LAND AND OTHER INVENTORIES

12 Months Ended

Dec. 31, 2011

LAND AND OTHER INVENTORIES [Abstract]

NOTE C - LAND AND OTHER INVENTORIES

Land and other inventories consist of the following:

	December 31,
	2011		2010
Land developed and in process of development	$	91,964	$	137,074
Land held for future development or sale		64,773		86,041
Homes completed or under construction		23,134		24,320
Other		196		1,474
	$	180,067	$	248,909

Land developed and in process of development primarily consists of land, land development costs, capitalized interest and real estate taxes associated with land undergoing improvement activity. We may defer development activity if we believe such a deferral will result in greater returns and/or maximize the economic performance of a community. Land held for future development or sale principally reflects land and land development costs related to land where development activity has been suspended. We may suspend development activity due to building permit moratoriums or regulatory restrictions, or on large land parcels that we plan to build out over several years and/or parcels that have not yet been entitled. Homes completed or under construction is comprised of costs associated with homes in various stages of construction and includes direct construction and related land and land development costs.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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