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Real Estate Inventories and Capitalized Interest (Tables)
 6 Months Ended
Jun. 30, 2017
Real Estate [Abstract]  
Asset Impairment Charges [Text Block]

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
 
(Dollars in Thousands)
Inventory impairments:
 
 
 
 
 
 
 
Home sales
$
1,300

 
$
—

 
$
1,300

 
$
—

Total inventory impairments
$
1,300

 
$
—

 
$
1,300

 
$
—

 
 
 
 
 
 
 
 
Remaining carrying value of inventory impaired at period end
$
12,550

 
$
—

 
$
12,550

 
$
—

Number of projects impaired during the period
1

 
—

 
1

 
—

Total number of projects subject to periodic impairment review during the year (1)
25

 
23

 
26

 
23

 
 

(1) Represents the peak number of real estate projects that we had during each respective period. The number of projects outstanding at the end of each period
may be less than the number of projects listed herein.
Summary of real estate inventories
Real estate inventories are summarized as follows:
 
June 30,
 
December 31,
 
2017
 
2016
 
(Dollars in thousands)
Deposits and pre-acquisition costs
$
45,480

 
$
38,723

Land held and land under development
107,998

 
98,596

Homes completed or under construction
179,885

 
93,628

Model homes
32,037

 
55,981

 
$
365,400

 
$
286,928
Summary of interest incurred, capitalized, and expensed
For the three and six months ended June 30, 2017 and 2016 interest incurred, capitalized and expensed was as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
 
(Dollars in thousands)
Interest incurred
$
6,401

 
$
1,689

 
$
8,437

 
$
2,970

Interest capitalized to inventory
(5,878
)
 
(1,689
)
 
(7,750
)
 
(2,970
)
Interest capitalized to investments in unconsolidated joint ventures
(523
)
 
—

 
(687
)
 
—

Interest expensed
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
Capitalized interest in beginning inventory
$
6,663

 
$
4,823

 
$
6,342

 
$
4,190

Interest capitalized as a cost of inventory
5,878

 
1,689

 
7,750

 
2,970

Previously capitalized interest included in cost of sales
(1,720
)
 
(1,063
)
 
(3,271
)
 
(1,711
)
Capitalized interest in ending inventory
$
10,821

 
$
5,449

 
10,821

 
5,449

 
 
 
 
 
 
 
 
Capitalized interest in beginning investment in unconsolidated joint ventures
164

 
—

 
—

 
—

Interest capitalized to investments in unconsolidated joint ventures
523

 
—

 
687

 
—

Previously capitalized interest included in equity in net income of unconsolidated joint ventures
—

 
—

 
—

 
—

Capitalized interest in ending investments in unconsolidated joint ventures
687

 
—

 
687

 
—

Total capitalized interest in ending inventory and investments in unconsolidated joint ventures
$
11,508

 
$
5,449

 
$
11,508

 
$
5,449

 
 
 
 
 
 
 
 
Capitalized interest as a percentage of inventory
3.0
%
 
1.4
%
 
3.0
%
 
1.4
%
Interest included in cost of sales as a percentage of home sales revenue
1.8
%
 
1.3
%
 
2.0
%
 
1.4
%
 
 
 
 
 
 
 
 
Capitalized interest as a percentage of investments in and advances to unconsolidated joint ventures
1.2
%
 
—
%
 
1.2
%
 
—
%