Investment in Unconsolidated LLCs

12 Months Ended

Dec. 31, 2011

Investment in Unconsolidated LLCs [Abstract]

Equity Method Investments Disclosure [Text Block]

Investment in Unconsolidated Limited Liability Companies

At December 31, 2011, the Company had interests ranging from 33% to 50% in Unconsolidated LLCs that do not meet the criteria of variable interest entities because each of the entities, among other factors, had sufficient equity at risk to permit the entity to finance its activities without additional subordinated support from the equity investors, and one of these Unconsolidated LLCs has outside financing that is not guaranteed by the Company.  These Unconsolidated LLCs engage in land acquisition and development activities for the purpose of selling or distributing (in the form of a capital distribution) developed lots to the Company and its partners in the entity.  The Company’s maximum exposure related to its investment in these entities as of December 31, 2011 is the amount invested of $10.4 million.  Included in the Company’s investment in Unconsolidated LLCs at both December 31, 2011 and 2010 are $0.8 million, of capitalized interest and other costs.  The Company does not have a controlling interest in these Unconsolidated LLCs; therefore, they are recorded using the equity method of accounting.  The Company received distributions totaling less than $0.1 million and $1.2 million in developed lots at cost in 2011 and 2010, respectively. The Company did not receive any distributions of developed lots in 2009.

The Company evaluates its investment in Unconsolidated LLCs for potential impairment on a quarterly basis. If the fair value of the investment (see Note 4) is less than the investment's carrying value, and the Company determines the decline in value was other than temporary, the Company would write down the investment to fair value.

Summarized condensed combined financial information for the Unconsolidated LLCs that are included in the homebuilding segments as of December 31, 2011 and 2010 and for the years ended December 31, 2011, 2010 and 2009 is as follows:

Summarized Condensed Combined Balance Sheets:

	December 31,
(In thousands)	2011		2010
Assets:
Single-family lots, land and land development costs	$	36,631	$	36,317
Other assets	199		2
Total assets	$	36,830	$	36,319
Liabilities and partners’ equity:
Liabilities:
Notes payable	$	3,250	$	3,250
Other liabilities	159		193
Total liabilities	3,409		3,443
Partners’ equity:
Company’s equity	10,357		10,589
Other equity	23,064		22,287
Total partners’ equity	33,421		32,876
Total liabilities and partners’ equity	$	36,830	$	36,319

Summarized Condensed Combined Statements of Operations:

	Years Ended December 31,
(In thousands)	2011			2010		2009
Revenue	$	—		$	634	$	77
Costs and expenses	18			13		97
(Loss) income	$	(18	)	$	621	$	(20	)

The Company’s total equity in the income (loss) relating to the above homebuilding Unconsolidated LLCs was approximately less than $0.1 million, $0.3 million and less than $0.1 million for the years ended December 31, 2011, 2010 and 2009, respectively.