Note 8 - Capitalization of Interest

12 Months Ended

Dec. 31, 2013

Capitalization Disclosure [Abstract]

Capitalization Disclosure [Text Block]

8.            Capitalization of Interest

We capitalize interest to inventories during the period of development in accordance with ASC Topic 835, Interest (“ASC 835”). Homebuilding interest capitalized as a cost of inventories is included in cost of sales as related units or lots are sold. To the extent our homebuilding debt exceeds our qualified assets as defined in ASC 835, we expense a portion of the interest incurred by us. Qualified homebuilding assets consist of all lots and homes, excluding finished unsold homes or finished models, within projects that are actively selling or under development. The table set forth below summarizes homebuilding interest activity.

The homebuilding interest expensed in the table below relates to the portion of interest incurred where our homebuilding debt exceeded our qualified inventory for such periods in accordance with ASC 835.

	Year Ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Homebuilding interest incurred	$	61,634		$	42,315		$	62,290
Less: Interest capitalized		(59,908	)		(41,507	)		(41,448	)
Homebuilding interest expensed	$	1,726		$	808		$	20,842
Interest capitalized, beginning of year	$	68,508			58,107		$	37,811
Interest capitalized during year		59,908			41,507			41,448
Less: Previously capitalized interest included in home cost of sales		(54,261	)		(31,106	)		(21,152	)
Interest capitalized, end of year	$	74,155		$	68,508		$	58,107