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Inventory And Land Held For Sale (Tables)
6 Months Ended
Jun. 30, 2012
Inventory Disclosure [Abstract]  
Components of Inventory
Major components of inventory were as follows ($000’s omitted): 
 
June 30,
2012
 
December 31, 2011
Homes under construction
$
1,286,551

 
$
1,210,717

Land under development
2,542,204

 
2,610,501

Land held for future development
723,138

 
815,250

 
$
4,551,893

 
$
4,636,468

Capitalized interest rollforward
Information related to interest capitalized into inventory is as follows ($000’s omitted):
 
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2012
 
2011
 
2012
 
2011
Interest in inventory, beginning of period
$
359,205

 
$
344,754

 
$
355,068

 
$
323,379

Interest capitalized
51,316

 
55,946

 
102,639

 
112,137

Interest expensed
(52,070
)
 
(41,894
)
 
(99,256
)
 
(76,710
)
Interest in inventory, end of period
$
358,451

 
$
358,806

 
$
358,451

 
$
358,806

Interest incurred*
$
51,316

 
$
55,946

 
$
102,639

 
$
112,137


*
Homebuilding interest incurred includes interest on senior debt and certain other financing arrangements.
Fair Value, Measurement Inputs, Disclosure
The table below summarizes certain quantitative unobservable inputs utilized in determining the fair value of impaired communities at June 30, 2012:
Unobservable input
Range
Average selling price ($000s)
$194
-
$626
Sales pace per quarter (units)
1
-
7
Discount rate
12%
-
12%
Summary of Land Impairments
The below summary provides, as of the date indicated, the number of communities for which we recognized impairment charges, the fair value of those communities at such date (net of impairment charges), and the amount of impairment charges recognized ($000’s omitted):
 
2012
 
2011
Quarter Ended
Number of
Communities
Impaired
 
Fair Value of
Communities
Impaired, Net
of Impairment
Charges
 
Impairment
Charges
 
Number of
Communities
Impaired
 
Fair Value of
Communities
Impaired, Net
of Impairment
Charges
 
Impairment
Charges
March 31
4

 
$
7,468

 
$
4,514

 
1

 
$
483

 
$
103

June 30
4

 
16,311

 
2,796

 
6

 
6,665

 
3,300

 
 
 
 
 
$
7,310

 
 
 
 
 
$
3,403

Land Held for Sale
Land held for sale was as follows ($000’s omitted):
 
 
June 30,
2012
 
December 31, 2011
Land held for sale, gross
$
186,902

 
$
190,099

Net realizable value reserves
(47,556
)
 
(54,792
)
Land held for sale, net
$
139,346

 
$
135,307