Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 02, 2015 | Jun. 30, 2014 |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FOR | ||
Entity Registrant Name | FORESTAR GROUP INC. | ||
Entity Central Index Key | 1406587 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 33,618,526 | ||
Entity Public Float | $457 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $170,127 | $192,307 |
Real estate, net | 575,756 | 519,464 |
Oil and gas properties and equipment, net | 263,493 | 232,641 |
Investment in unconsolidated ventures | 65,005 | 41,147 |
Timber | 8,315 | 10,947 |
Receivables, net | 24,589 | 39,252 |
Income taxes receivable | 7,503 | 0 |
Prepaid expenses | 6,000 | 5,136 |
Property and equipment, net | 11,627 | 6,112 |
Deferred tax asset, net | 40,624 | 40,398 |
Goodwill and other intangible assets | 66,131 | 66,646 |
Other assets | 19,029 | 18,102 |
TOTAL ASSETS | 1,258,199 | 1,172,152 |
LIABILITIES AND EQUITY | ||
Accounts payable | 20,400 | 21,409 |
Accrued employee compensation and benefits | 8,323 | 5,814 |
Accrued property taxes | 5,966 | 3,822 |
Accrued interest | 3,451 | 2,343 |
Income taxes payable | 0 | 3,876 |
Earnest money deposits | 10,045 | 10,854 |
Other accrued expenses | 35,729 | 26,851 |
Other liabilities | 31,799 | 24,379 |
Debt | 432,744 | 357,407 |
TOTAL LIABILITIES | 548,457 | 456,755 |
COMMITMENTS AND CONTINGENCIES | ||
Forestar Group Inc. shareholders’ equity: | ||
Preferred stock, par value $0.01 per share, 25,000,000 authorized shares, none issued | 0 | 0 |
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 36,946,603 issued at December 31, 2014 and December 31, 2013 | 36,947 | 36,947 |
Additional paid-in capital | 558,945 | 556,676 |
Retained earnings | 167,001 | 150,418 |
Treasury stock, at cost, 3,485,278 shares at December 31, 2014 and 2,199,666 shares at December 31, 2013 | -55,691 | -34,196 |
Total Forestar Group Inc. shareholders’ equity | 707,202 | 709,845 |
Noncontrolling interests | 2,540 | 5,552 |
TOTAL EQUITY | 709,742 | 715,397 |
TOTAL LIABILITIES AND EQUITY | $1,258,199 | $1,172,152 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 36,946,603 | 36,946,603 |
Treasury stock, common shares | 3,485,278 | 2,199,666 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES | |||
Real estate sales and other | $171,672 | $152,684 | $81,459 |
Commercial and income producing properties | 41,440 | 95,327 | 38,656 |
Real estate | 213,112 | 248,011 | 120,115 |
Oil and gas | 84,300 | 72,313 | 44,220 |
Other natural resources | 9,362 | 10,721 | 8,256 |
Total revenues | 306,774 | 331,045 | 172,591 |
EXPENSES | |||
Cost of real estate sales and other | -86,432 | -76,628 | -40,400 |
Cost of commercial and income producing properties | -37,332 | -80,166 | -29,639 |
Cost of oil and gas producing activities | -98,371 | -42,067 | -10,842 |
Cost of other natural resources | -3,006 | -2,033 | -2,995 |
Other operating | -58,683 | -60,359 | -55,213 |
General and administrative | -22,230 | -28,376 | -32,320 |
Total expenses | -306,054 | -289,629 | -171,409 |
GAIN ON SALE OF ASSETS | 38,038 | 5,161 | 25,983 |
OPERATING INCOME | 38,758 | 46,577 | 27,165 |
Equity in earnings of unconsolidated ventures | 8,685 | 8,737 | 14,469 |
Interest expense | -30,286 | -20,004 | -19,363 |
Other non-operating income | 8,588 | 6,959 | 3,621 |
INCOME BEFORE TAXES | 25,745 | 42,269 | 25,892 |
Income tax expense | -8,657 | -7,208 | -8,016 |
Net income | 17,088 | 35,061 | 17,876 |
Less: Net (income) attributable to noncontrolling interests | -505 | -5,740 | -4,934 |
NET INCOME ATTRIBUTABLE TO FORESTAR GROUP INC. | 16,583 | 29,321 | 12,942 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||
Basic (usd per share) | 35,317 | 35,365 | 35,214 |
Diluted (usd per share) | 43,596 | 36,813 | 35,482 |
NET INCOME PER COMMON SHARE | |||
Basic (usd per share) | $0.38 | $0.81 | $0.37 |
Diluted (usd per share) | $0.38 | $0.80 | $0.36 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO FORESTAR GROUP INC. | $16,583 | $29,321 | $12,942 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data | ||||||
Beginning Balances at Dec. 31, 2011 | $511,212 | $36,836 | $398,517 | ($33,982) | $108,155 | $1,686 |
Beginning Balances, Shares at Dec. 31, 2011 | 36,835,732 | -2,212,876 | ||||
Net income | 17,876 | 12,942 | 4,934 | |||
Distributions to noncontrolling interest | -3,694 | -3,694 | ||||
Contributions from noncontrolling interest | 1,133 | 1,133 | ||||
Issuances of common stock, Shares | 18,469 | |||||
Issuances of common stock, Value | 0 | 19 | -19 | |||
Issuances of restricted stock, Shares | 27,934 | |||||
Issuances of restricted stock, Value | 300 | -129 | 429 | |||
Issuances from exercises of stock options, net of swaps, Shares | 92,402 | 11,372 | ||||
Issuances from exercises of stock options, net of swaps, Value | 1,159 | 92 | 899 | 168 | ||
Shares withheld for payroll taxes, Shares | -59,603 | |||||
Shares withheld for payroll taxes, Value | -968 | -968 | ||||
Shares repurchased, Shares | -94,450 | |||||
Shares repurchased, Value | -1,409 | -1,409 | ||||
Share-based compensation | 7,572 | 7,572 | ||||
Tax benefit from exercise of restricted stock units and stock options and vested restricted stock | 366 | 366 | ||||
Ending Balances at Dec. 31, 2012 | 533,547 | 36,947 | 407,206 | -35,762 | 121,097 | 4,059 |
Ending Balances, Shares at Dec. 31, 2012 | 36,946,603 | -2,327,623 | ||||
Net income | 35,061 | 29,321 | 5,740 | |||
Distributions to noncontrolling interest | -7,269 | -7,269 | ||||
Contributions from noncontrolling interest | 3,022 | 3,022 | ||||
Issuances of restricted stock, Shares | 7,298 | |||||
Issuances of restricted stock, Value | 2,871 | 2,721 | 150 | |||
Convertible note issuance proceeds, net of issuance costs and taxes | 17,058 | 17,058 | ||||
TEU issuance proceeds, net of issuance costs - 6,000,000 units | 120,335 | 120,335 | ||||
Issuances from exercises of stock options, net of swaps, Shares | 189,864 | |||||
Issuances from exercises of stock options, net of swaps, Value | 2,106 | -449 | 2,555 | |||
Shares withheld for payroll taxes, Shares | -59,219 | -59,219 | ||||
Shares withheld for payroll taxes, Value | -1,137 | -8 | -1,129 | |||
Forfeitures of restricted stock, Shares | -9,986 | |||||
Forfeitures of restricted stock, Value | 0 | 10 | -10 | |||
Share-based compensation | 9,911 | 9,911 | ||||
Tax benefit from exercise of restricted stock units and stock options and vested restricted stock | -108 | -108 | ||||
Ending Balances at Dec. 31, 2013 | 715,397 | 36,947 | 556,676 | -34,196 | 150,418 | 5,552 |
Ending Balances, Shares at Dec. 31, 2013 | 36,946,603 | -2,199,666 | ||||
Net income | 17,088 | 16,583 | 505 | |||
Distributions to noncontrolling interest | -4,171 | -4,171 | ||||
Noncontrolling Interest, Increase from Business Combination | -2,585 | -2,585 | ||||
Dissolution of noncontrolling interests | 1,342 | 1,342 | ||||
Purchase of noncontrolling interests, net | -6,242 | -2,969 | -3,273 | |||
Issuances of common stock, Shares | 164,914 | |||||
Issuances of common stock, Value | 0 | -2,567 | 2,567 | |||
Issuances from exercises of stock options, net of swaps, Shares | 105,885 | |||||
Issuances from exercises of stock options, net of swaps, Value | 1,206 | -376 | 1,582 | |||
Shares withheld for payroll taxes, Shares | -55,238 | -55,238 | ||||
Shares withheld for payroll taxes, Value | -1,043 | -4 | -1,039 | |||
Shares repurchased, Shares | -1,491,187 | -1,491,187 | ||||
Shares repurchased, Value | -24,595 | -24,595 | ||||
Forfeitures of restricted stock, Shares | -9,986 | |||||
Forfeitures of restricted stock, Value | 0 | 10 | -10 | |||
Share-based compensation | 8,033 | 8,033 | ||||
Tax benefit from exercise of restricted stock units and stock options and vested restricted stock | 142 | 142 | ||||
Ending Balances at Dec. 31, 2014 | $709,742 | $36,947 | $558,945 | ($55,691) | $167,001 | $2,540 |
Ending Balances, Shares at Dec. 31, 2014 | 36,946,603 | -3,485,278 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (6% Tangible Equity Units [Member]) | 0 Months Ended |
Nov. 27, 2013 | |
Unit | |
6% Tangible Equity Units [Member] | |
Units issued | 6,000,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated net income | $17,088,000 | $35,061,000 | $17,876,000 |
Adjustments: | |||
Depreciation, depletion and amortization | 41,715,000 | 29,980,000 | 18,926,000 |
Change in deferred income taxes | 1,645,000 | 5,389,000 | -6,506,000 |
Change in unrecognized tax benefits | 0 | -6,251,000 | 151,000 |
Equity in (earnings) loss of unconsolidated ventures | -8,685,000 | -8,737,000 | -14,469,000 |
Distributions of earnings of unconsolidated ventures | 5,721,000 | 6,360,000 | 3,251,000 |
Proceeds from consolidated ventures’ sale of assets, net | 0 | 0 | 24,294,000 |
Share-based compensation | 3,417,000 | 16,809,000 | 14,929,000 |
Real estate cost of sales | 84,665,000 | 104,899,000 | 39,360,000 |
Dry hole and unproved leasehold impairment costs | 29,528,000 | 5,837,000 | 1,069,000 |
Real estate development and acquisition expenditures, net | -114,694,000 | -106,609,000 | -91,940,000 |
Reimbursements from utility and improvement districts | 66,047,000 | 9,945,000 | 8,524,000 |
Other changes in real estate | 3,537,000 | 3,146,000 | 1,384,000 |
Changes in deferred income | 143,000 | -2,246,000 | 1,070,000 |
Asset impairments | 15,934,000 | 1,790,000 | 0 |
Gain on sale of assets | -38,038,000 | -5,161,000 | -25,983,000 |
Other | 2,207,000 | 1,491,000 | -21,000 |
Changes in: | |||
Notes and accounts receivables | 10,704,000 | -3,864,000 | -1,132,000 |
Prepaid expenses and other | 2,180,000 | -795,000 | -2,560,000 |
Accounts payable and other accrued liabilities | -4,653,000 | -1,557,000 | -2,527,000 |
Income taxes | -11,379,000 | 3,290,000 | -7,914,000 |
Net cash provided by (used for) operating activities | 107,082,000 | 88,777,000 | -22,218,000 |
Statement [Line Items] | |||
Property, equipment, software, reforestation and other | -16,398,000 | -11,828,000 | -2,735,000 |
Oil and gas properties and equipment | -101,145,000 | -96,069,000 | -21,416,000 |
Acquisition of partner's interest in unconsolidated multifamily venture, net of cash | -20,155,000 | ||
Acquisition of oil and gas properties | -1,100,000 | 0 | 0 |
Investment in unconsolidated ventures | -14,692,000 | -857,000 | -2,318,000 |
Proceeds from sale of assets | 21,962,000 | 1,333,000 | 0 |
Return of investment in unconsolidated ventures | 1,797,000 | 3,494,000 | 12,654,000 |
Business acquisition, net of cash acquired | 0 | 0 | -152,915,000 |
Proceeds from sale of multifamily property | 0 | 0 | 29,474,000 |
Proceeds from sale of venture interest | 0 | 0 | 32,095,000 |
Other | 0 | 0 | 42,000 |
Net cash (used for) investing activities | -129,731,000 | -103,927,000 | -105,119,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of convertible senior notes, net | 0 | 120,795,000 | 0 |
Proceeds from issuance of senior secured notes, net | 241,947,000 | 0 | 0 |
Proceeds from issuance of tangible equity units, net | 0 | 144,998,000 | 0 |
Payments of debt | -225,481,000 | -106,076,000 | -74,226,000 |
Additions to debt | 22,593,000 | 43,911,000 | 203,642,000 |
Deferred financing fees | -3,217,000 | -438,000 | -5,883,000 |
Distributions to noncontrolling interests, net | -3,146,000 | -7,154,000 | -3,266,000 |
Purchase of noncontrolling interests | -7,971,000 | 0 | 0 |
Exercise of stock options | 1,206,000 | 2,106,000 | 1,159,000 |
Repurchases of common stock | -24,595,000 | 0 | -1,409,000 |
Payroll taxes on restricted stock and stock options | -1,043,000 | -1,137,000 | -968,000 |
Excess income tax benefit from share-based compensation | 176,000 | 91,000 | 366,000 |
Net cash provided by financing activities | 469,000 | 197,096,000 | 119,415,000 |
Net (decrease) increase in cash and cash equivalents | -22,180,000 | 181,946,000 | -7,922,000 |
Cash and cash equivalents at beginning of year | 192,307,000 | 10,361,000 | 18,283,000 |
Cash and cash equivalents at year-end | 170,127,000 | 192,307,000 | 10,361,000 |
Cash paid during the year for: | |||
Interest | 22,936,000 | 13,818,000 | 12,820,000 |
Income taxes | 18,322,000 | 4,955,000 | 21,678,000 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION: | |||
Capitalized interest | 1,154,000 | 816,000 | 721,000 |
Noncontrolling interests | 2,904,000 | 2,907,000 | 1,032,000 |
Multi Family Property [Member] | |||
Statement [Line Items] | |||
Acquisition of partner's interest in unconsolidated multifamily venture, net of cash | $0 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||
Basis of Presentation | ||||||||||
Our consolidated financial statements include the accounts of Forestar Group Inc., all subsidiaries, ventures and other entities in which we have a controlling interest. We account for our investment in other entities in which we have significant influence over operations and financial policies using the equity method (we recognize our share of the entities’ income or loss and any preferential returns and treat distributions as a reduction of our investment). We eliminate all material intercompany accounts and transactions. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. | ||||||||||
We prepare our financial statements in accordance with generally accepted accounting principles in the United States, which require us to make estimates and assumptions about future events. Actual results can, and probably will, differ from those we currently estimate. Examples of significant estimates include those related to allocating costs to real estate, measuring long-lived assets for impairment, oil and gas revenue accruals, capital expenditure and lease operating expense accruals associated with our oil and gas production activities, oil and gas reserves and depletion of our oil and gas properties. | ||||||||||
Cash and Cash Equivalents | ||||||||||
Cash and cash equivalents include cash and other short-term instruments with original maturities of three months or less. At year-end 2014 and 2013, restricted cash was $217,000 and $3,954,000 and is included in other assets. | ||||||||||
Cash Flows | ||||||||||
Expenditures for the acquisition and development of single-family and multifamily real estate are classified as operating activities. Expenditures for the acquisition of stabilized income producing properties, investment in oil and gas properties and equipment, and business acquisitions are classified as investing activities. Our accrued capital expenditures for unproved leasehold acquisitions and drilling and completion costs at year-end 2014 and 2013 were $19,405,000 and $12,976,000 and are included in other accrued expenses in our consolidated balance sheets. These oil and gas property additions will be reflected as cash used for investing activities in the period the accrued payables are settled. | ||||||||||
Capitalized Software | ||||||||||
We capitalize purchased software costs as well as the direct internal and external costs associated with software we develop for our own use. We amortize these capitalized costs using the straight-line method over estimated useful lives generally ranging from three to five years. The carrying value of capitalized software was $1,188,000 at year-end 2014 and $1,544,000 at year-end 2013 and is included in other assets. The amortization of these capitalized costs was $1,067,000 in 2014, $1,593,000 in 2013 and $1,320,000 in 2012 and is included in general and administrative and operating expenses. | ||||||||||
Environmental and Asset Retirement Obligations | ||||||||||
We recognize environmental remediation liabilities on an undiscounted basis when environmental assessments or remediation are probable and we can reasonably estimate the cost. We adjust these liabilities as further information is obtained or circumstances change. Our asset retirement obligations are related to the abandonment and site restoration requirements that result from the acquisition, construction and development of our oil and gas properties. We record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Accretion expense related to the asset retirement obligation and depletion expense related to capitalized asset retirement cost is included in cost of oil and gas producing activities on our consolidated statements of income. | ||||||||||
The following summarizes the changes in asset retirement obligations: | ||||||||||
Year-End | ||||||||||
2014 | 2013 | |||||||||
(In thousands) | ||||||||||
Beginning balance | $ | 1,483 | $ | 1,360 | ||||||
Additions | 314 | 29 | ||||||||
Property dispositions | (230 | ) | — | |||||||
Change in estimate | 118 | — | ||||||||
Accretion expense | 122 | 94 | ||||||||
$ | 1,807 | $ | 1,483 | |||||||
Fair Value Measurements | ||||||||||
Financial instruments for which we did not elect the fair value option include cash and cash equivalents, accounts and notes receivables, other assets, long-term debt, accounts payable and other liabilities. With the exception of long-term notes receivable and debt, the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates. | ||||||||||
Goodwill and Other Intangible Assets | ||||||||||
We record goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. We do not amortize goodwill or other indefinite lived intangible assets. Instead, we measure these assets for impairment based on the estimated fair values at least annually or more frequently if impairment indicators exist. We perform the annual impairment measurement in the fourth quarter of each year. Intangible assets with finite useful lives are amortized over their estimated useful lives. | ||||||||||
In 2014, we performed our annual goodwill impairment evaluation and concluded that goodwill was not impaired as the estimated fair value exceeded the carrying value. | ||||||||||
Income Taxes | ||||||||||
We provide deferred income taxes using current tax rates for temporary differences between the financial accounting carrying value of assets and liabilities and their tax accounting carrying values. We recognize and value income tax exposures for the various taxing jurisdictions where we operate based on laws, elections, commonly accepted tax positions, and management estimates. We include tax penalties and interest in income tax expense. We provide a valuation allowance for any deferred tax asset that is not likely to be recoverable in future periods. | ||||||||||
When we believe a tax position is supportable but the outcome uncertain, we include the item in our tax return but do not recognize the related benefit in our provision for taxes. Instead, we record a reserve for unrecognized tax benefits, which represents our expectation of the most likely outcome considering the technical merits and specific facts of the position. Changes to liabilities are only made when an event occurs that changes the most likely outcome, such as settlement with the relevant tax authority, expiration of statutes of limitations, changes in tax law, or recent court rulings. | ||||||||||
Owned Mineral Interests | ||||||||||
When we lease our mineral interests to third-party exploration and production entities, we retain a royalty interest and may take an additional participation in production, including a working interest. Mineral interests and working interests related to our owned mineral interests are included in oil and gas properties and equipment on our balance sheet, net of accumulated depletion. | ||||||||||
Oil and Gas Properties | ||||||||||
We use the successful efforts method of accounting for our oil and gas producing activities. Costs to acquire mineral interests leased, costs to drill and complete development of oil and gas wells and related asset retirement costs are capitalized. Costs to drill exploratory wells are capitalized pending determination of whether the wells have proved reserves and if determined incapable of producing commercial quantities of oil and gas these costs are expensed as dry hole costs. As of year-end 2014, we have $8,575,000 in capitalized exploratory well costs pending determination of proved reserves, none of which have been capitalized for a period greater than one year. Exploration costs include dry hole costs, geological and geophysical costs, expired unproved leasehold costs and seismic studies, and are expensed as incurred. Production costs incurred to maintain wells and related equipment are charged to expense as incurred. | ||||||||||
Depreciation and depletion of producing oil and gas properties is calculated using the units-of-production method. Proved developed reserves are used to compute unit rates for unamortized tangible and intangible drilling and completion costs. Proved reserves are used to compute unit rates for unamortized acquisition of proved leasehold costs. Unit-of-production amortization rates are revised whenever there is an indication of the need for revision but at least once a year and those revisions are accounted for prospectively as changes in accounting estimates. | ||||||||||
Impairment of Oil and Gas Properties | ||||||||||
We evaluate our oil and gas properties, including facilities and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. We estimate the expected undiscounted future cash flows of our oil and gas properties and compare such undiscounted future cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, we will adjust the carrying amount of the oil and gas properties to fair value. The factors used to determine fair value are subject to our judgment and expertise and include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows, net of estimated operating and development costs using estimates of proved reserves, future commodity pricing, future production estimates, anticipated capital expenditures, and various discount rates commensurate with the risk and current market conditions associated with realizing the expected cash flows projected. Because of the uncertainty inherent in these factors, we cannot predict when or if future impairment charges for proved properties will be recorded. | ||||||||||
The assessment of unproved leasehold properties to determine any possible impairment requires significant judgment. We assess our unproved leasehold properties periodically for impairment on a property-by-property basis based on remaining lease terms, drilling results or future plans to develop acreage. Impairment expense for proved and unproved oil and gas properties are included in costs of oil and gas producing activities. | ||||||||||
Operating Leases | ||||||||||
We occupy office space in various locations under operating leases. The lease agreements may contain rent escalation clauses, construction allowances and/or contingent rent provisions. We expense operating leases ratably over the shorter of the useful life or the lease term. For scheduled rent escalation clauses, we recognize the base rent expense on a straight-line basis and record the difference between the recognized rent expense and the amounts payable under the lease as deferred lease credits included in other liabilities in the consolidated balance sheets. Deferred lease credits are amortized over the lease term. For construction allowances, we record leasehold improvement assets included in property and equipment in the consolidated balance sheets amortized over the shorter of their economic lives or the lease term. The related deferred lease credits are amortized as a reduction of rent expense over the lease term. | ||||||||||
Property and Equipment | ||||||||||
We carry property and equipment at cost less accumulated depreciation. We capitalize the cost of significant additions and improvements, and we expense the cost of repairs and maintenance. We capitalize interest costs incurred on major construction projects. We depreciate these assets using the straight-line method over their estimated useful lives as follows: | ||||||||||
Estimated | Carrying | |||||||||
Value Year-End | ||||||||||
Useful Lives | 2014 | 2013 | ||||||||
(In thousands) | ||||||||||
Buildings and building improvements | 10 to 40 years | $ | 4,461 | $ | 4,111 | |||||
Property and equipment | 2 to 10 years | 14,084 | 8,240 | |||||||
18,545 | 12,351 | |||||||||
Less: accumulated depreciation | (6,918 | ) | (6,239 | ) | ||||||
$ | 11,627 | $ | 6,112 | |||||||
Depreciation expense of property and equipment was $903,000 in 2014, $1,028,000 in 2013 and $962,000 in 2012. | ||||||||||
Real Estate | ||||||||||
We carry real estate at the lower of cost or fair value less cost to sell. We capitalize interest costs once development begins, and we continue to capitalize throughout the development period. We also capitalize infrastructure, improvements, amenities, and other development costs incurred during the development period. We determine the cost of real estate sold using the relative sales value method. When we sell real estate from projects that are not finished, we include in the cost of real estate sold estimates of future development costs through completion, allocated based on relative sales values. These estimates of future development costs are reevaluated at least annually, with any adjustments being allocated prospectively to the remaining units available for sale. We receive cash deposits from home builders for purchases of real estate community development projects. These earnest money deposits are released to the home builders as lots are developed and sold. | ||||||||||
Income producing properties are carried at cost less accumulated depreciation computed using the straight-line method over their estimated useful lives. | ||||||||||
We have agreements with utility or improvement districts, principally in Texas, whereby we agree to convey to the district's water, sewer and other infrastructure-related assets we have constructed in connection with projects within their jurisdiction. The reimbursement for these assets ranges from 70 to 100 percent of allowable cost as defined by the district. The transfer is consummated and we receive payment when the districts have a sufficient tax base to support funding of their bonds. The cost we incur in constructing these assets is included in capitalized development costs, and upon collection, we remove the assets from capitalized development costs. We provide an allowance to reflect our past experiences related to claimed allowable development costs. | ||||||||||
Impairment of Real Estate Long-Lived Assets | ||||||||||
We review real estate long-lived assets held for use for impairment when events or circumstances indicate that their carrying value may not be recoverable. Impairment exists if the carrying amount of the long-lived asset is not recoverable from the undiscounted cash flows expected from its use and eventual disposition. We determine the amount of the impairment loss by comparing the carrying value of the long-lived asset to its estimated fair value. In the absence of quoted market prices, we determine estimated fair value generally based on the present value of future probability weighted cash flows expected from the sale of the long-lived asset. Non-cash impairment charges related to our owned and consolidated real estate assets are included in cost of real estate sales and other. | ||||||||||
Reclassifications | ||||||||||
In 2014, we have reclassified prior years' earnest money deposits that were included in other accrued expenses and other liabilities on our consolidated balance sheets as a separate line item to conform to the current year presentation. | ||||||||||
Revenue | ||||||||||
Real Estate | ||||||||||
We recognize revenue from sales of real estate when a sale is consummated, the buyer’s initial investment is adequate, any receivables are probable of collection, the usual risks and rewards of ownership have been transferred to the buyer, and we do not have significant continuing involvement with the real estate sold. If we determine that the earnings process is not complete, we defer recognition of any gain until earned. We recognize revenue from hotel room sales and other guest services when rooms are occupied and other guest services have been rendered. We recognize revenue from our multifamily properties when payments are due from residents, generally on a monthly basis. | ||||||||||
We recognize construction revenues on multifamily projects that we develop as a general contractor. Construction revenues are recognized as costs are incurred plus fixed fee earned. We are reimbursed for costs paid to subcontractors plus we may earn a development and construction management fee on multifamily projects we develop, both of which are included in commercial and income producing properties revenue. On multifamily projects where our fee is based on a fixed fee plus guaranteed maximum price contract, any cost overruns incurred during construction, as compared to the original budget, will reduce the net fee generated on these projects. Any excess cost overruns estimated over the net fee generated are recognized in the period in which they become evident. | ||||||||||
We exclude from revenue amounts we collect from utility or improvement districts related to the conveyance of water, sewer and other infrastructure related assets. We also exclude from revenue amounts we collect for timber sold on land being developed. These proceeds reduce capitalized development costs. We exclude from revenue amounts we collect from customers that represent sales tax or other taxes that are based on the sale. These amounts are included in other accrued expenses until paid. | ||||||||||
Oil and Gas | ||||||||||
We recognize revenue as oil and gas is produced and sold. There are a significant amount of oil and gas properties which we do not operate and, therefore, revenue is typically recorded in the month of production based on an estimate of our share of volumes produced and prices realized. We obtain the most current available production data from the operators and price indices for each well to estimate the accrual of revenue. Obtaining production data on a timely basis for some wells is not feasible; therefore we utilize past production receipts and estimated sales price information to estimate accrual of working interest revenue on all other non-operated wells each month. Revisions to such estimates are recorded as actual results become known. We review accounts receivable periodically and reduce the carrying amount by a valuation allowance that reflects our best estimate of the amount that may not be collectible. No such allowance was considered necessary at December 31, 2014 or 2013. | ||||||||||
A majority of our sales are made under contractual arrangements with terms that are considered to be usual and customary in the oil and gas industry. The contracts are for periods of up to five years with prices determined upon a percentage of pre-determined and published monthly index price. The terms of these contracts have not had an effect on how we recognize revenue. | ||||||||||
We recognize revenue from mineral bonus payments received as a result of leasing our owned mineral interests to others when we have received an executed agreement with the exploration company transferring the rights to any oil or gas it may find and requiring drilling be done within a specified period, the payment has been collected, and we have no obligation to refund the payment. We recognize revenue from delay rentals received if drilling has not started within the specified period and when the payment has been collected. We recognize revenue from mineral royalties when the minerals have been delivered to the buyer, the value is determinable, and we are reasonably sure of collection. | ||||||||||
Other Natural Resources | ||||||||||
We recognize revenue from timber sales upon passage of title, which occurs at delivery; when the price is fixed and determinable; and we are reasonably sure of collection. We recognize revenue from recreational leases on the straight-line basis over the lease term. We recognize revenue from the sale of water rights or groundwater reservation agreements upon receipt of an executed agreement and payment has been collected and all conditions to the agreement have been met and we have no further performance obligations to meet. The water delivery revenues will be recognized as water is being delivered and metered at the delivery point. | ||||||||||
Share-Based Compensation | ||||||||||
We use the Black-Scholes option pricing model for stock options, Monte Carlo simulation pricing model for market-leveraged stock units, grant date fair value for equity-settled awards and period-end fair value for cash-settled awards. We expense share-based awards ratably over the vesting period or earlier based on retirement eligibility. | ||||||||||
Timber | ||||||||||
We carry timber at cost less the cost of timber cut. We expense the cost of timber cut based on the relationship of the timber carrying value to the estimated volume of recoverable timber multiplied by the amount of timber cut. We include the cost of timber cut in cost of other natural resources in the income statement. We determine the estimated volume of recoverable timber using statistical information and other data related to growth rates and yields gathered from physical observations, models and other information gathering techniques. Changes in yields are generally due to adjustments in growth rates and similar matters and are accounted for prospectively as changes in estimates. We capitalize reforestation costs incurred in developing viable seedling plantations (up to two years from planting), such as site preparation, seedlings, planting, fertilization, insect and wildlife control, and herbicide application. We expense all other costs, such as property taxes and costs of forest management personnel, as incurred. Once the seedling plantation is viable, we expense all costs to maintain the viable plantations, such as fertilization, herbicide application, insect and wildlife control, and thinning, as incurred. | ||||||||||
We own directly or through ventures about 102,000 acres of timber, primarily in Georgia. The non-cash cost of timber cut and sold is $371,000 in 2014, $609,000 in 2013 and $1,220,000 in 2012 and is included in depreciation, depletion and amortization in our statement of cash flows. |
New_and_Pending_Accounting_Pro
New and Pending Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New and Pending Accounting Pronouncements | Accounting Standards Adopted in 2014 |
In 2014, we adopted ASU 2013-04 — Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, ASU 2014-12 — Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period and ASU 2014-17 — Business Combinations (Topic 805): Pushdown Accounting. Adoption did not materially affect our earnings, financial position or disclosures. | |
We also adopted ASU 2014-08 — Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new and expanded disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The Company adopted the updated standard in second quarter 2014. As a result, certain asset disposals were not considered discontinued operations, due to the higher threshold under the updated standard, but that would have qualified as discontinued operations under the previous guidance. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||
Carrying value of goodwill and other intangible assets follows: | ||||||||
Year-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Goodwill | $ | 63,423 | $ | 64,493 | ||||
Identified intangibles, net | 2,708 | 2,153 | ||||||
$ | 66,131 | $ | 66,646 | |||||
Goodwill related to oil and gas properties is $59,549,000 and $60,619,000 at year-end 2014 and 2013. Goodwill associated with our water resources company acquired in 2010 is $3,874,000 at year-end 2014 and 2013. The change in goodwill for oil and gas properties is related to goodwill allocated to properties sold in 2014. | ||||||||
Identified intangibles include $1,681,000 in indefinite lived groundwater leases associated with a water resources company acquired in 2010, $649,000 related to in-place tenant leases with definite lives associated with the purchase of our partner's interest in the Eleven venture and $378,000 related to patents with definite lives associated with the Calliope Gas Recovery System, a process to increase natural gas production. |
Real_Estate
Real Estate | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Real Estate [Abstract] | ||||||||
Real Estate | Real Estate | |||||||
Real estate consists of: | ||||||||
At Year-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Entitled, developed and under development projects | $ | 321,273 | $ | 361,687 | ||||
Undeveloped land (includes land in entitlement) | 93,182 | 86,367 | ||||||
Commercial and income producing properties | ||||||||
Carrying value | 192,678 | 99,476 | ||||||
Accumulated depreciation | (31,377 | ) | (28,066 | ) | ||||
Net carrying value | 161,301 | 71,410 | ||||||
$ | 575,756 | $ | 519,464 | |||||
Our estimated cost of assets we expect to convey to utility and improvement districts were $65,212,000 in 2014 and $62,183,000 in 2013, which includes $31,913,000 at year-end 2014 and $41,795,000 at year-end 2013 related to our Cibolo Canyons project near San Antonio. These costs relate to water, sewer and other infrastructure assets we have submitted or will submit to utility or improvement districts for approval and reimbursement. We submitted for reimbursement to these districts $7,118,000 in 2014 and $17,923,000 in 2013. We collected $15,497,000 from these districts in 2014, of which $9,883,000 is related to our Cibolo Canyons project and was accounted for as a reduction of our investment in the mixed-use development. We collected $5,545,000 from these districts in 2013, of which $600,000 related to our Cibolo Canyons project. We expect to collect the remaining amounts billed when these districts achieve adequate tax bases to support payment. | ||||||||
In 2014, we received $50,550,000 from CCSID under 2007 economic development agreements (EDA) related to development of the JW Marriott® Hill Country Resort & Spa (Resort) at our Cibolo Canyons project near San Antonio, of which $46,500,000 was related to CCSID's issuance of $48,900,000 Hotel Occupancy Tax (HOT) and Sales and Use Tax Revenue Bonds. These bonds are obligations solely of CCSID and are payable from HOT and sales and use taxes levied on the Resort by CCSID. To facilitate the issuance of the bonds, we provided a $6,846,000 letter of credit to the bond trustee as security for certain debt service fund obligations in the event CCSID tax collections are not sufficient to support payment of the bonds in accordance with their terms. The letter of credit must be maintained until the earlier of redemption of the bonds or scheduled bond maturity in 2034. We also entered into an agreement with San Antonio Real Estate (SARE), owner of the Resort, to assign SARE’s senior rights under the EDA to us in exchange for consideration provided by us, including a surety bond to be drawn if CCSID tax collections are not sufficient to support ad valorem tax rebates payable to SARE. The surety bond has a balance of $9,010,000 at year-end 2014. The surety bond will decrease as CCSID makes annual ad valorem tax rebate payments to SARE, which obligation is scheduled to be retired in full by 2020. As a result of these transactions, we recorded a gain of $6,577,000 after recovery of our full resort investment of $24,067,000, which was included in entitled, developed and under development projects. In 2013, we received $4,400,000 from CCSID from hotel occupancy and sales revenues collected as taxes by CCSID. | ||||||||
In 2014, undeveloped land increased due to a non-monetary exchange of leasehold timber rights on approximately 10,300 acres for 5,400 acres of undeveloped land with a partner in a consolidated venture, in which we recorded a $10,476,000 gain. | ||||||||
In 2014, we acquired full ownership in CJUF III, RH Holdings LP partnership (the Eleven venture), owner of a 257-unit multifamily project in Austin in which we previously held a 25 percent interest, for $21,500,000. The acquisition-date fair value was $55,275,000, including debt of $23,936,000. Our investment in the Eleven venture prior to acquiring our partner’s interest was $2,229,000. We accounted for this transaction as a business combination achieved in stages and as a result, we remeasured our equity method investment in the Eleven venture to its acquisition-date fair value of $9,839,000 and recognized the resulting gain of $7,610,000 in real estate segment earnings. At acquisition, we recorded additions to real estate commercial and income producing properties of $53,917,000 and other assets of $992,000 primarily consisting of in-place tenant leases of $865,000. In addition, we recorded a working capital deficit of $979,000 and debt of $23,936,000. | ||||||||
In 2014, the increase in commercial and income producing properties was principally due to the Eleven multifamily project which is now wholly-owned after acquisition of our partner's interest in the Eleven venture and $26,110,000 from acquisition of three multifamily development sites. At year-end 2014, commercial and income producing properties represents our $53,382,000 investment in our 257-unit multifamily property in Austin, our investment in a 413 guest room hotel in Austin with a carrying value of $30,712,000, our $33,062,000 investment in our 354-unit multifamily property in Dallas and our investment in multifamily development sites located in Austin, Charlotte, and Nashville with a combined carrying value of $44,145,000. | ||||||||
As a general contractor on guaranteed maximum price contracts associated with two multifamily venture properties, we recognized charges of $5,111,000 in 2014 and $554,000 in 2013 related to cost overruns. | ||||||||
We recognized non-cash asset impairment charges of $399,000 in 2014 associated with two owned and consolidated entitled projects. We had $1,790,000 non-cash impairment charges in 2013 associated with a master-planned community and golf club near Dallas. We had no non-cash asset impairment charges in 2012. | ||||||||
Depreciation expense related to income producing properties was $3,319,000 in 2014, $2,507,000 in 2013 and $3,640,000 in 2012 and is included in other operating expense. |
Oil_and_Gas_Properties_Notes
Oil and Gas Properties (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Oil and Gas Properties [Abstract] | ||||||||
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block] | Oil and Gas Properties and Equipment, net | |||||||
Net capitalized costs, utilizing the successful efforts method of accounting, related to our oil and gas producing activities are as follows: | ||||||||
At Year-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Unproved oil and gas properties | $ | 90,446 | $ | 100,320 | ||||
Proved oil and gas properties | 221,299 | 155,262 | ||||||
Total costs | 311,745 | 255,582 | ||||||
Less accumulated depreciation, depletion and amortization | (48,252 | ) | (22,941 | ) | ||||
$ | 263,493 | $ | 232,641 | |||||
We review unproved oil and gas properties for impairment based on our current exploration plans and proved oil and gas properties by comparing the expected undiscounted future cash flows at a producing field level to the unamortized capitalized cost of the asset. | ||||||||
In 2014, we recognized non-cash impairment charges on our unproved leasehold interests of $17,130,000 and on our proved properties of $15,535,000 compared to $473,000 of non-cash impairment charges on our unproved leasehold interests in 2013 principally due to the significant decline in oil prices. Impairment charges are included in cost of oil and gas producing activities on our income statement. | ||||||||
Asset Sales | ||||||||
In 2014, we sold certain non-strategic assets and recorded gains of $8,526,000 related to the sale of approximately 650 net mineral acres leased from others in North Dakota and the sale of 124 gross (18 net) producing oil and gas wells primarily in Oklahoma. Total proceeds received were $17,660,000. |
Investment_in_Unconsolidated_V
Investment in Unconsolidated Ventures | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Ventures | Investment in Unconsolidated Ventures | |||||||||||||||||||||||||||||||||||
At year-end 2014, we had ownership interests in 15 ventures that we account for using the equity method. | ||||||||||||||||||||||||||||||||||||
In 2014, we formed three new multifamily unconsolidated ventures: | ||||||||||||||||||||||||||||||||||||
•FMF Littleton LLC was formed with AIGGRE Littleton Common Investor LLC (AIGGRE) to develop a 385-unit multifamily property in Littleton, Colorado. We own a 25 percent interest and AIGGRE owns the remaining 75 percent interest. We contributed $4,900,000 of land and pre-development costs to the venture, net of $9,852,000 of reimbursements received from the venture for land and pre-development costs we previously incurred. The venture obtained a senior secured construction loan in the amount of $46,384,000 that bears interest at 30-day LIBOR plus 1.90% payable monthly, of which none was outstanding at year-end 2014. We provided the lender a construction completion guaranty; a guaranty of repayment of 25 percent of the principal balance and unpaid accrued interest; and a nonrecourse carve-out guaranty. The principal guaranty will reduce from 25 percent of principal to 10 percent upon achievement of certain conditions. At year-end 2014, our investment in this venture is $6,287,000. | ||||||||||||||||||||||||||||||||||||
•CREA FMF Nashville LLC was formed with Massachusetts Mutual Life Insurance Co. (MassMutual) to develop a 320-unit multifamily property in Nashville, Tennessee. We own a 30 percent interest and MassMutual owns the remaining 70 percent interest. We contributed $5,897,000 of land and pre-development costs to the venture, net of $7,191,000 of reimbursements received from the venture for pre-development costs we previously incurred. The venture obtained a senior secured construction loan in the amount of $51,950,000 that bears interest at 30-day LIBOR plus 2.50% per annum, of which $29,660,000 was outstanding at year-end 2014. MassMutual is obligated to make a capital contribution to the venture in an amount equal to its equity commitment under the construction loan in an amount not to exceed $14,220,000. Such capital contribution shall be paid upon the earlier of (i) March 17, 2015 (ii) two months after the issuance of final certificates of occupancy with respect to the entire project, or (iii) ten business days after the date on which the long-term credit rating of MassMutual is less than AA- from Standard & Poor's or A1 from Moody's. We provided the lender a construction completion guaranty; a guaranty of repayment of 25 percent of the principal balance and unpaid accrued interest; and a nonrecourse carve-out guaranty. The principal guaranty will reduce from 25 percent of principal to zero upon achievement of certain conditions. At year-end 2014, our investment in this venture is $5,516,000. | ||||||||||||||||||||||||||||||||||||
•Elan 99, LLC was formed with GS Elan 99 Holdings, LLC (Greystar) to develop a 360-unit multifamily property in Katy, Texas. We own a 90 percent non-managing member interest and Greystar owns the remaining 10 percent managing member interest. We contributed $8,757,000 in cash to the venture. The venture obtained a senior secured construction loan in the amount of $37,275,000 that bears interest at LIBOR plus 2.50% per annum which reduces to 2.30% upon meeting a debt coverage ratio test, of which $1,000 was outstanding at year-end 2014. Greystar will act as the guarantor for the construction loan as a developer and general contractor for the benefit of the Elan 99, LLC venture and Forestar as the investor member. At year-end 2014, our investment in this venture is $8,679,000. | ||||||||||||||||||||||||||||||||||||
Combined summarized balance sheet information for our ventures accounted for using the equity method follows: | ||||||||||||||||||||||||||||||||||||
Venture Assets | Venture Borrowings(a) | Venture Equity | Our Investment | |||||||||||||||||||||||||||||||||
At Year-End | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
242, LLC(b) | $ | 33,021 | $ | 23,751 | $ | 6,940 | $ | 921 | $ | 21,789 | $ | 19,838 | $ | 10,098 | $ | 9,084 | ||||||||||||||||||||
CJUF III, RH Holdings(c) | — | 36,320 | — | 18,492 | — | 15,415 | — | 3,235 | ||||||||||||||||||||||||||||
CL Ashton Woods, LP(d) | 13,269 | 10,473 | — | — | 11,453 | 9,704 | 6,015 | 3,544 | ||||||||||||||||||||||||||||
CL Realty, LLC | 7,960 | 8,298 | — | — | 7,738 | 8,070 | 3,869 | 4,035 | ||||||||||||||||||||||||||||
CREA FMF Nashville LLC(b) | 40,014 | — | 29,660 | — | 5,987 | — | 5,516 | — | ||||||||||||||||||||||||||||
Elan 99, LLC | 10,070 | — | 1 | — | 9,643 | — | 8,679 | — | ||||||||||||||||||||||||||||
FMF Littleton LLC | 26,953 | — | — | — | 24,435 | — | 6,287 | — | ||||||||||||||||||||||||||||
FMF Peakview LLC | 43,638 | 30,673 | 23,070 | 12,533 | 17,464 | 16,620 | 3,575 | 3,406 | ||||||||||||||||||||||||||||
HM Stonewall Estates, Ltd.(d) | 3,750 | 3,781 | 669 | 63 | 3,081 | 3,718 | 1,752 | 2,128 | ||||||||||||||||||||||||||||
LM Land Holdings, LP(d) | 25,561 | 33,298 | 4,448 | 9,768 | 18,500 | 13,347 | 9,322 | 8,283 | ||||||||||||||||||||||||||||
PSW Communities, LP | 16,045 | — | 10,515 | — | 4,415 | — | 3,924 | — | ||||||||||||||||||||||||||||
TEMCO Associates, LLC | 11,756 | 13,320 | — | — | 11,556 | 13,160 | 5,778 | 6,580 | ||||||||||||||||||||||||||||
Other ventures (4)(e) | 8,453 | 12,723 | 26,944 | 29,699 | (25,614 | ) | (31,357 | ) | 190 | 852 | ||||||||||||||||||||||||||
$ | 240,490 | $ | 172,637 | $ | 102,247 | $ | 71,476 | $ | 110,447 | $ | 68,515 | $ | 65,005 | $ | 41,147 | |||||||||||||||||||||
Combined summarized income statement information for our ventures accounted for using the equity method follows: | ||||||||||||||||||||||||||||||||||||
Revenues | Earnings (Loss) | Our Share of Earnings (Loss) | ||||||||||||||||||||||||||||||||||
For the Year | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
242, LLC(b) | $ | 5,612 | $ | 6,269 | $ | 4,868 | $ | 2,951 | $ | 1,512 | $ | 1,040 | $ | 1,514 | $ | 805 | $ | 572 | ||||||||||||||||||
CJUF III, RH Holdings(c) | 2,168 | 120 | — | (956 | ) | (652 | ) | (241 | ) | (956 | ) | (652 | ) | (241 | ) | |||||||||||||||||||||
CL Ashton Woods, LP(d) | 5,431 | 9,018 | 3,353 | 1,748 | 2,660 | 1,472 | 2,471 | 4,169 | 2,024 | |||||||||||||||||||||||||||
CL Realty, LLC | 1,573 | 1,603 | 2,667 | 1,068 | 1,028 | 1,060 | 534 | 514 | 530 | |||||||||||||||||||||||||||
CREA FMF Nashville LLC(b) | — | — | — | (163 | ) | — | — | (163 | ) | — | — | |||||||||||||||||||||||||
Elan 99, LLC | — | — | — | (87 | ) | — | — | (78 | ) | — | — | |||||||||||||||||||||||||
FMF Littleton LLC | — | — | — | (239 | ) | — | — | (60 | ) | — | — | |||||||||||||||||||||||||
FMF Peakview LLC | 4 | 1 | — | (410 | ) | (252 | ) | (116 | ) | (83 | ) | (50 | ) | (23 | ) | |||||||||||||||||||||
HM Stonewall Estates, Ltd.(d) | 1,728 | 2,922 | 2,500 | 613 | 1,082 | 829 | 248 | 452 | 332 | |||||||||||||||||||||||||||
LM Land Holdings, LP(d) | 21,980 | 25,426 | 10,268 | 15,520 | 11,012 | 1,895 | 4,827 | 3,418 | 257 | |||||||||||||||||||||||||||
PSW Communities, LP | — | — | — | (86 | ) | — | — | (76 | ) | — | — | |||||||||||||||||||||||||
TEMCO Associates, LLC | 2,155 | 630 | 702 | 494 | 96 | (80 | ) | 247 | 48 | (40 | ) | |||||||||||||||||||||||||
Other ventures (4)(f) | 1,792 | 5,994 | 8,790 | 4,835 | 176 | 10,032 | 260 | 33 | 11,058 | |||||||||||||||||||||||||||
$ | 42,443 | $ | 51,983 | $ | 33,148 | $ | 25,288 | $ | 16,662 | $ | 15,891 | $ | 8,685 | $ | 8,737 | $ | 14,469 | |||||||||||||||||||
_____________________ | ||||||||||||||||||||||||||||||||||||
(a) | Total includes current maturities of $65,795,000 at year-end 2014, of which $42,566,000 is non-recourse to us, and $37,966,000 at year-end 2013, of which $37,822,000 is non-recourse to us. | |||||||||||||||||||||||||||||||||||
(b) | Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $1,621,000 are reflected as a reduction to our investment in unconsolidated ventures at year-end 2014. | |||||||||||||||||||||||||||||||||||
(c) | In 2014, we acquired full ownership in the Eleven venture for $21,500,000. The acquisition-date fair value was $55,275,000, including debt of $23,936,000. Our investment in the Eleven venture prior to acquiring our partner’s interest was $2,229,000. At year-end 2014, we no longer have an equity method investment in the Eleven venture. | |||||||||||||||||||||||||||||||||||
(d) | Includes unrecognized basis difference of $1,517,000 which is reflected as a reduction of our investment in unconsolidated ventures at year-end 2014. This difference between estimated fair value of the equity investment and our capital account within the respective ventures at closing will be accreted as income or expense over the life of the investment and included in our share of earnings (loss) from the respective ventures. | |||||||||||||||||||||||||||||||||||
(e) | Our investment in other ventures reflects our ownership interests generally ranging from 25 to 50 percent, excluding venture losses that exceed our investment where we are not obligated to fund those losses. Please read Note 16 — Variable Interest Entities for additional information. | |||||||||||||||||||||||||||||||||||
(f) | In 2012, other ventures earnings include $5,307,000 related to a consolidated venture’s share of the gain associated with Round Rock Luxury Apartment's sale of Las Brisas. Our share of these earnings was $2,541,000 and we allocated $2,766,000 to net income attributable to noncontrolling interests. | |||||||||||||||||||||||||||||||||||
In 2014, we invested $14,692,000 in these ventures and received $7,518,000 in distributions; in 2013, we invested $857,000 in these ventures and received $9,854,000 in distributions; in 2012, we invested $2,318,000 in these ventures and received $15,905,000 in distributions. Distributions include both return of investments and distributions of earnings. | ||||||||||||||||||||||||||||||||||||
We provide construction and development services for some of these ventures for which we receive fees. Fees for these services were $2,275,000 in 2014, $1,068,000 in 2013 and $935,000 in 2012 and are included in real estate revenues. |
Receivables
Receivables | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables [Abstract] | ||||||||
Receivables | Receivables | |||||||
Receivables consist of: | ||||||||
At Year-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Loan secured by real estate | $ | 3,574 | $ | 7,610 | ||||
Other loans secured by real estate, average interest rate of 4.41% at year-end 2014 and 5.00% at year-end 2013 | 1,737 | 7,987 | ||||||
Oil and gas joint interest billing receivables | 5,738 | 3,896 | ||||||
Oil and gas revenue accruals | 7,293 | 8,137 | ||||||
Other receivables and accrued interest | 6,505 | 11,648 | ||||||
24,847 | 39,278 | |||||||
Allowance for bad debts | (258 | ) | (26 | ) | ||||
$ | 24,589 | $ | 39,252 | |||||
At year-end 2014, we have $3,574,000 invested in a loan secured by real estate. The loan was acquired from a financial institution in 2011 when the loan was non-performing and is secured by a lien on developed and undeveloped real estate located near Houston designated for single-family residential and commercial development. In 2012, an approved bankruptcy plan of reorganization of the borrower became effective establishing a principal amount of $33,900,000 maturing in April 2017. Interest accrues at nine percent the first three years escalating to ten percent in April 2015 and 12 percent in April 2016, with interest above 6.25 percent to be forgiven if the loan is prepaid by certain dates. Commencing with the reorganization, we estimated future cash flows and calculated accretable yield to be recognized over the term of the loan, which is included in other non-operating income. In 2014 and 2013, we received principal payments of $11,304,000 and $14,315,000 and interest payments of $634,000 and $1,872,000. At year-end 2014, the outstanding principal balance was $4,394,000. | ||||||||
Estimated accretable yield is as follows: | ||||||||
At Year-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Beginning of year | $ | 8,908 | $ | 25,149 | ||||
Change in accretable yield due to change in timing of estimated cash flows | (166 | ) | (10,950 | ) | ||||
Interest income recognized | (7,903 | ) | (5,291 | ) | ||||
$ | 839 | $ | 8,908 | |||||
Other loans secured by real estate generally are secured by a deed of trust and due within three years. The decrease in 2014 is principally associated with the sale of 33 commercial tract acres from our Cibolo Canyons project in San Antonio, Texas for $7,700,000 in which we seller-financed $6,160,000 at an interest rate of prime plus one percent. The buyer was unable to meet the terms of the financing and we foreclosed on the property. The remaining loans secured by real estate at year-end 2014 principally consist of $824,000 related to a real estate contract for a project in Colorado and $550,000 related to a real estate contract for a project in Los Angeles. |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
Debt consists of: | ||||||||
At Year-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Senior secured credit facility | ||||||||
Term loan facility — average interest rate of 4.17% at year-end 2013 | $ | — | $ | 200,000 | ||||
8.50% senior secured notes due 2022 | 250,000 | — | ||||||
3.75% convertible senior notes due 2020, net of discount | 103,194 | 99,890 | ||||||
6.00% tangible equity units, net of discount | 17,154 | 25,619 | ||||||
Secured promissory notes — average interest rates of 3.17% at year-end 2014 and 2013 | 15,400 | 15,400 | ||||||
Other indebtedness due through 2017 at variable and fixed interest rates ranging from 2.19% to 5.00% | 46,996 | 16,498 | ||||||
$ | 432,744 | $ | 357,407 | |||||
In 2014, we amended our senior secured credit facility in order to consolidate previous amendments and to effect the following: | ||||||||
•increase the revolving loan commitment from 200,000,000 to 300,000,000; | ||||||||
•extend the maturity date to May 15, 2017 (with two one-year extension options); | ||||||||
•increase the minimum interest coverage ratio from 1.50x to 2.50x; | ||||||||
•eliminate the collateral value to loan commitment ratio covenant; and | ||||||||
•increase the maximum total leverage ratio from 40% to 50%. | ||||||||
We incurred fees of $3,068,000 related to this amendment. At year-end 2014, our senior secured credit facility provides for a $300,000,000 revolving line of credit maturing May 15, 2017. The term loan and revolving line of credit may be prepaid at any time without penalty. The revolving line of credit includes a $100,000,000 sublimit for letters of credit, of which $15,415,000 is outstanding at year-end 2014. Total borrowings under our senior secured credit facility (including the face amount of letters of credit) may not exceed a borrowing base formula. At year-end 2014, we had $284,585,000 in net unused borrowing capacity under our senior credit facility. | ||||||||
Under the terms of our senior secured credit facility, at our option, we can borrow at LIBOR plus 4.0 percent or at the alternate base rate plus 3.0 percent. The alternate base rate is the highest of (i) KeyBank National Association’s base rate, (ii) the federal funds effective rate plus 0.5 percent or (iii) 30 day LIBOR plus 1 percent. Borrowings under the senior secured credit facility are or may be secured by (a) mortgages on the timberland, high value timberland and portions of raw entitled land, as well as pledges of other rights including certain oil and gas operating properties, (b) assignments of current and future leases, rents and contracts, (c) a security interest in our primary operating account, (d) a pledge of the equity interests in current and future material operating subsidiaries and most of our majority-owned joint venture interests, or if such pledge is not permitted, a pledge of the right to distributions from such entities, and (e) a pledge of certain reimbursements payable to us from special improvement district tax collections in connection with our Cibolo Canyons project. The senior secured credit facility provides for releases of real estate and other collateral provided that borrowing base compliance is maintained. | ||||||||
Our debt agreements contain financial covenants customary for such agreements including minimum levels of interest coverage and limitations on leverage. At year-end 2014, we were in compliance with the financial covenants of these agreements. In addition, we may elect to make distributions so long as the total leverage ratio is less than 40 percent, the interest coverage is greater than 3.0:1.0, and available liquidity is not less than $125,000,000. At year-end 2014, we satisfied all of the above conditions. | ||||||||
On May 12, 2014, we issued $250,000,000 aggregate principal of 8.50% Senior Secured Notes due 2022 (Notes). The Notes will mature on June 1, 2022 and interest on the Notes is payable semiannually at a rate of 8.5 percent per annum in arrears. We incurred debt issuance costs of approximately $8,053,000, including the underwriters discount of $6,250,000. Notes are secured by a second lien on the same collateral pledged under our credit facility. Net proceeds from issuance of the Notes were used to repay our $200,000,000 senior secured term loan. We intend to use the remaining amount for general corporate purposes, which may include investments in strategic growth opportunities. | ||||||||
In 2013, we issued $125,000,000 aggregate principal amount of 3.75% convertible senior notes due 2020 (Convertible Notes). Interest on the Convertible Notes is payable semiannually at a rate of 3.75 percent per annum and they mature on March 1, 2020. The Convertible Notes have an initial conversion rate of 40.8351 per $1,000 principal amount. The initial conversion rate is subject to adjustment upon the occurrence of certain events. Prior to November 1, 2019, the Convertible Notes are convertible only upon certain circumstances, and thereafter are convertible at any time prior to the close of business on the second scheduled trading day prior to maturity. If converted, holders will receive cash, shares of our common stock or a combination thereof at our election. We intend to settle the principal amount of the Convertible Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. At year-end 2014, unamortized debt discount of our Convertible Notes was $21,806,000. | ||||||||
In 2013, we issued $150,000,000 aggregate principal amount of 6.00% tangible equity units (Units). The total offering was 6,000,000 Units, including 600,000 exercised by the underwriters, each with a stated amount of $25.00. Each Unit is comprised of (i) a prepaid stock purchase contract to be settled by delivery of a number of shares of our common stock, par value $1.00 per share to be determined pursuant to a purchase contract agreement, and (ii) a senior amortizing note due December 15, 2016 that has an initial principal amount of $4.2522, bears interest at a rate of 4.50% per annum and has a final installment payment date of December 15, 2016. The actual number of shares we may issue upon settlement of the stock purchase contract will be between 6,547,800 shares (the minimum settlement rate) and 7,857,000 shares (the maximum settlement rate) based on the applicable market value, as defined in the purchase contract agreement associated with issuance of the Units. | ||||||||
At year-end 2014, secured promissory notes include a $15,400,000 loan collateralized by a 413 guest room hotel located in Austin with a carrying value of $30,712,000. | ||||||||
At year-end 2014, other indebtedness principally represents senior secured construction loans for two multifamily properties, of which $23,936,000 is related to the 2014 acquisition of our partner's interest in a 257-unit multifamily project in Austin and $19,117,000 is related to our 354-unit multifamily property in Dallas. The combined carrying value of these two multifamily properties is $86,444,000 at year-end 2014. | ||||||||
At year-end 2014 and 2013, we have $15,168,000 and $7,896,000 in unamortized deferred fees which are included in other assets. Amortization of deferred financing fees was $3,845,000 in 2014, $3,050,000 in 2013 and $2,922,000 in 2012 and is included in interest expense. | ||||||||
Debt maturities during the next five years are: 2015 — $49,535,000; 2016 — $29,031,000; 2017 — $984,000; 2018 — $0; 2019 — $0 and thereafter — $353,194,000. |
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Fair value is the exchange price that would be the amount received for an asset or paid to transfer a liability in an orderly transaction between market participants. In arriving at a fair value measurement, we use a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. The three levels of inputs used to establish fair value are the following: | ||||||||||||||||||||||||||||||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities; | |||||||||||||||||||||||||||||||
• | Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and | |||||||||||||||||||||||||||||||
• | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||||||||
Non-financial assets measured at fair value on a non-recurring basis principally include real estate assets, proved oil and gas properties, goodwill and intangible assets, which are measured for impairment. | ||||||||||||||||||||||||||||||||
Proved oil and gas properties are evaluated for impairment when facts and circumstances indicate that their carrying amounts may not be recoverable. If projected undiscounted future net cash flows are less than the carrying value of the property, an impairment loss is recognized for the excess of the carrying amount over estimated fair value. Future net cash flows are based on future sales prices of oil and gas, future development and production costs, future reserves to be recovered and timing of production. We used Level 3 inputs and the income valuation method to estimate the fair value of proved oil and gas properties where the carrying amount exceeded the estimated undiscounted cash flows. We used a discount rate of 10 percent as of year-end 2014 which is commensurate with our risk and current market conditions associated with realizing the expected cash flows projected. As a result, we recorded proved property non-cash impairment charges of $15,535,000 in 2014. | ||||||||||||||||||||||||||||||||
In 2014, certain real estate assets were remeasured and reported at fair value due to events or circumstances that indicated the carrying value may not be recoverable. We determined estimated fair value based on the present value of future probability weighted cash flows expected from the sale of the long-lived asset or based on a third party appraisal of current value. As a result, we recognized non-cash asset impairment charges of $399,000 in 2014 associated with two owned entitled projects. We had $1,790,000 non-cash impairment charges in 2013 associated with a master-planned community and golf club near Dallas. | ||||||||||||||||||||||||||||||||
Year-End 2014 | Year-End 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Non-Financial Assets and Liabilities: | ||||||||||||||||||||||||||||||||
Real estate | $ | — | $ | 970 | $ | — | $ | 970 | $ | — | $ | 3,700 | $ | — | $ | 3,700 | ||||||||||||||||
Proved oil and gas properties | $ | — | $ | — | $ | 3,655 | $ | 3,655 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
We elected not to use the fair value option for cash and cash equivalents, accounts receivable, other current assets, variable debt, accounts payable and other current liabilities. The carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates. We determine the fair value of fixed rate financial instruments using quoted prices for similar instruments in active markets. | ||||||||||||||||||||||||||||||||
Information about our fixed rate financial instruments not measured at fair value follows: | ||||||||||||||||||||||||||||||||
Year-End 2014 | Year-End 2013 | |||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Valuation | ||||||||||||||||||||||||||||
Amount | Value | Amount | Value | Technique | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Loan secured by real estate | $ | 3,574 | $ | 4,859 | $ | 7,610 | $ | 18,025 | Level 2 | |||||||||||||||||||||||
Fixed rate debt(a) | $ | (370,348 | ) | $ | (359,131 | ) | $ | (126,640 | ) | $ | (118,634 | ) | Level 2 | |||||||||||||||||||
_____________________ | ||||||||||||||||||||||||||||||||
(a) | Year-end 2014 includes our $250,000,000 of 8.50% senior secured notes due 2022, issued May 12, 2014. |
Capital_Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Capital Stock | Capital Stock |
Pursuant to our shareholder rights plan, each share of common stock outstanding is coupled with one-quarter of a preferred stock purchase right (Right). Each Right entitles our shareholders to purchase, under certain conditions, one one-hundredth of a share of newly issued Series A Junior Participating Preferred Stock at an exercise price of $100. Rights will be exercisable only if someone acquires beneficial ownership of 20 percent or more of our common shares or commences a tender or exchange offer, upon consummation of which they would beneficially own 20 percent or more of our common shares. We will generally be entitled to redeem the Rights at $0.001 per Right at any time until the 10th business day following public announcement that a 20 percent position has been acquired. The Rights will expire on December 11, 2017. | |
Please read Note 8 — Debt and Note 11 — Net Income per Share for information about shares of common stock that could be issued under our 3.75% convertible senior notes due 2020 and our 6.00% tangible equity units. | |
Please read Note 17 — Share-Based Compensation for information about additional shares of common stock that could be issued under terms of our share-based compensation plans. | |
At year-end 2014, personnel of former affiliates held options to purchase 705,000 shares of our common stock. The options have a weighted average exercise price of $26.15 and a weighted average remaining contractual term of one year. At year-end 2014, the options have an aggregate intrinsic value of $30,000. | |
In 2014, we repurchased 1,491,187 shares of our common stock for $24,595,000. In 2013, we did not repurchase shares of our common stock. We have repurchased 3,493,332 shares of our common stock for $54,159,000 since we announced our 2009 strategic initiative of repurchasing up to 20 percent or up to 7,000,000 shares of our common stock. |
Net_Income_per_Share
Net Income per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Net Income per Share | Net Income per Share | |||||||||||
Basic and diluted earnings per share is computed using the two-class method. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security. We have determined that our 6.00% tangible equity units are participating securities. Per share amounts are computed by dividing earnings available to common shareholders by the weighted average shares outstanding during each period. | ||||||||||||
The computations of basic and diluted earnings per share are as follows: | ||||||||||||
For the Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Numerator: | ||||||||||||
Consolidated net income | $ | 17,088 | $ | 35,061 | $ | 17,876 | ||||||
Less: Net income attributable to noncontrolling interest | (505 | ) | (5,740 | ) | (4,934 | ) | ||||||
Earnings available for diluted earnings per share | $ | 16,583 | $ | 29,321 | $ | 12,942 | ||||||
Less: Undistributed net income allocated to participating securities | (3,018 | ) | (585 | ) | — | |||||||
Earnings available to common shareholders for basic earnings per share | $ | 13,565 | $ | 28,736 | $ | 12,942 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding — basic | 35,317 | 35,365 | 35,214 | |||||||||
Weighted average common shares upon conversion of participating securities (a) | 7,857 | 835 | — | |||||||||
Dilutive effect of stock options, restricted stock and equity-settled awards | 422 | 613 | 268 | |||||||||
Total weighted average shares outstanding — diluted | 43,596 | 36,813 | 35,482 | |||||||||
Anti-dilutive awards excluded from diluted weighted average shares outstanding | 2,238 | 1,803 | 2,713 | |||||||||
_____________________ | ||||||||||||
(a) | Our earnings per share calculation reflects the weighted average shares issuable upon settlement of the prepaid stock purchase contract component of our 6.00% tangible equity units, issued November 27, 2013. | |||||||||||
The actual number of shares we may issue upon settlement of the stock purchase contract will be between 6,547,800 shares (the minimum settlement rate) and 7,857,000 shares (the maximum settlement rate) based on the applicable market value, as defined in the purchase contract agreement associated with issuance of the Units. | ||||||||||||
We intend to settle the principal amount of the Convertible Notes in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Convertible Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the conversion price of the Convertible Notes of $24.49. The average price of our common stock in 2014 did not exceed the conversion price which resulted in no additional diluted outstanding shares. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Income tax expense consists of: | ||||||||||||
For the Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Current tax provision: | ||||||||||||
U.S. Federal | $ | (5,444 | ) | $ | (6,004 | ) | $ | (11,834 | ) | |||
State and other | (1,569 | ) | (2,066 | ) | (2,171 | ) | ||||||
(7,013 | ) | (8,070 | ) | (14,005 | ) | |||||||
Deferred tax provision: | ||||||||||||
U.S. Federal | (2,772 | ) | 1,148 | 4,910 | ||||||||
State and other | 1,128 | (286 | ) | 1,079 | ||||||||
(1,644 | ) | 862 | 5,989 | |||||||||
Income tax expense | $ | (8,657 | ) | $ | (7,208 | ) | $ | (8,016 | ) | |||
A reconciliation of the federal statutory rate to the effective income tax rate on continuing operations follows: | ||||||||||||
For the Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State, net of federal benefit | 1 | 4 | 5 | |||||||||
Recognition of previously unrecognized tax benefits | — | (15 | ) | — | ||||||||
State rate change due to acquisition | — | — | (2 | ) | ||||||||
Acquisition costs | — | — | 4 | |||||||||
Noncontrolling interests | — | (5 | ) | (7 | ) | |||||||
Goodwill | 1 | — | — | |||||||||
Charitable contributions | (1 | ) | — | — | ||||||||
Oil and gas percentage depletion | (2 | ) | (2 | ) | (5 | ) | ||||||
Other | — | — | 1 | |||||||||
Effective tax rate | 34 | % | 17 | % | 31 | % | ||||||
Our 2013 effective tax rate includes a 15 percent benefit from recognition of $6,326,000 of previously unrecognized tax benefits upon lapse of the statute of limitations for a previously reserved tax position. Our 2012 effective tax rate includes a two percent non-cash benefit associated with state deferred tax rate changes due to our acquisition of Credo and operating in additional states. | ||||||||||||
Significant components of deferred taxes are: | ||||||||||||
At Year-End | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Deferred Tax Assets: | ||||||||||||
Real estate | $ | 79,244 | $ | 75,157 | ||||||||
Employee benefits | 17,352 | 17,902 | ||||||||||
Net operating loss carryforwards | 3,012 | 3,076 | ||||||||||
Income producing properties | 364 | 3,529 | ||||||||||
Oil and gas percentage depletion carryforwards | 3,471 | 3,344 | ||||||||||
Accruals not deductible until paid | 1,111 | 960 | ||||||||||
Gross deferred tax assets | 104,554 | 103,968 | ||||||||||
Valuation allowance | (384 | ) | (375 | ) | ||||||||
Deferred tax asset net of valuation allowance | 104,170 | 103,593 | ||||||||||
Deferred Tax Liabilities: | ||||||||||||
Oil and gas properties | (49,905 | ) | (46,966 | ) | ||||||||
Undeveloped land | (4,937 | ) | (5,961 | ) | ||||||||
Convertible debt | (7,816 | ) | (8,803 | ) | ||||||||
Timber | (888 | ) | (1,465 | ) | ||||||||
Gross deferred tax liabilities | (63,546 | ) | (63,195 | ) | ||||||||
Net Deferred Tax Asset | $ | 40,624 | $ | 40,398 | ||||||||
At year-end 2014, we had federal net operating loss carryforwards of approximately $7,500,000 as a result of our acquisition of Credo in 2012, and we had approximately $18,000,000 of state net operating loss carryforwards. These are subject to certain limitations. If not utilized, these carryforwards will expire in 2031 for federal purposes and 2015 to 2034 for state purposes. We had approximately $9,200,000 of oil and gas percentage depletion carryforwards that also were a result of our acquisition of Credo. These carryforwards are subject to certain limitations but do not expire. | ||||||||||||
At year-end 2014 and 2013, we have not provided a valuation allowance for our federal deferred tax asset because we believe it is likely it will be recoverable in future periods. We have provided a valuation allowance for some of our state net operating loss carryforwards. The change in our state valuation allowance for the year was $9,000. Our deferred tax liability on oil and gas properties includes purchase accounting amounts for the excess of fair value allocated to Credo oil and gas properties over the carryover tax basis received. Goodwill associated with our acquisition of Credo is not deductible for income tax purposes. | ||||||||||||
We file income tax returns in the U.S. federal jurisdiction and in various state jurisdictions. We are no longer subject to U.S. federal income tax examinations for years before 2011 and state examinations for years before 2010. | ||||||||||||
A reconciliation of the beginning and ending amount of tax benefits not recognized for book purposes is as follows: | ||||||||||||
At Year-End | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Balance at beginning of year | $ | — | $ | 5,831 | $ | 5,831 | ||||||
Reductions for tax positions of prior years | — | — | — | |||||||||
Reductions due to lapse of statute of limitations | — | (5,831 | ) | — | ||||||||
Balance at end of year that would affect the annual effective tax rate if recognized | $ | — | $ | — | $ | 5,831 | ||||||
We recognize interest accrued related to unrecognized tax benefits in income tax expense. In 2014, 2013 and 2012, we recognized approximately $0, $75,000 and $152,000 in interest expense. At year-end 2014 and 2013, we have no accrued interest or penalties. |
Litigation_and_Environmental_C
Litigation and Environmental Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Environmental Contingencies | Litigation and Environmental Contingencies |
Litigation | |
We are involved in various legal proceedings that arise from time to time in the ordinary course of doing business and believe that adequate reserves have been established for any probable losses. We do not believe that the outcome of any of these proceedings should have a significant adverse effect on our financial position, long-term results of operations or cash flows. It is possible, however, that charges related to these matters could be significant to our results or cash flows in any one accounting period. | |
Environmental | |
Environmental remediation liabilities arise from time to time in the ordinary course of doing business, and we believe we have established adequate reserves for any probable losses that we can reasonably estimate. We own 288 acres near Antioch, California, portions of which were sites of a former paper manufacturing operation that are in remediation. We have received certificates of completion on all but one 80 acre tract, a portion of which includes subsurface contamination. We estimate the remaining cost to complete remediation activities will be approximately $529,000, which is included in other accrued expenses. It is possible that remediation or monitoring activities could be required in addition to those included within our estimate, but we are unable to determine the scope, timing or extent of such activities. | |
We have asset retirement obligations related to the abandonment and site restoration requirements that result from the acquisition, construction and development of oil and gas properties. We record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Accretion expense related to the asset retirement obligation and depletion expense related to capitalized asset retirement cost is included in cost of oil and gas producing activities on our consolidated statements of income and comprehensive income. At year-end 2014, our asset retirement obligation was $1,807,000, which is included in other liabilities. |
Commitments_and_Other_Continge
Commitments and Other Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Leases [Abstract] | |
Commitments and Other Contingencies | Commitments and Other Contingencies |
We lease facilities and equipment under non-cancelable long-term operating lease agreements. In addition, we have various obligations under other office space and equipment leases of less than one year. Rent expense on facilities and equipment was $2,617,000 in 2014, $2,374,000 in 2013 and $2,115,000 in 2012. Future minimum rental commitments under non-cancelable operating leases having a remaining term in excess of one year are: 2015 — $3,308,000; 2016 — $3,111,000; 2017 — $3,101,000; 2018 — $2,165,000; 2019 — $571,000 and thereafter —$2,284,000. | |
We have three years remaining on groundwater leases of about 20,000 acres. At year-end 2014, the remaining contractual obligation for these groundwater leases is $1,514,000. | |
We lease approximately 32,000 square feet of office space in Austin, Texas, which we occupy as our corporate headquarters. The remaining contractual obligation for this lease is $5,632,000. We also lease office space in several other locations in support of our business operations with approximately 21,000 and 10,000 square feet in Ft. Worth, Texas and Denver, Colorado. The total remaining contractual obligations for these leases is $6,262,000. | |
We may provide performance bonds and letters of credit on behalf of certain ventures that would be drawn on due to failure to satisfy construction obligations as general contractor or for failure to timely deliver streets and utilities in accordance with local codes and ordinances. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Information | Segment Information | ||||||||||||||||||||
We manage our operations through three business segments: real estate, oil and gas and other natural resources. Real estate secures entitlements and develops infrastructure on our lands for single-family residential and mixed-use communities, and manages our undeveloped land, commercial and income producing properties, primarily a hotel and our multifamily investments. Oil and gas is an independent oil and gas exploration, development and production operation and manages our owned and leased mineral interests. Other natural resources manages our timber, recreational leases and water resource initiatives. | |||||||||||||||||||||
We evaluate performance based on segment earnings (loss) before unallocated items and income taxes. Segment earnings (loss) consist of operating income, equity in earnings (loss) of unconsolidated ventures, gain on sales of assets, interest income on loans secured by real estate and net (income) loss attributable to noncontrolling interests. Items not allocated to our business segments consist of general and administrative expense, share-based compensation, gain on sale of strategic timberland, interest expense and other corporate non-operating income and expense. The accounting policies of the segments are the same as those described in Note 1 — Summary of Significant Accounting Policies. Our revenues are derived from our U.S. operations and all of our assets are located in the U.S. In 2014, 2013 and 2012, no single customer accounted for more than 10 percent of our total revenues. | |||||||||||||||||||||
Real | Oil and Gas | Other Natural | Items Not | Total | |||||||||||||||||
Estate | Resources | Allocated to | |||||||||||||||||||
Segments | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
For the year or at year-end 2014 | |||||||||||||||||||||
Revenues | $ | 213,112 | $ | 84,300 | $ | 9,362 | $ | — | $ | 306,774 | |||||||||||
Depreciation, depletion and amortization | 3,741 | 29,442 | 497 | 8,035 | 41,715 | ||||||||||||||||
Equity in earnings (loss) of unconsolidated ventures | 8,068 | 586 | 31 | — | 8,685 | ||||||||||||||||
Income (loss) before taxes | 96,906 | (22,686 | ) | 5,499 | (54,479 | ) | (a) | 25,240 | |||||||||||||
Total assets | 654,774 | 342,703 | 22,531 | 238,191 | 1,258,199 | ||||||||||||||||
Investment in unconsolidated ventures | 65,005 | — | — | — | 65,005 | ||||||||||||||||
Capital expenditures(b) | 28,980 | 103,385 | 5,817 | 616 | 138,798 | ||||||||||||||||
For the year or at year-end 2013 | |||||||||||||||||||||
Revenues | $ | 248,011 | $ | 72,313 | $ | 10,721 | $ | — | $ | 331,045 | |||||||||||
Depreciation, depletion and amortization | 3,117 | 19,552 | 651 | 6,660 | 29,980 | ||||||||||||||||
Equity in earnings (loss) of unconsolidated ventures | 8,089 | 592 | 56 | — | 8,737 | ||||||||||||||||
Income (loss) before taxes | 68,454 | 18,859 | 6,507 | (57,291 | ) | (a) | 36,529 | ||||||||||||||
Total assets | 582,802 | 312,553 | 23,478 | 253,319 | 1,172,152 | ||||||||||||||||
Investment in unconsolidated ventures | 41,147 | — | — | — | 41,147 | ||||||||||||||||
Capital expenditures(b) | 7,265 | 97,696 | 2,720 | 216 | 107,897 | ||||||||||||||||
For the year or at year-end 2012 | |||||||||||||||||||||
Revenues | $ | 120,115 | $ | 44,220 | $ | 8,256 | $ | — | $ | 172,591 | |||||||||||
Depreciation, depletion and amortization | 4,340 | 4,987 | 1,254 | 8,345 | 18,926 | ||||||||||||||||
Equity in earnings of unconsolidated ventures | 13,897 | 509 | 63 | — | 14,469 | ||||||||||||||||
Income (loss) before taxes | 53,582 | 26,608 | 29 | (59,261 | ) | (a) | 20,958 | ||||||||||||||
Total assets | 588,137 | 227,061 | 24,066 | 79,170 | 918,434 | ||||||||||||||||
Investment in unconsolidated ventures | 41,546 | — | — | — | 41,546 | ||||||||||||||||
Capital expenditures(b) | 1,093 | 21,971 | 292 | 795 | 24,151 | ||||||||||||||||
_____________________ | |||||||||||||||||||||
(a) | Items not allocated to segments consist of: | ||||||||||||||||||||
For the Year | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
General and administrative expense | $ | (21,229 | ) | $ | (20,597 | ) | $ | (25,176 | ) | ||||||||||||
Share-based compensation expense | (3,417 | ) | (16,809 | ) | (14,929 | ) | |||||||||||||||
Gain on sale of assets | — | — | 16 | ||||||||||||||||||
Interest expense | (30,286 | ) | (20,004 | ) | (19,363 | ) | |||||||||||||||
Other corporate non-operating income | 453 | 119 | 191 | ||||||||||||||||||
$ | (54,479 | ) | $ | (57,291 | ) | $ | (59,261 | ) | |||||||||||||
(b) | Consists of expenditures for oil and gas properties and equipment, commercial and income producing properties, property, plant and equipment and reforestation of timber. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities |
We participate in real estate ventures for the purpose of acquiring and developing residential, multifamily and mixed-use communities in which we may or may not have a controlling financial interest. Generally accepted accounting principles require consolidation of VIEs in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb the VIE losses and right to receive benefits that are significant to the VIE. We examine specific criteria and use judgment when determining whether we are the primary beneficiary and must consolidate a VIE. We perform this review initially at the time we enter into venture agreements and continuously reassess to see if we are the primary beneficiary of a VIE. | |
In 2014, we acquired our partner's noncontrolling interests in the Lantana partnerships for $7,971,000. Prior to acquisition of the noncontrolling interests, we were the primary beneficiary of all but one of the Lantana partnerships which were variable interest entities (VIEs) and consolidated in our financial statements. We adjusted the carrying amount of noncontrolling interests to reflect the change in our ownership interest in the partnerships. The difference between the consideration paid and the carrying amount of the noncontrolling interests acquired is recognized as an adjustment to additional paid in capital attributable to Forestar, net of deferred taxes of $1,729,000. | |
At year-end 2014, we have four VIEs. We account for these VIEs using the equity method and we are not the primary beneficiary. Although we have certain rights regarding major decisions, we do not have the power to direct the activities that are most significant to the economic performance of these VIEs. At year-end 2014, these VIEs have total assets of $64,311,000, substantially all of which represent developed and undeveloped real estate and total liabilities of $79,723,000, which includes $30,667,000 of borrowings classified as current maturities. These amounts are included in the summarized balance sheet information for ventures accounted for using the equity method in Note 6 — Investment in Unconsolidated Ventures. At year-end 2014, our investment is $9,500,000 and is included in investment in unconsolidated ventures. In 2014, we contributed $4,415,000 to these VIEs. Our maximum exposure to loss related to these VIEs is estimated at $3,597,000, which exceeds our investment as we have a nominal general partner interest and could be held responsible for its liabilities. The maximum exposure to loss represents the maximum loss that we could be required to recognize assuming all the ventures’ assets (principally real estate) are worthless, without consideration of the probability of a loss or of any actions we may take to mitigate any such loss. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Share-Based Compensation | Share-Based Compensation | ||||||||||||
Share-based compensation expense consists of: | |||||||||||||
For the Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Cash-settled awards | $ | (3,710 | ) | $ | 7,774 | $ | 6,465 | ||||||
Equity-settled awards | 5,168 | 4,281 | 3,059 | ||||||||||
Restricted stock | (25 | ) | 538 | 2,154 | |||||||||
Stock options | 1,984 | 4,216 | 3,251 | ||||||||||
$ | 3,417 | $ | 16,809 | $ | 14,929 | ||||||||
Share-based compensation expense is included in: | |||||||||||||
For the Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
General and administrative | $ | 1,001 | $ | 7,779 | $ | 7,144 | |||||||
Other operating | 2,416 | 9,030 | 7,785 | ||||||||||
$ | 3,417 | $ | 16,809 | $ | 14,929 | ||||||||
In 2014, share-based compensation expense decreased principally as a result of a decrease in our stock price and its impact on cash-settled awards as well as forfeiture of awards due to employee separations. | |||||||||||||
The fair value of awards granted to retirement-eligible employees and expensed at the date of grant was $760,000 in 2014, $590,000 in 2013 and $595,000 in 2012. Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options is $7,160,000 at year-end 2014. The weighted average period over which this amount will be recognized is estimated to be two years. We did not capitalize any share-based compensation in 2014, 2013 or 2012. | |||||||||||||
In 2014 and 2013, we issued 215,561 and 137,943 shares out of our treasury stock associated with vesting of stock-based awards or exercises of stock options. These shares are net of 55,238 and 59,219 shares withheld for payroll taxes having a value of $1,043,000 and $1,137,000 which are reflected in financing activities in our consolidated statements of cash flows. | |||||||||||||
A summary of awards granted under our 2007 Stock Incentive Plan follows: | |||||||||||||
Cash-settled awards | |||||||||||||
Cash-settled awards granted to our employees in the form of restricted stock units or stock appreciation rights generally vest over three to four years from the date of grant and generally provide for accelerated vesting upon death, disability or if there is a change in control. Vesting for some restricted stock unit awards is also conditioned upon achievement of a minimum one percent annualized return on assets over a three-year period. Cash-settled stock appreciation rights have a ten-year term, generally become exercisable ratably over four years and provide for accelerated or continued vesting upon retirement, death, disability or if there is a change in control. Stock appreciation rights were granted with an exercise price equal to the market value of our stock on the date of grant. | |||||||||||||
Cash-settled awards granted to our directors in the form of restricted stock units are fully vested at the time of grant and payable upon retirement. | |||||||||||||
The following table summarizes the activity of cash-settled restricted stock unit awards in 2014: | |||||||||||||
Equivalent | Weighted Average Grant Date Fair Value | ||||||||||||
Units | |||||||||||||
(In thousands) | (Per unit) | ||||||||||||
Non-vested at beginning of period | 233 | $17.90 | |||||||||||
Granted | 93 | 18.96 | |||||||||||
Vested | (132 | ) | 17.86 | ||||||||||
Forfeited | (9 | ) | 17.42 | ||||||||||
Non-vested at end of period | 185 | 18.49 | |||||||||||
The weighted average grant date fair value of our non-vested cash-settled restricted stock unit awards at year-end 2012 was $17.03 for 350,000 equivalent units. | |||||||||||||
The following table summarizes the activity of cash-settled stock appreciation rights in 2014: | |||||||||||||
Rights | Weighted Average | Weighted Average | Aggregate Intrinsic Value | ||||||||||
Outstanding | Exercise Price | Remaining Contractual Term | (Current Value Less Exercise Price) | ||||||||||
(In thousands) | (Per share) | (In years) | (In thousands) | ||||||||||
Balance at beginning of period | 580 | $11.96 | 5 | $5,400 | |||||||||
Granted | — | — | |||||||||||
Exercised | (116 | ) | 9.41 | ||||||||||
Forfeited | (6 | ) | 17.8 | ||||||||||
Balance at end of period | 458 | 12.54 | 4 | 1,732 | |||||||||
Exercisable at end of period | 458 | 12.54 | 4 | 1,732 | |||||||||
The weighted average exercise price of our cash-settled stock appreciation rights at year-end 2012 was $11.38 for 866,000 awards. | |||||||||||||
The fair value of awards settled in cash was $3,467,000 in 2014, $7,237,000 in 2013 and $5,299,000 in 2012. At year-end 2014, the fair value of accrued cash-settled awards is $9,560,000 and is included in other liabilities. The aggregate current value of non-vested awards is $2,850,000 at year-end 2014 based on a year-end stock price of $15.40. | |||||||||||||
Equity-settled awards | |||||||||||||
Equity-settled awards granted to our employees include restricted stock units (RSU), which vest after three years from the date of grant, market-leveraged stock units (MSU), which vest after three years from date of grant and performance stock units (PSU), which generally vest after three years from the date of grant if certain performance goals are met. Equity settled awards in the form of restricted stock units granted to our directors are fully vested at time of grant and settled upon retirement. The following table summarizes the activity of equity-settled awards in 2014: | |||||||||||||
Equivalent | Weighted Average Grant Date Fair Value | ||||||||||||
Units | |||||||||||||
(In thousands) | (Per unit) | ||||||||||||
Non-vested at beginning of period | 581 | $ | 19.5 | ||||||||||
Granted | 512 | 19.18 | |||||||||||
Vested | (259 | ) | 20.01 | ||||||||||
Forfeited | (124 | ) | 18.58 | ||||||||||
Non-vested at end of period | 710 | 19.24 | |||||||||||
In 2014, we granted 270,000 PSU awards to be settled in common stock upon achievement of the performance goal over the measurement period of three years. The number of shares to be issued could range from a high of 540,000 shares to a low of no shares issued based upon performance. | |||||||||||||
In 2014, we granted 86,000 MSU awards. These awards will be settled in common stock based upon our stock price performance over three years from the date of grant. The number of shares to be issued could range from a high of 129,000 shares if our stock price increases by 50 percent or more, to 43,000 shares if our stock price decreases by 50 percent, or could be zero if our stock price decreases by more than 50 percent, the minimum threshold performance. MSU awards are valued using a Monte Carlo simulation pricing model, which includes expected stock price volatility and risk-free interest rate assumptions. Compensation expense is recognized regardless of achievement of performance conditions, provided the requisite service period is satisfied. | |||||||||||||
The weighted average grant date fair value of our non-vested equity-settled awards at year-end 2012 was $18.99 for 409,000 non-vested restricted shares. | |||||||||||||
Unrecognized share-based compensation expense related to non-vested equity-settled awards is $5,975,000 at year-end 2014. The weighted average period over which this amount will be recognized is estimated to be two years. | |||||||||||||
Restricted stock | |||||||||||||
Restricted stock awards generally vest over three years, typically if we achieve a minimum one percent annualized return on assets over such three-year period. The following table summarizes the activity of restricted stock awards in 2014: | |||||||||||||
Restricted | Weighted Average Grant Date Fair Value | ||||||||||||
Shares | |||||||||||||
(In thousands) | (Per unit) | ||||||||||||
Non-vested at beginning of period | 47 | $ | 14.99 | ||||||||||
Granted | — | — | |||||||||||
Vested | (20 | ) | 12.74 | ||||||||||
Forfeited | (10 | ) | 15.02 | ||||||||||
Non-vested at end of period | 17 | 17.56 | |||||||||||
The weighted average grant date fair value of our non-vested restricted stock awards at year-end 2012 was $16.95 for 211,000 non-vested restricted shares. | |||||||||||||
Unrecognized share-based compensation expense related to non-vested restricted stock awards is $138,000 at year-end 2014. The weighted average period over which this amount will be recognized is estimated to be one year. | |||||||||||||
Stock options | |||||||||||||
Stock options have a ten-year term, generally become exercisable ratably over four years and provide for accelerated or continued vesting upon retirement, death, disability or if there is a change in control. Options were granted with an exercise price equal to the market value of our stock on the date of grant. The following table summarizes the activity of stock option awards in 2014: | |||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||
Outstanding | Average | Average | Intrinsic Value | ||||||||||
Exercise Price | Remaining | (Current | |||||||||||
Contractual | Value Less | ||||||||||||
Term | Exercise Price) | ||||||||||||
(In thousands) | (Per share) | (In years) | (In thousands) | ||||||||||
Balance at beginning of period | 2,006 | $ | 20.3 | 7 | $ | 6,433 | |||||||
Granted | — | — | |||||||||||
Exercised | (56 | ) | 9.64 | ||||||||||
Forfeited | (89 | ) | 17.65 | ||||||||||
Balance at end of period | 1,861 | 20.74 | 6 | 643 | |||||||||
Exercisable at end of period | 1,364 | 21.86 | 5 | 620 | |||||||||
We estimate the grant date fair value of stock options using the Black-Scholes option pricing model and the following assumptions: | |||||||||||||
For the Year | |||||||||||||
2013 | 2012 | ||||||||||||
Expected stock price volatility | 66.8 | % | 60.2 | % | |||||||||
Risk-free interest rate | 1.4 | % | 1.3 | % | |||||||||
Expected life of options (years) | 6 | 6 | |||||||||||
Expected dividend yield | — | % | — | % | |||||||||
Weighted average estimated fair value of options at grant date | $ | 11.47 | $ | 9.22 | |||||||||
We determine the expected life using the simplified method which utilizes the midpoint between the vesting period and the contractual life of the awards. The expected stock price volatility utilizes our historical volatility for a period corresponding to the expected life of the options. | |||||||||||||
The fair value of vested stock options was $21,000 in 2014, $1,355,000 in 2013 and $429,000 in 2012. The intrinsic value of options exercised was $568,000 in 2014 and $562,000 in 2013. There were no options exercised in 2012. Unrecognized share-based compensation expense related to non-vested stock options is $1,047,000 at year-end 2014. The weighted average period over which this amount will be recognized is estimated to be two years. | |||||||||||||
Pre-Spin Awards | |||||||||||||
Certain of our employees participated in Temple-Inland’s share-based compensation plans. In conjunction with our 2007 spin-off, these awards were equitably adjusted into separate awards of the common stock of Temple-Inland and the spin-off entities. As a result of Temple-Inland’s merger with International Paper in first quarter 2012, all outstanding awards on Temple-Inland stock were settled with an intrinsic value of $1,132,000. | |||||||||||||
Pre-spin stock option awards to our employees to purchase our common stock have a ten-year term, generally become exercisable ratably over four years and provide for accelerated or continued vesting upon retirement, death, disability or if there is a change in control. At year-end 2014, there were 56,000 pre-spin awards outstanding and exercisable on our stock with a weighted average exercise price of $27.03 and weighted average remaining term of one year. |
Retirement_Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Retirement Plans |
Our defined contribution retirement plans include a 401(k) plan, which is funded, and a supplemental plan for certain employees, which is unfunded. The expense of our defined contribution retirement plans was $1,651,000 in 2014, $1,456,000 in 2013 and $1,393,000 in 2012. The unfunded liability for our supplemental plan was $715,000 at year-end 2014 and $586,000 at year-end 2013 and is included in other liabilities. |
Supplemental_Oil_and_Gas_Discl
Supplemental Oil and Gas Disclosures (Unaudited) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Extractive Industries [Abstract] | ||||||||||||
Supplemental Oil and Natural Gas Disclosures (Unaudited) | Supplemental Oil and Gas Disclosures (Unaudited) | |||||||||||
The following unaudited information regarding our oil and gas reserves has been prepared and is presented pursuant to requirements of the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB). | ||||||||||||
We lease our mineral interests, principally in Texas and Louisiana, to third-party entities for the exploration and production of oil and gas. When we lease our mineral interests, we may negotiate a lease bonus payment and we retain a royalty interest and may take an additional participation in production, including a working interest in which we pay a share of the costs to drill, complete and operate a well and receive a proportionate share of the production revenues. | ||||||||||||
In 2012, we acquired 100 percent of the outstanding common stock of Credo in an all cash transaction for $14.50 per share, representing an equity purchase price of approximately $146,445,000. In addition, we paid in full $8,770,000 of Credo’s outstanding debt. Credo was an independent oil and gas exploration, development and production company based in Denver, Colorado. The acquired assets included leasehold interests in the Bakken and Three Forks formations of North Dakota, the Lansing – Kansas City formation in Kansas and Nebraska, and the Tonkawa and Cleveland formations in Texas. | ||||||||||||
We engaged independent petroleum engineers, Netherland, Sewell & Associates, Inc., to assist in preparing estimates of our proved oil and gas reserves, all of which are located in the U.S., and future net cash flows as of year-end 2014, 2013 and 2012. | ||||||||||||
These estimates were based on the economic and operating conditions existing at year-end 2014, 2013 and 2012. Proved developed reserves are those quantities of petroleum from existing wells and facilities, which by analysis of geosciences and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward for known reservoirs and under defined economic conditions, operating methods and government regulations. | ||||||||||||
SEC rules require disclosure of proved reserves using the twelve-month average beginning-of-month price (which we refer to as the average price) for the year. These same average prices also are used in calculating the amount of (and changes in) future net cash inflows related to the standardized measure of discounted future net cash flows. | ||||||||||||
For 2014, 2013 and 2012, the average spot price per barrel of oil based on the West Texas Intermediate Crude price is $94.99, $96.91 and $94.71 and the average price per MMBTU of gas based on the Henry Hub spot market is $4.35, $3.67 and $2.76. All prices were then adjusted for quality, transportation fees and regional price differentials. | ||||||||||||
The process of estimating proved reserves and future net cash flows is complex involving decisions and assumptions in evaluating the available engineering and geologic data and prices for oil and gas and the cost to produce these reserves and other factors, many of which are beyond our control. As a result, these estimates are imprecise and should be expected to change as future information becomes available. These changes could be significant. In addition, this information should not be construed as being the current fair market value of our proved reserves. | ||||||||||||
Estimated Quantities of Proved Oil and Gas Reserves | ||||||||||||
Estimated quantities of proved oil and gas reserves are summarized as follows: | ||||||||||||
Reserves | ||||||||||||
Oil(a) | Gas | |||||||||||
(Barrels) | (Mcf) | |||||||||||
(In thousands) | ||||||||||||
Consolidated entities: | ||||||||||||
Year-end 2011 | 1,064 | 8,203 | ||||||||||
Revisions of previous estimates | 45 | (2,163 | ) | |||||||||
Extensions and discoveries | 86 | 241 | ||||||||||
Acquisitions | 2,396 | 7,109 | ||||||||||
Production | (371 | ) | (1,668 | ) | ||||||||
Year-end 2012 | 3,220 | 11,722 | ||||||||||
Revisions of previous estimates | 182 | 1,243 | ||||||||||
Extensions and discoveries | 3,085 | 2,046 | ||||||||||
Acquisitions | 35 | 531 | ||||||||||
Production | (698 | ) | (1,912 | ) | ||||||||
Year-end 2013 | 5,824 | 13,630 | ||||||||||
Revisions of previous estimates | 608 | 293 | ||||||||||
Extensions and discoveries | 2,191 | 774 | ||||||||||
Acquisitions | 85 | 31 | ||||||||||
Sales | (105 | ) | (218 | ) | ||||||||
Production | (931 | ) | (1,861 | ) | ||||||||
Year-end 2014 | 7,672 | 12,649 | ||||||||||
Our share of ventures accounted for using the equity method: | ||||||||||||
Year-end 2011 | — | 3,283 | ||||||||||
Revisions of previous estimates | — | (390 | ) | |||||||||
Production | — | (321 | ) | |||||||||
Year-end 2012 | — | 2,572 | ||||||||||
Revisions of previous estimates | — | 7 | ||||||||||
Production | — | (247 | ) | |||||||||
Year-end 2013 | — | 2,332 | ||||||||||
Revisions of previous estimates | — | (382 | ) | |||||||||
Production | — | (199 | ) | |||||||||
Year-end 2014 | — | 1,751 | ||||||||||
Total consolidated and our share of equity method ventures: | ||||||||||||
Year-end 2012 | ||||||||||||
Proved developed reserves | 2,416 | 13,020 | ||||||||||
Proved undeveloped reserves | 804 | 1,274 | ||||||||||
Total Year-end 2012 | 3,220 | 14,294 | ||||||||||
Year-end 2013 | ||||||||||||
Proved developed reserves | 3,893 | 13,717 | ||||||||||
Proved undeveloped reserves | 1,931 | 2,245 | ||||||||||
Total Year-end 2013 | 5,824 | 15,962 | ||||||||||
Year-end 2014 | ||||||||||||
Proved developed reserves | 5,269 | 12,599 | ||||||||||
Proved undeveloped reserves | 2,403 | 1,801 | ||||||||||
Total Year-end 2014 | 7,672 | 14,400 | ||||||||||
_____________________ | ||||||||||||
(a) | Includes natural gas liquids (NGLs). | |||||||||||
We do not have any estimated reserves of synthetic oil, synthetic gas or products of other non-renewable natural resources that are intended to be upgraded into synthetic oil and gas. | ||||||||||||
In 2014, increases in extensions and discoveries of 2,191,000 barrels were primarily associated with new reserves in the Bakken/Three Forks formations. An estimated 694,000 barrels of these extensions and discoveries were associated with new producing wells while a further 913,000 barrels of proved undeveloped reserves were added during 2014. Approximately 105,000 barrels of oil and 218,000 Mcf of gas reserves located primarily in Oklahoma were sold during the year. We realized a net positive revision of previous estimates of 608,000 barrels which is primarily driven by improved drilling results in the Bakken/Three Forks formation yielding higher average estimated ultimate recoverable quantities of proved reserves per well. | ||||||||||||
In 2013, increase in gas prices accounted for about 1,243,000 Mcf of upward revisions in gas reserves for our consolidated entities. | ||||||||||||
In 2012, decreases in gas prices accounted for about 800,000 Mcf of downward revisions in gas reserves for our consolidated entities and about 330,000 Mcf of downward revisions for our equity method ventures. The remaining downward revisions in gas reserves for our consolidated entities were attributable to adverse performance from reducing the total fluid withdrawal rate in a natural water drive reservoir, adverse performance from increasing total fluid withdrawal rate in another natural water drive reservoir, from unfavorable performance from newer wells in over-pressured reservoirs that are exhibiting pressure-dependent permeability reductions, and generally due to higher operating pressures adversely affecting gas well performances in a higher back-pressure environment. | ||||||||||||
In 2014, 2013 and 2012, reserve additions from new wells drilled and completed during the year are shown for both consolidated entities and ventures accounted for using the equity method under extensions and discoveries for the royalty interest wells and in 2012 with the acquisition of Credo, working interest wells apply industry practices for new well classifications. There were 106 new well additions in 2014, 88 new well additions in 2013 and 27 new well additions in 2012. | ||||||||||||
Capitalized Costs Relating to Oil and Gas Producing Activities | ||||||||||||
Capitalized costs related to our oil and gas producing activities are as follows: | ||||||||||||
At Year-End | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Consolidated entities: | ||||||||||||
Unproved oil and gas properties | $ | 90,446 | $ | 100,320 | ||||||||
Proved oil and gas properties | 221,299 | 155,262 | ||||||||||
Total costs | 311,745 | 255,582 | ||||||||||
Less accumulated depreciation, depletion and amortization | (48,252 | ) | (22,941 | ) | ||||||||
$ | 263,493 | $ | 232,641 | |||||||||
We have not capitalized any costs for our share in ventures accounted for using the equity method. | ||||||||||||
Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development | ||||||||||||
Costs incurred in oil and gas property acquisition, exploration and development activities, whether capitalized or expensed, follows: | ||||||||||||
For the Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Consolidated entities: | ||||||||||||
Acquisition costs: | ||||||||||||
Proved properties | $ | 2,001 | $ | — | $ | — | ||||||
Unproved properties | 25,666 | 35,806 | 4,418 | |||||||||
Exploration costs | 39,399 | 10,486 | 1,752 | |||||||||
Development costs | 40,277 | 54,538 | 15,938 | |||||||||
$ | 107,343 | $ | 100,830 | $ | 22,108 | |||||||
We have not incurred any costs for our share in ventures accounted for using the equity method. In 2014 and 2013, acquisition of leasehold interests, exploration expenses, and development costs have increased as a result of our increased focus to increase production, reserves, and also to explore and develop the assets acquired from Credo. | ||||||||||||
Standardized Measure of Discounted Future Net Cash Flows | ||||||||||||
Estimates of future cash flows from proved oil and gas reserves are shown in the following table. Estimated income taxes are calculated by applying the appropriate tax rates to the estimated future pre-tax net cash flows less depreciation of the tax basis of properties and the statutory depletion allowance. | ||||||||||||
At Year-End | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Consolidated entities: | ||||||||||||
Future cash inflows | $ | 665,657 | $ | 544,098 | $ | 322,098 | ||||||
Future production and development costs | (271,735 | ) | (231,801 | ) | (104,441 | ) | ||||||
Future income tax expenses | (106,002 | ) | (77,361 | ) | (50,350 | ) | ||||||
Future net cash flows | 287,920 | 234,936 | 167,307 | |||||||||
10% annual discount for estimated timing of cash flows | (124,079 | ) | (99,383 | ) | (60,764 | ) | ||||||
Standardized measure of discounted future net cash flows | $ | 163,841 | $ | 135,553 | $ | 106,543 | ||||||
Our share in ventures accounted for using the equity method: | ||||||||||||
Future cash inflows | $ | 6,186 | $ | 4,765 | $ | 5,125 | ||||||
Future production and development costs | (664 | ) | (512 | ) | (551 | ) | ||||||
Future income tax expenses | (2,098 | ) | (1,616 | ) | (1,738 | ) | ||||||
Future net cash flows | 3,424 | 2,637 | 2,836 | |||||||||
10% annual discount for estimated timing of cash flows | (1,649 | ) | (1,337 | ) | (1,423 | ) | ||||||
Standardized measure of discounted future net cash flows | $ | 1,775 | $ | 1,300 | $ | 1,413 | ||||||
Total consolidated and our share of equity method ventures | $ | 165,616 | $ | 136,853 | $ | 107,956 | ||||||
Future net cash flows were computed using prices used in estimating proved oil and gas reserves, year-end costs, and statutory tax rates (adjusted for tax deductions) that relate to proved oil and gas reserves. | ||||||||||||
Changes in the standardized measure of discounted future net cash flow follows: | ||||||||||||
For the Year | ||||||||||||
Consolidated | Our Share of Equity | Total | ||||||||||
Method Ventures | ||||||||||||
(In thousands) | ||||||||||||
Year-end 2011 | $ | 52,698 | $ | 3,508 | $ | 56,206 | ||||||
Changes resulting from: | ||||||||||||
Net change in sales prices and production costs | (5,709 | ) | (2,497 | ) | (8,206 | ) | ||||||
Net change in future development costs | (1,834 | ) | — | (1,834 | ) | |||||||
Sales of oil and gas, net of production costs | (31,732 | ) | (632 | ) | (32,364 | ) | ||||||
Net change due to extensions and discoveries | 5,596 | — | 5,596 | |||||||||
Net change due to acquisition of reserves | 86,013 | — | 86,013 | |||||||||
Net change due to revisions of quantity estimates | (2,254 | ) | 18 | (2,236 | ) | |||||||
Previously estimated development costs incurred | 1,007 | — | 1,007 | |||||||||
Accretion of discount | 7,377 | 401 | 7,778 | |||||||||
Net change in income taxes | (4,619 | ) | 615 | (4,004 | ) | |||||||
Aggregate change for the year | 53,845 | (2,095 | ) | 51,750 | ||||||||
Year-end 2012 | 106,543 | 1,413 | 107,956 | |||||||||
Changes resulting from: | ||||||||||||
Net change in sales prices and production costs | 23,422 | 415 | 23,837 | |||||||||
Net change in future development costs | (2,897 | ) | — | (2,897 | ) | |||||||
Sales of oil and gas, net of production costs | (56,559 | ) | (801 | ) | (57,360 | ) | ||||||
Net change due to extensions and discoveries | 54,539 | — | 54,539 | |||||||||
Net change due to acquisition of reserves | 1,160 | — | 1,160 | |||||||||
Net change due to revisions of quantity estimates | 8,673 | 6 | 8,679 | |||||||||
Previously estimated development costs incurred | 4,124 | — | 4,124 | |||||||||
Accretion of discount | 13,540 | 228 | 13,768 | |||||||||
Net change in timing and other | (718 | ) | (31 | ) | (749 | ) | ||||||
Net change in income taxes | (16,274 | ) | 70 | (16,204 | ) | |||||||
Aggregate change for the year | 29,010 | (113 | ) | 28,897 | ||||||||
Year-end 2013 | 135,553 | 1,300 | 136,853 | |||||||||
Changes resulting from: | ||||||||||||
Net change in sales prices and production costs | (1,064 | ) | 1,571 | 507 | ||||||||
Net change in future development costs | 1,308 | — | 1,308 | |||||||||
Sales of oil and gas, net of production costs | (63,192 | ) | (787 | ) | (63,979 | ) | ||||||
Net change due to extensions and discoveries | 58,228 | — | 58,228 | |||||||||
Net change due to acquisition of reserves | 2,778 | — | 2,778 | |||||||||
Net change due to divestitures of reserves | (5,804 | ) | — | (5,804 | ) | |||||||
Net change due to revisions of quantity estimates | 15,303 | (343 | ) | 14,960 | ||||||||
Previously estimated development costs incurred | 15,497 | — | 15,497 | |||||||||
Accretion of discount | 18,067 | 210 | 18,277 | |||||||||
Net change in timing and other | 4,198 | 115 | 4,313 | |||||||||
Net change in income taxes | (17,031 | ) | (291 | ) | (17,322 | ) | ||||||
Aggregate change for the year | 28,288 | 475 | 28,763 | |||||||||
Year-end 2014 | $ | 163,841 | $ | 1,775 | $ | 165,616 | ||||||
Results of Operations for Oil and Gas Producing Activities | ||||||||||||
Our royalty interests are contractually defined and based on a percentage of production at prevailing market prices. We receive our percentage of production in cash. Similarly, our working interests and the associated net revenue interests are contractually defined and we pay our proportionate share of the capital and operating costs to develop and operate the well and we market our share of the production. Our revenues fluctuate based on changes in the market prices for oil and gas, the decline in production from existing wells, and other factors affecting oil and gas exploration and production activities, including the cost of development and production. | ||||||||||||
Information about the results of operations of our oil and gas interests follows: | ||||||||||||
For the Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Consolidated entities(a) | ||||||||||||
Revenues | $ | 82,919 | $ | 69,036 | $ | 36,204 | ||||||
Production costs | (19,727 | ) | (12,477 | ) | (4,472 | ) | ||||||
Exploration costs | (17,416 | ) | (10,486 | ) | (1,754 | ) | ||||||
Depreciation, depletion, amortization | (29,442 | ) | (19,552 | ) | (4,905 | ) | ||||||
Non-cash impairments | (32,665 | ) | (473 | ) | — | |||||||
Oil and gas administrative expenses | (17,000 | ) | (14,407 | ) | (8,332 | ) | ||||||
Accretion expense | (121 | ) | (94 | ) | (26 | ) | ||||||
Income tax expenses | 13,398 | (3,471 | ) | (4,841 | ) | |||||||
Results of operations | (20,054 | ) | 8,076 | 11,874 | ||||||||
Our share in ventures accounted for using the equity method: | ||||||||||||
Revenues | $ | 786 | $ | 801 | $ | 770 | ||||||
Production costs | (105 | ) | (123 | ) | (138 | ) | ||||||
Oil and gas administrative expenses | (95 | ) | (86 | ) | (123 | ) | ||||||
Income tax expenses | (235 | ) | (178 | ) | (147 | ) | ||||||
Results of operations | $ | 351 | $ | 414 | $ | 362 | ||||||
Total results of operations | $ | (19,703 | ) | $ | 8,490 | $ | 12,236 | |||||
_____________________ | ||||||||||||
(a) | 2012 includes only three months of operations from Credo due to our third quarter 2012 acquisition. | |||||||||||
Production costs represent our share of oil and gas production severance taxes, and lease operating expenses. Exploration costs principally represent exploratory dry hole costs, geological and geophysical and seismic study costs. |
Summary_of_Quarterly_Results_o
Summary of Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Summary of Quarterly Results of Operations (Unaudited) | Summary of Quarterly Results of Operations (Unaudited) | |||||||||||||||
Summarized quarterly financial results for 2014 and 2013 follows: | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter(a) | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
2014 | ||||||||||||||||
Total revenues | $ | 84,605 | $ | 83,013 | $ | 58,840 | $ | 80,316 | ||||||||
Gross profit (loss) | 35,025 | 33,261 | 19,606 | (6,259 | ) | |||||||||||
Operating income (loss) | 15,883 | 26,942 | 12,716 | (16,783 | ) | |||||||||||
Equity in earnings of unconsolidated ventures | 991 | 958 | 2,016 | 4,720 | ||||||||||||
Income (loss) before taxes | 13,665 | 22,799 | 7,994 | (18,713 | ) | |||||||||||
Net income (loss) attributable to Forestar Group Inc. | 8,334 | 14,822 | 5,227 | (11,800 | ) | |||||||||||
Net income (loss) per share — basic | $ | 0.2 | $ | 0.34 | $ | 0.12 | $ | (0.34 | ) | |||||||
Net income (loss) per share — diluted | $ | 0.19 | $ | 0.34 | $ | 0.12 | $ | (0.34 | ) | |||||||
2013 | ||||||||||||||||
Total revenues | $ | 97,471 | $ | 60,079 | $ | 75,107 | $ | 98,388 | ||||||||
Gross profit | 35,899 | 22,463 | 32,608 | 39,181 | ||||||||||||
Operating income | 9,520 | 3,554 | 10,612 | 22,891 | ||||||||||||
Equity in earnings of unconsolidated ventures | 913 | 2,566 | 3,125 | 2,133 | ||||||||||||
Income before taxes | 7,035 | 2,109 | 9,965 | 23,160 | ||||||||||||
Net income attributable to Forestar Group Inc. | 3,951 | 541 | 11,830 | 12,999 | ||||||||||||
Net income per share — basic | $ | 0.11 | $ | 0.02 | $ | 0.33 | $ | 0.34 | ||||||||
Net income per share — diluted | $ | 0.11 | $ | 0.02 | $ | 0.33 | $ | 0.33 | ||||||||
_____________________ | ||||||||||||||||
(a) | Fourth quarter 2014 results include pre-tax non-cash impairment charges of $30,591,000 for unproved leasehold interests and proved oil and gas properties. |
Consolidated_Real_Estate_and_A
Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Consolidated Real Estate and Accumulated Depreciation | Forestar Group Inc. | |||||||||||||||||||||||||||||||||||||||
Schedule III — Consolidated Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||
Year-End 2014 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Costs Capitalized | Gross Amount Carried at End of Period | ||||||||||||||||||||||||||||||||||||||
Company | Subsequent to Acquisition | |||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings & | Improvements | Carrying | Land & Land | Buildings & | Total | Accumulated | Date of | Date | |||||||||||||||||||||||||||||
Improvements | less Cost of | Costs(a) | Improvements | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||||||||||
Sales and Other | ||||||||||||||||||||||||||||||||||||||||
Entitled, Developed, and Under Development Projects: | ||||||||||||||||||||||||||||||||||||||||
CALIFORNIA | ||||||||||||||||||||||||||||||||||||||||
Contra Costa County | ||||||||||||||||||||||||||||||||||||||||
San Joaquin River | $ | 12,225 | $ | (3,310 | ) | $ | 8,915 | $ | 8,915 | (b) | ||||||||||||||||||||||||||||||
COLORADO | ||||||||||||||||||||||||||||||||||||||||
Douglas County | ||||||||||||||||||||||||||||||||||||||||
Pinery West | 7,308 | 7,045 | 14,353 | 14,353 | 2006 | 2006 | ||||||||||||||||||||||||||||||||||
Weld County | ||||||||||||||||||||||||||||||||||||||||
Buffalo Highlands | 3,001 | 555 | 3,556 | 3,556 | 2006 | 2005 | ||||||||||||||||||||||||||||||||||
Johnstown Farms | 2,749 | 2,046 | $ | 188 | 4,983 | 4,983 | 2002 | 2002 | ||||||||||||||||||||||||||||||||
Stonebraker | 3,878 | (1,436 | ) | 2,442 | 2,442 | 2005 | 2005 | |||||||||||||||||||||||||||||||||
GEORGIA | ||||||||||||||||||||||||||||||||||||||||
Cherokee County | ||||||||||||||||||||||||||||||||||||||||
Heron Pond | 1,104 | 1,285 | 2,389 | 2,389 | 2012 | |||||||||||||||||||||||||||||||||||
Coweta County | ||||||||||||||||||||||||||||||||||||||||
Corinth Landing | 607 | 585 | 1,192 | 1,192 | (b) | |||||||||||||||||||||||||||||||||||
Coweta South Industrial Park | 532 | 476 | 1,008 | 1,008 | (b) | |||||||||||||||||||||||||||||||||||
Genesee | 480 | 1,176 | 1,656 | 1,656 | (b) | |||||||||||||||||||||||||||||||||||
Dawson County | ||||||||||||||||||||||||||||||||||||||||
Woodlands at Burt Creek | 71 | 1,670 | 1,741 | 1,741 | (b) | |||||||||||||||||||||||||||||||||||
Paulding County | ||||||||||||||||||||||||||||||||||||||||
Seven Hills | 2,964 | 129 | 3,093 | 3,093 | 2012 | |||||||||||||||||||||||||||||||||||
SOUTH CAROLINA | ||||||||||||||||||||||||||||||||||||||||
York County | ||||||||||||||||||||||||||||||||||||||||
Habersham | 3,877 | 1,478 | 239 | 5,594 | 5,594 | 2013 | ||||||||||||||||||||||||||||||||||
TENNESEE | ||||||||||||||||||||||||||||||||||||||||
Williamson County | ||||||||||||||||||||||||||||||||||||||||
Morgan Farms | 6,841 | 917 | 166 | 7,924 | 7,924 | 2013 | ||||||||||||||||||||||||||||||||||
Weatherford Estates | 856 | 201 | 1,057 | 1,057 | 2014 | |||||||||||||||||||||||||||||||||||
Wilson County | ||||||||||||||||||||||||||||||||||||||||
Beckwith Crossing | 1,294 | 185 | 1,479 | 1,479 | 2014 | |||||||||||||||||||||||||||||||||||
TEXAS | ||||||||||||||||||||||||||||||||||||||||
Bastrop County | ||||||||||||||||||||||||||||||||||||||||
Hunter’s Crossing | 3,613 | 6,465 | 358 | 10,436 | 10,436 | 2001 | 2001 | |||||||||||||||||||||||||||||||||
The Colony | 8,726 | 12,347 | 161 | 21,234 | 21,234 | 1999 | 1999 | |||||||||||||||||||||||||||||||||
Bexar County | ||||||||||||||||||||||||||||||||||||||||
Cibolo Canyons | 25,569 | 26,137 | 1,607 | 53,313 | 53,313 | 2004 | 1986 | |||||||||||||||||||||||||||||||||
Calhoun County | ||||||||||||||||||||||||||||||||||||||||
Caracol | $ | 3,869 | 8,603 | 3,355 | 2,047 | 14,005 | 14,005 | 2006 | 2006 | |||||||||||||||||||||||||||||||
Initial Cost to | Costs Capitalized | Gross Amount Carried at End of Period | ||||||||||||||||||||||||||||||||||||||
Company | Subsequent to Acquisition | |||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings & | Improvements | Carrying | Land & Land | Buildings & | Total | Accumulated | Date of | Date | |||||||||||||||||||||||||||||
Improvements | less Cost of | Costs(a) | Improvements | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||||||||||
Sales and Other | ||||||||||||||||||||||||||||||||||||||||
Collin County | ||||||||||||||||||||||||||||||||||||||||
Lakes of Prosper | $ | 8,951 | $ | (634 | ) | $ | 180 | $ | 8,497 | $ | 8,497 | 2012 | ||||||||||||||||||||||||||||
Maxwell Creek | 9,904 | (8,687 | ) | 635 | 1,852 | 1,852 | 2000 | 2000 | ||||||||||||||||||||||||||||||||
Parkside | 2,177 | 1,294 | 3,471 | 3,471 | 2013 | |||||||||||||||||||||||||||||||||||
Timber Creek | 7,282 | 4,386 | 11,668 | 11,668 | 2007 | 2007 | ||||||||||||||||||||||||||||||||||
Village Park | 6,550 | (6,579 | ) | 81 | 52 | 52 | 2012 | |||||||||||||||||||||||||||||||||
Comal County | ||||||||||||||||||||||||||||||||||||||||
Oak Creek Estates | 1,921 | 941 | 175 | 3,037 | 3,037 | 2006 | 2005 | |||||||||||||||||||||||||||||||||
Dallas County | ||||||||||||||||||||||||||||||||||||||||
Stoney Creek | 12,822 | 1,278 | 49 | 14,149 | 14,149 | 2007 | 2007 | |||||||||||||||||||||||||||||||||
Denton County | ||||||||||||||||||||||||||||||||||||||||
Lantana | 27,673 | (825 | ) | 26,848 | 26,848 | 2000 | 1999 | |||||||||||||||||||||||||||||||||
River's Edge | 1,227 | 351 | 1,578 | 1,578 | 2014 | |||||||||||||||||||||||||||||||||||
The Preserve at Pecan Creek | 5,855 | (1,884 | ) | 436 | 4,407 | 4,407 | 2006 | 2005 | ||||||||||||||||||||||||||||||||
Fort Bend County | ||||||||||||||||||||||||||||||||||||||||
Summer Lakes | 4,269 | (169 | ) | 4,100 | 4,100 | 2012 | ||||||||||||||||||||||||||||||||||
Summer Park | 4,804 | 3 | 4,807 | 4,807 | 2012 | |||||||||||||||||||||||||||||||||||
Willow Creek Farms | 3,479 | 358 | 90 | 3,927 | 3,927 | 2012 | ||||||||||||||||||||||||||||||||||
Harris County | ||||||||||||||||||||||||||||||||||||||||
Barrington | 8,950 | (5,833 | ) | 3,117 | 3,117 | 2011 | ||||||||||||||||||||||||||||||||||
City Park | $ | 74 | 3,946 | (1,485 | ) | 1,641 | 4,102 | 4,102 | 2002 | 2001 | ||||||||||||||||||||||||||||||
Imperial Forest | 5,345 | 47 | 5,392 | 5,392 | 2014 | |||||||||||||||||||||||||||||||||||
Hays County | ||||||||||||||||||||||||||||||||||||||||
Arrowhead Ranch | 12,856 | 3,104 | 15,960 | 15,960 | 2007 | |||||||||||||||||||||||||||||||||||
Hood County | ||||||||||||||||||||||||||||||||||||||||
Harbor Lakes | 3,514 | (1,970 | ) | 312 | 1,856 | 1,856 | 2000 | 1998 | ||||||||||||||||||||||||||||||||
Montgomery County | ||||||||||||||||||||||||||||||||||||||||
Woodtrace | 8,622 | (8,621 | ) | 1 | 1 | 2014 | ||||||||||||||||||||||||||||||||||
Nueces County | ||||||||||||||||||||||||||||||||||||||||
Tortuga Dunes | 12,080 | 9,473 | 21,553 | 21,553 | 2006 | |||||||||||||||||||||||||||||||||||
Tarrant County | ||||||||||||||||||||||||||||||||||||||||
Summer Creek Ranch | 2,887 | (1,625 | ) | 1,262 | 1,262 | 2012 | ||||||||||||||||||||||||||||||||||
The Bar C Ranch | 1,365 | 2,330 | 32 | 3,727 | 3,727 | 2012 | ||||||||||||||||||||||||||||||||||
Williamson County | ||||||||||||||||||||||||||||||||||||||||
La Conterra | 4,024 | (2,790 | ) | 293 | 1,527 | 1,527 | 2006 | |||||||||||||||||||||||||||||||||
MISSOURI | ||||||||||||||||||||||||||||||||||||||||
Clay County | ||||||||||||||||||||||||||||||||||||||||
Somerbrook | 3,061 | (218 | ) | 13 | 2,856 | 2,856 | 2003 | 2001 | ||||||||||||||||||||||||||||||||
Other | 32,304 | (22,418 | ) | 1,271 | 11,157 | 11,157 | ||||||||||||||||||||||||||||||||||
Total Entitled, Developed, and Under Development Projects | $ | 3,943 | $ | 290,166 | $ | — | $ | 21,133 | $ | 9,974 | $ | 321,273 | $ | — | $ | 321,273 | $ | — | ||||||||||||||||||||||
Initial Cost to | Costs Capitalized | Gross Amount Carried at End of Period | ||||||||||||||||||||||||||||||||||||||
Company | Subsequent to Acquisition | |||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings & | Improvements | Carrying | Land & Land | Buildings & | Total | Accumulated | Date of | Date | |||||||||||||||||||||||||||||
Improvements | less Cost of | Costs(a) | Improvements | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||||||||||
Sales and Other | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land and Land in Entitlement: | ||||||||||||||||||||||||||||||||||||||||
CALIFORNIA | ||||||||||||||||||||||||||||||||||||||||
Los Angeles County | ||||||||||||||||||||||||||||||||||||||||
Land In Entitlement Process | $ | 3,969 | $ | 18,122 | $ | 22,091 | $ | 22,091 | 1997 | |||||||||||||||||||||||||||||||
GEORGIA | ||||||||||||||||||||||||||||||||||||||||
Bartow County | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land | 3,551 | 48 | 3,599 | 3,599 | (b) | |||||||||||||||||||||||||||||||||||
Carroll County | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land | 4,397 | 107 | 4,504 | 4,504 | (b) | |||||||||||||||||||||||||||||||||||
Land In Entitlement Process | 9,006 | 2,159 | 11,165 | 11,165 | (b) | |||||||||||||||||||||||||||||||||||
Cherokee County | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land | 3,322 | 92 | 3,414 | 3,414 | (b) | |||||||||||||||||||||||||||||||||||
Land In Entitlement Process | 2,340 | 566 | 2,906 | 2,906 | (b) | |||||||||||||||||||||||||||||||||||
Coweta County | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land | 454 | 380 | 834 | 834 | (b) | |||||||||||||||||||||||||||||||||||
Land In Entitlement Process | 644 | 222 | 866 | 866 | (b) | |||||||||||||||||||||||||||||||||||
Dawson County | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land | 2,157 | 1,485 | 3,642 | 3,642 | (b) | |||||||||||||||||||||||||||||||||||
Gilmer County | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land | 2,748 | 26 | 2,774 | 2,774 | (b) | |||||||||||||||||||||||||||||||||||
Lumpkin County | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land | 3,015 | 4 | 3,019 | 3,019 | (b) | |||||||||||||||||||||||||||||||||||
Paulding County | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land | 7,494 | 7,494 | 7,494 | (b) | ||||||||||||||||||||||||||||||||||||
Pickens County | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land | 2,235 | 28 | 2,263 | 2,263 | (b) | |||||||||||||||||||||||||||||||||||
Polk County | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land | 2,354 | 2,354 | 2,354 | (b) | ||||||||||||||||||||||||||||||||||||
TEXAS | ||||||||||||||||||||||||||||||||||||||||
Bexar County | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land | 3,038 | 3,038 | 3,038 | (b) | ||||||||||||||||||||||||||||||||||||
Harris County | ||||||||||||||||||||||||||||||||||||||||
Land in Entitlement Process | 685 | 1,145 | 1,830 | 1,830 | (b) | |||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||
Undeveloped Land | 8,666 | 8,171 | 16,837 | 16,837 | (b) | |||||||||||||||||||||||||||||||||||
Land in Entitlement Process | 504 | 48 | 552 | 552 | (b) | |||||||||||||||||||||||||||||||||||
Total Undeveloped Land and Land in Entitlement | $ | — | $ | 57,541 | $ | — | $ | 35,641 | $ | — | $ | 93,182 | $ | — | $ | 93,182 | $ | — | ||||||||||||||||||||||
Initial Cost to | Costs Capitalized | Gross Amount Carried at End of Period | ||||||||||||||||||||||||||||||||||||||
Company | Subsequent to Acquisition | |||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings & | Improvements | Carrying | Land & Land | Buildings & | Total | Accumulated | Date of | Date | |||||||||||||||||||||||||||||
Improvements | less Cost of | Costs(a) | Improvements | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||||||||||
Sales and | ||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||
Income Producing Properties: | ||||||||||||||||||||||||||||||||||||||||
NORTH CAROLINA | ||||||||||||||||||||||||||||||||||||||||
Mecklenburg County | ||||||||||||||||||||||||||||||||||||||||
Dilworth | $ | 5,779 | $ | 9,424 | $ | 15,203 | $ | 15,203 | 2012 | |||||||||||||||||||||||||||||||
TENNESSEE | ||||||||||||||||||||||||||||||||||||||||
Davidson County | ||||||||||||||||||||||||||||||||||||||||
Music Row | 6,607 | 1,068 | 7,675 | 7,675 | 2014 | |||||||||||||||||||||||||||||||||||
TEXAS | ||||||||||||||||||||||||||||||||||||||||
Dallas County | ||||||||||||||||||||||||||||||||||||||||
Midtown | $ | 19,117 | 2,526 | 30,767 | 2,526 | 30,767 | 33,293 | $ | (231 | ) | 2011 | 2011 | ||||||||||||||||||||||||||||
Hood County | ||||||||||||||||||||||||||||||||||||||||
Harbor Lakes Golf Club | 1,446 | 608 | 2,054 | 2,054 | (1,508 | ) | 2000 | 1998 | ||||||||||||||||||||||||||||||||
Travis County | ||||||||||||||||||||||||||||||||||||||||
Eleven | 23,936 | 7,940 | $ | 45,947 | 71 | 7,940 | 46,018 | 53,958 | (576 | ) | 2013 | 2014 | ||||||||||||||||||||||||||||
Downtown Edge | 11,202 | 654 | 11,856 | 11,856 | 2014 | |||||||||||||||||||||||||||||||||||
Radisson Hotel & Suites | 15,400 | 10,603 | 49,170 | — | 59,773 | 59,773 | (29,062 | ) | (b) | |||||||||||||||||||||||||||||||
West Austin | 7,274 | 1,592 | 8,866 | 8,866 | 2014 | |||||||||||||||||||||||||||||||||||
Total Income Producing Properties | $ | 58,453 | $ | 41,328 | $ | 57,996 | $ | 93,354 | $ | — | $ | 54,066 | $ | 138,612 | $ | 192,678 | $ | (31,377 | ) | |||||||||||||||||||||
Total | $ | 62,396 | $ | 389,035 | $ | 57,996 | $ | 150,128 | $ | 9,974 | $ | 468,521 | $ | 138,612 | $ | 607,133 | $ | (31,377 | ) | |||||||||||||||||||||
_____________________ | ||||||||||||||||||||||||||||||||||||||||
(a) | We do not capitalize carrying costs until development begins. | |||||||||||||||||||||||||||||||||||||||
(b) | The acquisition date is not available. | |||||||||||||||||||||||||||||||||||||||
Reconciliation of real estate: | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 547,530 | $ | 545,370 | $ | 592,322 | ||||||||||||||||||||||||||||||||||
Amounts capitalized | 214,184 | 111,428 | 143,711 | |||||||||||||||||||||||||||||||||||||
Amounts retired or adjusted | (154,581 | ) | (109,268 | ) | (190,663 | ) | ||||||||||||||||||||||||||||||||||
Balance at close of period | $ | 607,133 | $ | 547,530 | $ | 545,370 | ||||||||||||||||||||||||||||||||||
Reconciliation of accumulated depreciation: | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | (28,066 | ) | $ | (28,220 | ) | $ | (26,955 | ) | |||||||||||||||||||||||||||||||
Depreciation expense | (3,319 | ) | (2,185 | ) | (3,640 | ) | ||||||||||||||||||||||||||||||||||
Amounts retired or adjusted | 8 | 2,339 | 2,375 | |||||||||||||||||||||||||||||||||||||
Balance at close of period | $ | (31,377 | ) | $ | (28,066 | ) | $ | (28,220 | ) |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Basis of Presentation | Basis of Presentation | |||||||||
Our consolidated financial statements include the accounts of Forestar Group Inc., all subsidiaries, ventures and other entities in which we have a controlling interest. We account for our investment in other entities in which we have significant influence over operations and financial policies using the equity method (we recognize our share of the entities’ income or loss and any preferential returns and treat distributions as a reduction of our investment). We eliminate all material intercompany accounts and transactions. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. | ||||||||||
We prepare our financial statements in accordance with generally accepted accounting principles in the United States, which require us to make estimates and assumptions about future events. Actual results can, and probably will, differ from those we currently estimate. Examples of significant estimates include those related to allocating costs to real estate, measuring long-lived assets for impairment, oil and gas revenue accruals, capital expenditure and lease operating expense accruals associated with our oil and gas production activities, oil and gas reserves and depletion of our oil and gas properties. | ||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||||||
Cash and cash equivalents include cash and other short-term instruments with original maturities of three months or less. At year-end 2014 and 2013, restricted cash was $217,000 and $3,954,000 and is included in other assets. | ||||||||||
Cash Flows | Cash Flows | |||||||||
Expenditures for the acquisition and development of single-family and multifamily real estate are classified as operating activities. Expenditures for the acquisition of stabilized income producing properties, investment in oil and gas properties and equipment, and business acquisitions are classified as investing activities. Our accrued capital expenditures for unproved leasehold acquisitions and drilling and completion costs at year-end 2014 and 2013 were $19,405,000 and $12,976,000 and are included in other accrued expenses in our consolidated balance sheets. These oil and gas property additions will be reflected as cash used for investing activities in the period the accrued payables are settled. | ||||||||||
Capitalized Software | Capitalized Software | |||||||||
We capitalize purchased software costs as well as the direct internal and external costs associated with software we develop for our own use. We amortize these capitalized costs using the straight-line method over estimated useful lives generally ranging from three to five years. The carrying value of capitalized software was $1,188,000 at year-end 2014 and $1,544,000 at year-end 2013 and is included in other assets. The amortization of these capitalized costs was $1,067,000 in 2014, $1,593,000 in 2013 and $1,320,000 in 2012 and is included in general and administrative and operating expenses. | ||||||||||
Environmental and Asset Retirement Obligations | Environmental and Asset Retirement Obligations | |||||||||
We recognize environmental remediation liabilities on an undiscounted basis when environmental assessments or remediation are probable and we can reasonably estimate the cost. We adjust these liabilities as further information is obtained or circumstances change. Our asset retirement obligations are related to the abandonment and site restoration requirements that result from the acquisition, construction and development of our oil and gas properties. We record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Accretion expense related to the asset retirement obligation and depletion expense related to capitalized asset retirement cost is included in cost of oil and gas producing activities on our consolidated statements of income. | ||||||||||
The following summarizes the changes in asset retirement obligations: | ||||||||||
Year-End | ||||||||||
2014 | 2013 | |||||||||
(In thousands) | ||||||||||
Beginning balance | $ | 1,483 | $ | 1,360 | ||||||
Additions | 314 | 29 | ||||||||
Property dispositions | (230 | ) | — | |||||||
Change in estimate | 118 | — | ||||||||
Accretion expense | 122 | 94 | ||||||||
$ | 1,807 | $ | 1,483 | |||||||
Fair Value Measurements | Fair Value Measurements | |||||||||
Financial instruments for which we did not elect the fair value option include cash and cash equivalents, accounts and notes receivables, other assets, long-term debt, accounts payable and other liabilities. With the exception of long-term notes receivable and debt, the carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates. | ||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||
We record goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. We do not amortize goodwill or other indefinite lived intangible assets. Instead, we measure these assets for impairment based on the estimated fair values at least annually or more frequently if impairment indicators exist. We perform the annual impairment measurement in the fourth quarter of each year. Intangible assets with finite useful lives are amortized over their estimated useful lives. | ||||||||||
Impairment of Long-Lived Assets | ||||||||||
Income Taxes | Income Taxes | |||||||||
We provide deferred income taxes using current tax rates for temporary differences between the financial accounting carrying value of assets and liabilities and their tax accounting carrying values. We recognize and value income tax exposures for the various taxing jurisdictions where we operate based on laws, elections, commonly accepted tax positions, and management estimates. We include tax penalties and interest in income tax expense. We provide a valuation allowance for any deferred tax asset that is not likely to be recoverable in future periods. | ||||||||||
When we believe a tax position is supportable but the outcome uncertain, we include the item in our tax return but do not recognize the related benefit in our provision for taxes. Instead, we record a reserve for unrecognized tax benefits, which represents our expectation of the most likely outcome considering the technical merits and specific facts of the position. Changes to liabilities are only made when an event occurs that changes the most likely outcome, such as settlement with the relevant tax authority, expiration of statutes of limitations, changes in tax law, or recent court rulings. | ||||||||||
Owned Mineral Interests | Owned Mineral Interests | |||||||||
When we lease our mineral interests to third-party exploration and production entities, we retain a royalty interest and may take an additional participation in production, including a working interest. Mineral interests and working interests related to our owned mineral interests are included in oil and gas properties and equipment on our balance sheet, net of accumulated depletion. | ||||||||||
Oil and Gas Properties | Oil and Gas Properties | |||||||||
We use the successful efforts method of accounting for our oil and gas producing activities. Costs to acquire mineral interests leased, costs to drill and complete development of oil and gas wells and related asset retirement costs are capitalized. Costs to drill exploratory wells are capitalized pending determination of whether the wells have proved reserves and if determined incapable of producing commercial quantities of oil and gas these costs are expensed as dry hole costs. As of year-end 2014, we have $8,575,000 in capitalized exploratory well costs pending determination of proved reserves, none of which have been capitalized for a period greater than one year. Exploration costs include dry hole costs, geological and geophysical costs, expired unproved leasehold costs and seismic studies, and are expensed as incurred. Production costs incurred to maintain wells and related equipment are charged to expense as incurred. | ||||||||||
Depreciation and depletion of producing oil and gas properties is calculated using the units-of-production method. Proved developed reserves are used to compute unit rates for unamortized tangible and intangible drilling and completion costs. Proved reserves are used to compute unit rates for unamortized acquisition of proved leasehold costs. Unit-of-production amortization rates are revised whenever there is an indication of the need for revision but at least once a year and those revisions are accounted for prospectively as changes in accounting estimates. | ||||||||||
Operating Leases | Operating Leases | |||||||||
We occupy office space in various locations under operating leases. The lease agreements may contain rent escalation clauses, construction allowances and/or contingent rent provisions. We expense operating leases ratably over the shorter of the useful life or the lease term. For scheduled rent escalation clauses, we recognize the base rent expense on a straight-line basis and record the difference between the recognized rent expense and the amounts payable under the lease as deferred lease credits included in other liabilities in the consolidated balance sheets. Deferred lease credits are amortized over the lease term. For construction allowances, we record leasehold improvement assets included in property and equipment in the consolidated balance sheets amortized over the shorter of their economic lives or the lease term. The related deferred lease credits are amortized as a reduction of rent expense over the lease term. | ||||||||||
Property and Equipment | Property and Equipment | |||||||||
We carry property and equipment at cost less accumulated depreciation. We capitalize the cost of significant additions and improvements, and we expense the cost of repairs and maintenance. We capitalize interest costs incurred on major construction projects. We depreciate these assets using the straight-line method over their estimated useful lives as follows: | ||||||||||
Estimated | Carrying | |||||||||
Value Year-End | ||||||||||
Useful Lives | 2014 | 2013 | ||||||||
(In thousands) | ||||||||||
Buildings and building improvements | 10 to 40 years | $ | 4,461 | $ | 4,111 | |||||
Property and equipment | 2 to 10 years | 14,084 | 8,240 | |||||||
18,545 | 12,351 | |||||||||
Less: accumulated depreciation | (6,918 | ) | (6,239 | ) | ||||||
$ | 11,627 | $ | 6,112 | |||||||
Depreciation expense of property and equipment was $903,000 in 2014, $1,028,000 in 2013 and $962,000 in 2012. | ||||||||||
Real Estate | Real Estate | |||||||||
We carry real estate at the lower of cost or fair value less cost to sell. We capitalize interest costs once development begins, and we continue to capitalize throughout the development period. We also capitalize infrastructure, improvements, amenities, and other development costs incurred during the development period. We determine the cost of real estate sold using the relative sales value method. When we sell real estate from projects that are not finished, we include in the cost of real estate sold estimates of future development costs through completion, allocated based on relative sales values. These estimates of future development costs are reevaluated at least annually, with any adjustments being allocated prospectively to the remaining units available for sale. We receive cash deposits from home builders for purchases of real estate community development projects. These earnest money deposits are released to the home builders as lots are developed and sold. | ||||||||||
Income producing properties are carried at cost less accumulated depreciation computed using the straight-line method over their estimated useful lives. | ||||||||||
We have agreements with utility or improvement districts, principally in Texas, whereby we agree to convey to the district's water, sewer and other infrastructure-related assets we have constructed in connection with projects within their jurisdiction. The reimbursement for these assets ranges from 70 to 100 percent of allowable cost as defined by the district. The transfer is consummated and we receive payment when the districts have a sufficient tax base to support funding of their bonds. The cost we incur in constructing these assets is included in capitalized development costs, and upon collection, we remove the assets from capitalized development costs. We provide an allowance to reflect our past experiences related to claimed allowable development costs. | ||||||||||
Reclassifications | Reclassifications | |||||||||
In 2014, we have reclassified prior years' earnest money deposits that were included in other accrued expenses and other liabilities on our consolidated balance sheets as a separate line item to conform to the current year presentation. | ||||||||||
Revenue | Revenue | |||||||||
Real Estate | ||||||||||
We recognize revenue from sales of real estate when a sale is consummated, the buyer’s initial investment is adequate, any receivables are probable of collection, the usual risks and rewards of ownership have been transferred to the buyer, and we do not have significant continuing involvement with the real estate sold. If we determine that the earnings process is not complete, we defer recognition of any gain until earned. We recognize revenue from hotel room sales and other guest services when rooms are occupied and other guest services have been rendered. We recognize revenue from our multifamily properties when payments are due from residents, generally on a monthly basis. | ||||||||||
We recognize construction revenues on multifamily projects that we develop as a general contractor. Construction revenues are recognized as costs are incurred plus fixed fee earned. We are reimbursed for costs paid to subcontractors plus we may earn a development and construction management fee on multifamily projects we develop, both of which are included in commercial and income producing properties revenue. On multifamily projects where our fee is based on a fixed fee plus guaranteed maximum price contract, any cost overruns incurred during construction, as compared to the original budget, will reduce the net fee generated on these projects. Any excess cost overruns estimated over the net fee generated are recognized in the period in which they become evident. | ||||||||||
We exclude from revenue amounts we collect from utility or improvement districts related to the conveyance of water, sewer and other infrastructure related assets. We also exclude from revenue amounts we collect for timber sold on land being developed. These proceeds reduce capitalized development costs. We exclude from revenue amounts we collect from customers that represent sales tax or other taxes that are based on the sale. These amounts are included in other accrued expenses until paid. | ||||||||||
Oil and Gas | ||||||||||
We recognize revenue as oil and gas is produced and sold. There are a significant amount of oil and gas properties which we do not operate and, therefore, revenue is typically recorded in the month of production based on an estimate of our share of volumes produced and prices realized. We obtain the most current available production data from the operators and price indices for each well to estimate the accrual of revenue. Obtaining production data on a timely basis for some wells is not feasible; therefore we utilize past production receipts and estimated sales price information to estimate accrual of working interest revenue on all other non-operated wells each month. Revisions to such estimates are recorded as actual results become known. We review accounts receivable periodically and reduce the carrying amount by a valuation allowance that reflects our best estimate of the amount that may not be collectible. No such allowance was considered necessary at December 31, 2014 or 2013. | ||||||||||
A majority of our sales are made under contractual arrangements with terms that are considered to be usual and customary in the oil and gas industry. The contracts are for periods of up to five years with prices determined upon a percentage of pre-determined and published monthly index price. The terms of these contracts have not had an effect on how we recognize revenue. | ||||||||||
We recognize revenue from mineral bonus payments received as a result of leasing our owned mineral interests to others when we have received an executed agreement with the exploration company transferring the rights to any oil or gas it may find and requiring drilling be done within a specified period, the payment has been collected, and we have no obligation to refund the payment. We recognize revenue from delay rentals received if drilling has not started within the specified period and when the payment has been collected. We recognize revenue from mineral royalties when the minerals have been delivered to the buyer, the value is determinable, and we are reasonably sure of collection. | ||||||||||
Other Natural Resources | ||||||||||
We recognize revenue from timber sales upon passage of title, which occurs at delivery; when the price is fixed and determinable; and we are reasonably sure of collection. We recognize revenue from recreational leases on the straight-line basis over the lease term. | ||||||||||
Share-Based Compensation | Share-Based Compensation | |||||||||
We use the Black-Scholes option pricing model for stock options, Monte Carlo simulation pricing model for market-leveraged stock units, grant date fair value for equity-settled awards and period-end fair value for cash-settled awards. We expense share-based awards ratably over the vesting period or earlier based on retirement eligibility. | ||||||||||
Timber | Timber | |||||||||
We carry timber at cost less the cost of timber cut. We expense the cost of timber cut based on the relationship of the timber carrying value to the estimated volume of recoverable timber multiplied by the amount of timber cut. We include the cost of timber cut in cost of other natural resources in the income statement. We determine the estimated volume of recoverable timber using statistical information and other data related to growth rates and yields gathered from physical observations, models and other information gathering techniques. Changes in yields are generally due to adjustments in growth rates and similar matters and are accounted for prospectively as changes in estimates. We capitalize reforestation costs incurred in developing viable seedling plantations (up to two years from planting), such as site preparation, seedlings, planting, fertilization, insect and wildlife control, and herbicide application. We expense all other costs, such as property taxes and costs of forest management personnel, as incurred. Once the seedling plantation is viable, we expense all costs to maintain the viable plantations, such as fertilization, herbicide application, insect and wildlife control, and thinning, as incurred. | ||||||||||
We own directly or through ventures about 102,000 acres of timber, primarily in Georgia. The non-cash cost of timber cut and sold is $371,000 in 2014, $609,000 in 2013 and $1,220,000 in 2012 and is included in depreciation, depletion and amortization in our statement of cash flows. | ||||||||||
New and Pending Accounting Pronouncements | New and Pending Accounting Pronouncements | |||||||||
Accounting Standards Adopted in 2014 | ||||||||||
In 2014, we adopted ASU 2013-04 — Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, ASU 2014-12 — Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period and ASU 2014-17 — Business Combinations (Topic 805): Pushdown Accounting. Adoption did not materially affect our earnings, financial position or disclosures. | ||||||||||
We also adopted ASU 2014-08 — Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new and expanded disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The Company adopted the updated standard in second quarter 2014. As a result, certain asset disposals were not considered discontinued operations, due to the higher threshold under the updated standard, but that would have qualified as discontinued operations under the previous guidance. | ||||||||||
Pending Accounting Standards | ||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for annual and interim periods beginning after December 15, 2016. We have not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Schedule of Change in Asset Retirement Obligation | The following summarizes the changes in asset retirement obligations: | |||||||||
Year-End | ||||||||||
2014 | 2013 | |||||||||
(In thousands) | ||||||||||
Beginning balance | $ | 1,483 | $ | 1,360 | ||||||
Additions | 314 | 29 | ||||||||
Property dispositions | (230 | ) | — | |||||||
Change in estimate | 118 | — | ||||||||
Accretion expense | 122 | 94 | ||||||||
$ | 1,807 | $ | 1,483 | |||||||
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block] | Net capitalized costs, utilizing the successful efforts method of accounting, related to our oil and gas producing activities are as follows: | |||||||||
At Year-End | ||||||||||
2014 | 2013 | |||||||||
(In thousands) | ||||||||||
Unproved oil and gas properties | $ | 90,446 | $ | 100,320 | ||||||
Proved oil and gas properties | 221,299 | 155,262 | ||||||||
Total costs | 311,745 | 255,582 | ||||||||
Less accumulated depreciation, depletion and amortization | (48,252 | ) | (22,941 | ) | ||||||
$ | 263,493 | $ | 232,641 | |||||||
Schedule of Property, Plant and Equipment | We depreciate these assets using the straight-line method over their estimated useful lives as follows: | |||||||||
Estimated | Carrying | |||||||||
Value Year-End | ||||||||||
Useful Lives | 2014 | 2013 | ||||||||
(In thousands) | ||||||||||
Buildings and building improvements | 10 to 40 years | $ | 4,461 | $ | 4,111 | |||||
Property and equipment | 2 to 10 years | 14,084 | 8,240 | |||||||
18,545 | 12,351 | |||||||||
Less: accumulated depreciation | (6,918 | ) | (6,239 | ) | ||||||
$ | 11,627 | $ | 6,112 | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Carrying Value of Goodwill and Other Intangible Assets | Carrying value of goodwill and other intangible assets follows: | |||||||
Year-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Goodwill | $ | 63,423 | $ | 64,493 | ||||
Identified intangibles, net | 2,708 | 2,153 | ||||||
$ | 66,131 | $ | 66,646 | |||||
Real_Estate_Tables
Real Estate (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Real Estate [Abstract] | ||||||||
Real Estate | Real estate consists of: | |||||||
At Year-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Entitled, developed and under development projects | $ | 321,273 | $ | 361,687 | ||||
Undeveloped land (includes land in entitlement) | 93,182 | 86,367 | ||||||
Commercial and income producing properties | ||||||||
Carrying value | 192,678 | 99,476 | ||||||
Accumulated depreciation | (31,377 | ) | (28,066 | ) | ||||
Net carrying value | 161,301 | 71,410 | ||||||
$ | 575,756 | $ | 519,464 | |||||
Oil_and_Gas_Properties_Tables
Oil and Gas Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Oil and Gas Properties [Abstract] | ||||||||
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block] | Net capitalized costs, utilizing the successful efforts method of accounting, related to our oil and gas producing activities are as follows: | |||||||
At Year-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Unproved oil and gas properties | $ | 90,446 | $ | 100,320 | ||||
Proved oil and gas properties | 221,299 | 155,262 | ||||||
Total costs | 311,745 | 255,582 | ||||||
Less accumulated depreciation, depletion and amortization | (48,252 | ) | (22,941 | ) | ||||
$ | 263,493 | $ | 232,641 | |||||
Investment_in_Unconsolidated_V1
Investment in Unconsolidated Ventures (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||
Summarized Balance Sheet Information | Combined summarized balance sheet information for our ventures accounted for using the equity method follows: | |||||||||||||||||||||||||||||||||||
Venture Assets | Venture Borrowings(a) | Venture Equity | Our Investment | |||||||||||||||||||||||||||||||||
At Year-End | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
242, LLC(b) | $ | 33,021 | $ | 23,751 | $ | 6,940 | $ | 921 | $ | 21,789 | $ | 19,838 | $ | 10,098 | $ | 9,084 | ||||||||||||||||||||
CJUF III, RH Holdings(c) | — | 36,320 | — | 18,492 | — | 15,415 | — | 3,235 | ||||||||||||||||||||||||||||
CL Ashton Woods, LP(d) | 13,269 | 10,473 | — | — | 11,453 | 9,704 | 6,015 | 3,544 | ||||||||||||||||||||||||||||
CL Realty, LLC | 7,960 | 8,298 | — | — | 7,738 | 8,070 | 3,869 | 4,035 | ||||||||||||||||||||||||||||
CREA FMF Nashville LLC(b) | 40,014 | — | 29,660 | — | 5,987 | — | 5,516 | — | ||||||||||||||||||||||||||||
Elan 99, LLC | 10,070 | — | 1 | — | 9,643 | — | 8,679 | — | ||||||||||||||||||||||||||||
FMF Littleton LLC | 26,953 | — | — | — | 24,435 | — | 6,287 | — | ||||||||||||||||||||||||||||
FMF Peakview LLC | 43,638 | 30,673 | 23,070 | 12,533 | 17,464 | 16,620 | 3,575 | 3,406 | ||||||||||||||||||||||||||||
HM Stonewall Estates, Ltd.(d) | 3,750 | 3,781 | 669 | 63 | 3,081 | 3,718 | 1,752 | 2,128 | ||||||||||||||||||||||||||||
LM Land Holdings, LP(d) | 25,561 | 33,298 | 4,448 | 9,768 | 18,500 | 13,347 | 9,322 | 8,283 | ||||||||||||||||||||||||||||
PSW Communities, LP | 16,045 | — | 10,515 | — | 4,415 | — | 3,924 | — | ||||||||||||||||||||||||||||
TEMCO Associates, LLC | 11,756 | 13,320 | — | — | 11,556 | 13,160 | 5,778 | 6,580 | ||||||||||||||||||||||||||||
Other ventures (4)(e) | 8,453 | 12,723 | 26,944 | 29,699 | (25,614 | ) | (31,357 | ) | 190 | 852 | ||||||||||||||||||||||||||
$ | 240,490 | $ | 172,637 | $ | 102,247 | $ | 71,476 | $ | 110,447 | $ | 68,515 | $ | 65,005 | $ | 41,147 | |||||||||||||||||||||
Summarized Income Statement Information | Combined summarized income statement information for our ventures accounted for using the equity method follows: | |||||||||||||||||||||||||||||||||||
Revenues | Earnings (Loss) | Our Share of Earnings (Loss) | ||||||||||||||||||||||||||||||||||
For the Year | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
242, LLC(b) | $ | 5,612 | $ | 6,269 | $ | 4,868 | $ | 2,951 | $ | 1,512 | $ | 1,040 | $ | 1,514 | $ | 805 | $ | 572 | ||||||||||||||||||
CJUF III, RH Holdings(c) | 2,168 | 120 | — | (956 | ) | (652 | ) | (241 | ) | (956 | ) | (652 | ) | (241 | ) | |||||||||||||||||||||
CL Ashton Woods, LP(d) | 5,431 | 9,018 | 3,353 | 1,748 | 2,660 | 1,472 | 2,471 | 4,169 | 2,024 | |||||||||||||||||||||||||||
CL Realty, LLC | 1,573 | 1,603 | 2,667 | 1,068 | 1,028 | 1,060 | 534 | 514 | 530 | |||||||||||||||||||||||||||
CREA FMF Nashville LLC(b) | — | — | — | (163 | ) | — | — | (163 | ) | — | — | |||||||||||||||||||||||||
Elan 99, LLC | — | — | — | (87 | ) | — | — | (78 | ) | — | — | |||||||||||||||||||||||||
FMF Littleton LLC | — | — | — | (239 | ) | — | — | (60 | ) | — | — | |||||||||||||||||||||||||
FMF Peakview LLC | 4 | 1 | — | (410 | ) | (252 | ) | (116 | ) | (83 | ) | (50 | ) | (23 | ) | |||||||||||||||||||||
HM Stonewall Estates, Ltd.(d) | 1,728 | 2,922 | 2,500 | 613 | 1,082 | 829 | 248 | 452 | 332 | |||||||||||||||||||||||||||
LM Land Holdings, LP(d) | 21,980 | 25,426 | 10,268 | 15,520 | 11,012 | 1,895 | 4,827 | 3,418 | 257 | |||||||||||||||||||||||||||
PSW Communities, LP | — | — | — | (86 | ) | — | — | (76 | ) | — | — | |||||||||||||||||||||||||
TEMCO Associates, LLC | 2,155 | 630 | 702 | 494 | 96 | (80 | ) | 247 | 48 | (40 | ) | |||||||||||||||||||||||||
Other ventures (4)(f) | 1,792 | 5,994 | 8,790 | 4,835 | 176 | 10,032 | 260 | 33 | 11,058 | |||||||||||||||||||||||||||
$ | 42,443 | $ | 51,983 | $ | 33,148 | $ | 25,288 | $ | 16,662 | $ | 15,891 | $ | 8,685 | $ | 8,737 | $ | 14,469 | |||||||||||||||||||
_____________________ | ||||||||||||||||||||||||||||||||||||
(a) | Total includes current maturities of $65,795,000 at year-end 2014, of which $42,566,000 is non-recourse to us, and $37,966,000 at year-end 2013, of which $37,822,000 is non-recourse to us. | |||||||||||||||||||||||||||||||||||
(b) | Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $1,621,000 are reflected as a reduction to our investment in unconsolidated ventures at year-end 2014. | |||||||||||||||||||||||||||||||||||
(c) | In 2014, we acquired full ownership in the Eleven venture for $21,500,000. The acquisition-date fair value was $55,275,000, including debt of $23,936,000. Our investment in the Eleven venture prior to acquiring our partner’s interest was $2,229,000. At year-end 2014, we no longer have an equity method investment in the Eleven venture. | |||||||||||||||||||||||||||||||||||
(d) | Includes unrecognized basis difference of $1,517,000 which is reflected as a reduction of our investment in unconsolidated ventures at year-end 2014. This difference between estimated fair value of the equity investment and our capital account within the respective ventures at closing will be accreted as income or expense over the life of the investment and included in our share of earnings (loss) from the respective ventures. | |||||||||||||||||||||||||||||||||||
(e) | Our investment in other ventures reflects our ownership interests generally ranging from 25 to 50 percent, excluding venture losses that exceed our investment where we are not obligated to fund those losses. Please read Note 16 — Variable Interest Entities for additional information. | |||||||||||||||||||||||||||||||||||
(f) | In 2012, other ventures earnings include $5,307,000 related to a consolidated venture’s share of the gain associated with Round Rock Luxury Apartment's sale of Las Brisas. Our share of these earnings was $2,541,000 and we allocated $2,766,000 to net income attributable to noncontrolling interests. |
Receivables_Tables
Receivables (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables [Abstract] | ||||||||
Receivables | Receivables consist of: | |||||||
At Year-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Loan secured by real estate | $ | 3,574 | $ | 7,610 | ||||
Other loans secured by real estate, average interest rate of 4.41% at year-end 2014 and 5.00% at year-end 2013 | 1,737 | 7,987 | ||||||
Oil and gas joint interest billing receivables | 5,738 | 3,896 | ||||||
Oil and gas revenue accruals | 7,293 | 8,137 | ||||||
Other receivables and accrued interest | 6,505 | 11,648 | ||||||
24,847 | 39,278 | |||||||
Allowance for bad debts | (258 | ) | (26 | ) | ||||
$ | 24,589 | $ | 39,252 | |||||
Estimated Accretable Yield | Estimated accretable yield is as follows: | |||||||
At Year-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Beginning of year | $ | 8,908 | $ | 25,149 | ||||
Change in accretable yield due to change in timing of estimated cash flows | (166 | ) | (10,950 | ) | ||||
Interest income recognized | (7,903 | ) | (5,291 | ) | ||||
$ | 839 | $ | 8,908 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt consists of: | |||||||
At Year-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Senior secured credit facility | ||||||||
Term loan facility — average interest rate of 4.17% at year-end 2013 | $ | — | $ | 200,000 | ||||
8.50% senior secured notes due 2022 | 250,000 | — | ||||||
3.75% convertible senior notes due 2020, net of discount | 103,194 | 99,890 | ||||||
6.00% tangible equity units, net of discount | 17,154 | 25,619 | ||||||
Secured promissory notes — average interest rates of 3.17% at year-end 2014 and 2013 | 15,400 | 15,400 | ||||||
Other indebtedness due through 2017 at variable and fixed interest rates ranging from 2.19% to 5.00% | 46,996 | 16,498 | ||||||
$ | 432,744 | $ | 357,407 | |||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Carrying Value of Assets | ||||||||||||||||||||||||||||||||
Year-End 2014 | Year-End 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Non-Financial Assets and Liabilities: | ||||||||||||||||||||||||||||||||
Real estate | $ | — | $ | 970 | $ | — | $ | 970 | $ | — | $ | 3,700 | $ | — | $ | 3,700 | ||||||||||||||||
Proved oil and gas properties | $ | — | $ | — | $ | 3,655 | $ | 3,655 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Information About Our Fixed Rate Financial Instruments Not Measured at Fair Value | Information about our fixed rate financial instruments not measured at fair value follows: | |||||||||||||||||||||||||||||||
Year-End 2014 | Year-End 2013 | |||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Valuation | ||||||||||||||||||||||||||||
Amount | Value | Amount | Value | Technique | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Loan secured by real estate | $ | 3,574 | $ | 4,859 | $ | 7,610 | $ | 18,025 | Level 2 | |||||||||||||||||||||||
Fixed rate debt(a) | $ | (370,348 | ) | $ | (359,131 | ) | $ | (126,640 | ) | $ | (118,634 | ) | Level 2 | |||||||||||||||||||
_____________________ | ||||||||||||||||||||||||||||||||
(a) | Year-end 2014 includes our $250,000,000 of 8.50% senior secured notes due 2022, issued May 12, 2014. |
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Attributable to Common Shareholders and Weighted Average Common Shares Outstanding | ||||||||||||
For the Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Numerator: | ||||||||||||
Consolidated net income | $ | 17,088 | $ | 35,061 | $ | 17,876 | ||||||
Less: Net income attributable to noncontrolling interest | (505 | ) | (5,740 | ) | (4,934 | ) | ||||||
Earnings available for diluted earnings per share | $ | 16,583 | $ | 29,321 | $ | 12,942 | ||||||
Less: Undistributed net income allocated to participating securities | (3,018 | ) | (585 | ) | — | |||||||
Earnings available to common shareholders for basic earnings per share | $ | 13,565 | $ | 28,736 | $ | 12,942 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding — basic | 35,317 | 35,365 | 35,214 | |||||||||
Weighted average common shares upon conversion of participating securities (a) | 7,857 | 835 | — | |||||||||
Dilutive effect of stock options, restricted stock and equity-settled awards | 422 | 613 | 268 | |||||||||
Total weighted average shares outstanding — diluted | 43,596 | 36,813 | 35,482 | |||||||||
Anti-dilutive awards excluded from diluted weighted average shares outstanding | 2,238 | 1,803 | 2,713 | |||||||||
_____________________ | ||||||||||||
(a) | Our earnings per share calculation reflects the weighted average shares issuable upon settlement of the prepaid stock purchase contract component of our 6.00% tangible equity units, issued November 27, 2013. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Tax Expense | Income tax expense consists of: | |||||||||||
For the Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Current tax provision: | ||||||||||||
U.S. Federal | $ | (5,444 | ) | $ | (6,004 | ) | $ | (11,834 | ) | |||
State and other | (1,569 | ) | (2,066 | ) | (2,171 | ) | ||||||
(7,013 | ) | (8,070 | ) | (14,005 | ) | |||||||
Deferred tax provision: | ||||||||||||
U.S. Federal | (2,772 | ) | 1,148 | 4,910 | ||||||||
State and other | 1,128 | (286 | ) | 1,079 | ||||||||
(1,644 | ) | 862 | 5,989 | |||||||||
Income tax expense | $ | (8,657 | ) | $ | (7,208 | ) | $ | (8,016 | ) | |||
Reconciliation of Federal Statutory Rate to Effective Income Tax Rate on Continuing Operations | A reconciliation of the federal statutory rate to the effective income tax rate on continuing operations follows: | |||||||||||
For the Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State, net of federal benefit | 1 | 4 | 5 | |||||||||
Recognition of previously unrecognized tax benefits | — | (15 | ) | — | ||||||||
State rate change due to acquisition | — | — | (2 | ) | ||||||||
Acquisition costs | — | — | 4 | |||||||||
Noncontrolling interests | — | (5 | ) | (7 | ) | |||||||
Goodwill | 1 | — | — | |||||||||
Charitable contributions | (1 | ) | — | — | ||||||||
Oil and gas percentage depletion | (2 | ) | (2 | ) | (5 | ) | ||||||
Other | — | — | 1 | |||||||||
Effective tax rate | 34 | % | 17 | % | 31 | % | ||||||
Significant Components of Deferred Taxes | Significant components of deferred taxes are: | |||||||||||
At Year-End | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Deferred Tax Assets: | ||||||||||||
Real estate | $ | 79,244 | $ | 75,157 | ||||||||
Employee benefits | 17,352 | 17,902 | ||||||||||
Net operating loss carryforwards | 3,012 | 3,076 | ||||||||||
Income producing properties | 364 | 3,529 | ||||||||||
Oil and gas percentage depletion carryforwards | 3,471 | 3,344 | ||||||||||
Accruals not deductible until paid | 1,111 | 960 | ||||||||||
Gross deferred tax assets | 104,554 | 103,968 | ||||||||||
Valuation allowance | (384 | ) | (375 | ) | ||||||||
Deferred tax asset net of valuation allowance | 104,170 | 103,593 | ||||||||||
Deferred Tax Liabilities: | ||||||||||||
Oil and gas properties | (49,905 | ) | (46,966 | ) | ||||||||
Undeveloped land | (4,937 | ) | (5,961 | ) | ||||||||
Convertible debt | (7,816 | ) | (8,803 | ) | ||||||||
Timber | (888 | ) | (1,465 | ) | ||||||||
Gross deferred tax liabilities | (63,546 | ) | (63,195 | ) | ||||||||
Net Deferred Tax Asset | $ | 40,624 | $ | 40,398 | ||||||||
Reconciliation of Beginning and Ending Amount of Tax Benefits Not Recognized for Book Purposes | A reconciliation of the beginning and ending amount of tax benefits not recognized for book purposes is as follows: | |||||||||||
At Year-End | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Balance at beginning of year | $ | — | $ | 5,831 | $ | 5,831 | ||||||
Reductions for tax positions of prior years | — | — | — | |||||||||
Reductions due to lapse of statute of limitations | — | (5,831 | ) | — | ||||||||
Balance at end of year that would affect the annual effective tax rate if recognized | $ | — | $ | — | $ | 5,831 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Revenues and Earnings | |||||||||||||||||||||
Real | Oil and Gas | Other Natural | Items Not | Total | |||||||||||||||||
Estate | Resources | Allocated to | |||||||||||||||||||
Segments | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
For the year or at year-end 2014 | |||||||||||||||||||||
Revenues | $ | 213,112 | $ | 84,300 | $ | 9,362 | $ | — | $ | 306,774 | |||||||||||
Depreciation, depletion and amortization | 3,741 | 29,442 | 497 | 8,035 | 41,715 | ||||||||||||||||
Equity in earnings (loss) of unconsolidated ventures | 8,068 | 586 | 31 | — | 8,685 | ||||||||||||||||
Income (loss) before taxes | 96,906 | (22,686 | ) | 5,499 | (54,479 | ) | (a) | 25,240 | |||||||||||||
Total assets | 654,774 | 342,703 | 22,531 | 238,191 | 1,258,199 | ||||||||||||||||
Investment in unconsolidated ventures | 65,005 | — | — | — | 65,005 | ||||||||||||||||
Capital expenditures(b) | 28,980 | 103,385 | 5,817 | 616 | 138,798 | ||||||||||||||||
For the year or at year-end 2013 | |||||||||||||||||||||
Revenues | $ | 248,011 | $ | 72,313 | $ | 10,721 | $ | — | $ | 331,045 | |||||||||||
Depreciation, depletion and amortization | 3,117 | 19,552 | 651 | 6,660 | 29,980 | ||||||||||||||||
Equity in earnings (loss) of unconsolidated ventures | 8,089 | 592 | 56 | — | 8,737 | ||||||||||||||||
Income (loss) before taxes | 68,454 | 18,859 | 6,507 | (57,291 | ) | (a) | 36,529 | ||||||||||||||
Total assets | 582,802 | 312,553 | 23,478 | 253,319 | 1,172,152 | ||||||||||||||||
Investment in unconsolidated ventures | 41,147 | — | — | — | 41,147 | ||||||||||||||||
Capital expenditures(b) | 7,265 | 97,696 | 2,720 | 216 | 107,897 | ||||||||||||||||
For the year or at year-end 2012 | |||||||||||||||||||||
Revenues | $ | 120,115 | $ | 44,220 | $ | 8,256 | $ | — | $ | 172,591 | |||||||||||
Depreciation, depletion and amortization | 4,340 | 4,987 | 1,254 | 8,345 | 18,926 | ||||||||||||||||
Equity in earnings of unconsolidated ventures | 13,897 | 509 | 63 | — | 14,469 | ||||||||||||||||
Income (loss) before taxes | 53,582 | 26,608 | 29 | (59,261 | ) | (a) | 20,958 | ||||||||||||||
Total assets | 588,137 | 227,061 | 24,066 | 79,170 | 918,434 | ||||||||||||||||
Investment in unconsolidated ventures | 41,546 | — | — | — | 41,546 | ||||||||||||||||
Capital expenditures(b) | 1,093 | 21,971 | 292 | 795 | 24,151 | ||||||||||||||||
_____________________ | |||||||||||||||||||||
(a) | Items not allocated to segments consist of: | ||||||||||||||||||||
For the Year | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
General and administrative expense | $ | (21,229 | ) | $ | (20,597 | ) | $ | (25,176 | ) | ||||||||||||
Share-based compensation expense | (3,417 | ) | (16,809 | ) | (14,929 | ) | |||||||||||||||
Gain on sale of assets | — | — | 16 | ||||||||||||||||||
Interest expense | (30,286 | ) | (20,004 | ) | (19,363 | ) | |||||||||||||||
Other corporate non-operating income | 453 | 119 | 191 | ||||||||||||||||||
$ | (54,479 | ) | $ | (57,291 | ) | $ | (59,261 | ) | |||||||||||||
(b) | Consists of expenditures for oil and gas properties and equipment, commercial and income producing properties, property, plant and equipment and reforestation of timber. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Components of Share-Based Compensation Expense (Income) | Share-based compensation expense consists of: | ||||||||||||
For the Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Cash-settled awards | $ | (3,710 | ) | $ | 7,774 | $ | 6,465 | ||||||
Equity-settled awards | 5,168 | 4,281 | 3,059 | ||||||||||
Restricted stock | (25 | ) | 538 | 2,154 | |||||||||
Stock options | 1,984 | 4,216 | 3,251 | ||||||||||
$ | 3,417 | $ | 16,809 | $ | 14,929 | ||||||||
Share-Based Compensation Expense (Income) Included in Operating Expense | Share-based compensation expense is included in: | ||||||||||||
For the Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
General and administrative | $ | 1,001 | $ | 7,779 | $ | 7,144 | |||||||
Other operating | 2,416 | 9,030 | 7,785 | ||||||||||
$ | 3,417 | $ | 16,809 | $ | 14,929 | ||||||||
Summarized Activity of Cash-Settled Restricted Stock Unit Awards | The following table summarizes the activity of cash-settled restricted stock unit awards in 2014: | ||||||||||||
Equivalent | Weighted Average Grant Date Fair Value | ||||||||||||
Units | |||||||||||||
(In thousands) | (Per unit) | ||||||||||||
Non-vested at beginning of period | 233 | $17.90 | |||||||||||
Granted | 93 | 18.96 | |||||||||||
Vested | (132 | ) | 17.86 | ||||||||||
Forfeited | (9 | ) | 17.42 | ||||||||||
Non-vested at end of period | 185 | 18.49 | |||||||||||
Summarized Activity of Cash-Settled Stock Appreciation Rights | The following table summarizes the activity of cash-settled stock appreciation rights in 2014: | ||||||||||||
Rights | Weighted Average | Weighted Average | Aggregate Intrinsic Value | ||||||||||
Outstanding | Exercise Price | Remaining Contractual Term | (Current Value Less Exercise Price) | ||||||||||
(In thousands) | (Per share) | (In years) | (In thousands) | ||||||||||
Balance at beginning of period | 580 | $11.96 | 5 | $5,400 | |||||||||
Granted | — | — | |||||||||||
Exercised | (116 | ) | 9.41 | ||||||||||
Forfeited | (6 | ) | 17.8 | ||||||||||
Balance at end of period | 458 | 12.54 | 4 | 1,732 | |||||||||
Exercisable at end of period | 458 | 12.54 | 4 | 1,732 | |||||||||
Summarized Activity of Equity-Settled Awards | The following table summarizes the activity of equity-settled awards in 2014: | ||||||||||||
Equivalent | Weighted Average Grant Date Fair Value | ||||||||||||
Units | |||||||||||||
(In thousands) | (Per unit) | ||||||||||||
Non-vested at beginning of period | 581 | $ | 19.5 | ||||||||||
Granted | 512 | 19.18 | |||||||||||
Vested | (259 | ) | 20.01 | ||||||||||
Forfeited | (124 | ) | 18.58 | ||||||||||
Non-vested at end of period | 710 | 19.24 | |||||||||||
Summarized Activity of Restricted Stock Awards | The following table summarizes the activity of restricted stock awards in 2014: | ||||||||||||
Restricted | Weighted Average Grant Date Fair Value | ||||||||||||
Shares | |||||||||||||
(In thousands) | (Per unit) | ||||||||||||
Non-vested at beginning of period | 47 | $ | 14.99 | ||||||||||
Granted | — | — | |||||||||||
Vested | (20 | ) | 12.74 | ||||||||||
Forfeited | (10 | ) | 15.02 | ||||||||||
Non-vested at end of period | 17 | 17.56 | |||||||||||
Summarized Activity of Stock Option Awards | The following table summarizes the activity of stock option awards in 2014: | ||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||
Outstanding | Average | Average | Intrinsic Value | ||||||||||
Exercise Price | Remaining | (Current | |||||||||||
Contractual | Value Less | ||||||||||||
Term | Exercise Price) | ||||||||||||
(In thousands) | (Per share) | (In years) | (In thousands) | ||||||||||
Balance at beginning of period | 2,006 | $ | 20.3 | 7 | $ | 6,433 | |||||||
Granted | — | — | |||||||||||
Exercised | (56 | ) | 9.64 | ||||||||||
Forfeited | (89 | ) | 17.65 | ||||||||||
Balance at end of period | 1,861 | 20.74 | 6 | 643 | |||||||||
Exercisable at end of period | 1,364 | 21.86 | 5 | 620 | |||||||||
Fair Value of Stock Options Using Black-Scholes Option Pricing Model | We estimate the grant date fair value of stock options using the Black-Scholes option pricing model and the following assumptions: | ||||||||||||
For the Year | |||||||||||||
2013 | 2012 | ||||||||||||
Expected stock price volatility | 66.8 | % | 60.2 | % | |||||||||
Risk-free interest rate | 1.4 | % | 1.3 | % | |||||||||
Expected life of options (years) | 6 | 6 | |||||||||||
Expected dividend yield | — | % | — | % | |||||||||
Weighted average estimated fair value of options at grant date | $ | 11.47 | $ | 9.22 | |||||||||
Supplemental_Oil_and_Gas_Discl1
Supplemental Oil and Gas Disclosures (Unaudited) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Summary of Estimated Quantities of Proved Developed Oil and Natural Gas Reserves | Estimated quantities of proved oil and gas reserves are summarized as follows: | |||||||||||
Reserves | ||||||||||||
Oil(a) | Gas | |||||||||||
(Barrels) | (Mcf) | |||||||||||
(In thousands) | ||||||||||||
Consolidated entities: | ||||||||||||
Year-end 2011 | 1,064 | 8,203 | ||||||||||
Revisions of previous estimates | 45 | (2,163 | ) | |||||||||
Extensions and discoveries | 86 | 241 | ||||||||||
Acquisitions | 2,396 | 7,109 | ||||||||||
Production | (371 | ) | (1,668 | ) | ||||||||
Year-end 2012 | 3,220 | 11,722 | ||||||||||
Revisions of previous estimates | 182 | 1,243 | ||||||||||
Extensions and discoveries | 3,085 | 2,046 | ||||||||||
Acquisitions | 35 | 531 | ||||||||||
Production | (698 | ) | (1,912 | ) | ||||||||
Year-end 2013 | 5,824 | 13,630 | ||||||||||
Revisions of previous estimates | 608 | 293 | ||||||||||
Extensions and discoveries | 2,191 | 774 | ||||||||||
Acquisitions | 85 | 31 | ||||||||||
Sales | (105 | ) | (218 | ) | ||||||||
Production | (931 | ) | (1,861 | ) | ||||||||
Year-end 2014 | 7,672 | 12,649 | ||||||||||
Our share of ventures accounted for using the equity method: | ||||||||||||
Year-end 2011 | — | 3,283 | ||||||||||
Revisions of previous estimates | — | (390 | ) | |||||||||
Production | — | (321 | ) | |||||||||
Year-end 2012 | — | 2,572 | ||||||||||
Revisions of previous estimates | — | 7 | ||||||||||
Production | — | (247 | ) | |||||||||
Year-end 2013 | — | 2,332 | ||||||||||
Revisions of previous estimates | — | (382 | ) | |||||||||
Production | — | (199 | ) | |||||||||
Year-end 2014 | — | 1,751 | ||||||||||
Total consolidated and our share of equity method ventures: | ||||||||||||
Year-end 2012 | ||||||||||||
Proved developed reserves | 2,416 | 13,020 | ||||||||||
Proved undeveloped reserves | 804 | 1,274 | ||||||||||
Total Year-end 2012 | 3,220 | 14,294 | ||||||||||
Year-end 2013 | ||||||||||||
Proved developed reserves | 3,893 | 13,717 | ||||||||||
Proved undeveloped reserves | 1,931 | 2,245 | ||||||||||
Total Year-end 2013 | 5,824 | 15,962 | ||||||||||
Year-end 2014 | ||||||||||||
Proved developed reserves | 5,269 | 12,599 | ||||||||||
Proved undeveloped reserves | 2,403 | 1,801 | ||||||||||
Total Year-end 2014 | 7,672 | 14,400 | ||||||||||
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block] | Net capitalized costs, utilizing the successful efforts method of accounting, related to our oil and gas producing activities are as follows: | |||||||||||
At Year-End | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Unproved oil and gas properties | $ | 90,446 | $ | 100,320 | ||||||||
Proved oil and gas properties | 221,299 | 155,262 | ||||||||||
Total costs | 311,745 | 255,582 | ||||||||||
Less accumulated depreciation, depletion and amortization | (48,252 | ) | (22,941 | ) | ||||||||
$ | 263,493 | $ | 232,641 | |||||||||
Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development Activities | Costs incurred in oil and gas property acquisition, exploration and development activities, whether capitalized or expensed, follows: | |||||||||||
For the Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Consolidated entities: | ||||||||||||
Acquisition costs: | ||||||||||||
Proved properties | $ | 2,001 | $ | — | $ | — | ||||||
Unproved properties | 25,666 | 35,806 | 4,418 | |||||||||
Exploration costs | 39,399 | 10,486 | 1,752 | |||||||||
Development costs | 40,277 | 54,538 | 15,938 | |||||||||
$ | 107,343 | $ | 100,830 | $ | 22,108 | |||||||
Estimates of Future Cash Flows from Proved Developed Oil and Natural Gas Reserves | Estimates of future cash flows from proved oil and gas reserves are shown in the following table. Estimated income taxes are calculated by applying the appropriate tax rates to the estimated future pre-tax net cash flows less depreciation of the tax basis of properties and the statutory depletion allowance. | |||||||||||
At Year-End | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Consolidated entities: | ||||||||||||
Future cash inflows | $ | 665,657 | $ | 544,098 | $ | 322,098 | ||||||
Future production and development costs | (271,735 | ) | (231,801 | ) | (104,441 | ) | ||||||
Future income tax expenses | (106,002 | ) | (77,361 | ) | (50,350 | ) | ||||||
Future net cash flows | 287,920 | 234,936 | 167,307 | |||||||||
10% annual discount for estimated timing of cash flows | (124,079 | ) | (99,383 | ) | (60,764 | ) | ||||||
Standardized measure of discounted future net cash flows | $ | 163,841 | $ | 135,553 | $ | 106,543 | ||||||
Our share in ventures accounted for using the equity method: | ||||||||||||
Future cash inflows | $ | 6,186 | $ | 4,765 | $ | 5,125 | ||||||
Future production and development costs | (664 | ) | (512 | ) | (551 | ) | ||||||
Future income tax expenses | (2,098 | ) | (1,616 | ) | (1,738 | ) | ||||||
Future net cash flows | 3,424 | 2,637 | 2,836 | |||||||||
10% annual discount for estimated timing of cash flows | (1,649 | ) | (1,337 | ) | (1,423 | ) | ||||||
Standardized measure of discounted future net cash flows | $ | 1,775 | $ | 1,300 | $ | 1,413 | ||||||
Total consolidated and our share of equity method ventures | $ | 165,616 | $ | 136,853 | $ | 107,956 | ||||||
Changes in Standardized Measure of Discounted Future Net Cash Flow | Changes in the standardized measure of discounted future net cash flow follows: | |||||||||||
For the Year | ||||||||||||
Consolidated | Our Share of Equity | Total | ||||||||||
Method Ventures | ||||||||||||
(In thousands) | ||||||||||||
Year-end 2011 | $ | 52,698 | $ | 3,508 | $ | 56,206 | ||||||
Changes resulting from: | ||||||||||||
Net change in sales prices and production costs | (5,709 | ) | (2,497 | ) | (8,206 | ) | ||||||
Net change in future development costs | (1,834 | ) | — | (1,834 | ) | |||||||
Sales of oil and gas, net of production costs | (31,732 | ) | (632 | ) | (32,364 | ) | ||||||
Net change due to extensions and discoveries | 5,596 | — | 5,596 | |||||||||
Net change due to acquisition of reserves | 86,013 | — | 86,013 | |||||||||
Net change due to revisions of quantity estimates | (2,254 | ) | 18 | (2,236 | ) | |||||||
Previously estimated development costs incurred | 1,007 | — | 1,007 | |||||||||
Accretion of discount | 7,377 | 401 | 7,778 | |||||||||
Net change in income taxes | (4,619 | ) | 615 | (4,004 | ) | |||||||
Aggregate change for the year | 53,845 | (2,095 | ) | 51,750 | ||||||||
Year-end 2012 | 106,543 | 1,413 | 107,956 | |||||||||
Changes resulting from: | ||||||||||||
Net change in sales prices and production costs | 23,422 | 415 | 23,837 | |||||||||
Net change in future development costs | (2,897 | ) | — | (2,897 | ) | |||||||
Sales of oil and gas, net of production costs | (56,559 | ) | (801 | ) | (57,360 | ) | ||||||
Net change due to extensions and discoveries | 54,539 | — | 54,539 | |||||||||
Net change due to acquisition of reserves | 1,160 | — | 1,160 | |||||||||
Net change due to revisions of quantity estimates | 8,673 | 6 | 8,679 | |||||||||
Previously estimated development costs incurred | 4,124 | — | 4,124 | |||||||||
Accretion of discount | 13,540 | 228 | 13,768 | |||||||||
Net change in timing and other | (718 | ) | (31 | ) | (749 | ) | ||||||
Net change in income taxes | (16,274 | ) | 70 | (16,204 | ) | |||||||
Aggregate change for the year | 29,010 | (113 | ) | 28,897 | ||||||||
Year-end 2013 | 135,553 | 1,300 | 136,853 | |||||||||
Changes resulting from: | ||||||||||||
Net change in sales prices and production costs | (1,064 | ) | 1,571 | 507 | ||||||||
Net change in future development costs | 1,308 | — | 1,308 | |||||||||
Sales of oil and gas, net of production costs | (63,192 | ) | (787 | ) | (63,979 | ) | ||||||
Net change due to extensions and discoveries | 58,228 | — | 58,228 | |||||||||
Net change due to acquisition of reserves | 2,778 | — | 2,778 | |||||||||
Net change due to divestitures of reserves | (5,804 | ) | — | (5,804 | ) | |||||||
Net change due to revisions of quantity estimates | 15,303 | (343 | ) | 14,960 | ||||||||
Previously estimated development costs incurred | 15,497 | — | 15,497 | |||||||||
Accretion of discount | 18,067 | 210 | 18,277 | |||||||||
Net change in timing and other | 4,198 | 115 | 4,313 | |||||||||
Net change in income taxes | (17,031 | ) | (291 | ) | (17,322 | ) | ||||||
Aggregate change for the year | 28,288 | 475 | 28,763 | |||||||||
Year-end 2014 | $ | 163,841 | $ | 1,775 | $ | 165,616 | ||||||
Information About Results of Operations of Oil and Natural Gas Interests | Information about the results of operations of our oil and gas interests follows: | |||||||||||
For the Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Consolidated entities(a) | ||||||||||||
Revenues | $ | 82,919 | $ | 69,036 | $ | 36,204 | ||||||
Production costs | (19,727 | ) | (12,477 | ) | (4,472 | ) | ||||||
Exploration costs | (17,416 | ) | (10,486 | ) | (1,754 | ) | ||||||
Depreciation, depletion, amortization | (29,442 | ) | (19,552 | ) | (4,905 | ) | ||||||
Non-cash impairments | (32,665 | ) | (473 | ) | — | |||||||
Oil and gas administrative expenses | (17,000 | ) | (14,407 | ) | (8,332 | ) | ||||||
Accretion expense | (121 | ) | (94 | ) | (26 | ) | ||||||
Income tax expenses | 13,398 | (3,471 | ) | (4,841 | ) | |||||||
Results of operations | (20,054 | ) | 8,076 | 11,874 | ||||||||
Our share in ventures accounted for using the equity method: | ||||||||||||
Revenues | $ | 786 | $ | 801 | $ | 770 | ||||||
Production costs | (105 | ) | (123 | ) | (138 | ) | ||||||
Oil and gas administrative expenses | (95 | ) | (86 | ) | (123 | ) | ||||||
Income tax expenses | (235 | ) | (178 | ) | (147 | ) | ||||||
Results of operations | $ | 351 | $ | 414 | $ | 362 | ||||||
Total results of operations | $ | (19,703 | ) | $ | 8,490 | $ | 12,236 | |||||
_____________________ | ||||||||||||
(a) | 2012 includes only three months of operations from Credo due to our third quarter 2012 acquisition. | |||||||||||
Consolidated Entities [Member] | ||||||||||||
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block] | Capitalized costs related to our oil and gas producing activities are as follows: | |||||||||||
At Year-End | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Consolidated entities: | ||||||||||||
Unproved oil and gas properties | $ | 90,446 | $ | 100,320 | ||||||||
Proved oil and gas properties | 221,299 | 155,262 | ||||||||||
Total costs | 311,745 | 255,582 | ||||||||||
Less accumulated depreciation, depletion and amortization | (48,252 | ) | (22,941 | ) | ||||||||
$ | 263,493 | $ | 232,641 | |||||||||
Summary_of_Quarterly_Results_o1
Summary of Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Summary of Quarterly Results of Operations | Summarized quarterly financial results for 2014 and 2013 follows: | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter(a) | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
2014 | ||||||||||||||||
Total revenues | $ | 84,605 | $ | 83,013 | $ | 58,840 | $ | 80,316 | ||||||||
Gross profit (loss) | 35,025 | 33,261 | 19,606 | (6,259 | ) | |||||||||||
Operating income (loss) | 15,883 | 26,942 | 12,716 | (16,783 | ) | |||||||||||
Equity in earnings of unconsolidated ventures | 991 | 958 | 2,016 | 4,720 | ||||||||||||
Income (loss) before taxes | 13,665 | 22,799 | 7,994 | (18,713 | ) | |||||||||||
Net income (loss) attributable to Forestar Group Inc. | 8,334 | 14,822 | 5,227 | (11,800 | ) | |||||||||||
Net income (loss) per share — basic | $ | 0.2 | $ | 0.34 | $ | 0.12 | $ | (0.34 | ) | |||||||
Net income (loss) per share — diluted | $ | 0.19 | $ | 0.34 | $ | 0.12 | $ | (0.34 | ) | |||||||
2013 | ||||||||||||||||
Total revenues | $ | 97,471 | $ | 60,079 | $ | 75,107 | $ | 98,388 | ||||||||
Gross profit | 35,899 | 22,463 | 32,608 | 39,181 | ||||||||||||
Operating income | 9,520 | 3,554 | 10,612 | 22,891 | ||||||||||||
Equity in earnings of unconsolidated ventures | 913 | 2,566 | 3,125 | 2,133 | ||||||||||||
Income before taxes | 7,035 | 2,109 | 9,965 | 23,160 | ||||||||||||
Net income attributable to Forestar Group Inc. | 3,951 | 541 | 11,830 | 12,999 | ||||||||||||
Net income per share — basic | $ | 0.11 | $ | 0.02 | $ | 0.33 | $ | 0.34 | ||||||||
Net income per share — diluted | $ | 0.11 | $ | 0.02 | $ | 0.33 | $ | 0.33 | ||||||||
_____________________ | ||||||||||||||||
(a) | Fourth quarter 2014 results include pre-tax non-cash impairment charges of $30,591,000 for unproved leasehold interests and proved oil and gas properties. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Accounting Policies [Line Items] | |||
Capitalized Exploratory Well Costs | $8,575,000 | ||
Capital Expenditures Incurred but Not yet Paid | 19,405,000 | 12,976,000 | |
Restricted cash and cash equivalents | 217,000 | 3,954,000 | |
Contractual Period Of Sale Contracts | 5 years | ||
Capitalized Exploratory Well Costs that Have Been Capitalized for Period Greater than One Year | 0 | ||
Non-Oil And Gas Properties [Member] | |||
Significant Accounting Policies [Line Items] | |||
Depreciation expense of property and equipment | 903,000 | 1,028,000 | 962,000 |
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Reimbursement range on water, sewer and other infrastructure-related assets | 70.00% | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Reimbursement range on water, sewer and other infrastructure-related assets | 100.00% | ||
Capitalize reforestation costs | 2 years | ||
Computer Software, Intangible Asset [Member] | |||
Significant Accounting Policies [Line Items] | |||
Carrying value of capitalized software | 1,188,000 | 1,544,000 | |
Capitalized software amortization | 1,067,000 | 1,593,000 | 1,320,000 |
Computer Software, Intangible Asset [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful life range | 3 years | ||
Computer Software, Intangible Asset [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful life range | 5 years | ||
Georgia [Member] | |||
Significant Accounting Policies [Line Items] | |||
Timber owned directly or through ventures | 102,000 | ||
Depletion | $371,000 | $609,000 | $1,220,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Change in Asset Retirement Obligation (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation [Roll Forward] | ||
Beginning balance | $1,483 | $1,360 |
Accretion expense | 122 | 94 |
Additions | 314 | 29 |
Asset Retirement Obligation, Liabilities Settled | -230 | 0 |
Asset Retirement Obligation, Revision of Estimate | 118 | 0 |
Ending balance | $1,807 | $1,483 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Estimated Useful Lives of Property Plant and Equipment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 18,545 | $12,351 |
Less: accumulated depreciation | -6,918 | -6,239 |
Property Plant And Equipment, Net | 11,627 | 6,112 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 4,461 | 4,111 |
Property and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 14,084 | $8,240 |
Minimum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, useful life | 10 years | |
Minimum [Member] | Property and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, useful life | 2 years | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, useful life | 40 years | |
Maximum [Member] | Property and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, useful life | 10 years |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Carrying Value of Goodwill and Other Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $63,423 | $64,493 |
Identified intangibles, net | 2,708 | 2,153 |
Total | $66,131 | $66,646 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Sep. 30, 2014 |
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill acquired on acquisition | $63,423,000 | $64,493,000 | ||
Credo [Member] | ||||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill acquired on acquisition | 59,549,000 | 60,619,000 | ||
Water Resources Company [Member] | ||||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill acquired on acquisition | 3,874,000 | |||
Water Resources Company [Member] | Groundwater Leases [Member] | ||||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||||
Identified intangible assets | 1,681,000 | |||
Patents [Member] | Credo [Member] | ||||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||||
Identified intangibles, net | 378,000 | |||
Multi Family Property [Member] | Austin, Texas [Member] | ||||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||||
Identified intangibles, net | $649,000 | $865,000 |
Real_Estate_Real_Estate_Detail
Real Estate - Real Estate (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Real Estate [Abstract] | ||||
Entitled, developed and under development projects | $321,273 | $361,687 | ||
Undeveloped land (includes land entitlement) | 93,182 | 86,367 | ||
Carrying value | 192,678 | 99,476 | ||
Accumulated depreciation | -31,377 | -28,066 | -28,220 | -26,955 |
Net carrying value | 161,301 | 71,410 | ||
Total Real Estate | $575,756 | $519,464 |
Real_Estate_Additional_Informa
Real Estate - Additional Information (Detail) (USD $) | 12 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Real Estate Properties [Line Items] | ||||
Costs relate to water, sewer and other infrastructure assets | $7,118,000 | $17,923,000 | ||
Recovery of direct costs | -66,047,000 | -9,945,000 | -8,524,000 | |
GAIN ON SALE OF ASSETS | 38,038,000 | 5,161,000 | 25,983,000 | |
Investment in resort development | 575,756,000 | 519,464,000 | ||
Carrying value | 192,678,000 | 99,476,000 | ||
General Contractor Costs | 5,111,000 | 554,000 | ||
Non-cash asset impairment charges | 15,934,000 | 1,790,000 | 0 | |
Payments to Acquire and Develop Real Estate | 114,694,000 | 106,609,000 | 91,940,000 | |
Cibolo Canyons Project [Member] | ||||
Real Estate Properties [Line Items] | ||||
Recovery of direct costs | 9,883,000 | 600,000 | ||
Payments Received From Special Improvement District | 50,550,000 | 4,400,000 | ||
GAIN ON SALE OF ASSETS | 6,577,000 | |||
Investment in resort development | 24,067,000 | |||
Area of Land | 33 | |||
Cibolo Canyons Project [Member] | San Antonio Texas [Member] | ||||
Real Estate Properties [Line Items] | ||||
Cost of asset in developed and under development projects | 31,913,000 | 41,795,000 | ||
Multi Family Property [Member] | Austin, Texas [Member] | ||||
Real Estate Properties [Line Items] | ||||
Carrying value | 53,382,000 | 53,917,000 | ||
Number Of Units Of Multifamily Project | 257 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 25.00% | |||
Payments to Acquire Businesses and Interest in Affiliates | 21,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 55,275,000 | 55,275,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 23,936,000 | 23,936,000 | ||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | 2,229,000 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 2,229,000 | 9,839,000 | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 7,610,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 992,000 | |||
Identified intangibles, net | 649,000 | 865,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital | 979,000 | |||
Multi Family Property [Member] | Dallas, Texas [Member] | ||||
Real Estate Properties [Line Items] | ||||
Carrying value | 33,062,000 | |||
Number Of Units Of Multifamily Project | 354 | |||
Hotel Property [Member] | Austin, Texas [Member] | ||||
Real Estate Properties [Line Items] | ||||
Carrying value | 30,712,000 | |||
Commercial And Income Producing Properties Unit | 413 | |||
Multi Family Development Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Carrying value | 44,145,000 | |||
Payments to Acquire and Develop Real Estate | 26,110,000 | |||
Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Recovery of direct costs | 15,497,000 | 5,545,000 | ||
Utility and Improvement District [Member] | ||||
Real Estate Properties [Line Items] | ||||
Cost of asset in developed and under development projects | 65,212,000 | 62,183,000 | ||
Income Producing Properties [Member] | Land, Buildings and Improvements [Member] | ||||
Real Estate Properties [Line Items] | ||||
Depreciation expense, related to commercial and income producing properties | 3,319,000 | 2,507,000 | 3,640,000 | |
Exchange of Productive Assets [Member] | ||||
Real Estate Properties [Line Items] | ||||
Land Subject to Ground Leases | 10,300 | |||
Area of Land | 5,400 | |||
Nonmonetary Transaction, Gain (Loss) Recognized on Transfer | 10,476,000 | |||
Real Estate [Member] | ||||
Real Estate Properties [Line Items] | ||||
Non-cash asset impairment charges | 399,000 | |||
Bonds [Member] | Cibolo Canyons Project [Member] | ||||
Real Estate Properties [Line Items] | ||||
Payments Received From Special Improvement District | 46,500,000 | |||
Debt Instrument, Face Amount | 48,900,000 | |||
Letters of Credit Outstanding, Amount | 6,846,000 | |||
Surety Bond for Bond Trustee | $9,010,000 |
Oil_and_Gas_Properties_Details
Oil and Gas Properties (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Well | ||
acre | ||
Impairment of Leasehold | $17,130,000 | $473,000 |
Impairment of Oil and Gas Properties | 15,535,000 | |
Gain (Loss) on Disposition of Proved Property | 8,526,000 | |
Gas and Oil Area, Undeveloped, Net | 650 | |
Productive Oil Wells, Number of Wells, Gross | 124 | |
Productive Oil Wells, Number of Wells, Net | 18 | |
Proceeds from Sale of Oil and Gas Property and Equipment | $17,660,000 |
Oil_and_Gas_Properties_Oil_and
Oil and Gas Properties Oil and Gas Properties - Net Capitalized Costs Related to Oil and Gas Producing Activities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Oil and Gas Properties [Abstract] | ||
Unproved oil and gas properties | $90,446 | $100,320 |
Proved Oil and Gas Property, Successful Effort Method | 221,299 | 155,262 |
Total costs | 311,745 | 255,582 |
Oil and Gas Property, Successful Effort Method, Accumulated Depreciation, Depletion and Amortization | -48,252 | -22,941 |
Oil and Gas Property, Successful Effort Method, Net | $263,493 | $232,641 |
Recovered_Sheet1
Investment In Unconsolidated Ventures - Additional Information (Detail) (USD $) | 12 Months Ended | 9 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |||
Venture | ||||||
Payments to Acquire Additional Interest in Subsidiaries | $7,971,000 | $0 | $0 | |||
Noncontrolling interests | 2,904,000 | 2,907,000 | 1,032,000 | |||
Investment in unconsolidated ventures | 65,005,000 | 41,147,000 | 41,546,000 | |||
Number of ventures under ownership interest using equity method | 15 | |||||
for_NumberOfNewlyFormedUnconsolidatedVentures | 3 | |||||
Payments to Acquire Interest in Joint Venture | 20,155,000 | |||||
Distributions | 7,518,000 | 9,854,000 | 15,905,000 | |||
Fees for services | 2,275,000 | 1,068,000 | 935,000 | |||
Equity Method Investee [Member] | ||||||
Payments to Acquire Interest in Joint Venture | 14,692,000 | 857,000 | 2,318,000 | |||
FMF Littleton [Member] | ||||||
Construction Loan | 0 | [1] | ||||
Investment in unconsolidated ventures | 6,287,000 | 0 | ||||
FMF Littleton [Member] | COLORADO | ||||||
Number Of Units Of Multifamily Project | 385 | |||||
Equity Method Investment, Ownership Percentage | 25.00% | |||||
Equity Method Investment, Ownership Percentage of Partner | 75.00% | |||||
Noncontrolling interests | 4,900,000 | |||||
Reimbursed Costs From Unconsolidated Ventures | 9,852,000 | |||||
Construction Loan, Guaranty Of Repayment, Conditions Not Met, Percentage | 25.00% | |||||
Construction Loan, Guaranty Of Repayment, Conditions Met, Percentage | 10.00% | |||||
CREA FMF [Member] | ||||||
Investment in unconsolidated ventures | 5,516,000 | [2] | 0 | [2] | ||
CREA FMF [Member] | Nashville, Tennessee [Member] | ||||||
Number Of Units Of Multifamily Project | 320 | |||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||
Equity Method Investment, Ownership Percentage of Partner | 70.00% | |||||
Noncontrolling interests | 5,897,000 | |||||
Reimbursed Costs From Unconsolidated Ventures | 7,191,000 | |||||
Maximum Capital Contribution from Partner | 14,220,000 | |||||
Construction Loan, Guaranty Of Repayment, Conditions Not Met, Percentage | 25.00% | |||||
Construction Loan, Guaranty Of Repayment, Conditions Met, Percentage | 0.00% | |||||
Elan 99 LLC [Member] | ||||||
Investment in unconsolidated ventures | 8,679,000 | 0 | ||||
Elan 99 LLC [Member] | Houston, Texas [Member] | ||||||
Number Of Units Of Multifamily Project | 360 | |||||
Equity Method Investment, Ownership Percentage | 90.00% | |||||
Equity Method Investment, Ownership Percentage of Partner | 10.00% | |||||
Noncontrolling interests | 8,757,000 | |||||
Construction Loans [Member] | FMF Littleton [Member] | COLORADO | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 46,384,000 | |||||
Construction Loans [Member] | CREA FMF [Member] | Nashville, Tennessee [Member] | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 51,950,000 | |||||
Construction Loan | 29,660,000 | [1],[2] | ||||
Construction Loans [Member] | Elan 99 LLC [Member] | Houston, Texas [Member] | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 37,275,000 | |||||
Construction Loan | 1,000 | [1] | ||||
Thirty Day LIBOR Rate [Member] | Construction Loans [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||
Thirty Day LIBOR Rate [Member] | Construction Loans [Member] | FMF Littleton [Member] | COLORADO | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Construction Loans [Member] | Elan 99 LLC [Member] | Houston, Texas [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||
Debt Instrument, Basis Spread on Variable Rate if test is met | 2.30% | |||||
Multi Family Property [Member] | ||||||
Payments to Acquire Interest in Joint Venture | 0 | 0 | ||||
Multi Family Property [Member] | Austin, Texas [Member] | ||||||
Payments to Acquire Additional Interest in Subsidiaries | 21,500,000 | |||||
Number Of Units Of Multifamily Project | 257 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 55,275,000 | 55,275,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 23,936,000 | 23,936,000 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $2,229,000 | $9,839,000 | ||||
[1] | Total includes current maturities of $65,795,000 at year-end 2014, of which $42,566,000 is non-recourse to us, and $37,966,000 at year-end 2013, of which $37,822,000 is non-recourse to us. | |||||
[2] | Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $1,621,000 are reflected as a reduction to our investment in unconsolidated ventures at year-end 2014. |
Recovered_Sheet2
Investment In Unconsolidated Ventures - Summarized Balance Sheet Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | $240,490,000 | $172,637,000 | |||
Venture Borrowings | 102,247,000 | [1] | 71,476,000 | [1] | |
Venture Equity | 110,447,000 | 68,515,000 | |||
Investment in unconsolidated ventures | 65,005,000 | 41,147,000 | 41,546,000 | ||
242, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 33,021,000 | [2] | 23,751,000 | [2] | |
Venture Borrowings | 6,940,000 | [1],[2] | 921,000 | [1],[2] | |
Venture Equity | 21,789,000 | [2] | 19,838,000 | [2] | |
Investment in unconsolidated ventures | 10,098,000 | [2] | 9,084,000 | [2] | |
Elan 99 LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 10,070,000 | 0 | |||
Venture Borrowings | 0 | [1] | |||
Venture Equity | 9,643,000 | 0 | |||
Investment in unconsolidated ventures | 8,679,000 | 0 | |||
CJUF III, RH Holdings [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 0 | [3] | 36,320,000 | [3] | |
Venture Borrowings | 0 | [1],[3] | 18,492,000 | [1],[3] | |
Venture Equity | 0 | [3] | 15,415,000 | [3] | |
Investment in unconsolidated ventures | 0 | [3] | 3,235,000 | [3] | |
CL Ashton Woods [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 13,269,000 | [4] | 10,473,000 | [4] | |
Venture Borrowings | 0 | [1],[4] | 0 | [1],[4] | |
Venture Equity | 11,453,000 | [4] | 9,704,000 | [4] | |
Investment in unconsolidated ventures | 6,015,000 | [4] | 3,544,000 | [4] | |
CL Realty [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 7,960,000 | 8,298,000 | |||
Venture Borrowings | 0 | [1] | 0 | [1] | |
Venture Equity | 7,738,000 | 8,070,000 | |||
Investment in unconsolidated ventures | 3,869,000 | 4,035,000 | |||
CREA FMF [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 40,014,000 | [2] | 0 | [2] | |
Venture Borrowings | 0 | [1],[2] | |||
Venture Equity | 5,987,000 | [2] | 0 | [2] | |
Investment in unconsolidated ventures | 5,516,000 | [2] | 0 | [2] | |
FMF Littleton [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 26,953,000 | 0 | |||
Construction Loan | 0 | [1] | |||
Venture Borrowings | 0 | [1] | |||
Venture Equity | 24,435,000 | 0 | |||
Investment in unconsolidated ventures | 6,287,000 | 0 | |||
FMF Peakview [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 43,638,000 | 30,673,000 | |||
Venture Borrowings | 23,070,000 | [1] | 12,533,000 | [1] | |
Venture Equity | 17,464,000 | 16,620,000 | |||
Investment in unconsolidated ventures | 3,575,000 | 3,406,000 | |||
HM Stonewall Estates [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 3,750,000 | [3] | 3,781,000 | [3] | |
Venture Borrowings | 669,000 | [1],[4] | 63,000 | [1],[4] | |
Venture Equity | 3,081,000 | [3] | 3,718,000 | [3] | |
Investment in unconsolidated ventures | 1,752,000 | [3] | 2,128,000 | [3] | |
LM Land Holdings [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 25,561,000 | [3] | 33,298,000 | [3] | |
Venture Borrowings | 4,448,000 | [1],[4] | 9,768,000 | [1],[4] | |
Venture Equity | 18,500,000 | [3] | 13,347,000 | [3] | |
Investment in unconsolidated ventures | 9,322,000 | [3] | 8,283,000 | [3] | |
PSW Communities [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 16,045,000 | 0 | |||
Venture Borrowings | 10,515,000 | [1] | 0 | [1] | |
Venture Equity | 4,415,000 | 0 | |||
Investment in unconsolidated ventures | 3,924,000 | 0 | |||
Temco [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 11,756,000 | 13,320,000 | |||
Venture Borrowings | 0 | [1] | 0 | [1] | |
Venture Equity | 11,556,000 | 13,160,000 | |||
Investment in unconsolidated ventures | 5,778,000 | 6,580,000 | |||
Other Ventures [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Venture Assets | 8,453,000 | [4] | 12,723,000 | [4] | |
Venture Borrowings | 26,944,000 | [1],[5] | 29,699,000 | [1],[5] | |
Venture Equity | -25,614,000 | [4] | -31,357,000 | [4] | |
Investment in unconsolidated ventures | $190,000 | [4] | $852,000 | [4] | |
[1] | Total includes current maturities of $65,795,000 at year-end 2014, of which $42,566,000 is non-recourse to us, and $37,966,000 at year-end 2013, of which $37,822,000 is non-recourse to us. | ||||
[2] | Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $1,621,000 are reflected as a reduction to our investment in unconsolidated ventures at year-end 2014. | ||||
[3] | In 2014, we acquired full ownership in the Eleven venture for $21,500,000. The acquisition-date fair value was $55,275,000, including debt of $23,936,000. Our investment in the Eleven venture prior to acquiring our partner’s interest was $2,229,000. At year-end 2014, we no longer have an equity method investment in the Eleven venture. | ||||
[4] | Includes unrecognized basis difference of $1,517,000 which is reflected as a reduction of our investment in unconsolidated ventures at year-end 2014. This difference between estimated fair value of the equity investment and our capital account within the respective ventures at closing will be accreted as income or expense over the life of the investment and included in our share of earnings (loss) from the respective ventures. | ||||
[5] | Our investment in other ventures reflects our ownership interests generally ranging from 25 to 50 percent, excluding venture losses that exceed our investment where we are not obligated to fund those losses. Please read Note 16 — Variable Interest Entities for additional information. |
Investment_In_Unconsolidated_V2
Investment In Unconsolidated Ventures - Summarized Income Statement Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | $42,443 | $51,983 | $33,148 | ||||||||||||
Earnings (Loss) | 25,288 | 16,662 | 15,891 | ||||||||||||
Our share of earnings (loss) | 4,720 | [1] | 2,016 | 958 | 991 | 2,133 | 3,125 | 2,566 | 913 | 8,685 | 8,737 | 14,469 | |||
242, LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 5,612 | [2] | 6,269 | [2] | 4,868 | [2] | |||||||||
Earnings (Loss) | 2,951 | [2] | 1,512 | [2] | 1,040 | [2] | |||||||||
Our share of earnings (loss) | 1,514 | [2] | 805 | [2] | 572 | [2] | |||||||||
CJUF III, RH Holdings [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 2,168 | [3] | 120 | [3] | 0 | [3] | |||||||||
Earnings (Loss) | -956 | [3] | -652 | [3] | -241 | [3] | |||||||||
Our share of earnings (loss) | -956 | [3] | -652 | [3] | -241 | [3] | |||||||||
CL Ashton Woods [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 5,431 | [4] | 9,018 | [4] | 3,353 | [4] | |||||||||
Earnings (Loss) | 1,748 | [4] | 2,660 | [4] | 1,472 | [4] | |||||||||
Our share of earnings (loss) | 2,471 | [4] | 4,169 | [4] | 2,024 | [4] | |||||||||
CL Realty [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 1,573 | 1,603 | 2,667 | ||||||||||||
Earnings (Loss) | 1,068 | 1,028 | 1,060 | ||||||||||||
Our share of earnings (loss) | 534 | 514 | 530 | ||||||||||||
CREA FMF [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 0 | [2] | 0 | [2] | 0 | [2] | |||||||||
Earnings (Loss) | -163 | [2] | 0 | [2] | 0 | [2] | |||||||||
Our share of earnings (loss) | -163 | [2] | 0 | [2] | 0 | [2] | |||||||||
Elan 99 LLC [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||
Earnings (Loss) | -87 | 0 | 0 | ||||||||||||
Our share of earnings (loss) | -78 | 0 | 0 | ||||||||||||
FMF Littleton [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||
Earnings (Loss) | -239 | 0 | 0 | ||||||||||||
Our share of earnings (loss) | -60 | 0 | 0 | ||||||||||||
FMF Peakview [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 4 | 1 | 0 | ||||||||||||
Earnings (Loss) | -410 | -252 | -116 | ||||||||||||
Our share of earnings (loss) | -83 | -50 | -23 | ||||||||||||
HM Stonewall Estates [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 1,728 | [4] | 2,922 | [4] | 2,500 | [4] | |||||||||
Earnings (Loss) | 613 | [4] | 1,082 | [4] | 829 | [4] | |||||||||
Our share of earnings (loss) | 248 | [4] | 452 | [4] | 332 | [4] | |||||||||
LM Land Holdings [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 21,980 | [4] | 25,426 | [4] | 10,268 | [4] | |||||||||
Earnings (Loss) | 15,520 | [4] | 11,012 | [4] | 1,895 | [4] | |||||||||
Our share of earnings (loss) | 4,827 | [4] | 3,418 | [4] | 257 | [4] | |||||||||
PSW Communities [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||
Earnings (Loss) | -86 | 0 | 0 | ||||||||||||
Our share of earnings (loss) | -76 | 0 | 0 | ||||||||||||
Temco [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 2,155 | 630 | 702 | ||||||||||||
Earnings (Loss) | 494 | 96 | -80 | ||||||||||||
Our share of earnings (loss) | 247 | 48 | -40 | ||||||||||||
Other Ventures [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | 1,792 | [5] | 5,994 | [5] | 8,790 | [5] | |||||||||
Earnings (Loss) | 4,835 | [5] | 176 | [5] | 10,032 | [5] | |||||||||
Our share of earnings (loss) | $260 | [5] | $33 | [5] | $11,058 | [5] | |||||||||
[1] | Fourth quarter 2014 results include pre-tax non-cash impairment charges of $30,591,000 for unproved leasehold interests and proved oil and gas properties. | ||||||||||||||
[2] | Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $1,621,000 are reflected as a reduction to our investment in unconsolidated ventures at year-end 2014. | ||||||||||||||
[3] | In 2014, we acquired full ownership in the Eleven venture for $21,500,000. The acquisition-date fair value was $55,275,000, including debt of $23,936,000. Our investment in the Eleven venture prior to acquiring our partner’s interest was $2,229,000. At year-end 2014, we no longer have an equity method investment in the Eleven venture. | ||||||||||||||
[4] | Includes unrecognized basis difference of $1,517,000 which is reflected as a reduction of our investment in unconsolidated ventures at year-end 2014. This difference between estimated fair value of the equity investment and our capital account within the respective ventures at closing will be accreted as income or expense over the life of the investment and included in our share of earnings (loss) from the respective ventures. | ||||||||||||||
[5] | In 2012, other ventures earnings include $5,307,000 related to a consolidated venture’s share of the gain associated with Round Rock Luxury Apartment's sale of Las Brisas. Our share of these earnings was $2,541,000 and we allocated $2,766,000 to net income attributable to noncontrolling interests. |
Investment_In_Unconsolidated_V3
Investment In Unconsolidated Ventures - Summarized Income Statement Information (Footnotes) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Reduction in investment | $1,517 | |
242, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Reduction in investment | 1,621 | |
Other Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings of other ventures related to consolidated ventures shares | 5,307 | |
Our share earnings of other ventures related to consolidated ventures shares | 2,541 | |
Our share of earnings allocated to noncontrolling interests | -2,766 | |
Other Ventures [Member] | Minimum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 25.00% | |
Other Ventures [Member] | Maximum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Equity Method Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term Debt, Current Maturities | 37,966 | 65,795 |
Equity Method Investments [Member] | Non-recourse Debt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term Debt, Current Maturities | $37,822 | $42,566 |
Receivables_Receivables_Detail
Receivables - Receivables (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $24,847 | $39,278 |
Oil and gas joint interest billing receivables | 5,738 | 3,896 |
Allowance for bad debts | -258 | -26 |
Receivables, net | 24,589 | 39,252 |
Loan secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 3,574 | 7,610 |
Other loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 1,737 | 7,987 |
Average Interest Rates | 4.41% | 5.00% |
Oil and gas revenue accrual receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 7,293 | 8,137 |
Other receivables and accrued interest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $6,505 | $11,648 |
Receivables_Additional_Informa
Receivables - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivables | $24,847 | $39,278 |
Due period of notes receivable as secured by deed of trust | 3 years | |
Loan secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivables | 3,574 | 7,610 |
Principal amount after reorganization | 33,900 | |
Interest accrue percentage till year three | 9.00% | |
Interest accrue percentage year four | 10.00% | |
Interest accrue percentage year five | 12.00% | |
Forgiven interest rate | 6.25% | |
Principal amount of loan received | 11,304 | 14,315 |
Interest amount of loan received | 634 | 1,872 |
Outstanding principal balance | 4,394 | |
Other loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivables | 1,737 | 7,987 |
Cibolo Canyons Project [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Area of Land | 33 | |
Cibolo Canyons Project [Member] | Prime Rate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Basis Spread on Variable Rate | 1.00% | |
Cibolo Canyons Project [Member] | Other loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivables | 6,160 | |
Real Estate Property Sale Price | 7,700 | |
Real Estate Project - Colorado [Member] | Other loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivables | 824 | |
San Joaquin River [Member] | Other loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivables | $550 |
Receivables_Estimated_Accretab
Receivables - Estimated Accretable Yield (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Receivables [Abstract] | ||
Beginning of period | $8,908 | $25,149 |
Change in accretable yield due to change in timing of estimated cash flows | -166 | -10,950 |
Interest income recognized | -7,903 | -5,291 |
End of period | $839 | $8,908 |
Debt_Schedule_of_Debt_Detail
Debt - Schedule of Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ||
Debt | $432,744 | $357,407 |
6% Tangible Equity Units [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt | 17,154 | 25,619 |
Term Loan Facility [Member] | Senior Secured Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt | 0 | 200,000 |
Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt | 250,000 | 0 |
Convertible Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt | 103,194 | 99,890 |
Secured Promissory Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt | 15,400 | 15,400 |
Other Indebtedness [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt | $46,996 | $16,498 |
Debt_Debt_Detail
Debt - Debt (Detail) | 0 Months Ended | 12 Months Ended | |
Feb. 26, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Convertible Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Average interest rate | 3.75% | 3.75% | |
Debt Instrument, Maturity Date | 1-Mar-20 | ||
6% Tangible Equity Units [Member] | |||
Line of Credit Facility [Line Items] | |||
Average interest rate | 6.00% | 6.00% | |
Secured Promissory Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Average interest rate | 3.17% | 3.17% | |
Other Indebtedness [Member] | |||
Line of Credit Facility [Line Items] | |||
Variable and fixed interest rates ranging, minimum | 2.19% | ||
Variable and fixed interest rates ranging, maximum | 5.00% | ||
Senior Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Maturity Date | 1-Jun-22 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Expiration Date | 15-May-17 | ||
Senior Secured Credit Facility [Member] | Term Loan Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Average interest rate | 4.17% | 4.17% | |
Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Average interest rate | 8.50% | 8.50% | |
Second Amended Senior Secured Credit Facility [Member] [Member] | Term Loan Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Expiration Date | 14-Sep-17 | ||
Second Amended Senior Secured Credit Facility [Member] [Member] | Revolving Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Maturity Date | 14-Sep-15 | ||
6% Tangible Equity Units [Member] | Senior Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Expiration Date | 15-Dec-16 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2013 | Feb. 26, 2013 | Sep. 30, 2014 | |
Unit | ||||||
Line of Credit Facility [Line Items] | ||||||
Common stock, par value | $1 | $1 | ||||
Debt | $432,744,000 | $357,407,000 | ||||
Carrying value | 192,678,000 | 99,476,000 | ||||
Deferred Finance Costs, Net | 15,168,000 | 7,896,000 | ||||
Amortization of deferred financing fees | 3,845,000 | 3,050,000 | 2,922,000 | |||
Debt Maturities 2015 | 49,535,000 | |||||
Debt Maturities 2016 | 29,031,000 | |||||
Debt Maturities 2017 | 984,000 | |||||
Debt Maturities 2018 | 0 | |||||
Debt Maturities 2019 | 0 | |||||
Debt Maturities thereafter | 353,194,000 | |||||
Austin [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guest room hotel | 413 | |||||
Multi Family Property [Member] | Austin, Texas [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Number Of Units Of Multifamily Project | 257 | |||||
Carrying value | 53,382,000 | 53,917,000 | ||||
Multi Family Property [Member] | Dallas, Texas [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Number Of Units Of Multifamily Project | 354 | |||||
Carrying value | 33,062,000 | |||||
Multi Family Development Properties [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Carrying value | 44,145,000 | |||||
Multi Family Development Properties [Member] | Texas [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Carrying value | 86,444,000 | |||||
Senior Secured Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
DebtCovenantMinimumInterestCoverageRatio | 150.00% | |||||
DebtCovenantLeverageRatio | 40.00% | |||||
Amended Senior Secured Credit Facility [Domain] | ||||||
Line of Credit Facility [Line Items] | ||||||
Minimum liquidity required | 125,000,000 | |||||
Minimum effective leverage ratio exceeded | 40.00% | |||||
DebtCovenantMinimumInterestCoverageLiquidity | 300.00% | |||||
DebtCovenantMinimumInterestCoverageRatio | 250.00% | |||||
DebtCovenantLeverageRatio | 50.00% | |||||
6% Tangible Equity Units [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Face Amount | 150,000,000 | |||||
Units issued | 6,000,000 | |||||
Exercise price of unit | 25 | |||||
Common stock, par value | $1 | |||||
Interest rate percentage | 6.00% | |||||
Debt | 17,154,000 | 25,619,000 | ||||
Revolving Line of Credit [Member] | Sublimit For Letters Of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Sublimit for letters of credit under line of credit facility | 100,000,000 | |||||
Term Loan Facility [Member] | Senior Secured Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt | 0 | 200,000,000 | ||||
Letter of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Sublimit for letters of credit outstanding | 15,415,000 | |||||
Convertible Debt [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Face Amount | 125,000,000 | |||||
Debt Instrument, Maturity Date | 1-Mar-20 | |||||
Interest rate percentage | 3.75% | |||||
Initial conversion rate | 40.8351 | |||||
Principal amount of initial conversion rate | 1,000 | |||||
Unamortized debt discount | 21,806,000 | |||||
Debt | 103,194,000 | 99,890,000 | ||||
Senior Notes [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Maturity Date | 1-Jun-22 | |||||
Interest rate percentage | 8.50% | |||||
Debt | 250,000,000 | 0 | ||||
Debt issuance cost | 8,053,000 | |||||
Senior Notes [Member] | 6% Tangible Equity Units [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Expiration Date | 15-Dec-16 | |||||
Face amount per unit, debt | 4.2522 | |||||
Interest rate percentage | 4.50% | |||||
Secured Promissory Notes [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt | 15,400,000 | 15,400,000 | ||||
Secured Promissory Notes [Member] | Austin [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Carrying value of multifamily project to secure non recourse loan | 30,712,000 | |||||
Other Indebtedness [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt | 46,996,000 | 16,498,000 | ||||
Other Indebtedness [Member] | Multi Family Property [Member] | Austin, Texas [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt | 23,936,000 | |||||
Other Indebtedness [Member] | Multi Family Property [Member] | Dallas, Texas [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt | 19,117,000 | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity under term Loan facility | 300,000,000 | 200,000,000 | ||||
Line of Credit Facility, Expiration Date | 15-May-17 | |||||
Revolving Line Of Credit Facility Extension Option Term | two one-year extension options | |||||
Net unused borrowing capacity | 284,585,000 | |||||
Percentage Of Spread On Federal Funds Effective Rate | 0.50% | |||||
Debt Instrument, Fee Amount | 3,068,000 | |||||
Minimum [Member] | 6% Tangible Equity Units [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Units issued | 6,547,800 | |||||
Maximum [Member] | 6% Tangible Equity Units [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Units issued | 7,857,000 | |||||
Over-Allotment Option [Member] | 6% Tangible Equity Units [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Units issued | 600,000 | |||||
Over-Allotment Option [Member] | Senior Notes [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt issuance cost | $6,250,000 | |||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||||
Base Rate [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Percentage Of Variable Spread On Base Rate | 3.00% | |||||
Thirty Day LIBOR Rate [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of Oil and Gas Properties | $30,591,000 | $15,535,000 | ||
Asset impairments | 15,934,000 | 1,790,000 | 0 | |
Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset impairments | $399,000 |
Fair_Value_Carrying_Value_of_A
Fair Value - Carrying Value of Assets (Detail) (Non-recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Oil and Gas Properties [Member] | ||
Non-Financial Assets and Liabilities: | ||
Real estate | $3,655 | $0 |
Oil and Gas Properties [Member] | Level 1 [Member] | ||
Non-Financial Assets and Liabilities: | ||
Real estate | 0 | 0 |
Oil and Gas Properties [Member] | Level 2 [Member] | ||
Non-Financial Assets and Liabilities: | ||
Real estate | 0 | 0 |
Oil and Gas Properties [Member] | Level 3 [Member] | ||
Non-Financial Assets and Liabilities: | ||
Real estate | 3,655 | 0 |
Real Estate [Member] | ||
Non-Financial Assets and Liabilities: | ||
Real estate | 970 | 3,700 |
Real Estate [Member] | Level 1 [Member] | ||
Non-Financial Assets and Liabilities: | ||
Real estate | 0 | 0 |
Real Estate [Member] | Level 2 [Member] | ||
Non-Financial Assets and Liabilities: | ||
Real estate | 970 | 3,700 |
Real Estate [Member] | Level 3 [Member] | ||
Non-Financial Assets and Liabilities: | ||
Real estate | $0 | $0 |
Fair_Value_Information_About_o
Fair Value - Information About our Fixed Rate Financial instruments not Measured at Fair Value (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt | $432,744 | $357,407 | |
Senior Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt | 250,000 | 0 | |
Interest rate percentage | 8.50% | ||
Debt Instrument, Issuance Date | 12-May-14 | ||
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loan secured by real estate | 3,574 | 7,610 | |
Loan Secured by Real Estate Fair Value | 4,859 | 18,025 | |
Fixed rate debt, carrying value | -370,348 | [1] | -126,640 |
Fixed rate debt, fair value | ($359,131) | [1] | ($118,634) |
[1] | Year-end 2014 includes our $250,000,000 of 8.50% senior secured notes due 2022, issued May 12, 2014. |
Capital_Stock_Detail
Capital Stock - (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 27, 2013 | Feb. 26, 2013 |
Class of Stock [Line Items] | |||||
Number of shares repurchased | 1,491,187 | ||||
Value of share repurchased | $24,595 | $1,409 | |||
Common Stock Repurchased Since Announcement Of Strategic Initiative | 3,493,332 | ||||
Value Of Common Stock Repurchased Since Announcement Of Strategic Initiative | 54,159 | ||||
Maximum percentage of shares repurchased under strategic initiative | 20.00% | ||||
Maximum number of shares repurchased under strategic initiative | 7,000,000 | ||||
Stock Options [Member] | |||||
Class of Stock [Line Items] | |||||
Options to purchase shares of common stock | 1,364,000 | ||||
Weighted average exercise price | $21.86 | ||||
Weighted average remaining contractual term | 5 years | ||||
Aggregate intrinsic value | 643 | 6,433 | |||
Former Affiliated Entity [Member] | Stock Options [Member] | |||||
Class of Stock [Line Items] | |||||
Options to purchase shares of common stock | 705,000 | ||||
Weighted average exercise price | $26.15 | ||||
Weighted average remaining contractual term | 1 year | ||||
Aggregate intrinsic value | $30 | ||||
6% Tangible Equity Units [Member] | |||||
Class of Stock [Line Items] | |||||
Interest rate percentage | 6.00% | ||||
Convertible Debt [Member] | |||||
Class of Stock [Line Items] | |||||
Interest rate percentage | 3.75% | ||||
Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock purchase right description | One-quarter of a preferred stock purchase right | ||||
Number of rights issued per share of common stock | 0.25 | ||||
Stockholders to purchase conditions description | One one-hundredth of a share of newly issued Series A Junior Participating Preferred Stock | ||||
Number of securities called by preferred stock purchase right | 0.001 | ||||
Preferred stock exercise price | $100 | ||||
Minimum percentage of beneficial ownership to acquire exercisable rights | 20.00% | ||||
Redemption price of rights | $0.00 | ||||
Redemption time of rights | 10 days | ||||
Expiry date of rights | 11-Dec-17 |
Net_Income_per_Share_Earnings_
Net Income per Share - Earnings Attributable to Common Shareholders and Weighted Average Common Shares Outstanding (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||
Consolidated net income | $17,088 | $35,061 | $17,876 |
Less: Net income attributable to noncontrolling interest | -505 | -5,740 | -4,934 |
Earnings available for diluted earnings per share | 16,583 | 29,321 | 12,942 |
Less: Undistributed net income allocated to participating securities | -3,018 | -585 | 0 |
Earnings available to common shareholders for basic earnings per share | $13,565 | $28,736 | $12,942 |
Weighted average common shares outstanding - basic | 35,317 | 35,365 | 35,214 |
Weighted average common shares upon conversion of participating securities | 7,857 | 835 | 0 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 422 | 613 | 268 |
Weighted average common shares outstanding - diluted | 43,596 | 36,813 | 35,482 |
Anti-dilutive awards excluded from diluted weighted average shares outstanding | 2,238 | 1,803 | 2,713 |
Net_Income_per_Share_Additiona
Net Income per Share - Additional Information (Details) (USD $) | 0 Months Ended | |
Nov. 27, 2013 | Dec. 31, 2014 | |
Unit | ||
6% Tangible Equity Units [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate on tangible equity units | 6.00% | |
Units issued | 6,000,000 | |
Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Exercise price of unit | $24.49 | |
Minimum [Member] | 6% Tangible Equity Units [Member] | ||
Debt Instrument [Line Items] | ||
Units issued | 6,547,800 | |
Maximum [Member] | 6% Tangible Equity Units [Member] | ||
Debt Instrument [Line Items] | ||
Units issued | 7,857,000 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current tax provision: | |||
U.S. Federal | ($5,444) | ($6,004) | ($11,834) |
State and other | -1,569 | -2,066 | -2,171 |
Total | -7,013 | -8,070 | -14,005 |
Deferred tax provision: | |||
U.S. Federal | -2,772 | 1,148 | 4,910 |
State and other | 1,128 | -286 | 1,079 |
Total | -1,644 | 862 | 5,989 |
Income tax expense | ($8,657) | ($7,208) | ($8,016) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Federal Statutory Rate to Effective Income Tax Rate on Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State, net of federal benefit | 1.00% | 4.00% | 5.00% |
Recognition of previously unrecognized tax benefits | 0.00% | -15.00% | 0.00% |
State rate change due to acquisition | 0.00% | 0.00% | -2.00% |
Acquisition costs | 0.00% | 0.00% | 4.00% |
Noncontrolling interests | 0.00% | -5.00% | -7.00% |
Effective Income Tax Rate Reconciliation, Disposition of Asset, Percent | 1.00% | 0.00% | 0.00% |
Charitable contributions | -1.00% | 0.00% | 0.00% |
Oil and gas percentage depletion | -2.00% | -2.00% | -5.00% |
Other | 0.00% | 0.00% | 1.00% |
Effective tax rate | 34.00% | 17.00% | 31.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Recognition of previously unrecognized tax benefits | 0.00% | 15.00% | 0.00% |
Change in effective tax rate due to acquisition of Credo | 0.00% | 0.00% | -2.00% |
Tax benefits not recognized for book purposes | $6,326,000 | ||
Recognized interest accrued related to unrecognized tax benefits | 0 | 75,000 | 152,000 |
Accrued interest | 0 | ||
Decrease in valuation allowance | 9,000 | ||
Credo [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Oil and gas percentage depletion carryforwards | 9,200,000 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carry forwards | 7,500,000 | ||
Expiration date of operating loss carry forwards | 31-Dec-31 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carry forwards | $18,000,000 | ||
Minimum [Member] | State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Expiration date of operating loss carry forwards | 31-Dec-15 | ||
Maximum [Member] | State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Expiration date of operating loss carry forwards | 31-Dec-34 |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of Deferred Taxes (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ||
Real estate | $79,244 | $75,157 |
Employee benefits | 17,352 | 17,902 |
Net operating loss carryforwards | 3,012 | 3,076 |
Income producing properties | 364 | 3,529 |
Oil and gas percentage depletion carryforwards | 3,471 | 3,344 |
Accruals not deductible until paid | 1,111 | 960 |
Gross deferred tax assets | 104,554 | 103,968 |
Valuation allowance | -384 | -375 |
Deferred tax asset net of valuation allowance | 104,170 | 103,593 |
Deferred Tax Liabilities: | ||
Oil and gas properties | -49,905 | -46,966 |
Undeveloped land | -4,937 | -5,961 |
Income producing properties | -7,816 | -8,803 |
Timber | -888 | -1,465 |
Gross deferred tax liabilities | -63,546 | -63,195 |
Deferred Tax Assets, Net | $40,624 | $40,398 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Beginning and Ending Amount of Tax Benefits Not Recognized for Book Purposes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $0 | $5,831 | $5,831 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Reductions due to lapse of statute of limitations | 0 | -5,831 | 0 |
Balance at end of year | $0 | $0 | $5,831 |
Litigation_and_Environmental_C1
Litigation and Environmental Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
acre | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Area for which certificate of completion received | 288 | ||
Portion of site for which certificate not received | 80 | ||
Cost to complete remediation activities | $529 | ||
Asset Retirement Obligation | $1,807 | $1,483 | $1,360 |
Commitments_and_Other_Continge1
Commitments and Other Contingencies (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | |
sqft | ||||
Operating Leased Assets [Line Items] | ||||
operating lease future payments, 2015 | $3,308,000 | |||
operating lease future payments, 2016 | 3,111,000 | |||
operating lease future payments, 2016 | 3,101,000 | |||
operating lease future payments, 2018 | 2,165,000 | |||
operating lease future payments, 2019 | 571,000 | |||
operating lease future payments, thereafter | 2,284,000 | |||
Office Facilities And Other Equipment [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lease expense | 2,617,000 | 2,374,000 | 2,115,000 | |
Ground Water Lease [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Remaining years of timber lease | 3 years | |||
Timber land area taken on lease | 20,000 | |||
Remaining contractual obligation of groundwater lease | 1,514,000 | |||
Corporate Headquarters [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Net Rentable Area | 32,000 | |||
Remaining contractual obligation of groundwater lease | 5,632,000 | |||
Other Office Locations [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Remaining contractual obligation of groundwater lease | $6,262,000 | |||
Other Office Locations [Member] | Texas [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Net Rentable Area | 21,000 | |||
Other Office Locations [Member] | COLORADO | ||||
Operating Leased Assets [Line Items] | ||||
Net Rentable Area | 10,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Customer | Customer | |
Segment | ||
Segment Reporting [Abstract] | ||
Number of business segments | 3 | |
Concentration Risk, Percentage | 10.00% | |
Number of customer who contributed more than 10 percent of revenue | 0 | 0 |
Segment_Information_Segment_Re
Segment Information - Segment Revenues and Earnings (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | $80,316,000 | [1] | $58,840,000 | $83,013,000 | $84,605,000 | $98,388,000 | $75,107,000 | $60,079,000 | $97,471,000 | $306,774,000 | $331,045,000 | $172,591,000 | |||
Depreciation, depletion and amortization | 41,715,000 | 29,980,000 | 18,926,000 | ||||||||||||
Equity in earnings of unconsolidated ventures | 4,720,000 | [1] | 2,016,000 | 958,000 | 991,000 | 2,133,000 | 3,125,000 | 2,566,000 | 913,000 | 8,685,000 | 8,737,000 | 14,469,000 | |||
Income (loss) before taxes | 25,240,000 | 36,529,000 | 20,958,000 | ||||||||||||
Total assets | 1,258,199,000 | 1,172,152,000 | 1,258,199,000 | 1,172,152,000 | 918,434,000 | ||||||||||
Investment in unconsolidated ventures | 65,005,000 | 41,147,000 | 65,005,000 | 41,147,000 | 41,546,000 | ||||||||||
Capital expenditures | 138,798,000 | [2] | 107,897,000 | [2] | 24,151,000 | [2] | |||||||||
Operating Segments [Member] | Real Estate [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 213,112,000 | 248,011,000 | 120,115,000 | ||||||||||||
Depreciation, depletion and amortization | 3,741,000 | 3,117,000 | 4,340,000 | ||||||||||||
Equity in earnings of unconsolidated ventures | 8,068,000 | 8,089,000 | 13,897,000 | ||||||||||||
Income (loss) before taxes | 96,906,000 | 68,454,000 | 53,582,000 | ||||||||||||
Total assets | 654,774,000 | 582,802,000 | 654,774,000 | 582,802,000 | 588,137,000 | ||||||||||
Investment in unconsolidated ventures | 65,005,000 | 41,147,000 | 65,005,000 | 41,147,000 | 41,546,000 | ||||||||||
Capital expenditures | 28,980,000 | [2] | 7,265,000 | [2] | 1,093,000 | [2] | |||||||||
Operating Segments [Member] | Oil and Gas [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 84,300,000 | 72,313,000 | 44,220,000 | ||||||||||||
Depreciation, depletion and amortization | 29,442,000 | 19,552,000 | 4,987,000 | ||||||||||||
Equity in earnings of unconsolidated ventures | 586,000 | 592,000 | 509,000 | ||||||||||||
Income (loss) before taxes | -22,686,000 | 18,859,000 | 26,608,000 | ||||||||||||
Total assets | 342,703,000 | 312,553,000 | 342,703,000 | 312,553,000 | 227,061,000 | ||||||||||
Investment in unconsolidated ventures | 0 | 0 | 0 | 0 | 0 | ||||||||||
Capital expenditures | 103,385,000 | [2] | 97,696,000 | [2] | 21,971,000 | [2] | |||||||||
Operating Segments [Member] | Other Natural Resources [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 9,362,000 | 10,721,000 | 8,256,000 | ||||||||||||
Depreciation, depletion and amortization | 497,000 | 651,000 | 1,254,000 | ||||||||||||
Equity in earnings of unconsolidated ventures | 31,000 | 56,000 | 63,000 | ||||||||||||
Income (loss) before taxes | 5,499,000 | 6,507,000 | 29,000 | ||||||||||||
Total assets | 22,531,000 | 23,478,000 | 22,531,000 | 23,478,000 | 24,066,000 | ||||||||||
Investment in unconsolidated ventures | 0 | 0 | 0 | 0 | 0 | ||||||||||
Capital expenditures | 5,817,000 | [2] | 2,720,000 | [2] | 292,000 | [2] | |||||||||
Items Not Allocated To Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||
Depreciation, depletion and amortization | 8,035,000 | 6,660,000 | 8,345,000 | ||||||||||||
Equity in earnings of unconsolidated ventures | 0 | 0 | 0 | ||||||||||||
Income (loss) before taxes | -54,479,000 | [3] | -57,291,000 | [3] | -59,261,000 | [3] | |||||||||
Total assets | 238,191,000 | 253,319,000 | 238,191,000 | 253,319,000 | 79,170,000 | ||||||||||
Investment in unconsolidated ventures | 0 | 0 | 0 | 0 | 0 | ||||||||||
Capital expenditures | $616,000 | [2] | $216,000 | [2] | $795,000 | [2] | |||||||||
[1] | Fourth quarter 2014 results include pre-tax non-cash impairment charges of $30,591,000 for unproved leasehold interests and proved oil and gas properties. | ||||||||||||||
[2] | Consists of expenditures for oil and gas properties and equipment, commercial and income producing properties, property, plant and equipment and reforestation of timber. | ||||||||||||||
[3] | Items not allocated to segments consist of: For the Year 2014 2013 2012 (In thousands)General and administrative expense$(21,229) $(20,597) $(25,176)Share-based compensation expense(3,417) (16,809) (14,929)Gain on sale of assets— — 16Interest expense(30,286) (20,004) (19,363)Other corporate non-operating income453 119 191 $(54,479) $(57,291) $(59,261) |
Segment_Information_Items_Not_
Segment Information - Items Not Allocated to Segments (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Income (loss) before taxes | $25,240 | $36,529 | $20,958 | |||
Items Not Allocated To Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Income (loss) before taxes | -54,479 | [1] | -57,291 | [1] | -59,261 | [1] |
Items Not Allocated To Segments [Member] | General and Administrative Expense [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Income (loss) before taxes | -21,229 | -20,597 | -25,176 | |||
Items Not Allocated To Segments [Member] | Share-based compensation expense [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Income (loss) before taxes | -3,417 | -16,809 | -14,929 | |||
Items Not Allocated To Segments [Member] | Gain on sale of assets [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Income (loss) before taxes | 0 | 0 | 16 | |||
Items Not Allocated To Segments [Member] | Interest expense [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Income (loss) before taxes | -30,286 | -20,004 | -19,363 | |||
Items Not Allocated To Segments [Member] | Other corporate non-operating income [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Income (loss) before taxes | $453 | $119 | $191 | |||
[1] | Items not allocated to segments consist of: For the Year 2014 2013 2012 (In thousands)General and administrative expense$(21,229) $(20,597) $(25,176)Share-based compensation expense(3,417) (16,809) (14,929)Gain on sale of assets— — 16Interest expense(30,286) (20,004) (19,363)Other corporate non-operating income453 119 191 $(54,479) $(57,291) $(59,261) |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Variable Interest Entity [Line Items] | |||
Payments to Acquire Additional Interest in Subsidiaries | $7,971 | $0 | $0 |
Deferred Tax Assets, Net | 40,624 | 40,398 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Count of VIEs | 4 | ||
Variable Interest Entity, Non consolidated, Carrying amount, Assets | 64,311 | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 79,723 | ||
Variable Interest Entity, Financial or Other Support, Amount | 4,415 | ||
Maximum Exposure to loss related to VIEs | 3,597 | ||
Investment in VIEs | 9,500 | ||
Noncontrolling Interest [Member] | |||
Variable Interest Entity [Line Items] | |||
Deferred Tax Assets, Net | 1,729 | ||
Borrowings [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | $30,667 |
Share_Based_Compensation_Compo
Share Based Compensation - Components of Share-Based Compensation Expense (Income) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $3,417 | $16,809 | $14,929 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 1,984 | 4,216 | 3,251 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | -25 | 538 | 2,154 |
Equity-settled awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 5,168 | 4,281 | 3,059 |
Cash Settled Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | ($3,710) | $7,774 | $6,465 |
Share_Based_Compensation_Share
Share Based Compensation - Share Based Compensation Expense Included in Operating Expense (Income) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $3,417 | $16,809 | $14,929 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 1,001 | 7,779 | 7,144 |
Other Operating Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $2,416 | $9,030 | $7,785 |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $760,000 | $590,000 | $595,000 | |
Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options | 7,160,000 | |||
Weighted average period over which amount will be recognized | 2 years | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 215,561 | 137,943 | ||
Vesting of restricted stock awards and exercises of stock options, shares withheld | 55,238 | 59,219 | ||
Payroll taxes on restricted stock and stock options | 1,043,000 | 1,137,000 | 968,000 | |
Fair value of awards settled in cash | 3,467,000 | 7,237,000 | 5,299,000 | |
Stock price of non-vested cash-settled awards | $15.40 | |||
Cash Settled Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of vested cash-settled awards | 9,560,000 | |||
Aggregate current value of non-vested cash-settled awards | 2,850,000 | |||
Cash Settled Awards [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 3 years | |||
Cash Settled Awards [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 4 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 3 years | |||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 3 years | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 4 years | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested, weighted average grant date fair value | $12.54 | $11.96 | $11.38 | |
Aggregate current value of non-vested cash-settled restricted stock units | 458,000 | 580,000 | 866,000 | |
Period over or after performance stock unit vest | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Granted, Equivalent Units | 0 | |||
Market-leveraged stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 3 years | |||
Granted, Equivalent Units | 86,000 | |||
Number of shares to be issued if stock price increases by fifty percent | 129,000 | |||
Numbers of shares to be issued if stock price decreases by fifty percent | 43,000 | |||
Equity-settled awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options | 5,975,000 | |||
Weighted average period over which amount will be recognized | 2 years | |||
Nonvested, weighted average grant date fair value | $19.24 | $19.50 | $18.99 | |
Aggregate current value of non-vested cash-settled restricted stock units | 710,000 | 581,000 | 409,000 | |
Granted, Equivalent Units | 512,000 | |||
Minimum increases in stock price | 50.00% | |||
Percentage of decrease in stock price | 50.00% | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options | 138,000 | |||
Weighted average period over which amount will be recognized | 1 year | |||
Minimum Percent Annualized Return on Assets Vesting for Stock Unit Awards | 1.00% | |||
Nonvested, weighted average grant date fair value | $17.56 | $14.99 | $16.95 | |
Aggregate current value of non-vested cash-settled restricted stock units | 17,000 | 47,000 | 211,000 | |
Period over or after performance stock unit vest | 3 years | |||
Granted, Equivalent Units | 0 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 21,000 | 1,355,000 | 429,000 | |
Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options | 1,047,000 | |||
Weighted average period over which amount will be recognized | 2 years | |||
Period over or after performance stock unit vest | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Intrinsic value of options exercised | 568,000 | 562,000 | 0 | |
Options Outstanding | 1,861,000 | 2,006,000 | ||
Weighted average exercise price | $21.86 | |||
Weighted Average Remaining Contractual Term | 6 years | 7 years | ||
Aggregate intrinsic value | 643,000 | 6,433,000 | ||
Cash Settled Restricted Stock Unit [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Minimum Percent Annualized Return on Assets Vesting for Stock Unit Awards | 1.00% | |||
Nonvested, weighted average grant date fair value | $18.49 | $17.90 | $17.03 | |
Aggregate current value of non-vested cash-settled restricted stock units | 185,000 | 233,000 | 350,000 | |
Granted, Equivalent Units | 93,000 | |||
Performance Stock Units Psu [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 3 years | |||
Granted, Equivalent Units | 270,000 | |||
Performance Stock Units Psu [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance Awards to be issued | 0 | |||
Performance Stock Units Psu [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance Awards to be issued | 540,000 | |||
Temple Inland Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Intrinsic value of options exercised | $1,132,000 | |||
Special Performance [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Special Performance Stock Unit awards to be issued | 0 | |||
Pre Spin Stock Option Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Options Outstanding | 56,000 | |||
Weighted average exercise price | $27.03 | |||
Weighted Average Remaining Contractual Term | 1 year |
Share_Based_Compensation_Summa
Share Based Compensation - Summarized Activity of Cash Settled Restricted Stock Unit Awards (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance at beginning of year | 580,000 | 866,000 |
Granted, Equivalent Units | 0 | |
Forfeited, Equivalent Units | -6,000 | |
Balance at end of period | 458,000 | 866,000 |
Non-vested at beginning of year, Weighted Average Grant Date Fair Value | $11.96 | $11.38 |
Forfeited, Weighted Average Grant Date Fair Value | $17.80 | |
Non-vested at end of period, Weighted Average Grant Date Fair Value | $12.54 | $11.38 |
Cash Settled Restricted Stock Unit [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance at beginning of year | 233,000 | 350,000 |
Granted, Equivalent Units | 93,000 | |
Vested, Equivalent Units | -132,000 | |
Forfeited, Equivalent Units | -9,000 | |
Balance at end of period | 185,000 | 350,000 |
Non-vested at beginning of year, Weighted Average Grant Date Fair Value | $17.90 | $17.03 |
Granted, Weighted Average Grant Date Fair Value | $18.96 | |
Vested, Weighted Average Grant Date Fair Value | $17.86 | |
Forfeited, Weighted Average Grant Date Fair Value | $17.42 | |
Non-vested at end of period, Weighted Average Grant Date Fair Value | $18.49 | $17.03 |
Share_Based_Compensation_Summa1
Share Based Compensation - Summarized Activity of Cash-Settled Stock Appreciation Rights (Detail) (Stock Appreciation Rights (SARs) [Member], USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 4 years | 5 years |
Balance at beginning of year | 580,000 | 866,000 |
Granted, Rights Outstanding | 0 | |
Exercised, Rights Outstanding | -116,000 | |
Forfeited, Rights Outstanding | -6,000 | |
Balance at end of period | 458,000 | 580,000 |
Exercisable at end of period, Rights Outstanding | 458,000 | |
Non-vested at beginning of year, Weighted Average Grant Date Fair Value | $11.96 | $11.38 |
Granted, Weighted Average Exercise Price | $0 | |
Exercised, Weighted Average Exercise Price | $9.41 | |
Forfeited, Weighted Average Grant Date Fair Value | $17.80 | |
Non-vested at end of period, Weighted Average Grant Date Fair Value | $12.54 | $11.96 |
Exercisable at end of period, Weighted Average Exercise Price | $12.54 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercisable Weighted Average Remaining Contractual Term | 4 years | |
Aggregate Intrinsic Value | $1,732 | $5,400 |
Exercisable at end of period, Aggregate Intrinsic Value | $1,732 |
Share_Based_Compensation_Equit
Share Based Compensation - Equity-Settled Awards (Detail) (Equity-settled awards [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
Equity-settled awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance at beginning of year | 581,000 | 409,000 |
Granted, Equivalent Units | 512,000 | |
Vested, Equivalent Units | -259,000 | |
Forfeited, Equivalent Units | -124,000 | |
Balance at end of period | 710,000 | 409,000 |
Non-vested at beginning of year, Weighted Average Grant Date Fair Value | $19.50 | $18.99 |
Granted, Weighted Average Grant Date Fair Value | $19.18 | |
Vested, Weighted Average Grant Date Fair Value | $20.01 | |
Forfeited, Weighted Average Grant Date Fair Value | $18.58 | |
Non-vested at end of period, Weighted Average Grant Date Fair Value | $19.24 | $18.99 |
Share_Based_Compensation_Summa2
Share Based Compensation - Summarized Activity of Restricted Stock Awards (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance at beginning of year | 47,000 | 211,000 |
Granted, Equivalent Units | 0 | |
Vested, Equivalent Units | -20,000 | |
Forfeited, Equivalent Units | -10,000 | |
Balance at end of period | 17,000 | 211,000 |
Non-vested at beginning of year, Weighted Average Grant Date Fair Value | $14.99 | $16.95 |
Granted, Weighted Average Grant Date Fair Value | $0 | |
Vested, Weighted Average Grant Date Fair Value | $12.74 | |
Forfeited, Weighted Average Grant Date Fair Value | $15.02 | |
Non-vested at end of period, Weighted Average Grant Date Fair Value | $17.56 | $16.95 |
Share_Based_Compensation_Summa3
Share Based Compensation - Summarized Activity of Stock Option Awards (Detail) (Stock Options [Member], USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance at beginning of year, Options Outstanding | 2,006,000 | |
Granted, Options Outstanding | 0 | |
Exercised, Options Outstanding | -56,000 | |
Forfeited, Options Outstanding | -89,000 | |
Balance at end of period, Options Outstanding | 1,861,000 | 2,006,000 |
Exercisable at end of period, Options Outstanding | 1,364,000 | |
Balance at beginning of year, Weighted Average Exercise Price | $20.30 | |
Granted, Weighted Average Exercise Price | $0 | |
Exercised, Weighted Average Exercise Price | $9.64 | |
Forfeited, Weighted Average Exercise Price | $17.65 | |
Balance at end of period, Weighted Average Exercise Price | $20.74 | $20.30 |
Exercisable at end of period, Weighted Average Exercise Price | $21.86 | |
Weighted Average Remaining Contractual Term | 6 years | 7 years |
Exercisable at end of period, Weighted Average Remaining Contractual Term | 5 years | |
Aggregate intrinsic value | $643 | $6,433 |
Exercisable at end of period, Aggregate Intrinsic Value | $620 |
Share_Based_Compensation_Fair_
Share Based Compensation - Fair Value of Stock Options Using Black-Scholes Option Pricing Model (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected stock price volatility | 66.80% | 60.20% |
Risk-free interest rate | 1.40% | 1.30% |
Expected life of options (years) | 6 years | 6 years |
Expected dividend yield | 0.00% | 0.00% |
Weighted average estimated fair value of options at grant date | $11.47 | $9.22 |
Retirement_Plans_Additional_In
Retirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Expense of defined contribution retirement plans | $1,651 | $1,456 | $1,393 |
Unfunded liability for supplemental plan | $715 | $586 |
Supplemental_Oil_and_Gas_Discl2
Supplemental Oil and Gas Disclosures (Unaudited) - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Sep. 28, 2012 | ||||
Well | Well | Well | ||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||
Percentage of acquired outstanding common shares | 100.00% | 100.00% | ||||||
New well addition | 106 | 88 | 27 | |||||
Credo [Member] | ||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||
Cash transaction per share | $14.50 | $14.50 | ||||||
Business acquisition cost | $146,445,000 | |||||||
Outstanding debt paid | $8,770,000 | |||||||
Crude Oil and NGL [Member] | ||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||
Average spot price | 94.99 | 96.91 | 94.71 | |||||
Natural Gas in Mmbtu [Member] | ||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||
Average spot price | 4.35 | 3.67 | 2.76 | |||||
Consolidated Entities [Member] | ||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | 608,000 | 800,000 | ||||||
Equity Method Investee [Member] | ||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||
Downward revisions in natural gas reserves for consolidated entities | 330,000 | |||||||
Oil [Member] | Consolidated Entities [Member] | ||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||
Extensions and discoveries | 2,191,000 | [1] | 3,085,000 | [1] | 86,000 | [1] | ||
Proved Developed and Undeveloped Reserves, Sales of Minerals in Place | 105,000 | [1] | ||||||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | 608,000 | [1] | 182,000 | [1] | 45,000 | [1] | ||
Oil [Member] | Equity Method Investee [Member] | ||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | 0 | [1] | 0 | [1] | 0 | [1] | ||
Oil [Member] | New PDP Reserves [Member] | Consolidated Entities [Member] | ||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||
Extensions and discoveries | 694,000 | |||||||
Oil [Member] | New PUD Reserves [Member] | Consolidated Entities [Member] | ||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||
Extensions and discoveries | 913,000 | |||||||
Natural Gas [Member] | Consolidated Entities [Member] | ||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||
Extensions and discoveries | 774,000 | 2,046,000 | 241,000 | |||||
Proved Developed and Undeveloped Reserves, Sales of Minerals in Place | 218,000 | |||||||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | 293,000 | 1,243,000 | -2,163,000 | |||||
Natural Gas [Member] | Equity Method Investee [Member] | ||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | -382,000 | 7,000 | -390,000 | |||||
[1] | Includes natural gas liquids (NGLs). |
Supplemental_Oil_and_Gas_Discl3
Supplemental Oil and Gas Disclosures (Unaudited) - Summary of Estimated Quantities of Proved Developed Oil and Natural Gas Reserves (Detail) | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |||||
bbl | bbl | bbl | bbl | |||||
Oil [Member] | ||||||||
Reserve Quantities [Line Items] | ||||||||
Proved developed reserves | 5,269,000 | [1] | 3,893,000 | [1] | 2,416,000 | [1] | ||
Proved undeveloped reserves | 2,403,000 | [1] | 1,931,000 | [1] | 804,000 | [1] | ||
Ending Balance | 7,672,000 | [1] | 5,824,000 | [1] | 3,220,000 | [1] | ||
Natural Gas [Member] | ||||||||
Reserve Quantities [Line Items] | ||||||||
Proved developed reserves | 12,599,000 | 13,717,000 | 13,020,000 | |||||
Proved undeveloped reserves | 1,801,000 | 2,245,000 | 1,274,000 | |||||
Ending Balance | 14,400,000 | 15,962,000 | 14,294,000 | |||||
Consolidated Entities [Member] | ||||||||
Reserve Quantities [Line Items] | ||||||||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | 608,000 | 800,000 | ||||||
Consolidated Entities [Member] | Oil [Member] | ||||||||
Reserve Quantities [Line Items] | ||||||||
Beginning Balance | 5,824,000 | [1] | 3,220,000 | [1] | 1,064,000 | [1] | ||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | 608,000 | [1] | 182,000 | [1] | 45,000 | [1] | ||
Extensions and discoveries | 2,191,000 | [1] | 3,085,000 | [1] | 86,000 | [1] | ||
Proved Developed and Undeveloped Reserves, Sales of Minerals in Place | -105,000 | [1] | ||||||
Acquisitions | 85,000 | [1] | 35,000 | [1] | 2,396,000 | [1] | ||
Production | -931,000 | [1] | -698,000 | [1] | -371,000 | [1] | ||
Ending Balance | 7,672,000 | [1] | 5,824,000 | [1] | 3,220,000 | [1] | 1,064,000 | [1] |
Consolidated Entities [Member] | Natural Gas [Member] | ||||||||
Reserve Quantities [Line Items] | ||||||||
Beginning Balance | 13,630,000 | 11,722,000 | 8,203,000 | |||||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | 293,000 | 1,243,000 | -2,163,000 | |||||
Extensions and discoveries | 774,000 | 2,046,000 | 241,000 | |||||
Proved Developed and Undeveloped Reserves, Sales of Minerals in Place | -218,000 | |||||||
Acquisitions | 31,000 | 531,000 | 7,109,000 | |||||
Production | -1,861,000 | -1,912,000 | -1,668,000 | |||||
Ending Balance | 12,649,000 | 13,630,000 | 11,722,000 | 8,203,000 | ||||
Equity Method Investee [Member] | Oil [Member] | ||||||||
Reserve Quantities [Line Items] | ||||||||
Beginning Balance | 0 | [1] | 0 | [1] | 0 | [1] | ||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | 0 | [1] | 0 | [1] | 0 | [1] | ||
Production | 0 | [1] | 0 | [1] | 0 | [1] | ||
Ending Balance | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Equity Method Investee [Member] | Natural Gas [Member] | ||||||||
Reserve Quantities [Line Items] | ||||||||
Beginning Balance | 2,332,000 | 2,572,000 | 3,283,000 | |||||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | -382,000 | 7,000 | -390,000 | |||||
Production | -199,000 | -247,000 | -321,000 | |||||
Ending Balance | 1,751,000 | 2,332,000 | 2,572,000 | 3,283,000 | ||||
[1] | Includes natural gas liquids (NGLs). |
Supplemental_Oil_and_Gas_Discl4
Supplemental Oil and Gas Disclosures (Unaudited) - Capitalized Cost Related to Oil and Natural Gas Producing Activities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Capitalized Costs Relating To Oil And Gas Producing Activities [Line Items] | ||
Total costs | $311,745 | $255,582 |
Consolidated Entities [Member] | ||
Capitalized Costs Relating To Oil And Gas Producing Activities [Line Items] | ||
Unproved oil and gas properties | 90,446 | 100,320 |
Proved oil and gas properties | 221,299 | 155,262 |
Total costs | 311,745 | 255,582 |
Less accumulated depreciation, depletion and amortization | -48,252 | -22,941 |
Net capitalized costs | $263,493 | $232,641 |
Supplemental_Oil_and_Gas_Discl5
Supplemental Oil and Gas Disclosures (Unaudited) - Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $165,616 | $136,853 | $107,956 | $56,206 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Entity's Share of Equity Method Investees' Standardized Discounted Future Net Cash Flows | 165,616 | 136,853 | 107,956 | |
Consolidated Entities [Member] | ||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Cash Inflows | 665,657 | 544,098 | 322,098 | |
Costs Incurred, Acquisition of Oil and Gas Properties with Proved Reserves | 2,001 | 0 | 0 | |
Costs Incurred, Acquisition of Unproved Oil and Gas Properties | 25,666 | 35,806 | 4,418 | |
Exploration costs | 39,399 | 10,486 | 1,752 | |
Development costs | 40,277 | 54,538 | 15,938 | |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities | 107,343 | 100,830 | 22,108 | |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Production Costs | 271,735 | 231,801 | 104,441 | |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Income Tax Expense | 106,002 | 77,361 | 50,350 | |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Net Cash Flows | 287,920 | 234,936 | 167,307 | |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Ten Percent Annual Discount for Estimated Timing of Cash Flows | 124,079 | 99,383 | 60,764 | |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $163,841 | $135,553 | $106,543 | $52,698 |
Supplemental_Oil_and_Gas_Discl6
Supplemental Oil and Gas Disclosures (Unaudited) - Estimates of Future Cash Flows from Proved Developed Oil and Natural Gas Reserves (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Standardized measure of discounted future net cash flows | $165,616 | $136,853 | $107,956 | $56,206 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Entity's Share of Equity Method Investees' Standardized Discounted Future Net Cash Flows | 165,616 | 136,853 | 107,956 | |
Consolidated Entities [Member] | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Cash Inflows | 665,657 | 544,098 | 322,098 | |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Production Costs | -271,735 | -231,801 | -104,441 | |
Future income tax expenses | -106,002 | -77,361 | -50,350 | |
Future net cash flows | 287,920 | 234,936 | 167,307 | |
10% annual discount for estimated timing of cash flows | -124,079 | -99,383 | -60,764 | |
Standardized measure of discounted future net cash flows | 163,841 | 135,553 | 106,543 | 52,698 |
Equity Method Investee [Member] | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Cash Inflows | 6,186 | 4,765 | 5,125 | |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Production Costs | -664 | -512 | -551 | |
Future income tax expenses | -2,098 | -1,616 | -1,738 | |
Future net cash flows | 3,424 | 2,637 | 2,836 | |
10% annual discount for estimated timing of cash flows | -1,649 | -1,337 | -1,423 | |
Standardized measure of discounted future net cash flows | $1,775 | $1,300 | $1,413 | $3,508 |
Supplemental_Oil_and_Gas_Discl7
Supplemental Oil and Gas Disclosures (Unaudited) - Changes in Standardized Measure of Discounted Future Net Cash Flow (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||
Beginning Balance | $136,853 | $107,956 | $56,206 | |
Changes resulting from: | ||||
Net change in sales prices and production costs | 507 | 23,837 | -8,206 | |
Net change in future development costs | 1,308 | -2,897 | -1,834 | |
Sales of oil and gas, net of production costs | -63,979 | -57,360 | -32,364 | |
Net change due to extensions and discoveries | 58,228 | 54,539 | 5,596 | |
Increase Due to Purchases of Minerals in Place | 2,778 | 1,160 | 86,013 | |
Proved Developed and Undeveloped Reserves, Sales of Minerals in Place | -5,804 | |||
Net change due to revisions of quantity estimates | 14,960 | 8,679 | -2,236 | |
Previously estimated development costs incurred | 15,497 | 4,124 | 1,007 | |
Accretion of discount | 18,277 | 13,768 | 7,778 | |
Standardized Measure of Discounted Future Net Cash Flow of Proved Oil and Gas Reserves, Other | 4,313 | -749 | ||
Net change in income taxes | -17,322 | -16,204 | -4,004 | |
Aggregate change for the year | 28,763 | 28,897 | 51,750 | |
Ending Balance | 165,616 | 136,853 | 107,956 | 56,206 |
Consolidated Entities [Member] | ||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||
Beginning Balance | 135,553 | 106,543 | 52,698 | |
Changes resulting from: | ||||
Net change in sales prices and production costs | -1,064 | 23,422 | -5,709 | |
Net change in future development costs | 1,308 | -2,897 | -1,834 | |
Sales of oil and gas, net of production costs | -63,192 | -56,559 | -31,732 | |
Net change due to extensions and discoveries | 58,228 | 54,539 | 5,596 | |
Increase Due to Purchases of Minerals in Place | 2,778 | 1,160 | 86,013 | |
Proved Developed and Undeveloped Reserves, Sales of Minerals in Place | -5,804 | |||
Net change due to revisions of quantity estimates | 15,303 | 8,673 | -2,254 | |
Previously estimated development costs incurred | 15,497 | 4,124 | 1,007 | |
Accretion of discount | 18,067 | 13,540 | 7,377 | |
Standardized Measure of Discounted Future Net Cash Flow of Proved Oil and Gas Reserves, Other | 4,198 | -718 | ||
Net change in income taxes | -17,031 | -16,274 | -4,619 | |
Aggregate change for the year | 28,288 | 29,010 | 53,845 | |
Ending Balance | 163,841 | 135,553 | 106,543 | 52,698 |
Equity Method Investee [Member] | ||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||
Beginning Balance | 1,300 | 1,413 | 3,508 | |
Changes resulting from: | ||||
Net change in sales prices and production costs | 1,571 | 415 | -2,497 | |
Net change in future development costs | 0 | 0 | 0 | |
Sales of oil and gas, net of production costs | -787 | -801 | -632 | |
Net change due to extensions and discoveries | 0 | 0 | 0 | |
Increase Due to Purchases of Minerals in Place | 0 | 0 | 0 | |
Proved Developed and Undeveloped Reserves, Sales of Minerals in Place | 0 | |||
Net change due to revisions of quantity estimates | -343 | 6 | 18 | |
Previously estimated development costs incurred | 0 | 0 | 0 | |
Accretion of discount | 210 | 228 | 401 | |
Standardized Measure of Discounted Future Net Cash Flow of Proved Oil and Gas Reserves, Other | 115 | -31 | ||
Net change in income taxes | -291 | 70 | 615 | |
Aggregate change for the year | 475 | -113 | -2,095 | |
Ending Balance | $1,775 | $1,300 | $1,413 | $3,508 |
Supplemental_Oil_and_Gas_Discl8
Supplemental Oil and Gas Disclosures (Unaudited) - Information About Results of Operations of Oil and Natural Gas Interests (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Consolidated entities | ||||
Results of operations | ($19,703) | $8,490 | $12,236 | |
Consolidated Entities [Member] | ||||
Consolidated entities | ||||
Revenues | 82,919 | 69,036 | 36,204 | [1] |
Production costs | -19,727 | -12,477 | -4,472 | [1] |
Exploration costs | -17,416 | -10,486 | -1,754 | [1] |
Depreciation, depletion, amortization | -29,442 | -19,552 | -4,905 | [1] |
Results of Operations, Impairment of Oil and Gas Properties | 32,665 | 473 | 0 | [1] |
Oil and gas administrative expenses | -17,000 | -14,407 | -8,332 | [1] |
Results of Operations, Accretion of Asset Retirement Obligations | -121 | -94 | -26 | [1] |
Income tax expenses | -13,398 | 3,471 | 4,841 | |
Results of operations | -20,054 | 8,076 | 11,874 | [1] |
Equity Method Investee [Member] | ||||
Consolidated entities | ||||
Royalty revenues | 786 | 801 | 770 | |
Production costs | -105 | -123 | -138 | |
Oil and gas administrative expenses | -95 | -86 | -123 | |
Income tax expenses | -235 | -178 | -147 | |
Results of operations | $351 | $414 | $362 | |
[1] | 2012 includes only three months of operations from Credo due to our third quarter 2012 acquisition. |
Summary_of_Quarterly_Results_o2
Summary of Quarterly Results of Operations - Summary of Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Impairment of Oil and Gas Properties | $30,591,000 | $15,535,000 | ||||||||||
Total revenues | 80,316,000 | [1] | 58,840,000 | 83,013,000 | 84,605,000 | 98,388,000 | 75,107,000 | 60,079,000 | 97,471,000 | 306,774,000 | 331,045,000 | 172,591,000 |
Gross profit | -6,259,000 | [1] | 19,606,000 | 33,261,000 | 35,025,000 | 39,181,000 | 32,608,000 | 22,463,000 | 35,899,000 | |||
Operating income (loss) | -16,783,000 | [1] | 12,716,000 | 26,942,000 | 15,883,000 | 22,891,000 | 10,612,000 | 3,554,000 | 9,520,000 | 38,758,000 | 46,577,000 | 27,165,000 |
Equity in earnings of unconsolidated ventures | 4,720,000 | [1] | 2,016,000 | 958,000 | 991,000 | 2,133,000 | 3,125,000 | 2,566,000 | 913,000 | 8,685,000 | 8,737,000 | 14,469,000 |
Income (loss) before taxes | -18,713,000 | [1] | 7,994,000 | 22,799,000 | 13,665,000 | 23,160,000 | 9,965,000 | 2,109,000 | 7,035,000 | 25,745,000 | 42,269,000 | 25,892,000 |
Net income (loss) attributable to Forestar Group Inc. | ($11,800,000) | [1] | $5,227,000 | $14,822,000 | $8,334,000 | $12,999,000 | $11,830,000 | $541,000 | $3,951,000 | $16,583,000 | $29,321,000 | $12,942,000 |
Net income (loss) per share - basic | ($0.34) | [1] | $0.12 | $0.34 | $0.20 | $0.34 | $0.33 | $0.02 | $0.11 | $0.38 | $0.81 | $0.37 |
Net income (loss) per share - diluted | ($0.34) | [1] | $0.12 | $0.34 | $0.19 | $0.33 | $0.33 | $0.02 | $0.11 | $0.38 | $0.80 | $0.36 |
[1] | Fourth quarter 2014 results include pre-tax non-cash impairment charges of $30,591,000 for unproved leasehold interests and proved oil and gas properties. |
Schedule_III_Consolidated_Real
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $62,396 | ||||
Land | 389,035 | ||||
Buildings & Improvements | 57,996 | ||||
Improvements less Cost of Sales and Other | 150,128 | ||||
Carrying Costs | 9,974 | [1] | |||
Land & Land Improvements | 468,521 | ||||
Buildings & Improvements | 138,612 | ||||
Total | 607,133 | 547,530 | 545,370 | 592,322 | |
Accumulated depreciation | -31,377 | -28,066 | -28,220 | -26,955 | |
Entitled Developed and Under Development Projects [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,943 | ||||
Land | 290,166 | ||||
Improvements less Cost of Sales and Other | 21,133 | ||||
Carrying Costs | 9,974 | [1] | |||
Land & Land Improvements | 321,273 | ||||
Total | 321,273 | ||||
Entitled Developed and Under Development Projects [Member] | Other Country [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 32,304 | ||||
Improvements less Cost of Sales and Other | -22,418 | ||||
Carrying Costs | 1,271 | [1] | |||
Land & Land Improvements | 11,157 | ||||
Total | 11,157 | ||||
Entitled Developed and Under Development Projects [Member] | California [Member] | Contra Costa County [Member] | San Joaquin River [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 12,225 | ||||
Improvements less Cost of Sales and Other | -3,310 | ||||
Land & Land Improvements | 8,915 | ||||
Total | 8,915 | ||||
Entitled Developed and Under Development Projects [Member] | COLORADO | Douglas County [Member] | Pinery West [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 7,308 | ||||
Improvements less Cost of Sales and Other | 7,045 | ||||
Land & Land Improvements | 14,353 | ||||
Total | 14,353 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 2006 | ||||
Entitled Developed and Under Development Projects [Member] | COLORADO | Weld County [Member] | Buffalo Highlands [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 3,001 | ||||
Improvements less Cost of Sales and Other | 555 | ||||
Land & Land Improvements | 3,556 | ||||
Total | 3,556 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 2005 | ||||
Entitled Developed and Under Development Projects [Member] | COLORADO | Weld County [Member] | Johnstown Farms [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 2,749 | ||||
Improvements less Cost of Sales and Other | 2,046 | ||||
Carrying Costs | 188 | [1] | |||
Land & Land Improvements | 4,983 | ||||
Total | 4,983 | ||||
Date of Construction | 2002 | ||||
Date Acquired | 2002 | ||||
Entitled Developed and Under Development Projects [Member] | COLORADO | Weld County [Member] | Stone Braker [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 3,878 | ||||
Improvements less Cost of Sales and Other | -1,436 | ||||
Land & Land Improvements | 2,442 | ||||
Total | 2,442 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 2005 | ||||
Entitled Developed and Under Development Projects [Member] | Georgia [Member] | Coweta County [Member] | Corinth Landing [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 607 | ||||
Improvements less Cost of Sales and Other | 585 | ||||
Land & Land Improvements | 1,192 | ||||
Total | 1,192 | ||||
Entitled Developed and Under Development Projects [Member] | Georgia [Member] | Coweta County [Member] | Coweta South Industrial Park [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 532 | ||||
Improvements less Cost of Sales and Other | 476 | ||||
Land & Land Improvements | 1,008 | ||||
Total | 1,008 | ||||
Entitled Developed and Under Development Projects [Member] | Georgia [Member] | Coweta County [Member] | Genesee [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 480 | ||||
Improvements less Cost of Sales and Other | 1,176 | ||||
Land & Land Improvements | 1,656 | ||||
Total | 1,656 | ||||
Entitled Developed and Under Development Projects [Member] | Georgia [Member] | Dawson County [Member] | Woodlands At Burt Creek [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 71 | ||||
Improvements less Cost of Sales and Other | 1,670 | ||||
Land & Land Improvements | 1,741 | ||||
Total | 1,741 | ||||
Entitled Developed and Under Development Projects [Member] | Georgia [Member] | Cherokee County [Member] | Heron Pond [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 1,104 | ||||
Improvements less Cost of Sales and Other | 1,285 | ||||
Land & Land Improvements | 2,389 | ||||
Total | 2,389 | ||||
Date Acquired | 2012 | ||||
Entitled Developed and Under Development Projects [Member] | Georgia [Member] | Paulding County [Member] | Seven Hills [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 2,964 | ||||
Improvements less Cost of Sales and Other | 129 | ||||
Land & Land Improvements | 3,093 | ||||
Total | 3,093 | ||||
Date Acquired | 2012 | ||||
Entitled Developed and Under Development Projects [Member] | South Carolina [Member] | York County [Member] | Habersham [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 3,877 | ||||
Improvements less Cost of Sales and Other | 1,478 | ||||
Carrying Costs | 239 | [1] | |||
Land & Land Improvements | 5,594 | ||||
Total | 5,594 | ||||
Date Acquired | 2013 | ||||
Entitled Developed and Under Development Projects [Member] | Tennessee [Member] | Williamson County [Member] | Morgan Farms [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 6,841 | ||||
Improvements less Cost of Sales and Other | 917 | ||||
Carrying Costs | 166 | [1] | |||
Land & Land Improvements | 7,924 | ||||
Total | 7,924 | ||||
Date Acquired | 2013 | ||||
Entitled Developed and Under Development Projects [Member] | Tennessee [Member] | Williamson County [Member] | Weatherford Estates [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 856 | ||||
Improvements less Cost of Sales and Other | 201 | ||||
Land & Land Improvements | 1,057 | ||||
Total | 1,057 | ||||
Date Acquired | 2014 | ||||
Entitled Developed and Under Development Projects [Member] | Tennessee [Member] | Wilson County [Member] | Beckwith Crossing [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 1,294 | ||||
Improvements less Cost of Sales and Other | 185 | ||||
Land & Land Improvements | 1,479 | ||||
Total | 1,479 | ||||
Date Acquired | 2014 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Bastrop County [Member] | Hunters Crossing [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 3,613 | ||||
Improvements less Cost of Sales and Other | 6,465 | ||||
Carrying Costs | 358 | [1] | |||
Land & Land Improvements | 10,436 | ||||
Total | 10,436 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 2001 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Bastrop County [Member] | The Colony [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 8,726 | ||||
Improvements less Cost of Sales and Other | 12,347 | ||||
Carrying Costs | 161 | [1] | |||
Land & Land Improvements | 21,234 | ||||
Total | 21,234 | ||||
Date of Construction | 1999 | ||||
Date Acquired | 1999 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Bexar County [Member] | Cibolo Canyons [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 25,569 | ||||
Improvements less Cost of Sales and Other | 26,137 | ||||
Carrying Costs | 1,607 | [1] | |||
Land & Land Improvements | 53,313 | ||||
Total | 53,313 | ||||
Date of Construction | 2004 | ||||
Date Acquired | 1986 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Calhoun County [Member] | Caracol [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 3,869 | ||||
Land | 8,603 | ||||
Improvements less Cost of Sales and Other | 3,355 | ||||
Carrying Costs | 2,047 | [1] | |||
Land & Land Improvements | 14,005 | ||||
Total | 14,005 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 2006 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Collin County [Member] | Lakes Of Prosper [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 8,951 | ||||
Improvements less Cost of Sales and Other | -634 | ||||
Carrying Costs | 180 | [1] | |||
Land & Land Improvements | 8,497 | ||||
Total | 8,497 | ||||
Date Acquired | 2012 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Collin County [Member] | Maxwell Creek [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 9,904 | ||||
Improvements less Cost of Sales and Other | -8,687 | ||||
Carrying Costs | 635 | [1] | |||
Land & Land Improvements | 1,852 | ||||
Total | 1,852 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 2000 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Collin County [Member] | Park Place [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 2,177 | ||||
Improvements less Cost of Sales and Other | 1,294 | ||||
Land & Land Improvements | 3,471 | ||||
Total | 3,471 | ||||
Date Acquired | 2013 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Collin County [Member] | Timber Creek [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 7,282 | ||||
Improvements less Cost of Sales and Other | 4,386 | ||||
Land & Land Improvements | 11,668 | ||||
Total | 11,668 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 2007 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Collin County [Member] | Village Park [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 6,550 | ||||
Improvements less Cost of Sales and Other | -6,579 | ||||
Carrying Costs | 81 | [1] | |||
Land & Land Improvements | 52 | ||||
Total | 52 | ||||
Date Acquired | 2012 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Comal County [Member] | Oak Creek Estates [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 1,921 | ||||
Improvements less Cost of Sales and Other | 941 | ||||
Carrying Costs | 175 | [1] | |||
Land & Land Improvements | 3,037 | ||||
Total | 3,037 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 2005 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Dallas County [Member] | Stoney Creek [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 12,822 | ||||
Improvements less Cost of Sales and Other | 1,278 | ||||
Carrying Costs | 49 | [1] | |||
Land & Land Improvements | 14,149 | ||||
Total | 14,149 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 2007 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Denton County [Member] | Lantana [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 27,673 | ||||
Improvements less Cost of Sales and Other | -825 | ||||
Land & Land Improvements | 26,848 | ||||
Total | 26,848 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 1999 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Denton County [Member] | River's Edge [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 1,227 | ||||
Improvements less Cost of Sales and Other | 351 | ||||
Land & Land Improvements | 1,578 | ||||
Total | 1,578 | ||||
Date Acquired | 2014 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Denton County [Member] | The Preserve At Pecan Creek [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 5,855 | ||||
Improvements less Cost of Sales and Other | -1,884 | ||||
Carrying Costs | 436 | [1] | |||
Land & Land Improvements | 4,407 | ||||
Total | 4,407 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 2005 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Fort Bend County [Member] | Summer Lakes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 4,269 | ||||
Improvements less Cost of Sales and Other | -169 | ||||
Land & Land Improvements | 4,100 | ||||
Total | 4,100 | ||||
Date Acquired | 2012 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Fort Bend County [Member] | Summer Park [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 4,804 | ||||
Improvements less Cost of Sales and Other | 3 | ||||
Land & Land Improvements | 4,807 | ||||
Total | 4,807 | ||||
Date Acquired | 2012 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Fort Bend County [Member] | Willow Creek Farms [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 3,479 | ||||
Improvements less Cost of Sales and Other | 358 | ||||
Carrying Costs | 90 | [1] | |||
Land & Land Improvements | 3,927 | ||||
Total | 3,927 | ||||
Date Acquired | 2012 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Harris County [Member] | Barrington [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 8,950 | ||||
Improvements less Cost of Sales and Other | -5,833 | ||||
Land & Land Improvements | 3,117 | ||||
Total | 3,117 | ||||
Date Acquired | 2011 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Harris County [Member] | City Park [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 74 | ||||
Land | 3,946 | ||||
Improvements less Cost of Sales and Other | -1,485 | ||||
Carrying Costs | 1,641 | [1] | |||
Land & Land Improvements | 4,102 | ||||
Total | 4,102 | ||||
Date of Construction | 2002 | ||||
Date Acquired | 2001 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Harris County [Member] | Imperial Forest [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 5,345 | ||||
Improvements less Cost of Sales and Other | 47 | ||||
Land & Land Improvements | 5,392 | ||||
Total | 5,392 | ||||
Date Acquired | 2014 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Hays County [Member] | Arrowhead Ranch [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 12,856 | ||||
Improvements less Cost of Sales and Other | 3,104 | ||||
Land & Land Improvements | 15,960 | ||||
Total | 15,960 | ||||
Date Acquired | 2007 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Hood County [Member] | Harbor Lakes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 3,514 | ||||
Improvements less Cost of Sales and Other | -1,970 | ||||
Carrying Costs | 312 | [1] | |||
Land & Land Improvements | 1,856 | ||||
Total | 1,856 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 1998 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Montgomery County [Member] | Woodtrace [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 8,622 | ||||
Improvements less Cost of Sales and Other | -8,621 | ||||
Land & Land Improvements | 1 | ||||
Total | 1 | ||||
Date Acquired | 2014 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Nueces County [Member] | Tortuga Dunes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 12,080 | ||||
Improvements less Cost of Sales and Other | 9,473 | ||||
Land & Land Improvements | 21,553 | ||||
Total | 21,553 | ||||
Date Acquired | 2006 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Tarrant County [Member] | Summer Creek Ranch [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 2,887 | ||||
Improvements less Cost of Sales and Other | -1,625 | ||||
Land & Land Improvements | 1,262 | ||||
Total | 1,262 | ||||
Date Acquired | 2012 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Tarrant County [Member] | Bar C- Ranch [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 1,365 | ||||
Improvements less Cost of Sales and Other | 2,330 | ||||
Land & Land Improvements | 3,727 | ||||
Total | 3,727 | ||||
Date Acquired | 2012 | ||||
Entitled Developed and Under Development Projects [Member] | Texas [Member] | Williamson County [Member] | La Conterra [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 4,024 | ||||
Improvements less Cost of Sales and Other | -2,790 | ||||
Carrying Costs | 293 | [1] | |||
Land & Land Improvements | 1,527 | ||||
Total | 1,527 | ||||
Date Acquired | 2006 | ||||
Entitled Developed and Under Development Projects [Member] | Missouri [Member] | Clay County [Member] | Somerbrook [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 3,061 | ||||
Improvements less Cost of Sales and Other | -218 | ||||
Carrying Costs | 13 | [1] | |||
Land & Land Improvements | 2,856 | ||||
Total | 2,856 | ||||
Date of Construction | 2003 | ||||
Date Acquired | 2001 | ||||
Undeveloped Land Type [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 57,541 | ||||
Improvements less Cost of Sales and Other | 35,641 | ||||
Land & Land Improvements | 93,182 | ||||
Total | 93,182 | ||||
Undeveloped Land Type [Member] | California [Member] | Los Angeles [Member] | Land In Entitlement Process [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 3,969 | ||||
Improvements less Cost of Sales and Other | 18,122 | ||||
Land & Land Improvements | 22,091 | ||||
Total | 22,091 | ||||
Date Acquired | 1997 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Coweta County [Member] | Undeveloped Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 454 | ||||
Improvements less Cost of Sales and Other | 380 | ||||
Land & Land Improvements | 834 | ||||
Total | 834 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Coweta County [Member] | Land In Entitlement Process [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 644 | ||||
Improvements less Cost of Sales and Other | 222 | ||||
Land & Land Improvements | 866 | ||||
Total | 866 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Dawson County [Member] | Undeveloped Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 2,157 | ||||
Improvements less Cost of Sales and Other | 1,485 | ||||
Land & Land Improvements | 3,642 | ||||
Total | 3,642 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Bartow County [Member] | Undeveloped Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 3,551 | ||||
Improvements less Cost of Sales and Other | 48 | ||||
Land & Land Improvements | 3,599 | ||||
Total | 3,599 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Carroll County [Member] | Undeveloped Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 4,397 | ||||
Improvements less Cost of Sales and Other | 107 | ||||
Land & Land Improvements | 4,504 | ||||
Total | 4,504 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Carroll County [Member] | Land In Entitlement Process [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 9,006 | ||||
Improvements less Cost of Sales and Other | 2,159 | ||||
Land & Land Improvements | 11,165 | ||||
Total | 11,165 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Cherokee County [Member] | Undeveloped Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 3,322 | ||||
Improvements less Cost of Sales and Other | 92 | ||||
Land & Land Improvements | 3,414 | ||||
Total | 3,414 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Cherokee County [Member] | Land In Entitlement Process [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 2,340 | ||||
Improvements less Cost of Sales and Other | 566 | ||||
Land & Land Improvements | 2,906 | ||||
Total | 2,906 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Gilmer County [Member] | Undeveloped Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 2,748 | ||||
Improvements less Cost of Sales and Other | 26 | ||||
Land & Land Improvements | 2,774 | ||||
Total | 2,774 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Lumpkin County [Member] | Undeveloped Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 3,015 | ||||
Improvements less Cost of Sales and Other | 4 | ||||
Land & Land Improvements | 3,019 | ||||
Total | 3,019 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Paulding County [Member] | Undeveloped Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 7,494 | ||||
Improvements less Cost of Sales and Other | |||||
Land & Land Improvements | 7,494 | ||||
Total | 7,494 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Pickens County [Member] | Undeveloped Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 2,235 | ||||
Improvements less Cost of Sales and Other | 28 | ||||
Land & Land Improvements | 2,263 | ||||
Total | 2,263 | ||||
Undeveloped Land Type [Member] | Georgia [Member] | Polk County [Member] | Undeveloped Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 2,354 | ||||
Land & Land Improvements | 2,354 | ||||
Total | 2,354 | ||||
Undeveloped Land Type [Member] | Texas [Member] | Bexar County [Member] | Undeveloped Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Improvements less Cost of Sales and Other | 3,038 | ||||
Land & Land Improvements | 3,038 | ||||
Total | 3,038 | ||||
Undeveloped Land Type [Member] | Texas [Member] | Harris County [Member] | Land In Entitlement Process [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 685 | ||||
Improvements less Cost of Sales and Other | 1,145 | ||||
Land & Land Improvements | 1,830 | ||||
Total | 1,830 | ||||
Undeveloped Land Type [Member] | Texas [Member] | Other Country [Member] | Undeveloped Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 8,666 | ||||
Improvements less Cost of Sales and Other | 8,171 | ||||
Land & Land Improvements | 16,837 | ||||
Total | 16,837 | ||||
Undeveloped Land Type [Member] | Texas [Member] | Other Country [Member] | Land In Entitlement Process [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 504 | ||||
Improvements less Cost of Sales and Other | 48 | ||||
Land & Land Improvements | 552 | ||||
Total | 552 | ||||
Income Producing Properties [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 58,453 | ||||
Land | 41,328 | ||||
Buildings & Improvements | 57,996 | ||||
Improvements less Cost of Sales and Other | 93,354 | ||||
Carrying Costs | 0 | [1] | |||
Land & Land Improvements | 54,066 | ||||
Buildings & Improvements | 138,612 | ||||
Total | 192,678 | ||||
Accumulated depreciation | -31,377 | ||||
Income Producing Properties [Member] | Tennessee [Member] | Davidson County [Member] | Westmont [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 6,607 | ||||
Improvements less Cost of Sales and Other | 1,068 | ||||
Land & Land Improvements | 7,675 | ||||
Total | 7,675 | ||||
Date Acquired | 2014 | ||||
Income Producing Properties [Member] | North Carolina [Member] | Mechlanburg County [Member] | East Morehead [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 5,779 | ||||
Improvements less Cost of Sales and Other | 9,424 | ||||
Land & Land Improvements | 15,203 | ||||
Total | 15,203 | ||||
Date Acquired | 2012 | ||||
Income Producing Properties [Member] | Texas [Member] | Dallas County [Member] | Cedar Hill [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 19,117 | ||||
Land | 2,526 | ||||
Improvements less Cost of Sales and Other | 30,767 | ||||
Land & Land Improvements | 2,526 | ||||
Buildings & Improvements | 30,767 | ||||
Total | 33,293 | ||||
Accumulated depreciation | 231 | ||||
Date of Construction | 2011 | ||||
Date Acquired | 2011 | ||||
Income Producing Properties [Member] | Texas [Member] | Hood County [Member] | Harbor Lakes Golf Club [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Buildings & Improvements | 1,446 | ||||
Improvements less Cost of Sales and Other | 608 | ||||
Buildings & Improvements | 2,054 | ||||
Total | 2,054 | ||||
Accumulated depreciation | -1,508 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 1998 | ||||
Income Producing Properties [Member] | Texas [Member] | Travis County [Member] | Radisson Hotel And Suites [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 15,400 | ||||
Buildings & Improvements | 10,603 | ||||
Improvements less Cost of Sales and Other | 49,170 | ||||
Land & Land Improvements | 0 | ||||
Buildings & Improvements | 59,773 | ||||
Total | 59,773 | ||||
Accumulated depreciation | -29,062 | ||||
Income Producing Properties [Member] | Texas [Member] | Travis County [Member] | Eleven [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 23,936 | ||||
Land | 7,940 | ||||
Buildings & Improvements | 45,947 | ||||
Improvements less Cost of Sales and Other | 71 | ||||
Land & Land Improvements | 7,940 | ||||
Buildings & Improvements | 46,018 | ||||
Total | 53,958 | ||||
Accumulated depreciation | 576 | ||||
Date of Construction | 2013 | ||||
Date Acquired | 2014 | ||||
Income Producing Properties [Member] | Texas [Member] | Travis County [Member] | Downtown Edge [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 11,202 | ||||
Improvements less Cost of Sales and Other | 654 | ||||
Land & Land Improvements | 11,856 | ||||
Total | 11,856 | ||||
Date Acquired | 2014 | ||||
Income Producing Properties [Member] | Texas [Member] | Travis County [Member] | West Austin [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 7,274 | ||||
Improvements less Cost of Sales and Other | 1,592 | ||||
Land & Land Improvements | 8,866 | ||||
Total | $8,866 | ||||
Date Acquired | 2014 | ||||
[1] | Includes natural gas liquids (NGLs). |
Schedule_III_Reconciliation_of
Schedule III - Reconciliation of Real Estate and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Beginning balance | $547,530 | $545,370 | $592,322 |
Amounts capitalized | 214,184 | 111,428 | 143,711 |
Amounts retired or adjusted | -154,581 | -109,268 | -190,663 |
Ending balance | 607,133 | 547,530 | 545,370 |
Beginning balance | -28,066 | -28,220 | -26,955 |
Depreciation expense | -3,319 | -2,185 | -3,640 |
Amounts retired or adjusted | 8 | 2,339 | 2,375 |
Ending balance | ($31,377) | ($28,066) | ($28,220) |