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Capitalized Interest (Notes)
 3 Months Ended
Mar. 31, 2019
Capitalized Interest [Abstract]  
Capitalized Interest
Capitalized Interest
Interest is capitalized to inventory and investment in unconsolidated joint ventures during development and other qualifying activities. Interest capitalized as a cost of inventory is included in cost of sales as related homes are closed. Interest capitalized to investment in unconsolidated joint ventures is amortized to equity in net income of unconsolidated joint ventures as related joint venture homes or lots close, or in instances where lots are sold from the unconsolidated joint venture to the Company, the interest is added to the land basis and included in cost of sales when the related lots or homes are sold to third-party buyers. For the three months ended March 31, 2019 and 2018 interest incurred, capitalized and expensed was as follows:
 
Three months ended March 31,
 
2019
 
2018
 
(Dollars in thousands)
Interest incurred
$
7,761

 
$
6,716

Interest capitalized to inventory
(7,761
)
 
(6,195
)
Interest capitalized to investment in unconsolidated joint ventures
—

 
(521
)
Interest expensed
$
—

 
$
—

 
 
 
 
Capitalized interest in beginning inventory
$
25,681

 
$
16,453

Interest capitalized as a cost of inventory
7,761

 
6,195

Capitalized interest transferred from investment in unconsolidated joint ventures to inventory upon lot acquisition
10

 
—

Previously capitalized interest included in cost of home sales
(4,852
)
 
(2,764
)
Capitalized interest in ending inventory
28,600

 
19,884

 
 
 
 
Capitalized interest in beginning investment in unconsolidated joint ventures
$
713

 
$
1,472

Interest capitalized to investment in unconsolidated joint ventures
—

 
521

Capitalized interest transferred from investment in unconsolidated joint ventures to inventory upon lot acquisition
(10
)
 
—

Previously capitalized interest included in equity in net income of unconsolidated
joint ventures
(31
)
 
(31
)
Capitalized interest in ending investment in unconsolidated joint ventures
672

 
1,962

Total capitalized interest in ending inventory and investments in unconsolidated
joint ventures
$
29,272

 
$
21,846

 
 
 
 
Capitalized interest as a percentage of inventory
5.1
%
 
4.3
%
Interest included in cost of home sales as a percentage of home sales revenue
4.9
%
 
3.4
%
 
 
 
 
Capitalized interest as a percentage of investment in and advances to unconsolidated
joint ventures
2.0
%
 
3.4
%