Cash and Restricted Cash

3 Months Ended

Mar. 31, 2012

Cash and Restricted Cash [Abstract]

Cash and Cash Equivalents Disclosure [Text Block]

Cash and Restricted Cash

The table below is a summary of our cash balances at March 31, 2012 and December 31, 2011:

(In thousands)	March 31, 2012		December 31, 2011
Homebuilding	$	51,878	$	43,539
Financial services	15,100		16,254
Unrestricted cash and cash equivalents	$	66,978	$	59,793
Restricted cash	13,733		41,334
Total cash, cash equivalents and restricted cash	$	80,711	$	101,127

Restricted cash at March 31, 2012 consists of homebuilding cash the Company had pledged as collateral in accordance with the five secured Letter of Credit Facilities. The reduction in restricted cash at March 31, 2012 compared to December 31, 2011 was primarily the result of an amendment dated January 31, 2012 (the "2012 Amendment") to the Company's $140 million secured revolving credit facility (the "Credit Facility"). As a result of the 2012 Amendment, the Company was able to release $25.0 million of restricted cash that had been pledged to the lenders under the Credit Facility. Please see Note 11 for more information regarding the 2012 Amendment. Restricted cash also includes cash held in escrow of $0.2 million and less than $0.1 million at March 31, 2012 and December 31, 2011, respectively.