Earnest Money Deposits

12 Months Ended

Dec. 31, 2014

Other Restricted Assets [Abstract]

Earnest Money Deposits

EARNEST MONEY DEPOSITS

Earnest money deposits act as security for option agreements for the purchase of land for the construction of homes in the future. As of December 31, 2014 and 2013, there were 1,082 and 910 lots under option, respectively, with a total exercise price of approximately $71.6 million and $61.8 million, respectively. The option agreements in place at December 31, 2014 and 2013 provide for potential land purchase payments in each year through 2017.

These lot option contracts do not have takedown schedules. If each option agreement in place at December 31, 2014 was exercised, expected land purchase payments under these agreements would be as follows (in thousands):

	Total
2015	$	37,383
2016	23,269
2017	10,918
	$	71,570