Note 5 - Capitalized Interest (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Interest Income and Interest Expense Disclosure [Table Text Block]

	Year Ended December 31,
	2020			2019			2018
	(Dollars in thousands)
Interest incurred	$	23,936		$	28,819		$	28,377
Interest capitalized to inventory		(20,281	)		(28,819	)		(27,393	)
Interest capitalized to investment in unconsolidated joint ventures		—			—			(984	)
Interest expensed	$	3,655		$	—		$	—
Capitalized interest in beginning inventory	$	26,397		$	25,681		$	16,453
Interest capitalized as a cost of inventory		20,281			28,819			27,393
Capitalized interest transferred from investment in unconsolidated joint ventures to inventory upon lot acquisition		—			31			513
Previously capitalized interest included in cost of home and land sales		(23,864	)		(28,134	)		(18,678	)
Previously capitalized interest included in project abandonment costs		(761	)		—			—
Capitalized interest in ending inventory	$	22,053		$	26,397		$	25,681
Capitalized interest in beginning investment in unconsolidated joint ventures	$	541		$	713		$	1,472
Interest capitalized to investment in unconsolidated joint ventures		—			—			984
Capitalized interest transferred from investment in unconsolidated joint ventures to inventory upon lot acquisition		—			(31	)		(513	)
Previously capitalized interest included in equity in net loss of unconsolidated joint ventures		(541	)		(141	)		(1,230	)
Capitalized interest in ending investment in unconsolidated joint ventures		—			541			713
Total capitalized interest in ending inventory and investments in unconsolidated joint ventures	$	22,053		$	26,938		$	26,394
Capitalized interest as a percentage of inventory		7.0	%		6.1	%		4.5	%
Interest included in cost of home sales as a percentage of home sales revenue		5.6	%		4.9	%		3.7	%
Capitalized interest as a percentage of investment in and advances to unconsolidated joint ventures		—	%		1.8	%		2.1	%