Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FOR | |
Entity Registrant Name | FORESTAR GROUP INC. | |
Entity Central Index Key | 1406587 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,618,526 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $126,262 | $170,127 |
Real estate, net | 596,284 | 575,756 |
Oil and gas properties and equipment, net | 279,954 | 263,493 |
Investment in unconsolidated ventures | 65,381 | 65,005 |
Timber | 8,430 | 8,315 |
Receivables, net | 15,785 | 24,589 |
Prepaid expenses | 3,379 | 6,000 |
Income taxes receivable | 2,092 | 7,503 |
Property and equipment, net | 11,104 | 11,627 |
Deferred tax asset, net | 44,583 | 40,624 |
Goodwill and other intangible assets | 65,891 | 66,131 |
Other assets | 17,826 | 19,029 |
TOTAL ASSETS | 1,236,971 | 1,258,199 |
LIABILITIES AND EQUITY | ||
Accounts payable | 11,123 | 20,400 |
Accrued employee compensation and benefits | 2,807 | 8,323 |
Accrued property taxes | 3,092 | 5,966 |
Accrued interest | 7,551 | 3,451 |
Earnest money deposits | 10,113 | 10,045 |
Other accrued expenses | 33,964 | 35,729 |
Other liabilities | 30,519 | 31,799 |
Debt | 434,413 | 432,744 |
TOTAL LIABILITIES | 533,582 | 548,457 |
COMMITMENTS AND CONTINGENCIES | ||
Forestar Group Inc. shareholders’ equity: | ||
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 36,946,603 issued at first quarter-end 2015 and year-end 2014 | 36,947 | 36,947 |
Additional paid-in capital | 558,600 | 558,945 |
Retained earnings | 158,843 | 167,001 |
Treasury stock, at cost, 3,328,077 shares at first quarter-end 2015 and 3,485,278 shares at year-end 2014 | -53,124 | -55,691 |
Total Forestar Group Inc. shareholders’ equity | 701,266 | 707,202 |
Noncontrolling interests | 2,123 | 2,540 |
TOTAL EQUITY | 703,389 | 709,742 |
TOTAL LIABILITIES AND EQUITY | $1,236,971 | $1,258,199 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
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 | 3,328,077 | 3,485,278 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
REVENUES | ||
Real estate sales and other | $21,961 | $55,547 |
Commercial and income producing properties | 10,869 | 9,933 |
Real estate | 32,830 | 65,480 |
Oil and gas | 13,185 | 17,554 |
Other natural resources | 1,790 | 1,571 |
Total revenues | 47,805 | 84,605 |
COSTS AND EXPENSES | ||
Cost of real estate sales and other | -10,362 | -26,064 |
Cost of commercial and income producing properties | -7,692 | -10,120 |
Cost of oil and gas producing activities | -11,542 | -12,620 |
Cost of other natural resources | -920 | -776 |
Other operating | -18,060 | -13,997 |
General and administrative | -8,142 | -5,145 |
Total expenses | -56,718 | -68,722 |
Gain on asset exchange and sales | 1,176 | 0 |
OPERATING INCOME (LOSS) | -7,737 | 15,883 |
Equity in earnings of unconsolidated ventures | 3,045 | 991 |
Interest expense | -8,821 | -5,503 |
Other non-operating income | 917 | 2,294 |
INCOME (LOSS) BEFORE TAXES | -12,596 | 13,665 |
Income tax benefit (expense) | 4,359 | -4,658 |
CONSOLIDATED NET INCOME (LOSS) | -8,237 | 9,007 |
Less: Net (income) loss attributable to noncontrolling interests | 79 | -673 |
NET INCOME (LOSS) ATTRIBUTABLE TO FORESTAR GROUP INC. | -8,158 | 8,334 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||
Basic (in shares) | 34,168 | 35,576 |
Diluted (in shares) | 34,168 | 43,913 |
NET INCOME PER COMMON SHARE | ||
Basic (usd per share) | ($0.24) | $0.20 |
Diluted (usd per share) | ($0.24) | $0.19 |
TOTAL COMPREHENSIVE INCOME (LOSS) | ($8,158) | $8,334 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Consolidated net income (loss) | ($8,237) | $9,007 |
Adjustments: | ||
Depreciation, depletion and amortization | 11,325 | 7,439 |
Change in deferred income taxes | -4,359 | 2,976 |
Equity in earnings of unconsolidated ventures | -3,045 | -991 |
Distributions of earnings of unconsolidated ventures | 2,845 | 1,018 |
Share-based compensation | 3,342 | 313 |
Real estate cost of sales | 9,884 | 24,812 |
Dry hole and leasehold abandonment costs | 86 | 2,381 |
Real estate development and acquisition expenditures, net | -34,769 | -35,035 |
Reimbursements from utility and improvement districts | 4,130 | 1,536 |
Other changes in real estate | 667 | 652 |
Changes in deferred income | 81 | -132 |
Gain on sale of assets | -1,176 | 0 |
Other | 982 | 615 |
Changes in: | ||
Notes and accounts receivable | 7,016 | 7,433 |
Prepaid expenses and other | 2,695 | 790 |
Accounts payable and other accrued liabilities | -15,644 | -15,104 |
Income taxes | 5,411 | -2,167 |
Net cash provided by (used for) operating activities | -18,766 | 5,543 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Property, equipment, software, reforestation and other | -2,809 | -4,699 |
Oil and gas properties and equipment | -23,718 | -19,357 |
Investment in unconsolidated ventures | -831 | -4,293 |
Proceeds from sales of oil and gas properties, net | 2,000 | 0 |
Return of investment in unconsolidated ventures | 655 | 155 |
Net cash used for investing activities | -24,703 | -28,194 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments of debt | -2,463 | -15,711 |
Additions to debt | 3,119 | 2,608 |
Deferred financing fees | -6 | 0 |
Distributions to noncontrolling interests, net | -338 | -498 |
Purchase of noncontrolling interests | 0 | -7,971 |
Exercise of stock options | 14 | 754 |
Payroll taxes on issuance of stock-based awards | -723 | -879 |
Excess income tax benefit from share-based compensation | 1 | 20 |
Net cash used for financing activities | -396 | -21,677 |
Net decrease in cash and cash equivalents | -43,865 | -44,328 |
Cash and cash equivalents at beginning of period | 170,127 | 192,307 |
Cash and cash equivalents at end of period | $126,262 | $147,979 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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 eliminate all material intercompany accounts and transactions. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. | |
We prepare our unaudited interim financial statements in accordance with U.S. generally accepted accounting principles and Securities and Exchange Commission requirements for interim financial statements. As a result, they do not include all the information and disclosures required for complete financial statements. However, in our opinion, all adjustments considered necessary for a fair presentation have been included. Such adjustments consist only of normal recurring items unless otherwise noted. We make estimates and assumptions about future events. Actual results can, and probably will, differ from those we currently estimate including those principally 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. These interim operating results are not necessarily indicative of the results that may be expected for the entire year. For further information, please read the financial statements included in our 2014 Annual Report on Form 10-K. |
New_and_Pending_Accounting_Pro
New and Pending Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New and Pending Accounting Pronouncements | New and Pending Accounting Pronouncements |
Pending Accounting Standards | |
In May 2014, the FASB issued Accounting Standards Update (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. On April 1, the FASB voted to propose a deferral of the effective date of the new standard by one year. This proposed deferral would result in the new standard being effective after December 15, 2017. 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. | |
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, requiring entities to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The revised consolidation model: (1) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, (2) eliminates the presumption that a general partner should consolidate a limited partnership, (3) affects the consolidation analysis of reporting entities that are involved with VIEs, and (4) provides a scope exception from consolidation guidance for reporting entities with interests in certain legal entities. The updated standard is effective for financial statements issued for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. The updated standard may be applied retrospectively or using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures. | |
In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, as part of its initiative to reduce complexity in accounting standards. To simplify presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The updated standard is effective for financial statements issued for annual and interim periods beginning after December 15, 2015. We are currently evaluating the effect that the updated standard will have on our financial position and disclosures. |
Real_Estate
Real Estate | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate [Abstract] | ||||||||
Real Estate | Real Estate | |||||||
Real estate consists of: | ||||||||
First | Year-End | |||||||
Quarter-End | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Entitled, developed and under development projects | $ | 338,607 | $ | 321,273 | ||||
Undeveloped land (includes land in entitlement) | 93,458 | 93,182 | ||||||
Commercial and income producing properties | ||||||||
Carrying value | 196,348 | 192,678 | ||||||
Less: accumulated depreciation | (32,129 | ) | (31,377 | ) | ||||
Net carrying value | 164,219 | 161,301 | ||||||
$ | 596,284 | $ | 575,756 | |||||
Our estimated costs of assets for which we expect to be reimbursed by utility and improvement districts were $90,506,000 at first quarter-end 2015 and $65,212,000 at year-end 2014, including $47,075,000 at first quarter-end 2015 and $31,913,000 at year-end 2014 related to our Cibolo Canyons project near San Antonio, Texas. At first quarter-end 2015,$47,075,000 of reimbursable costs for the Cibolo Canyons project were related to submitted and approved reimbursements of $65,438,000 net of collections totaling $33,552,000 plus $15,189,000 of additional reimbursable costs we incurred which we plan to submit for approval from the district. At year-end 2014, $31,913,000 of reimbursable costs for the Cibolo Canyons project were related to costs of $65,465,000 that were submitted, net of collections totaling $33,552,000. These costs are principally for water, sewer and other infrastructure assets that we have incurred and submitted or will submit to utility or improvement districts for approval and reimbursement. We expect to be reimbursed by utility and improvement districts when these districts achieve adequate tax basis or otherwise have funds available to support payment. In first quarter 2015, our submitted reimbursements to these districts for all real estate projects excluding Cibolo Canyons project were $1,520,000 and we have collected and $4,130,000 in reimbursements that were previously submitted to these districts. | ||||||||
At first quarter-end 2015, commercial and income producing properties represents our investment of $78,566,000 in multifamily development sites located in Austin, Charlotte, Dallas and Nashville, $52,742,000 investment in a 257-unit multifamily project in Austin, $32,505,000 investment in a 413 guest room hotel in Austin and $406,000 investment in a golf course and a country club property located near Fort Worth. |
Oil_and_Gas_Properties
Oil and Gas Properties | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Extractive Industries [Abstract] | ||||||||
Oil and Gas Properties | 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 follows: | ||||||||
First | Year-End | |||||||
Quarter-End | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Unproved oil and gas properties | $ | 85,771 | $ | 90,446 | ||||
Proved oil and gas properties | 249,601 | 221,299 | ||||||
Total costs | 335,372 | 311,745 | ||||||
Less: accumulated depreciation, depletion and amortization | (55,418 | ) | (48,252 | ) | ||||
$ | 279,954 | $ | 263,493 | |||||
In first quarter 2015, we recorded a gain of $1,176,000 related to the sale of 290 net mineral acres leased from others in North Dakota for $2,000,000. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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: | ||||||||
First | Year-End | |||||||
Quarter-End | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Goodwill | $ | 63,423 | $ | 63,423 | ||||
Identified intangibles, net | 2,468 | 2,708 | ||||||
$ | 65,891 | $ | 66,131 | |||||
At first quarter-end 2015, goodwill related to our oil and gas properties is $59,549,000 and $3,874,000 is associated with a water resources company acquired in 2010. | ||||||||
Identified intangibles include $1,681,000 in indefinite lived groundwater leases associated with a water resources company acquired in 2010, $433,000 related to in-place tenant leases with definite lives associated with the purchase of our partner's interest in the Eleven venture and $354,000 related to patents with definite lives associated with the Calliope Gas Recovery System, a process to increase natural gas production. |
Equity
Equity | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
Equity | Equity | |||||||||||
A reconciliation of changes in equity at first quarter-end 2015 follows: | ||||||||||||
Forestar | Noncontrolling | Total | ||||||||||
Group Inc. | Interests | |||||||||||
(In thousands) | ||||||||||||
Balance at year-end 2014 | $ | 707,202 | $ | 2,540 | $ | 709,742 | ||||||
Net income (loss) | (8,158 | ) | (79 | ) | (8,237 | ) | ||||||
Distributions to noncontrolling interests | — | (338 | ) | (338 | ) | |||||||
Other (primarily share-based compensation) | 2,222 | — | 2,222 | |||||||||
$ | 701,266 | $ | 2,123 | $ | 703,389 | |||||||
Investment_in_Unconsolidated_V
Investment in Unconsolidated Ventures | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||
Investment in Unconsolidated Ventures | Investment in Unconsolidated Ventures | |||||||||||||||||||||||||||||||
At first quarter-end 2015, we have ownership interests in 15 ventures that we account for using the equity method. | ||||||||||||||||||||||||||||||||
Combined summarized balance sheet information for our ventures accounted for using the equity method follows: | ||||||||||||||||||||||||||||||||
Venture Assets | Venture Borrowings(a) | Venture Equity | Our Investment | |||||||||||||||||||||||||||||
First | Year-End | First | Year-End | First | Year-End | First | Year-End | |||||||||||||||||||||||||
Quarter-End | Quarter-End | Quarter-End | Quarter-End | |||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
242, LLC (b) | $ | 35,556 | $ | 33,021 | $ | 9,328 | $ | 6,940 | $ | 22,253 | $ | 21,789 | $ | 10,363 | $ | 10,098 | ||||||||||||||||
CL Ashton Woods, LP (c) | 12,649 | 13,269 | — | — | 9,479 | 11,453 | 4,693 | 6,015 | ||||||||||||||||||||||||
CL Realty, LLC | 7,965 | 7,960 | — | — | 7,899 | 7,738 | 3,950 | 3,869 | ||||||||||||||||||||||||
CREA FMF Nashville LLC (b) | 50,251 | 40,014 | 40,648 | 29,660 | 5,874 | 5,987 | 5,403 | 5,516 | ||||||||||||||||||||||||
Elan 99, LLC | 12,060 | 10,070 | 1 | 1 | 10,333 | 9,643 | 9,299 | 8,679 | ||||||||||||||||||||||||
FMF Littleton LLC | 32,765 | 26,953 | 3,912 | — | 24,737 | 24,435 | 6,362 | 6,287 | ||||||||||||||||||||||||
FMF Peakview LLC | 45,457 | 43,638 | 24,774 | 23,070 | 17,462 | 17,464 | 3,574 | 3,575 | ||||||||||||||||||||||||
HM Stonewall Estates, Ltd (c) | 3,629 | 3,750 | 33 | 669 | 3,596 | 3,081 | 1,982 | 1,752 | ||||||||||||||||||||||||
LM Land Holdings, LP (c) | 30,487 | 25,561 | 8,505 | 4,448 | 19,750 | 18,500 | 9,686 | 9,322 | ||||||||||||||||||||||||
PSW Communities, LP | 18,964 | 16,045 | 12,870 | 10,515 | 4,610 | 4,415 | 4,097 | 3,924 | ||||||||||||||||||||||||
Temco Associates, LLC | 11,734 | 11,756 | — | — | 11,556 | 11,556 | 5,778 | 5,778 | ||||||||||||||||||||||||
Other ventures (d) | 4,837 | 8,453 | 23,437 | 26,944 | (25,752 | ) | (25,614 | ) | 194 | 190 | ||||||||||||||||||||||
$ | 266,354 | $ | 240,490 | $ | 123,508 | $ | 102,247 | $ | 111,797 | $ | 110,447 | $ | 65,381 | $ | 65,005 | |||||||||||||||||
Combined summarized income statement information for our ventures accounted for using the equity method follows: | ||||||||||||||||||||||||||||||||
Venture Revenues | Venture Earnings (Loss) | Our Share of Earnings (Loss) | ||||||||||||||||||||||||||||||
First Quarter | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
242, LLC (b) | $ | 5,331 | $ | 1,475 | $ | 3,464 | $ | 533 | $ | 1,766 | $ | 277 | ||||||||||||||||||||
CL Ashton Woods, LP (c) | 1,350 | 708 | 527 | 220 | 678 | 318 | ||||||||||||||||||||||||||
CL Realty, LLC | 279 | 368 | 160 | 230 | 80 | 115 | ||||||||||||||||||||||||||
CREA FMF Nashville LLC (b) | 6 | — | (113 | ) | (25 | ) | (113 | ) | (25 | ) | ||||||||||||||||||||||
Elan 99, LLC | — | — | (2 | ) | — | (2 | ) | — | ||||||||||||||||||||||||
FMF Peakview LLC | 186 | — | (482 | ) | (73 | ) | (96 | ) | (15 | ) | ||||||||||||||||||||||
HM Stonewall Estates, Ltd (c) | 1,058 | 1,001 | 515 | 352 | 230 | 141 | ||||||||||||||||||||||||||
LM Land Holdings, LP (c) | 1,976 | 4,898 | 1,250 | 2,927 | 364 | 677 | ||||||||||||||||||||||||||
PSW Communities, LP | 2,427 | — | 195 | (216 | ) | 173 | (189 | ) | ||||||||||||||||||||||||
Temco Associates, LLC | 58 | 60 | (1 | ) | (18 | ) | — | (9 | ) | |||||||||||||||||||||||
Other ventures (d) | 3,701 | 385 | (203 | ) | (261 | ) | (35 | ) | (299 | ) | ||||||||||||||||||||||
$ | 16,372 | $ | 8,895 | $ | 5,310 | $ | 3,669 | $ | 3,045 | $ | 991 | |||||||||||||||||||||
_____________________ | ||||||||||||||||||||||||||||||||
(a) | Total includes current maturities of $78,947,000 at first quarter-end 2015, of which $51,788,000 is non-recourse to us, and $65,795,000 at year-end 2014, of which $42,566,000 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 $1,587,000 are reflected as a reduction to our investment in unconsolidated ventures at first quarter-end 2015. | |||||||||||||||||||||||||||||||
(c) | Includes unrecognized basis difference of $1,373,000 which is reflected as a reduction of our investment in unconsolidated ventures at first quarter-end 2015. The difference 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. | |||||||||||||||||||||||||||||||
(d) | Our investment in other ventures reflects our ownership interests, 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. | |||||||||||||||||||||||||||||||
In first quarter 2015, we invested $831,000 in these ventures and received $3,500,000 in distributions. In first quarter 2014, we invested $4,293,000 in these ventures and received $1,173,000 in distributions. Distributions include both return of investments and distribution of earnings. |
Receivables
Receivables | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Receivables | Receivables | |||||||
Receivables consist of: | ||||||||
First | Year-End | |||||||
Quarter-End | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Oil and gas revenue accruals | 6,811 | 7,293 | ||||||
Other receivables and accrued interest | 4,696 | 6,505 | ||||||
Oil and gas joint interest billing receivables | 2,657 | 5,738 | ||||||
Other loans secured by real estate, average interest rates of 9.90% at first quarter-end 2015 and 4.41% at year-end 2014 | 1,879 | 1,737 | ||||||
Loan secured by real estate | $ | — | $ | 3,574 | ||||
16,043 | 24,847 | |||||||
Allowance for bad debts | (258 | ) | (258 | ) | ||||
$ | 15,785 | $ | 24,589 | |||||
In second quarter 2011, we acquired a non-performing loan that was secured by a lien on developed and undeveloped real estate located near Houston designated for single-family residential and commercial development. In first quarter 2015, the loan was paid in full and we received principal payments of $4,394,000 and interest payments of $49,000. | ||||||||
Estimated accretable yield follows: | ||||||||
First | ||||||||
Quarter-End | ||||||||
2015 | ||||||||
(In thousands) | ||||||||
Beginning of period (year-end 2014) | $ | 839 | ||||||
Change in accretable yield due to change in timing of estimated cash flows | 30 | |||||||
Interest income recognized (in first quarter 2015) | (869 | ) | ||||||
End of period | $ | — | ||||||
Other loans secured by real estate generally are secured by a deed of trust and due within three years. |
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
Debt consists of: | ||||||||
First | Year-End | |||||||
Quarter-End | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
8.50% senior secured notes due 2022 | 250,000 | 250,000 | ||||||
3.75% convertible senior notes due 2020, net of discount | 104,020 | 103,194 | ||||||
6.00% tangible equity unit notes, net of discount | 15,092 | 17,154 | ||||||
Secured promissory notes — average interest rates of 3.18% at first quarter-end 2015 and 3.17% at year-end 2014 | 15,400 | 15,400 | ||||||
Other indebtedness — interest rates ranging from 2.19% to 5.50% at first quarter-end 2015 | 49,901 | 46,996 | ||||||
$ | 434,413 | $ | 432,744 | |||||
Our debt agreements contain financial covenants customary for such agreements including minimum levels of interest coverage and limitations on leverage. At first quarter-end 2015, we were in compliance with the financial covenants of these agreements. | ||||||||
At first quarter-end 2015, our senior secured credit facility provides for a $300,000,000 revolving line of credit maturing May 15, 2017. The 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 $15,459,000 is outstanding at first quarter-end 2015. Total borrowings under our senior secured credit facility (including the face amount of letters of credit) may not exceed a borrowing base formula. At first quarter-end 2015, we had $284,541,000 in net unused borrowing capacity under our senior secured 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. | ||||||||
At first quarter-end 2015, secured promissory notes represent a $15,400,000 loan collateralized by a 413 guest room hotel located in Austin with a carrying value of $32,505,000. Other indebtedness principally represents $45,714,000 of senior secured loans for two multifamily properties, our 257-unit multifamily project in Austin and our 354-unit multifamily property in Dallas. The combined carrying value of these two multifamily properties is $87,012,000 at first quarter-end 2015. | ||||||||
At first quarter-end 2015 and year-end 2014, we have $14,276,000 and $15,168,000 in unamortized deferred financing fees which are included in other assets. Amortization of deferred financing fees was $1,156,000 and $901,000 in first quarter 2015 and 2014 and is included in interest expense. |
Fair_Value
Fair Value | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
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, oil and gas properties, assets held for sale, goodwill and other intangible assets, which are measured for impairment. In first quarter 2015, we recognized non-cash asset impairment charges of $504,000 associated with a residential development with golf course and country club property located near Fort Worth. We had no non-cash impairment charges of proved oil and gas properties in first quarter 2015. | ||||||||||||||||||||||||||||||||
First Quarter-End 2015 | Year-End 2014 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Non-Financial Assets and Liabilities: | ||||||||||||||||||||||||||||||||
Real estate | $ | — | $ | 1,948 | $ | — | $ | 1,948 | $ | — | $ | 970 | $ | — | $ | 970 | ||||||||||||||||
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: | ||||||||||||||||||||||||||||||||
First Quarter-End 2015 | Year-End 2014 | |||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Valuation | ||||||||||||||||||||||||||||
Amount | Value | Amount | Value | Technique | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Loan secured by real estate | $ | — | $ | — | $ | 3,574 | $ | 4,859 | Level 2 | |||||||||||||||||||||||
Fixed rate debt | $ | (369,112 | ) | $ | (357,342 | ) | $ | (370,348 | ) | $ | (359,131 | ) | Level 2 |
Capital_Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Capital Stock | Capital Stock |
In first quarter 2015, we accelerated the expiration date of our shareholder rights plan from December 11, 2017 to March 13, 2015, resulting in termination of the plan. | |
Please read Note 17—Share-Based and Long-Term Incentive Compensation for information about additional shares of common stock that could be issued under terms of our share-based compensation plans. | |
At first quarter-end 2015, personnel of former affiliates held options to purchase 510,000 shares of our common stock. The options have a weighted average exercise price of $28.42 and a weighted average remaining contractual term of one year. At first quarter-end 2015, the options have an aggregate intrinsic value of $24,600. |
Net_Income_per_Share
Net Income per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Income per Share | Net Income (Loss) 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 (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. In periods with a net loss, no such adjustment is made to earnings as the holders of the participating securities have no obligation to fund losses. | ||||||||
Due to a net loss in first quarter 2015, as the effect of potentially dilutive securities would be anti-dilutive, basic and diluted loss per share are the same. The computations of basic and diluted earnings per share are as follows: | ||||||||
First Quarter | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Numerator: | ||||||||
Consolidated net income (loss) | $ | (8,237 | ) | $ | 9,007 | |||
Less: Net loss (income) attributable to noncontrolling interest | 79 | (673 | ) | |||||
Earnings (loss) available for diluted earnings per share | $ | (8,158 | ) | $ | 8,334 | |||
Less: Undistributed net income allocated to participating securities | — | (1,295 | ) | |||||
Earnings (loss) available to common shareholders for basic earnings per share | $ | (8,158 | ) | $ | 7,039 | |||
Denominator: | ||||||||
Weighted average common shares outstanding — basic | 34,168 | 35,576 | ||||||
Weighted average common shares upon conversion of participating securities (a) | — | 7,857 | ||||||
Dilutive effect of stock options, restricted stock and equity-settled awards | — | 480 | ||||||
Total weighted average shares outstanding — diluted | 34,168 | 43,913 | ||||||
Anti-dilutive awards excluded from diluted weighted average shares | 10,743 | 2,051 | ||||||
_____________________ | ||||||||
(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 our convertible senior notes (Convertible Notes) in cash upon conversion with only the amount in excess of par value of the Convertible Notes to be settled in shares of our common stock. Therefore, our calculation of diluted net income per share using the treasury stock method includes only the amount, if any, in excess of par value of the Convertible Notes. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the $24.49 conversion price of the Convertible Notes. The average price of our common stock in first quarter 2015 did not exceed the conversion price which resulted in no additional diluted outstanding shares. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
Our effective tax rate was 35 percent in first quarter 2015, which includes a two percent benefit for noncontrolling interests and a two percent detriment for share-based compensation benefits that will not be realized. Our effective tax rate was 34 percent in first quarter 2014, which included a two percent benefit for noncontrolling interests. Our effective tax rates also include the effect of state income taxes, nondeductible items and benefits of percentage depletion. | |
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. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Commitments and Contingencies | Commitments and 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. However, it is possible 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 $451,000, 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 first quarter-end 2015 and year-end 2014, our asset retirement obligation was $1,877,000 and $1,807,000, which is included in other liabilities. | ||||||||||||
Oil and Gas Restructuring Costs | ||||||||||||
In connection with review of strategic alternatives with respect to our oil and gas business that was announced in December 2014, we offered retention bonuses aggregating $1,519,000 to key personnel provided they remain our employees through December 2015. We are expensing retention bonus costs over the retention period. In first quarter 2015, we incurred severance expenses related to staff reductions, paid a portion of the December 2014 accrual under written severance agreements and incurred costs associated with closure of our Fort Worth office. Office closure costs include a $1,750,000 lease termination charge and $391,000 for write off of leasehold improvements which were partially offset by a deferred lease credit of $364,000. These restructuring costs are included in other operating expense on our consolidated statements of income and comprehensive income. We may incur additional costs related to our review of strategic alternatives associated with our oil and gas business. | ||||||||||||
The following table summarizes activity related to liabilities associated with our oil and gas restructuring activities in first quarter 2015: | ||||||||||||
Employee-Related Costs | Facility Closure | Total | ||||||||||
(In thousands) | ||||||||||||
Balance at year-end 2014 | $ | (2,367 | ) | $ | — | $ | (2,367 | ) | ||||
Additions | (1,068 | ) | (1,750 | ) | (2,818 | ) | ||||||
Payments | 1,894 | 1,750 | 3,644 | |||||||||
Balance at first quarter-end 2015 | $ | (1,541 | ) | $ | — | $ | (1,541 | ) | ||||
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information | Segment Information | |||||||
We manage our operations through three 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. | ||||||||
Total assets allocated by segment are as follows: | ||||||||
First | Year-End | |||||||
Quarter-End | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Real estate | $ | 670,067 | $ | 654,774 | ||||
Oil and gas | 352,695 | 342,703 | ||||||
Other natural resources | 20,077 | 22,531 | ||||||
Assets not allocated to segments (a) | 194,132 | 238,191 | ||||||
$ | 1,236,971 | $ | 1,258,199 | |||||
_________________________ | ||||||||
(a) | Assets not allocated to segments at first quarter-end 2015 principally consist of cash and cash equivalents of $126,262,000 and a net deferred tax asset of $44,583,000. Assets not allocated to segments at year-end 2014 principally consist of cash and cash equivalents of $170,127,000 and a net deferred tax asset of $40,624,000. | |||||||
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 and long-term incentive 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—Basis of Presentation. Our revenues are derived from U.S. operations and all of our assets are located in the U.S. In first quarter 2015, no single customer accounted for more than ten percent of our total revenues. | ||||||||
Segment revenues and earnings are as follows: | ||||||||
First Quarter | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Revenues: | ||||||||
Real estate | $ | 32,830 | $ | 65,480 | ||||
Oil and gas | 13,185 | 17,554 | ||||||
Other natural resources | 1,790 | 1,571 | ||||||
Total revenues | $ | 47,805 | $ | 84,605 | ||||
Segment earnings (loss): | ||||||||
Real estate | $ | 9,066 | $ | 23,575 | ||||
Oil and gas | (2,941 | ) | 807 | |||||
Other natural resources | (391 | ) | (528 | ) | ||||
Total segment earnings | 5,734 | 23,854 | ||||||
Items not allocated to segments (a) | (18,251 | ) | (10,862 | ) | ||||
Income (loss) before taxes attributable to Forestar Group Inc. | $ | (12,517 | ) | $ | 12,992 | |||
_________________________ | ||||||||
(a) | Items not allocated to segments consist of: | |||||||
First Quarter | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
General and administrative expense | $ | (6,020 | ) | $ | (5,168 | ) | ||
Shared-based and long-term incentive compensation expense | (3,458 | ) | (313 | ) | ||||
Interest expense | (8,821 | ) | (5,503 | ) | ||||
Other corporate non-operating income | 48 | 122 | ||||||
$ | (18,251 | ) | $ | (10,862 | ) |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2015 | |
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. | |
At first quarter-end 2015, 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 first quarter-end 2015, these VIEs have total assets of $73,855,000, substantially all of which represent developed and undeveloped real estate, and total liabilities of $89,317,000, which includes $36,306,000 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 7—Investment in Unconsolidated Ventures. At first quarter-end 2015, our investment in these VIEs is $9,567,000 and is included in investment in unconsolidated ventures. In first quarter 2015, we contributed $37,000 to these VIEs. Our maximum exposure to loss related to one of these VIEs is estimated at $3,561,000, 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 | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Share-Based Compensation | Share-Based and Long-Term Incentive Compensation | |||||||
Share-based and long-term incentive compensation expense consists of: | ||||||||
First Quarter | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Cash-settled awards | 296 | (2,683 | ) | |||||
Equity-settled awards | 1,997 | 2,349 | ||||||
Restricted stock | 17 | 46 | ||||||
Stock options | 1,032 | 601 | ||||||
Total share-based compensation | 3,342 | 313 | ||||||
Deferred cash | 116 | — | ||||||
$ | 3,458 | $ | 313 | |||||
Share-based and long-term incentive compensation expense is included in: | ||||||||
First Quarter | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
General and administrative expense | $ | 2,122 | $ | (23 | ) | |||
Other operating expense | 1,336 | 336 | ||||||
$ | 3,458 | $ | 313 | |||||
Share-Based Compensation | ||||||||
In first quarter 2015, we granted 89,900 cash-settled stock appreciation rights awards and 598,600 equity-settled awards. 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, or disability or if there is a change in control. Equity-settled awards granted to employees in the first quarter 2015 include market-leveraged stock units (MSUs) and stock options. Equity-settled MSUs will be settled in common stock based upon our stock price performance over 3 years years from the date of grant. Stock options have a ten-year term, generally become exercisable ratably over four years and provide for accelerated or continued vesting upon retirement, death, or disability or if there is a change in control. Equity-settled awards in the form of restricted stock units granted to our directors are fully vested at the time of grant and are issued upon retirement. | ||||||||
The fair value of awards granted to retirement eligible employees and expensed at the date of grant was $517,000 and $760,000 in first quarter 2015 and 2014. Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options is $10,177,000 at first quarter-end 2015. | ||||||||
In first quarter 2015 and 2014, we issued 157,201 and 167,747 shares out of our treasury stock associated with vesting of stock-based awards or exercise of stock options, net of 48,636 and 46,314 shares withheld having a value of $723,000 and $879,000 for payroll taxes in connection with vesting of stock-based awards or exercise of stock options. | ||||||||
Long-Term Incentive Compensation | ||||||||
In first quarter 2015, we granted $587,000 of long-term incentive compensation in the form of deferred cash compensation. Deferred cash will be paid out after the earlier of three years or the employee's retirement eligibility date and the expense is recognized ratably over the vesting period. The accrued liability was $116,000 at first quarter-end 2015 and is included in other liabilities. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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 eliminate all material intercompany accounts and transactions. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. | |
We prepare our unaudited interim financial statements in accordance with U.S. generally accepted accounting principles and Securities and Exchange Commission requirements for interim financial statements. As a result, they do not include all the information and disclosures required for complete financial statements. However, in our opinion, all adjustments considered necessary for a fair presentation have been included. Such adjustments consist only of normal recurring items unless otherwise noted. We make estimates and assumptions about future events. Actual results can, and probably will, differ from those we currently estimate including those principally 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. These interim operating results are not necessarily indicative of the results that may be expected for the entire year. For further information, please read the financial statements included in our 2014 Annual Report on Form 10-K. | |
New and Pending Accounting Pronouncements | Pending Accounting Standards |
In May 2014, the FASB issued Accounting Standards Update (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. On April 1, the FASB voted to propose a deferral of the effective date of the new standard by one year. This proposed deferral would result in the new standard being effective after December 15, 2017. 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. | |
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, requiring entities to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The revised consolidation model: (1) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, (2) eliminates the presumption that a general partner should consolidate a limited partnership, (3) affects the consolidation analysis of reporting entities that are involved with VIEs, and (4) provides a scope exception from consolidation guidance for reporting entities with interests in certain legal entities. The updated standard is effective for financial statements issued for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. The updated standard may be applied retrospectively or using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures. | |
In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, as part of its initiative to reduce complexity in accounting standards. To simplify presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The updated standard is effective for financial statements issued for annual and interim periods beginning after December 15, 2015. We are currently evaluating the effect that the updated standard will have on our financial position and disclosures. |
Real_Estate_Tables
Real Estate (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate [Abstract] | ||||||||
Real Estate | Real estate consists of: | |||||||
First | Year-End | |||||||
Quarter-End | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Entitled, developed and under development projects | $ | 338,607 | $ | 321,273 | ||||
Undeveloped land (includes land in entitlement) | 93,458 | 93,182 | ||||||
Commercial and income producing properties | ||||||||
Carrying value | 196,348 | 192,678 | ||||||
Less: accumulated depreciation | (32,129 | ) | (31,377 | ) | ||||
Net carrying value | 164,219 | 161,301 | ||||||
$ | 596,284 | $ | 575,756 | |||||
Oil_and_Gas_Properties_Tables
Oil and Gas Properties (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Extractive Industries [Abstract] | ||||||||
Net Capitalized Costs Related to Oil and Gas Producing Activities | Net capitalized costs, utilizing the successful efforts method of accounting, related to our oil and gas producing activities follows: | |||||||
First | Year-End | |||||||
Quarter-End | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Unproved oil and gas properties | $ | 85,771 | $ | 90,446 | ||||
Proved oil and gas properties | 249,601 | 221,299 | ||||||
Total costs | 335,372 | 311,745 | ||||||
Less: accumulated depreciation, depletion and amortization | (55,418 | ) | (48,252 | ) | ||||
$ | 279,954 | $ | 263,493 | |||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Carrying value of goodwill and other intangible assets | Carrying value of goodwill and other intangible assets follows: | |||||||
First | Year-End | |||||||
Quarter-End | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Goodwill | $ | 63,423 | $ | 63,423 | ||||
Identified intangibles, net | 2,468 | 2,708 | ||||||
$ | 65,891 | $ | 66,131 | |||||
Equity_Tables
Equity (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
Reconciliation of Changes in Equity | A reconciliation of changes in equity at first quarter-end 2015 follows: | |||||||||||
Forestar | Noncontrolling | Total | ||||||||||
Group Inc. | Interests | |||||||||||
(In thousands) | ||||||||||||
Balance at year-end 2014 | $ | 707,202 | $ | 2,540 | $ | 709,742 | ||||||
Net income (loss) | (8,158 | ) | (79 | ) | (8,237 | ) | ||||||
Distributions to noncontrolling interests | — | (338 | ) | (338 | ) | |||||||
Other (primarily share-based compensation) | 2,222 | — | 2,222 | |||||||||
$ | 701,266 | $ | 2,123 | $ | 703,389 | |||||||
Investment_in_Unconsolidated_V1
Investment in Unconsolidated Ventures (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
First | Year-End | First | Year-End | First | Year-End | First | Year-End | |||||||||||||||||||||||||
Quarter-End | Quarter-End | Quarter-End | Quarter-End | |||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
242, LLC (b) | $ | 35,556 | $ | 33,021 | $ | 9,328 | $ | 6,940 | $ | 22,253 | $ | 21,789 | $ | 10,363 | $ | 10,098 | ||||||||||||||||
CL Ashton Woods, LP (c) | 12,649 | 13,269 | — | — | 9,479 | 11,453 | 4,693 | 6,015 | ||||||||||||||||||||||||
CL Realty, LLC | 7,965 | 7,960 | — | — | 7,899 | 7,738 | 3,950 | 3,869 | ||||||||||||||||||||||||
CREA FMF Nashville LLC (b) | 50,251 | 40,014 | 40,648 | 29,660 | 5,874 | 5,987 | 5,403 | 5,516 | ||||||||||||||||||||||||
Elan 99, LLC | 12,060 | 10,070 | 1 | 1 | 10,333 | 9,643 | 9,299 | 8,679 | ||||||||||||||||||||||||
FMF Littleton LLC | 32,765 | 26,953 | 3,912 | — | 24,737 | 24,435 | 6,362 | 6,287 | ||||||||||||||||||||||||
FMF Peakview LLC | 45,457 | 43,638 | 24,774 | 23,070 | 17,462 | 17,464 | 3,574 | 3,575 | ||||||||||||||||||||||||
HM Stonewall Estates, Ltd (c) | 3,629 | 3,750 | 33 | 669 | 3,596 | 3,081 | 1,982 | 1,752 | ||||||||||||||||||||||||
LM Land Holdings, LP (c) | 30,487 | 25,561 | 8,505 | 4,448 | 19,750 | 18,500 | 9,686 | 9,322 | ||||||||||||||||||||||||
PSW Communities, LP | 18,964 | 16,045 | 12,870 | 10,515 | 4,610 | 4,415 | 4,097 | 3,924 | ||||||||||||||||||||||||
Temco Associates, LLC | 11,734 | 11,756 | — | — | 11,556 | 11,556 | 5,778 | 5,778 | ||||||||||||||||||||||||
Other ventures (d) | 4,837 | 8,453 | 23,437 | 26,944 | (25,752 | ) | (25,614 | ) | 194 | 190 | ||||||||||||||||||||||
$ | 266,354 | $ | 240,490 | $ | 123,508 | $ | 102,247 | $ | 111,797 | $ | 110,447 | $ | 65,381 | $ | 65,005 | |||||||||||||||||
Summarized Income Statement Information | Combined summarized income statement information for our ventures accounted for using the equity method follows: | |||||||||||||||||||||||||||||||
Venture Revenues | Venture Earnings (Loss) | Our Share of Earnings (Loss) | ||||||||||||||||||||||||||||||
First Quarter | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
242, LLC (b) | $ | 5,331 | $ | 1,475 | $ | 3,464 | $ | 533 | $ | 1,766 | $ | 277 | ||||||||||||||||||||
CL Ashton Woods, LP (c) | 1,350 | 708 | 527 | 220 | 678 | 318 | ||||||||||||||||||||||||||
CL Realty, LLC | 279 | 368 | 160 | 230 | 80 | 115 | ||||||||||||||||||||||||||
CREA FMF Nashville LLC (b) | 6 | — | (113 | ) | (25 | ) | (113 | ) | (25 | ) | ||||||||||||||||||||||
Elan 99, LLC | — | — | (2 | ) | — | (2 | ) | — | ||||||||||||||||||||||||
FMF Peakview LLC | 186 | — | (482 | ) | (73 | ) | (96 | ) | (15 | ) | ||||||||||||||||||||||
HM Stonewall Estates, Ltd (c) | 1,058 | 1,001 | 515 | 352 | 230 | 141 | ||||||||||||||||||||||||||
LM Land Holdings, LP (c) | 1,976 | 4,898 | 1,250 | 2,927 | 364 | 677 | ||||||||||||||||||||||||||
PSW Communities, LP | 2,427 | — | 195 | (216 | ) | 173 | (189 | ) | ||||||||||||||||||||||||
Temco Associates, LLC | 58 | 60 | (1 | ) | (18 | ) | — | (9 | ) | |||||||||||||||||||||||
Other ventures (d) | 3,701 | 385 | (203 | ) | (261 | ) | (35 | ) | (299 | ) | ||||||||||||||||||||||
$ | 16,372 | $ | 8,895 | $ | 5,310 | $ | 3,669 | $ | 3,045 | $ | 991 | |||||||||||||||||||||
_____________________ | ||||||||||||||||||||||||||||||||
(a) | Total includes current maturities of $78,947,000 at first quarter-end 2015, of which $51,788,000 is non-recourse to us, and $65,795,000 at year-end 2014, of which $42,566,000 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 $1,587,000 are reflected as a reduction to our investment in unconsolidated ventures at first quarter-end 2015. | |||||||||||||||||||||||||||||||
(c) | Includes unrecognized basis difference of $1,373,000 which is reflected as a reduction of our investment in unconsolidated ventures at first quarter-end 2015. The difference 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. | |||||||||||||||||||||||||||||||
(d) | Our investment in other ventures reflects our ownership interests, 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. |
Receivables_Tables
Receivables (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Receivables | Receivables consist of: | |||||||
First | Year-End | |||||||
Quarter-End | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Oil and gas revenue accruals | 6,811 | 7,293 | ||||||
Other receivables and accrued interest | 4,696 | 6,505 | ||||||
Oil and gas joint interest billing receivables | 2,657 | 5,738 | ||||||
Other loans secured by real estate, average interest rates of 9.90% at first quarter-end 2015 and 4.41% at year-end 2014 | 1,879 | 1,737 | ||||||
Loan secured by real estate | $ | — | $ | 3,574 | ||||
16,043 | 24,847 | |||||||
Allowance for bad debts | (258 | ) | (258 | ) | ||||
$ | 15,785 | $ | 24,589 | |||||
Estimated Accretable Yield | Estimated accretable yield follows: | |||||||
First | ||||||||
Quarter-End | ||||||||
2015 | ||||||||
(In thousands) | ||||||||
Beginning of period (year-end 2014) | $ | 839 | ||||||
Change in accretable yield due to change in timing of estimated cash flows | 30 | |||||||
Interest income recognized (in first quarter 2015) | (869 | ) | ||||||
End of period | $ | — | ||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt consists of: | |||||||
First | Year-End | |||||||
Quarter-End | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
8.50% senior secured notes due 2022 | 250,000 | 250,000 | ||||||
3.75% convertible senior notes due 2020, net of discount | 104,020 | 103,194 | ||||||
6.00% tangible equity unit notes, net of discount | 15,092 | 17,154 | ||||||
Secured promissory notes — average interest rates of 3.18% at first quarter-end 2015 and 3.17% at year-end 2014 | 15,400 | 15,400 | ||||||
Other indebtedness — interest rates ranging from 2.19% to 5.50% at first quarter-end 2015 | 49,901 | 46,996 | ||||||
$ | 434,413 | $ | 432,744 | |||||
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring | Non-financial assets measured at fair value on a non-recurring basis principally include real estate assets, oil and gas properties, assets held for sale, goodwill and other intangible assets, which are measured for impairment. In first quarter 2015, we recognized non-cash asset impairment charges of $504,000 associated with a residential development with golf course and country club property located near Fort Worth. We had no non-cash impairment charges of proved oil and gas properties in first quarter 2015. | |||||||||||||||||||||||||||||||
First Quarter-End 2015 | Year-End 2014 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Non-Financial Assets and Liabilities: | ||||||||||||||||||||||||||||||||
Real estate | $ | — | $ | 1,948 | $ | — | $ | 1,948 | $ | — | $ | 970 | $ | — | $ | 970 | ||||||||||||||||
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: | |||||||||||||||||||||||||||||||
First Quarter-End 2015 | Year-End 2014 | |||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Valuation | ||||||||||||||||||||||||||||
Amount | Value | Amount | Value | Technique | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Loan secured by real estate | $ | — | $ | — | $ | 3,574 | $ | 4,859 | Level 2 | |||||||||||||||||||||||
Fixed rate debt | $ | (369,112 | ) | $ | (357,342 | ) | $ | (370,348 | ) | $ | (359,131 | ) | Level 2 |
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Attributable to Common Shareholders and Weighted Average Common Shares Outstanding | The computations of basic and diluted earnings per share are as follows: | |||||||
First Quarter | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Numerator: | ||||||||
Consolidated net income (loss) | $ | (8,237 | ) | $ | 9,007 | |||
Less: Net loss (income) attributable to noncontrolling interest | 79 | (673 | ) | |||||
Earnings (loss) available for diluted earnings per share | $ | (8,158 | ) | $ | 8,334 | |||
Less: Undistributed net income allocated to participating securities | — | (1,295 | ) | |||||
Earnings (loss) available to common shareholders for basic earnings per share | $ | (8,158 | ) | $ | 7,039 | |||
Denominator: | ||||||||
Weighted average common shares outstanding — basic | 34,168 | 35,576 | ||||||
Weighted average common shares upon conversion of participating securities (a) | — | 7,857 | ||||||
Dilutive effect of stock options, restricted stock and equity-settled awards | — | 480 | ||||||
Total weighted average shares outstanding — diluted | 34,168 | 43,913 | ||||||
Anti-dilutive awards excluded from diluted weighted average shares | 10,743 | 2,051 | ||||||
_____________________ | ||||||||
(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. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Restructuring and Related Costs | The following table summarizes activity related to liabilities associated with our oil and gas restructuring activities in first quarter 2015: | |||||||||||
Employee-Related Costs | Facility Closure | Total | ||||||||||
(In thousands) | ||||||||||||
Balance at year-end 2014 | $ | (2,367 | ) | $ | — | $ | (2,367 | ) | ||||
Additions | (1,068 | ) | (1,750 | ) | (2,818 | ) | ||||||
Payments | 1,894 | 1,750 | 3,644 | |||||||||
Balance at first quarter-end 2015 | $ | (1,541 | ) | $ | — | $ | (1,541 | ) | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Assets Allocated by Segment | Total assets allocated by segment are as follows: | |||||||
First | Year-End | |||||||
Quarter-End | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Real estate | $ | 670,067 | $ | 654,774 | ||||
Oil and gas | 352,695 | 342,703 | ||||||
Other natural resources | 20,077 | 22,531 | ||||||
Assets not allocated to segments (a) | 194,132 | 238,191 | ||||||
$ | 1,236,971 | $ | 1,258,199 | |||||
_________________________ | ||||||||
(a) | Assets not allocated to segments at first quarter-end 2015 principally consist of cash and cash equivalents of $126,262,000 and a net deferred tax asset of $44,583,000. Assets not allocated to segments at year-end 2014 principally consist of cash and cash equivalents of $170,127,000 and a net deferred tax asset of $40,624,000. | |||||||
Segment Revenues and Earnings | Segment revenues and earnings are as follows: | |||||||
First Quarter | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Revenues: | ||||||||
Real estate | $ | 32,830 | $ | 65,480 | ||||
Oil and gas | 13,185 | 17,554 | ||||||
Other natural resources | 1,790 | 1,571 | ||||||
Total revenues | $ | 47,805 | $ | 84,605 | ||||
Segment earnings (loss): | ||||||||
Real estate | $ | 9,066 | $ | 23,575 | ||||
Oil and gas | (2,941 | ) | 807 | |||||
Other natural resources | (391 | ) | (528 | ) | ||||
Total segment earnings | 5,734 | 23,854 | ||||||
Items not allocated to segments (a) | (18,251 | ) | (10,862 | ) | ||||
Income (loss) before taxes attributable to Forestar Group Inc. | $ | (12,517 | ) | $ | 12,992 | |||
_________________________ | ||||||||
(a) | Items not allocated to segments consist of: | |||||||
First Quarter | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
General and administrative expense | $ | (6,020 | ) | $ | (5,168 | ) | ||
Shared-based and long-term incentive compensation expense | (3,458 | ) | (313 | ) | ||||
Interest expense | (8,821 | ) | (5,503 | ) | ||||
Other corporate non-operating income | 48 | 122 | ||||||
$ | (18,251 | ) | $ | (10,862 | ) |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Components of Share-Based Compensation Expense (Income) | Share-based and long-term incentive compensation expense consists of: | |||||||
First Quarter | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Cash-settled awards | 296 | (2,683 | ) | |||||
Equity-settled awards | 1,997 | 2,349 | ||||||
Restricted stock | 17 | 46 | ||||||
Stock options | 1,032 | 601 | ||||||
Total share-based compensation | 3,342 | 313 | ||||||
Deferred cash | 116 | — | ||||||
$ | 3,458 | $ | 313 | |||||
Share-Based Compensation Expense (Income) Included in Operating Expense | Share-based and long-term incentive compensation expense is included in: | |||||||
First Quarter | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
General and administrative expense | $ | 2,122 | $ | (23 | ) | |||
Other operating expense | 1,336 | 336 | ||||||
$ | 3,458 | $ | 313 | |||||
Real_Estate_Real_Estate_Detail
Real Estate - Real Estate (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Real Estate [Abstract] | ||
Entitled, developed and under development projects | $338,607 | $321,273 |
Undeveloped land (includes land in entitlement) | 93,458 | 93,182 |
Carrying value | 196,348 | 192,678 |
Less: accumulated depreciation | -32,129 | -31,377 |
Net carrying value | 164,219 | 161,301 |
Total Real Estate | $596,284 | $575,756 |
Real_Estate_Additional_Informa
Real Estate - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Real Estate Properties [Line Items] | |||
Costs relate to water, sewer and other infrastructure assets | $1,520,000 | ||
Reimbursements from utility and improvement districts | -4,130,000 | -1,536,000 | |
Real Estate Investment Property, Net | 164,219,000 | 161,301,000 | |
Utility and Improvement District [Member] | |||
Real Estate Properties [Line Items] | |||
Cost of asset in developed and under development projects | 90,506,000 | 65,212,000 | |
Cibolo Canyons Project [Member] | |||
Real Estate Properties [Line Items] | |||
Return of reimbursements received in relation to direct costs and expenses previously paid or incurred for development of real estate projects | 33,552,000 | 33,552,000 | |
Costs relate to water, sewer and other infrastructure assets | 15,189,000 | ||
Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Reimbursements from utility and improvement districts | 4,130,000 | ||
Multi Family Development Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, Net | 78,566,000 | ||
San Antonio Texas [Member] | Cibolo Canyons Project [Member] | |||
Real Estate Properties [Line Items] | |||
Cost of asset in developed and under development projects | 47,075,000 | 31,913,000 | |
Cumulative Reimbursable Cost Associated with Real Estate Projects in Development | 65,438,000 | 65,465,000 | |
Austin, Texas [Member] | Multi Family Property [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, Net | 52,742,000 | ||
Number Of Units Of Multifamily Project | 257 | ||
Austin, Texas [Member] | Hotel Property [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, Net | 32,505,000 | ||
Commercial and income producing properties, investment unit | 413 | ||
Fort Worth [Member] | 713910 Golf Courses and Country Clubs [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, Net | $406,000 |
Oil_and_Gas_Properties_Net_Cap
Oil and Gas Properties - Net Capitalized Costs Related to Oil and Gas Producing Activities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Extractive Industries [Abstract] | ||
Unproved oil and gas properties | $85,771 | $90,446 |
Proved oil and gas properties | 249,601 | 221,299 |
Total costs | 335,372 | 311,745 |
Less: accumulated depreciation, depletion and amortization | -55,418 | -48,252 |
Net capitalized costs | $279,954 | $263,493 |
Oil_and_Gas_Properties_Additio
Oil and Gas Properties Additional Details (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Proceeds from sales of oil and gas properties, net | $2,000 | $0 |
NORTH DAKOTA | ||
Gain (Loss) on Disposition of Proved Property | 1,176 | |
Gas and Oil Area, Undeveloped, Net | 290 | |
Proceeds from sales of oil and gas properties, net | $2,000 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $63,423 | $63,423 |
Identified intangibles, net | 2,468 | 2,708 |
Goodwill and other intangible assets | $65,891 | $66,131 |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles Additional Information (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Goodwill | $63,423,000 | $63,423,000 |
Austin, Texas [Member] | Multi Family Property [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets, Net | 433,000 | |
Credo [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | 59,549,000 | |
Credo [Member] | Patents [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets, Net | 354,000 | |
Water Resource Company [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | 3,874,000 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $1,681,000 |
Equity_Reconciliation_of_Chang
Equity - Reconciliation of Changes in Equity (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $709,742 | |
Consolidated net income (loss) | -8,237 | 9,007 |
Distributions to noncontrolling interests | -338 | |
Other (primarily share-based compensation) | 2,222 | |
Ending balance | 703,389 | |
Forestar Group Inc. [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 707,202 | |
Consolidated net income (loss) | -8,158 | |
Distributions to noncontrolling interests | 0 | |
Other (primarily share-based compensation) | 2,222 | |
Ending balance | 701,266 | |
Noncontrolling Interest [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 2,540 | |
Consolidated net income (loss) | -79 | |
Distributions to noncontrolling interests | -338 | |
Other (primarily share-based compensation) | 0 | |
Ending balance | $2,123 |
Investment_in_Unconsolidated_V2
Investment in Unconsolidated Ventures - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated ventures | $831 | $4,293 |
Distributions of return on investments and earnings | $3,500 | $1,173 |
Equity Method Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of ventures under ownership interest using equity method | 15 |
Investment_in_Unconsolidated_V3
Investment in Unconsolidated Ventures - Summarized Balance Sheet Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | $266,354 | $240,490 |
Venture Borrowings | 123,508 | 102,247 |
Venture Equity | 111,797 | 110,447 |
Investment in venture | 65,381 | 65,005 |
242, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 35,556 | 33,021 |
Venture Borrowings | 9,328 | 6,940 |
Venture Equity | 22,253 | 21,789 |
Investment in venture | 10,363 | 10,098 |
CL Ashton Woods [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 12,649 | 13,269 |
Venture Borrowings | 0 | 0 |
Venture Equity | 9,479 | 11,453 |
Investment in venture | 4,693 | 6,015 |
CL Realty [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 7,965 | 7,960 |
Venture Borrowings | 0 | 0 |
Venture Equity | 7,899 | 7,738 |
Investment in venture | 3,950 | 3,869 |
CREA FMF [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 50,251 | 40,014 |
Venture Borrowings | 40,648 | 29,660 |
Venture Equity | 5,874 | 5,987 |
Investment in venture | 5,403 | 5,516 |
Elan 99, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 12,060 | 10,070 |
Venture Borrowings | 1 | 1 |
Venture Equity | 10,333 | 9,643 |
Investment in venture | 9,299 | 8,679 |
FMF Littleton [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 32,765 | 26,953 |
Venture Borrowings | 3,912 | 0 |
Venture Equity | 24,737 | 24,435 |
Investment in venture | 6,362 | 6,287 |
FMF Peakview [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 45,457 | 43,638 |
Venture Borrowings | 24,774 | 23,070 |
Venture Equity | 17,462 | 17,464 |
Investment in venture | 3,574 | 3,575 |
HM Stonewall Estates [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 3,629 | 3,750 |
Venture Borrowings | 33 | 669 |
Venture Equity | 3,596 | 3,081 |
Investment in venture | 1,982 | 1,752 |
LM Land Holdings [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 30,487 | 25,561 |
Venture Borrowings | 8,505 | 4,448 |
Venture Equity | 19,750 | 18,500 |
Investment in venture | 9,686 | 9,322 |
PSW Communities [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 18,964 | 16,045 |
Venture Borrowings | 12,870 | 10,515 |
Venture Equity | 4,610 | 4,415 |
Investment in venture | 4,097 | 3,924 |
Temco [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 11,734 | 11,756 |
Venture Borrowings | 0 | 0 |
Venture Equity | 11,556 | 11,556 |
Investment in venture | 5,778 | 5,778 |
Other ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 4,837 | 8,453 |
Venture Borrowings | 23,437 | 26,944 |
Venture Equity | -25,752 | -25,614 |
Investment in venture | $194 | $190 |
Investment_in_Unconsolidated_V4
Investment in Unconsolidated Ventures - Summarized Income Statement Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $16,372 | $8,895 |
Earnings (loss) | 5,310 | 3,669 |
Equity in earnings of unconsolidated ventures | 3,045 | 991 |
242, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 5,331 | 1,475 |
Earnings (loss) | 3,464 | 533 |
Equity in earnings of unconsolidated ventures | 1,766 | 277 |
CL Ashton Woods [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 1,350 | 708 |
Earnings (loss) | 527 | 220 |
Equity in earnings of unconsolidated ventures | 678 | 318 |
CL Realty [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 279 | 368 |
Earnings (loss) | 160 | 230 |
Equity in earnings of unconsolidated ventures | 80 | 115 |
CREA FMF [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 6 | 0 |
Earnings (loss) | -113 | -25 |
Equity in earnings of unconsolidated ventures | -113 | -25 |
Elan 99, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 0 | 0 |
Earnings (loss) | -2 | 0 |
Equity in earnings of unconsolidated ventures | -2 | 0 |
FMF Peakview [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 186 | 0 |
Earnings (loss) | -482 | -73 |
Equity in earnings of unconsolidated ventures | -96 | -15 |
HM Stonewall Estates [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 1,058 | 1,001 |
Earnings (loss) | 515 | 352 |
Equity in earnings of unconsolidated ventures | 230 | 141 |
LM Land Holdings [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 1,976 | 4,898 |
Earnings (loss) | 1,250 | 2,927 |
Equity in earnings of unconsolidated ventures | 364 | 677 |
PSW Communities [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 2,427 | 0 |
Earnings (loss) | 195 | -216 |
Equity in earnings of unconsolidated ventures | 173 | -189 |
Temco [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 58 | 60 |
Earnings (loss) | -1 | -18 |
Equity in earnings of unconsolidated ventures | 0 | -9 |
Other ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 3,701 | 385 |
Earnings (loss) | -203 | -261 |
Equity in earnings of unconsolidated ventures | ($35) | ($299) |
Investment_in_Unconsolidated_V5
Investment in Unconsolidated Ventures - Summarized Income Statement Information additional information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Deferred Gain on Sale | $1,587,000 | |
Unrecognized basis difference on equity method investment | 1,373,000 | |
Equity Method Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term Debt, Current Maturities | 78,947,000 | 65,795,000 |
Equity Method Investments [Member] | Non-recourse Debt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term Debt, Current Maturities | $51,788,000 | $42,566,000 |
Receivables_Receivables_Detail
Receivables - Receivables (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | $16,043 | $24,847 | |
Oil and Gas Joint Interest Billing Receivables | 2,657 | 5,738 | |
Allowance for bad debts | -258 | -258 | |
Receivables, net | 15,785 | 24,589 | |
Oil and gas revenue accrual receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 6,811 | 7,293 | |
Receivables and accrued interest [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 4,696 | 6,505 | |
Notes receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 1,879 | 1,737 | |
Average interest rate | 9.90% | 4.41% | |
Loan secured by real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | $0 | $3,574 |
Receivables_Additional_Informa
Receivables - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Due period of notes receivable as secured by deed of trust | 3 years |
Loans Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Principal amount of loan received | 4,394,000 |
Interest amount of loan received | 49,000 |
Receivables_Estimated_Accretab
Receivables - Estimated Accretable Yield (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Beginning of period | $839 |
Change in accretable yield due to change in timing of estimated cash flows | -30 |
Interest income recognized | -869 |
End of period | $0 |
Debt_Debt_Detail
Debt - Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ||
Debt | $434,413 | $432,744 |
Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt | 250,000 | 250,000 |
Convertible Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt | 104,020 | 103,194 |
Secured Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt | 15,400 | 15,400 |
Other indebtedness [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt | 49,901 | 46,996 |
Six Percent Tangible Equity Units [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt | $15,092 | $17,154 |
Debt_Debt_additional_informati
Debt - Debt additional information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate Percentage | 8.50% | |
Debt Instrument, Maturity Date | 1-Jun-22 | |
Six Percent Tangible Equity Units [Member] | ||
Line of Credit Facility [Line Items] | ||
Average interest rate | 6.00% | 6.00% |
Debt Instrument, Maturity Date | 15-Dec-16 | |
Secured Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Average interest rate | 3.18% | 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 | 5.50% | |
Convertible Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate Percentage | 3.75% | |
Debt Instrument, Maturity Date | 1-Mar-20 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||
Debt | $434,413,000 | $432,744,000 | |
Deferred Finance Costs, Net | 14,276,000 | 15,168,000 | |
Amortization of deferred financing fees | 1,156,000 | 901,000 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity under term Loan facility | 300,000,000 | ||
Maturity period of revolving line of credit | 15-May-17 | ||
Sublimit for letters of credit outstanding | 15,459,000 | ||
Net unused borrowing capacity | 284,541,000 | ||
Percentage of spread on federal funds effective rate | 0.50% | ||
Austin, Texas [Member] | |||
Line of Credit Facility [Line Items] | |||
Guest room hotel | 413 | ||
Carrying value of multifamily project to secure non recourse loan | 32,505,000 | ||
Austin, Texas [Member] | Multi Family Property [Member] | |||
Line of Credit Facility [Line Items] | |||
Number Of Units Of Multifamily Project | 257 | ||
Secured Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt | 15,400,000 | 15,400,000 | |
Secured Debt [Member] | Austin, Texas [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt | 15,400,000 | ||
Other indebtedness [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt | 49,901,000 | 46,996,000 | |
Other indebtedness [Member] | Multi Family Property [Member] | |||
Line of Credit Facility [Line Items] | |||
Carrying value of property to secure borrowing | 87,012,000 | ||
Letter of Credit [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line Of Credit Facility Letters Of Credit Sublimit | 100,000,000 | ||
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% | ||
30 day LIBOR rate [Domain] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Construction Loans [Member] | Other indebtedness [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt | $45,714,000 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Asset Impairment Charges | $504,000 | $0 |
Fair_Value_Disclosures_Nonrecu
Fair Value Disclosures, Non-recurring (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $1,948 | $970 |
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,948 | 970 |
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Oil and Gas Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 3,655 |
Oil and Gas Properties [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Oil and Gas Properties [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Oil and Gas Properties [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $0 | $3,655 |
Fair_Value_Information_About_O
Fair Value - Information About Our Fixed Rate Financial Instruments Not Measured at Fair Value (Detail) (Fair Value, Inputs, Level 2 [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loan secured by real estate | $0 | $3,574 |
Fixed rate debt | -369,112 | -370,348 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loan secured by real estate | 0 | 4,859 |
Fixed rate debt | ($357,342) | ($359,131) |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (Employees of former affliate [Member], Employee Stock Option [Member], USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Employees of former affliate [Member] | Employee Stock Option [Member] | |
Equity [Line Items] | |
Options to purchase shares of common stock | 510,000 |
Exercisable at end of period, Weighted Average Remaining Contractual Term | 1 year |
Weighted average exercise price | $28.42 |
Aggregate intrinsic value | $25 |
Net_Income_per_Share_Earnings_
Net Income per Share - Earnings Attributable to Common Shareholders and Weighted Average Common Shares Outstanding (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings available to common shareholders: | ||
Consolidated net income (loss) | ($8,237) | $9,007 |
Less: Net (income) loss attributable to noncontrolling interests | 79 | -673 |
NET INCOME (LOSS) ATTRIBUTABLE TO FORESTAR GROUP INC. | -8,158 | 8,334 |
Less: Undistributed net income allocated to participating securities | 0 | -1,295 |
Earnings (loss) available to common shareholders for basic earnings per share | ($8,158) | $7,039 |
Weighted average common shares outstanding - basic | 34,168 | 35,576 |
Weighted average common shares upon conversion of participating securities | 0 | 7,857 |
Dilutive effect of stock options, restricted stock and equity-settled awards | 0 | 480 |
Weighted average common shares outstanding - diluted | 34,168 | 43,913 |
Anti-dilutive awards excluded from diluted weighted average shares | 10,743 | 2,051 |
Net_Income_per_Share_Additiona
Net Income per Share Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Nov. 27, 2013 | |
Six Percent Tangible Equity Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Interest Rate Percentage | 6.00% | |
Convertible Debt [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Interest Rate Percentage | 3.75% | |
Conversion price of Convertible Notes | 24.49 | |
Minimum [Member] | Six Percent Tangible Equity Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Debt And Equity Instruments, shares to be Issued | 6,547,800 | |
Maximum [Member] | Six Percent Tangible Equity Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Debt And Equity Instruments, shares to be Issued | 7,857,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 35.00% | 34.00% |
Benefit for noncontrolling interests | 2.00% | 2.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | 2.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
acre | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Area for which certificate of completion received | 288 | ||
Portion of site for which certificate not received | 80 | ||
Cost to complete remediation activities | $451 | ||
Asset Retirement Obligation | 1,877 | 1,807 | |
Compensation Expense | 116 | 0 | |
Restructuring Charges | 2,818 | ||
Deferred Bonus [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Compensation Expense | 1,519 | ||
Facility Closing [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restructuring Charges | 1,750 | ||
Other Restructuring [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restructuring Charges | 364 | ||
Leasehold Improvements [Member] | Other Restructuring [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restructuring Charges | $391 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve | ($2,367) |
Restructuring Charges | -2,818 |
Payments for Restructuring | 3,644 |
Restructuring Reserve | -1,541 |
Special Termination Benefits [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve | -2,367 |
Restructuring Charges | -1,068 |
Payments for Restructuring | 1,894 |
Restructuring Reserve | -1,541 |
Facility Closing [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve | 0 |
Restructuring Charges | -1,750 |
Payments for Restructuring | 1,750 |
Restructuring Reserve | $0 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Customer | |
Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Number of customer who contributed more than 10 percent of revenue | 0 |
Maximum percentage of revenue from customer | 10.00% |
Segment_Information_Assets_All
Segment Information - Assets Allocated by Segment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | $1,236,971 | $1,258,199 | ||||
Cash and cash equivalents | 126,262 | 170,127 | 147,979 | 192,307 | ||
Deferred tax asset, net | 44,583 | 40,624 | ||||
Operating Segments [Member] | Real estate [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | 670,067 | 654,774 | ||||
Operating Segments [Member] | Oil And Gas [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | 352,695 | 342,703 | ||||
Operating Segments [Member] | Other natural resources [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | 20,077 | 22,531 | ||||
Items not allocated to segments [Member] | Assets not allocated to segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | $194,132 | [1] | $238,191 | [1] | ||
[1] | Assets not allocated to segments at first quarter-end 2015 principally consist of cash and cash equivalents of $126,262,000 and a net deferred tax asset of $44,583,000. Assets not allocated to segments at year-end 2014 principally consist of cash and cash equivalents of $170,127,000 and a net deferred tax asset of $40,624,000. |
Segment_Information_Segment_Re
Segment Information - Segment Revenues and Earnings (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total revenues | $47,805 | $84,605 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | -12,517 | 12,992 |
Segment Earnings [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 47,805 | 84,605 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | 5,734 | 23,854 |
Segment Earnings [Member] | Real estate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 32,830 | 65,480 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | 9,066 | 23,575 |
Segment Earnings [Member] | Oil And Gas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 13,185 | 17,554 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | -2,941 | 807 |
Segment Earnings [Member] | Other natural resources [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 1,790 | 1,571 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | -391 | -528 |
Items not allocated to segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | -18,251 | -10,862 |
Items not allocated to segments [Member] | General and administrative expense [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | -6,020 | -5,168 |
Items not allocated to segments [Member] | Share-based compensation expense [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | -3,458 | -313 |
Items not allocated to segments [Member] | Interest expense [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | -8,821 | -5,503 |
Items not allocated to segments [Member] | Other corporate non-operating income [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | $48 | $122 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (Variable Interest Entity, Not Primary Beneficiary [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Entity | |
Variable Interest Entity [Line Items] | |
Number of primary beneficiary | 4 |
Total assets of developed and under developed real estate | $73,855 |
Total liabilities of developed and under developed real estate | 89,317 |
Investment in VIEs | 9,567 |
Contributed to VIE | 37 |
Maximum Exposure to loss related to VIEs | 3,561 |
Current Maturities of Borrowings [Member] | |
Variable Interest Entity [Line Items] | |
Total liabilities of developed and under developed real estate | $36,306 |
Share_Based_Compensation_Compo
Share Based Compensation - Components of Share-Based Compensation Expense (Income) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Total share-based compensation | $3,342 | $313 |
Compensation Expense | 116 | 0 |
Share based and Long Term Incentive Compensation | 3,458 | 313 |
Cash Settled Awards [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Total share-based compensation | 296 | -2,683 |
Equity-settled awards [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Total share-based compensation | 1,997 | 2,349 |
Restricted Stock [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Total share-based compensation | 17 | 46 |
Employee Stock Option [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Total share-based compensation | $1,032 | $601 |
Share_Based_Compensation_Share
Share Based Compensation - Share Based Compensation Expense (Income) Included in Operating Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share based and Long Term Incentive Compensation | $3,458 | $313 |
General and administrative expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share based and Long Term Incentive Compensation | 2,122 | -23 |
Other Operating Expenses [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share based and Long Term Incentive Compensation | $1,336 | $336 |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of awards granted to retirement eligible employees and expensed at date of grant | $517,000 | $760,000 |
Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options | 10,177,000 | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 157,201 | 167,747 |
Shares withheld for payroll taxes | 48,636 | 46,314 |
Value of shares withheld for payroll taxes | 723,000 | 879,000 |
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 587,000 | |
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | $116,000 | |
Cash Settled Restricted Stock Unit [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Equivalent Units | 89,900 | |
Stock Appreciation Rights (SARs) [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Employee Stock Option [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Market Leveraged Stock Units [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Equity-settled awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Equivalent Units | 598,600 |