Investment in Unconsolidated LLCs

12 Months Ended

Dec. 31, 2012

Investment in Unconsolidated LLCs [Abstract]

Equity Method Investments Disclosure [Text Block]

Investment in Unconsolidated Limited Liability Companies

We have determined that we do not have substantive control over any of these entities; therefore, they are recorded using the equity method of accounting The Company's maximum exposure related to its investment in these entities as of December 31, 2012 was the amount invested of $11.7 million. Included in the Company's investment in Unconsolidated LLCs at both December 31, 2012 and December 31, 2011 were $0.8 million of capitalized interest and other costs.

The Company evaluates its investment in Unconsolidated LLCs for potential impairment on a quarterly basis. If the fair value of the investment (see Notes 1and 3 of our Consolidated Financial Statements) 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, 2012 and 2011 and for the years ended December 31, 2012, 2011 and 2010 is as follows:

Summarized Unaudited Condensed Combined Balance Sheets:

	December 31,
(In thousands)	2012			2011
Assets:
Single-family lots, land and land development costs (a)	$	60,086		$	48,779
Other assets	(232		)	199
Total assets	$	59,853		$	48,978
Liabilities and partners’ equity:
Liabilities:
Notes payable	$	10,436		$	3,250
Other liabilities	324			159
Total liabilities	10,760			3,409
Partners’ equity:
Company’s equity (a)	24,265			22,505
Other equity	24,829			23,064
Total partners’ equity	49,093			45,569
Total liabilities and partners’ equity	$	59,853		$	48,978

(a) For the years ended December 31, 2012 and 2011, impairment expenses and other miscellaneous adjustments totaling $12.5 million and $12.1 million, respectively, were excluded from the table above.

Summarized Unaudited Condensed Combined Statements of Operations:

	Year Ended December 31,
(In thousands)	2012			2011			2010
Revenue	$	—		$	—		$	634
Costs and expenses	15			18			13
(Loss) income	$	(15	)	$	(18	)	$	621

The Company’s total equity in the (loss) income relating to the above homebuilding Unconsolidated LLCs was less than ($0.1 million) for 2012 and 2011 and $0.3 million for 2010.