Note 5 - Capitalized Interest (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

Interest Income and Interest Expense Disclosure [Table Text Block]

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(Dollars in thousands)
Interest incurred	$	6,150		$	7,606		$	12,530		$	15,367
Interest capitalized to inventory		(4,879	)		(7,606	)		(10,541	)		(15,367	)
Interest expensed	$	1,271		$	—		$	1,989		$	—
Capitalized interest in beginning inventory	$	25,152		$	28,600		$	26,397		$	25,681
Interest capitalized as a cost of inventory		4,879			7,606			10,541			15,367
Capitalized interest transferred from investment in unconsolidated joint ventures to inventory upon lot acquisition		—			3			—			13
Previously capitalized interest included in cost of home and land sales		(4,601	)		(6,301	)		(10,747	)		(11,153	)
Previously capitalized interest included in project abandonment costs		—			—			(761	)		—
Capitalized interest in ending inventory	$	25,430		$	29,908		$	25,430		$	29,908
Capitalized interest in beginning investment in unconsolidated joint ventures	$	93		$	672		$	541		$	713
Capitalized interest transferred from investment in unconsolidated joint ventures to inventory upon lot acquisition		—			(3	)		—			(13	)
Previously capitalized interest included in equity in net income (loss) of unconsolidated joint ventures		(31	)		(48	)		(479	)		(79	)
Capitalized interest in ending investment in unconsolidated joint ventures		62			621			62			621
Total capitalized interest in ending inventory and investments in unconsolidated joint ventures	$	25,492		$	30,529		$	25,492		$	30,529
Capitalized interest as a percentage of inventory		6.9	%		5.5	%		6.9	%		5.5	%
Interest included in cost of home sales as a percentage of home sales revenue		6.0	%		4.4	%		6.2	%		4.7	%
Capitalized interest as a percentage of investment in and advances to unconsolidated joint ventures		0.5	%		1.8	%		0.5	%		1.8	%