Annual report pursuant to Section 13 and 15(d)

Business and Summary of Significant Accounting Policies (Tables)

v2.4.0.8
Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Property and equipment, net
At December 31, 2013 and 2012, property and equipment, net consisted of the following (in thousands):
 
 
At December 31,
 
 
2013
 
2012
Computer and office equipment
 
$
25,221

 
$
21,948

Model home furnishings
 
27,894

 
22,317

Gross property and equipment
 
53,115

 
44,265

Accumulated depreciation
 
(31,016
)
 
(28,547
)
Total
 
$
22,099

 
$
15,718

Accrued liabilities
 
 
At December 31,
 
 
2013
 
2012
Accruals related to real estate development and construction activities
 
$
29,992

 
$
19,954

Payroll and other benefits
 
36,232

 
11,871

Accrued taxes
 
22,902

 
3,407

Warranty reserves
 
21,971

 
22,064

Legal reserves
 
16,463

 
16,067

Real estate note payable (1)
 
15,993

 
6,288

Other accruals
 
23,058

 
16,726

Total
 
$
166,611

 
$
96,377

Letter of credit and surety bond obligations
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013
 
December 31, 2012
 
 
Outstanding
 
Estimated work
remaining to
complete
 
Outstanding
 
Estimated work
remaining to
complete
Sureties:
 
 
 
 
 
 
 
 
Sureties related to joint ventures
 
$
87

 
$
87

 
$
87

 
$
87

Sureties related to owned projects and lots under contract
 
191,742

 
86,115

 
87,305

 
38,936

Total Sureties
 
$
191,829

 
$
86,202

 
$
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
 
35,883

 
N/A

 
32,475

 
N/A

LOCs for general corporate operations
 
4,500

 
N/A

 
4,991

 
N/A

Total LOCs
 
$
42,068

 
N/A

 
$
37,466

 
N/A

Warranty reserves
 
 
Year Ended December 31,
 
 
2013
 
2012
Balance, beginning of year
 
$
22,064

 
$
23,136

Additions to reserve from new home deliveries
 
10,939

 
8,047

Warranty claims
 
(12,343
)
 
(9,119
)
Adjustments to pre-existing reserves
 
1,311

 
—

Balance, end of year
 
$
21,971

 
$
22,064