Inventory

6 Months Ended

Jun. 30, 2011

Inventory

6. Inventory

Our VOI inventory consists of the following (in thousands):

	As of
	December 31, 2010	June 30, 2011
Completed VOI units	$         250,389	$  235,570
Real estate held for future development	87,295	83,160
	$         337,684	$  318,730

We carry our completed inventory at the lower of i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest, real estate taxes plus other costs incurred during construction, or ii) estimated fair value, less costs to sell.