Forestar (FOR) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	FOR
Entity Registrant Name	FORESTAR GROUP INC.
Entity Central Index Key	1,406,587
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		41,938,936

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 436,401,000	$ 321,783,000
Restricted cash	40,013,000	40,017,000
Real estate	261,707,000	130,380,000
Assets held for sale	1,360,000	181,607,000
Investment in unconsolidated ventures	17,284,000	64,579,000
Receivables, net	4,560,000	6,307,000
Income taxes receivable	7,244,000	6,674,000
Prepaid expenses	5,962,000	3,118,000
Property and equipment, net	1,828,000	2,003,000
Deferred tax asset, net	1,367,000	2,028,000
Intangible assets	448,000	448,000
Other assets	2,924,000	2,968,000
TOTAL ASSETS	781,098,000	761,912,000
LIABILITIES AND EQUITY
Accounts payable	2,073,000	2,382,000
Accrued employee compensation and benefits	4,674,000	8,994,000
Accrued property taxes	653,000	2,153,000
Accrued interest	376,000	1,489,000
Earnest money deposits	26,418,000	11,940,000
Other accrued expenses	12,166,000	5,942,000
Liabilities held for sale	0	1,017,000
Other liabilities	14,907,000	13,934,000
Debt, net	109,825,000	108,429,000
TOTAL LIABILITIES	171,092,000	156,280,000
COMMITMENTS AND CONTINGENCIES (Note 13)
Forestar Group Inc. shareholders’ equity:
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 41,938,936 issued at March 31, 2018 and at December 31, 2017	41,939,000	41,939,000
Additional paid-in capital	506,071,000	505,977,000
Retained earnings	60,830,000	56,296,000
Total Forestar Group Inc. shareholders’ equity	608,840,000	604,212,000
Noncontrolling interests	1,166,000	1,420,000
TOTAL EQUITY	610,006,000	605,632,000
TOTAL LIABILITIES AND EQUITY	$ 781,098,000	$ 761,912,000

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	41,938,936	41,938,936

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES
Real estate sales	$ 22,575	$ 20,752
Other	24	1,553
Total revenues	22,599	22,305
COSTS AND EXPENSES
Cost of real estate sales	(15,575)	(11,896)
Cost of other	(536)	(38,616)
Other operating expenses	(1,888)	(5,082)
General and administrative	(3,745)	(4,691)
Total expenses	(21,744)	(60,285)
GAIN ON SALE OF ASSETS	2,746	74,215
OPERATING INCOME	3,601	36,235
Equity in earnings of unconsolidated ventures	1,529	6,362
Interest expense	(2,136)	(2,235)
Interest and other income	1,652	676
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES	4,646	41,038
Income tax expense	(66)	(16,211)
NET INCOME FROM CONTINUING OPERATIONS	4,580	24,827
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAXES	0	418
CONSOLIDATED NET INCOME	4,580	25,245
Less: Net income attributable to noncontrolling interests	(46)	(40)
NET INCOME ATTRIBUTABLE TO FORESTAR GROUP INC.	$ 4,534	$ 25,205
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)	41,939	42,097
Diluted (in shares)	41,966	42,406
NET INCOME PER BASIC SHARE
Continuing operations, basic (usd per share)	$ 0.11	$ 0.59
Discontinued operations, basic (usd per share)	0	0.01
NET INCOME PER BASIC SHARE (usd per share)	0.11	0.60
NET INCOME PER DILUTED SHARE
Continuing operations, diluted (usd per share)	0.11	0.58
Discontinued operation, diluted (usd per share)	0	0.01
NET INCOME PER DILUTED SHARE (usd per share)	$ 0.11	$ 0.59

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income	$ 4,580,000	$ 25,245,000
Adjustments:
Depreciation and amortization	1,296,000	1,485,000
Change in deferred income taxes	661,000	29,000
Equity in earnings of unconsolidated ventures	(1,529,000)	(6,362,000)
Distributions of earnings of unconsolidated ventures	0	4,974,000
Share-based compensation	94,000	843,000
Real estate cost of sales	15,309,000	12,240,000
Real estate development and acquisition expenditures, net	(149,052,000)	(13,740,000)
Reimbursements from utility and improvement districts	0	1,180,000
Asset impairments	0	37,900,000
Gain on sale of assets	(2,746,000)	(74,215,000)
Other	1,588,000	945,000
Changes in:
Notes and accounts receivable	1,197,000	(1,925,000)
Prepaid expenses and other	(3,614,000)	(647,000)
Accounts payable and other accrued liabilities	(365,000)	(8,556,000)
Earnest money deposits	19,152,000	2,792,000
Income taxes	(570,000)	15,433,000
Net cash used in operating activities	(113,999,000)	(2,379,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, equipment, software and other	(36,000)	(17,000)
Oil and gas properties and equipment	0	(2,400,000)
Investment in unconsolidated ventures	0	(1,915,000)
Proceeds from sales of assets	228,555,000	77,510,000
Return of investment in unconsolidated ventures	187,000	1,511,000
Net cash provided by investing activities	228,706,000	74,689,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Additions to debt	207,000	304,000
Change in restricted cash	4,000	0
Distributions to noncontrolling interests, net	(300,000)	0
Payroll taxes on restricted stock and stock options	0	(980,000)
Net cash used in financing activities	(89,000)	(676,000)
Net increase in cash and cash equivalents	114,618,000	71,634,000
Cash and cash equivalents at beginning of period	321,783,000	265,798,000
Cash and cash equivalents at end of period	$ 436,401,000	$ 337,432,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [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. 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 2017 Annual Report on Form 10-K. We divested substantially all of our oil and gas working interest properties in 2016, and as a result we have reported the results of operations as discontinued operations for the three months ended March 31, 2017 . There was no significant activity related to these operations during the three months ended March 31, 2018 . The transactions included in our net income in the consolidated statements of operations are the same as those that would be presented in other comprehensive income. Thus, our net income equates to other comprehensive income. On October 5, 2017, we became a majority-owned subsidiary of D.R. Horton, Inc. ("D.R. Horton") by virtue of a merger with a wholly-owned subsidiary of D.R. Horton (the "Merger"). Immediately following the Merger, D.R. Horton owned approximately 75 percent of our outstanding common stock. In connection with the Merger, we entered into certain agreements with D.R. Horton including a Stockholder’s Agreement, a Master Supply Agreement, and a Shared Services Agreement. For a discussion of the terms of the Merger and for additional information regarding these agreements, see "Business - D.R. Horton Merger" in Part I, Item 1 of our 2017 Annual Report on Form 10-K. D.R. Horton is considered a related party of Forestar under U.S. GAAP. 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. Reclassifications Certain items have been reclassified from other operating expenses to cost of real estate sales and other in the prior year financial statements to conform to classifications used in the current year. These reclassifications had no effect on our consolidated operating results or balance sheet. Change in Fiscal Year As a result of the Merger, we changed our fiscal year-end from December 31 to September 30, effective January 1, 2018. This change aligns our fiscal year-end reporting calendar with D.R. Horton.

New and Pending Accounting Pron

New and Pending Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
New and Pending Accounting Pronouncements	New and Pending Accounting Pronouncements Pending Accounting Standards In May 2014, the Financial Accounting Standards Board ("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. Due to our change in fiscal year-end, this standard is effective for us beginning October 1, 2018. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). We currently anticipate adopting the standard using the cumulative catch-up transition method. We anticipate this standard will not have a material impact on our consolidated financial statements. While we are continuing to assess all potential impacts of the standard, we expect revenue related to residential lot and tract sales to remain substantially unchanged. Due to the complexity of certain of our real estate sale transactions, the revenue recognition treatment required under the standard will be dependent on contract-specific terms, and may vary in some instances from recognition at the time of the sale closing. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner that is similar to today's accounting. This guidance also eliminates today's real estate-specific provisions for all entities. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. This guidance is effective for us October 1, 2019 and early adoption is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the effect the updated standard will have on our financial position and disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) , 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. Due to our change in fiscal year-end, this standard is effective for us beginning October 1, 2018. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures, but we do not expect it to have a material effect on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230). This ASU requires that a statement of cash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash investments. The updated standard is effective for financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. Due to our change in fiscal year-end, this standard is effective for us beginning October 1, 2018. 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), 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 and interim periods within those fiscal years. Due to our change in fiscal year-end, this standard is effective for us beginning October 1, 2018. 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information During the three months ended March 31, 2018, we began managing our operations through two business segments, real estate and other. Historically, we managed our operations through our real estate segment, mineral resources segment (previously referred to as oil and gas) and other segment (previously referred to as other natural resources). Our real estate segment is our core business and acquires land and developed lots, secures entitlements and develops infrastructure on our lands for single-family residential and mixed-use communities. Our other segment consists of non-core water interests in 1.5 million acres, including a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes or sold from 1.4 million acres in Texas, Louisiana, Georgia and Alabama that are classified as assets held for sale at March 31, 2018 and December 31, 2017 , and 20,000 acres of groundwater leases in central Texas. We divested substantially all of our oil and gas working interest properties in 2016 and sold all of our remaining owned mineral assets and related entities in 2017. We have reclassified the results of operations from our mineral resources segment for the three months ended March 31, 2017 to our other segment. There was no significant activity for these operations during three months ended March 31, 2018 . The accounting policies of the reporting segments are described throughout Note 1 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 . Total assets allocated by segment are as follows: March 31, December 31, (In thousands) Real estate $ 291,307 $ 386,222 Other 3,331 3,346 Assets not allocated to segments (a) 486,460 372,344 $ 781,098 $ 761,912 _________________________ (a) Assets not allocated to segments at March 31, 2018 principally consist of cash and cash equivalents of $436,401,000 and restricted cash of $40,013,000 . Assets not allocated to segments at December 31, 2017 principally consist of cash and cash equivalents of $321,783,000 and restricted cash of $40,017,000 . 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 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, interest expense, and other corporate interest and other income. Our revenues are derived from our U.S. operations and all of our assets are located in the U.S. Segment revenues and earnings are as follows: Three Months Ended March 31, 2018 2017 (In thousands) Revenues: Real estate $ 22,575 $ 20,752 Other 24 1,553 Total revenues $ 22,599 $ 22,305 Segment earnings (loss): Real estate $ 9,703 $ 10,473 Other (553 ) 37,429 Total segment earnings 9,150 47,902 Items not allocated to segments (4,550 ) (6,904 ) Income from continuing operations before taxes attributable to Forestar Group Inc. $ 4,600 $ 40,998 In the three months ended March 31, 2017 , we sold all of our remaining owned mineral assets for approximately $85,700,000 which resulted in the recognition of a gain on the sale of these assets of $74,215,000 which is reflected within other segment earnings. As a result of this sale we recognized a non-cash goodwill impairment charge of $37,900,000 in the three months ended March 31, 2017 which is reflected within other segment earnings. Items not allocated to segments consist of: Three Months Ended March 31, 2018 2017 (In thousands) General and administrative expense $ (3,653 ) $ (4,028 ) Share-based and long-term incentive compensation expense (136 ) (895 ) Interest expense (2,136 ) (2,235 ) Other corporate interest and other income 1,375 254 $ (4,550 ) $ (6,904 )

Held for Sale

Held for Sale	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Held for Sale The major classes of assets and liabilities held for sale are as follows: March 31, December 31, (In thousands) Assets Held for Sale: Real estate $ — $ 180,247 Property and equipment, net 1,360 1,360 $ 1,360 $ 181,607 Liabilities Held for Sale: Accounts payable $ — $ 1,017 On February 8, 2018 , we entered into and closed on a Purchase and Sale Agreement with Starwood Land, L.P. ("Starwood") to sell 24 legacy projects for $232,000,000 . This strategic asset sale included projects owned both directly and indirectly through ventures and consisted of approximately 750 developed and under development residential lots, over 4,000 future undeveloped residential lots (including all real estate associated with the Cibolo Canyons mixed-use development), 730 unentitled acres in California, an interest in one multifamily operating property and a multifamily development site. The agreement contains representations, warranties and indemnities customary for a real estate industry asset sale and includes certain adjustment provisions to the purchase price. The total net proceeds after certain purchase price adjustments, closing costs and other costs associated with selling these assets was $217,506,000 . The net proceeds are classified as investing activities in our consolidated statements of cash flows due to the strategic nature of the transaction and bulk sale of primarily undeveloped future residential lots to a strategic buyer which is not in the normal course of our business operations of developing and selling residential lots to homebuilders. The transaction resulted in a gain on sale of assets of $716,000 and is included in our consolidated statement of operations for the three months ended March 31, 2018 .

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate	Real Estate Real estate consists of: March 31, December 31, (In thousands) Entitled, developed and under development projects $ 258,873 $ 127,442 Other real estate costs 2,834 2,938 $ 261,707 $ 130,380 During the three months ended March 31, 2018 , we acquired 14 new projects for $130,487,000 representing nearly 5,500 planned residential lots. At March 31, 2018 , we owned or controlled through land and lot option purchase contracts 13,600 residential lots, of which 3,300 are under contract to sell to D.R. Horton. Additionally, D.R. Horton has the right of first offer on 5,400 of these residential lots based on executed purchase and sale agreements. At March 31, 2018 , we also have 500 lots under contract to sell to other builders.

Investment in Unconsolidated Ve

Investment in Unconsolidated Ventures	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Ventures	Investment in Unconsolidated Ventures We have participated 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. We perform this review initially at the time we enter into venture agreements and reassess upon reconsideration events. On February 8, 2018, we sold our ownership interest in 8 of our unconsolidated ventures to Starwood as part of a strategic asset sale. (See Note 4 —Held for Sale ). During the three months ended March 31, 2018 , we also sold our interest in a venture, generating $11,049,000 in net proceeds and recognizing gain of $2,030,000 which is included in gain on sale of assets. At March 31, 2018 , we had ownership interests in 6 ventures that we accounted for using the equity method, none of which were a VIE. Combined summarized balance sheet information for our ventures accounted for using the equity method follows: March 31, December 31, (In thousands) Assets: Cash and cash equivalents $ 6,359 $ 13,119 Real estate 88,805 168,914 Other assets 1,353 21,721 Total assets $ 96,517 $ 203,754 Liabilities and Equity: Accounts payable and other liabilities $ 5,208 $ 13,101 Debt (a) 45,761 85,133 Equity 45,548 105,520 Total liabilities and equity $ 96,517 $ 203,754 Forestar's investment in unconsolidated ventures $ 17,284 $ 64,579 Combined summarized income statement information for our ventures accounted for using the equity method follows: Three Months Ended March 31, 2018 2017 (In thousands) Revenues $ 3,381 $ 22,301 Earnings $ 4,280 $ 12,221 Forestar's equity in earnings of unconsolidated ventures $ 1,529 $ 6,362 _________________________ (a) As of March 31, 2018 and December 31, 2017, total debt outstanding includes $4,576,000 and $4,584,000 which is recourse to us.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations We have divested all of our oil and gas working interest properties. As a result of this significant change in operations, we have reported the results of operations as discontinued operations for the three months ended March 31, 2017 . There was no significant activity related to these operations during the three months ended March 31, 2018 . Summarized results from discontinued operations were as follows: Three Months Ended March 31, 2018 2017 (In thousands) Revenues $ — $ 9 Cost of oil and gas producing activities — (6 ) Other operating expenses — (54 ) Loss from discontinued operations before income taxes $ — $ (51 ) Income tax benefit — 469 Income from discontinued operations, net of taxes $ — $ 418 Significant operating activities of discontinued operations included in our consolidated statements of cash flows were as follows: Three Months Ended March 31, 2018 2017 (In thousands) Operating activities: Accounts payable and other accrued liabilities $ — $ (3,000 ) $ — $ (3,000 )

Receivables

Receivables	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Receivables	Receivables Receivables consist of: March 31, December 31, (In thousands) Other receivables and accrued interest $ 1,416 $ 2,557 Loans secured by real estate, average interest rate of 5.40% at March 31, 2018 and at December 31, 2017 3,170 3,776 4,586 6,333 Allowance for bad debts (26 ) (26 ) $ 4,560 $ 6,307

Debt, net

Debt, net	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt, net	Debt, net Debt consists of: March 31, December 31, (In thousands) 3.75% convertible senior notes due 2020, net of discount $ 109,327 $ 108,139 Other indebtedness — 5.50% interest rate 498 290 $ 109,825 $ 108,429 Secured Letter of Credit Agreement On October 5, 2017, we entered into a Letter of Credit Facility Agreement with lenders providing for a $30,000,000 secured standby letter of credit facility (the "LC Facility"). The LC Facility is secured by $30,000,000 in cash deposited with the administrative agent. In addition, we have $10,000,000 on deposit with a participating lender. These deposits are classified as restricted cash on our consolidated balance sheets. At March 31, 2018 , $21,003,000 was outstanding under the LC Facility. Public Unsecured Debt On October 5, 2017 , we had $120,000,000 aggregate principal amount of 3.75% convertible senior notes due 2020 ("Convertible Notes"). The completion of the Merger constituted a fundamental change in the indenture governing the Convertible Notes and, as a result, we offered to purchase all or any part of every holder’s Convertible Notes for a price in cash equal to 100% of the aggregate principal amount of the Convertible Notes, plus accrued and unpaid interest, if any, to the date of repurchase. As a result, we purchased $1,077,000 of the aggregate principal amount of the Convertible Notes in November 2017. Also, prior to the Merger, upon conversion of the Convertible Notes each holder was entitled to receive 40.8351 shares of former Forestar common stock per $1,000 principal amount of notes surrendered for conversion. In connection with the Merger, the conversion ratio was adjusted in accordance with the indenture governing the Convertible Notes such that each holder is now entitled to receive $579.77062 in cash and 8.17192 shares of new Forestar common stock per $1,000 principal amount of notes surrendered for conversion. At March 31, 2018 , the principal amount of the Convertible Notes was $118,923,000 and the unamortized debt discount was $8,657,000 . The effective interest rate on the liability component was 8% and the carrying amount of the equity component was $16,847,000 . We intend to settle the principal amount of the Convertible Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. Deferred Fees At March 31, 2018 and December 31, 2017 , we had $939,000 and $1,058,000 in unamortized deferred financing fees which were deducted from our debt. Amortization of deferred financing fees was $119,000 and $330,000 in the three months ended March 31, 2018 and 2017 and was included in interest expense.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair value is the exchange price that would be 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. We elected not to use the fair value option for cash and cash equivalents, restricted cash, accounts and notes receivable, other assets, debt, accounts payable and other 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: March 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Fixed rate debt (110,266 ) (112,514 ) (109,197 ) (109,114 ) Level 2 Non-financial assets measured at fair value on a non-recurring basis include real estate assets, assets held for sale, and intangible assets, which are measured for impairment. Non-financial assets measured at fair value on a non-recurring basis are as follows: March 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Non-financial Assets and Liabilities: Real estate held for sale $ — $ — $ — $ — $ — $ 180,247 $ — $ 180,247 Central Texas water assets $ — $ — $ — $ — $ — $ — $ 1,987 $ 1,987 At December 31, 2017 we based the valuations of our real estate held for sale primarily on offers received from third parties and we based the valuations of our water assets primarily on past and current negotiations with expected buyers.

Net Income (Loss) per Share

Net Income (Loss) per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Net Income per Share The computations of basic and diluted earnings per share are as follows: Three Months Ended March 31, 2018 2017 (In thousands) Numerator: Continuing operations Net income from continuing operations $ 4,580 $ 24,827 Less: Net income attributable to noncontrolling interest (46 ) (40 ) Earnings available for diluted earnings per share $ 4,534 $ 24,787 Discontinued operations Net income from discontinued operations available for diluted earnings per share $ — $ 418 Denominator: Weighted average common shares outstanding — basic 41,939 42,097 Dilutive effect of stock options, restricted stock and equity-settled awards 27 309 Total weighted average shares outstanding — diluted 41,966 42,406 Anti-dilutive awards excluded from diluted weighted average shares — 1,808 We intend to settle the principal amount of the Convertible Notes in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Convertible Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the conversion price of the Convertible Notes of $51.42 . The price of our common stock did not exceed the conversion price so the Convertible Notes had no impact on diluted net income per share in the three months ended March 31, 2018 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate from continuing operations was one percent in the three months ended March 31, 2018 , which includes the impact of the Tax Cuts and Jobs Act ("Tax Act") and a tax benefit from the release of a portion of our valuation allowance as the result of the realization of certain deferred tax assets. Our effective tax rate from continuing operations was 40 percent in the three months ended March 31, 2017 , which included a tax benefit from the release of a portion of our valuation allowance as the result of the realization of certain deferred tax assets and a tax expense associated with a non-cash impairment related to goodwill associated with our owned mineral assets which were sold in the three months ended March 31, 2017 . Our effective tax rate for both periods also includes the effect of state income taxes, nondeductible items and benefits from noncontrolling interests. At March 31, 2018 and December 31, 2017 , our deferred tax assets, net of deferred tax liabilities, were $39,911,000 and $41,606,000 , offset by a valuation allowance of $38,544,000 and $39,578,000 for the portion of the deferred tax assets that we have determined is more likely than not to be unrealizable. 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 asset. A significant piece of objective evidence evaluated was the cumulative loss incurred over the three-year period ended March 31, 2018 , 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 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. The Tax Act, which was enacted on December 22, 2017 , reduced the federal corporate tax rate from 35 percent to 21 percent for all corporations effective January 1, 2018 . ASC 740 requires companies to reflect the effects of a tax law change in the period in which the law is enacted. Accordingly, we remeasured our deferred tax assets and liabilities along with the corresponding valuation allowance as of the 2017 enactment date. This remeasurement resulted in no additional tax expense or benefit except for the release of a portion of the valuation allowance for AMT Credits which became refundable as a result of the tax law change. The initial remeasurement was our best estimate based on the information available at the time and may change as additional information, such as regulatory guidance, becomes available. Any required adjustment will be reflected as a discrete expense or benefit in the quarter that it is identified, as allowed by SEC Staff Accounting Bulletin No. 118. For the three months ended March 31, 2018 , no adjustments to the remeasurement of our deferred tax accounts were recognized. On October 5, 2017 , D.R. Horton acquired 75 percent of our common stock resulting in an ownership change under Section 382. Section 382 limits our ability to use certain tax attributes and built-in losses and deductions in a given year. Any tax attributes or built-in losses and deductions that were limited in 2017 or are limited in 2018 are expected to be fully utilized in future years. Our unrecognized tax benefits totaled $441,000 at March 31, 2018 , all of which would affect our effective tax rate, if recognized.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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 business and believe that adequate reserves have been established for any probable losses. We do not believe that the outcome of any of these proceedings will have a significant adverse effect on our financial position, long-term results of operations or cash flows. It is possible, however, that charges related to these matters could be significant to our results or cash flows in any one accounting period. Environmental Environmental remediation liabilities arise from time to time in the ordinary course of doing business, and we believe we have established adequate reserves for any probable losses that we can reasonably estimate.

Related Party Transactions (Not

Related Party Transactions (Notes)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party Transactions On October 6, 2017 , we entered into a Shared Services Agreement with D.R. Horton whereby D.R. Horton will provide us with certain administrative, compliance, operational and procurement services. During the three months ended March 31, 2018 , we paid D.R. Horton $262,000 for these shared services and $417,000 for the cost of health insurance and other employee benefits. These expenses are included within other operating expenses and general and administrative in our consolidated statement of operations. Under the terms of the Master Supply Agreement with D.R. Horton, both companies are proactively identifying land development opportunities to expand our portfolio of assets. At March 31, 2018 , we owned or controlled through land and lot option purchase contracts 13,600 residential lots, of which 3,300 are under contract to sell to D.R. Horton. Additionally, D.R. Horton has the right of first offer on 5,400 of these residential lots based on executed purchase and sale agreements. At March 31, 2018 and December 31, 2017 , we had earnest money deposit liabilities of $21,418,000 and $1,201,000 related to earnest money deposits made by D.R. Horton in respect of land and lot option purchase contracts for lots to be sold to D.R. Horton. During the three months ended March 31, 2018 , we sold 183 residential lots to D.R. Horton for $8,498,000 generating segment earnings of $1,821,000 . During the three months ended March 31, 2018 , we reimbursed D.R. Horton approximately $11,752,000 for previously paid earnest money and $5,892,000 for pre-acquisition and other due diligence costs related to land purchase contracts whereby D.R. Horton assigned their rights under these land purchase contracts to us. At March 31, 2018 , other accrued expenses on our consolidated balance sheet included $1,567,000 owed to D.R. Horton for any accrued and unpaid shared services, due diligence cost reimbursements and other development cost reimbursements. We had no material amounts due to or from D.R. Horton as of December 31, 2017 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [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. 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 2017 Annual Report on Form 10-K. We divested substantially all of our oil and gas working interest properties in 2016, and as a result we have reported the results of operations as discontinued operations for the three months ended March 31, 2017 . There was no significant activity related to these operations during the three months ended March 31, 2018 . The transactions included in our net income in the consolidated statements of operations are the same as those that would be presented in other comprehensive income. Thus, our net income equates to other comprehensive income.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain items have been reclassified from other operating expenses to cost of real estate sales and other in the prior year financial statements to conform to classifications used in the current year. These reclassifications had no effect on our consolidated operating results or balance sheet.
Fiscal Period, Policy [Policy Text Block]	Change in Fiscal Year As a result of the Merger, we changed our fiscal year-end from December 31 to September 30, effective January 1, 2018. This change aligns our fiscal year-end reporting calendar with D.R. Horton.

New and Pending Accounting Pr21

New and Pending Accounting Pronouncements New and Pending Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Pending Accounting Standards In May 2014, the Financial Accounting Standards Board ("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. Due to our change in fiscal year-end, this standard is effective for us beginning October 1, 2018. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). We currently anticipate adopting the standard using the cumulative catch-up transition method. We anticipate this standard will not have a material impact on our consolidated financial statements. While we are continuing to assess all potential impacts of the standard, we expect revenue related to residential lot and tract sales to remain substantially unchanged. Due to the complexity of certain of our real estate sale transactions, the revenue recognition treatment required under the standard will be dependent on contract-specific terms, and may vary in some instances from recognition at the time of the sale closing. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner that is similar to today's accounting. This guidance also eliminates today's real estate-specific provisions for all entities. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. This guidance is effective for us October 1, 2019 and early adoption is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the effect the updated standard will have on our financial position and disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) , 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. Due to our change in fiscal year-end, this standard is effective for us beginning October 1, 2018. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures, but we do not expect it to have a material effect on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230). This ASU requires that a statement of cash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash investments. The updated standard is effective for financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those fiscal years. Due to our change in fiscal year-end, this standard is effective for us beginning October 1, 2018. 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), 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 and interim periods within those fiscal years. Due to our change in fiscal year-end, this standard is effective for us beginning October 1, 2018. 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.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Assets Allocated by Segment	Total assets allocated by segment are as follows: March 31, December 31, (In thousands) Real estate $ 291,307 $ 386,222 Other 3,331 3,346 Assets not allocated to segments (a) 486,460 372,344 $ 781,098 $ 761,912 _________________________ (a) Assets not allocated to segments at March 31, 2018 principally consist of cash and cash equivalents of $436,401,000 and restricted cash of $40,013,000 . Assets not allocated to segments at December 31, 2017 principally consist of cash and cash equivalents of $321,783,000 and restricted cash of $40,017,000 .
Segment Revenues and Earnings	Segment revenues and earnings are as follows: Three Months Ended March 31, 2018 2017 (In thousands) Revenues: Real estate $ 22,575 $ 20,752 Other 24 1,553 Total revenues $ 22,599 $ 22,305 Segment earnings (loss): Real estate $ 9,703 $ 10,473 Other (553 ) 37,429 Total segment earnings 9,150 47,902 Items not allocated to segments (4,550 ) (6,904 ) Income from continuing operations before taxes attributable to Forestar Group Inc. $ 4,600 $ 40,998 In the three months ended March 31, 2017 , we sold all of our remaining owned mineral assets for approximately $85,700,000 which resulted in the recognition of a gain on the sale of these assets of $74,215,000 which is reflected within other segment earnings. As a result of this sale we recognized a non-cash goodwill impairment charge of $37,900,000 in the three months ended March 31, 2017 which is reflected within other segment earnings. Items not allocated to segments consist of: Three Months Ended March 31, 2018 2017 (In thousands) General and administrative expense $ (3,653 ) $ (4,028 ) Share-based and long-term incentive compensation expense (136 ) (895 ) Interest expense (2,136 ) (2,235 ) Other corporate interest and other income 1,375 254 $ (4,550 ) $ (6,904 )

Held for Sale Held for Sale (Ta

Held for Sale Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	The major classes of assets and liabilities held for sale are as follows: March 31, December 31, (In thousands) Assets Held for Sale: Real estate $ — $ 180,247 Property and equipment, net 1,360 1,360 $ 1,360 $ 181,607 Liabilities Held for Sale: Accounts payable $ — $ 1,017

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate	Real estate consists of: March 31, December 31, (In thousands) Entitled, developed and under development projects $ 258,873 $ 127,442 Other real estate costs 2,834 2,938 $ 261,707 $ 130,380

Investment in Unconsolidated 25

Investment in Unconsolidated Ventures (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, December 31, (In thousands) Assets: Cash and cash equivalents $ 6,359 $ 13,119 Real estate 88,805 168,914 Other assets 1,353 21,721 Total assets $ 96,517 $ 203,754 Liabilities and Equity: Accounts payable and other liabilities $ 5,208 $ 13,101 Debt (a) 45,761 85,133 Equity 45,548 105,520 Total liabilities and equity $ 96,517 $ 203,754 Forestar's investment in unconsolidated ventures $ 17,284 $ 64,579 Combined summarized income statement information for our ventures accounted for using the equity method follows: Three Months Ended March 31, 2018 2017 (In thousands) Revenues $ 3,381 $ 22,301 Earnings $ 4,280 $ 12,221 Forestar's equity in earnings of unconsolidated ventures $ 1,529 $ 6,362 _________________________ (a) As of March 31, 2018 and December 31, 2017, total debt outstanding includes $4,576,000 and $4,584,000 which is recourse to us.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Summarized Results from Discontinued Operations	Summarized results from discontinued operations were as follows: Three Months Ended March 31, 2018 2017 (In thousands) Revenues $ — $ 9 Cost of oil and gas producing activities — (6 ) Other operating expenses — (54 ) Loss from discontinued operations before income taxes $ — $ (51 ) Income tax benefit — 469 Income from discontinued operations, net of taxes $ — $ 418
Significant Operation and Investing Activities of DIscontinued Operations	Significant operating activities of discontinued operations included in our consolidated statements of cash flows were as follows: Three Months Ended March 31, 2018 2017 (In thousands) Operating activities: Accounts payable and other accrued liabilities $ — $ (3,000 ) $ — $ (3,000 )

Receivables (Tables)

Receivables (Tables)	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Receivables	Receivables consist of: March 31, December 31, (In thousands) Other receivables and accrued interest $ 1,416 $ 2,557 Loans secured by real estate, average interest rate of 5.40% at March 31, 2018 and at December 31, 2017 3,170 3,776 4,586 6,333 Allowance for bad debts (26 ) (26 ) $ 4,560 $ 6,307

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt consists of: March 31, December 31, (In thousands) 3.75% convertible senior notes due 2020, net of discount $ 109,327 $ 108,139 Other indebtedness — 5.50% interest rate 498 290 $ 109,825 $ 108,429

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Fixed rate debt (110,266 ) (112,514 ) (109,197 ) (109,114 ) Level 2
Fair Value Measurements, Nonrecurring	Non-financial assets measured at fair value on a non-recurring basis are as follows: March 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Non-financial Assets and Liabilities: Real estate held for sale $ — $ — $ — $ — $ — $ 180,247 $ — $ 180,247 Central Texas water assets $ — $ — $ — $ — $ — $ — $ 1,987 $ 1,987

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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: Three Months Ended March 31, 2018 2017 (In thousands) Numerator: Continuing operations Net income from continuing operations $ 4,580 $ 24,827 Less: Net income attributable to noncontrolling interest (46 ) (40 ) Earnings available for diluted earnings per share $ 4,534 $ 24,787 Discontinued operations Net income from discontinued operations available for diluted earnings per share $ — $ 418 Denominator: Weighted average common shares outstanding — basic 41,939 42,097 Dilutive effect of stock options, restricted stock and equity-settled awards 27 309 Total weighted average shares outstanding — diluted 41,966 42,406 Anti-dilutive awards excluded from diluted weighted average shares — 1,808

Basis of Presentation Details (

Basis of Presentation Details (Details)	Oct. 05, 2017
Majority Shareholder [Member] | D.R. Horton, Inc. [Member]
Entity Information [Line Items]
Sale of Stock, Percentage of Ownership after Transaction	75.00%

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018segment
Segment Reporting [Abstract]
Number of business segments	2

Segment Information - Assets Al

Segment Information - Assets Allocated by Segment (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 436,401,000	$ 321,783,000	$ 337,432,000	$ 265,798,000
Restricted cash	40,013,000	40,017,000
Total Assets	781,098,000	761,912,000
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	486,460,000	372,344,000
Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total Assets	291,307,000	386,222,000
Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total Assets	$ 3,331,000	$ 3,346,000

Segment Information - Segment R

Segment Information - Segment Revenues and Earnings (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Total revenues	$ 22,599,000	$ 22,305,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	4,600,000	40,998,000
Gain on sale of assets	2,746,000	74,215,000
General and Administrative Expense	(3,745,000)	(4,691,000)
Interest Expense	(2,136,000)	(2,235,000)
Other corporate interest and other income	1,652,000	676,000
Asset impairments	0	37,900,000
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	22,599,000	22,305,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	9,150,000	47,902,000
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(4,550,000)	(6,904,000)
General and Administrative Expense	(3,653,000)	(4,028,000)
Share-based and long-term incentive compensation expense	(136,000)	(895,000)
Interest Expense	(2,136,000)	(2,235,000)
Other corporate interest and other income	1,375,000	254,000
Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	22,575,000	20,752,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	9,703,000	10,473,000
Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	24,000	1,553,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	$ (553,000)	37,429,000
the Mineral Companies | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Disposal group, consideration		85,700,000
Gain on sale of assets		74,215,000
Asset impairments		$ 37,900,000

Held for Sale Assets and Liabil

Held for Sale Assets and Liabilities of Properties Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Assets Held for Sale:
Real estate	$ 0	$ 180,247,000
Property and equipment, net	1,360,000	1,360,000
Assets	1,360,000	181,607,000
Liabilities Held for Sale:
Accounts payable	$ 0	$ 1,017,000

Held for Sale Held for Sale Nar

Held for Sale Held for Sale Narrative (Details)	Feb. 08, 2018USD ($)aLotProject	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets		$ 2,746,000	$ 74,215,000
Starwood Land, L.P.. [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Projects Sold | Project	24
Disposal group, consideration	$ 232,000,000
Net proceeds	217,506,000
Gain on sale of assets	$ 716,000
Residential Real Estate [Member] | Starwood Land, L.P.. [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Lots | Lot	750
Land [Member] | Starwood Land, L.P.. [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Land | a	730
Multifamily [Member] | Starwood Land, L.P.. [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Projects Sold | Project	1
Entitled, developed and under development projects | Starwood Land, L.P.. [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Lots | Lot	4,000

Real Estate - Real Estate (Deta

Real Estate - Real Estate (Details)	3 Months Ended
	Mar. 31, 2018USD ($)LotProject	Dec. 31, 2017USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate | $	$ 261,707,000	$ 130,380,000
Number of Projects | Project	14
Payments to Acquire Real Estate | $	$ 130,487,000
Number of Units in Real Estate Property	13,600
Entitled, developed and under development projects
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate | $	$ 258,873,000	127,442,000
Residential Real Estate [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Lots Acquired	5,500
Right of First Offer [Member] | D.R. Horton, Inc. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units in Real Estate Property	5,400
Under Contract [Member] | D.R. Horton, Inc. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units in Real Estate Property	3,300
Under Contract [Member] | Unaffiliated Customer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units in Real Estate Property	500
Land [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate | $	$ 2,834,000	$ 2,938,000

Investment in Unconsolidated 38

Investment in Unconsolidated Ventures - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018USD ($)venture	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Equity Method Investments Sold | venture	8
Gain on sale of assets	$ 2,746,000	$ 74,215,000
Number of ventures under ownership interest using equity method | venture	6
Investment in unconsolidated ventures	$ 17,284,000		$ 64,579,000
Variable Interest Entity, Not Primary Beneficiary [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Sales of Assets, Investing Activities	11,049,000
Gain on sale of assets	$ 2,030,000
Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of ventures that are a VIE | venture	0

Investment in Unconsolidated 39

Investment in Unconsolidated Ventures - Summarized Balance Sheet Information (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Equity Method Investment, Summarized Financial Information, Assets	$ 96,517,000	$ 203,754,000
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Equity Method Investment, Summarized Financial Information, Liabilities and Equity	96,517,000	203,754,000
Investment in unconsolidated ventures	17,284,000	64,579,000
Recourse Debt [Member] | Equity Method Investments
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Long-term debt, current maturities	4,576,000	4,584,000
Cash and cash equivalents
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Equity Method Investment, Summarized Financial Information, Assets	6,359,000	13,119,000
Real estate
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Equity Method Investment, Summarized Financial Information, Assets	88,805,000	168,914,000
Other assets
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Equity Method Investment, Summarized Financial Information, Assets	1,353,000	21,721,000
Accounts Payable and Accrued Liabilities [Member]
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Equity Method Investment, Summarized Financial Information, Liabilities	5,208,000	13,101,000
Debt (a)
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Equity Method Investment, Summarized Financial Information, Liabilities	45,761,000	85,133,000
Equity
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Equity Method Investment Summarized Financial Information, Equity	$ 45,548,000	$ 105,520,000

Investment in Unconsolidated 40

Investment in Unconsolidated Ventures - Summarized Income Statement Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Revenues	$ 3,381	$ 22,301
Earnings (loss)	4,280	12,221
Equity in earnings of unconsolidated ventures	$ 1,529	$ 6,362

Discontinued Operations (Summar

Discontinued Operations (Summarized Results from Discontinued Operations) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Revenues	$ 0	$ 9
Cost of oil and gas producing activities	0	(6)
Other operating expenses	0	(54)
Loss from discontinued operations before income taxes	0	(51)
Income tax benefit	0	469
Income from discontinued operations, net of taxes	$ 0	$ 418

Discontinued Operations (Signif

Discontinued Operations (Significant Operating and Investing Activities of Discontinued Operations) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Accounts payable and other accrued liabilities	$ (365)	$ (8,556)
Cash provided by (used in) operating activities, discontinued operations	0	(3,000)
Discontinued Operations
Operating activities:
Accounts payable and other accrued liabilities	$ 0	$ (3,000)

Receivables - Receivables (Deta

Receivables - Receivables (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 4,586	$ 6,333
Allowance for bad debts	(26)	(26)
Receivables, net	4,560	6,307
Receivables and accrued interest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,416	2,557
Notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 3,170	$ 3,776
Average interest rates	5.40%	5.40%

Debt, net - Schedule of Debt (D

Debt, net - Schedule of Debt (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Oct. 05, 2017
Debt Instrument [Line Items]
Debt, net	$ 109,825	$ 108,429
3.75% convertible senior notes due 2020, net of discount
Debt Instrument [Line Items]
Debt, net	$ 109,327	$ 108,139
Debt instrument, maturity date	Mar. 1, 2020
Interest rate percentage	3.75%	3.75%	3.75%
Other indebtedness — 5.50% interest rate
Debt Instrument [Line Items]
Debt, net	$ 498	$ 290
Interest rate percentage	5.50%	5.50%

Debt, net - Additional Informat

Debt, net - Additional Information (Detail)	Oct. 05, 2017USD ($)	Mar. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Debt Conversion, Converted Instrument, Amount		$ 579.77062
Deferred finance costs, net		939,000	$ 1,058,000
Amortization of deferred financing fees		119,000		$ 330,000
3.75% convertible senior notes due 2020, net of discount
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 120,000,000	118,923,000
Debt Instrument, Unamortized Discount		$ 8,657,000
Effective interest rate of liability component		8.00%
Debt Instrument, Convertible, Carrying Amount of Equity Component		$ 16,847,000
Interest rate percentage	3.75%	3.75%	3.75%
Early Repayment of Senior Debt			$ 1,077,000
Common Stock [Member]
Debt Instrument [Line Items]
Debt Conversion, Converted Instrument, Shares Issued | shares		8.17192
Debt Conversion, Converted Instrument, Shares Issued	0.0408351
Other [Member] | Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Debt instrument, collateral amount		$ 10,000,000
Keybank National Association [Member] | Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under letter of credit facility		30,000,000
Debt instrument, collateral amount		30,000,000
Letters of credit outstanding		$ 21,003,000

Fair Value - Information About

Fair Value - Information About Our Fixed Rate Financial Instruments Not Measured at Fair Value (Detail) - Level 2 - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed rate debt	$ (110,266)	$ (109,197)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed rate debt	$ (112,514)	$ (109,114)

Fair Value Disclosures, Non-rec

Fair Value Disclosures, Non-recurring (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	$ 0	$ 180,247
Real Estate [Member] | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Real Estate [Member] | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	180,247
Real Estate [Member] | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Real estate held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	1,987
Real estate held for sale | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Real estate held for sale | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Real estate held for sale | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	$ 0	$ 1,987

Net Income (Loss) per Share - E

Net Income (Loss) per Share - Earnings Attributable to Common Shareholders and Weighted Average Common Shares Outstanding (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Continuing operations
Net Income from continuing operations	$ 4,580	$ 24,827
Less: Net income attributable to noncontrolling interests	(46)	(40)
Earnings available for diluted earnings per share	4,534	24,787
Discontinued operations
Income from discontinued operations, net of taxes	$ 0	$ 418
Denominator:
Weighted average common shares outstanding — basic	41,939	42,097
Dilutive effect of stock options, restricted stock and equity-settled awards	27	309
Total weighted average shares outstanding — diluted	41,966	42,406
Anti-dilutive awards excluded from diluted weighted average shares (in shares)	0	1,808

Net Income (Loss) per Share - A

Net Income (Loss) per Share - Additional Information (Detail)	Mar. 31, 2018$ / shares
3.75% convertible senior notes due 2020, net of discount
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion price of convertible notes	$ 51.42

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	Oct. 05, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Effective income tax rate, percent		1.00%	40.00%
Deferred Tax Assets, Net Of Deferred Tax Liabilities		$ 39,911,000		$ 41,606,000
Statutory tax rate, percentage		21.00%	35.00%
Valuation allowance, deferred tax asset, amount		$ 38,544,000		$ 39,578,000
Unrecognized tax benefits		$ 441,000
Majority Shareholder [Member] | D.R. Horton, Inc. [Member]
Sale of Stock, Percentage of Ownership after Transaction	75.00%

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended
	Mar. 31, 2018USD ($)Lot	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Number of Units in Real Estate Property | Lot	13,600
Due to Related Parties, Current	$ 1,567,000		$ 0
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	4,600,000	$ 40,998,000
D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	262,000
General and Administrative Expense [Member] | D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 417,000
D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Number of Lots Sold	183
Revenue from Related Parties	$ 8,498,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	$ 1,821,000
Under Contract [Member] | D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Number of Units in Real Estate Property | Lot	3,300
Related Party Deposit Liabilities	$ 21,418,000		$ 1,201,000
Right of First Offer [Member] | D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Number of Units in Real Estate Property | Lot	5,400
Other Expense [Member] | D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 5,892,000
Deposits [Member] | D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 11,752,000