Note 15 - Stockholder Rights Plan	12 Months Ended
Dec. 31, 2016
Notes to Financial Statements
Common Stock Rights Plan [Text Block]	15. Stockholder Rights Plan On October 30, 2014, we entered into Amendment No. 1 to Amended and Restated Rights Agreement ("Amendment No. 1") with Computershare Inc. (as successor in interest to Mellon Investor Services LLC), as Rights Agent, which amended our Amended and Restated Rights Agreement, dated as of December 20, 2011, (the "Rights Agreement"). The Rights Agreement and the rights issued thereunder were scheduled to expire on December 31, 2016. Amendment No. 1 extended the expiration date of each right issued pursuant to the Rights Agreement to December 31, 2017, revised the definition of beneficial ownership to capture ownership through derivative contracts and contained certain other clarifying and technical amendments. The Rights Agreement amended and restated in its entirety the Company’s rights agreement, which had been effective since December 31, 2001 (as in effect prior to December 20, 2011, the "Original Rights Agreement"). Under the Original Rights Agreement, one preferred stock purchase right was granted for each share of outstanding common stock of CalAtlantic payable to holders of record on December 31, 2001, and all subsequently issued shares of our common stock. Each right entitles the holder, in certain situations where a person acquires beneficial ownership of 15% or more of our common stock, as described in the Rights Agreement, and upon paying the exercise price (currently $100.00), to purchase common stock or other securities having a market value equal to two times the exercise price. Also, after any such acquisition of 15% of our common stock, if we merge with another corporation, or if 50% or more of our assets are sold, the rights holders may be entitled, upon payment of the exercise price, to buy common shares of the acquiring party at a 50% discount from the then-current market value. In either situation, the rights are not exercisable by the acquiring party. Until the occurrence of certain events described in the Rights Agreement, the rights may be terminated at any time or redeemed at the rate of $0.005 per right and the Rights Agreement amended by CalAtlantic’s Board of Directors including, if it believes a proposed acquisition to be in the best interests of our stockholders. As provided in the Original Rights Agreement, under the Rights Agreement, MP CA Homes, LLC and its affiliates generally will not be deemed an acquiring party under the Rights Agreement. The rights will expire on December 31, 2017, unless earlier terminated, redeemed or exchanged. Initially the rights trade with our common stock and are not exercisable, however, if the rights are separated from the common shares, the rights expire three years from the date of such separation.

15.

Stockholder Rights Plan

October

30,

2014,

we entered into Amendment No.

to Amended and Restated Rights Agreement ("Amendment No.

1")

with Computershare Inc. (as successor in interest to Mellon Investor Services LLC), as Rights Agent, which amended our Amended and Restated Rights Agreement, dated as of

December

20,

2011,

(the "Rights Agreement"). The Rights Agreement and the rights issued thereunder were scheduled to expire on

December

31,

2016.

Amendment No.

extended the expiration date of each right issued pursuant to the Rights Agreement to

December

31,

2017,

revised the definition of beneficial ownership to capture ownership through derivative contracts and contained certain other clarifying and technical amendments. The Rights Agreement amended and restated in its entirety the Company’s rights agreement, which had been effective since

December

31,

2001

(as in effect prior to

December

20,

2011,

the "Original Rights Agreement"). Under the Original Rights Agreement,

one

preferred stock purchase right was granted for each share of outstanding common stock of CalAtlantic payable to holders of record on

December

31,

2001,

and all subsequently issued shares of our common stock. Each right entitles the holder, in certain situations where a person acquires beneficial ownership of

15%

or more of our common stock, as described in the Rights Agreement, and upon paying the exercise price (currently

$100.00),

to purchase common stock or other securities having a market value equal to

two

times the exercise price. Also, after any such acquisition of

15%

of our common stock, if we merge with another corporation, or if

50%

or more of our assets are sold, the rights holders

may

be entitled, upon payment of the exercise price, to buy common shares of the acquiring party at a

50%

discount from the then-current market value. In either situation, the rights are not exercisable by the acquiring party. Until the occurrence of certain events described in the Rights Agreement, the rights

may

be terminated at any time or redeemed at the rate of

$0.005

per right and the Rights Agreement amended by CalAtlantic’s Board of Directors including, if it believes a proposed acquisition to be in the best interests of our stockholders. As provided in the Original Rights Agreement, under the Rights Agreement, MP CA Homes, LLC and its affiliates generally will not be deemed an acquiring party under the Rights Agreement. The rights will expire on

December

31,

2017,

unless earlier terminated, redeemed or exchanged. Initially the rights trade with our common stock and are not exercisable, however, if the rights are separated from the common shares, the rights expire

three

years from the date of such separation.