Inventory

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventory

2. INVENTORY

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

	June 30, 2022		December 31, 2021
Homes completed or under construction	$	628,482	$	544,258
Land and lots - developed and under development	728,342		620,129
Land held for sale	12,376		39,356
Total inventory	$	1,369,200	$	1,203,743

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022		2021
Interest capitalized at beginning of period	$	20,751		$	18,380		$	19,950	$	17,520
Interest incurred	4,045			3,250			7,779		6,101
Interest charged to cost of revenues	(4,376)			(2,670)			(7,309)		(4,661)
Interest capitalized at end of period	$	20,420		$	18,960		$	20,420	$	18,960
Capitalized interest as a percentage of inventory	1.5		%	1.7		%

As of June 30, 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 June 30, 2022, the Company did not identify any selling communities with indicators of impairment.

For the three and six months ended June 30, 2022 and 2021, the Company did not record an impairment adjustment to reduce the carrying value of impaired communities to fair value.