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Inventory

9 Months Ended

Sep. 30, 2012

4. Inventory

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

	As of
	December 31, 2011		September 30, 2012

Completed VOI units	$	218,281	$	196,501
Construction-in-progress		1,609		530
Real estate held for future development		82,953		83,538
	$	302,843	$	280,569

We review real estate held for future resort development for impairment under the guidelines of ASC 360, which require that such properties be reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. No impairment charges were recorded with respect to Bluegreen Resorts’ inventory during any of the periods presented.

Interest capitalized to VOI inventory during the three and nine months ended September 30, 2011 and 2012 was insignificant. The interest expense reflected in our Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) is net of capitalized interest.

- 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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