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Note 8 - Capitalization of Interest
 3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
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 during the period that related units or lots are delivered. 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. For all periods presented below, our qualified assets exceeded our homebuilding debt and as such, all interest incurred has been capitalized.
 
   
Three Months Ended
  
   
March 31,
  
   
2019
    
2018
  
   
(Dollars in thousands)
  
Homebuilding interest incurred
   $
16,031
     $
15,625
  
Less: Interest capitalized
    
(16,031
 )    
(15,625
 )
Homebuilding interest expensed
   $
-
     $
-
  
                 
Interest capitalized, beginning of period
   $
54,845
     $
57,541
  
Plus: Interest capitalized during period
    
16,031
      
15,625
  
Less: Previously capitalized interest included in home and land cost of sales
    
(13,929
 )    
(14,428
 )
Interest capitalized, end of period
   $
56,947
     $
58,738