Cash and Restricted Cash

6 Months Ended

Jun. 30, 2011

Cash and Restricted Cash [Abstract]

Cash and Cash Equivalents Disclosure [Text Block]

NOTE 2. Cash and Restricted Cash

The table below is a summary of our cash balances at June 30, 2011 and December 31, 2010:

(In thousands)	June 30, 2011		December 31, 2010
Homebuilding	$	28,862	$	71,874
Financial services	16,038		9,334
Unrestricted cash	$	44,900	$	81,208
Restricted cash	68,902		41,923
Total cash	$	113,802	$	123,131

Restricted cash consists of homebuilding cash the Company had designated as collateral at June 30, 2011 and December 31, 2010 in accordance with the four secured Letter of Credit Facilities that were entered into in July 2009 and the one secured Letter of Credit Facility that was entered into in June 2010 (collectively, as amended, the “Letter of Credit Facilities”). Restricted cash as of June 30, 2011 also consists of $25.0 million the Company was required to pledge as security to the lenders under the Company's three-year $140 million secured revolving credit facility dated June 9, 2010 (the "Credit Facility"). The security pledge was the result of the Company being unable to maintain either the required minimum Interest Coverage Ratio or the minimum Adjusted Cash Flow Ratio covenants (as such terms are defined in the Credit Facility) during the six months ended June 30, 2011. Restricted cash also includes cash held in escrow of $6.9 million and $3.1 million at June 30, 2011 and December 31, 2010, respectively.