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Business and Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Property and equipment, net |
At December 31, 2014 and 2013, property and equipment, net consisted of the following (in thousands):
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At December 31, |
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2014 |
|
2013 |
Computer and office equipment |
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$ |
30,084 |
|
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$ |
25,221 |
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Model home furnishings |
|
36,403 |
|
|
27,894 |
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Gross property and equipment |
|
66,487 |
|
|
53,115 |
|
Accumulated depreciation |
|
(34,084 |
) |
|
(31,016 |
) |
Total |
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$ |
32,403 |
|
|
$ |
22,099 |
|
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| Accrued liabilities |
Accrued liabilities at December 31, 2014 and 2013 consisted of the following (in thousands):
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At December 31, |
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2014 |
|
2013 |
Accruals related to real estate development and construction activities |
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$ |
29,365 |
|
|
$ |
29,992 |
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Payroll and other benefits |
|
44,107 |
|
|
36,232 |
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Accrued taxes |
|
11,096 |
|
|
22,902 |
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Warranty reserves |
|
22,080 |
|
|
21,971 |
|
Legal reserves |
|
16,499 |
|
|
16,463 |
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Other accruals |
|
30,997 |
|
|
23,058 |
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Total |
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$ |
154,144 |
|
|
$ |
150,618 |
|
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| Letter of credit and surety bond obligations |
The table below outlines our surety bond and letter of credit obligations (in thousands):
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December 31, 2014 |
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December 31, 2013 |
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Outstanding |
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Estimated work
remaining to
complete (unaudited)
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|
Outstanding |
|
Estimated work
remaining to
complete (unaudited)
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Sureties: |
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Sureties related to joint ventures |
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$ |
87 |
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$ |
87 |
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$ |
87 |
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$ |
87 |
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Sureties related to owned projects and lots under contract |
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230,079 |
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|
93,667 |
|
|
191,742 |
|
|
86,115 |
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Total Sureties |
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$ |
230,166 |
|
|
$ |
93,754 |
|
|
$ |
191,829 |
|
|
$ |
86,202 |
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Letters of Credit (“LOCs”): |
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LOCs in lieu of deposits for contracted lots |
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$ |
1,200 |
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|
N/A |
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$ |
1,685 |
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|
N/A |
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LOCs for land development |
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13,789 |
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N/A |
|
|
35,883 |
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|
N/A |
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LOCs for general corporate operations |
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4,500 |
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|
N/A |
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|
4,500 |
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|
N/A |
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Total LOCs |
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$ |
19,489 |
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|
N/A |
|
|
$ |
42,068 |
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|
N/A |
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| Warranty reserves |
A summary of changes in our warranty reserves follows (in thousands):
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Year Ended December 31, |
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2014 |
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2013 |
Balance, beginning of year |
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$ |
21,971 |
|
|
$ |
22,064 |
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Additions to reserve from new home deliveries |
|
11,929 |
|
|
10,939 |
|
Warranty claims |
|
(12,320 |
) |
|
(12,343 |
) |
Adjustments to pre-existing reserves |
|
500 |
|
|
1,311 |
|
Balance, end of year |
|
$ |
22,080 |
|
|
$ |
21,971 |
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