Fair Value Measurements Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Measurements [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The table below shows the notional amounts of our financial instruments at September 30, 2017 and December 31, 2016:

Description of Financial Instrument (in thousands)	September 30, 2017		December 31, 2016
Best efforts contracts and related committed IRLCs	$	2,571	$	6,607
Uncommitted IRLCs	105,104		66,875
FMBSs related to uncommitted IRLCs	105,000		66,000
Best efforts contracts and related mortgage loans held for sale	10,423		125,348
FMBSs related to mortgage loans held for sale	81,000		33,000
Mortgage loans held for sale covered by FMBSs	81,244		32,870

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The table below shows the level and measurement of assets and liabilities measured on a recurring basis at September 30, 2017 and December 31, 2016:

Description of Financial Instrument (in thousands)	Fair Value Measurements September 30, 2017			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Mortgage loans held for sale	$	91,987		$	—	$	91,987		$	—
Forward sales of mortgage-backed securities	471			—		471			—
Interest rate lock commitments	366			—		366			—
Best-efforts contracts	(60		)	—		(60		)	—
Total	$	92,764		$	—	$	92,764		$	—

Description of Financial Instrument (in thousands)	Fair Value Measurements December 31, 2016			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Mortgage loans held for sale	$	154,020		$	—	$	154,020		$	—
Forward sales of mortgage-backed securities	230			—		230			—
Interest rate lock commitments	250			—		250			—
Best-efforts contracts	(90		)	—		(90		)	—
Total	$	154,410		$	—	$	154,410		$	—

Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]

The following table sets forth the amount of gain (loss) recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three and nine months ended September 30, 2017 and 2016:

	Three Months Ended September 30,						Nine Months Ended September 30,
Description (in thousands)	2017			2016			2017		2016
Mortgage loans held for sale	$	(64	)	$	(1,127	)	$	4,326	$	1,059
Forward sales of mortgage-backed securities	(128		)	1,443			241		(245		)
Interest rate lock commitments	22			(531		)	116		388
Best-efforts contracts	(41		)	15			30		31
Total (loss) gain recognized	$	(211	)	$	(200	)	$	4,713	$	1,233

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following tables set forth the fair value of the Company’s derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which is disclosed as a separate line item):

	Asset Derivatives			Liability Derivatives
	September 30, 2017			September 30, 2017
Description of Derivatives	Balance Sheet Location	Fair Value (in thousands)		Balance Sheet Location	Fair Value (in thousands)
Forward sales of mortgage-backed securities	Other assets	$	471	Other liabilities	$	—
Interest rate lock commitments	Other assets	366		Other liabilities	—
Best-efforts contracts	Other assets	—		Other liabilities	60
Total fair value measurements		$	837		$	60

	Asset Derivatives			Liability Derivatives
	December 31, 2016			December 31, 2016
Description of Derivatives	Balance Sheet Location	Fair Value (in thousands)		Balance Sheet Location	Fair Value (in thousands)
Forward sales of mortgage-backed securities	Other assets	$	230	Other liabilities	$	—
Interest rate lock commitments	Other assets	250		Other liabilities	—
Best-efforts contracts	Other assets	—		Other liabilities	90
Total fair value measurements		$	480		$	90

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents the carrying amounts and fair values of the Company’s financial instruments at September 30, 2017 and December 31, 2016. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions.

	September 30, 2017				December 31, 2016
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash, cash equivalents and restricted cash	$	103,636	$	103,636	$	34,441	$	34,441
Mortgage loans held for sale	91,987		91,987		154,020		154,020
Split dollar life insurance policies	212		212		214		214
Notes receivable	—		—		763		687
Commitments to extend real estate loans	366		366		250		250
Forward sales of mortgage-backed securities	471		471		230		230
Liabilities:
Notes payable - homebuilding operations	—		—		40,300		40,300
Notes payable - financial services operations	91,275		91,275		152,895		152,895
Notes payable - other	4,057		3,867		6,415		5,999
Convertible senior subordinated notes due 2017 (a)	—		—		57,500		65,957
Convertible senior subordinated notes due 2018 (a)	86,250		86,897		86,250		88,105
Senior notes due 2021 (a)	300,000		313,125		300,000		314,250
Senior notes due 2025 (a)	250,000		255,000		—		—
Best-efforts contracts for committed IRLCs and mortgage loans held for sale	60		60		90		90
Off-Balance Sheet Financial Instruments:
Letters of credit	—		757		—		702

(a) Our senior notes and convertible senior subordinated notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes.