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Real Estate Inventories and Capitalized Interest (Tables)
 6 Months Ended
Jun. 30, 2016
Real Estate [Abstract]  
Summary of real estate inventories
Real estate inventories are summarized as follows:
 
June 30,
 
December 31,
 
2016
 
2015
 
(Dollars in thousands)
Deposits and pre-acquisition costs
$
36,373

 
$
17,133

Land held and land under development
60,773

 
57,659

Homes completed or under construction
235,492

 
109,805

Model homes
70,740

 
25,321

 
$
403,378

 
$
209,918
Summary of interest incurred, capitalized, and expensed
For the three and six months ended June 30, 2016 and 2015 interest incurred, capitalized and expensed was as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
 
(Dollars in thousands)
Interest incurred
$
1,689

 
$
1,048

 
$
2,970

 
$
1,926

Interest capitalized
(1,689
)
 
(1,048
)
 
(2,970
)
 
(1,926
)
Interest expensed
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
Capitalized interest in beginning inventory
$
4,823

 
$
2,847

 
$
4,190

 
$
2,328

Interest capitalized as a cost of inventory
1,689

 
1,048

 
2,970

 
1,926

Contribution to unconsolidated joint venture
—

 
(264
)
 
—

 
(264
)
Previously capitalized interest included in cost of sales
(1,063
)
 
(121
)
 
(1,711
)
 
(480
)
Capitalized interest in ending inventory
$
5,449

 
$
3,510

 
$
5,449

 
$
3,510