Note 8 - Capitalization of Interest

12 Months Ended

Dec. 31, 2014

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. 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,
	2014			2013			2012
	(Dollars in thousands)
Homebuilding interest incurred	$	66,269		$	61,634		$	42,315
Less: Interest capitalized		(65,584	)		(59,908	)		(41,507	)
Homebuilding interest expensed	$	685		$	1,726		$	808
Interest capitalized, beginning of period	$	74,155		$	68,508		$	58,107
Plus: Interest capitalized during period		65,584			59,908			41,507
Less: Previously capitalized interest included in home cost of sales		(60,508	)		(54,261	)		(31,106	)
Interest capitalized, end of period	$	79,231		$	74,155		$	68,508