Quarterly report pursuant to Section 13 or 15(d)

Investments in Unconsolidated Entities (Details 1)

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Investments in Unconsolidated Entities (Details 1) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Financial information related to unconsolidated joint ventures, Operations        
Revenue $ 10,268 $ 6,116 $ 18,733 $ 13,764
Costs and expenses (3,711) (3,164) (8,250) (8,399)
Net earnings of unconsolidated entities 6,557 2,952 10,483 5,365
Meritage's share of pre-tax earnings $ 2,975 [1],[2],[3] $ 1,797 [1],[2],[3] $ 6,626 [1],[2],[3] $ 3,931 [1],[2],[3]
[1] Our share of pre-tax earnings is recorded in “Earnings from unconsolidated entities, net” on our consolidated statements of operations and excludes joint venture profit related to lots we purchased from the joint ventures. Such profit is deferred until homes are delivered by us and title passes to a homebuyer.
[2] Balance represents Meritage’s interest, as reflected in the financial records of the respective joint ventures. This balance may differ from the balance reflected in our condensed consolidated balance sheets due to the following reconciling items: (i) timing differences for revenue and distributions recognition, (ii) step-up basis and corresponding amortization, (iii) income deferrals as discussed in Note (3) below and (iv) the cessation of allocation of losses from joint ventures in which we have previously impaired our investment balance to zero and where we have no commitment to fund additional losses.
[3] The joint venture financial statements above represent the most recent information available to us.