Annual report pursuant to Section 13 and 15(d)

Business and Summary of Significant Accounting Policies (Tables)

v2.4.0.6
Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Property and equipment, net
At December 31, 2012 and 2011, property and equipment, net consisted of the following:
 
 
 
 
 
 
 
At December 31,
 
 
2012
 
2011
Computer and office equipment
 
$
21,948

 
$
28,044

Model home furnishings
 
22,317

 
19,260

Gross property and equipment
 
44,265

 
47,304

Accumulated depreciation
 
(28,547
)
 
(33,813
)
Total
 
$
15,718

 
$
13,491

Accrued liabilities
 
 
 
 
 
 
 
At December 31,
 
 
2012
 
2011
Accruals related to real estate development and construction activities
 
$
19,954

 
$
11,048

Payroll and other benefits
 
11,871

 
13,535

Accrued taxes
 
3,407

 
3,075

Warranty reserves
 
22,064

 
23,136

Legal reserves
 
16,067

 
10,157

Other accruals
 
23,014

 
18,513

Total
 
$
96,377

 
$
79,464

Letter of credit and surety bond obligations
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
December 31, 2011
 
 
Outstanding
 
Estimated work
remaining to
complete
 
Outstanding
 
Estimated work
remaining to
complete
Sureties:
 
 
 
 
 
 
 
 
Sureties related to joint ventures
 
$
87

 
$
87

 
$
1,594

 
$
32

Sureties related to owned projects and lots under contract
 
87,305

 
38,936

 
65,921

 
37,252

Total Sureties
 
$
87,392

 
$
39,023

 
$
67,515

 
$
37,284

Letters of Credit (“LOCs”):
 
 
 
 
 
 
 
 
LOCs for land development
 
$
32,475

 
N/A

 
$
6,451

 
N/A

LOCs for general corporate operations
 
4,991

 
N/A

 
4,960

 
N/A

Total LOCs
 
$
37,466

 
N/A

 
$
11,411

 
N/A

Warranty reserves
 
 
Year Ended December 31,
 
 
2012
 
2011
Balance, beginning of year
 
$
23,136

 
$
29,265

Additions to reserve from new home deliveries
 
8,047

 
6,692

Warranty claims
 
(9,119
)
 
(10,227
)
Adjustments to pre-existing reserves
 
—

 
(2,594
)
Balance, end of year
 
$
22,064

 
$
23,136