Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 02, 2015 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FOR | |
Entity Registrant Name | FORESTAR GROUP INC. | |
Entity Central Index Key | 1,406,587 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,616,255 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 92,640 | $ 170,127 |
Real estate, net | 620,813 | 575,756 |
Oil and gas properties and equipment, net | 121,775 | 263,493 |
Investment in unconsolidated ventures | 85,325 | 65,005 |
Timber | 8,320 | 8,315 |
Receivables, net | 13,212 | 24,589 |
Prepaid expenses | 2,714 | 6,000 |
Income taxes receivable | 3,878 | 7,503 |
Property and equipment, net | 10,727 | 11,627 |
Deferred tax asset, net | 1,118 | 40,624 |
Goodwill and other intangible assets | 63,440 | 66,131 |
Other assets | 17,254 | 19,029 |
TOTAL ASSETS | 1,041,216 | 1,258,199 |
LIABILITIES AND EQUITY | ||
Accounts payable | 13,976 | 20,400 |
Accrued employee compensation and benefits | 8,532 | 8,323 |
Accrued property taxes | 7,839 | 5,966 |
Accrued interest | 7,607 | 3,451 |
Earnest money deposits | 10,172 | 10,045 |
Other accrued expenses | 21,573 | 35,729 |
Other liabilities | 27,817 | 31,799 |
Debt | 435,295 | 432,744 |
TOTAL LIABILITIES | $ 532,811 | $ 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 third quarter-end 2015 and year-end 2014 | $ 36,947 | $ 36,947 |
Additional paid-in capital | 562,591 | 558,945 |
Retained earnings (Accumulated deficit) | (39,880) | 167,001 |
Treasury stock, at cost, 3,329,060 shares at third quarter-end 2015 and 3,485,278 shares at year-end 2014 | (53,085) | (55,691) |
Total Forestar Group Inc. shareholders’ equity | 506,573 | 707,202 |
Noncontrolling interests | 1,832 | 2,540 |
TOTAL EQUITY | 508,405 | 709,742 |
TOTAL LIABILITIES AND EQUITY | $ 1,041,216 | $ 1,258,199 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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 | 3,329,060 | 3,485,278 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUES | ||||
Real estate sales and other | $ 18,369 | $ 23,067 | $ 68,630 | $ 122,738 |
Commercial and income producing properties | 9,588 | 9,378 | 31,566 | 30,360 |
Real estate | 27,957 | 32,445 | 100,196 | 153,098 |
Oil and gas | 13,485 | 24,145 | 42,835 | 66,076 |
Other natural resources | 1,726 | 2,250 | 5,372 | 7,284 |
Total revenues | 43,168 | 58,840 | 148,403 | 226,458 |
COSTS AND EXPENSES | ||||
Cost of real estate sales and other | (9,588) | (10,662) | (33,840) | (60,145) |
Cost of commercial and income producing properties | (6,780) | (9,391) | (22,020) | (28,117) |
Cost of oil and gas producing activities | (95,553) | (18,470) | (177,236) | (48,016) |
Cost of other natural resources | (819) | (711) | (2,599) | (2,288) |
Other operating | (13,963) | (12,860) | (45,665) | (43,187) |
General and administrative | (9,467) | (5,140) | (22,510) | (17,141) |
Total expenses | (136,170) | (57,234) | (303,870) | (198,894) |
Gain on asset exchange and sales | (1,749) | 11,110 | 265 | 27,977 |
OPERATING INCOME (LOSS) | (94,751) | 12,716 | (155,202) | 55,541 |
Equity in earnings of unconsolidated ventures | 2,909 | 2,016 | 11,538 | 3,965 |
Interest expense | (8,315) | (8,634) | (25,851) | (21,507) |
Other non-operating income | 62 | 1,896 | 1,762 | 6,459 |
INCOME (LOSS) BEFORE TAXES | (100,095) | 7,994 | (167,753) | 44,458 |
Income tax benefit (expense) | (64,236) | (2,755) | (39,133) | (15,464) |
CONSOLIDATED NET INCOME (LOSS) | (164,331) | 5,239 | (206,886) | 28,994 |
Less: Net (income) loss attributable to noncontrolling interests | 115 | (12) | 5 | (611) |
NET INCOME (LOSS) ATTRIBUTABLE TO FORESTAR GROUP INC. | $ (164,216) | $ 5,227 | $ (206,881) | $ 28,383 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic (in shares) | 34,299 | 35,498 | 34,248 | 35,437 |
Diluted (in shares) | 34,299 | 43,868 | 34,248 | 43,750 |
NET INCOME PER COMMON SHARE | ||||
Basic (usd per share) | $ (4.79) | $ 0.12 | $ (6.04) | $ 0.66 |
Diluted (usd per share) | $ (4.79) | $ 0.12 | $ (6.04) | $ 0.65 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (164,216) | $ 5,227 | $ (206,881) | $ 28,383 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Consolidated net income (loss) | $ (206,886) | $ 28,994 |
Adjustments: | ||
Depreciation, depletion and amortization | 36,780 | 29,109 |
Increase (Decrease) in Deferred Income Taxes | 39,106 | 10,649 |
Equity in earnings of unconsolidated ventures | (11,538) | (3,965) |
Distributions of earnings of unconsolidated ventures | 7,343 | 2,817 |
Share-based compensation | 5,531 | 4,523 |
Real estate cost of sales | 33,575 | 59,251 |
Dry hole and unproved leasehold impairment charges | 46,722 | 11,541 |
Real estate development and acquisition expenditures, net | (81,055) | (82,864) |
Reimbursements from utility and improvement districts | 8,285 | 8,554 |
Other changes in real estate | 338 | 3,148 |
Changes in deferred income | (191) | 102 |
Asset Impairment Charges | 91,146 | 94 |
Gain on sale of assets | (265) | (27,977) |
Other | 2,243 | 1,603 |
Changes in: | ||
Notes and accounts receivable | 9,395 | (6,300) |
Prepaid expenses and other | 3,106 | 4,232 |
Accounts payable and other accrued liabilities | (2,300) | (3,249) |
Income taxes | 3,625 | (3,876) |
Net cash provided by (used for) operating activities | (15,040) | 36,386 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Property, equipment, software, reforestation and other | (10,882) | (13,583) |
Oil and gas properties and equipment | (47,043) | (65,661) |
Payments to Acquire Interest in Joint Venture | 0 | 20,155 |
Investment in unconsolidated ventures | (23,908) | (5,016) |
Proceeds from Sales of Assets, Investing Activities | 13,571 | 19,885 |
Return of investment in unconsolidated ventures | 7,783 | 1,601 |
Net cash used for investing activities | (60,479) | (82,929) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Secured Notes Payable | 0 | 241,947 |
Payments of debt | (7,527) | (222,468) |
Additions to debt | 7,105 | 17,169 |
Deferred financing fees | (153) | (3,114) |
Distributions to noncontrolling interests, net | (703) | (1,070) |
Purchase of noncontrolling interests | 0 | (7,971) |
Exercise of stock options | 31 | 1,197 |
Payroll taxes on issuance of stock-based awards | (722) | (1,024) |
Excess income tax benefit from share-based compensation | 1 | 176 |
Net cash provided by (used for) financing activities | (1,968) | 24,842 |
Net decrease in cash and cash equivalents | (77,487) | (21,701) |
Cash and cash equivalents at beginning of period | 170,127 | 192,307 |
Cash and cash equivalents at end of period | $ 92,640 | $ 170,606 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 Pron
New and Pending Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
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. In July 2015, the FASB decided to defer the effective date of the new standard by one year. This deferral results 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: Amendments to the Consolidation Analysis (Topic 810) , 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. In August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update), which allows an entity to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The updated standards are effective for financial statements issued for annual and interim periods beginning after December 15, 2015. The updated standards are not expected to materially impact our financial position or disclosures. In April 2015, the FASB issued ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement (Subtopic 350-40), in order to provide clarification on whether a cloud computing arrangement includes a software license. If a software license is included, the customer should account for the license consistent with its accounting of other software licenses. If a software license is not included, the arrangement should be accounted for as a service contract. The update is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted. We are currently evaluating the effect that the updated standard will have on our financial position and disclosures. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Updates. The amendments in this update cover a wide range of topics in the codification and are generally categorized as follows: Amendments Related to Differences between Original Guidance and the Codification; Guidance Clarification and Reference Corrections; Simplification; and, Minor Improvements. The amendments are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard is not expected to impact our financial position or results of operations. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2015 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Real estate consists of: Third Quarter-End 2015 Year-End 2014 Carrying Value Accumulated Depreciation Net Carrying Value Carrying Value Accumulated Depreciation Net Carrying Value (In thousands) Entitled, developed and under development projects $ 359,532 $ — $ 359,532 $ 321,273 $ — $ 321,273 Undeveloped land (includes land in entitlement) 93,824 — 93,824 93,182 — 93,182 Commercial Radisson Hotel 62,693 (28,396 ) 34,297 59,773 (29,062 ) 30,711 Harbor Lakes golf course and country club — — — 2,054 (1,508 ) 546 Income producing properties Eleven 53,906 (2,312 ) 51,594 53,958 (576 ) 53,382 Midtown 34,952 (1,399 ) 33,553 33,293 (231 ) 33,062 Dillon (a) 18,120 — 18,120 15,203 — 15,203 Music Row (a) 8,483 — 8,483 7,675 — 7,675 Downtown Edge 12,335 — 12,335 11,856 — 11,856 West Austin 9,075 — 9,075 8,866 — 8,866 $ 652,920 $ (32,107 ) $ 620,813 $ 607,133 $ (31,377 ) $ 575,756 _________________________ (a) Construction in progress at third quarter-end 2015. Our estimated costs of assets for which we expect to be reimbursed by utility and improvement districts were $67,925,000 at third quarter-end 2015 and $65,212,000 at year-end 2014 , including $21,438,000 at third quarter-end 2015 and $31,913,000 at year-end 2014 related to our Cibolo Canyons project near San Antonio, Texas. In first nine months 2015 , we have collected $7,860,000 in reimbursements that were previously submitted to these districts. At third quarter-end 2015, our inception to-date submitted and approved reimbursements for the Cibolo Canyons project were $54,376,000 of which we have collected $34,703,000 . 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. |
Oil and Gas Properties
Oil and Gas Properties | 9 Months Ended |
Sep. 30, 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: Third Year-End 2015 2014 (In thousands) Unproved leasehold interests $ 44,387 $ 90,446 Proved oil and gas properties 133,246 221,299 Total costs 177,633 311,745 Less: accumulated depreciation, depletion and amortization (55,858 ) (48,252 ) $ 121,775 $ 263,493 We review unproved oil and gas properties for impairment based on our current exploration plans and proved oil and gas properties by comparing the expected undiscounted future cash flows at a producing field level to the unamortized capitalized cost of the asset. In third quarter 2015, we recognized $81,240,000 in non-cash impairment charges of which $65,382,000 is related to our proved oil and gas properties, primarily in North Dakota, Nebraska and Kansas and $15,858,000 is related to our unproved leasehold interests primarily in North Dakota. These non-cash impairment charges are a result of continued decline in oil prices and our current exploration plans. West Texas Intermediate (WTI) oil prices (the principal benchmark price for our oil sales), declined approximately 24 percent during third quarter 2015. Impairment charges are included in cost of oil and gas producing activities on our consolidated statements of income and comprehensive income. Third quarter 2015 non-cash impairment charges included $1,361,000 of write-down associated with certain producing properties that met the assets held for sale criteria. Carrying value of these assets was adjusted to fair value and $1,534,000 were reclassified from oil and gas properties to assets held for sale which is included in other assets on our consolidated balance sheet. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to identify and expense any excess of carrying value over fair value less estimated costs to sell. In first nine months 2015, we recognized non-cash impairment charges of $36,768,000 on our unproved leasehold interests and $90,417,000 on our proved properties principally due to a significant decline in oil prices, drilling results, a change in our plans to develop acreage and increased likelihood that certain non-core oil and gas assets will be sold. Dry hole costs in first nine months 2015 were $ 9,952,000 , which includes a $ 9,674,000 charge in second quarter 2015 primarily associated with an exploratory well in Oklahoma. In addition, in second quarter 2015 we expensed $ 917,000 of capitalized costs related to pre-drilling activities associated with non-core oil and gas properties in Oklahoma. In first nine months 2015 , we recorded a net loss of ($1,320,000) on the sale of 27,662 net mineral acres leased from others and the disposition of 29 gross ( 5 net) producing oil and gas wells in Nebraska, Texas, Colorado, North Dakota and Oklahoma for total sales proceeds of $13,111,000 . |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 9 Months Ended |
Sep. 30, 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: Third Year-End 2015 2014 (In thousands) Goodwill $ 61,452 $ 63,423 Identified intangibles, net 1,988 2,708 $ 63,440 $ 66,131 Goodwill related to our oil and gas properties is $57,578,000 and $59,549,000 at third quarter-end 2015 and year-end 2014. Goodwill associated with our water resources initiatives is $3,874,000 at third quarter-end 2015 and year-end 2014. The change in goodwill for oil and gas properties is related to goodwill allocated to properties sold or held for sale in first nine months 2015. Identified intangibles include $1,681,000 in indefinite lived groundwater leases associated with our water resources initiatives and $307,000 related to patents with definite lives associated with the Calliope Gas Recovery System, a process to increase natural gas production. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Equity | Equity A reconciliation of changes in equity at third quarter-end 2015 follows: Forestar Group Inc. Noncontrolling Interests Total (In thousands) Balance at year-end 2014 $ 707,202 $ 2,540 $ 709,742 Net income (loss) (206,881 ) (5 ) (206,886 ) Distributions to noncontrolling interests — (703 ) (703 ) Other (primarily share-based compensation) 6,252 — 6,252 $ 506,573 $ 1,832 $ 508,405 |
Investment in Unconsolidated Ve
Investment in Unconsolidated Ventures | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Ventures | Investment in Unconsolidated Ventures At third quarter-end 2015 , we have ownership interests in 20 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 Third Year-End Third Year-End Third Year-End Third Year-End 2015 2014 2015 2014 2015 2014 2015 2014 (In thousands) 242, LLC (b) $ 27,647 $ 33,021 $ — $ 6,940 $ 25,822 $ 21,789 $ 12,239 $ 10,098 CL Ashton Woods, LP (c) 8,453 13,269 — — 5,671 11,453 2,620 6,015 CL Realty, LLC 8,246 7,960 — — 8,084 7,738 4,042 3,869 CREA FMF Nashville LLC (b) 57,193 40,014 49,960 29,660 4,780 5,987 4,309 5,516 Elan 99, LLC 25,572 10,070 5,726 1 15,885 9,643 14,297 8,679 FOR/SR Forsyth LLC 6,300 — — — 6,300 — 5,670 — FMF Littleton LLC 43,828 26,953 15,665 — 24,585 24,435 6,324 6,287 FMF Peakview LLC 48,984 43,638 29,426 23,070 16,924 17,464 3,467 3,575 HM Stonewall Estates, Ltd (c) 3,054 3,750 — 669 3,054 3,081 1,822 1,752 LM Land Holdings, LP (c) 33,397 25,561 8,015 4,448 23,679 18,500 11,033 9,322 MRECV DT Holdings LLC 3,899 — — — 3,899 — 3,510 — MRECV Edelweiss LLC 2,000 — — — 2,000 — 1,800 — MRECV Juniper Ridge LLC 1,796 — — — 1,796 — 1,616 — Miramonte Boulder Pass, LLC 12,429 — 5,360 — 5,533 — 5,403 — PSW Communities, LP 14,060 16,045 6,880 10,515 6,557 4,415 4,123 3,924 Temco Associates, LLC 5,813 11,756 — — 5,232 11,556 2,616 5,778 Other ventures (d) 6,605 8,453 22,956 26,944 (31,306 ) (25,614 ) 434 190 $ 309,276 $ 240,490 $ 143,988 $ 102,247 $ 128,495 $ 110,447 $ 85,325 $ 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) Third Quarter First Nine Months Third Quarter First Nine Months Third Quarter First Nine Months 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 (In thousands) 242, LLC (b) $ 2,884 $ 88 $ 20,583 $ 1,563 $ 1,161 $ (32 ) $ 9,034 $ 448 $ 597 $ (15 ) $ 4,642 $ 236 CL Ashton Woods, LP (c) 3,958 790 6,369 1,859 1,341 277 2,719 573 1,849 373 3,405 826 CL Realty, LLC 205 413 674 1,240 103 294 346 846 52 147 174 423 CREA FMF Nashville LLC (b) 442 — 477 — (991 ) — (1,207 ) (25 ) (991 ) — (1,207 ) (25 ) Elan 99, LLC — — — — — — (2 ) — — — (2 ) — FMF Littleton LLC 6 — 6 — (152 ) — (152 ) — (38 ) — (38 ) — FMF Peakview LLC 628 3 1,280 3 (286 ) (109 ) (1,020 ) (261 ) (58 ) (21 ) (204 ) (52 ) FOR/SR Forsyth LLC — — — — — — — — — — — — HM Stonewall Estates, Ltd (c) 921 292 2,590 1,727 480 91 1,292 613 157 36 730 245 LM Land Holdings, LP (c) 1,857 4,604 8,154 13,897 1,391 3,397 5,179 10,368 423 1,200 1,710 3,097 MRECV DT Holdings LLC — — — — 167 — 167 — — — — — MRECV Edelweiss LLC — — — — 125 — 125 — 65 — 65 — MRECV Juniper Ridge LLC — — — — 105 — 105 — — — — — Miramonte Boulder Pass, LLC — — — — (92 ) — (141 ) — (46 ) — (71 ) — PSW Communities, LP 5,145 — 21,214 — 613 (11 ) 3,141 (231 ) 127 (9 ) 1,088 (204 ) Temco Associates, LLC 8,019 79 9,163 793 1,618 42 2,077 158 809 21 1,039 79 Other ventures (d) 71 2,427 3,772 3,546 242 386 (16 ) (454 ) (37 ) 284 207 (660 ) $ 24,136 $ 8,696 $ 74,282 $ 24,628 $ 5,825 $ 4,335 $ 21,647 $ 12,035 $ 2,909 $ 2,016 $ 11,538 $ 3,965 _____________________ (a) Total includes current maturities of $72,637,000 at third quarter-end 2015 , of which $40,902,000 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 $1,496,000 are reflected as a reduction to our investment in unconsolidated ventures at third quarter-end 2015 . (c) Includes unrecognized basis difference of $588,000 which is reflected as a reduction of our investment in unconsolidated ventures at third 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 nine months 2015 , we invested $23,908,000 in these ventures and received $15,126,000 in distributions. In first nine months 2014 , we invested $5,016,000 in these ventures and received $4,418,000 in distributions. Distributions include both return of investments and distribution of earnings. |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consist of: Third Year-End 2015 2014 (In thousands) Oil and gas revenue accruals $ 5,825 $ 7,293 Other receivables and accrued interest 4,146 6,505 Oil and gas joint interest billing receivables 1,439 5,738 Other loans secured by real estate, average interest rates of 11.12% at third quarter-end 2015 and 4.41% at year-end 2014 2,045 1,737 Loan secured by real estate — 3,574 13,455 24,847 Allowance for bad debts (243 ) (258 ) $ 13,212 $ 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: Third 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 nine months 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 | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consists of: Third Year-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 105,672 103,194 6.00% tangible equity unit notes, net of discount 10,899 17,154 Secured promissory notes — average interest rates of 3.19% at third quarter-end 2015 and 3.17% at year-end 2014 15,400 15,400 Other indebtedness — interest rates ranging from 2.25% to 5.50% 53,324 46,996 $ 435,295 $ 432,744 Our debt agreements contain financial covenants customary for such agreements including minimum levels of interest coverage and limitations on leverage. On September 30, 2015, we received a waiver of the consolidated tangible net worth maintenance covenant requirement of our senior credit facility for third quarter 2015, and amended the consolidated tangible net worth maintenance covenant requirement to an amount equal to 80 percent of the actual consolidated tangible net worth as calculated using the September 30, 2015 financial statements. The amendment provides us with additional flexibility given the on-going volatility and continued decline in oil prices, which resulted in approximately $81,240,000 of additional non-cash asset impairment charges in the oil and gas segment in third quarter 2015. At third quarter-end 2015 , we were in compliance with the financial covenants of these agreements. At third quarter-end 2015 , our senior secured credit facility provides for a $300,000,000 revolving line of credit maturing May 15, 2017 (with two one-year extension options). 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 $16,184,000 is outstanding at third 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 third quarter-end 2015 , we had $283,816,000 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 third 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 $34,297,000 . Other indebtedness principally represents $48,103,000 of senior secured loans for two wholly-owned multifamily properties, our 257 -unit multifamily project in Austin and our 354 -unit multifamily property near Dallas. The combined carrying value of these two multifamily properties is $85,147,000 at third quarter-end 2015 . At third quarter-end 2015 and year-end 2014 , we have $12,407,000 and $15,168,000 in unamortized deferred financing fees which are included in other assets. Amortization of deferred financing fees was $2,992,000 and $3,089,000 in first nine months 2015 and 2014 and is included in interest expense. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 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 nine months 2015 , we recognized proved oil and gas properties non-cash impairment charges of $90,417,000 principally due to a significant decline in oil and gas prices and an increased likelihood that certain non-core oil and gas assets will be sold. The fair value of these properties was determined using Level 3 inputs and the income valuation method. We used a discount rate of ten percent as of third quarter-end 2015 which is commensurate with current market and risk conditions associated with realizing the expected cash flows projected for these investments. Fair value of assets held for sale was based on net realizable value less cost to sell. Fair value of certain unproved leasehold interests that were impaired was based on market comparables. In first nine months 2015, we recognized real estate non-cash asset impairment of $729,000 , of which $504,000 was recognized in first quarter 2015 related to a residential development with golf course and country club property located near Fort Worth which was sold in April 2015 and $225,000 was recognized in second quarter 2015 related to an owned project near Atlanta where the remaining lots were sold in August 2015. Non-financial assets measured at fair value on a non-recurring basis are as follows: Third 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 $ — $ — $ — $ — $ — $ 970 $ — $ 970 Proved oil and gas properties $ — $ — $ 80,551 $ 80,551 $ — $ — $ 3,655 $ 3,655 Unproved leasehold interests $ — $ 1,226 $ 11,489 $ 12,715 $ — $ — $ — $ — Assets held for sale - oil and gas properties $ — $ 1,534 $ — $ 1,534 $ — $ — $ — $ — 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: Third Quarter-End 2015 Year-End 2014 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Loan secured by real estate $ — $ — $ 3,574 $ 4,859 Level 2 Fixed rate debt $ (366,571 ) $ (357,857 ) $ (370,348 ) $ (359,131 ) Level 2 |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 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 third quarter-end 2015 , personnel of former affiliates held options to purchase 501,000 shares of our common stock. The options have a weighted average exercise price of $28.62 and a weighted average remaining contractual term of one year . At third quarter-end 2015 , the options have an aggregate intrinsic value of $0 . |
Net Income per Share
Net Income per Share | 9 Months Ended |
Sep. 30, 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 third quarter and first nine months 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: Third Quarter First Nine Months 2015 2014 2015 2014 (In thousands) Numerator: Consolidated net income (loss) $ (164,331 ) $ 5,239 $ (206,886 ) $ 28,994 Less: Net (income) loss attributable to noncontrolling interest 115 (12 ) 5 (611 ) Earnings (loss) available for diluted earnings per share $ (164,216 ) $ 5,227 $ (206,881 ) $ 28,383 Less: Undistributed net income allocated to participating securities — (947 ) — (5,151 ) Earnings (loss) available to common shareholders for basic earnings per share $ (164,216 ) $ 4,280 $ (206,881 ) $ 23,232 Denominator: Weighted average common shares outstanding — basic 34,299 35,498 34,248 35,437 Weighted average common shares upon conversion of participating securities (a) — 7,857 — 7,857 Dilutive effect of stock options, restricted stock and equity-settled awards — 513 — 456 Total weighted average shares outstanding — diluted 34,299 43,868 34,248 43,750 Anti-dilutive awards excluded from diluted weighted average shares 10,933 1,959 10,835 2,171 ___________________ (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 third quarter 2015 did not exceed the conversion price which resulted in no additional diluted outstanding shares. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our provision for income taxes including the impact of deferred tax asset valuation allowance is as follows: Third Quarter First Nine Months 2015 2014 2015 2014 (In thousands) Current income tax benefit (expense) $ (27 ) $ (200 ) $ (27 ) $ (4,815 ) Deferred income tax benefit (expense) 34,678 (2,555 ) 60,844 (10,649 ) Deferred tax asset valuation allowance benefit (expense) (98,887 ) — (99,950 ) — Income tax benefit (expense) $ (64,236 ) $ (2,755 ) $ (39,133 ) $ (15,464 ) Our effective tax rate was 64 percent in third quarter 2015 and 23 percent in first nine months 2015. Excluding the impact of valuation allowance, our effective tax rate was a 35 percent benefit in third quarter 2015 and 36 percent benefit in first nine months 2015. Our effective tax rate was 35 percent in third quarter and first nine months 2014. Our effective tax rates include the effect of state income taxes, noncontrolling interests, nondeductible items and benefits of percentage depletion. We assess available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax asset. In determining our valuation allowance, a significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended September 30, 2015, principally driven by impairments of oil and gas assets. Such evidence limits our ability to consider other subjective evidence, such as our projected future taxable income. A valuation allowance was recorded for the portion of our deferred tax asset that we believe is more likely than not to be unrealizable at third quarter-end 2015. The amount of deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence, such as our projected future taxable income. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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. In third quarter 2015, we increased our reserves for environmental remediation by $388,000 due to additional testing and remediation requirements by state regulatory agencies. We estimate the remaining cost to complete remediation activities will be approximately $600,000 , 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 third quarter-end 2015 and year-end 2014, our asset retirement obligation was $1,748,000 and $1,807,000 , which is included in other liabilities. Unallocated Severance-related Costs In connection with the departures of our former Chief Executive Officer and Chief Financial Officer in September 2015, we recorded one-time severance-related charges of $3,314,000 which are included in general and administrative expense on our consolidated statements of income and comprehensive income. Approximately $2,721,000 of these severance-related charges will be paid in fourth quarter 2015 with the balance to be paid in 2016. 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 to key personnel provided they remain our employees through December 2015 . We are expensing retention bonus costs over the retention period. In first nine months 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 strategic initiatives associated with lowering capital expenditures and operating costs in our oil and gas segment. The following table summarizes activity related to liabilities associated with our oil and gas restructuring activities in first nine months 2015: Employee-Related Costs Lease Termination Charge Total (In thousands) Balance at year-end 2014 $ (2,367 ) $ — $ (2,367 ) Additions (1,979 ) (1,750 ) (3,729 ) Payments 2,047 1,750 3,797 Balance at third quarter-end 2015 $ (2,299 ) $ — $ (2,299 ) |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 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: Third Year-End 2015 2014 (In thousands) Real estate $ 713,912 $ 654,774 Oil and gas 191,328 342,703 Other natural resources 20,034 22,531 Assets not allocated to segments (a) 115,942 238,191 $ 1,041,216 $ 1,258,199 _________________________ (a) Assets not allocated to segments at third quarter-end 2015 principally consist of cash and cash equivalents of $92,640,000 and a net deferred tax asset of $1,118,000 . 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 third quarter 2015 , no single customer accounted for more than ten percent of our total revenues. Segment revenues and earnings are as follows: Third Quarter First Nine Months 2015 2014 2015 2014 (In thousands) Revenues: Real estate $ 27,957 $ 32,445 $ 100,196 $ 153,098 Oil and gas 13,485 24,145 42,835 66,076 Other natural resources 1,726 2,250 5,372 7,284 Total revenues $ 43,168 $ 58,840 $ 148,403 $ 226,458 Segment earnings (loss): Real estate $ 5,154 $ 15,987 $ 29,747 $ 66,859 Oil and gas (86,192 ) 6,002 (146,000 ) 16,331 Other natural resources (77 ) 669 (511 ) 2,220 Total segment earnings (loss) (81,115 ) 22,658 (116,764 ) 85,410 Items not allocated to segments (a) (18,865 ) (14,676 ) (50,984 ) (41,563 ) Income (loss) before taxes attributable to Forestar Group Inc. $ (99,980 ) $ 7,982 $ (167,748 ) $ 43,847 _________________________ (a) Items not allocated to segments consist of: Third Quarter First Nine Months 2015 2014 2015 2014 (In thousands) General and administrative expense $ (8,343 ) $ (5,190 ) $ (19,540 ) $ (15,924 ) Shared-based and long-term incentive compensation expense (2,245 ) (991 ) (5,726 ) (4,523 ) Interest expense (8,315 ) (8,634 ) (25,851 ) (21,507 ) Other corporate non-operating income 38 139 133 391 $ (18,865 ) $ (14,676 ) $ (50,984 ) $ (41,563 ) |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 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 Variable Interest Entities (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 third quarter-end 2015 , we have four VIEs. We account for these VIEs using the equity method since 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 third quarter-end 2015 , these VIEs have total assets of $77,672,000 , substantially all of which represent developed and undeveloped real estate, and total liabilities of $97,828,000 , which includes $29,835,000 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 third quarter-end 2015 , our investment in these VIEs is $8,822,000 and is included in investment in unconsolidated ventures. In first nine months 2015 , we contributed $111,000 to these VIEs. Our maximum exposure to loss related to one of these VIEs is estimated at $3,808,000 , 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. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 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: Third Quarter First Nine Months 2015 2014 2015 2014 (In thousands) Cash-settled awards $ 146 $ (801 ) $ (1,005 ) $ (1,996 ) Equity-settled awards 1,654 1,307 4,569 4,897 Restricted stock 16 22 13 101 Stock options 388 463 1,954 1,521 Total share-based compensation 2,204 991 5,531 4,523 Deferred cash 41 — 195 — $ 2,245 $ 991 $ 5,726 $ 4,523 Share-based and long-term incentive compensation expense is included in: Third Quarter First Nine Months 2015 2014 2015 2014 (In thousands) General and administrative expense $ 1,124 $ (50 ) $ 2,970 $ 1,217 Other operating expense 1,121 1,041 2,756 3,306 $ 2,245 $ 991 $ 5,726 $ 4,523 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 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 three 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. In third quarter 2015, we granted 141,300 stock option awards in connection with management promotions. These awards have a ten -year term, vest ratably over three years and are exercisable only when our stock price exceeds $17.50 per share. We also granted 24,200 cash-settled restricted stock units which vest after three years and provide for accelerated or continued vesting upon death, disability or if there is a change in control. In addition, 36,100 cash-settled restricted stock units were awarded to certain key employees as retention grants. These awards vest over three years and are not eligible for retirement acceleration. The fair value of awards granted to retirement eligible employees expensed at the date of grant was $517,000 and $760,000 in first nine months 2015 and 2014 . Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options is $6,160,000 at third quarter-end 2015 . In first nine months 2015 and 2014 , we issued 159,867 and 211,333 shares out of our treasury stock associated with vesting of stock-based awards or exercise of stock options, net of 48,636 and 54,272 shares withheld having a value of $722,000 and $1,024,000 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 $195,000 at third quarter-end 2015 and is included in other liabilities. |
Subsequent Event (Notes)
Subsequent Event (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Event [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event On October 16, 2015, we obtained a senior secured construction loan in the amount of $52,000,000 from PNC Bank, National Association to finance the construction of a 379 -unit multifamily project (Dillon) located in Charlotte, North Carolina. The loan is secured by a lien on the land and improvements to be constructed, and by a collateral assignment of present and future leases and rents. The loan bears interest at the LIBOR rate plus 2.20 percent , payable monthly, has an initial term of 48 months and may be extended for two additional 12-month periods following the initial term, subject to payment of extension fees and fulfillment of specified conditions. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 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 | 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. In July 2015, the FASB decided to defer the effective date of the new standard by one year. This deferral results 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: Amendments to the Consolidation Analysis (Topic 810) , 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. In August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update), which allows an entity to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The updated standards are effective for financial statements issued for annual and interim periods beginning after December 15, 2015. The updated standards are not expected to materially impact our financial position or disclosures. In April 2015, the FASB issued ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement (Subtopic 350-40), in order to provide clarification on whether a cloud computing arrangement includes a software license. If a software license is included, the customer should account for the license consistent with its accounting of other software licenses. If a software license is not included, the arrangement should be accounted for as a service contract. The update is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted. We are currently evaluating the effect that the updated standard will have on our financial position and disclosures. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Updates. The amendments in this update cover a wide range of topics in the codification and are generally categorized as follows: Amendments Related to Differences between Original Guidance and the Codification; Guidance Clarification and Reference Corrections; Simplification; and, Minor Improvements. The amendments are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard is not expected to impact our financial position or results of operations. |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Real Estate [Abstract] | |
Real Estate | Real estate consists of: Third Quarter-End 2015 Year-End 2014 Carrying Value Accumulated Depreciation Net Carrying Value Carrying Value Accumulated Depreciation Net Carrying Value (In thousands) Entitled, developed and under development projects $ 359,532 $ — $ 359,532 $ 321,273 $ — $ 321,273 Undeveloped land (includes land in entitlement) 93,824 — 93,824 93,182 — 93,182 Commercial Radisson Hotel 62,693 (28,396 ) 34,297 59,773 (29,062 ) 30,711 Harbor Lakes golf course and country club — — — 2,054 (1,508 ) 546 Income producing properties Eleven 53,906 (2,312 ) 51,594 53,958 (576 ) 53,382 Midtown 34,952 (1,399 ) 33,553 33,293 (231 ) 33,062 Dillon (a) 18,120 — 18,120 15,203 — 15,203 Music Row (a) 8,483 — 8,483 7,675 — 7,675 Downtown Edge 12,335 — 12,335 11,856 — 11,856 West Austin 9,075 — 9,075 8,866 — 8,866 $ 652,920 $ (32,107 ) $ 620,813 $ 607,133 $ (31,377 ) $ 575,756 |
Oil and Gas Properties (Tables)
Oil and Gas Properties (Tables) | 9 Months Ended |
Sep. 30, 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: Third Year-End 2015 2014 (In thousands) Unproved leasehold interests $ 44,387 $ 90,446 Proved oil and gas properties 133,246 221,299 Total costs 177,633 311,745 Less: accumulated depreciation, depletion and amortization (55,858 ) (48,252 ) $ 121,775 $ 263,493 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying value of goodwill and other intangible assets | Carrying value of goodwill and other intangible assets follows: Third Year-End 2015 2014 (In thousands) Goodwill $ 61,452 $ 63,423 Identified intangibles, net 1,988 2,708 $ 63,440 $ 66,131 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Reconciliation of Changes in Equity | A reconciliation of changes in equity at third quarter-end 2015 follows: Forestar Group Inc. Noncontrolling Interests Total (In thousands) Balance at year-end 2014 $ 707,202 $ 2,540 $ 709,742 Net income (loss) (206,881 ) (5 ) (206,886 ) Distributions to noncontrolling interests — (703 ) (703 ) Other (primarily share-based compensation) 6,252 — 6,252 $ 506,573 $ 1,832 $ 508,405 |
Investment in Unconsolidated 29
Investment in Unconsolidated Ventures (Tables) | 9 Months Ended |
Sep. 30, 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 Third Year-End Third Year-End Third Year-End Third Year-End 2015 2014 2015 2014 2015 2014 2015 2014 (In thousands) 242, LLC (b) $ 27,647 $ 33,021 $ — $ 6,940 $ 25,822 $ 21,789 $ 12,239 $ 10,098 CL Ashton Woods, LP (c) 8,453 13,269 — — 5,671 11,453 2,620 6,015 CL Realty, LLC 8,246 7,960 — — 8,084 7,738 4,042 3,869 CREA FMF Nashville LLC (b) 57,193 40,014 49,960 29,660 4,780 5,987 4,309 5,516 Elan 99, LLC 25,572 10,070 5,726 1 15,885 9,643 14,297 8,679 FOR/SR Forsyth LLC 6,300 — — — 6,300 — 5,670 — FMF Littleton LLC 43,828 26,953 15,665 — 24,585 24,435 6,324 6,287 FMF Peakview LLC 48,984 43,638 29,426 23,070 16,924 17,464 3,467 3,575 HM Stonewall Estates, Ltd (c) 3,054 3,750 — 669 3,054 3,081 1,822 1,752 LM Land Holdings, LP (c) 33,397 25,561 8,015 4,448 23,679 18,500 11,033 9,322 MRECV DT Holdings LLC 3,899 — — — 3,899 — 3,510 — MRECV Edelweiss LLC 2,000 — — — 2,000 — 1,800 — MRECV Juniper Ridge LLC 1,796 — — — 1,796 — 1,616 — Miramonte Boulder Pass, LLC 12,429 — 5,360 — 5,533 — 5,403 — PSW Communities, LP 14,060 16,045 6,880 10,515 6,557 4,415 4,123 3,924 Temco Associates, LLC 5,813 11,756 — — 5,232 11,556 2,616 5,778 Other ventures (d) 6,605 8,453 22,956 26,944 (31,306 ) (25,614 ) 434 190 $ 309,276 $ 240,490 $ 143,988 $ 102,247 $ 128,495 $ 110,447 $ 85,325 $ 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) Third Quarter First Nine Months Third Quarter First Nine Months Third Quarter First Nine Months 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 (In thousands) 242, LLC (b) $ 2,884 $ 88 $ 20,583 $ 1,563 $ 1,161 $ (32 ) $ 9,034 $ 448 $ 597 $ (15 ) $ 4,642 $ 236 CL Ashton Woods, LP (c) 3,958 790 6,369 1,859 1,341 277 2,719 573 1,849 373 3,405 826 CL Realty, LLC 205 413 674 1,240 103 294 346 846 52 147 174 423 CREA FMF Nashville LLC (b) 442 — 477 — (991 ) — (1,207 ) (25 ) (991 ) — (1,207 ) (25 ) Elan 99, LLC — — — — — — (2 ) — — — (2 ) — FMF Littleton LLC 6 — 6 — (152 ) — (152 ) — (38 ) — (38 ) — FMF Peakview LLC 628 3 1,280 3 (286 ) (109 ) (1,020 ) (261 ) (58 ) (21 ) (204 ) (52 ) FOR/SR Forsyth LLC — — — — — — — — — — — — HM Stonewall Estates, Ltd (c) 921 292 2,590 1,727 480 91 1,292 613 157 36 730 245 LM Land Holdings, LP (c) 1,857 4,604 8,154 13,897 1,391 3,397 5,179 10,368 423 1,200 1,710 3,097 MRECV DT Holdings LLC — — — — 167 — 167 — — — — — MRECV Edelweiss LLC — — — — 125 — 125 — 65 — 65 — MRECV Juniper Ridge LLC — — — — 105 — 105 — — — — — Miramonte Boulder Pass, LLC — — — — (92 ) — (141 ) — (46 ) — (71 ) — PSW Communities, LP 5,145 — 21,214 — 613 (11 ) 3,141 (231 ) 127 (9 ) 1,088 (204 ) Temco Associates, LLC 8,019 79 9,163 793 1,618 42 2,077 158 809 21 1,039 79 Other ventures (d) 71 2,427 3,772 3,546 242 386 (16 ) (454 ) (37 ) 284 207 (660 ) $ 24,136 $ 8,696 $ 74,282 $ 24,628 $ 5,825 $ 4,335 $ 21,647 $ 12,035 $ 2,909 $ 2,016 $ 11,538 $ 3,965 _____________________ (a) Total includes current maturities of $72,637,000 at third quarter-end 2015 , of which $40,902,000 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 $1,496,000 are reflected as a reduction to our investment in unconsolidated ventures at third quarter-end 2015 . (c) Includes unrecognized basis difference of $588,000 which is reflected as a reduction of our investment in unconsolidated ventures at third 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) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Receivables | Receivables consist of: Third Year-End 2015 2014 (In thousands) Oil and gas revenue accruals $ 5,825 $ 7,293 Other receivables and accrued interest 4,146 6,505 Oil and gas joint interest billing receivables 1,439 5,738 Other loans secured by real estate, average interest rates of 11.12% at third quarter-end 2015 and 4.41% at year-end 2014 2,045 1,737 Loan secured by real estate — 3,574 13,455 24,847 Allowance for bad debts (243 ) (258 ) $ 13,212 $ 24,589 |
Estimated Accretable Yield | Estimated accretable yield follows: Third 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 nine months 2015) (869 ) End of period $ — |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt consists of: Third Year-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 105,672 103,194 6.00% tangible equity unit notes, net of discount 10,899 17,154 Secured promissory notes — average interest rates of 3.19% at third quarter-end 2015 and 3.17% at year-end 2014 15,400 15,400 Other indebtedness — interest rates ranging from 2.25% to 5.50% 53,324 46,996 $ 435,295 $ 432,744 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Nonrecurring | Non-financial assets measured at fair value on a non-recurring basis are as follows: Third 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 $ — $ — $ — $ — $ — $ 970 $ — $ 970 Proved oil and gas properties $ — $ — $ 80,551 $ 80,551 $ — $ — $ 3,655 $ 3,655 Unproved leasehold interests $ — $ 1,226 $ 11,489 $ 12,715 $ — $ — $ — $ — Assets held for sale - oil and gas properties $ — $ 1,534 $ — $ 1,534 $ — $ — $ — $ — |
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: Third Quarter-End 2015 Year-End 2014 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Loan secured by real estate $ — $ — $ 3,574 $ 4,859 Level 2 Fixed rate debt $ (366,571 ) $ (357,857 ) $ (370,348 ) $ (359,131 ) Level 2 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 9 Months Ended |
Sep. 30, 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: Third Quarter First Nine Months 2015 2014 2015 2014 (In thousands) Numerator: Consolidated net income (loss) $ (164,331 ) $ 5,239 $ (206,886 ) $ 28,994 Less: Net (income) loss attributable to noncontrolling interest 115 (12 ) 5 (611 ) Earnings (loss) available for diluted earnings per share $ (164,216 ) $ 5,227 $ (206,881 ) $ 28,383 Less: Undistributed net income allocated to participating securities — (947 ) — (5,151 ) Earnings (loss) available to common shareholders for basic earnings per share $ (164,216 ) $ 4,280 $ (206,881 ) $ 23,232 Denominator: Weighted average common shares outstanding — basic 34,299 35,498 34,248 35,437 Weighted average common shares upon conversion of participating securities (a) — 7,857 — 7,857 Dilutive effect of stock options, restricted stock and equity-settled awards — 513 — 456 Total weighted average shares outstanding — diluted 34,299 43,868 34,248 43,750 Anti-dilutive awards excluded from diluted weighted average shares 10,933 1,959 10,835 2,171 ___________________ (a) Our earnings per share calculation reflects the weighted average shares issuable upon settlement of the prepaid stock purchase contract component of our 6.00% tangible equity units, issued November 27, 2013. |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Our provision for income taxes including the impact of deferred tax asset valuation allowance is as follows: Third Quarter First Nine Months 2015 2014 2015 2014 (In thousands) Current income tax benefit (expense) $ (27 ) $ (200 ) $ (27 ) $ (4,815 ) Deferred income tax benefit (expense) 34,678 (2,555 ) 60,844 (10,649 ) Deferred tax asset valuation allowance benefit (expense) (98,887 ) — (99,950 ) — Income tax benefit (expense) $ (64,236 ) $ (2,755 ) $ (39,133 ) $ (15,464 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 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 nine months 2015: Employee-Related Costs Lease Termination Charge Total (In thousands) Balance at year-end 2014 $ (2,367 ) $ — $ (2,367 ) Additions (1,979 ) (1,750 ) (3,729 ) Payments 2,047 1,750 3,797 Balance at third quarter-end 2015 $ (2,299 ) $ — $ (2,299 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Assets Allocated by Segment | Total assets allocated by segment are as follows: Third Year-End 2015 2014 (In thousands) Real estate $ 713,912 $ 654,774 Oil and gas 191,328 342,703 Other natural resources 20,034 22,531 Assets not allocated to segments (a) 115,942 238,191 $ 1,041,216 $ 1,258,199 _________________________ (a) Assets not allocated to segments at third quarter-end 2015 principally consist of cash and cash equivalents of $92,640,000 and a net deferred tax asset of $1,118,000 . 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: Third Quarter First Nine Months 2015 2014 2015 2014 (In thousands) Revenues: Real estate $ 27,957 $ 32,445 $ 100,196 $ 153,098 Oil and gas 13,485 24,145 42,835 66,076 Other natural resources 1,726 2,250 5,372 7,284 Total revenues $ 43,168 $ 58,840 $ 148,403 $ 226,458 Segment earnings (loss): Real estate $ 5,154 $ 15,987 $ 29,747 $ 66,859 Oil and gas (86,192 ) 6,002 (146,000 ) 16,331 Other natural resources (77 ) 669 (511 ) 2,220 Total segment earnings (loss) (81,115 ) 22,658 (116,764 ) 85,410 Items not allocated to segments (a) (18,865 ) (14,676 ) (50,984 ) (41,563 ) Income (loss) before taxes attributable to Forestar Group Inc. $ (99,980 ) $ 7,982 $ (167,748 ) $ 43,847 _________________________ (a) Items not allocated to segments consist of: Third Quarter First Nine Months 2015 2014 2015 2014 (In thousands) General and administrative expense $ (8,343 ) $ (5,190 ) $ (19,540 ) $ (15,924 ) Shared-based and long-term incentive compensation expense (2,245 ) (991 ) (5,726 ) (4,523 ) Interest expense (8,315 ) (8,634 ) (25,851 ) (21,507 ) Other corporate non-operating income 38 139 133 391 $ (18,865 ) $ (14,676 ) $ (50,984 ) $ (41,563 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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: Third Quarter First Nine Months 2015 2014 2015 2014 (In thousands) Cash-settled awards $ 146 $ (801 ) $ (1,005 ) $ (1,996 ) Equity-settled awards 1,654 1,307 4,569 4,897 Restricted stock 16 22 13 101 Stock options 388 463 1,954 1,521 Total share-based compensation 2,204 991 5,531 4,523 Deferred cash 41 — 195 — $ 2,245 $ 991 $ 5,726 $ 4,523 |
Share-Based Compensation Expense (Income) Included in Operating Expense | Share-based and long-term incentive compensation expense is included in: Third Quarter First Nine Months 2015 2014 2015 2014 (In thousands) General and administrative expense $ 1,124 $ (50 ) $ 2,970 $ 1,217 Other operating expense 1,121 1,041 2,756 3,306 $ 2,245 $ 991 $ 5,726 $ 4,523 |
Real Estate - Real Estate (Deta
Real Estate - Real Estate (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | $ 652,920 | $ 607,133 |
Less: accumulated depreciation | (32,107) | (31,377) |
Total Real Estate | 620,813 | 575,756 |
Radisson Hotel [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | 62,693 | 59,773 |
Less: accumulated depreciation | (28,396) | (29,062) |
Net carrying value | 34,297 | 30,711 |
Undeveloped land (includes land in entitlement) [Member] [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | 93,824 | 93,182 |
Less: accumulated depreciation | 0 | 0 |
Net carrying value | 93,824 | 93,182 |
Entitled, developed and under development projects [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | 359,532 | 321,273 |
Less: accumulated depreciation | 0 | 0 |
Net carrying value | 359,532 | 321,273 |
West Austin [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | 9,075 | 8,866 |
Less: accumulated depreciation | 0 | 0 |
Net carrying value | 9,075 | 8,866 |
Downtown Edge [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | 12,335 | 11,856 |
Less: accumulated depreciation | 0 | 0 |
Net carrying value | 12,335 | 11,856 |
Music Row [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | 8,483 | 7,675 |
Less: accumulated depreciation | 0 | 0 |
Net carrying value | 8,483 | 7,675 |
Dillon [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | 18,120 | 15,203 |
Less: accumulated depreciation | 0 | 0 |
Net carrying value | 18,120 | 15,203 |
Midtown [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | 34,952 | 33,293 |
Less: accumulated depreciation | (1,399) | (231) |
Net carrying value | 33,553 | 33,062 |
Eleven [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | 53,906 | 53,958 |
Less: accumulated depreciation | (2,312) | (576) |
Net carrying value | 51,594 | 53,382 |
Harbor Lakes [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | 0 | 2,054 |
Less: accumulated depreciation | 0 | (1,508) |
Net carrying value | $ 0 | $ 546 |
Real Estate - Additional Inform
Real Estate - Additional Information (Detail) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015USD ($)Property | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | |||
Reimbursements from utility and improvement districts | $ (8,285) | $ (8,554) | |
Utility and Improvement District [Member] | |||
Real Estate Properties [Line Items] | |||
Cost of asset in developed and under development projects | 67,925 | $ 65,212 | |
Reimbursements from utility and improvement districts | 7,860 | ||
San Antonio Texas [Member] | Cibolo Canyons Project [Member] | |||
Real Estate Properties [Line Items] | |||
Cost of asset in developed and under development projects | 21,438 | $ 31,913 | |
Cumulative Reimbursable Cost Associated with Real Estate Projects in Development | 54,376 | ||
Return of reimbursements received in relation to direct costs and expenses previously paid or incurred for development of real estate projects | $ 34,703 | ||
Austin, Texas [Member] | Multi Family Property [Member] | |||
Real Estate Properties [Line Items] | |||
Number Of Units Of Multifamily Project | Property | 257 | ||
Dallas, Texas [Member] | Multi Family Property [Member] | |||
Real Estate Properties [Line Items] | |||
Number Of Units Of Multifamily Project | Property | 354 |
Oil and Gas Properties - Net Ca
Oil and Gas Properties - Net Capitalized Costs Related to Oil and Gas Producing Activities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Extractive Industries [Abstract] | ||
Unproved oil and gas properties | $ 44,387 | $ 90,446 |
Proved oil and gas properties | 133,246 | 221,299 |
Total costs | 177,633 | 311,745 |
Less: accumulated depreciation, depletion and amortization | (55,858) | (48,252) |
Net capitalized costs | $ 121,775 | $ 263,493 |
Oil and Gas Properties Addition
Oil and Gas Properties Additional Details (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Impairment of Oil and Gas Properties | $ 81,240,000 | |||
Impairment of Oil and Gas Properties | $ 15,858,000 | $ 36,768,000 | ||
Increase Decrease In Average Sales Price | 24.00% | |||
Impairment Charge on Reclassified Assets | $ 1,361,000 | |||
Impairment of Proved Oil and Gas Properties | 65,382,000 | 90,417,000 | ||
Results of Operations, Dry Hole Costs | 9,952,000 | |||
Gain (Loss) on Disposition of Proved Property | $ (1,320,000) | |||
Net Mineral Acres Leased From Others | 27,662 | |||
Gross Producing Oil and Gas Wells Sold | 29 | |||
Net Producing Oil and Gas Wells Sold | 5 | |||
Proceeds from Sale of Oil and Gas Property and Equipment | $ 13,111,000 | |||
OKLAHOMA | ||||
Results of Operations, Dry Hole Costs | $ 9,674,000 | |||
Capitalized Exploratory Well Cost, Charged to Expense | 917,000 | |||
Oil and Gas Properties [Member] | ||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 1,534,000 | 1,534,000 | ||
Oil and Gas Properties [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 1,534,000 | 1,534,000 | $ 0 | |
Oil and Gas Properties [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 1,534,000 | $ 1,534,000 | $ 0 |
Goodwill and Other Intangible42
Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 61,452 | $ 63,423 |
Identified intangibles, net | 1,988 | 2,708 |
Goodwill and other intangible assets | $ 63,440 | $ 66,131 |
Goodwill and Other Intangible43
Goodwill and Other Intangibles Additional Information (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Goodwill | $ 61,452,000 | $ 63,423,000 |
Credo [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | 57,578,000 | 59,549,000 |
Credo [Member] | Patents [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets, Net | 307,000 | |
Water Resource Company [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | 3,874,000 | $ 3,784,000,000 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 1,681,000 |
Equity - Reconciliation of Chan
Equity - Reconciliation of Changes in Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 709,742 | |||
Consolidated net income (loss) | $ (164,331) | $ 5,239 | (206,886) | $ 28,994 |
Distributions to noncontrolling interests | (703) | |||
Other (primarily share-based compensation) | 6,252 | |||
Ending balance | 508,405 | 508,405 | ||
Forestar Group Inc. [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 707,202 | |||
Consolidated net income (loss) | (206,881) | |||
Distributions to noncontrolling interests | 0 | |||
Other (primarily share-based compensation) | 6,252 | |||
Ending balance | 506,573 | 506,573 | ||
Noncontrolling Interest [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 2,540 | |||
Consolidated net income (loss) | (5) | |||
Distributions to noncontrolling interests | (703) | |||
Other (primarily share-based compensation) | 0 | |||
Ending balance | $ 1,832 | $ 1,832 |
Investment in Unconsolidated 45
Investment in Unconsolidated Ventures - Additional Information (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($)Venture | Sep. 30, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated ventures | $ 23,908 | $ 5,016 |
Distributions of return on investments and earnings | $ 15,126 | $ 4,418 |
Equity Method Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of ventures under ownership interest using equity method | Venture | 20 |
Investment in Unconsolidated 46
Investment in Unconsolidated Ventures - Summarized Balance Sheet Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | $ 309,276 | $ 240,490 |
Venture Borrowings | 143,988 | 102,247 |
Venture Equity | 128,495 | 110,447 |
Investment in venture | 85,325 | 65,005 |
242, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 27,647 | 33,021 |
Venture Borrowings | 0 | 6,940 |
Venture Equity | 25,822 | 21,789 |
Investment in venture | 12,239 | 10,098 |
CL Ashton Woods [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 8,453 | 13,269 |
Venture Borrowings | 0 | 0 |
Venture Equity | 5,671 | 11,453 |
Investment in venture | 2,620 | 6,015 |
CL Realty [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 8,246 | 7,960 |
Venture Borrowings | 0 | 0 |
Venture Equity | 8,084 | 7,738 |
Investment in venture | 4,042 | 3,869 |
CREA FMF [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 57,193 | 40,014 |
Venture Borrowings | 49,960 | 29,660 |
Venture Equity | 4,780 | 5,987 |
Investment in venture | 4,309 | 5,516 |
Elan 99, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 25,572 | 10,070 |
Venture Borrowings | 5,726 | 1 |
Venture Equity | 15,885 | 9,643 |
Investment in venture | 14,297 | 8,679 |
FOR/SR Forsyth LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 6,300 | 0 |
Venture Borrowings | 0 | 0 |
Venture Equity | 6,300 | 0 |
Investment in venture | 5,670 | 0 |
FMF Littleton [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 43,828 | 26,953 |
Venture Borrowings | 15,665 | 0 |
Venture Equity | 24,585 | 24,435 |
Investment in venture | 6,324 | 6,287 |
FMF Peakview [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 48,984 | 43,638 |
Venture Borrowings | 29,426 | 23,070 |
Venture Equity | 16,924 | 17,464 |
Investment in venture | 3,467 | 3,575 |
HM Stonewall Estates [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 3,054 | 3,750 |
Venture Borrowings | 0 | 669 |
Venture Equity | 3,054 | 3,081 |
Investment in venture | 1,822 | 1,752 |
LM Land Holdings [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 33,397 | 25,561 |
Venture Borrowings | 8,015 | 4,448 |
Venture Equity | 23,679 | 18,500 |
Investment in venture | 11,033 | 9,322 |
MRECV DT Holdings LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 3,899 | 0 |
Venture Borrowings | 0 | 0 |
Venture Equity | 3,899 | 0 |
Investment in venture | 3,510 | 0 |
MRECV Edelweiss LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 2,000 | 0 |
Venture Borrowings | 0 | 0 |
Venture Equity | 2,000 | 0 |
Investment in venture | 1,800 | 0 |
MREC VH Juniper Ridge LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 1,796 | 0 |
Venture Borrowings | 0 | 0 |
Venture Equity | 1,796 | 0 |
Investment in venture | 1,616 | 0 |
Miramonte Boulder Pass, LLC [Member] [Domain] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 12,429 | 0 |
Venture Borrowings | 5,360 | 0 |
Venture Equity | 5,533 | 0 |
Investment in venture | 5,403 | 0 |
PSW Communities [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 14,060 | 16,045 |
Venture Borrowings | 6,880 | 10,515 |
Venture Equity | 6,557 | 4,415 |
Investment in venture | 4,123 | 3,924 |
Temco [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 5,813 | 11,756 |
Venture Borrowings | 0 | 0 |
Venture Equity | 5,232 | 11,556 |
Investment in venture | 2,616 | 5,778 |
Other ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 6,605 | 8,453 |
Venture Borrowings | 22,956 | 26,944 |
Venture Equity | (31,306) | (25,614) |
Investment in venture | $ 434 | $ 190 |
Investment in Unconsolidated 47
Investment in Unconsolidated Ventures - Summarized Income Statement Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 24,136 | $ 8,696 | $ 74,282 | $ 24,628 |
Earnings (loss) | 5,825 | 4,335 | 21,647 | 12,035 |
Equity in earnings of unconsolidated ventures | 2,909 | 2,016 | 11,538 | 3,965 |
242, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 2,884 | 88 | 20,583 | 1,563 |
Earnings (loss) | 1,161 | (32) | 9,034 | 448 |
Equity in earnings of unconsolidated ventures | 597 | (15) | 4,642 | 236 |
CL Ashton Woods [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 3,958 | 790 | 6,369 | 1,859 |
Earnings (loss) | 1,341 | 277 | 2,719 | 573 |
Equity in earnings of unconsolidated ventures | 1,849 | 373 | 3,405 | 826 |
CL Realty [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 205 | 413 | 674 | 1,240 |
Earnings (loss) | 103 | 294 | 346 | 846 |
Equity in earnings of unconsolidated ventures | 52 | 147 | 174 | 423 |
CREA FMF [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 442 | 0 | 477 | 0 |
Earnings (loss) | (991) | 0 | (1,207) | (25) |
Equity in earnings of unconsolidated ventures | (991) | 0 | (1,207) | (25) |
Elan 99, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Earnings (loss) | 0 | 0 | (2) | 0 |
Equity in earnings of unconsolidated ventures | 0 | 0 | (2) | 0 |
FMF Littleton [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 6 | 0 | 6 | 0 |
Earnings (loss) | (152) | 0 | (152) | 0 |
Equity in earnings of unconsolidated ventures | (38) | 0 | (38) | 0 |
FMF Peakview [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 628 | 3 | 1,280 | 3 |
Earnings (loss) | (286) | (109) | (1,020) | (261) |
Equity in earnings of unconsolidated ventures | (58) | (21) | (204) | (52) |
FOR/SR Forsyth LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Earnings (loss) | 0 | 0 | 0 | 0 |
Equity in earnings of unconsolidated ventures | 0 | 0 | 0 | 0 |
HM Stonewall Estates [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 921 | 292 | 2,590 | 1,727 |
Earnings (loss) | 480 | 91 | 1,292 | 613 |
Equity in earnings of unconsolidated ventures | 157 | 36 | 730 | 245 |
LM Land Holdings [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 1,857 | 4,604 | 8,154 | 13,897 |
Earnings (loss) | 1,391 | 3,397 | 5,179 | 10,368 |
Equity in earnings of unconsolidated ventures | 423 | 1,200 | 1,710 | 3,097 |
MRECV DT Holdings LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Earnings (loss) | 167 | 0 | 167 | 0 |
Equity in earnings of unconsolidated ventures | 0 | 0 | 0 | 0 |
MRECV Edelweiss LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Earnings (loss) | 125 | 0 | 125 | 0 |
Equity in earnings of unconsolidated ventures | 65 | 0 | 65 | 0 |
MREC VH Juniper Ridge LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Earnings (loss) | 105 | 0 | 105 | 0 |
Equity in earnings of unconsolidated ventures | 0 | 0 | 0 | 0 |
Miramonte Boulder Pass, LLC [Member] [Domain] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Earnings (loss) | (92) | 0 | (141) | 0 |
Equity in earnings of unconsolidated ventures | (46) | 0 | (71) | 0 |
PSW Communities [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 5,145 | 0 | 21,214 | 0 |
Earnings (loss) | 613 | (11) | 3,141 | (231) |
Equity in earnings of unconsolidated ventures | 127 | (9) | 1,088 | (204) |
Temco [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 8,019 | 79 | 9,163 | 793 |
Earnings (loss) | 1,618 | 42 | 2,077 | 158 |
Equity in earnings of unconsolidated ventures | 809 | 21 | 1,039 | 79 |
Other ventures [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 71 | 2,427 | 3,772 | 3,546 |
Earnings (loss) | 242 | 386 | (16) | (454) |
Equity in earnings of unconsolidated ventures | $ (37) | $ 284 | $ 207 | $ (660) |
Investment in Unconsolidated 48
Investment in Unconsolidated Ventures - Summarized Income Statement Information additional information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Deferred Gain on Sale | $ 1,496 | |
Unrecognized basis difference on equity method investment | 588 | |
Equity Method Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term Debt, Current Maturities | 72,637 | $ 65,795 |
Equity Method Investments [Member] | Non-recourse Debt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term Debt, Current Maturities | $ 40,902 | $ 42,566 |
Receivables - Receivables (Deta
Receivables - Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 13,455 | $ 24,847 |
Oil and Gas Joint Interest Billing Receivables | 1,439 | 5,738 |
Allowance for bad debts | (243) | (258) |
Receivables, net | 13,212 | 24,589 |
Oil and gas revenue accrual receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 5,825 | 7,293 |
Receivables and accrued interest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,146 | 6,505 |
Notes receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 2,045 | $ 1,737 |
Average interest rate | 11.12% | 4.41% |
Loan secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 0 | $ 3,574 |
Receivables - Additional Inform
Receivables - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
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 |
Interest amount of loan received | $ 49 |
Receivables - Estimated Accreta
Receivables - Estimated Accretable Yield (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
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 ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Debt | $ 435,295 | $ 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 | 105,672 | 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 | 53,324 | 46,996 |
Six Percent Tangible Equity Units [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt | $ 10,899 | $ 17,154 |
Debt - Debt additional informat
Debt - Debt additional information (Detail) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate Percentage | 8.50% | 8.50% |
Debt Instrument, Maturity Date | Jun. 1, 2022 | |
Six Percent Tangible Equity Units [Member] | ||
Line of Credit Facility [Line Items] | ||
Average interest rate | 6.00% | 6.00% |
Debt Instrument, Maturity Date | Dec. 15, 2016 | |
Secured Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Average interest rate | 3.19% | 3.17% |
Other indebtedness [Member] | ||
Line of Credit Facility [Line Items] | ||
Variable and fixed interest rates ranging, minimum | 2.25% | |
Variable and fixed interest rates ranging, maximum | 5.50% | |
Convertible Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate Percentage | 3.75% | 3.75% |
Debt Instrument, Maturity Date | Mar. 1, 2020 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)PropertyRoom | Sep. 30, 2015USD ($)PropertyRoom | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Line of Credit Facility [Line Items] | ||||
Minimum Net Worth Required for Compliance | 80.00% | 80.00% | ||
Impairment of Oil and Gas Properties | $ 81,240,000 | |||
Debt | 435,295,000 | $ 435,295,000 | $ 432,744,000 | |
Deferred Finance Costs, Net | 12,407,000 | 12,407,000 | 15,168,000 | |
Amortization of deferred financing fees | 2,992,000 | $ 3,089,000 | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity under term Loan facility | 300,000,000 | $ 300,000,000 | ||
Maturity period of revolving line of credit | May 15, 2017 | |||
Sublimit for letters of credit outstanding | 16,184,000 | $ 16,184,000 | ||
Net unused borrowing capacity | $ 283,816,000 | $ 283,816,000 | ||
Percentage of spread on federal funds effective rate | 0.50% | |||
Austin, Texas [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Guest room hotel | Room | 413 | 413 | ||
Carrying value of multifamily project to secure non recourse loan | $ 34,297,000 | $ 34,297,000 | ||
Austin, Texas [Member] | Multi Family Property [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Number Of Units Of Multifamily Project | Property | 257 | 257 | ||
Dallas, Texas [Member] | Multi Family Property [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Number Of Units Of Multifamily Project | Property | 354 | 354 | ||
Secured Debt [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt | $ 15,400,000 | $ 15,400,000 | 15,400,000 | |
Secured Debt [Member] | Austin, Texas [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt | 15,400,000 | 15,400,000 | ||
Other indebtedness [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt | 53,324,000 | 53,324,000 | $ 46,996,000 | |
Other indebtedness [Member] | Multi Family Property [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Carrying value of property to secure borrowing | 85,147,000 | 85,147,000 | ||
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 | $ 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 | $ 48,103,000 | $ 48,103,000 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Impairment of Residential Properties | $ 225,000 | $ 504,000 | $ 729,000 | ||
Impairment of Proved Oil and Gas Properties | $ 65,382,000 | 90,417,000 | |||
Asset Impairment Charges | $ 91,146,000 | $ 94,000 |
Fair Value Disclosures, Non-rec
Fair Value Disclosures, Non-recurring (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | $ 91,146 | $ 94 | |
Real Estate [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 0 | $ 970 | |
Real Estate [Member] | Fair Value, Measurements, Nonrecurring [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, Measurements, Nonrecurring [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 | 970 | |
Real Estate [Member] | Fair Value, Measurements, Nonrecurring [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 | |
ProvedOilGasProperty [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 80,551 | 3,655 | |
ProvedOilGasProperty [Member] | Fair Value, Measurements, Nonrecurring [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 | |
ProvedOilGasProperty [Member] | Fair Value, Measurements, Nonrecurring [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 | |
ProvedOilGasProperty [Member] | Fair Value, Measurements, Nonrecurring [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 | 80,551 | 3,655 | |
Oil and Gas Properties [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 1,534 | ||
Oil and Gas Properties [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 12,715 | 0 | |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 1,534 | 0 | |
Oil and Gas Properties [Member] | Fair Value, Measurements, Nonrecurring [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 | |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 0 | 0 | |
Oil and Gas Properties [Member] | Fair Value, Measurements, Nonrecurring [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 | 1,226 | 0 | |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 1,534 | 0 | |
Oil and Gas Properties [Member] | Fair Value, Measurements, Nonrecurring [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 | 11,489 | 0 | |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value - Information About
Fair Value - Information About Our Fixed Rate Financial Instruments Not Measured at Fair Value (Detail) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
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 | (357,857) | (359,131) |
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 | $ (366,571) | $ (370,348) |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - Employees of former affliate [Member] - Employee Stock Option [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Equity [Line Items] | |
Options to purchase shares of common stock | 501,000 |
Exercisable at end of period, Weighted Average Remaining Contractual Term | 1 year |
Weighted average exercise price | $ / shares | $ 28.62 |
Aggregate intrinsic value | $ | $ 0 |
Net Income per Share - Earnings
Net Income per Share - Earnings Attributable to Common Shareholders and Weighted Average Common Shares Outstanding (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings available to common shareholders: | ||||
Consolidated net income (loss) | $ (164,331) | $ 5,239 | $ (206,886) | $ 28,994 |
Less: Net (income) loss attributable to noncontrolling interests | 115 | (12) | 5 | (611) |
NET INCOME (LOSS) ATTRIBUTABLE TO FORESTAR GROUP INC. | (164,216) | 5,227 | (206,881) | 28,383 |
Less: Undistributed net income allocated to participating securities | 0 | (947) | 0 | (5,151) |
Earnings (loss) available to common shareholders for basic earnings per share | $ (164,216) | $ 4,280 | $ (206,881) | $ 23,232 |
Weighted average common shares outstanding - basic | 34,299 | 35,498 | 34,248 | 35,437 |
Weighted average common shares upon conversion of participating securities | 0 | 7,857 | 0 | 7,857 |
Dilutive effect of stock options, restricted stock and equity-settled awards | 0 | 513 | 0 | 456 |
Weighted average common shares outstanding - diluted | 34,299 | 43,868 | 34,248 | 43,750 |
Anti-dilutive awards excluded from diluted weighted average shares | 10,933 | 1,959 | 10,835 | 2,171 |
Net Income per Share Additional
Net Income per Share Additional Information (Details) | 9 Months Ended | ||
Sep. 30, 2015shares$ / shares | Dec. 31, 2014 | 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% | 3.75% | |
Conversion price of Convertible Notes | $ / shares | $ 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 Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Current Income Tax Expense (Benefit) | $ (27) | $ (200) | $ (27) | $ (4,815) |
Change in deferred income taxes | 34,678 | (2,555) | 60,844 | (10,649) |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (98,887) | 0 | (99,950) | 0 |
Income Tax Expense (Benefit) | $ 64,236 | $ 2,755 | $ 39,133 | $ 15,464 |
Effective Income Tax Rate Reconciliation, Percent | 64.00% | 23.00% | ||
EffectiveIncomeTaxRateExcludingValuationAllowance | 35.00% | 35.00% | 36.00% | 35.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($)a | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($)a | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)a | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Area for which certificate of completion received | a | 288 | 288 | 288 | ||||
Portion Of Site For Which Certificate Not Received | a | 80 | 80 | 80 | ||||
Cost to complete remediation activities | $ 600 | $ 600 | $ 600 | ||||
Asset Retirement Obligation | 1,748 | 1,748 | 1,748 | $ 1,807 | |||
Restructuring Charges | 3,729 | ||||||
Payments for Restructuring | 3,797 | ||||||
Compensation Expense | $ 41 | $ 0 | 195 | $ 0 | |||
Facility Closing [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Restructuring Charges | 1,750 | ||||||
Payments for Restructuring | 1,750 | ||||||
Deferred Lease Revenue [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 | ||||||
General and Administrative Expense [Member] | One-time Termination Benefits [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Restructuring Charges | $ 3,314 | ||||||
Scenario, Forecast [Member] | General and Administrative Expense [Member] | Special Termination Benefits [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Payments for Restructuring | $ 2,721 |
Commitments and Contingencies63
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015USD ($)a | Sep. 30, 2015USD ($)a | Dec. 31, 2014USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Asset Retirement Obligation | $ 1,748 | $ 1,748 | $ 1,807 |
Portion Of Site For Which Certificate Not Received | a | 80 | 80 | |
Accrual for Environmental Loss Contingencies, Increase (Decrease) for Revision in Estimates | $ 388 | ||
Cost to complete remediation activities | 600 | $ 600 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | (2,367) | ||
Restructuring Charges | (3,729) | ||
Payments for Restructuring | 3,797 | ||
Restructuring Reserve | (2,299) | (2,299) | |
Deferred Lease Revenue [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 364 | ||
Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 0 | ||
Restructuring Charges | (1,750) | ||
Payments for Restructuring | 1,750 | ||
Restructuring Reserve | 0 | 0 | |
Oil And Gas [Member] | Special Termination Benefits [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | (2,367) | ||
Restructuring Charges | (1,979) | ||
Payments for Restructuring | 2,047 | ||
Restructuring Reserve | $ (2,299) | $ (2,299) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015Customer | Sep. 30, 2015Segment | |
Segment Reporting [Abstract] | ||
Number of business segments | 3 | |
Number of customer who contributed more than 10 percent of revenue | Customer | 0 | |
Maximum percentage of revenue from customer | 10.00% |
Segment Information - Assets Al
Segment Information - Assets Allocated by Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||
Total Assets | $ 1,041,216 | $ 1,258,199 | |||
Cash and cash equivalents | 92,640 | 170,127 | $ 170,606 | $ 192,307 | |
Deferred tax asset, net | 1,118 | 40,624 | |||
Operating Segments [Member] | Real estate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 713,912 | 654,774 | |||
Operating Segments [Member] | Oil And Gas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 191,328 | 342,703 | |||
Operating Segments [Member] | Other natural resources [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 20,034 | 22,531 | |||
Items not allocated to segments [Member] | Assets not allocated to segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | [1] | $ 115,942 | $ 238,191 | ||
[1] | Assets not allocated to segments at third quarter-end 2015 principally consist of cash and cash equivalents of $92,640,000 and a net deferred tax asset of $1,118,000. 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 $40,624,000. |
Segment Information - Segment R
Segment Information - Segment Revenues and Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 43,168 | $ 58,840 | $ 148,403 | $ 226,458 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | (99,980) | 7,982 | (167,748) | 43,847 |
Segment Earnings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 43,168 | 58,840 | 148,403 | 226,458 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | (81,115) | 22,658 | (116,764) | 85,410 |
Segment Earnings [Member] | Real estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 27,957 | 32,445 | 100,196 | 153,098 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | 5,154 | 15,987 | 29,747 | 66,859 |
Segment Earnings [Member] | Oil And Gas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 13,485 | 24,145 | 42,835 | 66,076 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | (86,192) | 6,002 | (146,000) | 16,331 |
Segment Earnings [Member] | Other natural resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,726 | 2,250 | 5,372 | 7,284 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | (77) | 669 | (511) | 2,220 |
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 | (18,865) | (14,676) | (50,984) | (41,563) |
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 | (8,343) | (5,190) | (19,540) | (15,924) |
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 | (2,245) | (991) | (5,726) | (4,523) |
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 | (8,315) | (8,634) | (25,851) | (21,507) |
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 | $ 38 | $ 139 | $ 133 | $ 391 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)Entity | |
Variable Interest Entity [Line Items] | |
Number of primary beneficiary | Entity | 4 |
Total assets of developed and under developed real estate | $ 77,672 |
Total liabilities of developed and under developed real estate | 97,828 |
Investment in VIEs | 8,822 |
Contributed to VIE | 111 |
Maximum Exposure to loss related to VIEs | 3,808 |
Current Maturities of Borrowings [Member] | |
Variable Interest Entity [Line Items] | |
Total liabilities of developed and under developed real estate | $ 29,835 |
Share Based Compensation - Comp
Share Based Compensation - Components of Share-Based Compensation Expense (Income) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Total share-based compensation | $ 2,204 | $ 991 | $ 5,531 | $ 4,523 |
Compensation Expense | 41 | 0 | 195 | 0 |
Share based and Long Term Incentive Compensation | 2,245 | 991 | 5,726 | 4,523 |
Cash Settled Awards [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Total share-based compensation | 146 | (801) | (1,005) | (1,996) |
Equity-settled awards [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Total share-based compensation | 1,654 | 1,307 | 4,569 | 4,897 |
Restricted Stock [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Total share-based compensation | 16 | 22 | 13 | 101 |
Employee Stock Option [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Total share-based compensation | 388 | 463 | 1,954 | 1,521 |
General and Administrative Expense [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Total share-based compensation | 2,970 | 1,217 | ||
Share based and Long Term Incentive Compensation | 1,124 | (50) | ||
Other Operating Expenses [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Total share-based compensation | $ 2,756 | $ 3,306 | ||
Share based and Long Term Incentive Compensation | $ 1,121 | $ 1,041 |
Share Based Compensation - Shar
Share Based Compensation - Share Based Compensation Expense (Income) Included in Operating Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share based and Long Term Incentive Compensation | $ 2,245 | $ 991 | $ 5,726 | $ 4,523 |
Share-based compensation | 2,204 | 991 | 5,531 | 4,523 |
General and administrative expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share based and Long Term Incentive Compensation | 1,124 | (50) | ||
Share-based compensation | 2,970 | 1,217 | ||
Other Operating Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share based and Long Term Incentive Compensation | $ 1,121 | $ 1,041 | ||
Share-based compensation | $ 2,756 | $ 3,306 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent | $ 17.50 | $ 17.50 | ||
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 | 6,160,000 | $ 6,160,000 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 159,867 | 211,333 | ||
Shares withheld for payroll taxes | 48,636 | 54,272 | ||
Value of shares withheld for payroll taxes | $ 722,000 | $ 1,024,000 | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 587,000 | 587,000 | ||
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | $ 195,000 | $ 195,000 | ||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Equivalent Units | 89,900 | |||
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 | |||
Employee Stock Option [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 | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 141,300 | |||
Equity-settled awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Equivalent Units | 598,600 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Three-year Vesting With Accelerated or Continued Vesting [Member] | Cash Settled Restricted Stock Unit [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Equivalent Units | 24,200 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Three-Year Vesting Without Retirement Acceleration [Member] | Cash Settled Restricted Stock Unit [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Equivalent Units | 36,100 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Subsequent Event (Details)
Subsequent Event (Details) $ in Thousands | Oct. 16, 2015USD ($)Property | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Subsequent Event [Line Items] | |||
Debt | $ 435,295 | $ 432,744 | |
Secured Debt [Member] | |||
Subsequent Event [Line Items] | |||
Debt | $ 15,400 | $ 15,400 | |
Secured Debt [Member] | Charlotte North Carolina [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Debt | $ 52,000 | ||
Multi Family Property [Member] | Charlotte North Carolina [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number Of Units Of Multifamily Project | Property | 379 | ||
Dillon [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.20% |