Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31,
	2016			2015
	(Dollars in thousands)
Revenues	$	41,957		$	81,224
Cost of sales	35,904			63,798
Gross margin	6,053			17,426
Operating expenses	3,912			6,660
Net income of unconsolidated joint ventures	$	2,141		$	10,766
Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying consolidated statements of operations	$	(7	)	$	1,868

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

	March 31,			December 31,
	2016			2015
	(Dollars in thousands)
Cash and cash equivalents	$	44,154		$	53,936
Restricted cash	12,919			12,279
Real estate inventories	422,564			415,730
Other assets	2,108			3,972
Total assets	$	481,745		$	485,917
Accounts payable and accrued liabilities	$	52,742		$	57,813
Notes payable	113,008			94,890
Total liabilities	165,750			152,703
The Company's equity	48,717			60,572
Other partners' equity	267,278			272,642
Total equity	315,995			333,214
Total liabilities and equity	$	481,745		$	485,917
Debt-to-capitalization ratio	26.3		%	22.2		%