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Note 9 - Capitalization of Interest - Homebuilding Capitalized Interest (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Total interest incurred [1] $ 52,168 $ 55,610 $ 103,873 $ 118,335
Less: Interest capitalized to inventories owned [1] (51,338) (54,564) (102,213) (116,409)
Less: Interest capitalized to investments in unconsolidated joint ventures (830) (1,046) (1,660) (1,926)
Interest expense
Interest previously capitalized to inventories owned, included in cost of home sales 52,347 40,528 91,775 70,731
Interest previously capitalized to inventories owned, included in cost of land sales 1,302 1,481
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures 8 8
Interest capitalized in ending inventories owned [2] $ 376,638 $ 350,210 $ 376,638 $ 350,210
Interest capitalized as a percentage of inventories owned 5.70% 5.50% 5.70% 5.50%
Interest capitalized in ending investments in unconsolidated joint ventures [2] $ 4,515 $ 4,313 $ 4,515 $ 4,313
Interest capitalized as a percentage of investments in unconsolidated joint ventures 3.60% 2.90% 3.60% 2.90%
[1] Total interest incurred and interest capitalized to inventories owned during the six months ended June 30, 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 and six months ended June 30, 2017, in connection with lot purchases from our joint ventures, $0 and $0.5 million, respectively, of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned.