Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Estimated Fair Values of Available-For-Sale Securities

The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis:


		Fair Value
Financial Instrument	Hierarchy	March 31, 2013		December 31, 2012
		(Dollars in thousands)
Marketable Securities (available-for-sale)
Equity securities	Level 1	$	310,039	$	208,818
Debt securities - maturity less than 1 year	Level 2		119,347		54,388
Debt securities - maturity 1 to 5 years	Level 2		212,205		277,514
Debt securities - maturity greater than 5 years	Level 2		18,408		11,218

Total available-for-sale securities		$	659,999	$	551,938

Mortgage Loans Held-For-Sale, net	Level 2	$	86,429	$	119,953

Amortized Cost and Estimated Fair Value of Available-For-Sale Marketable Securities

The following tables set forth the amortized cost and estimated fair value of our available-for-sale marketable securities.


	March 31, 2013				December 31, 2012
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Homebuilding:	(Dollars in thousands)
Equity security	$	305,917	$	310,039	$	208,279	$	208,818
Debt securities		313,766		316,668		306,793		310,647

Total homebuilding available-for-sale securities	$	619,683	$	626,707	$	515,072	$	519,465

Financial Services:
Total financial services available-for-sale debt securities	$	32,942	$	33,292	$	32,028	$	32,473

Total available-for-sale marketable securities	$	652,625	$	659,999	$	547,100	$	551,938

Estimated Fair Value of Senior Notes

Senior Notes. The estimated values of the senior notes in the following table are based on Level 2 inputs, including market prices of other homebuilder bonds.


	March 31, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
5.375% Senior Notes due 2014	$	249,668	$	267,575	$	249,621	$	267,208
5.375% Senior Notes due 2015		249,905		269,450		249,895		268,867
5.625% Senior Notes due 2020		245,459		277,663		245,326		273,125
6.000% Senior Notes due 2043		250,000		246,338		-		-

Total	$	995,032	$	1,061,026	$	744,842	$	809,200

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References

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+ Details