Note 7 - Cash and Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2016

Restricted Cash and Cash Equivalents [Text Block]

7.	Cash and Equivalents and Restricted Cash

Cash and equivalents include cash on hand, demand deposits and all highly liquid short-term investments, including interest-bearing securities purchased with a maturity of three months or less from the date of purchase. At March 31, 2016, cash and equivalents included $97.4 million of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit.

At March 31, 2016, homebuilding restricted cash represented $34.7 million of cash held in cash collateral accounts primarily related to certain letters of credit that have been issued. Financial services restricted cash as of March 31, 2016 consisted of $17.7 million held in cash collateral accounts primarily related to certain letters of credit that have been issued, $4.5 million related to our financial services subsidiary mortgage credit facilities and $0.8 million related to funds held in trust for third parties.