XML 46 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Real Estate Inventories and Capitalized Interest (Tables)
 12 Months Ended
Dec. 31, 2017
Real Estate [Abstract]  
Summary of real estate inventories
Real estate inventories are summarized as follows:
 
December 31,
 
2017
 
2016
 
(Dollars in thousands)
Deposits and pre-acquisition costs
$
35,846

 
$
38,723

Land held and land under development
47,757

 
98,596

Homes completed or under construction
302,884

 
93,628

Model homes
29,656

 
55,981

 
$
416,143

 
$
286,928
Asset Impairment Charges [Text Block]
The following table summarizes inventory impairments recorded during the years ended December 31, 2017, 2016 and 2015:
  
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
(Dollars in Thousands)
Inventory impairments:
 
 
 
 
 
Home sales
$
2,200

 
$
2,350

 
$
—

Land sales
—

 
1,150

 
—

Total inventory impairments
$
2,200

 
$
3,500

 
$
—

 
 
 
 
 
 
Remaining carrying value of inventory impaired at year end
$
5,921

 
$
30,225

 
$
—

Number of projects impaired during the year
1

 
3

 
—

Total number of projects subject to periodic impairment review during the year (1)
26

 
27

 
18

 

(1)
Represents the peak number of real estate projects that we had during each respective year. The number of projects outstanding at the end of each year may be less than the number of projects listed herein.
Interest Income and Interest Expense Disclosure [Text Block]
For the years ended December 31, 2017, 2016 and 2015 interest incurred, capitalized and expensed was as follows:
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
(Dollars in thousands)
Interest incurred
$
21,978

 
$
7,484

 
$
4,722

Interest capitalized to inventory
(20,394
)
 
(7,484
)
 
(4,722
)
Interest capitalized to investment in unconsolidated joint ventures
(1,584
)
 
—

 
—

Interest expensed
$
—

 
$
—

 
$
—

 
 
 
 
 
 
Capitalized interest in beginning inventory
$
6,342

 
$
4,190

 
$
2,328

Interest capitalized as a cost of inventory
20,394

 
7,484

 
4,722

Capitalized interest acquired from unconsolidated joint venture at consolidation
738

 
—

 
—

Contribution to unconsolidated joint ventures
—

 
(1
)
 
(264
)
Previously capitalized interest included in cost of sales
(11,021
)
 
(5,331
)
 
(2,511
)
Interest previously capitalized as a cost of inventory, included in other expense
—

 
—

 
(85
)
Capitalized interest in ending inventory
$
16,453

 
$
6,342

 
$
4,190

 
 
 
 
 
 
Capitalized interest in beginning investment in unconsolidated joint ventures
$
—

 
$
—

 
$
—

Interest capitalized to investment in unconsolidated joint ventures
1,584

 
—

 
—

Capitalized interest transferred from investment in unconsolidated joint venture to inventory upon consolidation
(76
)
 
—

 
—

Previously capitalized interest included in equity in net income of consolidated joint ventures
(36
)
 
—

 
—

Capitalized interest in ending investments in unconsolidated joint ventures
$
1,472

 
$
—

 
$
—

Total capitalized interest in ending inventory and investments in unconsolidated joint ventures
$
17,925

 
$
6,342

 
$
4,190

 
 
 
 
 
 
Capitalized interest as a percentage of inventory
4.0
%
 
2.2
%
 
2.1
%
Interest included in cost of sales as a percentage of home sales revenue
2.0
%
 
1.0
%
 
0.9
%
 
 
 
 
 
 
Capitalized interest as a percentage of investment in and advances to unconsolidated joint ventures
2.6
%
 
—
%
 
—
%