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Fair Values of Financial and Nonfinancial Instruments (Tables)

6 Months Ended

Jun. 30, 2011

Fair Values of Financial and Nonfinancial Instruments

Fair value measurement methods and values for financial instruments measured on a recurring basis

							FAIR VALUE
(in thousands)		HIERARCHY		JUNE 30, 2011			DECEMBER 31, 2010
Marketable securities, available-for-sale

U.S. Treasury securities		Level 1		$	3,157		$	15,863

Obligations of U.S. and local government agencies		Levels 1 and 2		36,313			33,044

Corporate debt securities issued under

U.S. government/agency-backed programs		Level 2		6,560			170,990

Corporate debt securities		Level 2		163,571			105,102

Asset-backed securities		Level 2		23,477			7,632

Time deposits		Level 2		45,908			76,312

Short-term pooled investments		Levels 1 and 2		80,020			28,852

Mortgage loans held-for-sale		Level 2		14,951			9,534

Mortgage interest rate lock commitments (“IRLCs”)		Level 3		3,267			1,496

Forward-delivery contracts		Level 2		(326		)	719

Options on futures contracts		Level 1		-			81

Reconciliation of changes in the fair values of Level 3 items

(in thousands)		2011			2010

Fair value at January 1		$	1,496		$	2,055

Additions		8,448			10,995

Gain realized on conversion to loans		(6,453)			(10,687)

Change in valuation of items held		(224)			709

Fair value at June 30		$	3,267		$	3,072

Summary of the fair value measurements of the entity's nonfinancial assets measured on a nonrecurring basis

		FAIR VALUE

(in thousands)		HIERARCHY	JUNE 30, 2011				DECEMBER 31, 2010

Housing inventory and inventory held-for-sale 1		Level 3	$		13,643		$	32,196

Other assets held-for-sale and investments in joint ventures 2		Level 3	1,291				3,068

Total			$		14,934		$	35,264

1	In accordance with ASC 330, the fair values of housing inventory and inventory held-for-sale that were impaired during 2011 totaled $13.6 million at June 30, 2011. The impairment charges related to these assets totaled $13.2 million for the six months ended June 30, 2011. At December 31, 2010, the fair values of housing inventory and inventory held-for-sale that were impaired during 2010 totaled $32.2 million. The impairment charges related to these assets totaled $33.3 million for the year ended December 31, 2010.

2	In accordance with ASC 330, the fair values of other assets held-for-sale that were impaired during 2010 totaled $1.6 million at December 31, 2010. The impairment charges related to these assets totaled $235,000 for the year ended December 31, 2010. In accordance with ASC 330, the fair values of investments in joint ventures that were impaired during 2011 totaled $1.3 million at June 30, 2011. The impairment charges related to these assets totaled $1.9 million for the six months ended June 30, 2011. At December 31, 2010, the fair values of investments in joint ventures that were impaired during 2010 totaled $1.4 million. The impairment charges related to these assets totaled $4.1 million for the year ended December 31, 2010.

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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