Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FOR | |
Entity Registrant Name | FORESTAR GROUP INC. | |
Entity Central Index Key | 1,406,587 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 41,938,936 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 395,359 | $ 265,798 |
Real estate | 267,251 | 293,003 |
Assets of discontinued operations | 0 | 14 |
Assets held for sale | 14,453 | 30,377 |
Investment in unconsolidated ventures | 72,920 | 77,611 |
Receivables, net | 13,004 | 8,931 |
Income taxes receivable | 23,818 | 10,867 |
Prepaid expenses | 2,641 | 2,000 |
Property and equipment, net | 1,046 | 3,116 |
Deferred tax asset, net | 269 | 323 |
Goodwill | 0 | 37,900 |
Other assets | 2,772 | 3,268 |
TOTAL ASSETS | 793,533 | 733,208 |
LIABILITIES AND EQUITY | ||
Accounts payable | 3,972 | 4,804 |
Accrued employee compensation and benefits | 2,556 | 4,126 |
Accrued property taxes | 2,280 | 2,008 |
Accrued interest | 533 | 1,585 |
Earnest money deposits | 11,946 | 10,511 |
Other accrued expenses | 7,203 | 12,598 |
Liabilities of discontinued operations | 0 | 5,295 |
Liabilities held for sale | 0 | 103 |
Other liabilities | 18,275 | 19,702 |
Debt, net | 115,505 | 110,358 |
TOTAL LIABILITIES | 162,270 | 171,090 |
COMMITMENTS AND CONTINGENCIES | ||
Forestar Group Inc. shareholders’ equity: | ||
Preferred stock, par value $0.01 per share, 200,000 authorized shares at third 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 third quarter-end 2017 and year-end 2016 | 44,804 | 44,804 |
Additional paid-in capital | 549,382 | 553,005 |
Retained earnings | 80,430 | 12,602 |
Treasury stock, at cost, 2,864,667 shares at third quarter-end 2017 and 3,187,253 shares at year-end 2016 | (44,532) | (49,760) |
Total Forestar Group Inc. shareholders’ equity | 630,084 | 560,651 |
Noncontrolling interests | 1,179 | 1,467 |
TOTAL EQUITY | 631,263 | 562,118 |
TOTAL LIABILITIES AND EQUITY | $ 793,533 | $ 733,208 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 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) | 2,864,667 | 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
REVENUES | ||||
Real estate sales and other | $ 33,136 | $ 45,285 | $ 81,789 | $ 114,711 |
Commercial and income producing properties | 0 | 12 | 91 | 13,065 |
Real estate | 33,136 | 45,297 | 81,880 | 127,776 |
Mineral resources | 0 | 1,423 | 1,502 | 3,842 |
Other | 0 | 487 | 74 | 1,199 |
Total revenues | 33,136 | 47,207 | 83,456 | 132,817 |
COSTS AND EXPENSES | ||||
Cost of real estate sales and other | (21,762) | (24,884) | (50,142) | (105,023) |
Cost of commercial and income producing properties | (14) | (4,375) | (3) | (15,326) |
Cost of mineral resources | 0 | (182) | (38,315) | (572) |
Cost of other | (109) | (363) | (518) | (867) |
Other operating expenses | (3,220) | (6,471) | (13,905) | (26,879) |
General and administrative | (5,340) | (5,177) | (38,403) | (16,508) |
Total expenses | (30,445) | (41,452) | (141,286) | (165,175) |
GAIN ON SALE OF ASSETS | 9,690 | 501 | 113,411 | 121,732 |
OPERATING INCOME | 12,381 | 6,256 | 55,581 | 89,374 |
Equity in earnings of unconsolidated ventures | 1,764 | 3,637 | 10,873 | 3,872 |
Interest expense | (2,038) | (3,369) | (6,439) | (17,926) |
Loss on extinguishment of debt, net | 0 | 0 | 0 | (35,864) |
Other non-operating income | 1,140 | 1,249 | 2,438 | 1,620 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES | 13,247 | 7,773 | 62,453 | 41,076 |
Income tax (expense) benefit | (5,214) | 9,666 | (33,353) | (7,415) |
NET INCOME FROM CONTINUING OPERATIONS | 8,033 | 17,439 | 29,100 | 33,661 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES | 37,193 | (7,164) | 38,840 | (17,428) |
CONSOLIDATED NET INCOME | 45,226 | 10,275 | 67,940 | 16,233 |
Less: Net (income) attributable to noncontrolling interests | (24) | (610) | (112) | (1,330) |
NET INCOME ATTRIBUTABLE TO FORESTAR GROUP INC. | $ 45,202 | $ 9,665 | $ 67,828 | $ 14,903 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic (in shares) | 42,270 | 34,099 | 42,204 | 34,234 |
Diluted (in shares) | 42,626 | 42,260 | 42,512 | 42,334 |
NET INCOME (LOSS) PER BASIC SHARE | ||||
Continuing operations, basic (usd per share) | $ 0.19 | $ 0.40 | $ 0.69 | $ 0.77 |
Discontinued operations, basic (usd per share) | 0.88 | (0.17) | 0.92 | (0.42) |
NET INCOME (LOSS) PER BASIC SHARE (usd per share) | 1.07 | 0.23 | 1.61 | 0.35 |
NET INCOME (LOSS) PER DILUTED SHARE | ||||
Continuing operations, diluted (usd per share) | 0.19 | 0.40 | 0.68 | 0.76 |
Discontinued operation, diluted (usd per share) | 0.87 | (0.17) | 0.91 | (0.41) |
NET INCOME (LOSS) PER DILUTED SHARE (usd per share) | $ 1.06 | $ 0.23 | $ 1.59 | $ 0.35 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 45,202 | $ 9,665 | $ 67,828 | $ 14,903 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Consolidated net income | $ 67,940 | $ 16,233 |
Adjustments: | ||
Depreciation, depletion and amortization | 4,121 | 9,885 |
Change in deferred income taxes | 54 | (16) |
Equity in earnings of unconsolidated ventures | (10,873) | (3,872) |
Distributions of earnings of unconsolidated ventures | 14,745 | 4,793 |
Share-based compensation | 2,567 | 2,665 |
Real estate cost of sales | 50,547 | 56,817 |
Real estate development and acquisition expenditures, net | (38,355) | (56,552) |
Reimbursements from utility and improvement districts | 9,841 | 13,698 |
Asset impairments | 37,900 | 57,065 |
Loss on debt extinguishment, net | 0 | 35,864 |
Gain on sale of assets | (113,214) | (108,114) |
Other | 2,346 | 3,639 |
Changes in: | ||
Notes and accounts receivable | (4,011) | 20,734 |
Prepaid expenses and other | (428) | 1,536 |
Accounts payable and other accrued liabilities | (9,235) | (13,556) |
Income taxes | (12,951) | (11,012) |
Net cash provided by operating activities | 994 | 29,807 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Property, equipment, software and other | (46) | (5,902) |
Oil and gas properties and equipment | (2,400) | (579) |
Investment in unconsolidated ventures | (4,462) | (5,615) |
Proceeds from sales of assets | 130,146 | 319,351 |
Return of investment in unconsolidated ventures | 4,452 | 3,948 |
Net cash provided by investing activities | 127,690 | 311,203 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments of debt | 0 | (311,724) |
Additions to debt | 1,789 | 2,749 |
Deferred financing fees | (148) | 0 |
Distributions to noncontrolling interests, net | (400) | (2,378) |
Exercise of stock options | 616 | 0 |
Repurchases of common stock | 0 | (3,537) |
Payroll taxes on issuance of stock-based awards | (980) | (221) |
Other | 0 | (211) |
Net cash provided by (used for) financing activities | 877 | (315,322) |
Net increase in cash and cash equivalents | 129,561 | 25,688 |
Cash and cash equivalents at beginning of period | 265,798 | 96,442 |
Cash and cash equivalents at end of period | $ 395,359 | $ 122,130 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 nine 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 anticipate adopting the standard using the cumulative catch-up transition method. We have reached conclusions on our key accounting assessments related to the standard and are finalizing our accounting policies. Based on our initial assessment, we believe the timing of revenue recognition for our primary revenue stream, residential lot and tract sales, will not materially change. We are still finalizing our accounting policies and assessing disclosure requirements. Upon adopting FASB ASC Topic 606, we will provide additional disclosures in the notes to our consolidated financial statements. 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 of the updated standard, 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 | 9 Months Ended |
Sep. 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 generated $82,422,000 in total gains related to the sale of our mineral assets in first nine months 2017 of which $8,200,000 was recognized in third quarter 2017 as a result of the expiration of a 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 $45,396,000 . We generated combined gains of $28,674,000 in first nine months 2017 of which $625,000 was recognized in third quarter 2017 upon receipt of certain regulatory approvals and release of funds held in escrow. At third quarter-end 2017 , assets held for sale principally includes a multifamily site in Austin, central Texas groundwater assets, and water wells related to our nonparticipating royalty interests in water rights located in east Texas. The major classes of assets and liabilities held for sale are as follows: Third Year-End 2017 2016 (In thousands) Assets Held for Sale: Real estate $ 5,743 $ 19,931 Timber — 1,682 Other intangible assets (a) 1,681 1,681 Oil and gas properties and equipment, net — 782 Property and equipment, net (b) 7,029 6,301 $ 14,453 $ 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. |
Merger
Merger | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Merger | Merger On June 29, 2017, we entered into an Agreement and Plan of Merger with D.R. Horton, Inc. ("D.R. Horton") pursuant to which D.R. Horton would acquire 75 percent of the Company's common stock, par value $1.00 per share ("Our Common Stock") for $17.75 per share (the “Merger Agreement”). The Merger Agreement was unanimously approved by our and D.R. Horton’s boards of directors. Subject to the terms and conditions of the Merger Agreement, at the effective time of the merger (the "Merger"), all of Our Common Stock would 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 Our 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. Please see Note 19—Subsequent Events for information regarding consummation of the merger with D.R. Horton on October 5, 2017, and related matters. In connection with merger activities, in first nine months 2017, we paid a $20,000,000 merger agreement termination fee to Starwood Capital Group and incurred $5,624,000 in professional fees and other costs related to proposed merger transactions, all of which are included in general and administrative expenses. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Real estate consists of: Third Year-End 2017 2016 (In thousands) Entitled, developed and under development projects $ 237,064 $ 263,859 Land in the entitlement process and other 30,187 29,144 $ 267,251 $ 293,003 Our estimated costs of assets for which we expect to be reimbursed by utility and improvement districts were $45,253,000 at third quarter-end 2017 and $45,157,000 at year-end 2016 , including $13,892,000 at third quarter-end 2017 and $14,749,000 at year-end 2016 related to our Cibolo Canyons project near San Antonio, Texas. In first nine months 2017 , we have collected $9,376,000 in reimbursements that were previously submitted to these districts. At third quarter-end 2017 , our inception-to-date submitted reimbursements for the Cibolo Canyons project were $56,750,000 , of which $52,337,000 have been approved, and we have collected $46,567,000 . 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 | 9 Months Ended |
Sep. 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 third 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 Third Year-End Third Year-End Third Year-End Third Year-End 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) $ 19,600 $ 26,503 $ — $ 1,107 $ 19,376 $ 23,136 $ 9,140 $ 10,934 CL Ashton Woods, LP 581 2,653 — — 558 2,198 446 1,107 CL Realty, LLC 8,287 8,048 — — 8,156 7,899 4,078 3,950 CREA FMF Nashville LLC (b) 53,986 56,081 35,676 37,446 17,162 17,091 4,803 4,923 Elan 99, LLC 49,003 49,652 36,373 36,238 11,283 13,100 10,155 11,790 FMF Littleton LLC 68,536 70,282 46,006 44,446 21,745 23,798 5,508 6,128 FMF Peakview LLC — — — — — — — — FOR/SR Forsyth LLC 11,566 10,672 1,548 1,568 9,985 8,990 8,986 8,091 HM Stonewall Estates, Ltd — 852 — — — 852 — 477 LM Land Holdings, LP (c) 22,816 25,538 906 3,477 13,771 20,945 6,619 9,685 MRECV DT Holdings LLC 3,573 4,155 — — 3,573 4,144 3,216 3,729 MRECV Edelweiss LLC/MRECV Lender VIII LLC 7,824 3,484 — — 7,824 3,484 7,042 3,358 MRECV Juniper Ridge LLC 3,784 4,156 — — 3,784 4,156 3,405 3,741 MRECV Meadow Crossing II LLC 3,103 2,492 — — 3,103 2,491 2,793 2,242 Miramonte Boulder Pass, LLC 7,488 10,738 1,391 4,006 4,775 5,265 4,567 5,330 Temco Associates, LLC 4,426 4,368 — — 4,323 4,253 2,162 2,126 Other ventures — — — — — — — — $ 264,573 $ 279,674 $ 121,900 $ 128,288 $ 129,418 $ 141,802 $ 72,920 $ 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) Third Quarter First Nine Months Third Quarter First Nine Months Third Quarter First Nine Months 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) $ — $ 937 $ 13,073 $ 937 $ (342 ) $ 15 $ 8,040 $ (449 ) $ (171 ) $ 14 $ 4,106 $ (218 ) CL Ashton Woods, LP 451 288 3,079 1,977 262 83 1,360 601 307 129 1,739 892 CL Realty, LLC 300 140 499 386 256 72 2,657 136 128 37 1,328 68 CREA FMF Nashville LLC (b) 1,410 1,291 4,280 3,273 (159 ) (145 ) (479 ) (1,214 ) (47 ) 1,484 (144 ) 1,164 Elan 99, LLC 1,188 461 3,116 628 (562 ) (867 ) (1,816 ) (2,211 ) (506 ) (779 ) (1,635 ) (1,989 ) FMF Littleton LLC 1,702 944 4,713 1,791 227 (183 ) 47 (531 ) 57 (47 ) 12 (133 ) FMF Peakview LLC — — — 939 — — — (248 ) — — — (50 ) FOR/SR Forsyth LLC — — — — (42 ) (21 ) (110 ) (38 ) (38 ) (19 ) (99 ) (34 ) HM Stonewall Estates, Ltd — 822 496 1,948 — 280 243 794 — 120 103 347 LM Land Holdings, LP (c) 2,703 3,505 19,636 6,531 2,110 2,502 8,327 4,557 757 836 2,746 1,481 MRECV DT Holdings LLC 351 162 939 379 337 157 923 372 303 141 831 334 MRECV Edelweiss LLC/MRECV Lender VIII LLC 293 106 716 287 291 106 713 280 262 96 642 252 MRECV Juniper Ridge LLC 413 151 1,023 356 412 151 1,022 357 371 135 920 321 MRECV Meadow Crossing II LLC 253 112 612 141 254 112 612 94 229 101 551 84 Miramonte Boulder Pass, LLC 2,312 1,015 4,848 1,678 105 (126 ) 109 (285 ) 101 (63 ) (262 ) (142 ) Temco Associates, LLC 48 77 144 224 21 32 70 111 11 16 35 56 Other ventures — 6,520 — 6,520 — 2,166 — 2,109 — 1,436 — 1,439 $ 11,424 $ 16,531 $ 57,174 $ 27,995 $ 3,170 $ 4,334 $ 21,718 $ 4,435 $ 1,764 $ 3,637 $ 10,873 $ 3,872 _____________________ (a) Total includes current maturities of $86,206,000 at third quarter-end 2017 , of which $81,531,000 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 third quarter-end 2017 . (c) Includes unrecognized basis difference of $496,000 which is reflected as an increase of our investment in unconsolidated ventures at third quarter-end 2017 . The difference will be amortized as expense over the life of the investment and included in our share of earnings (loss) from the respective venture. In first nine months 2017 , we invested $4,462,000 in these ventures and received $19,197,000 in distributions. In first nine months 2016 , we invested $5,615,000 in these ventures and received $8,741,000 in distributions. Distributions include both return of investments and distribution of earnings. The increase in our share of earnings from our unconsolidated ventures in first nine months 2017 compared with first nine months 2016 is primarily due to higher lot sale activity and 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 . Venture earnings from 242, LLC also 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 $10,363,000 which is included in gain on sale of assets. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Carrying value of goodwill follows: Third Year-End 2017 2016 (In thousands) Goodwill $ — $ 37,900 Goodwill related to our owned mineral assets was $0 at third quarter-end 2017 and $37,900,000 at year-end 2016 . In first nine 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 | 9 Months Ended |
Sep. 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: Third Quarter First Nine Months 2017 2016 2017 2016 (In thousands) Revenues $ 2 $ 180 $ 15 $ 5,827 Cost of sales (42 ) (108 ) (52 ) (6,593 ) Other operating expenses (763 ) (3,318 ) 226 (5,707 ) Income (loss) from discontinued operations before income taxes $ (803 ) $ (3,246 ) $ 189 $ (6,473 ) Gain (loss) on sale of assets before income taxes (297 ) 955 (197 ) (13,618 ) Income tax benefit (expense) 38,293 (4,873 ) 38,848 2,663 Income (loss) from discontinued operations, net of taxes $ 37,193 $ (7,164 ) $ 38,840 $ (17,428 ) In first nine months 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. Other operating expenses in third quarter 2016 include loss contingency charges of $1,100,000 related to litigation and $1,155,000 related to potential environmental liabilities to plug and abandon certain oil and gas wells in Wyoming. On September 22, 2017 , in accordance with our previously announced initiative to sell non-core assets, we sold the common stock of Forestar Petroleum Corporation for $100,000 . With the completion of this transaction we have now sold all of our oil and gas assets and related entities. This transaction resulted in a significant tax loss. The corresponding tax benefit is reported in discontinued operations as a discrete event in third quarter 2017. In first nine months 2016, we recorded a net loss of $13,618,000 on the sale of nearly 199,263 net mineral acres leased from others and 379 gross ( 95 net) producing oil and gas working interest wells in Nebraska, Kansas, Oklahoma and North Dakota for total sales proceeds of $80,084,000 , 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 third quarter-end 2017 and year-end 2016 are as follows: Third Year-End 2017 2016 (In thousands) Assets of Discontinued Operations: Receivables, net of allowance for bad debt $ — $ 6 Prepaid expenses — 8 $ — $ 14 Liabilities of Discontinued Operations: Accounts payable $ — $ 67 Other accrued expenses — 5,228 $ — $ 5,295 Significant operating activities and investing activities of discontinued operations included in our consolidated statements of cash flows are as follows: First Nine Months 2017 2016 (In thousands) Operating activities: Asset impairments $ — $ 612 Accounts payable and other accrued liabilities (3,000 ) — Loss on sale of assets 197 13,618 Depreciation, depletion and amortization — 2,202 $ (2,803 ) $ 16,432 Investing activities: Oil and gas properties and equipment $ — $ (579 ) Proceeds from sales of assets 200 76,815 $ 200 $ 76,236 |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consist of: Third Year-End 2017 2016 (In thousands) Other receivables and accrued interest 6,958 1,505 Other loans secured by real estate, average interest rates of 5.13% at third quarter-end 2017 and 4.94% at year-end 2016 6,072 7,452 13,030 8,957 Allowance for bad debts (26 ) (26 ) $ 13,004 $ 8,931 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Equity | Equity A reconciliation of changes in equity at third 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 67,828 112 67,940 Distributions to noncontrolling interests — (400 ) (400 ) Other (primarily share-based compensation) 1,605 — 1,605 $ 630,084 $ 1,179 $ 631,263 |
Debt, net
Debt, net | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt, net | Debt, net Debt consists of: Third Year-End 2017 2016 (In thousands) 8.50% senior secured notes due 2022, net $ 5,216 $ 5,200 3.75% convertible senior notes due 2020, net of discount 108,014 104,673 Other indebtedness — 5.50% interest rate 2,275 485 $ 115,505 $ 110,358 At third quarter-end 2017 , our senior secured credit facility provided a line of credit commitment of $50,000,000 , none of which was drawn, and included a $50,000,000 sublimit for letters of credit, of which $14,267,000 was outstanding. Total borrowings under our senior secured credit facility (including the face amount of letters of credit) were limited by a borrowing base formula. At third quarter-end 2017 , we had $14,810,000 in net unused borrowing capacity under our senior secured credit facility. At third quarter-end 2017 , the proposed Merger was 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. Please see Note 19—Subsequent Events for information regarding consummation of the merger with D.R. Horton and related matters, including (a) termination of our senior secured credit facility, (b) entry into a new letter of credit facility, (c) entry into a supplemental indenture in regard to our 3.75% convertible senior notes due 2020, and (d) redemption of the 8.50% senior secured notes due 2022. At third quarter-end 2017 and year-end 2016 , we had $1,273,000 and $1,633,000 in unamortized deferred financing fees which were deducted from our debt. In addition, at third quarter-end 2017 and year-end 2016 , unamortized deferred financing fees related to our senior secured credit facility included in other assets were $91,000 and $314,000 . Amortization of deferred financing fees were $731,000 and $3,253,000 in first nine months 2017 and 2016 and were included in interest expense. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 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 nine 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: Third Quarter-End 2017 Year-End 2016 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Fixed rate debt $ (114,502 ) $ (119,246 ) $ (111,506 ) $ (109,789 ) Level 2 |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 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 at third quarter-end 2017 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 Merger Agreement from the coverage of the Plan. Please see Note 19—Subsequent Events for information regarding expiration of the Plan. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 9 Months Ended |
Sep. 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 third quarter and first nine months 2017 and the two-class method for third quarter and first nine 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: Third Quarter First Nine Months 2017 2016 2017 2016 (In thousands) Numerator: Continuing operations Net income (loss) from continuing operations $ 8,033 $ 17,439 $ 29,100 $ 33,661 Less: Net (income) attributable to noncontrolling interest (24 ) (610 ) (112 ) (1,330 ) Earnings (loss) available for diluted earnings per share $ 8,009 $ 16,829 $ 28,988 $ 32,331 Less: Undistributed net income from continuing operations allocated to participating securities — (3,152 ) — (6,035 ) Earnings (loss) from continuing operations available to common shareholders for basic earnings per share $ 8,009 $ 13,677 $ 28,988 $ 26,296 Discontinued operations Net income (loss) from discontinued operations available for diluted earnings per share $ 37,193 $ (7,164 ) $ 38,840 $ (17,428 ) Less: Undistributed net income from discontinued operations allocated to participating securities — 1,342 — 3,253 Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share $ 37,193 $ (5,822 ) $ 38,840 $ (14,175 ) Denominator: Weighted average common shares outstanding — basic 42,270 34,099 42,204 34,234 Weighted average common shares upon conversion of participating securities — 7,857 — 7,857 Dilutive effect of stock options, restricted stock and equity-settled awards 356 304 308 243 Total weighted average shares outstanding — diluted 42,626 42,260 42,512 42,334 Anti-dilutive awards excluded from diluted weighted average shares 1,048 2,001 1,458 2,146 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 third quarter 2017 did not exceed the conversion price which resulted in no additional diluted outstanding shares. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate from continuing operations was 39 percent in third quarter 2017 and 53 percent for first nine months 2017. Our effective tax rate from continuing operations for first nine months 2017 exceeded the statutory rate due to a change in our valuation allowance due to current year transaction costs (termination fee and other costs) associated with our Merger. In addition, our effective tax rate from continuing operations for first nine 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 a tax benefit of 124 percent in third quarter 2016 and a tax expense of 18 percent for first nine months 2016. Our effective tax rate from continuing operations for first nine months 2016 of 18 percent differs from the statutory rate of 35 percent primarily due to a benefit from decrease in our valuation allowance related to decrease 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 third quarter-end 2017 and year-end 2016 , we have a valuation allowance for our deferred tax assets of $66,461,000 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 September 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 $442,000 at third quarter-end 2017 , all of which would affect our effective tax rate, if recognized. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 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. With the sale of our remaining oil and gas entities in third quarter 2017 we no longer 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. Prior to the sale, we recorded 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 third quarter-end 2017 and year-end 2016 , our estimated asset retirement obligation was $0 and $1,258,000 , of which $0 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 first nine months 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. In connection with our sale of the stock of Forestar Petroleum on September 22, 2017, the buyer assumed substantially all liabilities of Forestar Petroleum including the obligation to plug and abandon certain oil and gas wells in Wyoming. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 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: Third Year-End 2017 2016 (In thousands) Real estate $ 363,395 $ 403,062 Mineral resources — 38,907 Other 9,196 11,531 Assets of discontinued operations — 14 Assets not allocated to segments (a) 420,942 279,694 $ 793,533 $ 733,208 _________________________ (a) Assets not allocated to segments at third quarter-end 2017 principally consist of cash and cash equivalents of $395,359,000 and an income tax receivable of $23,818,000 . 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: Third Quarter First Nine Months 2017 2016 2017 2016 (In thousands) Revenues: Real estate $ 33,136 $ 45,297 $ 81,880 $ 127,776 Mineral resources — 1,423 1,502 3,842 Other — 487 74 1,199 Total revenues $ 33,136 $ 47,207 $ 83,456 $ 132,817 Segment earnings (loss): Real estate $ 11,309 $ 15,017 $ 33,327 $ 108,531 Mineral resources 8,112 1,182 45,580 2,668 Other 257 (196 ) (434 ) (974 ) Total segment earnings 19,678 16,003 78,473 110,225 Items not allocated to segments (a) (6,455 ) (8,840 ) (16,132 ) (70,479 ) Income from continuing operations before taxes attributable to Forestar Group Inc. $ 13,223 $ 7,163 $ 62,341 $ 39,746 _________________________ (a) Items not allocated to segments consist of: Third Quarter First Nine Months 2017 2016 2017 2016 (In thousands) General and administrative expense $ (4,979 ) $ (4,505 ) $ (36,556 ) $ (13,992 ) Shared-based and long-term incentive compensation expense (424 ) (1,024 ) (2,767 ) (2,980 ) Gain on sale of assets 625 — 28,674 — Interest expense (2,038 ) (3,369 ) (6,439 ) (17,926 ) Loss on extinguishment of debt, net — — — (35,864 ) Other corporate non-operating income 361 58 956 283 $ (6,455 ) $ (8,840 ) $ (16,132 ) $ (70,479 ) |
Share-Based and Long-Term Incen
Share-Based and Long-Term Incentive Compensation | 9 Months Ended |
Sep. 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: Third Quarter First Nine Months 2017 2016 2017 2016 (In thousands) Cash-settled awards $ (66 ) $ (43 ) $ 1,047 $ 82 Equity-settled awards 268 765 1,171 1,869 Restricted stock — 10 — 22 Stock options 106 217 349 692 Total share-based compensation 308 949 2,567 2,665 Deferred cash 116 75 200 315 $ 424 $ 1,024 $ 2,767 $ 2,980 Share-based and long-term incentive compensation expense is included in: Third Quarter First Nine Months 2017 2016 2017 2016 (In thousands) General and administrative expense $ 361 $ 672 $ 1,847 $ 2,516 Other operating expense 63 352 920 464 $ 424 $ 1,024 $ 2,767 $ 2,980 Share-Based Compensation We did not grant any new equity-settled or cash-settled awards to employees in first nine months 2017 . In first nine months 2017 , we granted 66,037 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 $135,000 and $169,000 in third quarter of 2017 and 2016 and $449,000 and $596,000 in the first nine 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 nine months 2016 . Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options is $864,000 at third quarter-end 2017 . In first nine months 2017 and 2016 , we issued 322,586 and 263,371 shares out of our treasury stock associated with vesting of stock-based awards or exercise of stock options, net of 75,870 and 25,026 shares withheld having a value of $980,000 and $221,000 for payroll taxes in connection with vesting of stock-based awards or exercise of stock options. Long-Term Incentive Compensation In first nine months 2017 and 2016 , we granted $1,180,000 and $620,000 of long-term incentive compensation to employees in the form of deferred cash awards. The 2017 deferred cash awards vest annually over three years and the 2016 awards vest annually over two years. Expense associated with deferred cash awards is recognized ratably over the vesting period. Please see Note 19—Subsequent Events for information regarding consummation of the merger with D.R. Horton and related matters, including settlement of outstanding awards denominated in shares of stock. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Completion of Merger On June 29, 2017, we entered into the Merger Agreement with D.R. Horton and Force Merger Sub, Inc. (“Merger Sub”), a wholly owned subsidiary of D.R. Horton. At the effective time on October 5, 2017, we merged with Merger Sub and we continued as the surviving entity in the Merger. In the Merger, each existing share of our common stock issued and outstanding immediately prior to the effective time (the “Former Forestar Common Stock”) (except for shares of our common stock that were held by us as treasury shares or by us or D.R. Horton or our or their respective subsidiaries) were converted into the right to receive, at the election of the holders of such shares of Former Forestar Common Stock, either an amount in cash equal to the Cash Consideration ( $17.75 per share) or one new share of our common stock (the “New Forestar Common Stock”), subject to proration procedures applicable to oversubscription and undersubscription for the Cash Consideration described in the Merger Agreement. The aggregate amount of Cash Consideration paid by D.R. Horton to holders of Former Forestar Common Stock in the Merger was $558,256,000 . In the Merger, 10,487,873 shares of New Forestar Common Stock (representing 25% of the outstanding shares of New Forestar Common Stock immediately after the effective time) were issued to the holders of our common stock and 31,451,063 shares of New Forestar Common Stock (representing 75% of the outstanding share of the New Forestar Common Stock immediately after the effective time) were issued to D.R. Horton. Subject to the terms of the Merger Agreement, at the effective time, each equity award made or otherwise denominated in shares of Former Forestar Common Stock that was outstanding immediately prior to the effective time under our equity compensation plans was cancelled and of no further force or effect as of the effective time. In exchange for the cancellation of the equity awards, each holder of such an equity award received from us the Cash Consideration for each share of Former Forestar Common Stock underlying such equity award (and in the case of equity awards that were stock options or stock appreciation rights, less the applicable exercise or strike price, but not less than $0 ), whether or not otherwise vested as of the effective time. With respect to any of our market-leveraged stock units, the number of shares of Former Forestar Common Stock subject to such equity awards were determined pursuant to the terms set forth in the applicable award agreements and based on a per share value equal to $17.75 . We paid our financial advisor a transaction fee of $5,595,000 which was expensed upon closing of the Merger. New Forestar Common Stock continues to be listed and traded on the New York Stock Exchange under the ticker symbol, “FOR.” As of October 5, 2017, we are a majority-owned subsidiary of D.R. Horton, the largest homebuilder by volume in the United States for fifteen consecutive years. We are evaluating the impact of any potential changes in our accounting policies and related party transactions with D.R. Horton post merger and will update our disclosures accordingly in future periods. The merger will be accounted for under the acquisition method in accordance with U.S. GAAP. D.R. Horton is the acquirer for accounting purposes and our consolidated financial statements will continue to be stated at historical cost. Letter of Credit Facility On October 5, 2017, we entered into a Letter of Credit Facility Agreement (the “LC Facility Agreement”) providing for a $30,000,000 secured standby letter of credit facility (the “LC Facility”) with Keybank National Association and other lenders party thereto, as banks, Keybank National Association, as letter of credit issuer and administrative agent, and Keybanc Capital Markets, as sole arranger and sole bookrunner. The LC Facility is secured by $30,000,000 in cash deposited with the administrative agent. We are required to pay a letter of credit fee of 1.25% per annum on the outstanding face amount of the letters of credit issued under the LC Facility, as well as other customary fees and expenses. We also are required to pay an unused facility fee of 0.15% per annum, in each case on the daily amount by which the aggregate commitments exceed the sum of the outstanding letters of credit during each fiscal quarter or portion thereof. The LC Facility Agreement includes customary representations and warranties, affirmative and negative covenants and other undertakings. The LC Facility Agreement also contains customary events of default. If an event of default occurs, all or a portion of the commitments under the LC Facility may be terminated and/or other rights held by the banks under any of the related facility documents (including against the collateral) may be exercised, subject to certain limitations. Termination of Senior Credit Facility On October 5, 2017, in connection with entry into the LC Facility, we terminated our existing senior credit facility (the “Prior Credit Facility”). The Prior Credit Facility provided for a $50,000,000 revolving line of credit that was scheduled to mature on May 15, 2018. This Prior Credit Facility could be prepaid at any time without penalty and included a $50,000,000 sublimit for letters of credit, of which $14,267,000 were outstanding at the time of termination and were transferred to the new LC Facility. 3.75% Convertible Senior Notes On October 5, 2017, in connection with the consummation of the Merger, we entered into a Third Supplemental Indenture (together with the base indenture and the prior supplemental indentures, the "Indenture") to the Indenture relating to our 3.75% Convertible Senior Notes due 2020 (the “Convertible Notes”). Pursuant to the Third Supplemental Indenture, the Convertible Notes are no longer convertible into shares of Former Forestar Common Stock and instead are convertible into cash and shares of New Forestar Common Stock based on the per-share weighted average of the cash and shares of New Forestar Common Stock received by our stockholders that affirmatively made an election in connection with the Merger. As a result of such elections, for each share of Former Forestar Common Stock a holder of Convertible Notes was previously entitled to receive upon conversion of Convertible Notes, such holder is instead entitled to receive $14.19785 in cash and 0.20012 of a share of New Forestar Common Stock. The completion of the Merger constituted a Fundamental Change, as defined in the Indenture. On October 12, 2017, in accordance with the Indenture, we gave notice of the Fundamental Change to holders of the Convertible Notes and made an offer to purchase (a “Fundamental Change Offer”) all or any part (equal to $1,000 or an integral multiple of $1,000 ) of every holder’s Convertible Notes pursuant to the Fundamental Change Offer on the terms set forth in the Indenture. In the Fundamental Change Offer, we offered to repurchase the Convertible Notes for a price in cash equal to 100% of the aggregate principal amount of Convertible Notes, plus accrued and unpaid interest, if any, to the date of repurchase. Expiration of Tax Benefits Preservation Plan On October 5, 2017 immediately prior to the effective time of the merger, our Tax Benefit Preservation Plan expired pursuant to its terms and all Rights previously distributed to the holders of our common stock pursuant to the Plan expired. 8.50% Senior Secured Notes On October 30, 2017 (the “Redemption Date”), we redeemed the remaining $5,315,000 aggregate principal amount of outstanding 8.50% Senior Secured Notes due 2022 (the “Notes”). Pursuant to the indenture governing the Notes, the Notes were redeemed for $5,928,063 , which was the sum of (a) the present value of 104.250% of the outstanding principal amount of the Notes and the scheduled payments of interest thereon through June 1, 2018 discounted as set forth in such indenture to the Redemption Date, plus (b) accrued and unpaid interest to but not including the Redemption Date. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 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 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 nine 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 anticipate adopting the standard using the cumulative catch-up transition method. We have reached conclusions on our key accounting assessments related to the standard and are finalizing our accounting policies. Based on our initial assessment, we believe the timing of revenue recognition for our primary revenue stream, residential lot and tract sales, will not materially change. We are still finalizing our accounting policies and assessing disclosure requirements. Upon adopting FASB ASC Topic 606, we will provide additional disclosures in the notes to our consolidated financial statements. 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 of the updated standard, 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) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities of Properties Held for Sale | The major classes of assets and liabilities held for sale are as follows: Third Year-End 2017 2016 (In thousands) Assets Held for Sale: Real estate $ 5,743 $ 19,931 Timber — 1,682 Other intangible assets (a) 1,681 1,681 Oil and gas properties and equipment, net — 782 Property and equipment, net (b) 7,029 6,301 $ 14,453 $ 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) | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Real Estate | Real estate consists of: Third Year-End 2017 2016 (In thousands) Entitled, developed and under development projects $ 237,064 $ 263,859 Land in the entitlement process and other 30,187 29,144 $ 267,251 $ 293,003 |
Investment in Unconsolidated 28
Investment in Unconsolidated Ventures (Tables) | 9 Months Ended |
Sep. 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 Third Year-End Third Year-End Third Year-End Third Year-End 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) $ 19,600 $ 26,503 $ — $ 1,107 $ 19,376 $ 23,136 $ 9,140 $ 10,934 CL Ashton Woods, LP 581 2,653 — — 558 2,198 446 1,107 CL Realty, LLC 8,287 8,048 — — 8,156 7,899 4,078 3,950 CREA FMF Nashville LLC (b) 53,986 56,081 35,676 37,446 17,162 17,091 4,803 4,923 Elan 99, LLC 49,003 49,652 36,373 36,238 11,283 13,100 10,155 11,790 FMF Littleton LLC 68,536 70,282 46,006 44,446 21,745 23,798 5,508 6,128 FMF Peakview LLC — — — — — — — — FOR/SR Forsyth LLC 11,566 10,672 1,548 1,568 9,985 8,990 8,986 8,091 HM Stonewall Estates, Ltd — 852 — — — 852 — 477 LM Land Holdings, LP (c) 22,816 25,538 906 3,477 13,771 20,945 6,619 9,685 MRECV DT Holdings LLC 3,573 4,155 — — 3,573 4,144 3,216 3,729 MRECV Edelweiss LLC/MRECV Lender VIII LLC 7,824 3,484 — — 7,824 3,484 7,042 3,358 MRECV Juniper Ridge LLC 3,784 4,156 — — 3,784 4,156 3,405 3,741 MRECV Meadow Crossing II LLC 3,103 2,492 — — 3,103 2,491 2,793 2,242 Miramonte Boulder Pass, LLC 7,488 10,738 1,391 4,006 4,775 5,265 4,567 5,330 Temco Associates, LLC 4,426 4,368 — — 4,323 4,253 2,162 2,126 Other ventures — — — — — — — — $ 264,573 $ 279,674 $ 121,900 $ 128,288 $ 129,418 $ 141,802 $ 72,920 $ 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) Third Quarter First Nine Months Third Quarter First Nine Months Third Quarter First Nine Months 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) $ — $ 937 $ 13,073 $ 937 $ (342 ) $ 15 $ 8,040 $ (449 ) $ (171 ) $ 14 $ 4,106 $ (218 ) CL Ashton Woods, LP 451 288 3,079 1,977 262 83 1,360 601 307 129 1,739 892 CL Realty, LLC 300 140 499 386 256 72 2,657 136 128 37 1,328 68 CREA FMF Nashville LLC (b) 1,410 1,291 4,280 3,273 (159 ) (145 ) (479 ) (1,214 ) (47 ) 1,484 (144 ) 1,164 Elan 99, LLC 1,188 461 3,116 628 (562 ) (867 ) (1,816 ) (2,211 ) (506 ) (779 ) (1,635 ) (1,989 ) FMF Littleton LLC 1,702 944 4,713 1,791 227 (183 ) 47 (531 ) 57 (47 ) 12 (133 ) FMF Peakview LLC — — — 939 — — — (248 ) — — — (50 ) FOR/SR Forsyth LLC — — — — (42 ) (21 ) (110 ) (38 ) (38 ) (19 ) (99 ) (34 ) HM Stonewall Estates, Ltd — 822 496 1,948 — 280 243 794 — 120 103 347 LM Land Holdings, LP (c) 2,703 3,505 19,636 6,531 2,110 2,502 8,327 4,557 757 836 2,746 1,481 MRECV DT Holdings LLC 351 162 939 379 337 157 923 372 303 141 831 334 MRECV Edelweiss LLC/MRECV Lender VIII LLC 293 106 716 287 291 106 713 280 262 96 642 252 MRECV Juniper Ridge LLC 413 151 1,023 356 412 151 1,022 357 371 135 920 321 MRECV Meadow Crossing II LLC 253 112 612 141 254 112 612 94 229 101 551 84 Miramonte Boulder Pass, LLC 2,312 1,015 4,848 1,678 105 (126 ) 109 (285 ) 101 (63 ) (262 ) (142 ) Temco Associates, LLC 48 77 144 224 21 32 70 111 11 16 35 56 Other ventures — 6,520 — 6,520 — 2,166 — 2,109 — 1,436 — 1,439 $ 11,424 $ 16,531 $ 57,174 $ 27,995 $ 3,170 $ 4,334 $ 21,718 $ 4,435 $ 1,764 $ 3,637 $ 10,873 $ 3,872 _____________________ (a) Total includes current maturities of $86,206,000 at third quarter-end 2017 , of which $81,531,000 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 third quarter-end 2017 . (c) Includes unrecognized basis difference of $496,000 which is reflected as an increase of our investment in unconsolidated ventures at third quarter-end 2017 . The difference will be amortized as expense over the life of the investment and included in our share of earnings (loss) from the respective venture. |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying value of goodwill and other intangible assets | Carrying value of goodwill follows: Third Year-End 2017 2016 (In thousands) Goodwill $ — $ 37,900 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized Results from Discontinued Operations | Summarized results from discontinued operations were as follows: Third Quarter First Nine Months 2017 2016 2017 2016 (In thousands) Revenues $ 2 $ 180 $ 15 $ 5,827 Cost of sales (42 ) (108 ) (52 ) (6,593 ) Other operating expenses (763 ) (3,318 ) 226 (5,707 ) Income (loss) from discontinued operations before income taxes $ (803 ) $ (3,246 ) $ 189 $ (6,473 ) Gain (loss) on sale of assets before income taxes (297 ) 955 (197 ) (13,618 ) Income tax benefit (expense) 38,293 (4,873 ) 38,848 2,663 Income (loss) from discontinued operations, net of taxes $ 37,193 $ (7,164 ) $ 38,840 $ (17,428 ) |
Schedule of Assets and Liabilities of Discontinued Operations | The major classes of assets and liabilities of discontinued operations at third quarter-end 2017 and year-end 2016 are as follows: Third Year-End 2017 2016 (In thousands) Assets of Discontinued Operations: Receivables, net of allowance for bad debt $ — $ 6 Prepaid expenses — 8 $ — $ 14 Liabilities of Discontinued Operations: Accounts payable $ — $ 67 Other accrued expenses — 5,228 $ — $ 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 Nine Months 2017 2016 (In thousands) Operating activities: Asset impairments $ — $ 612 Accounts payable and other accrued liabilities (3,000 ) — Loss on sale of assets 197 13,618 Depreciation, depletion and amortization — 2,202 $ (2,803 ) $ 16,432 Investing activities: Oil and gas properties and equipment $ — $ (579 ) Proceeds from sales of assets 200 76,815 $ 200 $ 76,236 |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Receivables | Receivables consist of: Third Year-End 2017 2016 (In thousands) Other receivables and accrued interest 6,958 1,505 Other loans secured by real estate, average interest rates of 5.13% at third quarter-end 2017 and 4.94% at year-end 2016 6,072 7,452 13,030 8,957 Allowance for bad debts (26 ) (26 ) $ 13,004 $ 8,931 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Reconciliation of Changes in Equity | A reconciliation of changes in equity at third 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 67,828 112 67,940 Distributions to noncontrolling interests — (400 ) (400 ) Other (primarily share-based compensation) 1,605 — 1,605 $ 630,084 $ 1,179 $ 631,263 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt consists of: Third Year-End 2017 2016 (In thousands) 8.50% senior secured notes due 2022, net $ 5,216 $ 5,200 3.75% convertible senior notes due 2020, net of discount 108,014 104,673 Other indebtedness — 5.50% interest rate 2,275 485 $ 115,505 $ 110,358 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 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: Third Quarter-End 2017 Year-End 2016 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Fixed rate debt $ (114,502 ) $ (119,246 ) $ (111,506 ) $ (109,789 ) Level 2 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 9 Months Ended |
Sep. 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: Third Quarter First Nine Months 2017 2016 2017 2016 (In thousands) Numerator: Continuing operations Net income (loss) from continuing operations $ 8,033 $ 17,439 $ 29,100 $ 33,661 Less: Net (income) attributable to noncontrolling interest (24 ) (610 ) (112 ) (1,330 ) Earnings (loss) available for diluted earnings per share $ 8,009 $ 16,829 $ 28,988 $ 32,331 Less: Undistributed net income from continuing operations allocated to participating securities — (3,152 ) — (6,035 ) Earnings (loss) from continuing operations available to common shareholders for basic earnings per share $ 8,009 $ 13,677 $ 28,988 $ 26,296 Discontinued operations Net income (loss) from discontinued operations available for diluted earnings per share $ 37,193 $ (7,164 ) $ 38,840 $ (17,428 ) Less: Undistributed net income from discontinued operations allocated to participating securities — 1,342 — 3,253 Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share $ 37,193 $ (5,822 ) $ 38,840 $ (14,175 ) Denominator: Weighted average common shares outstanding — basic 42,270 34,099 42,204 34,234 Weighted average common shares upon conversion of participating securities — 7,857 — 7,857 Dilutive effect of stock options, restricted stock and equity-settled awards 356 304 308 243 Total weighted average shares outstanding — diluted 42,626 42,260 42,512 42,334 Anti-dilutive awards excluded from diluted weighted average shares 1,048 2,001 1,458 2,146 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Assets Allocated by Segment | Total assets allocated by segment are as follows: Third Year-End 2017 2016 (In thousands) Real estate $ 363,395 $ 403,062 Mineral resources — 38,907 Other 9,196 11,531 Assets of discontinued operations — 14 Assets not allocated to segments (a) 420,942 279,694 $ 793,533 $ 733,208 _________________________ (a) Assets not allocated to segments at third quarter-end 2017 principally consist of cash and cash equivalents of $395,359,000 and an income tax receivable of $23,818,000 . 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: Third Quarter First Nine Months 2017 2016 2017 2016 (In thousands) Revenues: Real estate $ 33,136 $ 45,297 $ 81,880 $ 127,776 Mineral resources — 1,423 1,502 3,842 Other — 487 74 1,199 Total revenues $ 33,136 $ 47,207 $ 83,456 $ 132,817 Segment earnings (loss): Real estate $ 11,309 $ 15,017 $ 33,327 $ 108,531 Mineral resources 8,112 1,182 45,580 2,668 Other 257 (196 ) (434 ) (974 ) Total segment earnings 19,678 16,003 78,473 110,225 Items not allocated to segments (a) (6,455 ) (8,840 ) (16,132 ) (70,479 ) Income from continuing operations before taxes attributable to Forestar Group Inc. $ 13,223 $ 7,163 $ 62,341 $ 39,746 _________________________ (a) Items not allocated to segments consist of: Third Quarter First Nine Months 2017 2016 2017 2016 (In thousands) General and administrative expense $ (4,979 ) $ (4,505 ) $ (36,556 ) $ (13,992 ) Shared-based and long-term incentive compensation expense (424 ) (1,024 ) (2,767 ) (2,980 ) Gain on sale of assets 625 — 28,674 — Interest expense (2,038 ) (3,369 ) (6,439 ) (17,926 ) Loss on extinguishment of debt, net — — — (35,864 ) Other corporate non-operating income 361 58 956 283 $ (6,455 ) $ (8,840 ) $ (16,132 ) $ (70,479 ) |
Share-Based and Long-Term Inc37
Share-Based and Long-Term Incentive Compensation (Tables) | 9 Months Ended |
Sep. 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: Third Quarter First Nine Months 2017 2016 2017 2016 (In thousands) Cash-settled awards $ (66 ) $ (43 ) $ 1,047 $ 82 Equity-settled awards 268 765 1,171 1,869 Restricted stock — 10 — 22 Stock options 106 217 349 692 Total share-based compensation 308 949 2,567 2,665 Deferred cash 116 75 200 315 $ 424 $ 1,024 $ 2,767 $ 2,980 |
Share-Based Compensation Expense (Income) Included in Operating Expense | Share-based and long-term incentive compensation expense is included in: Third Quarter First Nine Months 2017 2016 2017 2016 (In thousands) General and administrative expense $ 361 $ 672 $ 1,847 $ 2,516 Other operating expense 63 352 920 464 $ 424 $ 1,024 $ 2,767 $ 2,980 |
Merger - Narrative (Details)
Merger - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 29, 2017 | Sep. 30, 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 | ||
Payments for merger related costs | $ 20,000 | ||
Professional fees | $ 5,624 | ||
D.R. Horton Merger Agreement | |||
Business Acquisition [Line Items] | |||
Sale of stock, price per share (in usd per share) | $ 17.75 | ||
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 | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($)a | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2017USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of assets | $ 113,214 | $ 108,114 | |||
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 | ||||
Gain on sale of property | $ 625 | ||||
Area of land (in acres) | a | 19 | ||||
Net proceeds | $ 45,396 | ||||
Gain on sale of assets | 28,674 | ||||
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 | $ 82,422 | ||||
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 | Sep. 30, 2017 | Dec. 31, 2016 |
Assets Held for Sale: | ||
Assets | $ 0 | $ 14 |
Liabilities Held for Sale: | ||
Liabilities | 0 | 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 | 14,453 | 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 | 5,743 | 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 | $ 0 | $ 782 |
Real Estate - Real Estate (Deta
Real Estate - Real Estate (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | $ 267,251 | $ 293,003 |
Entitled, developed and under development projects | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | 237,064 | 263,859 |
Land in the entitlement process and other | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Carrying value | $ 30,187 | $ 29,144 |
Real Estate - Additional Inform
Real Estate - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Utility and Improvement District | ||
Real Estate Properties [Line Items] | ||
Cost of asset in developed and under development projects | $ 45,253 | $ 45,157 |
Reimbursements from utility and improvement districts | 9,376 | |
San Antonio, Texas | Cibolo Canyons Project | ||
Real Estate Properties [Line Items] | ||
Cost of asset in developed and under development projects | 13,892 | $ 14,749 |
Cumulative reimbursable cost associated with real estate projects in development | 56,750 | |
Approved cumulative reimbursable cost associated with real estate projects in development | 52,337 | |
Return of reimbursements received in relation to direct costs and expenses previously paid or incurred for development of real estate projects | $ 46,567 |
Investment in Unconsolidated 43
Investment in Unconsolidated Ventures - Additional Information (Detail) $ in Thousands | Sep. 30, 2017USD ($)aventure | Sep. 30, 2017USD ($)a | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($)multifamily_site | Sep. 30, 2017USD ($)a | Sep. 30, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in unconsolidated ventures | $ 4,462 | $ 5,615 | ||||
Distributions of return on investments and earnings | 19,197 | 8,741 | ||||
Earnings (loss) | $ 3,170 | $ 4,334 | 21,718 | 4,435 | ||
Equity in earnings of unconsolidated ventures | 1,764 | 3,637 | 10,873 | 3,872 | ||
Gain on sale of assets | 113,214 | 108,114 | ||||
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 | $ 10,363 | |||||
242, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Earnings (loss) | (342) | 15 | 8,040 | (449) | ||
Equity in earnings of unconsolidated ventures | (171) | 14 | 4,106 | (218) | ||
LM Land Holdings, LP | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Earnings (loss) | 2,110 | 2,502 | 8,327 | 4,557 | ||
Equity in earnings of unconsolidated ventures | 757 | 836 | 2,746 | 1,481 | ||
CL Realty, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Earnings (loss) | 256 | 72 | 2,657 | 136 | ||
Equity in earnings of unconsolidated ventures | $ 128 | $ 37 | 1,328 | $ 68 | ||
Equity Method Investments | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of ventures under ownership interest using equity method | venture | 15 | |||||
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 | 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 | 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 | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | $ 264,573 | $ 279,674 |
Venture Borrowings | 121,900 | 128,288 |
Venture Equity | 129,418 | 141,802 |
Investment in venture | 72,920 | 77,611 |
242, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 19,600 | 26,503 |
Venture Borrowings | 0 | 1,107 |
Venture Equity | 19,376 | 23,136 |
Investment in venture | 9,140 | 10,934 |
CL Ashton Woods, LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 581 | 2,653 |
Venture Borrowings | 0 | 0 |
Venture Equity | 558 | 2,198 |
Investment in venture | 446 | 1,107 |
CL Realty, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 8,287 | 8,048 |
Venture Borrowings | 0 | 0 |
Venture Equity | 8,156 | 7,899 |
Investment in venture | 4,078 | 3,950 |
CREA FMF Nashville LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 53,986 | 56,081 |
Venture Borrowings | 35,676 | 37,446 |
Venture Equity | 17,162 | 17,091 |
Investment in venture | 4,803 | 4,923 |
Elan 99, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 49,003 | 49,652 |
Venture Borrowings | 36,373 | 36,238 |
Venture Equity | 11,283 | 13,100 |
Investment in venture | 10,155 | 11,790 |
FMF Littleton LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 68,536 | 70,282 |
Venture Borrowings | 46,006 | 44,446 |
Venture Equity | 21,745 | 23,798 |
Investment in venture | 5,508 | 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 | 11,566 | 10,672 |
Venture Borrowings | 1,548 | 1,568 |
Venture Equity | 9,985 | 8,990 |
Investment in venture | 8,986 | 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 | 22,816 | 25,538 |
Venture Borrowings | 906 | 3,477 |
Venture Equity | 13,771 | 20,945 |
Investment in venture | 6,619 | 9,685 |
MRECV DT Holdings LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 3,573 | 4,155 |
Venture Borrowings | 0 | 0 |
Venture Equity | 3,573 | 4,144 |
Investment in venture | 3,216 | 3,729 |
MRECV Edelweiss LLC/MRECV Lender VIII LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 7,824 | 3,484 |
Venture Borrowings | 0 | 0 |
Venture Equity | 7,824 | 3,484 |
Investment in venture | 7,042 | 3,358 |
MREC VH Juniper Ridge LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 3,784 | 4,156 |
Venture Borrowings | 0 | 0 |
Venture Equity | 3,784 | 4,156 |
Investment in venture | 3,405 | 3,741 |
MRECV Meadow Crossing II LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 3,103 | 2,492 |
Venture Borrowings | 0 | 0 |
Venture Equity | 3,103 | 2,491 |
Investment in venture | 2,793 | 2,242 |
Miramonte Boulder Pass, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 7,488 | 10,738 |
Venture Borrowings | 1,391 | 4,006 |
Venture Equity | 4,775 | 5,265 |
Investment in venture | 4,567 | 5,330 |
Temco Associates, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Venture Assets | 4,426 | 4,368 |
Venture Borrowings | 0 | 0 |
Venture Equity | 4,323 | 4,253 |
Investment in venture | 2,162 | 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 11,424 | $ 16,531 | $ 57,174 | $ 27,995 |
Earnings (loss) | 3,170 | 4,334 | 21,718 | 4,435 |
Equity in earnings of unconsolidated ventures | 1,764 | 3,637 | 10,873 | 3,872 |
242, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 0 | 937 | 13,073 | 937 |
Earnings (loss) | (342) | 15 | 8,040 | (449) |
Equity in earnings of unconsolidated ventures | (171) | 14 | 4,106 | (218) |
CL Ashton Woods, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 451 | 288 | 3,079 | 1,977 |
Earnings (loss) | 262 | 83 | 1,360 | 601 |
Equity in earnings of unconsolidated ventures | 307 | 129 | 1,739 | 892 |
CL Realty, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 300 | 140 | 499 | 386 |
Earnings (loss) | 256 | 72 | 2,657 | 136 |
Equity in earnings of unconsolidated ventures | 128 | 37 | 1,328 | 68 |
CREA FMF Nashville LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 1,410 | 1,291 | 4,280 | 3,273 |
Earnings (loss) | (159) | (145) | (479) | (1,214) |
Equity in earnings of unconsolidated ventures | (47) | 1,484 | (144) | 1,164 |
Elan 99, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 1,188 | 461 | 3,116 | 628 |
Earnings (loss) | (562) | (867) | (1,816) | (2,211) |
Equity in earnings of unconsolidated ventures | (506) | (779) | (1,635) | (1,989) |
FMF Littleton LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 1,702 | 944 | 4,713 | 1,791 |
Earnings (loss) | 227 | (183) | 47 | (531) |
Equity in earnings of unconsolidated ventures | 57 | (47) | 12 | (133) |
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) | (42) | (21) | (110) | (38) |
Equity in earnings of unconsolidated ventures | (38) | (19) | (99) | (34) |
HM Stonewall Estates, Ltd | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 0 | 822 | 496 | 1,948 |
Earnings (loss) | 0 | 280 | 243 | 794 |
Equity in earnings of unconsolidated ventures | 0 | 120 | 103 | 347 |
LM Land Holdings, LP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 2,703 | 3,505 | 19,636 | 6,531 |
Earnings (loss) | 2,110 | 2,502 | 8,327 | 4,557 |
Equity in earnings of unconsolidated ventures | 757 | 836 | 2,746 | 1,481 |
MRECV DT Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 351 | 162 | 939 | 379 |
Earnings (loss) | 337 | 157 | 923 | 372 |
Equity in earnings of unconsolidated ventures | 303 | 141 | 831 | 334 |
MRECV Edelweiss LLC/MRECV Lender VIII LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 293 | 106 | 716 | 287 |
Earnings (loss) | 291 | 106 | 713 | 280 |
Equity in earnings of unconsolidated ventures | 262 | 96 | 642 | 252 |
MREC VH Juniper Ridge LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 413 | 151 | 1,023 | 356 |
Earnings (loss) | 412 | 151 | 1,022 | 357 |
Equity in earnings of unconsolidated ventures | 371 | 135 | 920 | 321 |
MRECV Meadow Crossing II LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 253 | 112 | 612 | 141 |
Earnings (loss) | 254 | 112 | 612 | 94 |
Equity in earnings of unconsolidated ventures | 229 | 101 | 551 | 84 |
Miramonte Boulder Pass, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 2,312 | 1,015 | 4,848 | 1,678 |
Earnings (loss) | 105 | (126) | 109 | (285) |
Equity in earnings of unconsolidated ventures | 101 | (63) | (262) | (142) |
Temco Associates, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 48 | 77 | 144 | 224 |
Earnings (loss) | 21 | 32 | 70 | 111 |
Equity in earnings of unconsolidated ventures | 11 | 16 | 35 | 56 |
Other ventures | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 0 | 6,520 | 0 | 6,520 |
Earnings (loss) | 0 | 2,166 | 0 | 2,109 |
Equity in earnings of unconsolidated ventures | $ 0 | $ 1,436 | $ 0 | $ 1,439 |
Investment in Unconsolidated 46
Investment in Unconsolidated Ventures - Summarized Income Statement Information additional information (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Equity Method Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term debt, current maturities | $ 86,206 | $ 89,756 |
Equity Method Investments | Non-recourse Debt | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term debt, current maturities | 81,531 | $ 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 | $ 496 |
Goodwill - Carrying Value of Go
Goodwill - Carrying Value of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 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 | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 0 | $ 37,900 | ||
Non-cash impairment charges | 37,900 | $ 57,065 | ||
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Revenues | $ 2 | $ 180 | $ 15 | $ 5,827 |
Cost of sales | (42) | (108) | (52) | (6,593) |
Other operating expenses | (763) | (3,318) | 226 | (5,707) |
Income (loss) from discontinued operations before income taxes | (803) | (3,246) | 189 | (6,473) |
Gain (loss) on sale of assets before income taxes | (297) | 955 | (197) | (13,618) |
Income tax benefit (expense) | 38,293 | (4,873) | 38,848 | 2,663 |
Income (loss) from discontinued operations, net of taxes | $ 37,193 | $ (7,164) | $ 38,840 | $ (17,428) |
Discontinued Operations (Additi
Discontinued Operations (Additional Information) (Detail) $ in Thousands | Sep. 22, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($)awell |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain (loss) on disposition of proved property | $ (13,618) | |||
Net mineral acres leased from others sold | a | 199,263 | |||
Gross producing oil and gas wells sold | well | 379 | |||
Net producing oil and gas wells sold | well | 95 | |||
Proceeds from sale of oil and gas property and equipment | $ 80,084 | |||
Reimbursement of capital costs related to sale of in progress wells | 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) | |||
Environmental liabilities | $ 1,155 | |||
Pending Litigation | Huffman vs. Forestar Petroleum Corporation | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Accrual for damages | $ 1,100 | |||
Discontinued Operations, Disposed of by Sale | Forestar Petroleum Company | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale of stock, consideration received on transaction | $ 100 |
Discontinued Operations (Assets
Discontinued Operations (Assets and Liabilities of Discontinued Operations) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets of Discontinued Operations: | ||
Receivables, net of allowance for bad debt | $ 0 | $ 6 |
Prepaid expenses | 0 | 8 |
Assets | 0 | 14 |
Liabilities of Discontinued Operations: | ||
Accounts payable | 0 | 67 |
Other accrued expenses | 0 | 5,228 |
Liabilities | $ 0 | $ 5,295 |
Discontinued Operations (Signif
Discontinued Operations (Significant Operating and Investing Activities of Discontinued Operations) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities: | ||||
Asset impairments | $ 37,900 | $ 57,065 | ||
Accounts payable and other accrued liabilities | (9,235) | (13,556) | ||
Loss on sale of assets | $ 297 | $ (955) | 197 | 13,618 |
Depreciation, depletion and amortization | 4,121 | 9,885 | ||
Cash provided by (used in) operating activities, discontinued operations | (2,803) | 16,432 | ||
Investing activities: | ||||
Oil and gas properties and equipment | (2,400) | (579) | ||
Proceeds from sales of assets | 130,146 | 319,351 | ||
Cash provided by (used in) investing activities, discontinued operations | 200 | 76,236 | ||
Discontinued Operations | ||||
Operating activities: | ||||
Asset impairments | 0 | 612 | ||
Accounts payable and other accrued liabilities | (3,000) | 0 | ||
Loss on sale of assets | 197 | 13,618 | ||
Depreciation, depletion and amortization | 0 | 2,202 | ||
Investing activities: | ||||
Oil and gas properties and equipment | 0 | (579) | ||
Proceeds from sales of assets | $ 200 | $ 76,815 |
Receivables - Receivables (Deta
Receivables - Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 13,030 | $ 8,957 |
Allowance for bad debts | (26) | (26) |
Receivables, net | 13,004 | 8,931 |
Receivables and accrued interest | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 6,958 | 1,505 |
Notes receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 6,072 | $ 7,452 |
Average interest rates | 5.13% | 4.94% |
Equity - Reconciliation of Chan
Equity - Reconciliation of Changes in Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 562,118 | |||
Consolidated net income | $ 45,226 | $ 10,275 | 67,940 | $ 16,233 |
Distributions to noncontrolling interests | (400) | |||
Other (primarily share-based compensation) | 1,605 | |||
Ending balance | 631,263 | 631,263 | ||
Forestar Group Inc. | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 560,651 | |||
Consolidated net income | 67,828 | |||
Distributions to noncontrolling interests | 0 | |||
Other (primarily share-based compensation) | 1,605 | |||
Ending balance | 630,084 | 630,084 | ||
Noncontrolling Interest | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,467 | |||
Consolidated net income | 112 | |||
Distributions to noncontrolling interests | (400) | |||
Ending balance | $ 1,179 | $ 1,179 |
Debt, net - Schedule of Debt (D
Debt, net - Schedule of Debt (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | ||
Debt, net | $ 115,505 | $ 110,358 |
Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Debt, net | $ 5,216 | 5,200 |
Debt instrument, maturity date | Jun. 1, 2022 | |
3.75% convertible senior notes due 2020, net of discount | ||
Line of Credit Facility [Line Items] | ||
Debt, net | $ 108,014 | $ 104,673 |
Interest rate percentage | 3.75% | 3.75% |
Debt instrument, maturity date | Mar. 1, 2020 | |
Other indebtedness — 5.50% interest rate | ||
Line of Credit Facility [Line Items] | ||
Debt, net | $ 2,275 | $ 485 |
Interest rate percentage | 5.50% | |
8.50% Senior Secured Notes | Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Interest rate percentage | 8.50% | 8.50% |
Debt, net - Additional Informat
Debt, net - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Line of Credit Facility [Line Items] | ||||
Deferred finance costs, net | $ 1,273,000 | $ 1,273,000 | $ 1,633,000 | |
Amortization of deferred financing fees | $ 731,000 | $ 3,253,000 | ||
3.75% convertible senior notes due 2020, net of discount | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate percentage | 3.75% | 3.75% | ||
Senior Secured Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity under term loan facility | $ 50,000,000 | $ 50,000,000 | ||
Amount drawn on | 0 | |||
Sublimit for letters of credit outstanding | 14,267,000 | 14,267,000 | ||
Net unused borrowing capacity | 14,810,000 | 14,810,000 | ||
Deferred finance costs, net | 91,000 | 91,000 | $ 314,000 | |
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 | ||
Senior Notes | 8.50% Senior Secured Notes | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate percentage | 8.50% | 8.50% | 8.50% |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset impairments | $ 37,900 | $ 57,065 | |
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 | Sep. 30, 2017 | Dec. 31, 2016 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed rate debt | $ (114,502) | $ (111,506) |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed rate debt | $ (119,246) | $ (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 | Sep. 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 | |
3.75% convertible senior notes due 2020, net of discount | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Interest rate percentage | 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Continuing operations | ||||
Net income (loss) from continuing operations | $ 8,033 | $ 17,439 | $ 29,100 | $ 33,661 |
Less: Net (income) attributable to noncontrolling interests | (24) | (610) | (112) | (1,330) |
Earnings (loss) available for diluted earnings per share | 8,009 | 16,829 | 28,988 | 32,331 |
Less: Undistributed net income from continuing operations allocated to participating securities | 0 | (3,152) | 0 | (6,035) |
Earnings (loss) from continuing operations available to common shareholders for basic earnings per share | 8,009 | 13,677 | 28,988 | 26,296 |
Discontinued operations | ||||
Income (loss) from discontinued operations, net of taxes | 37,193 | (7,164) | 38,840 | (17,428) |
Less: Undistributed net income from discontinued operations allocated to participating securities | 0 | 1,342 | 0 | 3,253 |
Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share | $ 37,193 | $ (5,822) | $ 38,840 | $ (14,175) |
Denominator: | ||||
Weighted average common shares outstanding — basic | 42,270 | 34,099 | 42,204 | 34,234 |
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 | 356 | 304 | 308 | 243 |
Total weighted average shares outstanding — diluted | 42,626 | 42,260 | 42,512 | 42,334 |
Anti-dilutive awards excluded from diluted weighted average shares (in shares) | 1,048 | 2,001 | 1,458 | 2,146 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate, percent | 39.00% | 124.00% | 53.00% | 18.00% | |
Statutory tax rate, percentage | 35.00% | ||||
Valuation allowance, deferred tax asset, amount | $ 66,461 | $ 66,461 | $ 73,405 | ||
Unrecognized tax benefits | $ 442 | $ 442 |
Commitments and Contingencies -
Commitments and Contingencies - Environmental (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Environmental Exit Cost [Line Items] | ||
Asset retirement obligation | $ 0 | $ 1,258 |
Wyoming | ||
Environmental Exit Cost [Line Items] | ||
Loss contingency accrual, decrease | (1,043) | |
Discontinued Operations | ||
Environmental Exit Cost [Line Items] | ||
Asset retirement obligation | $ 0 | $ 1,155 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017multifamily_sitemultifamily_projectsegment | |
Segment Reporting [Abstract] | |
Number of business segments | segment | 3 |
Number of units of multifamily project | multifamily_project | 3 |
Number of multifamily sites | multifamily_site | 1 |
Segment Information - Assets Al
Segment Information - Assets Allocated by Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||||
Total Assets | $ 793,533 | $ 733,208 | ||
Cash and cash equivalents | 395,359 | 265,798 | $ 122,130 | $ 96,442 |
Income taxes receivable | 23,818 | 10,867 | ||
Discontinued Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 0 | 14 | ||
Items Not Allocated to Segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 420,942 | 279,694 | ||
Cash and cash equivalents | 395,359 | 265,798 | ||
Income taxes receivable | 23,818 | 10,867 | ||
Real estate | Operating Segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 363,395 | 403,062 | ||
Mineral resources | Operating Segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 0 | 38,907 | ||
Other | Operating Segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | $ 9,196 | $ 11,531 |
Segment Information - Segment R
Segment Information - Segment Revenues and Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 33,136 | $ 47,207 | $ 83,456 | $ 132,817 |
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent | 13,223 | 7,163 | 62,341 | 39,746 |
General and administrative expense | (5,340) | (5,177) | (38,403) | (16,508) |
Gain on sale of assets | 9,690 | 501 | 113,411 | 121,732 |
Interest expense | (2,038) | (3,369) | (6,439) | (17,926) |
Loss on extinguishment of debt, net | 0 | 0 | 0 | (35,864) |
Other corporate non-operating income | 1,140 | 1,249 | 2,438 | 1,620 |
Segment Earnings | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 33,136 | 47,207 | 83,456 | 132,817 |
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent | 19,678 | 16,003 | 78,473 | 110,225 |
Items Not Allocated to Segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent | (6,455) | (8,840) | (16,132) | (70,479) |
General and administrative expense | (4,979) | (4,505) | (36,556) | (13,992) |
Shared-based and long-term incentive compensation expense | (424) | (1,024) | (2,767) | (2,980) |
Gain on sale of assets | 625 | 0 | 28,674 | 0 |
Interest expense | (2,038) | (3,369) | (6,439) | (17,926) |
Loss on extinguishment of debt, net | 0 | 0 | 0 | (35,864) |
Other corporate non-operating income | 361 | 58 | 956 | 283 |
Real estate | Segment Earnings | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 33,136 | 45,297 | 81,880 | 127,776 |
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent | 11,309 | 15,017 | 33,327 | 108,531 |
Mineral resources | Segment Earnings | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 1,423 | 1,502 | 3,842 |
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent | 8,112 | 1,182 | 45,580 | 2,668 |
Other | Segment Earnings | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 487 | 74 | 1,199 |
Segment reporting information income (loss) from continuing operations before income taxes attributable to parent | $ 257 | $ (196) | $ (434) | $ (974) |
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Total share-based compensation | $ 308 | $ 949 | $ 2,567 | $ 2,665 |
Compensation expense | 116 | 75 | 200 | 315 |
Share based and Long Term Incentive Compensation | 424 | 1,024 | 2,767 | 2,980 |
Cash Settled Awards | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Total share-based compensation | (66) | (43) | 1,047 | 82 |
Equity-settled awards | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Total share-based compensation | 268 | 765 | 1,171 | 1,869 |
Restricted Stock | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Total share-based compensation | 0 | 10 | 0 | 22 |
Employee Stock Option | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Total share-based compensation | $ 106 | $ 217 | $ 349 | $ 692 |
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share based and Long Term Incentive Compensation | $ 424 | $ 1,024 | $ 2,767 | $ 2,980 |
General and administrative expense | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share based and Long Term Incentive Compensation | 361 | 672 | 1,847 | 2,516 |
Other Operating Expenses | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share based and Long Term Incentive Compensation | $ 63 | $ 352 | $ 920 | $ 464 |
Share-Based and Long-Term Inc69
Share-Based and Long-Term Incentive Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 116 | $ 75 | $ 200 | $ 315 |
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 | 864 | $ 864 | ||
Shares issued out of treasury stock | 322,586 | 263,371 | ||
Shares withheld for payroll taxes | 75,870 | 25,026 | ||
Value of shares withheld for payroll taxes | $ 980 | $ 221 | ||
Board of Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 135 | 169 | $ 449 | 596 |
Board of Directors | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, equivalent units | 66,037 | |||
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% | |||
Long-Term Incentive Compensation | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred compensation arrangement with individual, cash award granted, amount | $ 1,180 | $ 620 | $ 1,180 | $ 620 |
Deferred compensation arrangement with individual, requisite service period (in years) | 3 years | 2 years |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Oct. 30, 2017 | Oct. 05, 2017 | Jun. 29, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Oct. 12, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | |||||||
Repayments of debt | $ 0 | $ 311,724,000 | |||||
D.R. Horton Merger Agreement | |||||||
Subsequent Event [Line Items] | |||||||
Sale of stock, price per share (in usd per share) | $ 17.75 | ||||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, collateral amount | $ 30,000,000 | ||||||
Line of credit facility, commitment fee percentage | 1.25% | ||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.15% | ||||||
Debt conversion, converted instrument, amount | $ 14.19785 | ||||||
Subsequent Event | Forestar Group Inc. | |||||||
Subsequent Event [Line Items] | |||||||
Payments for merger related costs | $ 5,595,000 | ||||||
Subsequent Event | D.R. Horton Merger Agreement | |||||||
Subsequent Event [Line Items] | |||||||
Sale of stock, price per share (in usd per share) | $ 17.75 | ||||||
Cash consideration | $ 558,256,000 | ||||||
All Other Shareholders | Subsequent Event | D.R. Horton Merger Agreement | |||||||
Subsequent Event [Line Items] | |||||||
Stock issued during period, shares, acquisitions | 10,487,873 | ||||||
Shares held after merger, percentage | 25.00% | ||||||
D.R. Horton, Inc. | D.R. Horton Merger Agreement | |||||||
Subsequent Event [Line Items] | |||||||
Shares held after merger, percentage | 75.00% | ||||||
D.R. Horton, Inc. | Subsequent Event | D.R. Horton Merger Agreement | |||||||
Subsequent Event [Line Items] | |||||||
Stock issued during period, shares, acquisitions | 31,451,063 | ||||||
Shares held after merger, percentage | 75.00% | ||||||
Senior Secured Credit Facility | |||||||
Subsequent Event [Line Items] | |||||||
Maximum borrowing capacity | 50,000,000 | ||||||
Letter of Credit | Senior Secured Credit Facility | |||||||
Subsequent Event [Line Items] | |||||||
Line of credit facility, letters of credit sublimit | $ 50,000,000 | ||||||
Letter of Credit | Senior Secured Credit Facility | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Line of credit facility, letters of credit sublimit | $ 14,267,000 | ||||||
3.75% convertible senior notes due 2020, net of discount | |||||||
Subsequent Event [Line Items] | |||||||
Interest rate percentage | 3.75% | ||||||
3.75% convertible senior notes due 2020, net of discount | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Interest rate percentage | 3.75% | ||||||
Keybank National Association | LC Facility | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Maximum borrowing capacity | $ 30,000,000 | ||||||
Common Stock | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Debt conversion, converted instrument, shares issued | 0.20012 | ||||||
Senior Notes | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, repurchase percentage | 100.00% | ||||||
Senior Notes | 8.50% Senior Secured Notes | |||||||
Subsequent Event [Line Items] | |||||||
Interest rate percentage | 8.50% | 8.50% | |||||
Senior Notes | 8.50% Senior Secured Notes | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate principal amount repurchased | $ 5,315,000 | ||||||
Repayments of debt | $ 5,928,063 | ||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 104.25% |