep. 30, 2012

Interest Activity

The table set forth below summarizes homebuilding interest activity.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(Dollars in thousands)
Interest incurred	$	10,573		$	14,474		$	31,709		$	50,744
Interest capitalized, beginning of period	$	67,101		$	49,058		$	58,742		$	38,446
Interest capitalized during period		10,573			10,833			30,931			31,102
Less: Previously capitalized interest included in home cost of sales		(8,655	)		(5,140	)		(20,654	)		(14,797	)
Interest capitalized, end of period	$	69,019		$	54,751		$	69,019		$	54,751