Forestar (FOR) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 03, 2018
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	FOR
Entity Registrant Name	FORESTAR GROUP INC.
Entity Central Index Key	1,406,587
Current Fiscal Year End Date	--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 ($)	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 367,756,000	$ 321,783,000
Restricted cash	40,000,000	40,017,000
Real estate	360,875,000	130,380,000
Assets held for sale	1,360,000	181,607,000
Investment in unconsolidated ventures	17,965,000	64,579,000
Receivables, net	3,013,000	6,307,000
Income taxes receivable	6,907,000	6,674,000
Prepaid expenses	3,080,000	2,880,000
Land purchase contract deposits	3,470,000	238,000
Property and equipment, net	1,792,000	2,003,000
Deferred tax asset, net	1,311,000	2,028,000
Intangible assets	448,000	448,000
Other assets	2,882,000	2,968,000
TOTAL ASSETS	810,859,000	761,912,000
LIABILITIES AND EQUITY
Accounts payable	4,240,000	2,382,000
Accrued employee compensation and benefits	5,374,000	8,994,000
Accrued property taxes	1,509,000	2,153,000
Accrued interest	1,489,000	1,489,000
Earnest money deposits on sales contracts	41,623,000	11,940,000
Other accrued expenses	12,610,000	5,942,000
Liabilities held for sale	0	1,017,000
Other liabilities	13,312,000	13,934,000
Debt, net	110,515,000	108,429,000
TOTAL LIABILITIES	190,672,000	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 June 30, 2018 and at December 31, 2017	41,939,000	41,939,000
Additional paid-in capital	506,183,000	505,977,000
Retained earnings	70,251,000	56,296,000
Total Forestar Group Inc. shareholders’ equity	618,373,000	604,212,000
Noncontrolling interests	1,814,000	1,420,000
TOTAL EQUITY	620,187,000	605,632,000
TOTAL LIABILITIES AND EQUITY	$ 810,859,000	$ 761,912,000

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
REVENUES
Real estate	$ 23,565	$ 27,992	$ 46,140	$ 48,744
Other	0	23	24	1,576
Total revenues	23,565	28,015	46,164	50,320
COSTS AND EXPENSES
Cost of real estate	(9,950)	(16,918)	(25,525)	(28,814)
Cost of other	(34)	(108)	(570)	(38,724)
Other operating expenses	(2,968)	(5,158)	(4,856)	(10,240)
General and administrative	(3,518)	(28,372)	(7,263)	(33,063)
Total expenses	(16,470)	(50,556)	(38,214)	(110,841)
GAIN ON SALE OF ASSETS	1,318	29,506	4,064	103,721
OPERATING INCOME	8,413	6,965	12,014	43,200
Equity in earnings of unconsolidated ventures	1,000	2,747	2,529	9,109
Interest expense	(1,605)	(2,166)	(3,741)	(4,401)
Interest and other income	2,627	622	4,279	1,298
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES	10,435	8,168	15,081	49,206
Income tax expense	(149)	(11,928)	(215)	(28,139)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	10,286	(3,760)	14,866	21,067
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAXES	0	1,229	0	1,647
CONSOLIDATED NET INCOME (LOSS)	10,286	(2,531)	14,866	22,714
Less: Net income attributable to noncontrolling interests	(865)	(48)	(911)	(88)
NET INCOME (LOSS) ATTRIBUTABLE TO FORESTAR GROUP INC.	$ 9,421	$ (2,579)	$ 13,955	$ 22,626
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)	41,939	42,259	41,939	42,171
Diluted (in shares)	41,966	42,259	41,966	42,454
NET INCOME (LOSS) PER BASIC SHARE
Continuing operations, basic (usd per share)	$ 0.22	$ (0.09)	$ 0.33	$ 0.50
Discontinued operations, basic (usd per share)	0	0.03	0	0.04
NET INCOME (LOSS) PER BASIC SHARE (usd per share)	0.22	(0.06)	0.33	0.54
NET INCOME (LOSS) PER DILUTED SHARE
Continuing operations, diluted (usd per share)	0.22	(0.09)	0.33	0.49
Discontinued operation, diluted (usd per share)	0	0.03	0	0.04
NET INCOME (LOSS) PER DILUTED SHARE (usd per share)	$ 0.22	$ (0.06)	$ 0.33	$ 0.53

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income	$ 14,866,000	$ 22,714,000
Adjustments:
Depreciation and amortization	2,574,000	2,862,000
Change in deferred income taxes	717,000	45,000
Equity in earnings of unconsolidated ventures	(2,529,000)	(9,109,000)
Distributions of earnings of unconsolidated ventures	38,000	12,036,000
Share-based compensation	206,000	2,259,000
Real estate cost of sales	26,118,000	28,438,000
Real estate development and acquisition expenditures, net	(260,822,000)	(25,623,000)
Reimbursements from utility and improvement districts	2,212,000	4,671,000
Asset impairments	0	37,900,000
Gain on sale of assets	(4,064,000)	(103,821,000)
Other	1,173,000	2,135,000
Changes in:
Notes and accounts receivable	2,744,000	912,000
Prepaid expenses, land purchase contract deposits and other	(4,202,000)	(267,000)
Accounts payable and other accrued liabilities	9,308,000	(8,175,000)
Earnest money deposits on sales contracts	29,683,000	2,040,000
Income taxes	(233,000)	19,626,000
Net cash used in operating activities	(182,211,000)	(11,357,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, equipment, software and other	(48,000)	(41,000)
Oil and gas properties and equipment	0	(2,400,000)
Investment in unconsolidated ventures	0	(3,617,000)
Proceeds from sales of assets	228,555,000	130,011,000
Return of investment in unconsolidated ventures	468,000	2,906,000
Net cash provided by investing activities	228,975,000	126,859,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of debt	(541,000)	0
Additions to debt	250,000	770,000
Deferred financing fees	0	(148,000)
Change in restricted cash	17,000	0
Distributions to noncontrolling interests, net	(517,000)	(100,000)
Exercise of stock options	0	548,000
Payroll taxes on restricted stock and stock options	0	(980,000)
Net cash (used in) provided by financing activities	(791,000)	90,000
Net increase in cash and cash equivalents	45,973,000	115,592,000
Cash and cash equivalents at beginning of period	321,783,000	265,798,000
Cash and cash equivalents at end of period	$ 367,756,000	$ 381,390,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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. ("Forestar"), 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 and six months ended June 30, 2017 . There was no significant activity related to these operations during the three and six months ended June 30, 2018 . The transactions included in our net income in the consolidated statements of operations are the same as those that would be presented in comprehensive income. Thus, our net income equates to 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 75% 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. Reclassifications Certain items have been reclassified from other operating expenses to cost of real estate in the prior year financial statements to conform to classifications used in the current year. We have reclassified the change in earnest money deposits in the prior year statement of cash flows from change in accounts payable and other accrued liabilities to change in earnest money deposits 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 primarily acquires land, secures remaining 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 June 30, 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 and six months ended June 30, 2017 to our other segment. There was no significant activity for these operations during three and six months ended June 30, 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: June 30, December 31, (In thousands) Real estate $ 389,936 $ 386,222 Other 3,318 3,346 Assets not allocated to segments (a) 417,605 372,344 $ 810,859 $ 761,912 _________________________ (a) Assets not allocated to segments at June 30, 2018 principally consist of cash and cash equivalents of $367,756,000 and restricted cash of $40,000,000 . 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, gain on sale of timberland assets, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Revenues: Real estate $ 23,565 $ 27,992 $ 46,140 $ 48,744 Other — 23 24 1,576 Total revenues $ 23,565 $ 28,015 $ 46,164 $ 50,320 Segment earnings (loss): Real estate $ 13,254 $ 11,545 $ 22,957 $ 22,018 Other (140 ) (652 ) (693 ) 36,777 Total segment earnings 13,114 10,893 22,264 58,795 Items not allocated to segments (3,544 ) (2,773 ) (8,094 ) (9,677 ) Income from continuing operations before taxes attributable to Forestar Group Inc. $ 9,570 $ 8,120 $ 14,170 $ 49,118 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 $74,222,000 which is reflected within other segment earnings in the six months ended June 30, 2017 . As a result of this sale we recognized a non-cash goodwill impairment charge of $37,900,000 in the six months ended June 30, 2017 which is reflected within other segment earnings. Items not allocated to segments consist of: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) General and administrative expense $ (3,389 ) $ (27,549 ) $ (7,042 ) $ (31,577 ) Share-based and long-term incentive compensation expense (177 ) (1,448 ) (313 ) (2,343 ) Gain on sale of timberland assets — 28,049 — 28,049 Interest expense (1,605 ) (2,166 ) (3,741 ) (4,401 ) Other corporate interest and other income 1,627 341 3,002 595 $ (3,544 ) $ (2,773 ) $ (8,094 ) $ (9,677 ) In the three months ended June 30, 2017 , we sold approximately 19,000 acres of timberland and undeveloped land in Georgia and Texas for $46,197,000 in three transactions generating combined net proceeds of $44,771,000 and resulting in a gain on sale of timberland assets of $28,049,000 . General and administrative expense for the three and six months ended June 30, 2017 includes a $20,000,000 termination fee which was incurred and paid in the three months ended June 30, 2017 related to terminating a merger agreement and entering into the D.R. Horton merger agreement and $4,070,000 in professional fees and other costs associated with these transactions.

Held for Sale

Held for Sale	6 Months Ended
	Jun. 30, 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: June 30, 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 six months ended June 30, 2018 .

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Real Estate	Real Estate Real estate consists of: June 30, December 31, (In thousands) Entitled, developed and under development projects $ 357,882 $ 127,442 Other 2,993 2,938 $ 360,875 $ 130,380 During the six months ended June 30, 2018 , we acquired 24 projects for $213,686,000 representing nearly 9,300 residential lots. At June 30, 2018 , we owned or controlled through option purchase contracts approximately 19,100 residential lots, of which over 4,400 are under contract to sell to D.R. Horton. Additionally, D.R. Horton has the right of first offer on nearly 6,700 of these residential lots based on executed purchase and sale agreements. At June 30, 2018 , we also have nearly 360 lots under contract to sell to other builders. At June 30, 2018 , entitled, developed and under development projects includes $34,916,000 related to undeveloped land which we acquired during the three months ended June 30, 2018 . We have the contractual right to sell this undeveloped land to D.R. Horton within a year of our purchase of the asset or earlier at D.R. Horton's discretion at a sales price equal to our carrying value at the time of sale in addition to holding and closing costs plus 12% per annum.

Investment in Unconsolidated Ve

Investment in Unconsolidated Ventures	6 Months Ended
	Jun. 30, 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 eight of our unconsolidated ventures to Starwood as part of a strategic asset sale. (See Note 4 —Held for Sale ). During the six months ended June 30, 2018 , we also sold our interest in a venture in Atlanta, generating $11,049,000 in net proceeds and recognizing a gain of $2,030,000 which is included in gain on sale of assets. At June 30, 2018 , we had ownership interests in six 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: June 30, December 31, (In thousands) Assets: Cash and cash equivalents $ 5,854 $ 13,119 Real estate 87,972 168,914 Other assets 982 21,721 Total assets $ 94,808 $ 203,754 Liabilities and Equity: Accounts payable and other liabilities $ 1,979 $ 13,101 Debt (a) 45,639 85,133 Equity 47,190 105,520 Total liabilities and equity $ 94,808 $ 203,754 Forestar's investment in unconsolidated ventures $ 17,965 $ 64,579 Combined summarized income statement information for our ventures accounted for using the equity method follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Revenues $ 2,845 $ 23,114 $ 6,226 $ 45,750 Earnings $ 2,661 $ 6,327 $ 6,941 $ 18,548 Forestar's equity in earnings of unconsolidated ventures $ 1,000 $ 2,747 $ 2,529 $ 9,109 _________________________ (a) As of June 30, 2018 and December 31, 2017 , total unconsolidated venture debt outstanding includes $4,564,000 and $4,584,000 which is recourse to us.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 . There was no significant activity related to these operations during the three and six months ended June 30, 2018 . Summarized results from discontinued operations were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Revenues $ — $ 4 $ — $ 13 Cost of oil and gas producing activities — (4 ) — (10 ) Other operating expenses — 1,043 — 989 Income from discontinued operations before income taxes $ — $ 1,043 $ — $ 992 Gain on sale of assets before income taxes — 100 — 100 Income tax benefit — 86 — 555 Income from discontinued operations, net of taxes $ — $ 1,229 $ — $ 1,647 Significant operating activities and investing activities of discontinued operations included in our consolidated statements of cash flows were as follows: Six Months Ended June 30, 2018 2017 (In thousands) Operating activities: Accounts payable and other accrued liabilities $ — $ (3,000 ) $ — $ (3,000 ) Investing activities: Proceeds from sale of assets $ — $ 100 $ — $ 100

Receivables

Receivables	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Receivables	Receivables Receivables consist of: June 30, December 31, (In thousands) Other receivables and accrued interest $ 87 $ 2,557 Loans secured by real estate, average interest rate of 5.40% at June 30, 2018 and at December 31, 2017 2,952 3,776 3,039 6,333 Allowance for bad debts (26 ) (26 ) $ 3,013 $ 6,307

Debt, net

Debt, net	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt, net	Debt, net Debt consists of: June 30, December 31, (In thousands) 3.75% convertible senior notes due 2020, net of discount and fees $ 110,515 $ 108,139 Other indebtedness — 5.50% interest rate — 290 $ 110,515 $ 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 related to the LC Facility. These deposits are classified as restricted cash on our consolidated balance sheets. At June 30, 2018 , $21,474,000 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 June 30, 2018 , the principal amount of the Convertible Notes was $118,923,000 and the unamortized debt discount was $7,588,000 . 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 June 30, 2018 and December 31, 2017 , we had $820,000 and $1,058,000 in unamortized deferred financing fees which were deducted from our debt. Amortization of deferred financing fees was $238,000 and $574,000 in the six months ended June 30, 2018 and 2017 and was included in interest expense.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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: June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Fixed rate debt $ (111,335 ) $ (111,205 ) $ (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: June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Numerator: Continuing operations Net income (loss) from continuing operations $ 10,286 $ (3,760 ) $ 14,866 $ 21,067 Less: Net income attributable to noncontrolling interest (865 ) (48 ) (911 ) (88 ) Earnings (loss) available for diluted earnings per share $ 9,421 $ (3,808 ) $ 13,955 $ 20,979 Discontinued operations Net income from discontinued operations available for diluted earnings per share $ — $ 1,229 $ — $ 1,647 Denominator: Weighted average common shares outstanding — basic 41,939 42,259 41,939 42,171 Dilutive effect of stock options, restricted stock and equity-settled awards 27 — 27 283 Total weighted average shares outstanding — diluted 41,966 42,259 41,966 42,454 Anti-dilutive awards excluded from diluted weighted average shares — 1,774 — 1,663 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 and six months ended June 30, 2018 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate from continuing operations was 1% in both the three and six months ended June 30, 2018 . The tax rate for both periods 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 146% and 57% in the three and six months ended June 30, 2017 . The tax rate for the three months ended June 30, 2017 included tax expense from an increase in our valuation allowance for transaction costs associated with the Merger. The tax rate for the six months ended June 30, 2017 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 six months ended June 30, 2017 . Our effective tax rate for all periods includes the effect of state income taxes, nondeductible items and benefits from noncontrolling interests. At June 30, 2018 and December 31, 2017 , our deferred tax assets, net of deferred tax liabilities, were $37,191,000 and $41,606,000 , offset by a valuation allowance of $35,880,000 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 June 30, 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% to 21% 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 and six months ended June 30, 2018 , no adjustments to the remeasurement of our deferred tax accounts were recognized. On October 5, 2017 , D.R. Horton acquired 75% 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 June 30, 2018 , all of which would affect our effective tax rate, if recognized.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2018 , we paid D.R. Horton $322,000 and $584,000 for these shared services and $230,000 and $648,000 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 June 30, 2018 , we owned or controlled through option purchase contracts approximately 19,100 residential lots, of which over 4,400 are under contract to sell to D.R. Horton. Additionally, D.R. Horton has the right of first offer on nearly 6,700 of these residential lots based on executed purchase and sale agreements. At June 30, 2018 and December 31, 2017 , we had earnest money deposit liabilities of $36,285,000 and $1,201,000 related to earnest money deposits from 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 June 30, 2018 , we sold 141 residential lots to D.R. Horton for $6,858,000 generating segment earnings of $1,989,000 and we sold 79 residential tract acres to D.R. Horton for $1,990,000 generating segment earnings of $1,222,000 . As a result of our continuing involvement in the development of 56 lots sold to D.R. Horton in three months ended June 30, 2018 we deferred $3,233,000 of revenue and $400,000 of profit which will be recognized on a percentage of completion basis. During the six months ended June 30, 2018 , we sold 324 residential lots to D.R. Horton for $15,357,000 generating segment earnings of $3,811,000 and we sold 79 residential tract acres to D.R. Horton for $1,990,000 generating segment earnings of $1,222,000 . During the three and six months ended June 30, 2018 , we reimbursed D.R. Horton approximately $2,924,000 and $14,677,000 for previously paid earnest money and $4,647,000 and $10,540,000 for pre-acquisition and other due diligence and development costs related to land purchase contracts whereby D.R. Horton assigned their rights under these land purchase contracts to us. At June 30, 2018 , entitled, developed and under development projects includes $34,916,000 related to undeveloped land which we acquired during the three months ended June 30, 2018 . We have the contractual right to sell this undeveloped land to D.R. Horton within a year of our purchase of the asset or earlier at D.R. Horton's discretion at a sales price equal to our carrying value at the time of sale in addition to holding and closing costs plus 12% per annum. At June 30, 2018 , other accrued expenses on our consolidated balance sheet included $3,181,000 owed to D.R. Horton for any accrued and unpaid shared services, earnest money and 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 .

Subsequent Event (Notes)

Subsequent Event (Notes)	6 Months Ended
	Jun. 30, 2018
Subsequent Event [Line Items]
Subsequent Events [Text Block]	Subsequent Event On July 30, 2018, we sold our interest in an equity method venture, FMF Littleton LLC, for $19,226,000 and expect to recognize a gain on sale of approximately $14,400,000 . With the completion of this transaction we have divested all of our non-core multifamily assets.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Our consolidated financial statements include the accounts of Forestar Group Inc. ("Forestar"), 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 and six months ended June 30, 2017 . There was no significant activity related to these operations during the three and six months ended June 30, 2018 . The transactions included in our net income in the consolidated statements of operations are the same as those that would be presented in comprehensive income. Thus, our net income equates to comprehensive income.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain items have been reclassified from other operating expenses to cost of real estate in the prior year financial statements to conform to classifications used in the current year. We have reclassified the change in earnest money deposits in the prior year statement of cash flows from change in accounts payable and other accrued liabilities to change in earnest money deposits 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 Pr22

New and Pending Accounting Pronouncements New and Pending Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Assets Allocated by Segment	Total assets allocated by segment are as follows: June 30, December 31, (In thousands) Real estate $ 389,936 $ 386,222 Other 3,318 3,346 Assets not allocated to segments (a) 417,605 372,344 $ 810,859 $ 761,912 _________________________ (a) Assets not allocated to segments at June 30, 2018 principally consist of cash and cash equivalents of $367,756,000 and restricted cash of $40,000,000 . 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Revenues: Real estate $ 23,565 $ 27,992 $ 46,140 $ 48,744 Other — 23 24 1,576 Total revenues $ 23,565 $ 28,015 $ 46,164 $ 50,320 Segment earnings (loss): Real estate $ 13,254 $ 11,545 $ 22,957 $ 22,018 Other (140 ) (652 ) (693 ) 36,777 Total segment earnings 13,114 10,893 22,264 58,795 Items not allocated to segments (3,544 ) (2,773 ) (8,094 ) (9,677 ) Income from continuing operations before taxes attributable to Forestar Group Inc. $ 9,570 $ 8,120 $ 14,170 $ 49,118 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 $74,222,000 which is reflected within other segment earnings in the six months ended June 30, 2017 . As a result of this sale we recognized a non-cash goodwill impairment charge of $37,900,000 in the six months ended June 30, 2017 which is reflected within other segment earnings. Items not allocated to segments consist of: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) General and administrative expense $ (3,389 ) $ (27,549 ) $ (7,042 ) $ (31,577 ) Share-based and long-term incentive compensation expense (177 ) (1,448 ) (313 ) (2,343 ) Gain on sale of timberland assets — 28,049 — 28,049 Interest expense (1,605 ) (2,166 ) (3,741 ) (4,401 ) Other corporate interest and other income 1,627 341 3,002 595 $ (3,544 ) $ (2,773 ) $ (8,094 ) $ (9,677 ) In the three months ended June 30, 2017 , we sold approximately 19,000 acres of timberland and undeveloped land in Georgia and Texas for $46,197,000 in three transactions generating combined net proceeds of $44,771,000 and resulting in a gain on sale of timberland assets of $28,049,000 . General and administrative expense for the three and six months ended June 30, 2017 includes a $20,000,000 termination fee which was incurred and paid in the three months ended June 30, 2017 related to terminating a merger agreement and entering into the D.R. Horton merger agreement and $4,070,000 in professional fees and other costs associated with these transactions.

Held for Sale Held for Sale (Ta

Held for Sale Held for Sale (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 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)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Real Estate	Real estate consists of: June 30, December 31, (In thousands) Entitled, developed and under development projects $ 357,882 $ 127,442 Other 2,993 2,938 $ 360,875 $ 130,380

Investment in Unconsolidated 26

Investment in Unconsolidated Ventures (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information	Combined summarized balance sheet information for our ventures accounted for using the equity method follows: June 30, December 31, (In thousands) Assets: Cash and cash equivalents $ 5,854 $ 13,119 Real estate 87,972 168,914 Other assets 982 21,721 Total assets $ 94,808 $ 203,754 Liabilities and Equity: Accounts payable and other liabilities $ 1,979 $ 13,101 Debt (a) 45,639 85,133 Equity 47,190 105,520 Total liabilities and equity $ 94,808 $ 203,754 Forestar's investment in unconsolidated ventures $ 17,965 $ 64,579 Combined summarized income statement information for our ventures accounted for using the equity method follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Revenues $ 2,845 $ 23,114 $ 6,226 $ 45,750 Earnings $ 2,661 $ 6,327 $ 6,941 $ 18,548 Forestar's equity in earnings of unconsolidated ventures $ 1,000 $ 2,747 $ 2,529 $ 9,109 _________________________ (a) As of June 30, 2018 and December 31, 2017 , total unconsolidated venture debt outstanding includes $4,564,000 and $4,584,000 which is recourse to us.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Summarized Results from Discontinued Operations	Summarized results from discontinued operations were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Revenues $ — $ 4 $ — $ 13 Cost of oil and gas producing activities — (4 ) — (10 ) Other operating expenses — 1,043 — 989 Income from discontinued operations before income taxes $ — $ 1,043 $ — $ 992 Gain on sale of assets before income taxes — 100 — 100 Income tax benefit — 86 — 555 Income from discontinued operations, net of taxes $ — $ 1,229 $ — $ 1,647
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 were as follows: Six Months Ended June 30, 2018 2017 (In thousands) Operating activities: Accounts payable and other accrued liabilities $ — $ (3,000 ) $ — $ (3,000 ) Investing activities: Proceeds from sale of assets $ — $ 100 $ — $ 100

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Receivables	Receivables consist of: June 30, December 31, (In thousands) Other receivables and accrued interest $ 87 $ 2,557 Loans secured by real estate, average interest rate of 5.40% at June 30, 2018 and at December 31, 2017 2,952 3,776 3,039 6,333 Allowance for bad debts (26 ) (26 ) $ 3,013 $ 6,307

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt consists of: June 30, December 31, (In thousands) 3.75% convertible senior notes due 2020, net of discount and fees $ 110,515 $ 108,139 Other indebtedness — 5.50% interest rate — 290 $ 110,515 $ 108,429

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Fixed rate debt $ (111,335 ) $ (111,205 ) $ (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: June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Numerator: Continuing operations Net income (loss) from continuing operations $ 10,286 $ (3,760 ) $ 14,866 $ 21,067 Less: Net income attributable to noncontrolling interest (865 ) (48 ) (911 ) (88 ) Earnings (loss) available for diluted earnings per share $ 9,421 $ (3,808 ) $ 13,955 $ 20,979 Discontinued operations Net income from discontinued operations available for diluted earnings per share $ — $ 1,229 $ — $ 1,647 Denominator: Weighted average common shares outstanding — basic 41,939 42,259 41,939 42,171 Dilutive effect of stock options, restricted stock and equity-settled awards 27 — 27 283 Total weighted average shares outstanding — diluted 41,966 42,259 41,966 42,454 Anti-dilutive awards excluded from diluted weighted average shares — 1,774 — 1,663

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)	6 Months Ended
	Jun. 30, 2018segment
Segment Reporting [Abstract]
Number of business segments	2

Segment Information - Assets Al

Segment Information - Assets Allocated by Segment (Detail) - USD ($)	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 367,756,000	$ 321,783,000	$ 381,390,000	$ 265,798,000
Restricted cash	40,000,000	40,017,000
Total Assets	810,859,000	761,912,000
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	417,605,000	372,344,000
Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total Assets	389,936,000	386,222,000
Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total Assets	$ 3,318,000	$ 3,346,000

Segment Information - Segment R

Segment Information - Segment Revenues and Earnings (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)a	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)a	Mar. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Total revenues	$ 23,565,000	$ 28,015,000	$ 46,164,000	$ 50,320,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	9,570,000	8,120,000	14,170,000	49,118,000
General and Administrative Expense	(3,518,000)	(28,372,000)	(7,263,000)	(33,063,000)
Gain on sale of assets			4,064,000	103,821,000
Interest Expense	(1,605,000)	(2,166,000)	(3,741,000)	(4,401,000)
Other corporate interest and other income	2,627,000	622,000	4,279,000	1,298,000
Asset impairments			0	37,900,000
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	23,565,000	28,015,000	46,164,000	50,320,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	13,114,000	10,893,000	22,264,000	58,795,000
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(3,544,000)	(2,773,000)	(8,094,000)	(9,677,000)
General and Administrative Expense	(3,389,000)	(27,549,000)	(7,042,000)	(31,577,000)
Share-based and long-term incentive compensation expense	(177,000)	(1,448,000)	(313,000)	(2,343,000)
Gain on sale of assets	0	28,049,000	0	28,049,000
Interest Expense	(1,605,000)	(2,166,000)	(3,741,000)	(4,401,000)
Other corporate interest and other income	1,627,000	341,000	3,002,000	595,000
Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	23,565,000	27,992,000	46,140,000	48,744,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	13,254,000	11,545,000	22,957,000	22,018,000
Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	0	23,000	24,000	1,576,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	$ (140,000)	(652,000)	$ (693,000)	36,777,000
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				74,222,000
Asset impairments				37,900,000
Georgia and Texas [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Disposal group, consideration		$ 46,197,000		46,197,000
Gain on sale of assets				$ 28,049,000
Area of Land | a		19,000		19,000
Proceeds from sale of real estate				$ 44,771,000
General and Administrative Expense [Member] | Starwood Capital Group [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination				20,000,000
D.R. Horton Merger Agreement [Member] | General and Administrative Expense [Member] | Starwood Capital Group [Member]
Segment Reporting Information [Line Items]
Professional Fees				$ 4,070,000

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 ($)	Jun. 30, 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 ($)aLotProject	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets		$ 4,064,000	$ 103,821,000
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)	6 Months Ended
	Jun. 30, 2018USD ($)LotProject	Dec. 31, 2017USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate | $	$ 360,875,000	$ 130,380,000
Number of Projects | Project	24
Payments to Acquire Real Estate | $	$ 213,686,000
Number of Units in Real Estate Property | Lot	19,100
D.R. Horton, Inc. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Notes Receivable, Related Parties	12.00%
Entitled, developed and under development projects
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate | $	$ 357,882,000	127,442,000
Entitled, developed and under development projects | D.R. Horton, Inc. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate | $	$ 34,916,000
Residential Real Estate [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Lots Acquired | Lot	9,300
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 | Lot	6,700
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 | Lot	4,400
Under Contract [Member] | Unaffiliated Customer [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Units in Real Estate Property | Lot	360
Land [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate | $	$ 2,993,000	$ 2,938,000

Investment in Unconsolidated 39

Investment in Unconsolidated Ventures - Additional Information (Detail)	Feb. 08, 2018USD ($)venture	Jun. 30, 2018USD ($)venture	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Gain on sale of assets		$ 4,064,000	$ 103,821,000
Number of ventures under ownership interest using equity method | venture		6
Investment in unconsolidated ventures		$ 17,965,000		$ 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
Starwood Land, L.P.. [Member]
Schedule of Equity Method Investments [Line Items]
Number of Equity Method Investments Sold | venture	8
Starwood Land, L.P.. [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Schedule of Equity Method Investments [Line Items]
Gain on sale of assets	$ 716,000

Investment in Unconsolidated 40

Investment in Unconsolidated Ventures - Summarized Balance Sheet Information (Detail) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Equity Method Investment, Summarized Financial Information, Assets	$ 94,808,000	$ 203,754,000
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Equity Method Investment, Summarized Financial Information, Liabilities and Equity	94,808,000	203,754,000
Investment in unconsolidated ventures	17,965,000	64,579,000
Recourse Debt [Member] | Equity Method Investments
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Long-term debt, current maturities	4,564,000	4,584,000
Cash and cash equivalents
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Equity Method Investment, Summarized Financial Information, Assets	5,854,000	13,119,000
Real estate
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Equity Method Investment, Summarized Financial Information, Assets	87,972,000	168,914,000
Other assets
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Equity Method Investment, Summarized Financial Information, Assets	982,000	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	1,979,000	13,101,000
Debt (a)
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Equity Method Investment, Summarized Financial Information, Liabilities	45,639,000	85,133,000
Equity
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Equity Method Investment Summarized Financial Information, Equity	$ 47,190,000	$ 105,520,000

Investment in Unconsolidated 41

Investment in Unconsolidated Ventures - Summarized Income Statement Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Revenues	$ 2,845	$ 23,114	$ 6,226	$ 45,750
Earnings (loss)	2,661	6,327	6,941	18,548
Equity in earnings of unconsolidated ventures	$ 1,000	$ 2,747	$ 2,529	$ 9,109

Discontinued Operations (Summar

Discontinued Operations (Summarized Results from Discontinued Operations) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Revenues	$ 0	$ 4	$ 0	$ 13
Cost of oil and gas producing activities	0	(4)	0	(10)
Other operating expenses	0	1,043	0	989
Income from discontinued operations before income taxes	0	1,043	0	992
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	0	100	0	100
Income tax benefit	0	86	0	555
Income from discontinued operations, net of taxes	$ 0	$ 1,229	$ 0	$ 1,647

Discontinued Operations (Signif

Discontinued Operations (Significant Operating and Investing Activities of Discontinued Operations) (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Accounts payable and other accrued liabilities	$ 9,308	$ (8,175)
Cash provided by (used in) operating activities, discontinued operations	0	(3,000)
Investing activities:
Proceeds from sales of assets	228,555	130,011
Cash Provided by (Used in) Investing Activities, Discontinued Operations	0	100
Discontinued Operations
Operating activities:
Accounts payable and other accrued liabilities	0	(3,000)
Investing activities:
Proceeds from sales of assets	$ 0	$ 100

Receivables - Receivables (Deta

Receivables - Receivables (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 3,039	$ 6,333
Allowance for bad debts	(26)	(26)
Receivables, net	3,013	6,307
Receivables and accrued interest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	87	2,557
Notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 2,952	$ 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
	Jun. 30, 2018	Dec. 31, 2017	Oct. 05, 2017
Debt Instrument [Line Items]
Debt, net	$ 110,515	$ 108,429
3.75% convertible senior notes due 2020, net of discount
Debt Instrument [Line Items]
Debt, net	$ 110,515	$ 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	$ 0	$ 290
Interest rate percentage		5.50%

Debt, net - Additional Informat

Debt, net - Additional Information (Detail)	Oct. 05, 2017USD ($)	Jun. 30, 2018USD ($)shares	Dec. 31, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Debt Conversion, Converted Instrument, Amount		$ 579.77062
Deferred finance costs, net		820,000	$ 1,058,000	$ 820,000
Amortization of deferred financing fees				238,000	$ 574,000
3.75% convertible senior notes due 2020, net of discount
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 120,000,000	118,923,000		118,923,000
Debt Instrument, Unamortized Discount		$ 7,588,000		$ 7,588,000
Effective interest rate of liability component		8.00%		8.00%
Debt Instrument, Convertible, Carrying Amount of Equity Component		$ 16,847,000		$ 16,847,000
Interest rate percentage	3.75%	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		$ 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		30,000,000
Debt instrument, collateral amount		30,000,000		30,000,000
Letters of credit outstanding		$ 21,474,000		$ 21,474,000

Fair Value - Information About

Fair Value - Information About Our Fixed Rate Financial Instruments Not Measured at Fair Value (Detail) - Level 2 - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed rate debt	$ (111,335)	$ (109,197)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed rate debt	$ (111,205)	$ (109,114)

Fair Value Disclosures, Non-rec

Fair Value Disclosures, Non-recurring (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Jun. 30, 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
Water Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	1,987
Water Assets [Member] | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Water Assets [Member] | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Water Assets [Member] | 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Continuing operations
Net income (loss) from continuing operations	$ 10,286	$ (3,760)	$ 14,866	$ 21,067
Less: Net income attributable to noncontrolling interests	(865)	(48)	(911)	(88)
Earnings (loss) available for diluted earnings per share	9,421	(3,808)	13,955	20,979
Discontinued operations
Income from discontinued operations, net of taxes	$ 0	$ 1,229	$ 0	$ 1,647
Denominator:
Weighted average common shares outstanding — basic	41,939	42,259	41,939	42,171
Dilutive effect of stock options, restricted stock and equity-settled awards	27	0	27	283
Total weighted average shares outstanding — diluted	41,966	42,259	41,966	42,454
Anti-dilutive awards excluded from diluted weighted average shares (in shares)	0	1,774	0	1,663

Net Income (Loss) per Share - A

Net Income (Loss) per Share - Additional Information (Detail)	Jun. 30, 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	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Effective income tax rate, percent		1.00%	146.00%	1.00%	57.00%
Deferred Tax Assets, Net Of Deferred Tax Liabilities		$ 37,191,000		$ 37,191,000		$ 41,606,000
Statutory tax rate, percentage				21.00%	35.00%
Valuation allowance, deferred tax asset, amount		35,880,000		$ 35,880,000		$ 39,578,000
Unrecognized tax benefits		$ 441,000		$ 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		6 Months Ended
	Jun. 30, 2018USD ($)Lot	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)Lot	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Number of Units in Real Estate Property | Lot	19,100		19,100
Due to Related Parties, Current	$ 3,181,000		$ 3,181,000		$ 0
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	9,570,000	$ 8,120,000	14,170,000	$ 49,118,000
Real estate	360,875,000		360,875,000		130,380,000
D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	322,000		584,000
General and Administrative Expense [Member] | D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 230,000		$ 648,000
D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Number of Lots Sold	141		324
Revenue from Related Parties	$ 6,858,000		$ 15,357,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	$ 1,989,000		$ 3,811,000
Investment Interest Rate			12.00%
Under Contract [Member] | D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Number of Units in Real Estate Property | Lot	4,400		4,400
Related Party Deposit Liabilities	$ 36,285,000		$ 36,285,000		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	6,700		6,700
Land and Land Improvements [Member]
Related Party Transaction [Line Items]
Real estate	$ 357,882,000		$ 357,882,000		$ 127,442,000
Land and Land Improvements [Member] | D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Real estate	34,916,000		34,916,000
Other Expense [Member] | D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	4,647,000		10,540,000
Deposits [Member] | D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 2,924,000		$ 14,677,000
Land [Member] | D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Number of Lots Sold	79		79
Revenue from Related Parties	$ 1,990,000		$ 1,990,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	$ 1,222,000		$ 1,222,000
Land and Land Improvements [Member] | D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Number of Lots Sold	56
Deferred Revenue, Additions	$ 3,233,000
Retail Land Sales, Installment Method, Gross Profit, Deferred	$ 400,000

Subsequent Event (Details)

Subsequent Event (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Subsequent Event [Line Items]
Gain (Loss) on Disposition of Assets		$ 4,064,000	$ 103,821,000
Variable Interest Entity, Not Primary Beneficiary [Member]
Subsequent Event [Line Items]
Proceeds from Divestiture of Businesses and Interests in Affiliates		11,049,000
Gain (Loss) on Disposition of Assets		$ 2,030,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Divestiture of Businesses and Interests in Affiliates	$ 19,226,000
Gain (Loss) on Disposition of Assets	$ 14,400,000