Accrued Expenses and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Schedule of accrued liabilities and other liabilities

Accrued expenses and other liabilities consist of the following:

	June 30,		December 31,
	2015		2014
Warranty reserve	$	2,199,803	$	1,577,937
Accrued compensation and benefits	2,775,076		4,679,927
Accrued interest	388,027		267,916
Completion reserve	113,565		219,081
Accrued professional fees	113,695		413,677
Income taxes payable	—		3,929,708
Deferred profit from unconsolidated joint ventures	436,800		—
Other accrued expenses	469,935		112,212
	$	6,496,901	$	11,200,458

Schedule of changes in warranty accrual

Changes in our warranty accrual are detailed in the table set forth below:

	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015			2014
Beginning warranty liability for homebuilding projects	$	1,778,822		$	838,211		$	1,276,946		$	810,088
Warranty provision for homebuilding projects	192,023			96,362			754,422			147,169
Warranty payments for homebuilding projects	(68,483		)	(18,314		)	(129,006		)	(40,998		)
Ending warranty liability for homebuilding projects	1,902,362			916,259			1,902,362			916,259
Beginning warranty liability for fee building projects	299,954			262,254			300,991			264,210
Warranty efforts for fee building projects	(2,513		)	(4,762		)	(3,550		)	(6,718		)
Ending warranty liability for fee building projects	297,441			257,492			297,441			257,492
Total ending warranty liability	$	2,199,803		$	1,173,751		$	2,199,803		$	1,173,751