Earnest Money Deposits

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015, there were 954 and 1,084 lots under option, respectively, with a total exercise price of approximately $84.0 million and $79.3 million, respectively. The option agreements in place as of December 31, 2016 and 2015 provide for potential land purchase payments in each year through 2019.

If each option agreement in place as of December 31, 2016 was exercised, expected land purchase payments under these agreements would be as follows (in thousands):

	Total
2017	$	39,508
2018	33,444
2019	11,073
	$	84,025