Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 05, 2017 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
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 | 41,857,512 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 337,432 | $ 265,798 |
Real estate | 289,909 | 293,003 |
Assets of discontinued operations | 5 | 14 |
Assets held for sale | 29,867 | 30,377 |
Investment in unconsolidated ventures | 79,262 | 77,611 |
Receivables, net | 18,535 | 8,931 |
Income taxes receivable | 0 | 10,867 |
Prepaid expenses | 2,412 | 2,000 |
Property and equipment, net | 2,621 | 3,116 |
Deferred tax asset, net | 294 | 323 |
Goodwill | 0 | 37,900 |
Other assets | 3,257 | 3,268 |
TOTAL ASSETS | 763,594 | 733,208 |
LIABILITIES AND EQUITY | ||
Accounts payable | 5,615 | 4,804 |
Accrued employee compensation and benefits | 1,713 | 4,126 |
Accrued property taxes | 910 | 2,008 |
Accrued interest | 529 | 1,585 |
Income taxes payable | 4,566 | 0 |
Earnest money deposits | 13,304 | 10,511 |
Other accrued expenses | 7,238 | 12,598 |
Liabilities of discontinued operations | 1,163 | 5,295 |
Liabilities held for sale | 459 | 103 |
Other liabilities | 28,986 | 19,702 |
Debt, net | 111,783 | 110,358 |
TOTAL LIABILITIES | 176,266 | 171,090 |
COMMITMENTS AND CONTINGENCIES | ||
Forestar Group Inc. shareholders’ equity: | ||
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 44,803,603 issued at first quarter-end 2017 and year-end 2016 | 44,804 | 44,804 |
Additional paid-in capital | 549,926 | 553,005 |
Retained earnings | 37,807 | 12,602 |
Treasury stock, at cost, 3,005,101 shares at first quarter-end 2017 and 3,187,253 shares at year-end 2016 | (46,716) | (49,760) |
Total Forestar Group Inc. shareholders’ equity | 585,821 | 560,651 |
Noncontrolling interests | 1,507 | 1,467 |
TOTAL EQUITY | 587,328 | 562,118 |
TOTAL LIABILITIES AND EQUITY | $ 763,594 | $ 733,208 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 44,803,603 | 44,803,603 |
Treasury stock, common shares (in shares) | 3,005,101 | 3,187,253 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUES | ||
Real estate sales and other | $ 20,752 | $ 26,408 |
Commercial and income producing properties | 0 | 9,690 |
Real estate | 20,752 | 36,098 |
Mineral resources | 1,497 | 1,082 |
Other | 56 | 438 |
Total revenues | 22,305 | 37,618 |
COSTS AND EXPENSES | ||
Cost of real estate sales and other | (12,032) | (13,262) |
Cost of commercial and income producing properties | 11 | (5,162) |
Cost of mineral resources | (38,315) | (230) |
Cost of other | (301) | (385) |
Other operating expenses | (4,957) | (12,091) |
General and administrative | (4,691) | (6,479) |
Total expenses | (60,285) | (37,609) |
GAIN ON SALE OF ASSETS | 74,215 | 13,581 |
OPERATING INCOME | 36,235 | 13,590 |
Equity in earnings of unconsolidated ventures | 6,362 | 47 |
Interest expense | (2,235) | (7,639) |
Other non-operating income | 676 | 74 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES | 41,038 | 6,072 |
Income tax expense | (16,211) | (2,152) |
NET INCOME FROM CONTINUING OPERATIONS | 24,827 | 3,920 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES | 418 | (8,216) |
CONSOLIDATED NET INCOME (LOSS) | 25,245 | (4,296) |
Less: Net (income) loss attributable to noncontrolling interests | (40) | (80) |
NET INCOME (LOSS) ATTRIBUTABLE TO FORESTAR GROUP INC. | $ 25,205 | $ (4,376) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||
Basic (in shares) | 42,097 | 34,302 |
Diluted (in shares) | 42,406 | 42,320 |
NET INCOME (LOSS) PER BASIC SHARE | ||
Continuing operations, basic (usd per share) | $ 0.59 | $ 0.11 |
Discontinued operations, basic (usd per share) | 0.01 | (0.24) |
NET INCOME (LOSS) PER BASIC SHARE (usd per share) | 0.60 | (0.13) |
NET INCOME (LOSS) PER DILUTED SHARE | ||
Continuing operations, diluted (usd per share) | 0.58 | 0.09 |
Discontinued operation, diluted (usd per share) | 0.01 | (0.19) |
NET INCOME (LOSS) PER DILUTED SHARE (usd per share) | $ 0.59 | $ (0.10) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 25,205 | $ (4,376) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Consolidated net income (loss) | $ 25,245 | $ (4,296) |
Adjustments: | ||
Depreciation, depletion and amortization | 1,485 | 4,785 |
Change in deferred income taxes | 29 | 0 |
Equity in earnings of unconsolidated ventures | (6,362) | (47) |
Distributions of earnings of unconsolidated ventures | 4,974 | 1,304 |
Share-based compensation | 843 | 1,380 |
Real estate cost of sales | 12,240 | 12,841 |
Real estate development and acquisition expenditures, net | (13,740) | (14,794) |
Reimbursements from utility and improvement districts | 1,180 | 306 |
Asset impairments | 37,900 | 0 |
Gain on sale of assets | (74,215) | (2,604) |
Other | 945 | 1,820 |
Changes in: | ||
Notes and accounts receivable | (1,925) | 13,979 |
Prepaid expenses and other | (647) | (660) |
Accounts payable and other accrued liabilities | (5,764) | (6,702) |
Income taxes | 15,433 | (2,303) |
Net cash provided by (used for) operating activities | (2,379) | 5,009 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Property, equipment, software, reforestation and other | (17) | (3,501) |
Oil and gas properties and equipment | (2,400) | (426) |
Investment in unconsolidated ventures | (1,915) | (3,019) |
Proceeds from sales of assets | 77,510 | 56,828 |
Return of investment in unconsolidated ventures | 1,511 | 1,567 |
Net cash provided by investing activities | 74,689 | 51,449 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments of debt | 0 | (11,185) |
Additions to debt | 304 | 1,307 |
Distributions to noncontrolling interests, net | 0 | (171) |
Payroll taxes on issuance of stock-based awards | (980) | (205) |
Net cash used for financing activities | (676) | (10,254) |
Net increase in cash and cash equivalents | 71,634 | 46,204 |
Cash and cash equivalents at beginning of period | 265,798 | 96,442 |
Cash and cash equivalents at end of period | $ 337,432 | $ 142,646 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 ("U.S. GAAP") 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 and measuring long-lived assets for impairment. 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 2016 Annual Report on Form 10-K. At year-end 2016, we had divested substantially all of our oil and gas working interest properties. As a result of this significant change in our operations, we have reported the results of operations and financial position of these assets as discontinued operations within the consolidated statements of income (loss) and comprehensive income (loss) and consolidated balance sheets for all periods presented. |
New and Pending Accounting Pron
New and Pending Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
New and Pending Accounting Pronouncements | New and Pending Accounting Pronouncements Adoption of New Accounting Standards In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , as part of its simplification initiative. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and the classification on the statement of cash flows. The updated standard is effective for annual and interim periods beginning after December 31, 2016. Effective first quarter 2017, stock-based compensation (SBC) excess tax benefits or deficiencies are reflected in the consolidated statements of income (loss) and comprehensive income (loss) as a component of the provision for income taxes, whereas they previously were recognized in equity to the extent additional paid-in capital pool was available. Additionally, our consolidated statements of cash flows now presents excess tax benefits as an operating activity, with the prior periods adjusted accordingly. Finally, we have elected to account for forfeitures as they occur, rather than estimate expected forfeitures. As a result of the adoption of ASU 2016-09 in first quarter 2017, there were no material impacts to our consolidated financial statements. Pending Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for annual and interim periods beginning after December 15, 2017. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). We currently anticipate adopting the standard using the cumulative catch-up transition method. We anticipate this standard will not have a material impact on our consolidated financial statements. While we are continuing to assess all potential impacts of the standard, we expect revenue related to lot and tract sales to remain substantially unchanged. Due to the complexity of certain of our real estate sale transactions, the revenue recognition treatment required under the standard will be dependent on contract-specific terms, and may vary in some instances from recognition at the time of the sale closing. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , in order to provide increased transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The updated standard is effective for financial statements issued for annual periods beginning after December 15, 2019 and interim periods within fiscal years beginning after December 31, 2020 with early adoption permitted. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) , in order to address eight specific cash flow issues with the objective of reducing the existing diversity in practice. The updated standard is effective for financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those fiscal years with early adoption permitted. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures. In November, 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230). This ASU requires that a statement of cash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash investments. This standard is effective for fiscal years beginning after December 15, 2017. The adoption of ASU 2016-18 will modify our current disclosures and reclassifications relating to the consolidated statements of cash flows, but we do not expect it to have a material effect on our consolidated financial statements. |
Real Estate
Real Estate | 3 Months Ended |
Mar. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Real estate consists of: First Year-End 2017 2016 (In thousands) Entitled, developed and under development projects $ 260,459 $ 263,859 Land in the entitlement process and other 29,450 29,144 $ 289,909 $ 293,003 Our estimated costs of assets for which we expect to be reimbursed by utility and improvement districts were $46,660,000 at first quarter-end 2017 and $45,157,000 at year-end 2016 , including $15,344,000 at first quarter-end 2017 and $14,749,000 at year-end 2016 related to our Cibolo Canyons project near San Antonio, Texas. In first quarter 2017 , we have collected $1,180,000 in reimbursements that were previously submitted to these districts. At first quarter-end 2017 , our inception-to-date submitted and approved reimbursements for the Cibolo Canyons project were $54,376,000 of which we have collected $45,132,000 . 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. |
Investment in Unconsolidated Ve
Investment in Unconsolidated Ventures | 3 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Ventures | Investment in Unconsolidated Ventures 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. U.S. GAAP requires 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 a venture is a VIE and 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 reassess upon reconsideration events. At first quarter-end 2017 , we had ownership interests in 16 ventures that we accounted for using the equity method, no ne of which are a VIE. Combined summarized balance sheet information for our ventures accounted for using the equity method follows: Venture Assets Venture Borrowings (a) Venture Equity Our Investment First Year-End First Year-End First Year-End First Year-End 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) $ 23,530 $ 26,503 $ — $ 1,107 $ 22,905 $ 23,136 $ 10,904 $ 10,934 CL Ashton Woods, LP (c) 3,064 2,653 — — 2,948 2,198 2,067 1,107 CL Realty, LLC 8,056 8,048 — — 7,964 7,899 3,982 3,950 CREA FMF Nashville LLC (b) 54,071 56,081 36,018 37,446 17,470 17,091 4,894 4,923 Elan 99, LLC 49,539 49,652 36,391 36,238 12,447 13,100 11,202 11,790 FMF Littleton LLC 70,434 70,282 45,744 44,446 23,634 23,798 6,086 6,128 FMF Peakview LLC — — — — — — — — FOR/SR Forsyth LLC 10,794 10,672 1,569 1,568 9,233 8,990 8,310 8,091 HM Stonewall Estates, Ltd (c) 1,184 852 — — 1,096 852 579 477 LM Land Holdings, LP (c) 26,424 25,538 3,851 3,477 21,573 20,945 9,900 9,685 MRECV DT Holdings LLC 4,318 4,155 — — 4,318 4,144 3,886 3,729 MRECV Edelweiss LLC 5,276 3,484 — — 5,276 3,484 5,027 3,358 MRECV Juniper Ridge LLC 4,169 4,156 — — 4,169 4,156 3,428 3,741 MRECV Meadow Crossing II LLC 2,615 2,492 — — 2,614 2,491 2,352 2,242 Miramonte Boulder Pass, LLC 9,333 10,738 3,126 4,006 4,710 5,265 4,505 5,330 Temco Associates, LLC 4,387 4,368 — — 4,280 4,253 2,140 2,126 Other ventures — — — — — — — — $ 277,194 $ 279,674 $ 126,699 $ 128,288 $ 144,637 $ 141,802 $ 79,262 $ 77,611 Combined summarized income statement information for our ventures accounted for using the equity method follows: Venture Revenues Venture Earnings (Loss) Our Share of Earnings (Loss) First Quarter First Quarter First Quarter 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) $ 12,738 $ — $ 8,465 $ (300 ) $ 4,318 $ (150 ) CL Ashton Woods, LP (c) 1,782 696 750 367 959 439 CL Realty, LLC 199 133 2,465 47 1,232 23 CREA FMF Nashville LLC (b) 1,405 901 (170 ) (571 ) (54 ) (171 ) Elan 99, LLC 902 20 (653 ) (410 ) (588 ) (369 ) FMF Littleton LLC 1,415 321 (165 ) (170 ) (41 ) (42 ) FMF Peakview LLC — 939 — (248 ) — (50 ) FOR/SR Forsyth LLC — — (32 ) — (28 ) — HM Stonewall Estates, Ltd (c) 496 546 243 220 103 103 LM Land Holdings, LP (c) 1,053 1,000 628 640 215 144 MRECV DT Holdings LLC 301 98 299 98 269 88 MRECV Edelweiss LLC 185 87 185 87 166 78 MRECV Juniper Ridge LLC 13 3 13 3 12 3 MRECV Meadow Crossing II LLC 122 — 122 (34 ) 110 (31 ) Miramonte Boulder Pass, LLC 1,642 — 44 (125 ) (325 ) (62 ) Temco Associates, LLC 48 99 27 67 14 34 Other ventures — — — 26 — 10 $ 22,301 $ 4,843 $ 12,221 $ (303 ) $ 6,362 $ 47 _____________________ (a) Total includes current maturities of $125,498,000 at first quarter-end 2017 , of which $108,675,000 is non-recourse to us, and $89,756,000 at year-end 2016 , of which $78,557,000 is non-recourse to us. (b) Includes unamortized deferred gains on real estate we contributed to ventures. We recognize deferred gains as income as the real estate is sold to third parties. Deferred gains of $1,372,000 are reflected as a reduction to our investment in unconsolidated ventures at first quarter-end 2017 . (c) Includes unrecognized basis difference of $578,000 which is reflected as an increase of our investment in unconsolidated ventures at first quarter-end 2017 . 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. In first quarter 2017 , we invested $1,915,000 in these ventures and received $6,485,000 in distributions. In first quarter 2016 , we invested $3,019,000 in these ventures and received $2,871,000 in distributions. Distributions include both return of investments and distribution of earnings. The increase in our share of earnings and distributions from these ventures in first quarter 2017 is primarily due to higher earnings from 242, LLC which benefited from the sale of 46 commercial acres for $9,719,000 generating $6,612,000 in earnings to the venture. Based on our 50% interest in the venture, our pro-rata share of the earnings associated with this sale was $3,306,000 and our pro-rata share of the total distributable cash was $4,348,000 . In addition, CL Realty, LLC, a venture in which we own a 50% interest, sold certain mineral assets to us for $2,400,000 . Subsequent to closing of this transaction, we received $1,200,000 from the venture, representing our pro-rata share of distributable cash. In first quarter 2016, we sold our interest in FMF Peakview LLC (360 0 ), a 304 -unit multifamily joint venture project near Denver, generating $13,167,000 in net proceeds and recognizing a gain of $9,613,000 which is included in gain on sale of assets. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Carrying value of goodwill follows: First Year-End 2017 2016 (In thousands) Goodwill $ — $ 37,900 Goodwill related to our owned mineral assets was $0 at first quarter-end 2017 and $37,900,000 at year-end 2016 . In first quarter 2017, we recognized a non-cash impairment charge of $37,900,000 related to goodwill attributable to our mineral resources reporting unit. This impairment was a result of selling all of our remaining owned mineral assets in first quarter 2017 for approximately $85,700,000 . Impairment charge is included in cost of mineral resources on our consolidated statements of income (loss) and comprehensive income (loss). In addition, we recognized $74,215,000 in total gains related to the sale of our mineral assets and recorded a deferred gain of $8,200,000 pending verification of accepted title of certain non-producing minerals in Texas and Louisiana. |
Held for Sale
Held for Sale | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Held for Sale | Held for Sale At first quarter-end 2017 , assets held for sale principally includes approximately 19,000 acres of timberland and undeveloped land and the related timber, a multifamily site in Austin, and central Texas groundwater assets. The major classes of assets and liabilities of the properties held for sale are as follows: First Year-End 2017 2016 (In thousands) Assets Held for Sale: Real estate $ 20,070 $ 19,931 Timber 1,666 1,682 Other intangible assets (a) 1,681 1,681 Oil and gas properties and equipment, net 149 782 Property and equipment, net (b) 6,301 6,301 $ 29,867 $ 30,377 Liabilities Held for Sale: Accrued interest 44 — Earnest money deposits 415 — Other liabilities — 103 $ 459 $ 103 ___________________ (a) Related to indefinite lived groundwater leases associated with our central Texas water assets. (b) Related to water wells associated with our central Texas water assets. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations At year-end 2016, we had divested substantially all of our oil and gas working interest properties. As a result of this significant change in our operations, we have reported the results of operations and financial position of these assets as discontinued operations within the consolidated statements of income (loss) and comprehensive income (loss) and consolidated balance sheets for all periods presented. Summarized results from discontinued operations were as follows: First Quarter 2017 2016 (In thousands) Revenues $ 9 $ 4,270 Cost of sales (6 ) (4,964 ) Other operating expenses (54 ) (1,323 ) Loss from discontinued operations before income taxes $ (51 ) $ (2,017 ) Loss on sale of assets before income taxes — (10,977 ) Income tax benefit 469 4,778 Income (loss) from discontinued operations, net of taxes $ 418 $ (8,216 ) In first quarter 2016, we recorded a net loss of $10,977,000 on the sale of 190,960 net mineral acres leased from others and 185 gross ( 66 net) producing oil and gas working interest wells in Nebraska, Kansas, Oklahoma and North Dakota for total net proceeds of $32,227,000 , which includes $3,269,000 in reimbursement of capital costs incurred on in-progress wells that were assumed by the buyer. A significant portion of the net loss on sale, $7,244,000 , is related to write-off of allocated goodwill to sold producing oil and gas properties. The major classes of assets and liabilities of discontinued operations at first quarter-end 2017 and year-end 2016 are as follows: First Year-End 2017 2016 (In thousands) Assets of Discontinued Operations: Receivables, net of allowance for bad debt $ 5 $ 6 Prepaid expenses — 8 $ 5 $ 14 Liabilities of Discontinued Operations: Accounts payable $ — $ 67 Other accrued expenses 1,163 5,228 $ 1,163 $ 5,295 Significant operating activities and investing activities of discontinued operations are as follows: First Quarter 2017 2016 (In thousands) Operating activities: Accounts payable and other accrued liabilities (3,000 ) — Loss on sale of assets — 10,977 Depreciation, depletion and amortization — 1,809 $ (3,000 ) $ 12,786 Investing activities: Oil and gas properties and equipment $ — $ (426 ) Proceeds from sales of assets — 28,958 $ — $ 28,532 |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consist of: First Year-End 2017 2016 (In thousands) Funds held by escrow agent related to owned mineral assets sold, net of adjustments $ 7,689 $ — Other receivables and accrued interest 1,466 1,505 Other loans secured by real estate, average interest rates of 4.85% at first quarter-end 2017 and 4.94% at year-end 2016 9,406 7,452 18,561 8,957 Allowance for bad debts (26 ) (26 ) $ 18,535 $ 8,931 Other loans secured by real estate generally are secured by a deed of trust and due within three to five years. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Equity | Equity A reconciliation of changes in equity at first quarter-end 2017 follows: Forestar Group Inc. Noncontrolling Interests Total (In thousands) Balance at year-end 2016 $ 560,651 $ 1,467 $ 562,118 Net income 25,205 40 25,245 Other (primarily share-based compensation) (35 ) — (35 ) $ 585,821 $ 1,507 $ 587,328 |
Debt, net
Debt, net | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt, net | Debt, net Debt (a) consists of: First Year-End 2017 2016 (In thousands) 8.50% senior secured notes due 2022, net $ 5,205 $ 5,200 3.75% convertible senior notes due 2020, net of discount 105,787 104,673 Other indebtedness — interest rates ranging from 5.0% to 5.50% 791 485 $ 111,783 $ 110,358 ___________________ (a) At first quarter-end 2017 and year-end 2016 , $1,513,000 and $1,633,000 of unamortized deferred financing fees are deducted from our outstanding debt. Our debt agreements contain financial covenants customary for such agreements including minimum levels of interest coverage and limitations on leverage. At first quarter-end 2017 , we were in compliance with the financial covenants of these agreements. At first quarter-end 2017 , our senior secured credit facility provides for a $125,000,000 revolving line of credit, which matures on May 15, 2017 (with two one -year extension options), none of which was drawn at first quarter-end 2017 . The revolving line of credit may be prepaid at any time without penalty. The revolving line of credit includes a $100,000,000 sublimit for letters of credit, of which $14,543,000 was outstanding at first quarter-end 2017 . Total borrowings under our senior secured credit facility (including the face amount of letters of credit) may not exceed a borrowing base formula. At first quarter-end 2017 , we had $53,665,000 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. Our debt agreements contain financial covenants customary for such agreements including minimum levels of interest coverage and limitations on leverage. At first quarter-end 2017, our tangible net worth requirement was $445,215,000 computed as: $379,044,000 plus 85 percent of the aggregate net proceeds received by us from any equity offering, plus 75 percent of all positive net income, on a cumulative basis since third quarter-end 2015. The tangible net worth requirement is recalculated on a quarterly basis. We may elect to make distributions to stockholders so long as the total leverage ratio is less than 40 percent , the interest coverage ratio is greater than 3.0 :1.0 and available liquidity is not less than $125,000,000 , all of which were satisfied at first quarter-end 2017. Regardless of whether the foregoing conditions are satisfied, we may make distributions in an aggregate amount not to exceed $50,000,000 to be funded from up to 65% of the net proceeds from sales of multifamily properties and non-core assets, such as the Radisson Hotel & Suites in Austin, and any oil and gas properties. At first quarter-end 2017 and year-end 2016 , we had $1,513,000 and $1,633,000 in unamortized deferred financing fees which were deducted from our debt. In addition, at first quarter-end 2017 and year-end 2016 , unamortized deferred financing fees related to our senior secured credit facility included in other assets were $105,000 and $314,000 . Amortization of deferred financing fees were $330,000 and $927,000 in first quarter 2017 and 2016 and were included in interest expense. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair value is the exchange price that would be the amount received for an asset or paid to transfer a liability in an orderly transaction between market participants. In arriving at a fair value measurement, we use a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. The three levels of inputs used to establish fair value are the following: • Level 1 — Quoted prices in active markets for identical assets or liabilities; • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Non-financial assets measured at fair value on a non-recurring basis principally include real estate assets, oil and gas properties, assets held for sale, goodwill and other intangible assets, which are measured for impairment. In first quarter 2017, we recognized a non-cash impairment charge of $37,900,000 related to goodwill attributable to our mineral resources reporting unit. The impairment was a result of selling all of our remaining owned mineral assets in first quarter 2017 for approximately $85,700,000 . We elected not to use the fair value option for cash and cash equivalents, accounts receivable, other current assets, variable debt, accounts payable and other current liabilities. The carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates. We determine the fair value of fixed rate financial instruments using quoted prices for similar instruments in active markets. Information about our fixed rate financial instruments not measured at fair value follows: First Quarter-End 2017 Year-End 2016 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Fixed rate debt $ (112,505 ) $ (112,116 ) $ (111,506 ) $ (109,789 ) Level 2 |
Net Income (Loss) per Share
Net Income (Loss) per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Net Income (Loss) per Share Basic and diluted earnings per share is computed using treasury stock method for first quarter 2017 and two-class method for first quarter 2016. 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 previously determined that our 6.00% tangible equity units issued in 2013 were participating securities. In December 2016, we issued 7,857,000 shares of our common stock upon the mandatory settlement of the stock purchase contract related to the 6.00% tangible equity units. 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. The computations of basic and diluted earnings per share are as follows: First Quarter 2017 2016 (In thousands) Numerator: Continuing operations Net income from continuing operations $ 24,827 $ 3,920 Less: Net (income) loss attributable to noncontrolling interest (40 ) (80 ) Earnings available for diluted earnings per share $ 24,787 $ 3,840 Less: Undistributed net income from continuing operations allocated to participating securities — — Earnings from continuing operations available to common shareholders for basic earnings per share $ 24,787 $ 3,840 Discontinued operations Net income (loss) from discontinued operations available for diluted earnings per share $ 418 $ (8,216 ) Less: Undistributed net income from discontinued operations allocated to participating securities — — Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share $ 418 $ (8,216 ) Denominator: Weighted average common shares outstanding — basic 42,097 34,302 Weighted average common shares upon conversion of participating securities — 7,857 Dilutive effect of stock options, restricted stock and equity-settled awards 309 161 Total weighted average shares outstanding — diluted 42,406 42,320 Anti-dilutive awards excluded from diluted weighted average shares 1,808 2,450 We intend to settle the remaining principal amount of our 3.75% convertible senior notes due 2020 (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 includes only the amount, if any, in excess of par value of the Convertible Notes. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the $24.49 conversion price of the Convertible Notes. The average price of our common stock in first quarter 2017 did not exceed the conversion price which resulted in no additional diluted outstanding shares. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate from continuing operations was 40 percent in first quarter 2017, which includes a nine percent benefit from a valuation allowance decrease due to a decrease in our deferred tax assets and an 11 percent detriment associated with a non-cash impairment related to goodwill associated with our owned mineral assets which were sold in first quarter 2017. Our effective tax rate from continuing operations was 35 percent in first quarter 2016. Our effective tax rates also include the effect of state income taxes, nondeductible items and benefits from noncontrolling interests. At first quarter-end 2017 and year-end 2016 , we have a valuation allowance for our deferred tax assets of $68,944,000 and $73,405,000 for the portion of the deferred tax assets that we have determined is more likely than not to be unrealizable under U.S. GAAP. In determining our valuation allowance, we assessed available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets under U.S. GAAP. A significant piece of objective evidence evaluated was the cumulative loss incurred over the three-year period ended March 31, 2017, principally driven by impairments of oil and gas and real estate properties in prior years. Such evidence limits our ability to consider other subjective evidence, such as our projected future taxable income. The amount of the deferred tax asset considered realizable could be adjusted if 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. Our unrecognized tax benefits totaled $811,000 at first quarter-end 2017 , all of which would affect our effective tax rate, if recognized. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
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 we 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. On October 4, 2014, James Huffman, a former director and CEO of CREDO Petroleum Corporation (Credo), which we acquired in 2012 and is now known as Forestar Petroleum Corporation, filed Huffman vs. Forestar Petroleum Corporation, Case Number 14CV33811, Civ. Div., Dist. Ct., City and County of Denver, Colorado, claiming entitlement to certain overriding royalty interests under a Credo compensation program. The case was settled for $3,000,000 in first quarter 2017. 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 can be reasonably estimated. 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 of discontinued operations. At first quarter-end 2017 and year-end 2016 , our estimated asset retirement obligation was $1,155,000 and $1,258,000 , of which $1,155,000 is included in liabilities of discontinued operations and the remaining balance at year-end 2016 was in liabilities held for sale. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We manage our operations through three segments: real estate, mineral resources and other. Real estate secures entitlements and develops infrastructure on our lands for single-family residential and mixed-use communities, and manages our undeveloped land and commercial and income producing properties, which consists of three multifamily projects and one site. Mineral resources manages our owned mineral interests. Other manages our timber, recreational leases and water resource initiatives. Total assets allocated by segment are as follows: First Year-End 2017 2016 (In thousands) Real estate $ 404,322 $ 403,062 Mineral resources 7,921 38,907 Other 11,509 11,531 Assets of discontinued operations 5 14 Assets not allocated to segments (a) 339,837 279,694 $ 763,594 $ 733,208 _________________________ (a) Assets not allocated to segments at first quarter-end 2017 principally consist of cash and cash equivalents of $337,432,000 . Assets not allocated to segments at year-end 2016 principally consist of cash and cash equivalents of $265,798,000 and an income tax receivable of $10,867,000 . 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 and undeveloped land, 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. Segment revenues and earnings are as follows: First Quarter 2017 2016 (In thousands) Revenues: Real estate $ 20,752 $ 36,098 Mineral resources 1,497 1,082 Other 56 438 Total revenues $ 22,305 $ 37,618 Segment earnings (loss): Real estate $ 10,473 $ 20,224 Mineral resources 37,816 553 Other (387 ) (581 ) Total segment earnings 47,902 20,196 Items not allocated to segments (a) (6,904 ) (14,204 ) Income (loss) from continuing operations before taxes attributable to Forestar Group Inc. $ 40,998 $ 5,992 _________________________ (a) Items not allocated to segments consist of: First Quarter 2017 2016 (In thousands) General and administrative expense $ (4,028 ) $ (4,973 ) Shared-based and long-term incentive compensation expense (895 ) (1,544 ) Interest expense (2,235 ) (7,639 ) Other corporate non-operating income 254 (48 ) $ (6,904 ) $ (14,204 ) |
Share-Based and Long-Term Incen
Share-Based and Long-Term Incentive Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation and Long-Term Incentive Compensation | Share-Based and Long-Term Incentive Compensation Share-based and long-term incentive compensation expense consists of: First Quarter 2017 2016 (In thousands) Cash-settled awards $ 87 $ 619 Equity-settled awards 618 479 Restricted stock — 6 Stock options 138 276 Total share-based compensation 843 1,380 Deferred cash 52 164 $ 895 $ 1,544 Share-based and long-term incentive compensation expense is included in: First Quarter 2017 2016 (In thousands) General and administrative expense $ 663 $ 1,506 Other operating expense 232 38 $ 895 $ 1,544 Share-Based Compensation We did not grant any new equity-settled or cash-settled awards to employees in first quarter 2017 . In first quarter 2017 , we granted 49,225 restricted stock units to our board of directors, of which 34,746 were annual restricted stock units which vest 25 percent at grant date and 25 percent at each subsequent quarterly board meeting. Expense associated with annual restricted stock units is included in share-based compensation expense. Excluded from share-based compensation expense in the table above are fees earned by our board of directors in the amount of $188,000 and $265,000 in first quarter of 2017 and 2016 for which they elected to defer payment until retirement in the form of share-settled units. These expenses are included in general and administrative expense. The fair value of awards granted to retirement eligible employees expensed at the date of grant was $600,000 in first quarter 2016 . Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options is $1,421,000 at first quarter-end 2017 . In first quarter 2017 and 2016 , we issued 182,152 and 165,167 shares out of our treasury stock associated with vesting of stock-based awards or exercise of stock options, net of 75,870 and 23,691 shares withheld having a value of $980,000 and $205,000 for payroll taxes in connection with vesting of stock-based awards or exercise of stock options. Long-Term Incentive Compensation We did not grant any long-term incentive compensation to employees in first quarter 2017 . In first quarter 2016 and 2015 , we granted $620,000 and $587,000 of long-term incentive compensation in the form of deferred cash compensation. The 2016 deferred cash awards vest annually over two years, and the 2015 deferred cash awards vest after three years. The awards provide for accelerated vesting upon retirement, disability, death, or if there is a change in control. Expense associated with deferred cash awards is recognized ratably over the vesting period. The accrued liability was $296,000 and $539,000 at first quarter-end 2017 and year-end 2016 and is included in other liabilities. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Event [Abstract] | |
Subsequent Event | Subsequent Events On April 13, 2017, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Terra Firma Merger Parent, L.P. (“Parent”), and Terra Firma Merger Sub, L.P. a wholly owned subsidiary of Parent (“Merger Sub”), both of which are affiliates of Starwood Capital Group. The Merger Agreement provides that, among other things and in accordance with the terms and subject to the conditions thereof, we will be merged with and into Merger Sub (the “Merger”) with Merger Sub continuing as the surviving entity. As a result of the Merger, we will become a wholly-owned subsidiary of Parent. At the effective time of the Merger, each share of our common stock, par value $1.00 per share, issued and outstanding immediately prior to the effective time (other than shares owned by (i) us as treasury stock or by us or Parent or any direct or indirect wholly-owned subsidiary of either (which will be canceled without any conversion), or (ii) stockholders who have properly exercised and perfected appraisal rights under Delaware law) will be converted into the right to receive $14.25 per share in cash, without interest. Subject to the terms of the Merger Agreement, at the effective time of the Merger, each equity award made or otherwise denominated in shares of our common stock that is outstanding immediately prior to the effective time of the Merger under our benefit plans will be canceled and of no further force or effect as of the effective time of the Merger. In exchange for the cancellation of such equity award, the holder of such equity award will receive the per share merger consideration ($14.25) for each share of our common stock underlying such equity award (plus payment of cash of all accrued dividend equivalents, if any, with respect to such equity awards and, in the case of equity awards that are stock options or stock appreciation rights, less the aggregate exercise or strike price thereunder, but not less than $0), whether or not otherwise vested as of the effective time of the Merger. With respect to any such equity awards that vest upon the achievement of performance-based metrics, the number of shares of our common stock subject to such equity awards shall be determined pursuant to the terms set forth in the applicable award agreements. The Merger Agreement contains specified termination rights for us and Parent, including a mutual termination right in the event that the Merger is not consummated by October 10, 2017 (the “Outside Date”). We must pay Parent a $20,000,000 termination fee if Parent terminates the Merger Agreement following a change of recommendation, or failure to reaffirm the recommendation, of the Merger by our board of directors, or if we terminate the Merger Agreement to enter into a definitive agreement with a third party with respect to a superior proposal, as set forth in, and subject to the conditions of, the Merger Agreement. Under certain additional circumstances described in the Merger Agreement, we must also pay Parent a $20,000,000 termination fee if the Merger Agreement is terminated in certain specified circumstances while an alternative acquisition proposal to the Merger has been publicly made or communicated to our board of directors and not withdrawn and, within twelve months following such termination, we enter into a definitive agreement with respect to a business combination transaction of the type described in the relevant provisions of the Merger Agreement, or such a transaction is consummated. The Merger Agreement further provides that, upon termination of the Merger Agreement (i) in the event our stockholders do not approve the Merger, (ii) by Parent in certain circumstances involving a material breach by us of any of our representations, warranties or covenants under the Merger Agreement, or (iii) at the Outside Date as a result of the failure of the condition to the Merger that we shall have consummated certain divestiture transactions or received a minimum amount of proceeds with respect thereto, we will be required to pay to Parent up to $4,000,000 (with respect to clauses (i) and (ii)) or $3,000,000 (with respect to clause (iii)) for expenses incurred by Parent (with such payment credited to any termination fee subsequently paid by us). In the event the Merger Agreement is terminated by us in certain circumstances involving a material breach by Parent or Merger Sub of any of its representations, warranties or covenants under the Merger Agreement or if Parent fails to consummate the closing within two business days of the date the closing should have occurred under the Merger Agreement, Parent is required to pay us a $40,000,000 termination fee. The Merger has been unanimously approved by our board of directors. Closing of the transaction is subject to the approval of our shareholders and certain other closing conditions and is expected to close in the third quarter of 2017. On April 26, 2017, we sold approximately 11,000 acres of timberland and undeveloped land, including the associated mitigation banking assets, in Georgia for $20,000,000 generating an estimated gain on sale of assets of approximately $8,600,000 . On May 8, 2017, we sold approximately 4,400 acres of timberland and undeveloped land, including the associated water rights, in Texas for $16,000,000 generating an estimated gain on sale of assets of approximately $12,000,000 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
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 ("U.S. GAAP") 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 and measuring long-lived assets for impairment. 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 2016 Annual Report on Form 10-K. At year-end 2016, we had divested substantially all of our oil and gas working interest properties. As a result of this significant change in our operations, we have reported the results of operations and financial position of these assets as discontinued operations within the consolidated statements of income (loss) and comprehensive income (loss) and consolidated balance sheets for all periods presented. |
New and Pending Accounting Pr24
New and Pending Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
New and Pending Accounting Pronouncements | Adoption of New Accounting Standards In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , as part of its simplification initiative. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and the classification on the statement of cash flows. The updated standard is effective for annual and interim periods beginning after December 31, 2016. Effective first quarter 2017, stock-based compensation (SBC) excess tax benefits or deficiencies are reflected in the consolidated statements of income (loss) and comprehensive income (loss) as a component of the provision for income taxes, whereas they previously were recognized in equity to the extent additional paid-in capital pool was available. Additionally, our consolidated statements of cash flows now presents excess tax benefits as an operating activity, with the prior periods adjusted accordingly. Finally, we have elected to account for forfeitures as they occur, rather than estimate expected forfeitures. As a result of the adoption of ASU 2016-09 in first quarter 2017, there were no material impacts to our consolidated financial statements. Pending Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for annual and interim periods beginning after December 15, 2017. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). We currently anticipate adopting the standard using the cumulative catch-up transition method. We anticipate this standard will not have a material impact on our consolidated financial statements. While we are continuing to assess all potential impacts of the standard, we expect revenue related to lot and tract sales to remain substantially unchanged. Due to the complexity of certain of our real estate sale transactions, the revenue recognition treatment required under the standard will be dependent on contract-specific terms, and may vary in some instances from recognition at the time of the sale closing. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , in order to provide increased transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The updated standard is effective for financial statements issued for annual periods beginning after December 15, 2019 and interim periods within fiscal years beginning after December 31, 2020 with early adoption permitted. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) , in order to address eight specific cash flow issues with the objective of reducing the existing diversity in practice. The updated standard is effective for financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those fiscal years with early adoption permitted. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures. In November, 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230). This ASU requires that a statement of cash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash investments. This standard is effective for fiscal years beginning after December 15, 2017. The adoption of ASU 2016-18 will modify our current disclosures and reclassifications relating to the consolidated statements of cash flows, but we do not expect it to have a material effect on our consolidated financial statements. |
Real Estate (Tables)
Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate | Real estate consists of: First Year-End 2017 2016 (In thousands) Entitled, developed and under development projects $ 260,459 $ 263,859 Land in the entitlement process and other 29,450 29,144 $ 289,909 $ 293,003 |
Investment in Unconsolidated 26
Investment in Unconsolidated Ventures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Balance Sheet Information | Combined summarized balance sheet information for our ventures accounted for using the equity method follows: Venture Assets Venture Borrowings (a) Venture Equity Our Investment First Year-End First Year-End First Year-End First Year-End 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) $ 23,530 $ 26,503 $ — $ 1,107 $ 22,905 $ 23,136 $ 10,904 $ 10,934 CL Ashton Woods, LP (c) 3,064 2,653 — — 2,948 2,198 2,067 1,107 CL Realty, LLC 8,056 8,048 — — 7,964 7,899 3,982 3,950 CREA FMF Nashville LLC (b) 54,071 56,081 36,018 37,446 17,470 17,091 4,894 4,923 Elan 99, LLC 49,539 49,652 36,391 36,238 12,447 13,100 11,202 11,790 FMF Littleton LLC 70,434 70,282 45,744 44,446 23,634 23,798 6,086 6,128 FMF Peakview LLC — — — — — — — — FOR/SR Forsyth LLC 10,794 10,672 1,569 1,568 9,233 8,990 8,310 8,091 HM Stonewall Estates, Ltd (c) 1,184 852 — — 1,096 852 579 477 LM Land Holdings, LP (c) 26,424 25,538 3,851 3,477 21,573 20,945 9,900 9,685 MRECV DT Holdings LLC 4,318 4,155 — — 4,318 4,144 3,886 3,729 MRECV Edelweiss LLC 5,276 3,484 — — 5,276 3,484 5,027 3,358 MRECV Juniper Ridge LLC 4,169 4,156 — — 4,169 4,156 3,428 3,741 MRECV Meadow Crossing II LLC 2,615 2,492 — — 2,614 2,491 2,352 2,242 Miramonte Boulder Pass, LLC 9,333 10,738 3,126 4,006 4,710 5,265 4,505 5,330 Temco Associates, LLC 4,387 4,368 — — 4,280 4,253 2,140 2,126 Other ventures — — — — — — — — $ 277,194 $ 279,674 $ 126,699 $ 128,288 $ 144,637 $ 141,802 $ 79,262 $ 77,611 |
Summarized Income Statement Information | Combined summarized income statement information for our ventures accounted for using the equity method follows: Venture Revenues Venture Earnings (Loss) Our Share of Earnings (Loss) First Quarter First Quarter First Quarter 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) $ 12,738 $ — $ 8,465 $ (300 ) $ 4,318 $ (150 ) CL Ashton Woods, LP (c) 1,782 696 750 367 959 439 CL Realty, LLC 199 133 2,465 47 1,232 23 CREA FMF Nashville LLC (b) 1,405 901 (170 ) (571 ) (54 ) (171 ) Elan 99, LLC 902 20 (653 ) (410 ) (588 ) (369 ) FMF Littleton LLC 1,415 321 (165 ) (170 ) (41 ) (42 ) FMF Peakview LLC — 939 — (248 ) — (50 ) FOR/SR Forsyth LLC — — (32 ) — (28 ) — HM Stonewall Estates, Ltd (c) 496 546 243 220 103 103 LM Land Holdings, LP (c) 1,053 1,000 628 640 215 144 MRECV DT Holdings LLC 301 98 299 98 269 88 MRECV Edelweiss LLC 185 87 185 87 166 78 MRECV Juniper Ridge LLC 13 3 13 3 12 3 MRECV Meadow Crossing II LLC 122 — 122 (34 ) 110 (31 ) Miramonte Boulder Pass, LLC 1,642 — 44 (125 ) (325 ) (62 ) Temco Associates, LLC 48 99 27 67 14 34 Other ventures — — — 26 — 10 $ 22,301 $ 4,843 $ 12,221 $ (303 ) $ 6,362 $ 47 _____________________ (a) Total includes current maturities of $125,498,000 at first quarter-end 2017 , of which $108,675,000 is non-recourse to us, and $89,756,000 at year-end 2016 , of which $78,557,000 is non-recourse to us. (b) Includes unamortized deferred gains on real estate we contributed to ventures. We recognize deferred gains as income as the real estate is sold to third parties. Deferred gains of $1,372,000 are reflected as a reduction to our investment in unconsolidated ventures at first quarter-end 2017 . (c) Includes unrecognized basis difference of $578,000 which is reflected as an increase of our investment in unconsolidated ventures at first quarter-end 2017 . 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. |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying value of goodwill and other intangible assets | Carrying value of goodwill follows: First Year-End 2017 2016 (In thousands) Goodwill $ — $ 37,900 |
Held for Sale (Tables)
Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities of Properties Held for Sale | The major classes of assets and liabilities of the properties held for sale are as follows: First Year-End 2017 2016 (In thousands) Assets Held for Sale: Real estate $ 20,070 $ 19,931 Timber 1,666 1,682 Other intangible assets (a) 1,681 1,681 Oil and gas properties and equipment, net 149 782 Property and equipment, net (b) 6,301 6,301 $ 29,867 $ 30,377 Liabilities Held for Sale: Accrued interest 44 — Earnest money deposits 415 — Other liabilities — 103 $ 459 $ 103 ___________________ (a) Related to indefinite lived groundwater leases associated with our central Texas water assets. (b) Related to water wells associated with our central Texas water assets. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized Results from Discontinued Operations | Summarized results from discontinued operations were as follows: First Quarter 2017 2016 (In thousands) Revenues $ 9 $ 4,270 Cost of sales (6 ) (4,964 ) Other operating expenses (54 ) (1,323 ) Loss from discontinued operations before income taxes $ (51 ) $ (2,017 ) Loss on sale of assets before income taxes — (10,977 ) Income tax benefit 469 4,778 Income (loss) from discontinued operations, net of taxes $ 418 $ (8,216 ) |
Schedule of Assets and Liabilities of Discontinued Operations | The major classes of assets and liabilities of discontinued operations at first quarter-end 2017 and year-end 2016 are as follows: First Year-End 2017 2016 (In thousands) Assets of Discontinued Operations: Receivables, net of allowance for bad debt $ 5 $ 6 Prepaid expenses — 8 $ 5 $ 14 Liabilities of Discontinued Operations: Accounts payable $ — $ 67 Other accrued expenses 1,163 5,228 $ 1,163 $ 5,295 |
Significant Operation and Investing Activities of DIscontinued Operations | Significant operating activities and investing activities of discontinued operations are as follows: First Quarter 2017 2016 (In thousands) Operating activities: Accounts payable and other accrued liabilities (3,000 ) — Loss on sale of assets — 10,977 Depreciation, depletion and amortization — 1,809 $ (3,000 ) $ 12,786 Investing activities: Oil and gas properties and equipment $ — $ (426 ) Proceeds from sales of assets — 28,958 $ — $ 28,532 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Receivables | Receivables consist of: First Year-End 2017 2016 (In thousands) Funds held by escrow agent related to owned mineral assets sold, net of adjustments $ 7,689 $ — Other receivables and accrued interest 1,466 1,505 Other loans secured by real estate, average interest rates of 4.85% at first quarter-end 2017 and 4.94% at year-end 2016 9,406 7,452 18,561 8,957 Allowance for bad debts (26 ) (26 ) $ 18,535 $ 8,931 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Reconciliation of Changes in Equity | A reconciliation of changes in equity at first quarter-end 2017 follows: Forestar Group Inc. Noncontrolling Interests Total (In thousands) Balance at year-end 2016 $ 560,651 $ 1,467 $ 562,118 Net income 25,205 40 25,245 Other (primarily share-based compensation) (35 ) — (35 ) $ 585,821 $ 1,507 $ 587,328 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt (a) consists of: First Year-End 2017 2016 (In thousands) 8.50% senior secured notes due 2022, net $ 5,205 $ 5,200 3.75% convertible senior notes due 2020, net of discount 105,787 104,673 Other indebtedness — interest rates ranging from 5.0% to 5.50% 791 485 $ 111,783 $ 110,358 ___________________ (a) At first quarter-end 2017 and year-end 2016 , $1,513,000 and $1,633,000 of unamortized deferred financing fees are deducted from our outstanding debt. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Information About Our Fixed Rate Financial Instruments Not Measured at Fair Value | Information about our fixed rate financial instruments not measured at fair value follows: First Quarter-End 2017 Year-End 2016 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Fixed rate debt $ (112,505 ) $ (112,116 ) $ (111,506 ) $ (109,789 ) Level 2 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Attributable to Common Shareholders and Weighted Average Common Shares Outstanding | The computations of basic and diluted earnings per share are as follows: First Quarter 2017 2016 (In thousands) Numerator: Continuing operations Net income from continuing operations $ 24,827 $ 3,920 Less: Net (income) loss attributable to noncontrolling interest (40 ) (80 ) Earnings available for diluted earnings per share $ 24,787 $ 3,840 Less: Undistributed net income from continuing operations allocated to participating securities — — Earnings from continuing operations available to common shareholders for basic earnings per share $ 24,787 $ 3,840 Discontinued operations Net income (loss) from discontinued operations available for diluted earnings per share $ 418 $ (8,216 ) Less: Undistributed net income from discontinued operations allocated to participating securities — — Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share $ 418 $ (8,216 ) Denominator: Weighted average common shares outstanding — basic 42,097 34,302 Weighted average common shares upon conversion of participating securities — 7,857 Dilutive effect of stock options, restricted stock and equity-settled awards 309 161 Total weighted average shares outstanding — diluted 42,406 42,320 Anti-dilutive awards excluded from diluted weighted average shares 1,808 2,450 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Assets Allocated by Segment | Total assets allocated by segment are as follows: First Year-End 2017 2016 (In thousands) Real estate $ 404,322 $ 403,062 Mineral resources 7,921 38,907 Other 11,509 11,531 Assets of discontinued operations 5 14 Assets not allocated to segments (a) 339,837 279,694 $ 763,594 $ 733,208 _________________________ (a) Assets not allocated to segments at first quarter-end 2017 principally consist of cash and cash equivalents of $337,432,000 . Assets not allocated to segments at year-end 2016 principally consist of cash and cash equivalents of $265,798,000 and an income tax receivable of $10,867,000 . |
Segment Revenues and Earnings | Segment revenues and earnings are as follows: First Quarter 2017 2016 (In thousands) Revenues: Real estate $ 20,752 $ 36,098 Mineral resources 1,497 1,082 Other 56 438 Total revenues $ 22,305 $ 37,618 Segment earnings (loss): Real estate $ 10,473 $ 20,224 Mineral resources 37,816 553 Other (387 ) (581 ) Total segment earnings 47,902 20,196 Items not allocated to segments (a) (6,904 ) (14,204 ) Income (loss) from continuing operations before taxes attributable to Forestar Group Inc. $ 40,998 $ 5,992 _________________________ (a) Items not allocated to segments consist of: First Quarter 2017 2016 (In thousands) General and administrative expense $ (4,028 ) $ (4,973 ) Shared-based and long-term incentive compensation expense (895 ) (1,544 ) Interest expense (2,235 ) (7,639 ) Other corporate non-operating income 254 (48 ) $ (6,904 ) $ (14,204 ) |
Share-Based and Long-Term Inc36
Share-Based and Long-Term Incentive Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Components of Share-Based Compensation Expense (Income) | Share-based and long-term incentive compensation expense consists of: First Quarter 2017 2016 (In thousands) Cash-settled awards $ 87 $ 619 Equity-settled awards 618 479 Restricted stock — 6 Stock options 138 276 Total share-based compensation 843 1,380 Deferred cash 52 164 $ 895 $ 1,544 |
Share-Based Compensation Expense (Income) Included in Operating Expense | Share-based and long-term incentive compensation expense is included in: First Quarter 2017 2016 (In thousands) General and administrative expense $ 663 $ 1,506 Other operating expense 232 38 $ 895 $ 1,544 |
Real Estate - Real Estate (Deta
Real Estate - Real Estate (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | $ 289,909 | $ 293,003 |
Entitled, developed and under development projects | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | 260,459 | 263,859 |
Land in the entitlement process and other | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | $ 29,450 | $ 29,144 |
Real Estate - Additional Inform
Real Estate - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Real Estate Properties [Line Items] | |||
Reimbursements from utility and improvement districts | $ (1,180) | $ (306) | |
Utility and Improvement District | |||
Real Estate Properties [Line Items] | |||
Cost of asset in developed and under development projects | 46,660 | $ 45,157 | |
Reimbursements from utility and improvement districts | 1,180 | ||
San Antonio, Texas | Cibolo Canyons Project | |||
Real Estate Properties [Line Items] | |||
Cost of asset in developed and under development projects | 15,344 | $ 14,749 | |
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 | $ 45,132 |
Investment in Unconsolidated 39
Investment in Unconsolidated Ventures - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)aventure | Mar. 31, 2016USD ($)multifamily_site | |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated ventures | $ 1,915 | $ 3,019 |
Distributions of return on investments and earnings | 6,485 | 2,871 |
Earnings (loss) | 12,221 | (303) |
Equity in earnings of unconsolidated ventures | 6,362 | 47 |
Gain on sale of assets | $ 74,215 | 2,604 |
Equity Method Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of ventures under ownership interest using equity method | venture | 16 | |
Variable Interest Entity, Primary Beneficiary | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of ventures that are a VIE | venture | 0 | |
FMF Peakview LLC | Multi Family Property | ||
Schedule of Equity Method Investments [Line Items] | ||
Net proceeds | $ 13,167 | |
Number of units of multifamily project | multifamily_site | 304 | |
Gain on sale of assets | $ 9,613 | |
CL Realty, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings (loss) | $ 2,465 | 47 |
Equity in earnings of unconsolidated ventures | 1,232 | 23 |
CL Realty, LLC | Equity Method Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Net proceeds | $ 2,400 | |
Equity method investment, ownership percentage | 50.00% | |
Equity in earnings of unconsolidated ventures | $ 1,200 | |
242, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Earnings (loss) | 8,465 | (300) |
Equity in earnings of unconsolidated ventures | 4,318 | $ (150) |
242, LLC | Equity Method Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Distributions of return on investments and earnings | $ 4,348 | |
Area of land (in acres) | a | 46 | |
Net proceeds | $ 9,719 | |
Earnings (loss) | $ 6,612 | |
Equity method investment, ownership percentage | 50.00% | |
Equity in earnings of unconsolidated ventures | $ 3,306 |
Investment in Unconsolidated 40
Investment in Unconsolidated Ventures - Summarized Balance Sheet Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | $ 277,194 | $ 279,674 |
Venture Borrowings | 126,699 | 128,288 |
Venture Equity | 144,637 | 141,802 |
Investment in venture | 79,262 | 77,611 |
242, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 23,530 | 26,503 |
Venture Borrowings | 0 | 1,107 |
Venture Equity | 22,905 | 23,136 |
Investment in venture | 10,904 | 10,934 |
CL Ashton Woods, LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 3,064 | 2,653 |
Venture Borrowings | 0 | 0 |
Venture Equity | 2,948 | 2,198 |
Investment in venture | 2,067 | 1,107 |
CL Realty, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 8,056 | 8,048 |
Venture Borrowings | 0 | 0 |
Venture Equity | 7,964 | 7,899 |
Investment in venture | 3,982 | 3,950 |
CREA FMF Nashville LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 54,071 | 56,081 |
Venture Borrowings | 36,018 | 37,446 |
Venture Equity | 17,470 | 17,091 |
Investment in venture | 4,894 | 4,923 |
Elan 99, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 49,539 | 49,652 |
Venture Borrowings | 36,391 | 36,238 |
Venture Equity | 12,447 | 13,100 |
Investment in venture | 11,202 | 11,790 |
FOR/SR Forsyth LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 10,794 | 10,672 |
Venture Borrowings | 1,569 | 1,568 |
Venture Equity | 9,233 | 8,990 |
Investment in venture | 8,310 | 8,091 |
FMF Littleton LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 70,434 | 70,282 |
Venture Borrowings | 45,744 | 44,446 |
Venture Equity | 23,634 | 23,798 |
Investment in venture | 6,086 | 6,128 |
FMF Peakview LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 0 | 0 |
Venture Borrowings | 0 | 0 |
Venture Equity | 0 | 0 |
Investment in venture | 0 | 0 |
HM Stonewall Estates, Ltd | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 1,184 | 852 |
Venture Borrowings | 0 | 0 |
Venture Equity | 1,096 | 852 |
Investment in venture | 579 | 477 |
LM Land Holdings, LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 26,424 | 25,538 |
Venture Borrowings | 3,851 | 3,477 |
Venture Equity | 21,573 | 20,945 |
Investment in venture | 9,900 | 9,685 |
MRECV DT Holdings LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 4,318 | 4,155 |
Venture Borrowings | 0 | 0 |
Venture Equity | 4,318 | 4,144 |
Investment in venture | 3,886 | 3,729 |
MRECV Edelweiss LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 5,276 | 3,484 |
Venture Borrowings | 0 | 0 |
Venture Equity | 5,276 | 3,484 |
Investment in venture | 5,027 | 3,358 |
MREC VH Juniper Ridge LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 4,169 | 4,156 |
Venture Borrowings | 0 | 0 |
Venture Equity | 4,169 | 4,156 |
Investment in venture | 3,428 | 3,741 |
MRECV Meadow Crossing II LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 2,615 | 2,492 |
Venture Borrowings | 0 | 0 |
Venture Equity | 2,614 | 2,491 |
Investment in venture | 2,352 | 2,242 |
Miramonte Boulder Pass, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 9,333 | 10,738 |
Venture Borrowings | 3,126 | 4,006 |
Venture Equity | 4,710 | 5,265 |
Investment in venture | 4,505 | 5,330 |
Temco Associates, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 4,387 | 4,368 |
Venture Borrowings | 0 | 0 |
Venture Equity | 4,280 | 4,253 |
Investment in venture | 2,140 | 2,126 |
Other ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 0 | 0 |
Venture Borrowings | 0 | 0 |
Venture Equity | 0 | 0 |
Investment in venture | $ 0 | $ 0 |
Investment in Unconsolidated 41
Investment in Unconsolidated Ventures - Summarized Income Statement Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $ 22,301 | $ 4,843 |
Earnings (loss) | 12,221 | (303) |
Equity in earnings of unconsolidated ventures | 6,362 | 47 |
242, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 12,738 | 0 |
Earnings (loss) | 8,465 | (300) |
Equity in earnings of unconsolidated ventures | 4,318 | (150) |
CL Ashton Woods, LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 1,782 | 696 |
Earnings (loss) | 750 | 367 |
Equity in earnings of unconsolidated ventures | 959 | 439 |
CL Realty, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 199 | 133 |
Earnings (loss) | 2,465 | 47 |
Equity in earnings of unconsolidated ventures | 1,232 | 23 |
CREA FMF Nashville LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 1,405 | 901 |
Earnings (loss) | (170) | (571) |
Equity in earnings of unconsolidated ventures | (54) | (171) |
Elan 99, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 902 | 20 |
Earnings (loss) | (653) | (410) |
Equity in earnings of unconsolidated ventures | (588) | (369) |
FOR/SR Forsyth LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 0 | 0 |
Earnings (loss) | (32) | 0 |
Equity in earnings of unconsolidated ventures | (28) | 0 |
FMF Littleton LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 1,415 | 321 |
Earnings (loss) | (165) | (170) |
Equity in earnings of unconsolidated ventures | (41) | (42) |
FMF Peakview LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 0 | 939 |
Earnings (loss) | 0 | (248) |
Equity in earnings of unconsolidated ventures | 0 | (50) |
HM Stonewall Estates, Ltd | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 496 | 546 |
Earnings (loss) | 243 | 220 |
Equity in earnings of unconsolidated ventures | 103 | 103 |
LM Land Holdings, LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 1,053 | 1,000 |
Earnings (loss) | 628 | 640 |
Equity in earnings of unconsolidated ventures | 215 | 144 |
MRECV DT Holdings LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 301 | 98 |
Earnings (loss) | 299 | 98 |
Equity in earnings of unconsolidated ventures | 269 | 88 |
MRECV Edelweiss LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 185 | 87 |
Earnings (loss) | 185 | 87 |
Equity in earnings of unconsolidated ventures | 166 | 78 |
MREC VH Juniper Ridge LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 13 | 3 |
Earnings (loss) | 13 | 3 |
Equity in earnings of unconsolidated ventures | 12 | 3 |
MRECV Meadow Crossing II LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 122 | 0 |
Earnings (loss) | 122 | (34) |
Equity in earnings of unconsolidated ventures | 110 | (31) |
Miramonte Boulder Pass, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 1,642 | 0 |
Earnings (loss) | 44 | (125) |
Equity in earnings of unconsolidated ventures | (325) | (62) |
Temco Associates, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 48 | 99 |
Earnings (loss) | 27 | 67 |
Equity in earnings of unconsolidated ventures | 14 | 34 |
Other ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 0 | 0 |
Earnings (loss) | 0 | 26 |
Equity in earnings of unconsolidated ventures | $ 0 | $ 10 |
Investment in Unconsolidated 42
Investment in Unconsolidated Ventures - Summarized Income Statement Information additional information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Equity Method Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term debt, current maturities | $ 125,498 | $ 89,756 |
Equity Method Investments | Non-recourse Debt | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term debt, current maturities | 108,675 | $ 78,557 |
242, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Unrecognized basis difference on equity method investment | 1,372 | |
LM Land Holdings, LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Unrecognized basis difference on equity method investment | $ 578 |
Goodwill - Carrying Value of Go
Goodwill - Carrying Value of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 0 | $ 37,900 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 0 | $ 37,900 | |
Non-cash impairment charges | 37,900 | $ 0 | |
Credo | |||
Business Acquisition [Line Items] | |||
Goodwill | 0 | $ 37,900 | |
the Mineral Companies | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Business Acquisition [Line Items] | |||
Non-cash impairment charges | 37,900 | ||
Disposal group, consideration | 85,700 | ||
Gain on disposition of oil and gas property | 74,215 | ||
Deferred gain on sale of property | $ 8,200 |
Held for Sale - Narrative (Deta
Held for Sale - Narrative (Details) | Mar. 31, 2017a |
Disposal Group, Held-for-sale, Not Discontinued Operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Area of land (in acres) | 19,000 |
Held for Sale (Assets and Liabi
Held for Sale (Assets and Liabilities of Properties Held for Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets Held for Sale [Abstract] | ||
Assets | $ 5 | $ 14 |
Liabilities Held for Sale [Abstract] | ||
Accrued interest | 1,163 | 5,228 |
Liabilities | 1,163 | 5,295 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Assets Held for Sale [Abstract] | ||
Property and equipment | 6,301 | 6,301 |
Other intangible assets | 1,681 | 1,681 |
Assets | 29,867 | 30,377 |
Liabilities Held for Sale [Abstract] | ||
Accrued interest | 44 | 0 |
Earnest money deposits | 415 | 0 |
Other liabilities | 0 | 103 |
Liabilities | 459 | 103 |
Real Estate | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Assets Held for Sale [Abstract] | ||
Property and equipment | 20,070 | 19,931 |
Timber Properties | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Assets Held for Sale [Abstract] | ||
Property and equipment | 1,666 | 1,682 |
Oil and Gas Properties | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Assets Held for Sale [Abstract] | ||
Property and equipment | $ 149 | $ 782 |
Discontinued Operations (Summar
Discontinued Operations (Summarized Results from Discontinued Operations) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Revenues | $ 9 | $ 4,270 |
Cost of sales | (6) | (4,964) |
Other operating expenses | (54) | (1,323) |
Loss from discontinued operations before income taxes | (51) | (2,017) |
Loss on sale of assets before income taxes | 0 | (10,977) |
Income tax benefit | 469 | 4,778 |
Income (loss) from discontinued operations, net of taxes | $ 418 | $ (8,216) |
Discontinued Operations (Additi
Discontinued Operations (Additional Information) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)awell | |
Discontinued Operations and Disposal Groups [Abstract] | |
Gain (loss) on disposition of proved property | $ (10,977) |
Net mineral acres leased from others sold | a | 190,960 |
Gross producing oil and gas wells sold | well | 185 |
Net producing oil and gas wells sold | well | 66 |
Proceeds from sale of oil and gas property and equipment | $ 32,227 |
Reimbursement of capital costs related to sale of in progress wells | 3,269 |
Loss related to write-off of allocated goodwill | $ 7,244 |
Discontinued Operations (Assets
Discontinued Operations (Assets and Liabilities of Discontinued Operations) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets of Discontinued Operations: | ||
Receivables, net of allowance for bad debt | $ 5 | $ 6 |
Prepaid expenses | 0 | 8 |
Assets | 5 | 14 |
Liabilities of Discontinued Operations: | ||
Accounts payable | 0 | 67 |
Other accrued expenses | 1,163 | 5,228 |
Liabilities | $ 1,163 | $ 5,295 |
Discontinued Operations (Signif
Discontinued Operations (Significant Operating and Investing Activities of Discontinued Operations) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities: | ||
Accounts payable and other accrued liabilities | $ (5,764) | $ (6,702) |
Loss on sale of assets | 0 | 10,977 |
Depreciation, depletion and amortization | 1,485 | 4,785 |
Cash provided by (used in) operating activities, discontinued operations | (3,000) | 12,786 |
Investing activities: | ||
Oil and gas properties and equipment | (2,400) | (426) |
Proceeds from sales of assets | 77,510 | 56,828 |
Cash provided by (used in) investing activities, discontinued operations | 0 | 28,532 |
Discontinued Operations | ||
Operating activities: | ||
Accounts payable and other accrued liabilities | (3,000) | 0 |
Loss on sale of assets | 0 | 10,977 |
Depreciation, depletion and amortization | 0 | 1,809 |
Investing activities: | ||
Oil and gas properties and equipment | 0 | (426) |
Proceeds from sales of assets | $ 0 | $ 28,958 |
Receivables - Receivables (Deta
Receivables - Receivables (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 18,561 | $ 8,957 |
Allowance for bad debts | (26) | (26) |
Receivables, net | 18,535 | 8,931 |
Funds held by escrow agent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 7,689 | 0 |
Receivables and accrued interest | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,466 | 1,505 |
Notes receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 9,406 | $ 7,452 |
Average interest rates | 4.85% | 4.94% |
Receivables - Additional Inform
Receivables - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Minimum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Due period of notes receivable as secured by deed of trust | 3 years |
Maximum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Due period of notes receivable as secured by deed of trust | 5 years |
Equity - Reconciliation of Chan
Equity - Reconciliation of Changes in Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 562,118 | |
Consolidated net income (loss) | 25,245 | $ (4,296) |
Other (primarily share-based compensation) | (35) | |
Ending balance | 587,328 | |
Forestar Group Inc. | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 560,651 | |
Consolidated net income (loss) | 25,205 | |
Other (primarily share-based compensation) | (35) | |
Ending balance | 585,821 | |
Noncontrolling Interest | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 1,467 | |
Consolidated net income (loss) | 40 | |
Ending balance | $ 1,507 |
Debt, net - Schedule of Debt (D
Debt, net - Schedule of Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | ||
Debt, net | $ 111,783 | $ 110,358 |
Deferred finance costs, net | $ 1,513 | $ 1,633 |
Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Interest rate percentage | 8.50% | 8.50% |
Debt, net | $ 5,205 | $ 5,200 |
Debt instrument, maturity date | Jun. 1, 2022 | |
Convertible Debt | ||
Line of Credit Facility [Line Items] | ||
Debt, net | $ 105,787 | 104,673 |
Other indebtedness | ||
Line of Credit Facility [Line Items] | ||
Debt, net | $ 791 | $ 485 |
Convertible Debt | ||
Line of Credit Facility [Line Items] | ||
Interest rate percentage | 3.75% | 3.75% |
Debt instrument, maturity date | Mar. 1, 2020 | |
Minimum | Other indebtedness | ||
Line of Credit Facility [Line Items] | ||
Interest rate percentage | 5.00% | |
Maximum | Other indebtedness | ||
Line of Credit Facility [Line Items] | ||
Interest rate percentage | 5.50% |
Debt, net - Additional Informat
Debt, net - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2017USD ($)extension | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | |||
Deferred finance costs, net | $ 1,513,000 | $ 1,633,000 | |
Amortization of deferred financing fees | 330,000 | $ 927,000 | |
Senior Secured Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity under term loan facility | $ 125,000,000 | ||
Line of credit facility, expiration date | May 15, 2017 | ||
Number of extensions | extension | 2 | ||
Length of extensions | 1 year | ||
Amount drawn on | $ 0 | ||
Sublimit for letters of credit outstanding | 14,543,000 | ||
Net unused borrowing capacity | $ 53,665,000 | ||
Percentage of spread on federal funds effective rate | 0.50% | ||
Minimum net worth required for compliance | $ 445,215,000 | ||
Minimum net worth required for compliance, computed as (as a percent) | $ 379,044,000 | ||
Minimum net worth required for compliance (as a percent) | 85.00% | ||
Positive net income requirement for net worth compliance (as a percent) | 75.00% | ||
Effective leverage ratio (less than) | 40.00% | ||
Stockholders distribution covenant, interest coverage ratio | 3 | ||
Minimum liquidity required by covenant (less than) | $ 125,000,000 | ||
Payments of capital distribution | $ 50,000,000 | ||
Percentage from sales of properties and non-core assets (up to) | 65.00% | ||
Deferred finance costs, net | $ 105,000 | $ 314,000 | |
Senior Notes | |||
Line of Credit Facility [Line Items] | |||
Interest rate percentage | 8.50% | 8.50% | |
Letter of Credit | Senior Secured Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, letters of credit sublimit | $ 100,000,000 | ||
LIBOR | Senior Secured Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, basis spread on variable rate | 4.00% | ||
Base Rate | Senior Secured Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Percentage of variable spread on base rate | 3.00% | ||
30 day LIBOR rate | Senior Secured Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.00% |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset impairments | $ 37,900 | $ 0 |
the Mineral Companies | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset impairments | 37,900 | |
Disposal group, consideration | $ 85,700 |
Fair Value - Information About
Fair Value - Information About Our Fixed Rate Financial Instruments Not Measured at Fair Value (Detail) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed rate debt | $ (112,116) | $ (109,789) |
Reported Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed rate debt | $ (112,505) | $ (111,506) |
Net Income (Loss) per Share - A
Net Income (Loss) per Share - Additional Information (Detail) - $ / shares | Dec. 15, 2016 | Mar. 31, 2017 | Dec. 31, 2016 |
Six Percent Tangible Equity Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Interest rate percentage | 6.00% | ||
Convertible Debt | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Interest rate percentage | 3.75% | 3.75% | |
Conversion price of convertible notes | $ 24.49 | ||
Maximum | Six Percent Tangible Equity Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Settlement of tangible equity units, shares | 7,857,000 |
Net Income (Loss) per Share - E
Net Income (Loss) per Share - Earnings Attributable to Common Shareholders and Weighted Average Common Shares Outstanding (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Continuing operations | ||
Net income from continuing operations | $ 24,827 | $ 3,920 |
Less: Net (income) loss attributable to noncontrolling interests | (40) | (80) |
Earnings available for diluted earnings per share | 24,787 | 3,840 |
Less: Undistributed net income from continuing operations allocated to participating securities | 0 | 0 |
Earnings from continuing operations available to common shareholders for basic earnings per share | 24,787 | 3,840 |
Discontinued operations | ||
Income (loss) from discontinued operations, net of taxes | 418 | (8,216) |
Less: Undistributed net income from discontinued operations allocated to participating securities | 0 | 0 |
Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share | $ 418 | $ (8,216) |
Denominator: | ||
Weighted average common shares outstanding — basic | 42,097 | 34,302 |
Weighted average common shares upon conversion of participating securities (TEU's) | 0 | 7,857 |
Dilutive effect of stock options, restricted stock and equity-settled awards | 309 | 161 |
Total weighted average shares outstanding — diluted | 42,406 | 42,320 |
Anti-dilutive awards excluded from diluted weighted average shares (in shares) | 1,808 | 2,450 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate, percent | (40.00%) | 35.00% | |
Valuation allowance, deferred tax asset, amount | $ 68,944 | $ 73,405 | |
Unrecognized tax benefits | $ 811 |
Commitments and Contingencies -
Commitments and Contingencies - Litigation (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Huffman vs. Forestar Petroleum Corporation | Settled Litigation | |
Loss Contingencies [Line Items] | |
Litigation settlement, amount | $ 3,000,000 |
Commitments and Contingencies62
Commitments and Contingencies - Environmental (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Environmental Exit Cost [Line Items] | ||
Asset retirement obligation | $ 1,155 | $ 1,258 |
Discontinued Operations | ||
Environmental Exit Cost [Line Items] | ||
Asset retirement obligation | $ 1,155 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017segment | |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Segment Information - Assets Al
Segment Information - Assets Allocated by Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Total Assets | $ 763,594 | $ 733,208 | |||
Cash and cash equivalents | 337,432 | 265,798 | $ 142,646 | $ 96,442 | |
Income taxes receivable | 0 | 10,867 | |||
Continuing Operations | Operating Segments | Real estate | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 404,322 | 403,062 | |||
Continuing Operations | Operating Segments | Mineral resources | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 7,921 | 38,907 | |||
Continuing Operations | Operating Segments | Other | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 11,509 | 11,531 | |||
Continuing Operations | Items Not Allocated to Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | [1] | 339,837 | 279,694 | ||
Cash and cash equivalents | 337,432 | 265,798 | |||
Income taxes receivable | 10,867 | ||||
Discontinued Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | $ 5 | $ 14 | |||
[1] | Assets not allocated to segments at first quarter-end 2017 principally consist of cash and cash equivalents of $337,432,000. Assets not allocated to segments at year-end 2016 principally consist of cash and cash equivalents of $265,798,000 and an income tax receivable of $10,867,000. |
Segment Information - Segment R
Segment Information - Segment Revenues and Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 22,305 | $ 37,618 |
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent | 40,998 | 5,992 |
General and administrative expense | (4,691) | (6,479) |
Interest expense | (2,235) | (7,639) |
Other corporate non-operating income | 676 | 74 |
Segment Earnings | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 22,305 | 37,618 |
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent | 47,902 | 20,196 |
Segment Earnings | Real estate | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 20,752 | 36,098 |
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent | 10,473 | 20,224 |
Segment Earnings | Mineral resources | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 1,497 | 1,082 |
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent | 37,816 | 553 |
Segment Earnings | Other | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 56 | 438 |
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent | (387) | (581) |
Items Not Allocated to Segments | ||
Segment Reporting Information [Line Items] | ||
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent | (6,904) | (14,204) |
General and administrative expense | (4,028) | (4,973) |
Shared-based and long-term incentive compensation expense | (895) | (1,544) |
Interest expense | (2,235) | (7,639) |
Other corporate non-operating income | $ 254 | $ (48) |
Share-Based and Long-Term Inc66
Share-Based and Long-Term Incentive Compensation - Components of Share-Based Compensation Expense (Income) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Total share-based compensation | $ 843 | $ 1,380 |
Compensation expense | 52 | 164 |
Share based and Long Term Incentive Compensation | 895 | 1,544 |
Cash Settled Awards | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Total share-based compensation | 87 | 619 |
Equity-settled awards | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Total share-based compensation | 618 | 479 |
Restricted Stock | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Total share-based compensation | 0 | 6 |
Employee Stock Option | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Total share-based compensation | 138 | 276 |
General and Administrative Expense | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Share based and Long Term Incentive Compensation | 663 | 1,506 |
Other Operating Expenses | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Share based and Long Term Incentive Compensation | $ 232 | $ 38 |
Share-Based and Long-Term Inc67
Share-Based and Long-Term Incentive Compensation - Share Based Compensation Expense (Income) Included in Operating Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share based and Long Term Incentive Compensation | $ 895 | $ 1,544 |
General and administrative expense | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share based and Long Term Incentive Compensation | 663 | 1,506 |
Other Operating Expenses | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share based and Long Term Incentive Compensation | $ 232 | $ 38 |
Share-Based and Long-Term Inc68
Share-Based and Long-Term Incentive Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 52 | $ 164 | ||
Fair value of awards granted to retirement eligible employees and expensed at date of grant | $ 600 | |||
Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options | $ 1,421 | |||
Shares issued out of treasury stock | 182,152 | 165,167 | ||
Shares withheld for payroll taxes | 75,870 | 23,691 | ||
Value of shares withheld for payroll taxes | $ 980 | $ 205 | ||
Board of Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 188 | 265 | ||
Board of Directors | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, equivalent units | 49,225 | |||
Long-Term Incentive Compensation | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred compensation arrangement with individual, cash award granted, amount | $ 620 | $ 587 | ||
Deferred compensation arrangement with individual, service period (in years) | 2 years | 3 years | ||
Deferred compensation cash-based arrangements, liability, current and noncurrent | $ 296 | $ 539 | ||
2017 | Board of Directors | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, equivalent units | 34,746 | |||
Vesting percentage | 25.00% |
Subsequent Event (Details)
Subsequent Event (Details) | May 08, 2017USD ($)a | Apr. 26, 2017USD ($)a | Apr. 13, 2017USD ($)$ / shares | Mar. 31, 2017USD ($)a$ / shares | Mar. 31, 2016USD ($) | Dec. 31, 2016$ / shares |
Subsequent Event [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 1 | $ 1 | ||||
Gain on sale of assets | $ 74,215,000 | $ 2,604,000 | ||||
Forestar Group Inc. | Terra Firma Merger Parent, L.P | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Sale of stock, price per share (in usd per share) | $ / shares | $ 14.25 | |||||
Termination fee | $ 20,000,000 | |||||
Forestar Group Inc. | Scenario One | Terra Firma Merger Parent, L.P | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Termination fee | 4,000,000 | |||||
Forestar Group Inc. | Scenario Two | Terra Firma Merger Parent, L.P | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Termination fee | 3,000,000 | |||||
Forestar Group Inc. | Scenario Three | Terra Firma Merger Parent, L.P | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Termination fee | $ 40,000,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||
Subsequent Event [Line Items] | ||||||
Area of land (in acres) | a | 19,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Georgia | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Area of land (in acres) | a | 11,000 | |||||
Disposal group, consideration | $ 20,000,000 | |||||
Gain on sale of assets | $ 8,600,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Texas | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Area of land (in acres) | a | 4,400 | |||||
Disposal group, consideration | $ 16,000,000 | |||||
Gain on sale of assets | $ 12,000,000 |