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Note 9 - Capitalization of Interest - Homebuilding Capitalized Interest (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Total interest incurred [1] $ 51,705 $ 62,725
Less: Interest capitalized to inventories owned [1] (50,875) (61,845)
Less: Interest capitalized to investments in unconsolidated joint ventures (830) (880)
Interest expense
Interest previously capitalized to inventories owned, included in cost of home sales 39,428 30,203
Interest previously capitalized to inventories owned, included in cost of land sales 179
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures
Interest capitalized in ending inventories owned [2] $ 377,647 $ 336,922
Interest capitalized as a percentage of inventories owned 5.80% 5.30%
Interest capitalized in ending investments in unconsolidated joint ventures [2] $ 3,693 $ 3,821
Interest capitalized as a percentage of investments in unconsolidated joint ventures 3.10% 2.80%
[1] Total interest incurred and interest capitalized to inventories owned during the three months ended March 31, 2016 includes a $9 million increase related to the valuation of the 1.625% convertible senior notes that was completed during the 2016 first quarter.
[2] During the three months ended March 31, 2017, in connection with lot purchases from our joint ventures, $0.5 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned.