Annual report pursuant to Section 13 and 15(d)

VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)

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VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)
12 Months Ended
Dec. 31, 2015
Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract]  
Summary of Lots Under Option
The table below presents a summary of our lots under option at December 31, 2015 (dollars in thousands):
 
 
 
Projected Number
of Lots (unaudited)
 
Purchase
Price
(unaudited)
 
Option/
Earnest  Money
Deposits–Cash
 
 
Purchase and option contracts recorded on balance sheet as Real estate not owned
 

 
$

 
$

 
 
Option contracts not recorded on balance sheet — non-refundable deposits, committed (1)
 
6,058

 
581,635

 
75,985

 
 
Purchase contracts not recorded on balance sheet — non-refundable deposits, committed (1)
 
2,011

 
89,107

 
7,004

 
 
Purchase contracts not recorded on balance sheet —refundable deposits, committed
 
508

 
16,423

 
805

 
 
Total committed (on and off balance sheet)
 
8,577

 
687,165

 
83,794

 
 
Total purchase and option contracts not recorded on balance sheet — refundable deposits, uncommitted (2)
 
4,331

 
240,093

 
4,045

 
 
Total lots under contract or option
 
12,908

 
$
927,258

 
$
87,839

 
 
Total option contracts not recorded on balance sheet (3)
 
12,908
 
$
927,258

 
$
87,839

 
(4)
 
(1)
Deposits are non-refundable except if certain contractual conditions are not performed by the selling party.
(2)
Deposits are refundable at our sole discretion. We have not completed our acquisition evaluation process and we have not internally committed to purchase these lots.
(3)
Except for our specific performance contracts recorded on our balance sheet as Real estate not owned, none of our option agreements require us to purchase lots.
(4)
Amount is reflected in our consolidated balance sheet in the line item “Deposits on real estate under option or contract” as of December 31, 2015.