Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2012

Cash and Cash Equivalents

Cash and Cash Equivalents

Note C -Cash and Cash Equivalents

We consider all highly liquid investments purchased with an initial maturity of three months or less to be cash equivalents. As of September 30, 2012, our cash and cash equivalents were invested primarily in money market accounts that invest in U.S. government securities. Due to the short maturity period of the cash equivalents, the carrying amount of these instruments approximates their fair values.

Our cash items that are restricted as to withdrawal or usage include deposits of $5,084and $7,872 as of September 30, 2012 and December 31, 2011, respectively. The balance as of September 30, 2012 is comprised primarily of $3,610 on deposit to collateralize letters of credit outstanding, $949 in land escrow accounts and $525 of housing deposits from customers that will become available when the housing contracts close.