Note 11 - Revolving Credit Facility and Letter of Credit Facilities

6 Months Ended

Jun. 30, 2015

Lineof Credit Facility [Abstract]

Lineof Credit Facility [Text Block]

11. Revolving Credit Facility and Letter of Credit Facilities

As of June 30, 2015, we were party to a $450 million unsecured revolving credit facility (the "Revolving Facility") which matures in July 2018. The Revolving Facility has an accordion feature under which the aggregate commitment may be increased to a maximum amount of $750 million, subject to the availability of additional bank commitments and certain other conditions. As of June 30, 2015, the Revolving Facility contained financial covenants, including, but not limited to, (i) a minimum consolidated tangible net worth covenant; (ii) a covenant to maintain either (a) a minimum liquidity level or (b) a minimum interest coverage ratio; (iii) a maximum net homebuilding leverage ratio and (iv) a maximum land not under development to tangible net worth ratio. This facility also contains a limitation on our investments in joint ventures. Interest rates charged under the Revolving Facility include LIBOR and prime rate pricing options. As of June 30, 2015, we satisfied the conditions that would allow us to borrow up to $450 million under the facility, of which $30 million in borrowings was outstanding, with $420 million of remaining availability.

As of June 30, 2015, we were party to four committed letter of credit facilities totaling $48 million, of which $38.0 million was outstanding. These facilities require cash collateralization and have maturity dates ranging from October 2015 to October 2017. In addition, as of such date, we also had $0.2 million outstanding under an uncommitted letter of credit facility. As of June 30, 2015, these facilities were secured by cash collateral deposits of $38.8 million. Upon maturity, we may renew or enter into new letter of credit facilities with the same or other financial institutions.