Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Schedule of summarized financial information of unconsolidated joint ventures

The condensed combined statements of operations for our unconsolidated joint ventures accounted for under the equity method are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(Dollars in thousands)
Revenues	$	115,370	$	35,720	$	254,780	$	88,166
Cost of sales	87,645		29,326		196,928		69,490
Gross margin	27,725		6,394		57,852		18,676
Operating expenses	6,819		3,970		18,542		11,114
Net income of unconsolidated joint ventures	$	20,906	$	2,424	$	39,310	$	7,562
Equity in net income of unconsolidated joint ventures reflected in the accompanying consolidated statements of operations	$	4,056	$	50	$	9,180	$	995

The condensed combined balance sheets for our unconsolidated joint ventures accounted for under the equity method are as follows:

	September 30,		December 31,
	2015		2014
	(Dollars in thousands)
Cash and cash equivalents	$	39,333	$	45,037
Restricted cash	11,613		14,981
Real estate inventories	473,313		459,770
Other assets	6,575		1,822
Total assets	$	530,834	$	521,610
Accounts payable and accrued liabilities	$	60,053	$	52,601
Notes payable	103,654		87,994
Total liabilities	163,707		140,595
The Company's equity	61,791		60,564
Other partners' equity	305,336		320,451
Total equity	367,127		381,015
Total liabilities and equity	$	530,834	$	521,610