Forestar (FOR) 10-Q 8 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 2017
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		41,934,751

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 381,390	$ 265,798
Real estate	282,034	293,003
Assets of discontinued operations	1	14
Assets held for sale	14,599	30,377
Investment in unconsolidated ventures	74,674	77,611
Receivables, net	8,705	8,931
Income taxes receivable	0	10,867
Prepaid expenses	2,453	2,000
Property and equipment, net	1,144	3,116
Deferred tax asset, net	278	323
Goodwill	0	37,900
Other assets	2,841	3,268
TOTAL ASSETS	768,119	733,208
LIABILITIES AND EQUITY
Accounts payable	5,633	4,804
Accrued employee compensation and benefits	1,866	4,126
Accrued property taxes	1,983	2,008
Accrued interest	1,543	1,585
Income taxes payable	8,759	0
Earnest money deposits	12,436	10,511
Other accrued expenses	7,792	12,598
Liabilities of discontinued operations	157	5,295
Liabilities held for sale	0	103
Other liabilities	28,821	19,702
Debt, net	113,368	110,358
TOTAL LIABILITIES	182,358	171,090
COMMITMENTS AND CONTINGENCIES
Forestar Group Inc. shareholders’ equity:
Preferred stock, par value $0.01 per share, 200,000 authorized shares at second quarter-end 2017 and none at year-end 2016, none issued	0	0
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 44,803,603 issued at second quarter-end 2017 and year-end 2016	44,804	44,804
Additional paid-in capital	548,871	553,005
Retained earnings	35,228	12,602
Treasury stock, at cost, 2,868,852 shares at second quarter-end 2017 and 3,187,253 shares at year-end 2016	(44,597)	(49,760)
Total Forestar Group Inc. shareholders’ equity	584,306	560,651
Noncontrolling interests	1,455	1,467
TOTAL EQUITY	585,761	562,118
TOTAL LIABILITIES AND EQUITY	$ 768,119	$ 733,208

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000	0
Preferred stock, shares issued (in shares)	0	0
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)	2,868,852	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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
REVENUES
Real estate sales and other	$ 27,901	$ 43,018	$ 48,653	$ 69,426
Commercial and income producing properties	91	3,363	91	13,053
Real estate	27,992	46,381	48,744	82,479
Mineral resources	5	1,337	1,502	2,419
Other	18	274	74	712
Total revenues	28,015	47,992	50,320	85,610
COSTS AND EXPENSES
Cost of real estate sales and other	(16,348)	(66,877)	(28,380)	(80,139)
Cost of commercial and income producing properties	0	(5,789)	11	(10,951)
Cost of mineral resources	0	(160)	(38,315)	(390)
Cost of other	(108)	(119)	(409)	(504)
Other operating expenses	(5,728)	(8,317)	(10,685)	(20,408)
General and administrative	(28,372)	(4,852)	(33,063)	(11,331)
Total expenses	(50,556)	(86,114)	(110,841)	(123,723)
GAIN ON SALE OF ASSETS	29,506	107,650	103,721	121,231
OPERATING INCOME	6,965	69,528	43,200	83,118
Equity in earnings of unconsolidated ventures	2,747	188	9,109	235
Interest expense	(2,166)	(6,918)	(4,401)	(14,557)
Loss on extinguishment of debt, net	0	(35,766)	0	(35,864)
Other non-operating income	622	199	1,298	371
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES	8,168	27,231	49,206	33,303
Income tax expense	(11,928)	(14,929)	(28,139)	(17,081)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	(3,760)	12,302	21,067	16,222
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES	1,229	(2,048)	1,647	(10,264)
CONSOLIDATED NET INCOME (LOSS)	(2,531)	10,254	22,714	5,958
Less: Net (income) attributable to noncontrolling interests	(48)	(640)	(88)	(720)
NET INCOME (LOSS) ATTRIBUTABLE TO FORESTAR GROUP INC.	$ (2,579)	$ 9,614	$ 22,626	$ 5,238
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)	42,259	34,302	42,171	34,302
Diluted (in shares)	42,259	42,423	42,454	42,372
NET INCOME (LOSS) PER BASIC SHARE
Continuing operations, basic (usd per share)	$ (0.09)	$ 0.28	$ 0.50	$ 0.37
Discontinued operations, basic (usd per share)	0.03	(0.05)	0.04	(0.24)
NET INCOME (LOSS) PER BASIC SHARE (usd per share)	(0.06)	0.23	0.54	0.13
NET INCOME (LOSS) PER DILUTED SHARE
Continuing operations, diluted (usd per share)	(0.09)	0.28	0.49	0.37
Discontinued operation, diluted (usd per share)	0.03	(0.05)	0.04	(0.24)
NET INCOME (LOSS) PER DILUTED SHARE (usd per share)	$ (0.06)	$ 0.23	$ 0.53	$ 0.13
TOTAL COMPREHENSIVE INCOME (LOSS)	$ (2,579)	$ 9,614	$ 22,626	$ 5,238

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income	$ 22,714	$ 5,958
Adjustments:
Depreciation, depletion and amortization	2,862	7,268
Change in deferred income taxes	45	(45)
Equity in earnings of unconsolidated ventures	(9,109)	(235)
Distributions of earnings of unconsolidated ventures	12,036	2,067
Share-based compensation	2,259	1,716
Real estate cost of sales	28,438	33,836
Real estate development and acquisition expenditures, net	(25,623)	(33,066)
Reimbursements from utility and improvement districts	4,671	306
Asset impairments	37,900	49,438
Loss on extinguishment of debt, net	0	35,864
Gain on sale of assets	(103,821)	(106,658)
Other	2,135	3,402
Changes in:
Notes and accounts receivable	912	18,849
Prepaid expenses and other	(267)	1,080
Accounts payable and other accrued liabilities	(6,135)	(16,069)
Income taxes	19,626	8,828
Net cash provided by (used for) operating activities	(11,357)	12,539
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, equipment, software and other	(41)	(5,639)
Oil and gas properties and equipment	(2,400)	(567)
Investment in unconsolidated ventures	(3,617)	(4,658)
Proceeds from sales of assets	130,011	318,480
Return of investment in unconsolidated ventures	2,906	1,914
Net cash provided by investing activities	126,859	309,530
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of debt	0	(307,491)
Additions to debt	770	1,462
Deferred financing fees	(148)	0
Distributions to noncontrolling interests, net	(100)	(1,108)
Exercise of stock options	548	0
Repurchases of common stock	0	(3,537)
Payroll taxes on issuance of stock-based awards	(980)	(205)
Other	0	(211)
Net cash provided by (used for) financing activities	90	(311,090)
Net increase in cash and cash equivalents	115,592	10,979
Cash and cash equivalents at beginning of period	265,798	96,442
Cash and cash equivalents at end of period	$ 381,390	$ 107,421

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 of 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	6 Months Ended
	Jun. 30, 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 will now present excess tax benefits as an operating activity, if applicable. 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 six months 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. 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 limited circumstances 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, but we do not expect it to have a material effect on our consolidated financial statements. 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. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718), in order to provide guidance about which changes to terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The updated standard is effective for financial statements issued for annual periods beginning after December 15, 2017. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures, but we do not expect it to have a material effect on our consolidated financial statements.

Held for Sale

Held for Sale	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Held for Sale	Held for Sale In first quarter 2017 , we sold all of our remaining owned mineral assets for approximately $85,700,000 . We recognized $74,222,000 in total gains related to the sale of our mineral assets in first six months 2017 and will recognize a deferred gain of $8,200,000 in third quarter 2017 as a result of the expiration of the title review period. In second quarter 2017 , we sold approximately 19,000 acres of timberland and undeveloped land in Georgia and Texas for $46,197,000 in three transactions generating combined net proceeds of $44,771,000 . We recognized combined gains of $28,049,000 and deferred a gain of $625,000 pending receipt of certain regulatory approvals and release of funds held in escrow. At second quarter-end 2017 , assets held for sale principally includes a multifamily site in Austin, central Texas groundwater assets, and nonparticipating royalty interests in water rights located in east Texas. The major classes of assets and liabilities of the properties held for sale are as follows: Second Year-End 2017 2016 (In thousands) Assets Held for Sale: Real estate $ 5,740 $ 19,931 Timber — 1,682 Other intangible assets (a) 1,681 1,681 Oil and gas properties and equipment, net 149 782 Property and equipment, net (b) 7,029 6,301 $ 14,599 $ 30,377 Liabilities Held for Sale: Other liabilities — 103 $ — $ 103 ___________________ (a) Related to indefinite lived groundwater leases associated with our central Texas water assets. (b) Related to water wells associated with our Texas water assets.

Proposed Merger

Proposed Merger	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Proposed Merger	Proposed Merger On April 13, 2017, we entered into an Agreement and Plan of Merger with affiliates of Starwood Capital Group (“Starwood”) pursuant to which, as amended, Starwood would acquire each share of the Company’s common stock, par value $1.00 per share (“Our Common Stock”) for $16.00 per share (as amended, the “Starwood Merger Agreement”). On June 29, 2017, we terminated the Starwood Merger Agreement and entered into an Agreement and Plan of Merger with D.R. Horton, Inc. (“D.R. Horton”) pursuant to which D.R. Horton would acquire approximately 75 percent of our outstanding common stock for $17.75 per share (the “D.R. Horton Merger Agreement”). The D.R. Horton Merger Agreement has been unanimously approved by our and D.R. Horton’s boards of directors. Subject to the terms and conditions of the D. R. Horton Merger Agreement, at the effective time of the Merger (the “Effective Time”), all of Our Common Stock will be converted into the right to receive, either (i) an amount in cash per share of Our Common Stock equal to $17.75 (the “Cash Consideration”); or (ii) one share of common stock of Forestar (the “Surviving Company Common Stock”), in each case at the election of the holder of such share of Our Common Stock, subject to proration procedures applicable to oversubscription and undersubscription for Cash Consideration by stockholders. The aggregate amount of Cash Consideration will be approximately $558,256,000 . In connection with entry into each of the Starwood Merger Agreement and the D.R. Horton Merger Agreement, we amended our tax benefits preservation plan dated January 5, 2017, in each case rendering the plan inapplicable to such agreement and the transactions contemplated thereby. Please see Note 13—Capital Stock for additional information regarding our tax benefits preservation plan. Closing of the merger with D.R. Horton (the “Merger”) is subject to approval of our stockholders and certain other closing conditions, and is expected to close in fourth quarter 2017. Following closing of the Merger, Forestar will continue as a separate publicly-traded company. In connection with these matters, in first six months 2017 we paid a $20,000,000 termination fee to Starwood and incurred $4,070,000 in professional fees and other costs related to the proposed transactions, all of which are included in general and administrative expenses. Upon consummation of the proposed merger, we will pay our financial advisor a sale transaction fee of approximately $5,600,000 which is contingent upon the successful completion of the Merger.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate	Real Estate Real estate consists of: Second Year-End 2017 2016 (In thousands) Entitled, developed and under development projects $ 252,332 $ 263,859 Land in the entitlement process and other 29,702 29,144 $ 282,034 $ 293,003 Our estimated costs of assets for which we expect to be reimbursed by utility and improvement districts were $46,205,000 at second quarter-end 2017 and $45,157,000 at year-end 2016 , including $15,457,000 at second quarter-end 2017 and $14,749,000 at year-end 2016 related to our Cibolo Canyons project near San Antonio, Texas. In first six months 2017 , we have collected $4,671,000 in reimbursements that were previously submitted to these districts. At second quarter-end 2017 , our inception-to-date submitted and approved reimbursements for the Cibolo Canyons project were $58,790,000 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	6 Months Ended
	Jun. 30, 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 second quarter-end 2017 , we had ownership interests in 15 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 Second Year-End Second Year-End Second Year-End Second Year-End 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) $ 23,014 $ 26,503 $ — $ 1,107 $ 22,822 $ 23,136 $ 10,863 $ 10,934 CL Ashton Woods, LP (c) 1,350 2,653 — — 1,296 2,198 939 1,107 CL Realty, LLC 7,989 8,048 — — 7,900 7,899 3,950 3,950 CREA FMF Nashville LLC (b) 54,121 56,081 35,844 37,446 17,321 17,091 4,850 4,923 Elan 99, LLC 49,191 49,652 36,356 36,238 11,845 13,100 10,659 11,790 FMF Littleton LLC 70,541 70,282 46,158 44,446 23,618 23,798 6,083 6,128 FMF Peakview LLC — — — — — — — — FOR/SR Forsyth LLC 11,195 10,672 1,545 1,568 9,627 8,990 8,664 8,091 HM Stonewall Estates, Ltd — 852 — — — 852 — 477 LM Land Holdings, LP (c) 24,211 25,538 2,470 3,477 13,162 20,945 6,424 9,685 MRECV DT Holdings LLC 3,855 4,155 — — 3,855 4,144 3,470 3,729 MRECV Edelweiss LLC/MRECV Lender VIII LLC 7,283 3,484 — — 7,283 3,484 6,555 3,358 MRECV Juniper Ridge LLC 3,371 4,156 — — 3,371 4,156 3,034 3,741 MRECV Meadow Crossing II LLC 2,850 2,492 — — 2,850 2,491 2,565 2,242 Miramonte Boulder Pass, LLC 8,903 10,738 2,648 4,006 4,670 5,265 4,467 5,330 Temco Associates, LLC 4,406 4,368 — — 4,302 4,253 2,151 2,126 Other ventures — — — — — — — — $ 272,280 $ 279,674 $ 125,021 $ 128,288 $ 133,922 $ 141,802 $ 74,674 $ 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) Second Quarter First Six Months Second Quarter First Six Months Second Quarter First Six Months 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) $ — $ — $ 13,073 $ — $ (83 ) $ (164 ) $ 8,382 $ (464 ) $ (41 ) $ (82 ) $ 4,277 $ (232 ) CL Ashton Woods, LP (c) 846 993 2,628 1,689 348 151 1,098 518 473 324 1,432 763 CL Realty, LLC — 113 199 246 (64 ) 17 2,401 64 (32 ) 8 1,200 31 CREA FMF Nashville LLC (b) 1,465 1,081 2,870 1,982 (150 ) (498 ) (320 ) (1,069 ) (43 ) (149 ) (97 ) (320 ) Elan 99, LLC 1,026 147 1,928 167 (601 ) (934 ) (1,254 ) (1,344 ) (541 ) (841 ) (1,129 ) (1,210 ) FMF Littleton LLC 1,596 526 3,011 847 (15 ) (178 ) (180 ) (348 ) (4 ) (44 ) (45 ) (86 ) FMF Peakview LLC — — — 939 — — — (248 ) — — — (50 ) FOR/SR Forsyth LLC — — — — (36 ) (17 ) (68 ) (17 ) (33 ) (15 ) (61 ) (15 ) HM Stonewall Estates, Ltd — 580 496 1,126 — 294 243 514 — 124 103 227 LM Land Holdings, LP (c) 15,880 2,026 16,933 3,026 5,589 1,415 6,217 2,055 1,774 501 1,989 645 MRECV DT Holdings LLC 287 119 588 217 287 117 586 215 259 105 528 193 MRECV Edelweiss LLC/MRECV Lender VIII LLC 238 94 423 181 237 87 422 174 214 78 380 156 MRECV Juniper Ridge LLC 597 202 610 205 597 203 610 206 537 183 549 186 MRECV Meadow Crossing II LLC 237 29 359 29 236 16 358 (18 ) 212 14 322 (17 ) Miramonte Boulder Pass, LLC 894 663 2,536 663 (40 ) (34 ) 4 (159 ) (38 ) (17 ) (363 ) (79 ) Temco Associates, LLC 48 48 96 147 22 12 49 79 10 6 24 40 Other ventures — — — — — (83 ) — (57 ) — (7 ) — 3 $ 23,114 $ 6,621 $ 45,750 $ 11,464 $ 6,327 $ 404 $ 18,548 $ 101 $ 2,747 $ 188 $ 9,109 $ 235 _____________________ (a) Total includes current maturities of $123,991,000 at second quarter-end 2017 , of which $107,075,000 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 second quarter-end 2017 . (c) Includes unrecognized basis difference of $436,000 which is reflected as an increase of our investment in unconsolidated ventures at second 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 six months 2017 , we invested $3,617,000 in these ventures and received $14,942,000 in distributions. In first six months 2016 , we invested $4,658,000 in these ventures and received $3,981,000 in distributions. Distributions include both return of investments and distribution of earnings. The increase in our share of earnings from our unconsolidated ventures in second quarter 2017 compared with second quarter 2016 is primarily due to higher earnings from LM Land Holdings, LP which benefited from the sale of 42 commercial acres for $13,600,000 generating venture earnings of $10,683,000 , of which $6,321,000 was deferred and will be recognized as development is completed. Based on our 37.5% interest in this venture, our pro-rata share of the earnings associated with this sale was $1,636,000 and our pro-rata share of the distributable cash was $4,411,000 . In addition, the increase in our share of earnings and distributions from our unconsolidated ventures in first six months 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 . 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 we recognized a gain of $9,613,000 which is included in gain on sale of assets.

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Carrying value of goodwill follows: Second Year-End 2017 2016 (In thousands) Goodwill $ — $ 37,900 Goodwill related to our owned mineral assets was $0 at second quarter-end 2017 and $37,900,000 at year-end 2016 . In first six months 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 our remaining owned mineral assets for approximately $85,700,000 in first quarter 2017. Impairment charge is included in cost of mineral resources on our consolidated statements of income (loss) and comprehensive income (loss).

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations At year-end 2016, we had divested of 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: Second Quarter First Six Months 2017 2016 2017 2016 (In thousands) Revenues $ 4 $ 1,377 $ 13 $ 5,647 Cost of sales (4 ) (1,521 ) (10 ) (6,485 ) Other operating expenses 1,043 (1,066 ) 989 (2,389 ) Income (loss) from discontinued operations before income taxes $ 1,043 $ (1,210 ) $ 992 $ (3,227 ) Gain (loss) on sale of assets before income taxes 100 (3,596 ) 100 (14,573 ) Income tax benefit 86 2,758 555 7,536 Income (loss) from discontinued operations, net of taxes $ 1,229 $ (2,048 ) $ 1,647 $ (10,264 ) In second quarter 2017, other operating expenses include a benefit of $1,043,000 due to a reduction of an accrual resulting from a change in estimate related to potential environmental liabilities to plug and abandon certain oil and gas wells in Wyoming. In second quarter 2016, we recorded a net loss of $3,596,000 on the sale of nearly 8,100 net mineral acres leased from others and 175 gross ( 16 net) producing oil and gas working interest wells principally in North Dakota for total sales proceeds of $46,986,000 . In addition, in first six months 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 second quarter-end 2017 and year-end 2016 are as follows: Second Year-End 2017 2016 (In thousands) Assets of Discontinued Operations: Receivables, net of allowance for bad debt $ 1 $ 6 Prepaid expenses — 8 $ 1 $ 14 Liabilities of Discontinued Operations: Accounts payable $ — $ 67 Other accrued expenses 157 5,228 $ 157 $ 5,295 Significant operating activities and investing activities of discontinued operations included in our consolidated statements of cash flows are as follows: First Six Months 2017 2016 (In thousands) Operating activities: Asset impairments $ — $ 612 Accounts payable and other accrued liabilities (3,000 ) — Loss on sale of assets — 14,573 Depreciation, depletion and amortization — 2,147 $ (3,000 ) $ 17,332 Investing activities: Oil and gas properties and equipment $ — $ (567 ) Proceeds from sales of assets 100 75,944 $ 100 $ 75,377

Receivables

Receivables	6 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Receivables	Receivables Receivables consist of: Second Year-End 2017 2016 (In thousands) Other receivables and accrued interest 613 1,505 Other loans secured by real estate, average interest rates of 4.97% at second quarter-end 2017 and 4.94% at year-end 2016 8,118 7,452 8,731 8,957 Allowance for bad debts (26 ) (26 ) $ 8,705 $ 8,931

Equity

Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Equity	Equity A reconciliation of changes in equity at second 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 22,626 88 22,714 Distributions to noncontrolling interests — (100 ) (100 ) Other (primarily share-based compensation) 1,029 — 1,029 $ 584,306 $ 1,455 $ 585,761

Debt, net

Debt, net	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt, net	Debt, net Debt consists of: Second Year-End 2017 2016 (In thousands) 8.50% senior secured notes due 2022, net $ 5,211 $ 5,200 3.75% convertible senior notes due 2020, net of discount 106,900 104,673 Other indebtedness — 5.50% interest rate 1,257 485 $ 113,368 $ 110,358 On May 12, 2017, we amended our senior secured credit facility to reduce the available line of credit commitment from $125,000,000 to $50,000,000 , none of which was drawn at second quarter-end 2017 . The senior secured credit facility matures on May 15, 2018 (following exercise of our one -year extension option on May 12, 2017). This revolving line of credit may be prepaid at any time without penalty and includes a $50,000,000 sublimit for letters of credit, of which $15,719,000 was outstanding at second 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 second quarter-end 2017 , we had $14,240,000 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) high value timberland and portions of raw entitled land (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 second quarter-end 2017 , we were in compliance with the financial covenants of these agreements. The proposed D.R. Horton Merger is expected to constitute a “fundamental change” under our 3.75% convertible senior notes, which would provide holders with the right to convert their notes or sell their notes to us at par, subject to certain conditions. In addition, absent lender consent, the proposed D.R. Horton Merger would constitute an event of default under our senior secured credit facility and we are currently in discussions with our lenders regarding a potential waiver as well as certain other alternatives. 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 second 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 percent 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 second quarter-end 2017 and year-end 2016 , we had $1,393,000 and $1,633,000 in unamortized deferred financing fees which were deducted from our debt. In addition, at second quarter-end 2017 and year-end 2016 , unamortized deferred financing fees related to our senior secured credit facility included in other assets were $129,000 and $314,000 . Amortization of deferred financing fees were $574,000 and $1,877,000 in first six months 2017 and 2016 and were included in interest expense.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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 six months 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: Second Quarter-End 2017 Year-End 2016 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Fixed rate debt $ (113,504 ) $ (116,257 ) $ (111,506 ) $ (109,789 ) Level 2

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Capital Stock	Capital Stock Pursuant to our tax benefits preservation plan (Plan) adopted January 5, 2017, as amended on April 13, 2017 and June 29, 2017, each share of common stock outstanding is coupled with one preferred stock purchase right (Right). Each Right entitles our stockholders to purchase, under certain conditions, one one-thousandth of a share (Unit) of newly issued Series B Junior Participating Preferred Stock at a purchase price of $50 per Unit, subject to adjustment. Rights will be exercisable only if someone becomes a five -percent stockholder after adoption of the Plan without meeting certain customary exceptions. Stockholders owning five percent or more of our outstanding stock at the time of adoption of the Plan are grandfathered and will cause Rights to be distributed and become exercisable only if they acquire an additional one percent of our outstanding shares. Our board of directors has the discretion to exempt certain transactions and persons from the coverage of the Plan, and the Plan has been amended to exempt the D.R. Horton Merger Agreement from the coverage of the Plan. The Plan will terminate immediately prior to the effective time of the D. R. Horton Merger Agreement and, in the event the D.R. Horton Merger Agreement is not consummated, the Rights will expire on January 5, 2020.

Net Income (Loss) per Share

Net Income (Loss) per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Net Income (Loss) per Share Basic and diluted earnings per share are computed using the treasury stock method for second quarter and first six months 2017 and the two-class method for second quarter and first six months 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: Second Quarter First Six Months 2017 2016 2017 2016 (In thousands) Numerator: Continuing operations Net income (loss) from continuing operations $ (3,760 ) $ 12,302 $ 21,067 $ 16,222 Less: Net (income) attributable to noncontrolling interest (48 ) (640 ) (88 ) (720 ) Earnings (loss) available for diluted earnings per share $ (3,808 ) $ 11,662 $ 20,979 $ 15,502 Less: Undistributed net income from continuing operations allocated to participating securities — (2,173 ) — (2,889 ) Earnings (loss) from continuing operations available to common shareholders for basic earnings per share $ (3,808 ) $ 9,489 $ 20,979 $ 12,613 Discontinued operations Net income (loss) from discontinued operations available for diluted earnings per share $ 1,229 $ (2,048 ) $ 1,647 $ (10,264 ) Less: Undistributed net income from discontinued operations allocated to participating securities — 382 — 1,913 Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share $ 1,229 $ (1,666 ) $ 1,647 $ (8,351 ) Denominator: Weighted average common shares outstanding — basic 42,259 34,302 42,171 34,302 Weighted average common shares upon conversion of participating securities — 7,857 — 7,857 Dilutive effect of stock options, restricted stock and equity-settled awards — 264 283 213 Total weighted average shares outstanding — diluted 42,259 42,423 42,454 42,372 Anti-dilutive awards excluded from diluted weighted average shares 1,774 1,987 1,663 2,218 We intend to settle the remaining principal amount of our 3.75% convertible senior notes due in 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 second quarter 2017 did not exceed the conversion price which resulted in no additional diluted outstanding shares.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate from continuing operations was 146 percent in second quarter 2017 and 57 percent for first six months 2017. Our effective tax rate from continuing operations for second quarter 2017 exceeded the statutory rate due to a change in our valuation allowance due to current period transaction costs (termination fee and other costs) associated with the proposed D.R. Horton Merger. In addition, our effective tax rate from continuing operations for first six months 2017 exceeded the statutory rate due to goodwill impairment associated with our first quarter 2017 sale of owned mineral assets and a benefit from a valuation allowance decrease due to net decreases in our deferred tax assets. Our effective tax rate from continuing operations was 55 percent in second quarter 2016 and 51 percent for first six months 2016, which included an 18 percent detriment from a valuation allowance increase due to net increases in our deferred tax assets. In addition, 2017 and 2016 effective tax rates from continuing operations include the effect of state income taxes, nondeductible items and benefits of percentage depletion. At second quarter-end 2017 and year-end 2016 , we have a valuation allowance for our deferred tax assets of $73,867,000 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 June 30, 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 approximately $1,500,000 at second quarter-end 2017 , all of which would affect our effective tax rate, if recognized.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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. 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 second quarter-end 2017 and year-end 2016 , our estimated asset retirement obligation was $112,000 and $1,258,000 , of which $112,000 and $1,155,000 is included in liabilities of discontinued operations and the remaining balance at year-end 2016 was in liabilities held for sale. In second quarter 2017, we reduced our accrual related to potential environmental liabilities to plug and abandon certain oil and gas wells in Wyoming by $1,043,000 due to a change in estimate of our potential exposure.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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: Second Year-End 2017 2016 (In thousands) Real estate $ 374,246 $ 403,062 Mineral resources 188 38,907 Other 10,134 11,531 Assets of discontinued operations 1 14 Assets not allocated to segments (a) 383,550 279,694 $ 768,119 $ 733,208 _________________________ (a) Assets not allocated to segments at second quarter-end 2017 principally consist of cash and cash equivalents of $381,390,000 . 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: Second Quarter First Six Months 2017 2016 2017 2016 (In thousands) Revenues: Real estate $ 27,992 $ 46,381 $ 48,744 $ 82,479 Mineral resources 5 1,337 1,502 2,419 Other 18 274 74 712 Total revenues $ 28,015 $ 47,992 $ 50,320 $ 85,610 Segment earnings (loss): Real estate $ 11,545 $ 73,290 $ 22,018 $ 93,514 Mineral resources (348 ) 933 37,468 1,486 Other (304 ) (197 ) (691 ) (778 ) Total segment earnings 10,893 74,026 58,795 94,222 Items not allocated to segments (a) (2,773 ) (47,435 ) (9,677 ) (61,639 ) Income from continuing operations before taxes attributable to Forestar Group Inc. $ 8,120 $ 26,591 $ 49,118 $ 32,583 _________________________ (a) Items not allocated to segments consist of: Second Quarter First Six Months 2017 2016 2017 2016 (In thousands) General and administrative expense $ (27,549 ) $ (4,514 ) $ (31,577 ) $ (9,487 ) Shared-based and long-term incentive compensation expense (1,448 ) (412 ) (2,343 ) (1,956 ) Gain on sale of assets 28,049 — 28,049 — Interest expense (2,166 ) (6,918 ) (4,401 ) (14,557 ) Loss on extinguishment of debt, net — (35,766 ) — (35,864 ) Other corporate non-operating income 341 175 595 225 $ (2,773 ) $ (47,435 ) $ (9,677 ) $ (61,639 )

Share-Based and Long-Term Incen

Share-Based and Long-Term Incentive Compensation	6 Months Ended
	Jun. 30, 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: Second Quarter First Six Months 2017 2016 2017 2016 (In thousands) Cash-settled awards $ 1,026 $ (494 ) $ 1,113 $ 125 Equity-settled awards 285 625 903 1,104 Restricted stock — 6 — 12 Stock options 105 199 243 475 Total share-based compensation 1,416 336 2,259 1,716 Deferred cash 32 76 84 240 $ 1,448 $ 412 $ 2,343 $ 1,956 Share-based and long-term incentive compensation expense is included in: Second Quarter First Six Months 2017 2016 2017 2016 (In thousands) General and administrative expense $ 823 $ 338 $ 1,486 $ 1,844 Other operating expense 625 74 857 112 $ 1,448 $ 412 $ 2,343 $ 1,956 Share-Based Compensation We did not grant any new equity-settled or cash-settled awards to employees in first six months 2017 . In first six months 2017 , we granted 58,212 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 $127,000 and $163,000 in second quarter of 2017 and 2016 and $314,000 and $428,000 in the first six months 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 six months 2016 . Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options is $1,144,000 at second quarter-end 2017 . In first six months 2017 and 2016 , we issued 318,401 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 six months 2017 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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 of 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 Pr25

New and Pending Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 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 will now present excess tax benefits as an operating activity, if applicable. 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 six months 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. 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 limited circumstances 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, but we do not expect it to have a material effect on our consolidated financial statements. 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. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718), in order to provide guidance about which changes to terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The updated standard is effective for financial statements issued for annual periods beginning after December 15, 2017. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures, but we do not expect it to have a material effect on our consolidated financial statements.

Held for Sale (Tables)

Held for Sale (Tables)	6 Months Ended
	Jun. 30, 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: Second Year-End 2017 2016 (In thousands) Assets Held for Sale: Real estate $ 5,740 $ 19,931 Timber — 1,682 Other intangible assets (a) 1,681 1,681 Oil and gas properties and equipment, net 149 782 Property and equipment, net (b) 7,029 6,301 $ 14,599 $ 30,377 Liabilities Held for Sale: Other liabilities — 103 $ — $ 103 ___________________ (a) Related to indefinite lived groundwater leases associated with our central Texas water assets. (b) Related to water wells associated with our Texas water assets.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate	Real estate consists of: Second Year-End 2017 2016 (In thousands) Entitled, developed and under development projects $ 252,332 $ 263,859 Land in the entitlement process and other 29,702 29,144 $ 282,034 $ 293,003

Investment in Unconsolidated 28

Investment in Unconsolidated Ventures (Tables)	6 Months Ended
	Jun. 30, 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 Second Year-End Second Year-End Second Year-End Second Year-End 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) $ 23,014 $ 26,503 $ — $ 1,107 $ 22,822 $ 23,136 $ 10,863 $ 10,934 CL Ashton Woods, LP (c) 1,350 2,653 — — 1,296 2,198 939 1,107 CL Realty, LLC 7,989 8,048 — — 7,900 7,899 3,950 3,950 CREA FMF Nashville LLC (b) 54,121 56,081 35,844 37,446 17,321 17,091 4,850 4,923 Elan 99, LLC 49,191 49,652 36,356 36,238 11,845 13,100 10,659 11,790 FMF Littleton LLC 70,541 70,282 46,158 44,446 23,618 23,798 6,083 6,128 FMF Peakview LLC — — — — — — — — FOR/SR Forsyth LLC 11,195 10,672 1,545 1,568 9,627 8,990 8,664 8,091 HM Stonewall Estates, Ltd — 852 — — — 852 — 477 LM Land Holdings, LP (c) 24,211 25,538 2,470 3,477 13,162 20,945 6,424 9,685 MRECV DT Holdings LLC 3,855 4,155 — — 3,855 4,144 3,470 3,729 MRECV Edelweiss LLC/MRECV Lender VIII LLC 7,283 3,484 — — 7,283 3,484 6,555 3,358 MRECV Juniper Ridge LLC 3,371 4,156 — — 3,371 4,156 3,034 3,741 MRECV Meadow Crossing II LLC 2,850 2,492 — — 2,850 2,491 2,565 2,242 Miramonte Boulder Pass, LLC 8,903 10,738 2,648 4,006 4,670 5,265 4,467 5,330 Temco Associates, LLC 4,406 4,368 — — 4,302 4,253 2,151 2,126 Other ventures — — — — — — — — $ 272,280 $ 279,674 $ 125,021 $ 128,288 $ 133,922 $ 141,802 $ 74,674 $ 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) Second Quarter First Six Months Second Quarter First Six Months Second Quarter First Six Months 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) $ — $ — $ 13,073 $ — $ (83 ) $ (164 ) $ 8,382 $ (464 ) $ (41 ) $ (82 ) $ 4,277 $ (232 ) CL Ashton Woods, LP (c) 846 993 2,628 1,689 348 151 1,098 518 473 324 1,432 763 CL Realty, LLC — 113 199 246 (64 ) 17 2,401 64 (32 ) 8 1,200 31 CREA FMF Nashville LLC (b) 1,465 1,081 2,870 1,982 (150 ) (498 ) (320 ) (1,069 ) (43 ) (149 ) (97 ) (320 ) Elan 99, LLC 1,026 147 1,928 167 (601 ) (934 ) (1,254 ) (1,344 ) (541 ) (841 ) (1,129 ) (1,210 ) FMF Littleton LLC 1,596 526 3,011 847 (15 ) (178 ) (180 ) (348 ) (4 ) (44 ) (45 ) (86 ) FMF Peakview LLC — — — 939 — — — (248 ) — — — (50 ) FOR/SR Forsyth LLC — — — — (36 ) (17 ) (68 ) (17 ) (33 ) (15 ) (61 ) (15 ) HM Stonewall Estates, Ltd — 580 496 1,126 — 294 243 514 — 124 103 227 LM Land Holdings, LP (c) 15,880 2,026 16,933 3,026 5,589 1,415 6,217 2,055 1,774 501 1,989 645 MRECV DT Holdings LLC 287 119 588 217 287 117 586 215 259 105 528 193 MRECV Edelweiss LLC/MRECV Lender VIII LLC 238 94 423 181 237 87 422 174 214 78 380 156 MRECV Juniper Ridge LLC 597 202 610 205 597 203 610 206 537 183 549 186 MRECV Meadow Crossing II LLC 237 29 359 29 236 16 358 (18 ) 212 14 322 (17 ) Miramonte Boulder Pass, LLC 894 663 2,536 663 (40 ) (34 ) 4 (159 ) (38 ) (17 ) (363 ) (79 ) Temco Associates, LLC 48 48 96 147 22 12 49 79 10 6 24 40 Other ventures — — — — — (83 ) — (57 ) — (7 ) — 3 $ 23,114 $ 6,621 $ 45,750 $ 11,464 $ 6,327 $ 404 $ 18,548 $ 101 $ 2,747 $ 188 $ 9,109 $ 235 _____________________ (a) Total includes current maturities of $123,991,000 at second quarter-end 2017 , of which $107,075,000 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 second quarter-end 2017 . (c) Includes unrecognized basis difference of $436,000 which is reflected as an increase of our investment in unconsolidated ventures at second 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)	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying value of goodwill and other intangible assets	Carrying value of goodwill follows: Second Year-End 2017 2016 (In thousands) Goodwill $ — $ 37,900

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Summarized Results from Discontinued Operations	Summarized results from discontinued operations were as follows: Second Quarter First Six Months 2017 2016 2017 2016 (In thousands) Revenues $ 4 $ 1,377 $ 13 $ 5,647 Cost of sales (4 ) (1,521 ) (10 ) (6,485 ) Other operating expenses 1,043 (1,066 ) 989 (2,389 ) Income (loss) from discontinued operations before income taxes $ 1,043 $ (1,210 ) $ 992 $ (3,227 ) Gain (loss) on sale of assets before income taxes 100 (3,596 ) 100 (14,573 ) Income tax benefit 86 2,758 555 7,536 Income (loss) from discontinued operations, net of taxes $ 1,229 $ (2,048 ) $ 1,647 $ (10,264 )
Schedule of Assets and Liabilities of Discontinued Operations	The major classes of assets and liabilities of discontinued operations at second quarter-end 2017 and year-end 2016 are as follows: Second Year-End 2017 2016 (In thousands) Assets of Discontinued Operations: Receivables, net of allowance for bad debt $ 1 $ 6 Prepaid expenses — 8 $ 1 $ 14 Liabilities of Discontinued Operations: Accounts payable $ — $ 67 Other accrued expenses 157 5,228 $ 157 $ 5,295
Significant Operation and Investing Activities of DIscontinued Operations	Significant operating activities and investing activities of discontinued operations included in our consolidated statements of cash flows are as follows: First Six Months 2017 2016 (In thousands) Operating activities: Asset impairments $ — $ 612 Accounts payable and other accrued liabilities (3,000 ) — Loss on sale of assets — 14,573 Depreciation, depletion and amortization — 2,147 $ (3,000 ) $ 17,332 Investing activities: Oil and gas properties and equipment $ — $ (567 ) Proceeds from sales of assets 100 75,944 $ 100 $ 75,377

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Receivables	Receivables consist of: Second Year-End 2017 2016 (In thousands) Other receivables and accrued interest 613 1,505 Other loans secured by real estate, average interest rates of 4.97% at second quarter-end 2017 and 4.94% at year-end 2016 8,118 7,452 8,731 8,957 Allowance for bad debts (26 ) (26 ) $ 8,705 $ 8,931

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Reconciliation of Changes in Equity	A reconciliation of changes in equity at second 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 22,626 88 22,714 Distributions to noncontrolling interests — (100 ) (100 ) Other (primarily share-based compensation) 1,029 — 1,029 $ 584,306 $ 1,455 $ 585,761

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt consists of: Second Year-End 2017 2016 (In thousands) 8.50% senior secured notes due 2022, net $ 5,211 $ 5,200 3.75% convertible senior notes due 2020, net of discount 106,900 104,673 Other indebtedness — 5.50% interest rate 1,257 485 $ 113,368 $ 110,358

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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: Second Quarter-End 2017 Year-End 2016 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Fixed rate debt $ (113,504 ) $ (116,257 ) $ (111,506 ) $ (109,789 ) Level 2

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 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: Second Quarter First Six Months 2017 2016 2017 2016 (In thousands) Numerator: Continuing operations Net income (loss) from continuing operations $ (3,760 ) $ 12,302 $ 21,067 $ 16,222 Less: Net (income) attributable to noncontrolling interest (48 ) (640 ) (88 ) (720 ) Earnings (loss) available for diluted earnings per share $ (3,808 ) $ 11,662 $ 20,979 $ 15,502 Less: Undistributed net income from continuing operations allocated to participating securities — (2,173 ) — (2,889 ) Earnings (loss) from continuing operations available to common shareholders for basic earnings per share $ (3,808 ) $ 9,489 $ 20,979 $ 12,613 Discontinued operations Net income (loss) from discontinued operations available for diluted earnings per share $ 1,229 $ (2,048 ) $ 1,647 $ (10,264 ) Less: Undistributed net income from discontinued operations allocated to participating securities — 382 — 1,913 Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share $ 1,229 $ (1,666 ) $ 1,647 $ (8,351 ) Denominator: Weighted average common shares outstanding — basic 42,259 34,302 42,171 34,302 Weighted average common shares upon conversion of participating securities — 7,857 — 7,857 Dilutive effect of stock options, restricted stock and equity-settled awards — 264 283 213 Total weighted average shares outstanding — diluted 42,259 42,423 42,454 42,372 Anti-dilutive awards excluded from diluted weighted average shares 1,774 1,987 1,663 2,218

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Assets Allocated by Segment	Total assets allocated by segment are as follows: Second Year-End 2017 2016 (In thousands) Real estate $ 374,246 $ 403,062 Mineral resources 188 38,907 Other 10,134 11,531 Assets of discontinued operations 1 14 Assets not allocated to segments (a) 383,550 279,694 $ 768,119 $ 733,208 _________________________ (a) Assets not allocated to segments at second quarter-end 2017 principally consist of cash and cash equivalents of $381,390,000 . 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: Second Quarter First Six Months 2017 2016 2017 2016 (In thousands) Revenues: Real estate $ 27,992 $ 46,381 $ 48,744 $ 82,479 Mineral resources 5 1,337 1,502 2,419 Other 18 274 74 712 Total revenues $ 28,015 $ 47,992 $ 50,320 $ 85,610 Segment earnings (loss): Real estate $ 11,545 $ 73,290 $ 22,018 $ 93,514 Mineral resources (348 ) 933 37,468 1,486 Other (304 ) (197 ) (691 ) (778 ) Total segment earnings 10,893 74,026 58,795 94,222 Items not allocated to segments (a) (2,773 ) (47,435 ) (9,677 ) (61,639 ) Income from continuing operations before taxes attributable to Forestar Group Inc. $ 8,120 $ 26,591 $ 49,118 $ 32,583 _________________________ (a) Items not allocated to segments consist of: Second Quarter First Six Months 2017 2016 2017 2016 (In thousands) General and administrative expense $ (27,549 ) $ (4,514 ) $ (31,577 ) $ (9,487 ) Shared-based and long-term incentive compensation expense (1,448 ) (412 ) (2,343 ) (1,956 ) Gain on sale of assets 28,049 — 28,049 — Interest expense (2,166 ) (6,918 ) (4,401 ) (14,557 ) Loss on extinguishment of debt, net — (35,766 ) — (35,864 ) Other corporate non-operating income 341 175 595 225 $ (2,773 ) $ (47,435 ) $ (9,677 ) $ (61,639 )

Share-Based and Long-Term Inc37

Share-Based and Long-Term Incentive Compensation (Tables)	6 Months Ended
	Jun. 30, 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: Second Quarter First Six Months 2017 2016 2017 2016 (In thousands) Cash-settled awards $ 1,026 $ (494 ) $ 1,113 $ 125 Equity-settled awards 285 625 903 1,104 Restricted stock — 6 — 12 Stock options 105 199 243 475 Total share-based compensation 1,416 336 2,259 1,716 Deferred cash 32 76 84 240 $ 1,448 $ 412 $ 2,343 $ 1,956
Share-Based Compensation Expense (Income) Included in Operating Expense	Share-based and long-term incentive compensation expense is included in: Second Quarter First Six Months 2017 2016 2017 2016 (In thousands) General and administrative expense $ 823 $ 338 $ 1,486 $ 1,844 Other operating expense 625 74 857 112 $ 1,448 $ 412 $ 2,343 $ 1,956

Proposed Merger - Narrative (De

Proposed Merger - Narrative (Details) - USD ($)	Jun. 29, 2017	Jun. 30, 2017	Apr. 13, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)		$ 1		$ 1
Forestar Group Inc. | Terra Firma Merger Parent, L.P
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)	$ 1
Sale of stock, price per share (in usd per share)			$ 16
Payments for merger related costs		$ 20,000,000
Professional fees		4,070,000
Contingent consideration		$ 5,600,000
D.R. Horton Merger Agreement
Business Acquisition [Line Items]
Sale of stock, price per share (in usd per share)	$ 17.75
Cash consideration	$ 558,256,000
D.R. Horton Merger Agreement | D.R. Horton, Inc.
Business Acquisition [Line Items]
Shares held after merger, percentage	75.00%

Held for Sale - Narrative (Deta

Held for Sale - Narrative (Details) a in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)a	Jun. 30, 2016USD ($)	Mar. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets	$ 103,821	$ 106,658
Disposal Group, Held-for-sale, Not Discontinued Operations | Georgia and Texas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	46,197
Deferred gain on sale of property	$ 625
Area of land (in acres) | a	19
Net proceeds	$ 44,771
Gain on sale of assets	28,049
the Mineral Companies | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration			$ 85,700
Gain on disposition of oil and gas property	74,222
Deferred gain on sale of property	$ 8,200

Held for Sale (Assets and Liabi

Held for Sale (Assets and Liabilities of Properties Held for Sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets Held for Sale:
Assets	$ 1	$ 14
Liabilities Held for Sale:
Liabilities	157	5,295
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets Held for Sale:
Property and equipment	7,029	6,301
Other intangible assets	1,681	1,681
Assets	14,599	30,377
Liabilities Held for Sale:
Other liabilities	0	103
Liabilities	0	103
Real Estate | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets Held for Sale:
Property and equipment	5,740	19,931
Timber Properties | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets Held for Sale:
Property and equipment	0	1,682
Oil and Gas Properties | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets Held for Sale:
Property and equipment	$ 149	$ 782

Real Estate - Real Estate (Deta

Real Estate - Real Estate (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Carrying value	$ 282,034	$ 293,003
Entitled, developed and under development projects
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Carrying value	252,332	263,859
Land in the entitlement process and other
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Carrying value	$ 29,702	$ 29,144

Real Estate - Additional Inform

Real Estate - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Utility and Improvement District
Real Estate Properties [Line Items]
Cost of asset in developed and under development projects	$ 46,205	$ 45,157
Reimbursements from utility and improvement districts	4,671
San Antonio, Texas | Cibolo Canyons Project
Real Estate Properties [Line Items]
Cost of asset in developed and under development projects	15,457	$ 14,749
Cumulative reimbursable cost associated with real estate projects in development	58,790
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 43

Investment in Unconsolidated Ventures - Additional Information (Detail) $ in Thousands	Jun. 30, 2017USD ($)aventure	Jun. 30, 2017USD ($)a	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)multifamily_site	Jun. 30, 2017USD ($)a	Jun. 30, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated ventures					$ 3,617	$ 4,658
Distributions of return on investments and earnings					14,942	3,981
Earnings (loss)		$ 6,327	$ 404		18,548	101
Equity in earnings of unconsolidated ventures		2,747	188		9,109	235
Gain on sale of assets					103,821	106,658
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
LM Land Holdings, LP
Schedule of Equity Method Investments [Line Items]
Earnings (loss)		5,589	1,415		6,217	2,055
Equity in earnings of unconsolidated ventures		1,774	501		1,989	645
242, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss)		(83)	(164)		8,382	(464)
Equity in earnings of unconsolidated ventures		(41)	(82)		4,277	(232)
CL Realty, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss)		(64)	17		2,401	64
Equity in earnings of unconsolidated ventures		(32)	$ 8		$ 1,200	$ 31
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Number of ventures under ownership interest using equity method | venture	15
Equity Method Investments | LM Land Holdings, LP
Schedule of Equity Method Investments [Line Items]
Distributions of return on investments and earnings		$ 4,411
Area of land (in acres) | a	42	42			42
Net proceeds		$ 13,600
Earnings (loss)		10,683
Deferred gain on sale	$ 6,321	$ 6,321			$ 6,321
Equity method investment, ownership percentage	37.50%	37.50%			37.50%
Equity in earnings of unconsolidated ventures		$ 1,636
Equity Method Investments | 242, LLC
Schedule of Equity Method Investments [Line Items]
Distributions of return on investments and earnings					$ 4,348
Area of land (in acres) | a	46	46			46
Net proceeds					$ 9,719
Earnings (loss)					$ 6,612
Equity method investment, ownership percentage	50.00%	50.00%			50.00%
Equity in earnings of unconsolidated ventures					$ 3,306
Equity Method Investments | CL Realty, LLC
Schedule of Equity Method Investments [Line Items]
Net proceeds					$ 2,400
Equity method investment, ownership percentage	50.00%	50.00%			50.00%
Equity in earnings of unconsolidated ventures					$ 1,200
Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of ventures that are a VIE | venture	0

Investment in Unconsolidated 44

Investment in Unconsolidated Ventures - Summarized Balance Sheet Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Venture Assets	$ 272,280	$ 279,674
Venture Borrowings	125,021	128,288
Venture Equity	133,922	141,802
Investment in venture	74,674	77,611
242, LLC
Schedule of Equity Method Investments [Line Items]
Venture Assets	23,014	26,503
Venture Borrowings	0	1,107
Venture Equity	22,822	23,136
Investment in venture	10,863	10,934
CL Ashton Woods, LP
Schedule of Equity Method Investments [Line Items]
Venture Assets	1,350	2,653
Venture Borrowings	0	0
Venture Equity	1,296	2,198
Investment in venture	939	1,107
CL Realty, LLC
Schedule of Equity Method Investments [Line Items]
Venture Assets	7,989	8,048
Venture Borrowings	0	0
Venture Equity	7,900	7,899
Investment in venture	3,950	3,950
CREA FMF Nashville LLC
Schedule of Equity Method Investments [Line Items]
Venture Assets	54,121	56,081
Venture Borrowings	35,844	37,446
Venture Equity	17,321	17,091
Investment in venture	4,850	4,923
Elan 99, LLC
Schedule of Equity Method Investments [Line Items]
Venture Assets	49,191	49,652
Venture Borrowings	36,356	36,238
Venture Equity	11,845	13,100
Investment in venture	10,659	11,790
FMF Littleton LLC
Schedule of Equity Method Investments [Line Items]
Venture Assets	70,541	70,282
Venture Borrowings	46,158	44,446
Venture Equity	23,618	23,798
Investment in venture	6,083	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
FOR/SR Forsyth LLC
Schedule of Equity Method Investments [Line Items]
Venture Assets	11,195	10,672
Venture Borrowings	1,545	1,568
Venture Equity	9,627	8,990
Investment in venture	8,664	8,091
HM Stonewall Estates, Ltd
Schedule of Equity Method Investments [Line Items]
Venture Assets	0	852
Venture Borrowings	0	0
Venture Equity	0	852
Investment in venture	0	477
LM Land Holdings, LP
Schedule of Equity Method Investments [Line Items]
Venture Assets	24,211	25,538
Venture Borrowings	2,470	3,477
Venture Equity	13,162	20,945
Investment in venture	6,424	9,685
MRECV DT Holdings LLC
Schedule of Equity Method Investments [Line Items]
Venture Assets	3,855	4,155
Venture Borrowings	0	0
Venture Equity	3,855	4,144
Investment in venture	3,470	3,729
MRECV Edelweiss LLC/MRECV Lender VIII LLC
Schedule of Equity Method Investments [Line Items]
Venture Assets	7,283	3,484
Venture Borrowings	0	0
Venture Equity	7,283	3,484
Investment in venture	6,555	3,358
MREC VH Juniper Ridge LLC
Schedule of Equity Method Investments [Line Items]
Venture Assets	3,371	4,156
Venture Borrowings	0	0
Venture Equity	3,371	4,156
Investment in venture	3,034	3,741
MRECV Meadow Crossing II LLC
Schedule of Equity Method Investments [Line Items]
Venture Assets	2,850	2,492
Venture Borrowings	0	0
Venture Equity	2,850	2,491
Investment in venture	2,565	2,242
Miramonte Boulder Pass, LLC
Schedule of Equity Method Investments [Line Items]
Venture Assets	8,903	10,738
Venture Borrowings	2,648	4,006
Venture Equity	4,670	5,265
Investment in venture	4,467	5,330
Temco Associates, LLC
Schedule of Equity Method Investments [Line Items]
Venture Assets	4,406	4,368
Venture Borrowings	0	0
Venture Equity	4,302	4,253
Investment in venture	2,151	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 45

Investment in Unconsolidated Ventures - Summarized Income Statement Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Revenues	$ 23,114	$ 6,621	$ 45,750	$ 11,464
Earnings (loss)	6,327	404	18,548	101
Equity in earnings of unconsolidated ventures	2,747	188	9,109	235
242, LLC
Schedule of Equity Method Investments [Line Items]
Revenues	0	0	13,073	0
Earnings (loss)	(83)	(164)	8,382	(464)
Equity in earnings of unconsolidated ventures	(41)	(82)	4,277	(232)
CL Ashton Woods, LLC
Schedule of Equity Method Investments [Line Items]
Revenues	846	993	2,628	1,689
Earnings (loss)	348	151	1,098	518
Equity in earnings of unconsolidated ventures	473	324	1,432	763
CL Realty, LLC
Schedule of Equity Method Investments [Line Items]
Revenues	0	113	199	246
Earnings (loss)	(64)	17	2,401	64
Equity in earnings of unconsolidated ventures	(32)	8	1,200	31
CREA FMF Nashville LLC
Schedule of Equity Method Investments [Line Items]
Revenues	1,465	1,081	2,870	1,982
Earnings (loss)	(150)	(498)	(320)	(1,069)
Equity in earnings of unconsolidated ventures	(43)	(149)	(97)	(320)
Elan 99, LLC
Schedule of Equity Method Investments [Line Items]
Revenues	1,026	147	1,928	167
Earnings (loss)	(601)	(934)	(1,254)	(1,344)
Equity in earnings of unconsolidated ventures	(541)	(841)	(1,129)	(1,210)
FMF Littleton LLC
Schedule of Equity Method Investments [Line Items]
Revenues	1,596	526	3,011	847
Earnings (loss)	(15)	(178)	(180)	(348)
Equity in earnings of unconsolidated ventures	(4)	(44)	(45)	(86)
FMF Peakview LLC
Schedule of Equity Method Investments [Line Items]
Revenues	0	0	0	939
Earnings (loss)	0	0	0	(248)
Equity in earnings of unconsolidated ventures	0	0	0	(50)
FOR/SR Forsyth LLC
Schedule of Equity Method Investments [Line Items]
Revenues	0	0	0	0
Earnings (loss)	(36)	(17)	(68)	(17)
Equity in earnings of unconsolidated ventures	(33)	(15)	(61)	(15)
HM Stonewall Estates, Ltd
Schedule of Equity Method Investments [Line Items]
Revenues	0	580	496	1,126
Earnings (loss)	0	294	243	514
Equity in earnings of unconsolidated ventures	0	124	103	227
LM Land Holdings, LP
Schedule of Equity Method Investments [Line Items]
Revenues	15,880	2,026	16,933	3,026
Earnings (loss)	5,589	1,415	6,217	2,055
Equity in earnings of unconsolidated ventures	1,774	501	1,989	645
MRECV DT Holdings LLC
Schedule of Equity Method Investments [Line Items]
Revenues	287	119	588	217
Earnings (loss)	287	117	586	215
Equity in earnings of unconsolidated ventures	259	105	528	193
MRECV Edelweiss LLC/MRECV Lender VIII LLC
Schedule of Equity Method Investments [Line Items]
Revenues	238	94	423	181
Earnings (loss)	237	87	422	174
Equity in earnings of unconsolidated ventures	214	78	380	156
MREC VH Juniper Ridge LLC
Schedule of Equity Method Investments [Line Items]
Revenues	597	202	610	205
Earnings (loss)	597	203	610	206
Equity in earnings of unconsolidated ventures	537	183	549	186
MRECV Meadow Crossing II LLC
Schedule of Equity Method Investments [Line Items]
Revenues	237	29	359	29
Earnings (loss)	236	16	358	(18)
Equity in earnings of unconsolidated ventures	212	14	322	(17)
Miramonte Boulder Pass, LLC
Schedule of Equity Method Investments [Line Items]
Revenues	894	663	2,536	663
Earnings (loss)	(40)	(34)	4	(159)
Equity in earnings of unconsolidated ventures	(38)	(17)	(363)	(79)
Temco Associates, LLC
Schedule of Equity Method Investments [Line Items]
Revenues	48	48	96	147
Earnings (loss)	22	12	49	79
Equity in earnings of unconsolidated ventures	10	6	24	40
Other ventures
Schedule of Equity Method Investments [Line Items]
Revenues	0	0	0	0
Earnings (loss)	0	(83)	0	(57)
Equity in earnings of unconsolidated ventures	$ 0	$ (7)	$ 0	$ 3

Investment in Unconsolidated 46

Investment in Unconsolidated Ventures - Summarized Income Statement Information additional information (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Long-term debt, current maturities	$ 123,991	$ 89,756
Equity Method Investments | Non-recourse Debt
Schedule of Equity Method Investments [Line Items]
Long-term debt, current maturities	107,075	$ 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	$ 436

Goodwill - Carrying Value of Go

Goodwill - Carrying Value of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 0	$ 37,900

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill	$ 0			$ 37,900
Non-cash impairment charges	37,900	$ 49,438
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

Discontinued Operations (Summar

Discontinued Operations (Summarized Results from Discontinued Operations) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Revenues	$ 4	$ 1,377	$ 13	$ 5,647
Cost of sales	(4)	(1,521)	(10)	(6,485)
Other operating expenses	1,043	(1,066)	989	(2,389)
Income (loss) from discontinued operations before income taxes	1,043	(1,210)	992	(3,227)
Gain (loss) on sale of assets before income taxes	100	(3,596)	100	(14,573)
Income tax benefit	86	2,758	555	7,536
Income (loss) from discontinued operations, net of taxes	$ 1,229	$ (2,048)	$ 1,647	$ (10,264)

Discontinued Operations (Additi

Discontinued Operations (Additional Information) (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)awell	Jun. 30, 2016USD ($)awell
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of proved property		$ (3,596)	$ (10,977)
Net mineral acres leased from others sold | a		8,100	190,960
Gross producing oil and gas wells sold | well		175	185
Net producing oil and gas wells sold | well		16	66
Proceeds from sale of oil and gas property and equipment		$ 46,986	$ 32,227
Reimbursement of capital costs related to sale of in progress wells		$ 3,269	3,269
Loss related to write-off of allocated goodwill			$ 7,244
Wyoming
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss contingency accrual, decrease	$ (1,043)

Discontinued Operations (Assets

Discontinued Operations (Assets and Liabilities of Discontinued Operations) (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets of Discontinued Operations:
Receivables, net of allowance for bad debt	$ 1	$ 6
Prepaid expenses	0	8
Assets	1	14
Liabilities of Discontinued Operations:
Accounts payable	0	67
Other accrued expenses	157	5,228
Liabilities	$ 157	$ 5,295

Discontinued Operations (Signif

Discontinued Operations (Significant Operating and Investing Activities of Discontinued Operations) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Asset impairments			$ 37,900	$ 49,438
Accounts payable and other accrued liabilities			(6,135)	(16,069)
Loss on sale of assets	$ (100)	$ 3,596	(100)	14,573
Depreciation, depletion and amortization			2,862	7,268
Cash provided by (used in) operating activities, discontinued operations			(3,000)	17,332
Investing activities:
Oil and gas properties and equipment			(2,400)	(567)
Proceeds from sales of assets			130,011	318,480
Cash provided by (used in) investing activities, discontinued operations			100	75,377
Discontinued Operations
Operating activities:
Asset impairments			0	612
Accounts payable and other accrued liabilities			(3,000)	0
Loss on sale of assets			0	14,573
Depreciation, depletion and amortization			0	2,147
Investing activities:
Oil and gas properties and equipment			0	(567)
Proceeds from sales of assets			$ 100	$ 75,944

Receivables - Receivables (Deta

Receivables - Receivables (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 8,731	$ 8,957
Allowance for bad debts	(26)	(26)
Receivables, net	8,705	8,931
Receivables and accrued interest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	613	1,505
Notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 8,118	$ 7,452
Average interest rates	4.97%	4.94%

Equity - Reconciliation of Chan

Equity - Reconciliation of Changes in Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 562,118
Consolidated net income	$ (2,531)	$ 10,254	22,714	$ 5,958
Distributions to noncontrolling interests			(100)
Other (primarily share-based compensation)			1,029
Ending balance	585,761		585,761
Forestar Group Inc.
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			560,651
Consolidated net income			22,626
Distributions to noncontrolling interests			0
Other (primarily share-based compensation)			1,029
Ending balance	584,306		584,306
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			1,467
Consolidated net income			88
Distributions to noncontrolling interests			(100)
Ending balance	$ 1,455		$ 1,455

Debt, net - Schedule of Debt (D

Debt, net - Schedule of Debt (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Debt, net	$ 113,368	$ 110,358
Senior Notes
Line of Credit Facility [Line Items]
Debt, net	$ 5,211	$ 5,200
Interest rate percentage	8.50%	8.50%
Debt instrument, maturity date	Jun. 1, 2022
Convertible Debt
Line of Credit Facility [Line Items]
Debt, net	$ 106,900	$ 104,673
Other indebtedness
Line of Credit Facility [Line Items]
Debt, net	$ 1,257	$ 485
Interest rate percentage	5.50%
Convertible Debt
Line of Credit Facility [Line Items]
Interest rate percentage	3.75%	3.75%
Debt instrument, maturity date	Mar. 1, 2020

Debt, net - Additional Informat

Debt, net - Additional Information (Detail) - USD ($)	May 12, 2017	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	May 11, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Deferred finance costs, net		$ 1,393,000	$ 1,393,000			$ 1,633,000
Amortization of deferred financing fees			$ 574,000	$ 1,877,000
Senior Notes
Line of Credit Facility [Line Items]
Interest rate percentage		8.50%	8.50%			8.50%
Senior Secured Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under term loan facility	$ 50,000,000				$ 125,000,000
Line of credit facility, expiration date			May 15, 2018
Length of extensions	1 year
Amount drawn on		$ 0
Sublimit for letters of credit outstanding		15,719,000	$ 15,719,000
Net unused borrowing capacity		$ 14,240,000	$ 14,240,000
Percentage of spread on federal funds effective rate			0.50%
Effective leverage ratio (less than)		40.00%	40.00%
Stockholders distribution covenant, interest coverage ratio		3	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%	65.00%
Deferred finance costs, net		$ 129,000	$ 129,000			$ 314,000
Senior Secured Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			4.00%
Senior Secured Credit Facility | Base Rate
Line of Credit Facility [Line Items]
Percentage of variable spread on base rate			3.00%
Senior Secured Credit Facility | 30 day LIBOR rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			1.00%
Senior Secured Credit Facility | Letter of Credit
Line of Credit Facility [Line Items]
Line of credit facility, letters of credit sublimit		$ 50,000,000	$ 50,000,000

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairments	$ 37,900	$ 49,438
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) - Level 2 - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate debt	$ (113,504)	$ (111,506)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate debt	$ (116,257)	$ (109,789)

Capital Stock - Additional Info

Capital Stock - Additional Information (Detail)	Jan. 05, 2017right$ / sharesshares
Equity [Line Items]
Number of rights issued | right	1
Percentage at which rights are exercisable before adoption	5.00%
Additional amount of shares needed to be purchased for rights to be exercisable, percentage	1.00%
Series B Preferred Stock
Equity [Line Items]
Number of securities called by each right | shares	0.001
Purchase price of stock called by each right | $ / shares	$ 50

Net Income (Loss) per Share - A

Net Income (Loss) per Share - Additional Information (Detail) - $ / shares	1 Months Ended
	Dec. 31, 2016	Jun. 30, 2017
Six Percent Tangible Equity Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate percentage		6.00%
Six Percent Tangible Equity Units | Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Settlement of tangible equity units, shares	7,857,000
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

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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Continuing operations
Net income (loss) from continuing operations	$ (3,760)	$ 12,302	$ 21,067	$ 16,222
Less: Net (income) attributable to noncontrolling interests	(48)	(640)	(88)	(720)
Earnings (loss) available for diluted earnings per share	(3,808)	11,662	20,979	15,502
Less: Undistributed net income from continuing operations allocated to participating securities	0	(2,173)	0	(2,889)
Earnings (loss) from continuing operations available to common shareholders for basic earnings per share	(3,808)	9,489	20,979	12,613
Discontinued operations
Income (loss) from discontinued operations, net of taxes	1,229	(2,048)	1,647	(10,264)
Less: Undistributed net income from discontinued operations allocated to participating securities	0	382	0	1,913
Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share	$ 1,229	$ (1,666)	$ 1,647	$ (8,351)
Denominator:
Weighted average common shares outstanding — basic	42,259	34,302	42,171	34,302
Weighted average common shares upon conversion of participating securities	0	7,857	0	7,857
Dilutive effect of stock options, restricted stock and equity-settled awards	0	264	283	213
Total weighted average shares outstanding — diluted	42,259	42,423	42,454	42,372
Anti-dilutive awards excluded from diluted weighted average shares (in shares)	1,774	1,987	1,663	2,218

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	146.00%	55.00%	57.00%	51.00%
Benefit from a valuation allowance decrease, percentage				(18.00%)
Valuation allowance, deferred tax asset, amount	$ 73,867		$ 73,867		$ 73,405
Unrecognized tax benefits	$ 1,500		$ 1,500

Commitments and Contingencies -

Commitments and Contingencies - Environmental (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Environmental Exit Cost [Line Items]
Asset retirement obligation	$ 112	$ 1,258
Wyoming
Environmental Exit Cost [Line Items]
Loss contingency accrual, decrease	(1,043)
Discontinued Operations
Environmental Exit Cost [Line Items]
Asset retirement obligation	$ 112	$ 1,155

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017segment
Segment Reporting [Abstract]
Number of business segments	3

Segment Information - Assets Al

Segment Information - Assets Allocated by Segment (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total Assets	$ 768,119	$ 733,208
Cash and cash equivalents	381,390	265,798	$ 107,421	$ 96,442
Income taxes receivable	0	10,867
Discontinued Operations
Segment Reporting Information [Line Items]
Total Assets	1	14
Items Not Allocated to Segments | Continuing Operations
Segment Reporting Information [Line Items]
Total Assets	383,550	279,694
Cash and cash equivalents	381,390	265,798
Income taxes receivable		10,867
Real estate | Operating Segments | Continuing Operations
Segment Reporting Information [Line Items]
Total Assets	374,246	403,062
Mineral resources | Operating Segments | Continuing Operations
Segment Reporting Information [Line Items]
Total Assets	188	38,907
Other | Operating Segments | Continuing Operations
Segment Reporting Information [Line Items]
Total Assets	$ 10,134	$ 11,531

Segment Information - Segment R

Segment Information - Segment Revenues and Earnings (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Total revenues	$ 28,015	$ 47,992	$ 50,320	$ 85,610
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent	8,120	26,591	49,118	32,583
General and administrative expense	(28,372)	(4,852)	(33,063)	(11,331)
Gain on sale of assets	29,506	107,650	103,721	121,231
Interest expense	(2,166)	(6,918)	(4,401)	(14,557)
Loss on extinguishment of debt, net	0	(35,766)	0	(35,864)
Other corporate non-operating income	622	199	1,298	371
Segment Earnings
Segment Reporting Information [Line Items]
Total revenues	28,015	47,992	50,320	85,610
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent	10,893	74,026	58,795	94,222
Items Not Allocated to Segments
Segment Reporting Information [Line Items]
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent	(2,773)	(47,435)	(9,677)	(61,639)
General and administrative expense	(27,549)	(4,514)	(31,577)	(9,487)
Shared-based and long-term incentive compensation expense	(1,448)	(412)	(2,343)	(1,956)
Gain on sale of assets	28,049	0	28,049	0
Interest expense	(2,166)	(6,918)	(4,401)	(14,557)
Loss on extinguishment of debt, net	0	(35,766)	0	(35,864)
Other corporate non-operating income	341	175	595	225
Real estate | Segment Earnings
Segment Reporting Information [Line Items]
Total revenues	27,992	46,381	48,744	82,479
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent	11,545	73,290	22,018	93,514
Mineral resources | Segment Earnings
Segment Reporting Information [Line Items]
Total revenues	5	1,337	1,502	2,419
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent	(348)	933	37,468	1,486
Other | Segment Earnings
Segment Reporting Information [Line Items]
Total revenues	18	274	74	712
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent	$ (304)	$ (197)	$ (691)	$ (778)

Share-Based and Long-Term Inc67

Share-Based and Long-Term Incentive Compensation - Components of Share-Based Compensation Expense (Income) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Total share-based compensation	$ 1,416	$ 336	$ 2,259	$ 1,716
Compensation expense	32	76	84	240
Share based and Long Term Incentive Compensation	1,448	412	2,343	1,956
Cash Settled Awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Total share-based compensation	1,026	(494)	1,113	125
Equity-settled awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Total share-based compensation	285	625	903	1,104
Restricted Stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Total share-based compensation	0	6	0	12
Employee Stock Option
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Total share-based compensation	$ 105	$ 199	$ 243	$ 475

Share-Based and Long-Term Inc68

Share-Based and Long-Term Incentive Compensation - Share Based Compensation Expense (Income) Included in Operating Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share based and Long Term Incentive Compensation	$ 1,448	$ 412	$ 2,343	$ 1,956
General and administrative expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share based and Long Term Incentive Compensation	823	338	1,486	1,844
Other Operating Expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share based and Long Term Incentive Compensation	$ 625	$ 74	$ 857	$ 112

Share-Based and Long-Term Inc69

Share-Based and Long-Term Incentive Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 32	$ 76	$ 84	$ 240
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	1,144		$ 1,144
Shares issued out of treasury stock			318,401	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	$ 127	$ 163	$ 314	$ 428
Board of Directors | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, equivalent units			58,212
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%