Quarterly report pursuant to Section 13 or 15(d)

Organization and Basis of Presentation (Tables)

v2.4.0.8
Organization and Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Letter of credit and surety bond obligations
 
At September 30, 2013
 
At December 31, 2012
 
Outstanding
 
Estimated work
remaining to
complete
 
Outstanding
 
Estimated work
remaining to
complete
Surety Bonds:
 
 
 
 
 
 
 
Surety bonds related to joint ventures
$
87

 
$
87

 
$
87

 
$
87

Surety bonds related to owned projects and lots under contract
165,852

 
85,828

 
87,305

 
38,936

Total surety bonds
$
165,939

 
$
85,915

 
$
87,392

 
$
39,023

Letters of Credit (“LOCs”):
 
 
 
 
 
 
 
LOCs in lieu of deposits for contracted lots
$
1,685

 
N/A

 
$
—

 
N/A

LOCs for land development
34,289

 
N/A

 
32,475

 
N/A

LOCs for general corporate operations
4,500

 
N/A

 
4,991

 
N/A

Total LOCs
$
40,474

 
N/A

 
$
37,466

 
N/A

Accrued liabilities
 
At September 30, 2013
 
At December 31, 2012
Accruals related to real-estate development and construction activities
$
32,954

 
$
19,954

Payroll and other benefits
29,100

 
11,871

Accrued taxes
34,117

 
3,407

Warranty reserves
22,257

 
22,064

Legal reserves
16,807

 
16,067

Real-estate notes payable (1)
15,876

 
6,288

Other accruals
27,136

 
16,726

Total
$
178,247

 
$
96,377

Warranty reserves
 
Three Months Ended September 30
 
Nine Months Ended September 30
 
2013
 
2012
 
2013
 
2012
Balance, beginning of period
$
21,844

 
$
21,243

 
$
22,064

 
$
23,136

Additions to reserve from new home deliveries
2,818

 
2,166

 
8,055

 
5,771

Warranty claims
(2,405
)
 
(436
)
 
(7,862
)
 
(5,934
)
Adjustments to pre-existing reserves
—

 
—

 
—

 
—

Balance, end of period
$
22,257

 
$
22,973

 
$
22,257

 
$
22,973