14.	Senior Notes Payable

Senior notes payable consisted of the following at:

	June 30,		December 31,
	2017		2016
	(Dollars in thousands)

8.4% Senior Notes due May 2017	$	―	$	235,175
8.375% Senior Notes due May 2018		574,695		574,501
1.625% Convertible Senior Notes due May 2018		221,916		220,236
0.25% Convertible Senior notes due June 2019		256,616		253,777
6.625% Senior Notes due May 2020		316,923		319,909
8.375% Senior Notes due January 2021		395,804		395,246
6.25% Senior Notes due December 2021		297,861		297,623
5.375% Senior Notes due October 2022		249,297		249,230
5.875% Senior Notes due November 2024		426,633		296,982
5.25% Senior Notes due June 2026		395,204		297,483
5.00% Senior Notes due June 2027		347,419		―
1.25% Convertible Senior Notes due August 2032		252,864		252,046
	$	3,735,232	$	3,392,208

The carrying amount of our senior notes listed above are net of debt issuance costs and any discounts and premiums that are amortized to interest costs over the respective terms of the notes.

The Company's

1.625%

Convertible Senior Notes due

2018

are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. The

1.625%

Convertible Notes bear interest at a rate of

1.625%

per year and will mature on

May 15, 2018,

unless earlier converted or repurchased. The holders

may

convert their

1.625%

Convertible Notes at any time into shares of the Company's common stock at a conversion rate of

31.8753

shares of common stock per

$1,000

of their principal amount (which is equal to a conversion price of approximately

$31.37

per share), subject to adjustment. The Company

may

not

redeem the

1.625%

Convertible Notes prior to the stated maturity date.

The Company's

0.25%

Convertible Senior Notes due

2019

are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. The

0.25%

Convertible Notes bear interest at a rate of

0.25%

per year and will mature on

June 1, 2019,

unless earlier converted, redeemed or repurchased. The holders

may

convert their

0.25%

Convertible Notes at any time into shares of the Company's common stock at a conversion rate of

13.6118

shares of common stock per

$1,000

of their principal amount (which is equal to a conversion price of approximately

$73.47

per share), subject to adjustment. The Company

may

not

redeem the

0.25%

Convertible Notes prior to

June 6, 2017.

On or after that date, the Company

may

redeem for cash any or all of the

0.25%

Convertible Notes, at its option, if the closing sale price of its common stock for at least

trading days (whether or

not

consecutive) during any

consecutive trading day period ending within

trading days immediately preceding the date on which it provides notice of redemption, including the last trading day of such

day trading period, exceeds

130

percent of the applicable conversion price on each applicable trading day. The redemption price will equal

100

percent of the principal amount of the

0.25%

Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

The Company's

1.25%

Convertible Senior Notes due

2032

are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. The

1.25%

Convertible Notes bear interest at a rate of

1.25%

per year and will mature on

August 1, 2032,

unless earlier converted, redeemed or repurchased. The holders

may

convert their

1.25%

Convertible Notes at any time into shares of the Company's common stock at a conversion rate of

24.9496

shares of common stock per

$1,000

of their principal amount (which is equal to a conversion price of approximately

$40.08

per share), subject to adjustment. The Company

may

not

redeem the

1.25%

Convertible Notes prior to

August 5, 2017.

On or after

August 5, 2017

and prior to the maturity date, the Company

may

redeem for cash all or part of the

1.25%

Convertible Notes at a redemption price equal to

100%

of the principal amount of the

1.25%

Convertible Notes being redeemed. On each of

August 1, 2017,

August 1, 2022

and

August 1, 2027,

holders of the

1.25%

Convertible Notes

may

require the Company to purchase all or any portion of their

1.25%

Convertible Notes for cash at a price equal to

100%

of the principal amount of the

1.25%

Convertible Notes to be repurchased.

Our senior notes payable are all senior obligations and rank equally with our other existing senior indebtedness and, with the exception of our Convertible Notes, are redeemable at our option, in whole or in part, pursuant to a "make whole" formula. These notes contain various restrictive covenants, including, but

not

limited to, a limitation on secured indebtedness and a restriction on sale leaseback transactions. As of

June 30, 2017,

we were in compliance with the covenants required by our senior notes.

Many of our

100%

owned direct and indirect subsidiaries (collectively, the "Guarantor Subsidiaries") guarantee our outstanding senior notes. The guarantees are full and unconditional, and joint and several. Under our most restrictive indenture, a Guarantor Subsidiary will be released and relieved of any obligations under the applicable note guarantee in the event that i) such Guarantor Subsidiary ceases to be a restricted subsidiary in the homebuilding segment or ii) in the event of a sale or other disposition of such Guarantor Subsidiary,

in compliance with the indenture, and such Guarantor Subsidiary ceases to guaranty any other debt of the Company. Please see Note

for supplemental financial statement information about our guarantor subsidiaries group and non-guarantor subsidiaries group.

April 2017,

the Company issued

$225

million in aggregate principal amount of senior notes, consisting of

$125

million aggregate principal amount of additional notes to the Company’s existing

5.875%

Senior Notes due

2024

and

$100

million aggregate principal amount of additional notes to the Company’s existing

5.25%

Senior Notes due

2026,

each of which are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. A portion of the net proceeds of this issuance were used to repay the remaining

$230

million principal balance of our

8.4%

Senior Notes upon maturity in

May 2017.

During

June 2017,

the Company issued

$350

million in aggregate principal amount of

5.00%

Senior Notes due

2027,

which are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. We intend to use a portion of the net proceeds of this issuance to repurchase the Company’s

1.25%

Convertible Senior Notes due

August 2032

August 7, 2017.