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Organization and Basis of Presentation (Tables)
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9 Months Ended |
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Sep. 30, 2012
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Repayment and completion guarantees |
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(In thousands) |
At September 30, 2012 |
|
At December 31, 2011 |
Repayment guarantees |
$ |
249 |
|
|
$ |
346 |
|
Completion guarantees (1) |
— |
|
|
— |
|
South Edge guarantee (2) |
13,243 |
|
|
13,243 |
|
Total guarantees |
$ |
13,492 |
|
|
$ |
13,589 |
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|
(1) |
As our completion guarantees are typically backed by funding from a third party, we believe these guarantees do not represent a potential cash obligation for us, as they require only non-financial performance. |
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(2) |
As discussed in Note 13, we dispute the enforceability of this guarantee, and ultimate resolution of this matter will be addressed through litigation and/or settlements. |
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| Letter of credit and surety bond obligations |
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September 30, 2012 |
|
December 31, 2011 |
|
Outstanding |
|
Estimated work
remaining to
complete
|
|
Outstanding |
|
Estimated work
remaining to
complete
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Sureties: |
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|
|
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Sureties related to joint ventures |
$ |
1,950 |
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|
$ |
1,950 |
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|
$ |
1,594 |
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|
$ |
32 |
|
Sureties related to owned projects and lots under contract |
81,406 |
|
|
49,246 |
|
|
65,921 |
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|
37,252 |
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Total sureties |
$ |
83,356 |
|
|
$ |
51,196 |
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|
$ |
67,515 |
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|
$ |
37,284 |
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Letters of Credit (“LOCs”): |
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|
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LOCs for land development |
$ |
9,749 |
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|
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|
$ |
6,451 |
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|
N/A |
|
LOCs for general corporate operations |
4,991 |
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|
|
|
|
4,960 |
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|
N/A |
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Total LOCs |
$ |
14,740 |
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|
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$ |
11,411 |
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|
N/A |
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| Accrued liabilities |
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At September 30, 2012 |
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At December 31, 2011 |
Accruals related to real-estate development and construction activities |
$ |
16,204 |
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|
$ |
11,048 |
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Payroll and other benefits |
17,621 |
|
|
13,535 |
|
Accrued taxes |
5,652 |
|
|
3,075 |
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Warranty reserves |
22,973 |
|
|
23,136 |
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Legal reserves |
16,177 |
|
|
10,157 |
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Other accruals |
17,737 |
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|
18,513 |
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Total |
$ |
96,364 |
|
|
$ |
79,464 |
|
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| Warranty reserves |
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|
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Three Months Ended |
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Nine Months Ended |
|
September 30, |
|
September 30, |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
Balance, beginning of period |
$ |
21,243 |
|
|
$ |
25,929 |
|
|
$ |
23,136 |
|
|
$ |
29,265 |
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Additions to reserve from new home deliveries |
2,166 |
|
|
1,825 |
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|
5,771 |
|
|
4,673 |
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Warranty claims |
(436 |
) |
|
(2,474 |
) |
|
(5,934 |
) |
|
(8,269 |
) |
Adjustments to pre-existing reserves |
— |
|
|
795 |
|
|
— |
|
|
406 |
|
Balance, end of period |
$ |
22,973 |
|
|
$ |
26,075 |
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|
$ |
22,973 |
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|
$ |
26,075 |
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