Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Disaggregation of Revenue [Table Text Block]

The following table presents our revenues disaggregated by geography:



	Year Ended December 31,
(In thousands)	2018		2017^(a)		2016^(a)
Midwest homebuilding	$	933,119	$	742,577	$	637,894
Southern homebuilding	925,404		730,482		602,273
Mid-Atlantic homebuilding	375,563		439,219		409,149
Financial services ^(b)	52,196		49,693		42,011
Total revenue	$	2,286,282	$	1,961,971	$	1,691,327


(a)	As noted above, prior period amounts have not been adjusted under the cumulative catch-up transition method.


(b)	Revenues include $3.6 million and $0.7 million of hedging gains and $3.0 million related to hedging losses for the years ended December 31, 2018, 2017 and 2016, respectively. Hedging gains (losses) do not represent revenues recognized from contracts with customers.

The following table presents our revenues disaggregated by revenue source:



	Year Ended December 31,
(Dollars in thousands)	2018		2017^(a)		2016^(a)
Housing	$	2,217,197	$	1,878,572	$	1,610,496
Land sales	16,889		33,706		38,820
Financial services ^(b)	52,196		49,693		42,011
Total revenue	$	2,286,282	$	1,961,971	$	1,691,327


(a)	As noted above, prior period amounts have not been adjusted under the cumulative catch-up transition method.


(b)	Revenues include $3.6 million and $0.7 million of hedging gains and $3.0 million related to hedging losses for the years ended December 31, 2018, 2017 and 2016, respectively. Hedging gains (losses) do not represent revenues recognized from contracts with customers.

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

The summary of capitalized interest for the years ended December 31, 2018, 2017 and 2016 is as follows:



	Year Ended December 31,
(In thousands)	2018			2017			2016
Capitalized interest, beginning of period	$	17,169		$	16,012		$	16,740
Interest capitalized to inventory	29,053			21,484			17,685
Capitalized interest charged to cost of sales	(25,457		)	(20,327		)	(18,413		)
Capitalized interest, end of year	$	20,765		$	17,169		$	16,012

Interest incurred	$	49,537		$	40,358		$	35,283

Property, Plant and Equipment [Table Text Block]

Following are the major classes of depreciable assets and their estimated useful lives:



	Year Ended December 31,
(In thousands)	2018				2017
Land, building and improvements	$	11,824		(a)	$	11,823
Office furnishings, leasehold improvements, computer equipment and computer software	29,920				30,409
Transportation and construction equipment	10,064				10,067
Property and equipment	51,808				52,299
Accumulated depreciation	(22,413		)		(25,483		)
Property and equipment, net	$	29,395			$	26,816

(a)

Includes the Company’s home office building in Columbus, Ohio that met the sale classification criteria for the period ended September 30, 2018 as it was being actively marketed. The carrying value of the building as of December 31, 2018 was $5.6 million. The Company measures assets held for sale at fair value on a nonrecurring basis and records impairment charges when the assets are deemed to be impaired. Assets held for sale are reported at the lower of cost or fair value. Costs to sell are accrued separately. The Company estimated the fair value of the building using the market values for similar properties, and the building was considered a Level 2 asset as defined in ASC 820, “Fair Value Measurements.” During the twelve months ended December 31, 2018, the Company did not record any impairment charges on its asset held for sale.



	Estimated Useful Lives
Building and improvements	35 years
Office furnishings, leasehold improvements, computer equipment and computer software	3-7 years
Transportation and construction equipment	5-25 years

Schedule of Other Assets [Table Text Block]

Other assets at December 31, 2018 and 2017 consisted of the following:.



	Year Ended December 31,
(In thousands)	2018		2017
Development reimbursement receivable from local municipalities	$	13,632	$	14,981
Mortgage servicing rights	6,477		7,821
Prepaid expenses	8,605		9,022
Prepaid acquisition costs	7,873		5,634
Other	24,207		23,677
Total other assets	$	60,794	$	61,135

Other Liabilities [Table Text Block]

Other liabilities at December 31, 2018 and 2017 consisted of the following:



	Year Ended December 31,
(In thousands)	2018		2017
Accruals related to land development	$	46,073	$	37,180
Warranty	26,459		26,133
Payroll and other benefits	31,428		28,128
Other	46,091		40,093
Total other liabilities	$	150,051	$	131,534