Real Estate Inventories and Capitalized Interest (Tables)

3 Months Ended

Mar. 31, 2014

Real Estate Inventories and Capitalized Interest

Schedule of real estate inventories

	March 31,		December 31,
	2014		2013
	(in thousands)
Land and land improvements held for development or sale	$	204,863	$	207,810
Work in progress	55,680		38,486
Completed inventories	27,718		25,372
Investments in amenities	8,568		8,625
Total real estate inventories	$	296,829	$	280,293

Summary of capitalized interest

	Three Months Ended March 31,
	2014			2013
	(in thousands)
Capitalized interest at the beginning of the period	$	15,443		$	7,959
Interest incurred	3,762			3,430
Interest expensed	(498		)	(885		)
Interest charged to cost of sales	(985		)	(493		)
Capitalized interest at the end of the period	$	17,722		$	10,011