Inventory

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventory

2. INVENTORY

A summary of inventory is as follows (in thousands):

	March 31, 2022		December 31, 2021
Homes completed or under construction	$	601,504	$	544,258
Land and lots - developed and under development	718,411		620,129
Land held for sale	7,594		39,356
Total inventory	$	1,327,509	$	1,203,743

A summary of interest costs incurred, capitalized and expensed is as follows (in thousands):

	Three Months Ended March 31,
	2022			2021
Interest capitalized at beginning of period	$	19,950		$	17,520
Interest incurred	3,734			2,851
Interest charged to cost of revenues	(2,933)			(1,991)
Interest capitalized at end of period	$	20,751		$	18,380
Capitalized interest as a percentage of inventory	1.6		%	2.0		%

As of March 31, 2022, the Company reviewed the performance and outlook for all of its communities for indicators of potential impairment and performed detailed impairment analysis when necessary. As of March 31, 2022, the Company did not identify any selling communities with indicators of impairment. For the three months ended March 31, 2022 and 2021, the Company did not record an impairment adjustment to reduce the carrying value of impaired communities to fair value.