Ryland 10-Q 30 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 27, 2015
Document and Entity Information
Entity Registrant Name	RYLAND GROUP INC
Entity Central Index Key	85,974
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		46,851,577
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUES
Homebuilding	$ 637,046	$ 566,244	$ 1,142,045	$ 1,047,729
Financial services	16,589	11,145	28,989	19,343
TOTAL REVENUES	653,635	577,389	1,171,034	1,067,072
EXPENSES
Cost of sales	507,036	446,191	912,327	826,190
Selling, general and administrative	69,278	67,020	133,448	129,814
Financial services	7,895	13,079	15,229	22,688
TOTAL EXPENSES	584,209	526,290	1,061,004	978,692
OTHER (EXPENSE) INCOME
Gain from marketable securities, net	173	429	318	833
Other (expense) income	(3,055)	675	(2,463)	1,160
TOTAL OTHER (EXPENSE) INCOME	(2,882)	1,104	(2,145)	1,993
Income before taxes	66,544	52,203	107,885	90,373
Tax expense	23,942	20,161	38,826	34,804
NET INCOME	$ 42,602	$ 32,042	$ 69,059	$ 55,569
NET INCOME PER COMMON SHARE
Basic (in dollars per share)	$ 0.91	$ 0.68	$ 1.48	$ 1.19
Diluted (in dollars per share)	$ 0.75	$ 0.57	$ 1.22	$ 0.99
AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)	46,706,437	46,914,902	46,579,660	46,747,403
Diluted (in shares)	58,273,600	58,430,828	58,174,063	58,312,226
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.03	$ 0.03	$ 0.06	$ 0.06

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 42,602	$ 32,042	$ 69,059	$ 55,569
Other comprehensive (loss) income, net:
Amortization of actuarial loss on defined benefit pension plan, net	4	4	72	9
Unrealized (loss) gain on marketable securities, available-for-sale, net	(150)	236	(169)	424
Other comprehensive (loss) income, net	(146)	240	(97)	433
Comprehensive income	$ 42,456	$ 32,282	$ 68,962	$ 56,002

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Cash, cash equivalents and marketable securities
Cash and cash equivalents	$ 279,980	$ 521,195
Restricted cash	18,277	35,720
Marketable securities, available-for-sale	17,791	17,845
Total cash, cash equivalents and marketable securities	316,048	574,760
Housing inventories
Homes under construction	905,513	764,853
Land under development and improved lots	1,341,584	1,250,159
Consolidated inventory not owned	29,720	30,811
Total housing inventories	2,276,817	2,045,823
Property, plant and equipment	35,814	30,566
Mortgage loans held-for-sale	129,790	153,366
Net deferred taxes	84,448	91,766
Other	178,829	155,808
TOTAL ASSETS	3,021,746	3,052,089
LIABILITIES
Accounts payable	212,127	205,397
Accrued and other liabilities	210,015	215,221
Financial services credit facilities	122,607	129,389
Debt	1,295,953	1,403,079
TOTAL LIABILITIES	1,840,702	1,953,086
STOCKHOLDERS’ EQUITY
Preferred stock, $1.00 par value: Authorized-10,000 shares Series A Junior Participating Preferred, none outstanding	0	0
Common stock, $1.00 par value: Authorized-199,990,000 shares Issued-46,849,340 shares at June 30, 2015 (46,296,045 shares at December 31, 2014)	46,849	46,296
Retained earnings	1,121,462	1,039,076
Accumulated other comprehensive loss	(896)	(799)
TOTAL STOCKHOLDERS' EQUITY FOR THE RYLAND GROUP, INC.	1,167,415	1,084,573
NONCONTROLLING INTEREST	13,629	14,430
TOTAL EQUITY	1,181,044	1,099,003
TOTAL LIABILITIES AND EQUITY	$ 3,021,746	$ 3,052,089

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, Authorized shares Series A Junior Participating Preferred	10,000	10,000
Preferred stock, outstanding shares Series A Junior Participating Preferred	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, Authorized shares	199,990,000	199,990,000
Common stock, Issued shares	46,849,340	46,296,045

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income from continuing operations		$ 69,059	$ 55,569
Adjustments to reconcile net income from continuing operations to net cash used for operating activities:
Depreciation and amortization		10,497	10,131
Inventory and other asset impairments and write-offs		1,000	973
Stock-based compensation expense		11,535	10,089
Changes in assets and liabilities:
Increase in inventories		(219,127)	(269,133)
Decrease in mortgage loans held-for-sale		23,576	70,296
Decrease in deferred income taxes		7,318	30,527
Net change in other assets, payables and other liabilities		(25,079)	(13,651)
Excess tax benefits from stock-based compensation		(1,949)	0
Other operating activities, net		(1,233)	(992)
Net cash used for operating activities from continuing operations		(124,403)	(106,191)
CASH FLOWS FROM INVESTING ACTIVITIES
Contributions to unconsolidated joint ventures		(375)	(67)
Return of investment in unconsolidated joint ventures		741	433
Additions to property, plant and equipment		(14,391)	(9,875)
Purchases of marketable securities, available-for-sale		(631)	(239,115)
Proceeds from sales and maturities of marketable securities, available-for-sale		880	340,957
Net cash (used for) provided by investing activities from continuing operations		(13,776)	92,333
CASH FLOWS FROM FINANCING ACTIVITIES
Retirement of long-term debt		(126,481)	0
Decrease in borrowings against financial services credit facilities, net		(6,782)	(14,006)
Common stock dividends		(2,861)	(2,838)
Issuance of common stock under stock-based compensation		14,541	23,081
Excess tax benefits from stock-based compensation		1,949	0
Decrease (increase) in restricted cash		17,443	(5,635)
Other financing activities, net		(845)	(531)
Net cash (used for) provided by financing activities from continuing operations		(103,036)	71
Net decrease in cash and cash equivalents from continuing operations		(241,215)	(13,787)
Cash flows from operating activities—discontinued operations		0	(27)
Cash and cash equivalents at beginning of period1	[1]	521,195	228,013
CASH AND CASH EQUIVALENTS AT END OF PERIOD		279,980	214,199
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for income taxes		(20,217)	(3,437)
SUPPLEMENTAL DISCLOSURES OF NONCASH ACTIVITIES
Decrease (increase) in consolidated inventory not owned related to land options		801	(975)
Increase in short-term borrowings		$ 19,109	$ 124
[1]	Includes cash and cash equivalents of $27,000 associated with discontinued operations at December 31, 2013.

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical)	Dec. 31, 2013USD ($)
Statement of Cash Flows [Abstract]
Cash and cash equivalents of discontinued operations	$ 27,000

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	COMMON STOCK	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE LOSS	[1]
Increase (Decrease) in Stockholders' Equity
NONCONTROLLING INTEREST	$ 14,430
STOCKHOLDERS' EQUITY BALANCE at Dec. 31, 2014	1,084,573	$ 46,296	$ 1,039,076	$ (799)
TOTAL EQUITY BALANCE at Dec. 31, 2014	1,099,003
Increase (Decrease) in Stockholders' Equity
NET INCOME	69,059		69,059
Other comprehensive loss, net	(97)			(97)
Common stock dividends (per share $0.06)	(2,830)		(2,830)
Stock-based compensation	16,710	553	16,157
STOCKHOLDERS' EQUITY BALANCE at Jun. 30, 2015	1,167,415	$ 46,849	$ 1,121,462	$ (896)
TOTAL EQUITY BALANCE at Jun. 30, 2015	1,181,044
Increase (Decrease) in Stockholders' Equity
NONCONTROLLING INTEREST	$ 13,629
[1]	At June 30, 2015, the balance in accumulated other comprehensive loss was comprised of an unrealized actuarial loss on the defined benefit pension plan of $945,000, net of taxes of $585,000, and an unrealized gain on marketable securities, available-for-sale of $49,000. At December 31, 2014, the balance in accumulated other comprehensive loss was comprised of an unrealized actuarial loss on the defined benefit pension plan of $1.0 million, net of taxes of $630,000, and an unrealized gain on marketable securities, available-for-sale of $218,000. (See Note 4, “Accumulated Other Comprehensive Loss.”)

CONSOLIDATED STATEMENT OF STOC9

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Common stock dividends, per share (in dollars per share)	$ 0.06
Unrealized gain on marketable securities, available-for-sale, net	$ (169,000)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Unrealized actuarial loss on defined benefit pension plan, net of taxes	945,000	$ 1,000,000
Unrealized actuarial loss on defined benefit pension plan, tax	585,000	630,000
Unrealized gain on marketable securities, available-for-sale, net	$ 49,000	$ 218,000

Consolidated Financial Statemen

Consolidated Financial Statements	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Financial Statements	Consolidated Financial Statements The consolidated financial statements include the accounts of The Ryland Group, Inc. and its 100 percent-owned subsidiaries (the “Company”). Noncontrolling interest represents the selling entities’ ownership interests in land and lot option purchase contracts. (See Note 11, “Variable Interest Entities (‘VIE’).”) Intercompany transactions have been eliminated in consolidation. Information is presented on a continuing operations basis unless otherwise noted. The results from continuing and discontinued operations are presented separately in the consolidated financial statements. All prior period amounts have been reclassified to conform to the 2015 presentation. (See “Critical Accounting Policies” within Management’s Discussion and Analysis of Financial Condition and Results of Operations.) On June 14, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Standard Pacific. Subject to the terms and conditions of the Merger Agreement, Standard Pacific and the Company have agreed that the Company will merge with and into Standard Pacific in a “merger of equals,” with Standard Pacific continuing as the surviving corporation(the “Surviving Corporation”), and the separate corporate existence of the Company will cease (the “Merger"). Subject to the terms and conditions of the Merger Agreement, which was unanimously approved by the boards of directors of Standard Pacific and the Company, if the Merger is completed, each five shares of common stock issued and outstanding of Standard Pacific will be combined and converted into one issued and outstanding share of common stock of the Surviving Corporation and each share of common stock of the Company issued and outstanding will be converted and exchangeable for 1.0191 issued and outstanding shares of common stock of the Surviving Corporation. The proposed merger is subject to approval by the shareholders of the Company and Standard Pacific and other customary closing conditions. The Company currently expects the transaction to close in early Fall 2015. During the second quarter of 2015, the Company incurred transaction related fees totaling $3.6 million , which was reported in "Other (expense) income" within the Consolidated Statements of Earnings. (See Part II, Item 1A. Risk Factors) The Consolidated Balance Sheet at June 30, 2015 , the Consolidated Statements of Earnings and Comprehensive Income for the three- and six-month periods ended June 30, 2015 and 2014 , the Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2015 and 2014 , and the Consolidated Statement of Stockholders’ Equity as of and for the six-month period ended June 30, 2015 , have been prepared by the Company without audit. In the opinion of management, all adjustments, including normally recurring adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows at June 30, 2015 , and for all periods presented, have been made. Certain information and footnote disclosures normally included in the financial statements have been condensed or omitted. These financial statements should be read in conjunction with the financial statements and related notes included in the Company’s 2014 Annual Report on Form 10-K. The Company has historically experienced, and expects to continue to experience, variability in quarterly results. Accordingly, the results of operations for the three and six months ended June 30, 2015 , are not necessarily indicative of the operating results expected for the year ending December 31, 2015 .

Other Income

Other Income	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Other (Expense) Income	Other (Expense) Income During the second quarter of 2015, the Company recorded $3.6 million of transaction fees related to the proposed merger with Standard Pacific. As a result, the Company’s other expense totaled $3.1 million and $2.5 million for the three- and six-month periods ended June 30, 2015 , respectively, compared to other income of $675,000 and $1.2 million for the three- and six-month periods ended June 30, 2014 , respectively. Other income primarily consists of cancellation income from forfeited sales contract deposits, insurance-related income and various other types of ancillary income.

Comprehensive Income

Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Comprehensive Income	Comprehensive Income Comprehensive income consists of net income; amortization of the actuarial loss on the defined benefit pension plan; and the increase or decrease in unrealized gains or losses on available-for-sale marketable securities. Comprehensive income totaled $42.5 million and $32.3 million for the three-month periods ended June 30, 2015 and 2014 , respectively, and $69.0 million and $56.0 million for the six-month periods ended June 30, 2015 and 2014 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of the actuarial loss on the defined benefit pension plan, net of tax, and unrealized gains on available-for-sale marketable securities, as reported within the Consolidated Statement of Stockholders’ Equity. Changes in accumulated other comprehensive loss were reported as “Other comprehensive (loss) income, net” within the Consolidated Statements of Comprehensive Income. There were no reclassification adjustments, which represent realized gains or losses on the sales of available-for-sale marketable securities included in net income, for the three- and six-month periods ended June 30, 2015 , compared to gains of $124,000 and $172,000 for the three- and six-month periods ended June 30, 2014 , respectively. The following table summarizes the components of other comprehensive (loss) income for the three- and six-month periods presented: THREE MONTHS ENDED JUNE 30, 2015 (in thousands) GROSS OTHER COMPREHENSIVE (LOSS) INCOME TAX BENEFIT NET OTHER COMPREHENSIVE (LOSS) INCOME Amortization of actuarial loss on defined benefit pension plan $ 7 $ (3 ) $ 4 Unrealized loss on marketable securities, available-for-sale: Unrealized loss on marketable securities, available-for-sale (150 ) — (150 ) Less: reclassification adjustments included in net income — — — Total unrealized loss on marketable securities, available-for-sale (150 ) — (150 ) Other comprehensive loss $ (143 ) $ (3 ) $ (146 ) SIX MONTHS ENDED JUNE 30, 2015 Amortization of actuarial loss on defined benefit pension plan $ 117 $ (45 ) $ 72 Unrealized loss on marketable securities, available-for-sale: Unrealized loss on marketable securities, available-for-sale (169 ) — (169 ) Less: reclassification adjustments included in net income — — — Total unrealized loss on marketable securities, available-for-sale (169 ) — (169 ) Other comprehensive loss $ (52 ) $ (45 ) $ (97 ) THREE MONTHS ENDED JUNE 30, 2014 Amortization of actuarial loss on defined benefit pension plan $ 7 $ (3 ) $ 4 Unrealized gain on marketable securities, available-for-sale: Unrealized gain on marketable securities, available-for-sale 360 — 360 Less: reclassification adjustments for gains included in net income (124 ) — (124 ) Total unrealized gain on marketable securities, available-for-sale 236 — 236 Other comprehensive income $ 243 $ (3 ) $ 240 SIX MONTHS ENDED JUNE 30, 2014 Amortization of actuarial loss on defined benefit pension plan $ 15 $ (6 ) $ 9 Unrealized gain on marketable securities, available-for-sale: Unrealized gain on marketable securities, available-for-sale 596 — 596 Less: reclassification adjustments for gains included in net income (172 ) — (172 ) Total unrealized gain on marketable securities, available-for-sale 424 — 424 Other comprehensive income $ 439 $ (6 ) $ 433

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2015
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents totaled $280.0 million and $521.2 million at June 30, 2015 and December 31, 2014 , respectively. The Company considers all highly liquid short-term investments purchased with an original maturity of three months or less and cash held in escrow accounts to be cash equivalents. At June 30, 2015 and December 31, 2014 , the Company had restricted cash of $18.3 million and $35.7 million , respectively. The Company has various secured letter of credit agreements that require it to maintain cash deposits as collateral for outstanding letters of credit. Cash restricted under these agreements totaled $17.7 million and $33.8 million at June 30, 2015 and December 31, 2014 , respectively. In addition, RMC Mortgage Corporation and its subsidiaries (“RMCMC”) had restricted cash related to funds held in trust for third parties that totaled $602,000 and $1.9 million at June 30, 2015 and December 31, 2014 , respectively.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information The Company is a leading national homebuilder and provider of mortgage-related financial services. As one of the largest single-family on-site homebuilders in the United States, it operates in 17 states across the country. In accordance with Accounting Standards Codification (“ASC”) No. 280 (“ASC 280”), “Segment Reporting,” the Company has identified six reportable segments: four geographically determined homebuilding regions (North, Southeast, Texas and West); financial services; and corporate. The homebuilding segments specialize in the sale and construction of single-family attached and detached housing. The Company’s financial services segment includes RMCMC and Ryland Mortgage Company, collectively referred to as “RMC”; RH Insurance Company, Inc. (“RHIC”); and Columbia National Risk Retention Group, Inc. (“CNRRG”). The financial services segment provides mortgage-related products and services, as well as title and escrow services, to its homebuyers. Corporate is a nonoperating business segment with the sole purpose of supporting operations. In order to best reflect the Company’s financial condition and results of operations, certain corporate expenses, along with certain assets and liabilities relating to employee benefit plans, are allocated to the homebuilding and financial services segments. The Company evaluates performance and allocates resources based on a number of factors, including segment pretax earnings and risk. The accounting policies of the segments are the same as those described in Note 1, “Consolidated Financial Statements.” The following table provides the Company’s total revenues and earnings (loss) before taxes by segment for the three- and six- month periods presented: THREE MONTHS ENDED SIX MONTHS ENDED (in thousands) 2015 2014 2015 2014 REVENUES Homebuilding North $ 178,477 $ 154,111 $ 314,131 $ 287,675 Southeast 166,042 140,791 302,591 267,458 Texas 127,610 125,138 243,058 236,289 West 164,917 146,204 282,265 256,307 Financial services 16,589 11,145 28,989 19,343 Total $ 653,635 $ 577,389 $ 1,171,034 $ 1,067,072 EARNINGS (LOSS) BEFORE TAXES Homebuilding North $ 17,755 $ 14,954 $ 29,294 $ 25,748 Southeast 19,856 17,263 32,499 32,120 Texas 8,791 9,576 15,520 17,423 West 21,454 18,145 34,641 30,873 Financial services 8,777 (1,909 ) 13,899 (3,320 ) Corporate and unallocated (10,089 ) (5,826 ) (17,968 ) (12,471 ) Total $ 66,544 $ 52,203 $ 107,885 $ 90,373 The following table provides the Company’s total assets by segment: JUNE 30, 2015 (in thousands) HOUSING INVENTORIES OTHER ASSETS TOTAL ASSETS Homebuilding North $ 645,227 $ 61,930 $ 707,157 Southeast 592,004 35,078 627,082 Texas 354,853 49,704 404,557 West 684,733 40,821 725,554 Financial services — 174,377 174,377 Corporate and unallocated — 383,019 383,019 Total $ 2,276,817 $ 744,929 $ 3,021,746 Homebuilding DECEMBER 31, 2014 North $ 589,427 $ 47,742 $ 637,169 Southeast 518,691 36,994 555,685 Texas 347,178 43,042 390,220 West 590,527 41,198 631,725 Financial services — 194,258 194,258 Corporate and unallocated — 643,032 643,032 Total $ 2,045,823 $ 1,006,266 $ 3,052,089

Earnings Per Share Reconciliati

Earnings Per Share Reconciliation	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share Reconciliation	Earnings Per Share Reconciliation The Company computes earnings per share in accordance with ASC No. 260, (“ASC 260”), “Earnings per Share,” which requires earnings per share for each class of stock to be calculated using the two-class method. The two-class method is the method by which a company allocates earnings or loss between the holders of its common stock and its participating security holders. Under the two-class method, the allocation of earnings or loss between common shareholders and other security holders is based on their respective participation rights in dividends and undistributed earnings for the reporting period. All outstanding nonvested shares of restricted stock that contain non-forfeitable rights to dividends are considered participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Company’s nonvested shares of restricted stock with nonforfeitable rights to dividends are considered participating securities in accordance with ASC 260. As all of the nonvested shares of restricted stock with nonforfeitable rights to dividends vested in March 2014, the Company had no outstanding participating securities during the three- and six-month periods ended June 30, 2015 , or during the three-month period ended June 30, 2014. For purposes of determining diluted earnings per common share, basic earnings per common share is further adjusted to include the effect of potential dilutive common shares outstanding, including stock options and warrants using the treasury stock method and convertible debt using the if-converted method. The following table displays the computation of basic and diluted earnings per share for the three- and six-month periods presented: THREE MONTHS ENDED SIX MONTHS ENDED (in thousands, except share data) 2015 2014 2015 2014 NUMERATOR Net income $ 42,602 $ 32,042 $ 69,059 $ 55,569 Less: undistributed earnings allocated to nonvested restricted stock — — — (35 ) Numerator for basic earnings per share 42,602 32,042 69,059 55,534 Plus: interest on 1.6 percent convertible senior notes due 2018 729 729 1,458 1,458 Plus: interest on 0.25 percent convertible senior notes due 2019 299 299 598 598 Plus: undistributed earnings allocated to nonvested restricted stock — — — 35 Less: undistributed earnings reallocated to nonvested restricted stock — — — (28 ) Numerator for diluted earnings per share $ 43,630 $ 33,070 $ 71,115 $ 57,597 DENOMINATOR Basic earnings per share—weighted-average shares 46,706,437 46,914,902 46,579,660 46,747,403 Effect of dilutive securities: Share-based payments 977,421 926,184 1,004,661 975,081 1.6 percent convertible senior notes due 2018 7,023,780 7,023,780 7,023,780 7,023,780 0.25 percent convertible senior notes due 2019 3,565,962 3,565,962 3,565,962 3,565,962 Diluted earnings per share—adjusted weighted-average shares and assumed conversions 58,273,600 58,430,828 58,174,063 58,312,226 NET INCOME PER COMMON SHARE Basic $ 0.91 $ 0.68 $ 1.48 $ 1.19 Diluted $ 0.75 $ 0.57 $ 1.22 $ 0.99

Marketable Securities, Availabl

Marketable Securities, Available-for-sale	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Marketable Securities, Available-for-sale	Marketable Securities, Available-for-sale The Company’s investment portfolio includes U.S. Treasury securities, municipal debt securities and time deposits. As defined in ASC No. 320 (“ASC 320”), “Investments—Debt and Equity Securities,” the Company considers its investment portfolio to be available-for-sale. Accordingly, these investments are recorded at their fair values. The cost of securities sold is based on an average-cost basis. Unrealized gains on these investments were included in “Accumulated other comprehensive loss” within the Consolidated Balance Sheets. The Company periodically reviews its available-for-sale securities for other-than-temporary declines in fair values that are below their cost bases, as well as whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. At June 30, 2015 and December 31, 2014 , the Company believed that the cost bases for its available-for-sale securities were recoverable in all material respects. For the three-month periods ended June 30, 2015 and 2014 , net realized earnings associated with the Company’s investment portfolio, which included interest, dividends and net realized gains on sales of marketable securities, totaled $173,000 and $429,000 , respectively. For the six-month periods ended June 30, 2015 and 2014 , net realized earnings totaled $318,000 and $833,000 , respectively. These earnings were included in “Gain from marketable securities, net” within the Consolidated Statements of Earnings. Realized gains or losses on the sales of marketable securities were included as reclassification adjustments, which are a component of other comprehensive income. (See Note 4, “Accumulated Other Comprehensive Loss.”) The primary objectives of the Company’s investment portfolio are safety of principal and liquidity. Investments are made with the purpose of achieving the highest rate of return consistent with these two objectives. The Company’s investment policy limits investments to debt rated investment grade or better, as well as to bank and money market instruments and to issues by the U.S. government, U.S. government agencies and municipal or other institutions primarily with investment-grade credit ratings. Policy restrictions are placed on maturities, as well as on concentration by type and issuer. The following table displays the fair values of marketable securities, available-for-sale, by type of security: JUNE 30, 2015 (in thousands) AMORTIZED COST GROSS UNREALIZED GAINS ESTIMATED FAIR VALUE Type of security: U.S. Treasury securities $ 450 $ — $ 450 Municipal debt securities 9,766 49 9,815 Total debt securities 10,216 49 10,265 Time deposits 7,526 — 7,526 Total marketable securities, available-for-sale $ 17,742 $ 49 $ 17,791 DECEMBER 31, 2014 Type of security: U.S. Treasury securities $ 350 $ — $ 350 Municipal debt securities 9,766 218 9,984 Total debt securities 10,116 218 10,334 Time deposits 7,511 — 7,511 Total marketable securities, available-for-sale $ 17,627 $ 218 $ 17,845 The following table displays the fair values of marketable securities, available-for-sale, by contractual maturity: (in thousands) JUNE 30, 2015 DECEMBER 31, 2014 Contractual maturity: Maturing in one year or less $ 7,976 $ 7,861 Maturing after three years 9,815 9,984 Total marketable securities, available-for-sale $ 17,791 $ 17,845

Housing Inventories

Housing Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Housing Inventories	Housing Inventories Housing inventory includes land and development costs; direct construction costs; certain capitalized indirect construction costs; capitalized interest; and real estate taxes. The costs of acquiring and developing land and constructing certain related amenities are allocated to the parcels to which these costs relate. Inventories to be held and used are stated at cost unless a community is determined to be impaired, in which case the impaired inventories are written down to their fair values. As required by ASC No. 360 (“ASC 360”), “Property, Plant and Equipment,” inventory is reviewed for potential write-downs on an ongoing basis. ASC 360 requires that, in the event that impairment indicators are present and undiscounted cash flows signify that the carrying amount of an asset is not recoverable, impairment charges must be recorded if the fair value of the asset is less than its carrying amount. The Company reviews all communities on a quarterly basis for changes in events or circumstances indicating signs of impairment. Examples of events or changes in circumstances include, but are not limited to: price declines resulting from sustained competitive pressures; a change in the manner in which the asset is being used; a change in assessments by a regulator or municipality; cost increases; the expectation that, more likely than not, an asset will be sold or disposed of significantly before the end of its previously estimated useful life; or the impact of local economic or macroeconomic conditions, such as employment or housing supply, on the market for a given product. Signs of impairment may include, but are not limited to, very low or negative profit margins, the absence of sales activity in an open community and/or significant price differences for comparable parcels of land held-for-sale. If it is determined that indicators of impairment exist in a community, undiscounted cash flows are prepared and analyzed at a community level based on expected pricing; sales absorption rates; construction costs; local municipality fees; warranty, closing, carrying, selling, overhead and other related costs; or on market studies that are performed for comparable parcels of land held-for-sale to determine if the realizable values of the assets are less than their respective carrying amounts. In order to determine assumed sales prices included in cash flow models, the Company analyzes historical sales prices on homes delivered in the community and in other communities located within the same geographic area, as well as sales prices included in its current backlog for such communities. In addition, it analyzes market studies and trends, which generally include statistics on sales prices of similar products in neighboring communities and sales prices of similar products in non-neighboring communities located within the same geographic area. In order to estimate the costs of building and delivering homes, the Company generally assumes cost structures reflecting contracts currently in place with vendors, adjusted for any anticipated cost-reduction initiatives or increases. The Company’s analysis of each community generally assumes current pricing equal to current sales orders for a particular or comparable community. For a minority of communities that the Company does not intend to operate for an extended period of time or where the operating life extends for several years, slight increases over current sales prices or costs may be assumed in later years. Once a community is considered to be impaired, the Company’s determinations of fair value and new cost basis are primarily based on discounting estimated cash flows at rates commensurate with inherent risks associated with the continuing assets. Due to the fact that estimates and assumptions included in cash flow models are based on historical results and projected trends, unexpected changes in market conditions that may lead to additional impairment charges in the future cannot be anticipated. Valuation adjustments are recorded against homes completed or under construction; land under development; or improved lots. Write-downs of impaired inventories to their fair values are recorded as adjustments to the cost basis of the respective inventory. At June 30, 2015 and December 31, 2014 , valuation reserves related to impaired inventories totaled $115.4 million and $122.0 million , respectively. The net carrying values of the related inventories totaled $139.3 million and $137.7 million at June 30, 2015 and December 31, 2014 , respectively. The Company periodically writes off earnest money deposits and preacquisition feasibility costs related to land and lot option purchase contracts that it no longer plans to pursue. During the second quarters of 2015 and 2014 , the Company wrote off preacquisition feasibility costs and earnest money deposits that totaled $582,000 and $490,000 , respectively. The Company wrote off $1.0 million and $973,000 in preacquisition feasibility costs and earnest money deposits during the six months ended June 30, 2015 and 2014, respectively. Should homebuilding market conditions weaken or the Company be unsuccessful in renegotiating certain land option purchase contracts, it may write off additional earnest money deposits and preacquisition feasibility costs in future periods. Interest and taxes are capitalized during active development and construction stages. Capitalized interest is amortized and included in land costs within cost of sales when the related inventory is delivered to homebuyers. The following table summarizes the activity that relates to capitalized interest: (in thousands) 2015 2014 Capitalized interest at January 1 $ 107,810 $ 89,619 Interest capitalized 31,840 34,283 Interest amortized to cost of sales (22,036 ) (22,246 ) Capitalized interest at June 30 $ 117,614 $ 101,656 Interest incurred $ 31,840 $ 34,283 The following table summarizes each reporting segment’s total number of lots owned and lots controlled under option agreements: JUNE 30, 2015 DECEMBER 31, 2014 LOTS LOTS LOTS LOTS OWNED OPTIONED TOTAL OWNED OPTIONED TOTAL North 7,817 6,692 14,509 7,396 6,335 13,731 Southeast 8,913 3,639 12,552 8,646 3,535 12,181 Texas 3,996 2,427 6,423 3,938 3,083 7,021 West 5,364 953 6,317 5,323 717 6,040 Total 26,090 13,711 39,801 25,303 13,670 38,973

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The Company records goodwill associated with its business acquisitions when the consideration paid exceeds the fair value of the net tangible and identifiable intangible assets acquired. Goodwill was included in “Other” assets within the Consolidated Balance Sheets. The following table provides the Company’s goodwill balance by segment: (in thousands) JUNE 30, 2015 DECEMBER 31, 2014 North $ 13,555 $ 13,555 Southeast 8,125 8,125 Texas 6,550 6,550 West 8,661 8,661 Total $ 36,891 $ 36,891 ASC No. 350 (“ASC 350”), “Intangibles—Goodwill and Other,” requires that goodwill and certain intangible assets be reviewed for impairment at least annually. The Company performs impairment tests of its goodwill annually as of November 30, or whenever significant events or changes occur that indicate impairment of goodwill may exist. ASC 350 allows an entity to qualitatively assess whether it is necessary to perform step one of the prescribed two-step goodwill impairment test. In testing for a potential impairment of goodwill, the Company qualitatively evaluates, based on the weight of available evidence, the significance of all identified events and circumstances in their totality, including both positive and negative events, to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Examples of events or changes in circumstances that may indicate that an asset is impaired include, but are not limited to, price declines resulting from sustained competitive pressures; a change in the manner in which the asset is being used; a change in assessments by a regulator or municipality; cost increases; the expectation that, more likely than not, an asset will be sold or disposed of significantly before the end of its previously estimated useful life; or the impact of local economic or macroeconomic conditions, such as employment or housing supply, on the market for a given product. If an entity believes, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, the two-step goodwill impairment test is not required. The Company performed a qualitative assessment of its goodwill at November 30, 2014, and determined that the two-step process was not necessary. The Company did not record any goodwill impairments for the six-month periods ended June 30, 2015 or 2014 .

Variable Interest Entities ("VI

Variable Interest Entities ("VIE")	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities ("VIE")	Variable Interest Entities (“VIE”) As required by ASC No. 810 (“ASC 810”), “Consolidation of Variable Interest Entities,” a VIE is to be consolidated by a company if that company has a controlling financial interest in the VIE, defined as both the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, as well as the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. ASC 810 also requires disclosures about VIEs that a company is not obligated to consolidate, but in which it has a significant, though not primary, variable interest. The Company enters into joint ventures, from time to time, for the purpose of acquisition and co-development of land parcels and lots. Its investment in these joint ventures may create a variable interest in a VIE, depending on the contractual terms of the arrangement. At June 30, 2015 and December 31, 2014 , all of the Company’s joint ventures were unconsolidated and accounted for under the equity method as it did not have a financial controlling interest in the joint ventures. (See Note 12, “Investments in Joint Ventures.”) Additionally, in the ordinary course of business, the Company enters into lot option purchase contracts in order to procure land for the construction of homes. Under such lot option purchase contracts, the Company funds stated deposits in consideration for the right to purchase lots at a future point in time at predetermined prices. The Company’s liability is generally limited to forfeiture of nonrefundable deposits, letters of credit and other nonrefundable amounts incurred. In accordance with the requirements of ASC 810, certain of the Company’s lot option purchase contracts may result in the creation of a variable interest in a VIE. In compliance with the provisions of ASC 810, the Company consolidated $29.7 million and $30.8 million of inventory not owned related to a lot option purchase contract at June 30, 2015 and December 31, 2014 , respectively. Although the Company may not have had legal title to the optioned land, under ASC 810 it had the primary variable interest and was required to consolidate the particular VIE’s assets under option at fair value. To reflect the fair value of the inventory consolidated under ASC 810, the Company included $16.1 million and $16.4 million of its related cash deposits for the lot option purchase contract at June 30, 2015 and December 31, 2014 , respectively, in “Consolidated inventory not owned” within the Consolidated Balance Sheets. Noncontrolling interest totaled $13.6 million and $14.4 million with respect to the consolidation of this contract at June 30, 2015 and December 31, 2014 , respectively, representing the selling entity’s ownership interest in the VIE. Additionally, the Company had cash deposits and/or letters of credit totaling $27.6 million and $25.0 million at June 30, 2015 and December 31, 2014 , respectively, that were associated with lot option purchase contracts having aggregate purchase prices of $377.7 million and $368.7 million , respectively. As the Company did not have the primary variable interest in these contracts, it was not required to consolidate them.

Investments in Joint Ventures

Investments in Joint Ventures	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures	Investments in Joint Ventures The Company enters into joint ventures, from time to time, for the purpose of acquisition and co-development of land parcels and lots, which are then sold to the Company, its joint venture partners or others at market prices. It participates in a number of joint ventures in which it does not have a controlling interest. As of June 30, 2015 , the Company participated in five active homebuilding joint ventures in the Chicago, Denver, San Antonio and Washington, D.C., markets. The Company recognizes its share of the respective joint ventures’ earnings or losses from the sale of lots to other homebuilders. It does not, however, recognize earnings from lots that it purchases from the joint ventures. Instead, the Company reduces its cost basis in each lot by its share of the earnings from the lot. The following table summarizes each reporting segment’s total estimated share of lots owned by the Company under its joint ventures: JUNE 30, 2015 DECEMBER 31, 2014 North 155 155 Texas 230 242 West 226 226 Total 611 623 At June 30, 2015 and December 31, 2014 , the Company’s investments in its unconsolidated joint ventures totaled $13.1 million and $12.6 million , respectively, which included $906,000 and $837,000 , respectively, of homebuilding interest capitalized to investments in unconsolidated joint ventures. Its investments in joint ventures were included in “Other” assets within the Consolidated Balance Sheets. For the three months ended June 30, 2015 and 2014 , the Company’s earnings from its unconsolidated joint ventures totaled $281,000 and $261,000 , respectively. For the six months ended June 30, 2015 and 2014 , the Company’s earnings from its unconsolidated joint ventures totaled $497,000 and $363,000 , respectively. Earnings from unconsolidated joint ventures were included in “Cost of sales” within the Consolidated Statements of Earnings.

Debt and Credit Facilities

Debt and Credit Facilities	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt and Credit Facilities	Debt and Credit Facilities The following table presents the composition of the Company’s debt and financial services credit facilities: (in thousands) JUNE 30, 2015 DECEMBER 31, 2014 Senior notes 5.4 percent senior notes due January 2015 $ — $ 126,481 8.4 percent senior notes due May 2017 230,000 230,000 6.6 percent senior notes due May 2020 300,000 300,000 5.4 percent senior notes due October 2022 250,000 250,000 Convertible senior notes 1.6 percent convertible senior notes due May 2018 225,000 225,000 0.25 percent convertible senior notes due June 2019 267,500 267,500 Total senior notes and convertible senior notes 1,272,500 1,398,981 Debt discount (1,342 ) (1,673 ) Senior notes and convertible senior notes, net 1,271,158 1,397,308 Secured notes payable 24,795 5,771 Total debt $ 1,295,953 $ 1,403,079 Financial services credit facilities $ 122,607 $ 129,389 Each of the senior notes pays interest semiannually and all, except for the convertible senior notes due May 2018 and June 2019, may be redeemed at a stated redemption price, in whole or in part, at the option of the Company at any time. The Company’s obligations to pay principal, premium and interest under its senior notes and convertible senior notes are guaranteed on a joint and several basis by substantially all of its direct and indirect wholly owned homebuilding subsidiaries. Such guarantees are full and unconditional. (See Note 20, “Supplemental Guarantor Information.”) During the first quarter of 2015 , the Company used existing cash of $126.5 million to settle its 5.4 percent senior notes that matured. To finance its land purchases, the Company may also use nonrecourse secured notes payable. At June 30, 2015 and December 31, 2014 , outstanding nonrecourse secured notes payable totaled $24.8 million and $5.8 million , respectively. Senior notes, convertible senior notes, credit facilities and indenture agreements are subject to certain covenants that include, among other things, restrictions on additional secured debt and the sale of assets. The Company was in compliance with these covenants at June 30, 2015 . During 2014 , the Company entered into a four -year unsecured revolving credit facility agreement (the “Credit Facility”). The Credit Facility provides for a $300.0 million revolving credit facility (the “Revolving Credit Facility”), which includes a $150.0 million letter of credit subfacility (the “Letter of Credit Subfacility”) and a $25.0 million swing line facility. In addition, the Credit Facility includes an accordion feature pursuant to which the commitments under the Revolving Credit Facility may be increased, from time to time, up to a principal amount not to exceed $450.0 million , subject to the terms and conditions set forth in the agreement. The commitments for the Letter of Credit Subfacility are not to exceed half of the amount of the commitments for the Revolving Credit Facility. The Credit Facility, which matures on November 21, 2018, provides for the commitments to be extended for up to two additional one -year periods, subject to satisfaction of the terms and conditions set forth therein. The obligation of the lenders to make advances or issue letters of credit under the Credit Facility is subject to the satisfaction of certain conditions set forth in the credit agreement. If the leverage ratio of the Company and its homebuilding segment subsidiaries exceeds certain thresholds as set forth in the Credit Facility, availability under the Revolving Credit Facility will be subject to a borrowing base as set forth in the agreement. The Credit Facility contains various representations and warranties, as well as affirmative, negative and financial covenants that the Company considers customary for financings of this type. The financial covenants in the Credit Facility include a maximum leverage ratio covenant; a minimum net worth test; and a minimum interest coverage test or a minimum liquidity test. The financial services segment subsidiaries of the Company are unrestricted subsidiaries under the Credit Facility and certain covenants of the agreement do not apply to the unrestricted subsidiaries. The Credit Facility includes event of default provisions that the Company considers customary for financings of this type. If an event of default under the Credit Facility occurs and is continuing, the commitments under the agreement may be terminated; the amounts outstanding, including all accrued interest and unpaid fees, may be declared payable immediately; and the Company may be required to cash collateralize the outstanding letters of credit issued under this facility. The Credit Facility will be used for general corporate purposes. Certain letters of credit issued and outstanding prior to the Company’s entry into the Credit Facility have been deemed letters of credit under the facility and made subject to its terms. Amounts borrowed under the Credit Facility are guaranteed on a joint and several basis by substantially all of the Company’s 100 percent -owned homebuilding subsidiaries. Such guarantees are full and unconditional. (See Note 20, “Supplemental Guarantor Information.”) Outstanding borrowings under the Credit Facility will bear interest at a fluctuating rate per annum that is equal to the base rate or the reserve-adjusted LIBOR rate in each case, plus an applicable margin that is determined based on changes in the leverage ratio of the Company and its homebuilding segment subsidiaries. The Company did not have any outstanding borrowings against the Revolving Credit Facility at June 30, 2015 or December 31, 2014 . The Company provides letters of credit in the ordinary course of its business. Under the Letter of Credit Subfacility, the Company had unsecured letters of credit outstanding that totaled $86.5 million and $67.7 million at June 30, 2015 and December 31, 2014 , respectively. The unused borrowing capacity of the Credit Facility totaled $213.5 million and $232.3 million at June 30, 2015 and December 31, 2014 , respectively. Additionally, the Company has various secured letter of credit agreements that require it to maintain restricted cash deposits for outstanding letters of credit. Outstanding letters of credit requiring restricted cash deposits totaled $17.5 million and $33.3 million under these agreements at June 30, 2015 and December 31, 2014 , respectively. During 2014 , RMCMC entered into a $50.0 million warehouse line of credit with Comerica Bank, which was subsequently extended in April 2015 to expire in April 2016, and allows for borrowings of $50.0 million to $100.0 million , subject to the terms and conditions set forth in the agreement. This facility is used to fund, and is secured by, mortgages originated by RMCMC that are pending sale. Under the terms of this facility, RMCMC is required to maintain various financial and other covenants and to satisfy certain requirements relating to the mortgages securing the facility. At June 30, 2015 , RMCMC was in compliance with these covenants. Outstanding borrowings against the credit facility totaled $63.3 million and $48.5 million at June 30, 2015 and December 31, 2014 , respectively, with a weighted-average effective interest rate of 3.0 percent at June 30, 2015 and December 31, 2014 . During 2011, RMCMC entered into a $50.0 million repurchase credit facility with JPMorgan Chase Bank, N.A. (“JPM”), which was subsequently increased to $100.0 million during 2014 and will expire in November 2015. This facility is used to fund, and is secured by, mortgages originated by RMCMC that are pending sale. Under the terms of the facility, RMCMC is required to maintain various financial and other covenants and to satisfy certain requirements relating to the mortgages securing the facility. At June 30, 2015 , RMCMC was in compliance with these covenants. Outstanding borrowings against the credit facility totaled $59.3 million and $80.9 million at June 30, 2015 and December 31, 2014 , respectively, with weighted-average effective interest rates of 2.9 percent and 3.2 percent at June 30, 2015 and December 31, 2014 , respectively.

Fair Values of Financial and No

Fair Values of Financial and Nonfinancial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Values of Financial and Nonfinancial Instruments	Fair Values of Financial and Nonfinancial Instruments Financial Instruments The Company’s financial instruments are held for purposes other than trading. The fair values of these financial instruments are based on quoted market prices, where available, or are estimated using other valuation techniques. Estimated fair values are significantly affected by the assumptions used. As required by ASC No. 820 (“ASC 820”), “Fair Value Measurements and Disclosures,” fair value measurements of financial instruments are categorized as Level 1, Level 2 or Level 3, based on the types of inputs used in estimating fair values. Level 1 fair values are those determined using quoted prices in active markets for identical assets or liabilities. Level 2 fair values are those determined using directly or indirectly observable inputs in the marketplace that are other than Level 1 inputs. Level 3 fair values are those determined using unobservable inputs, including the use of internal assumptions, estimates or models. Valuations, therefore, are sensitive to the assumptions used for these items. Fair values represent the Company’s best estimates as of the balance sheet date and are based on existing conditions and available information at the issuance date of these financial statements. Subsequent changes in conditions or available information may change assumptions and estimates. The carrying values of cash, cash equivalents, restricted cash and secured notes payable are reported in the Consolidated Balance Sheets and approximate their fair values due to their short-term natures and liquidity. The aggregate carrying values of the senior notes and convertible senior notes, net of discount, were $1.3 billion and $1.4 billion at June 30, 2015 and December 31, 2014 , respectively. The aggregate fair values of the senior notes and convertible senior notes were $1.4 billion and $1.5 billion at June 30, 2015 and December 31, 2014 , respectively. The fair values of the Company’s senior notes have been determined using quoted market prices (Level 1). The following table displays the values and methods used for measuring the fair values of financial instruments on a recurring basis: FAIR VALUE ( in thousands ) HIERARCHY JUNE 30, 2015 DECEMBER 31, 2014 Marketable securities, available-for-sale U.S. Treasury securities Level 1 $ 450 $ 350 Municipal debt securities Level 2 9,815 9,984 Time deposits Level 2 7,526 7,511 Mortgage loans held-for-sale Level 2 129,790 153,366 Mortgage interest rate lock commitments Level 2 8,034 4,229 Forward-delivery contracts Level 2 1,927 (2,141 ) Marketable Securities, Available-for-sale At June 30, 2015 and December 31, 2014 , the Company had $17.8 million of marketable securities that were available-for-sale and comprised of U.S. Treasury securities, municipal debt securities and time deposits. The Company’s marketable securities, available-for-sale that were identified as Level 2 were valued based on quoted market prices of similar instruments. (See Note 8, “Marketable Securities, Available-for-sale.”) Other Financial Instruments Mortgage loans held-for-sale and forward-delivery contracts are based on quoted market prices of similar instruments (Level 2). Interest rate lock commitments (“IRLCs”) are valued at their aggregate market price premium or deficit, plus a servicing premium, multiplied by the projected close ratio (Level 2). The market price premium or deficit is based on quoted market prices of similar instruments; the servicing premium is based on contractual investor guidelines for each product; and the projected close ratio is determined utilizing an external modeling system, widely used within the industry, to estimate customer behavior at an individual loan level. Mortgage loans are recorded at fair value at the time of origination in accordance with ASC No. 825 (“ASC 825”), “Financial Instruments,” and are classified as held-for-sale. Fair value measurements of mortgage loans held-for-sale improve the consistency of loan valuation between the date of borrower lock and the date of close. At June 30, 2015 and December 31, 2014 , contractual principal amounts of mortgage loans held-for-sale totaled $126.9 million and $147.9 million , respectively. The excess of the aggregate fair value over the aggregate unpaid principal balance for mortgage loans held-for-sale measured at fair value totaled $2.9 million and $5.4 million at June 30, 2015 and December 31, 2014 , respectively, and were included in “Financial services” revenues within the Consolidated Statements of Earnings. At June 30, 2015 , the Company held one repurchased loan with payments 90 days or more past due that had an aggregate carrying value of $218,000 and an aggregate unpaid principal balance of $339,000 . At December 31, 2014 , the Company held one repurchased loan with payments 90 days or more past due that had an aggregate carrying value of $219,000 and an aggregate unpaid principal balance of $340,000 . In accordance with ASC 825, the Company elected the fair value option for its IRLCs and its forward delivery contracts. The fair values of IRLCs were included in “Other” assets within the Consolidated Balance Sheets, and the fair values of forward-delivery contracts were included in “Other” assets and “Accrued and other liabilities” within the Consolidated Balance Sheets. Gains realized on the IRLC pipeline, including activity and changes in fair value, totaled $1.3 million and $3.8 million for the three- and six-month periods ended June 30, 2015 , respectively, and $2.3 million and $3.2 million for the three- and six-month periods ended June 30, 2014 , respectively. Gains on forward-delivery contracts used to hedge IRLCs totaled $2.7 million and $1.4 million for the three- and six-month periods ended June 30, 2015 , respectively, compar ed to losses on forward-delivery contracts that totaled $4.2 million and $7.2 million for the three- and six-month periods ended June 30, 2014 , respectively. Gains on loan sales totaled $5.7 million and $11.2 million for the three- and six-month periods ended June 30, 2015 , respectively, and $7.4 million and $12.8 million for the three- and six-month periods ended June 30, 2014 , respectively. Net gains and losses related to IRLCs, forward-delivery contracts and loan sales were included in “Financial services” revenues within the Consolidated Statements of Earnings. While recorded fair values represent management’s best estimate based on data currently available, future changes in interest rates or in market prices for mortgage loans, IRLCs and forward-delivery contracts, among other factors, could materially impact these fair values. (See Note 9, “Housing Inventories” for the fair value measurements of the Company’s nonfinancial instruments.)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax expense was $23.9 million and $38.8 million for the three and six months ended June 30, 2015 , respectively, compared to $20.2 million and $34.8 million for the three and six months ended June 30, 2014 , respectively. Its provision for income tax presented an overall effective income tax expense rate of 36.0 percent for the three and six months ended June 30, 2015 , compared to 38.6 percent and 38.5 percent for the three and six months ended June 30, 2014 , respectively . The change in the overall effective income tax rate for 2015 from 2014 was primarily due to the tax benefit that resulted from the domestic production activities deduction. Based on an evaluation of positive and negative evidence regarding the Company’s ability to realize its deferred tax assets and in accordance with ASC No. 740 (“ASC 740”), “Income Taxes,” the Company had net deferred tax assets of $84.4 million and $91.8 million at June 30, 2015 and December 31, 2014 , respectively, with no valuation allowance against these assets. Given that the accounting for deferred taxes is based upon estimates of future results, differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and any valuation allowance against the Company’s deferred tax assets. Deferred tax assets are recognized for estimated tax effects that are attributable to deductible temporary differences and tax carryforwards related to tax credits and NOLs. They are realized when existing temporary differences are carried back to a profitable year(s) and/or carried forward to a future year(s) having taxable income. Deferred tax assets are reduced by a valuation allowance if an assessment of their components indicates that it is more likely than not that all or some portion of these assets will not be realized. In the assessment for a valuation allowance, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses; actual earnings; forecasts of future earnings; the duration of statutory carryforward periods; the Company’s experience with NOL carryforwards not expiring unused; and tax planning alternatives. For federal purposes, NOLs can be carried forward 20 years ; for state purposes, they can generally be carried forward 10 to 20 years , depending on the taxing jurisdiction. As of December 31, 2014 , the Company fully utilized its federal NOL carryforwards. The Company has other federal carryforwards primarily composed of federal tax credits that can be carried forward 20 years and that have expiration dates beginning in 2029. The Company anticipates full utilization of these tax credits.

Long-Term Incentive and Supplem

Long-Term Incentive and Supplemental Executive Retirement Plans	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Long-Term Incentive and Supplemental Executive Retirement Plans	Long-Term Incentive and Supplemental Executive Retirement Plans Executive Officer Long-Term Incentive Plan (“LTIP”) During the first quarter of 2015, the Company’s Board of Directors approved the 2015 LTIP pursuant to the 2011 Equity and Incentive Plan. The 2015 LTIP provides for a target award of 123,567 performance share units, which are equivalent to shares of common stock. The 2015 LTIP will use a long-term performance period of three years and measure the Company’s relative total stockholder return (“TSR”) and growth in revenues to determine the amount of performance shares earned at the end of the performance period, which is December 31, 2017. Half of the target amount of performance shares is earned by an executive officer if the Company’s TSR is at the 50 th percentile of the performance of the compensation peer group as measured over the long-term performance period. If the Company’s relative TSR performance exceeds or falls below this target level, half of the target amount of performance shares earned by an executive officer is calculated such that it is reduced to zero at or below the 30 th percentile level or increased to a maximum level of 200 percent at or above the 90 th percentile level. The other half of the target amount of performance shares is earned if the Company’s revenue growth over the long-term performance period is 25 percent . If its revenue growth exceeds or falls below this target level, half of the target amount of performance shares earned by an executive officer is calculated such that it is reduced to zero for revenue growth at or below 15 percent or increased to a maximum level of 200 percent for revenue growth at or above 35 percent . There are incremental adjustments for the calculation of earned performance shares between these minimum and maximum levels of performance. During 2014, the Company’s Board of Directors approved the 2014 LTIP pursuant to the 2011 Equity and Incentive Plan. The 2014 LTIP provides for a target award of 141,566 performance share units, which are equivalent to shares of common stock. The 2014 LTIP will use a long-term performance period of three years and measure the Company’s relative TSR and growth in revenues to determine the amount of performance shares earned at the end of the performance period, which is December 31, 2016. Half of the target amount of performance shares is earned by an executive officer if the Company’s TSR is at the 50 th percentile of the compensation peer group’s performance as measured over the long-term performance period. If the Company’s relative TSR performance exceeds or falls below this target level, half of the target amount of performance shares earned by an executive officer is calculated such that it is reduced to zero at or below the 30 th percentile level or increased to a maximum level of 200 percent at or above the 90 th percentile level. The other half of the target amount of performance shares is earned if the Company’s revenue growth over the long-term performance period is 30 percent . If its revenue growth exceeds or falls below this target level, half of the target amount of performance shares earned by an executive officer is calculated such that it is reduced to zero for revenue growth at or below 20 percent or increased to a maximum level of 200 percent for revenue growth at or above 40 percent . There are incremental adjustments for the calculation of earned performance shares between these minimum and maximum levels of performance. During 2013, the Company’s Board of Directors approved the 2013 LTIP pursuant to the 2011 Equity and Incentive Plan. The 2013 LTIP provides for a target award of 135,332 performance share units, which are equivalent to shares of common stock. The 2013 LTIP will use a long-term performance period of three years and measure the Company’s relative TSR and growth in revenues to determine the amount of performance shares earned at the end of the performance period, which is December 31, 2015. Half of the target amount of performance shares is earned by an executive officer if the Company’s TSR is at the 50 th percentile of the compensation peer group’s performance as measured over the long-term performance period. If the Company’s relative TSR performance exceeds or falls below this target level, half of the target amount of performance shares earned by an executive officer is calculated such that it is reduced to zero at or below the 30 th percentile level or increased to a maximum level of 200 percent at or above the 90 th percentile level. The other half of the target amount of performance shares is earned if the Company’s revenue growth over the long-term performance period is 60 percent . If its revenue growth exceeds or falls below this target level, half of the target amount of performance shares earned by an executive officer is calculated such that it is reduced to zero for revenue growth at or below 45 percent or increased to a maximum level of 200 percent for revenue growth at or above 75 percent . There are incremental adjustments for the calculation of earned performance shares between these minimum and maximum levels of performance. (See Note 17, “Stock-Based Compensation,” for compensation expense related to LTIP awards.) Supplemental Executive Retirement Plan The Company has a supplemental, unfunded, nonqualified retirement plan, pursuant to which it will pay supplemental pension benefits to key employees upon retirement. All employees in the plan are fully vested. In connection with the plan, it has purchased cost-recovery life insurance on the lives of certain employees. Insurance contracts associated with the plan are held by trusts established as part of the plan to implement and carry out its provisions and to finance its related benefits. The trusts are owners and beneficiaries of such contracts. The amount of coverage is designed to provide sufficient revenue to cover all costs of the plan if assumptions made as to employment term, mortality experience, policy earnings and other factors are realized. The values of the assets held in trust totaled $14.4 million and $15.7 million at June 30, 2015 and December 31, 2014 , respectively, and were included in “Other” assets within the Consolidated Balance Sheets. The following table provides the costs recognized and benefits paid for the Company’s supplemental, unfunded, nonqualified retirement plan during the three- and six-month periods presented: THREE MONTHS ENDED SIX MONTHS ENDED (in thousands) 2015 2014 2015 2014 Interest costs $ 142 $ 173 $ 328 $ 294 Amortization of unrecognized actuarial loss 7 7 117 15 Total costs $ 149 $ 180 $ 445 $ 309 Benefits paid $ — $ — $ 1,477 $ 90 The Company recognized an investment loss on the cash surrender value of the insurance contracts of $73,000 for the three-month period ended June 30, 2015 , compared to an investment gain of $418,000 for the three-month period ended June 30, 2014 . The Company recognized investment gains of $119,000 and $533,000 for the six-month periods ended June 30, 2015 and 2014 , respectively. The $14.9 million and $16.1 million projected benefit obligations at June 30, 2015 and December 31, 2014 , respectively, were included in “Accrued and other liabilities” within the Consolidated Balance Sheets at those dates. The weighted-average discount rates used for the plan were 1.0 percent and 2.0 percent for the six-month periods ended June 30, 2015 and 2014 , respectively. The expected future payouts for the Company’s supplemental executive retirement plan as of June 30, 2015 , are as follows: 2016 – $5.4 million ; 2017 – $1.6 million ; 2018 – $2.9 million ; 2019 – $1.5 million ; 2020 – $90,000 ; and 2021 through 2025– $4.6 million .

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Ryland Group, Inc. 2011 Equity and Incentive Plan (the “Plan”) permits the granting of stock options, restricted stock awards, stock units, cash incentive awards or any combination of the foregoing to employees. Stock options granted in accordance with the Plan generally have maximum terms of seven years and vest in equal annual installments over three years . Certain outstanding stock options granted under predecessor plans have maximum terms of either five or ten years . Outstanding restricted stock units granted under the Plan or its predecessor plans generally vest in three equal annual installments, and those granted to senior executives generally vest in one installment at the end of a three-year performance period. At June 30, 2015 and December 31, 2014 , stock options or other awards or units available for grant under the Plan or its predecessor plans totaled 3,516,458 and 3,515,345 , respectively. The Ryland Group, Inc. 2011 Non-Employee Director Stock Plan (the “Director Plan”) provides for a stock award of 3,000 shares to each non-employee director on May 1 of each year. Each new non-employee director will receive a pro rata stock award within 30 days after their date of appointment or election, based on the remaining portion of the plan year in which they are appointed or elected. Stock awards are fully vested and nonforfeitable on their applicable award dates. There were 96,830 and 117,830 stock awards available for future grant in accordance with the Director Plan at June 30, 2015 and December 31, 2014 , respectively. Previously, The Ryland Group, Inc. 2004 Non-Employee Director Equity Plan and its predecessor plans provided for automatic grants of nonstatutory stock options to directors. These stock options are fully vested and have maximum terms of ten years . All outstanding stock options, stock awards and restricted stock awards have been granted in accordance with the terms of the applicable Plan, Director Plan and their respective predecessor plans, all of which were approved by the Company’s stockholders. Certain option and share awards provide for accelerated vesting if there is a change in control or upon retirement (as defined in the plans). The Company recorded stock-based compensation expense that totaled $4.7 million and $4.5 million for the three months ended June 30, 2015 and 2014 , respectively. Stock-based compensation expense totaled $11.5 million and $10.1 million for the six months ended June 30, 2015 and 2014 , respectively. Stock-based compensation expenses have been allocated to the Company’s segments and included in “Selling, general and administrative” and “Financial services” expenses within the Consolidated Statements of Earnings. ASC No. 718 (“ASC 718”), “Compensation—Stock Compensation,” requires cash flows attributable to tax benefits resulting from tax deductions i n excess of compensation costs recognized for exercised stock options (“excess tax benefits”) to be classified as financing cash flows. For the six-month period ended June 30, 2015 , $1.9 million in excess tax benefits was classified as a financing inflow in the Consolidated Statements of Cash Flows. There were no excess tax benefits recognized for the six-month period ended June 30, 2014. A summary of stock option activity in accordance with the Company’s equity incentive plans as of June 30, 2015 and 2014 , and changes for the six-month periods then ended, follows: SHARES WEIGHTED- AVERAGE EXERCISE PRICE WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE ( in years ) AGGREGATE INTRINSIC VALUE ( in thousands ) Options outstanding at January 1, 2014 2,326,201 $ 27.02 2.3 Exercised (539,733 ) 29.24 Forfeited (15,473 ) 21.57 Options outstanding at June 30, 2014 1,770,995 $ 26.39 2.4 $ 30,216 Available for future grant 3,348,345 Total shares reserved at June 30, 2014 5,119,340 Options exercisable at June 30, 2014 1,544,332 $ 27.49 2.0 $ 25,571 Options outstanding at January 1, 2015 1,385,497 $ 23.30 2.2 Exercised (424,684 ) 20.67 Forfeited (36,667 ) 47.63 Options outstanding at June 30, 2015 924,146 $ 23.55 2.2 $ 23,666 Available for future grant 3,516,458 Total shares reserved at June 30, 2015 4,440,604 Options exercisable at June 30, 2015 917,479 $ 23.50 2.2 $ 23,561 Stock-based compensation expense related to employee stock options totaled $19,000 and $429,000 for the three-month periods ended June 30, 2015 and 2014 , respectively, and $220,000 and $1.1 million for the six-month periods ended June 30, 2015 and 2014 , respectively. The intrinsic values of stock options exercised during the three-month periods ended June 30, 2015 and 2014 , totaled $979,000 and $967,000 , respectively. The intrinsic values of stock options exercised during the six-month periods ended June 30, 2015 and 2014 , totaled $8.9 million and $7.9 million , respectively. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. Compensation expense associated with restricted stock unit awards and LTIP awards totaled $4.4 million and $3.8 million for the three-month periods ended June 30, 2015 and 2014 , respectively, and $10.9 million and $8.5 million for the six-month periods ended June 30, 2015 and 2014 , respectively. (See Note 16, “Long-Term Incentive and Supplemental Executive Retirement Plans,” for details on the LTIP.) The following table summarizes activity that relates to the Company’s restricted stock unit awards: 2015 2014 Restricted stock units at January 1 368,084 539,106 Shares awarded 170,994 131,597 Shares vested (231,969 ) (298,791 ) Shares forfeited (11,082 ) (3,828 ) Restricted stock units at June 30 296,027 368,084 At June 30, 2015 , the Company’s outstanding restricted stock units are expected to vest as follows: 2015 — 17,526 ; 2016 — 133,677 ; 2017 — 91,287 ; and 2018 — 53,537 . The Company has granted stock awards to its non-employee directors pursuant to the terms of the Director Plan. The Company recorded stock-based compensation expense related to Director Plan stock awards in the amounts of $207,000 and $189,000 for the three-month periods ended June 30, 2015 and 2014 , respectively, and $454,000 and $436,000 for the six-month periods ended June 30, 2015 and 2014 , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments In the ordinary course of business, the Company acquires rights under option agreements to purchase land or lots for use in future homebuilding operations. At June 30, 2015 and December 31, 2014 , it had cash deposits and letters of credit outstanding that totaled $75.2 million and $72.8 million , respectively, pertaining to land and lot option purchase contracts with aggregate purchase prices of $783.7 million and $847.1 million , respectively. At June 30, 2015 and December 31, 2014 , the Company had $1.4 million in commitments with respect to option contracts having specific performance provisions. In the normal course of business and pursuant to its risk-management policy, RMC enters, as an end user, into derivative instruments, including forward-delivery contracts for loans; options on forward-delivery contracts; and options on futures contracts, to minimize the impact of movement in market interest rates on IRLCs. Major factors influencing the use of various hedging contracts include general market conditions, interest rates, types of mortgages originated and the percentage of IRLCs expected to fund. The market risk assumed while holding the hedging contracts generally mitigates the market risk associated with IRLCs. RMC is exposed to credit-related losses in the event of nonperformance by counterparties to certain hedging contracts. Credit risk is limited to those instances where RMC is in a net unrealized gain position. It manages this credit risk by entering into agreements with counterparties meeting its credit standards and by monitoring position limits. IRLCs represent loan commitments with customers at market rates generally up to 180 days before settlement and expose RMC to market risk should mortgage rates increase. IRLCs had interest rates generally ranging from 3.5 percent to 4.8 percent at June 30, 2015 and December 31, 2014 . Outstanding IRLCs had notional amounts that totaled $311.5 million and $148.0 million at June 30, 2015 and December 31, 2014 , respectively. Hedging instruments, including forward-delivery contracts, are utilized to mitigate the risk associated with interest rate fluctuations on IRLCs. Contingencies As an on-site housing producer, the Company is often required by some municipalities to obtain development or performance bonds or letters of credit in support of its contractual obligations. At June 30, 2015 , performance bonds totaled $203.1 million , while performance-related cash deposits and letters of credit totaled $97.0 million . At December 31, 2014 , performance bonds totaled $189.4 million , while performance-related cash deposits and letters of credit totaled $87.3 million . In the event that any such bonds or letters of credit are called, the Company would be required to reimburse the issuer; it does not, however, believe that any currently outstanding bonds or letters of credit will be called. Substantially all of the loans RMC originates are sold within a short period of time in the secondary mortgage market on a servicing-released basis. After the loans are sold, ownership, credit risk and management, including servicing of the loans, passes to the third-party investor. RMC retains no role or interest other than standard industry representations and warranties, but it does retain potential liability for possible claims by loan purchasers that it breached certain limited standard industry representations and warranties in its sale agreements. The following table summarizes the composition of the RMC’s mortgage loan types originated, its homebuyers’ average credit scores and its loan-to-value ratios: SIX MONTHS ENDED JUNE 30, TWELVE MONTHS ENDED DECEMBER 31, 2015 2014 2013 2012 2011 2010 Prime 66.2 % 67.6 % 57.2 % 48.6 % 42.2 % 34.9 % Government (FHA/VA/USDA) 33.8 % 32.4 % 42.8 % 51.4 % 57.8 % 65.1 % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Average FICO credit score 730 732 733 731 726 723 Average combined loan-to-value ratio 87.9 % 87.8 % 89.8 % 90.1 % 90.3 % 90.8 % RMC has established reserves for possible losses associated with mortgage loans previously originated and sold to investors based upon, among other things, actual past repurchases and losses related to the disposition of affected loans; an analysis of repurchase requests received and the validity of those requests; and an estimate of potential liability for valid claims not yet received. Although the amount of an ultimate loss cannot be definitively estimated, RMC accrued $1.3 million and $1.4 million for these types of claims as of June 30, 2015 and December 31, 2014 , respectively, but it may have additional exposure. Subsequent changes in conditions or available information may change assumptions and estimates. Mortgage loan loss reserves and related legal reserves were included in “Accrued and other liabilities” within the Consolidated Balance Sheets, and their associated expenses were included in “Financial services” expense within the Consolidated Statements of Earnings. The following table displays the changes in the Company’s mortgage loan loss reserves and related legal reserves during the six-month periods presented: (in thousands) 2015 2014 Balance at January 1 $ 1,397 $ 11,472 Provision for losses 242 6,056 Settlements made (322 ) (231 ) Balance at June 30 $ 1,317 $ 17,297 The Company provides product warranties covering workmanship and materials for one year, certain mechanical systems for two years and structural systems for ten years. It estimates and records warranty liabilities based upon historical experience and known risks at the time a home closes as a component of cost of sales, as well as upon identification and quantification of its obligations in cases of unexpected claims. Actual future warranty costs could differ from current estimates. The following table summarizes the changes in the Company’s product liability reserves during the six-month periods presented: (in thousands) 2015 2014 Balance at January 1 $ 25,556 $ 23,139 Warranties issued 3,963 4,562 Changes in liability for accruals related to pre-existing warranties (13 ) 657 Settlements made (5,018 ) (4,679 ) Balance at June 30 $ 24,488 $ 23,679 The Company requires substantially all of its subcontractors to have workers’ compensation insurance and general liability insurance, including construction defect coverage. RHIC provided insurance services to the homebuilding segments’ subcontractors in certain markets until June 1, 2008. At June 30, 2015 and December 31, 2014 , RHIC had $11.0 million and $12.5 million , respectively, in insurance reserves, which were included in “Accrued and other liabilities” within the Consolidated Balance Sheets. Reserves for loss and loss adjustment expense are based upon actuarial projections of the Company's historical loss development and industry trends. The following table displays changes in RHIC’s insurance reserves during the six-month periods presented: (in thousands) 2015 2014 Balance at January 1 $ 12,521 $ 13,857 Insurance expense provisions or adjustments — 1,900 Loss expenses paid (1,569 ) (2,488 ) Balance at June 30 $ 10,952 $ 13,269 Expense provisions or adjustments to RHIC’s insurance reserves were included in “Financial services” expense within the Consolidated Statements of Earnings. The Company is party to various legal proceedings generally incidental to its businesses. Litigation reserves have been established based on discussions with counsel and on the Company’s analysis of historical claims. The Company has, and requires its subcontractors to have, general liability insurance to protect it against a portion of its risk of loss and to cover it against construction-related claims. The Company establishes reserves to cover its self-insured retentions and deductible amounts under those policies. In view of the inherent unpredictability of outcomes in legal matters, particularly where (a) damages sought are speculative, unspecified or indeterminate; (b) proceedings are in the early stages or impacted significantly by future legal determinations or judicial decisions; (c) matters involve unsettled questions of law, multiple parties, or complex facts and circumstances; or (d) insured risk transfer or coverage is undetermined, there is considerable uncertainty surrounding the timing or resolution of these matters, including a possible eventual loss. Given this inherent unpredictability, actual future litigation costs could differ from the Company’s current estimates. However, the Company believes that adequate provisions have been made for the resolution of all known claims and pending litigation for probable losses. In accordance with ASC No. 450 (“ASC 450”), “Contingencies,” the Company accrues amounts for legal matters where it believes they present loss contingencies that are both probable and reasonably estimable. In such cases, however, the Company may be exposed to losses in excess of any amounts accrued and may occasionally need to adjust the accruals to reflect developments that could affect its estimate of potential losses. Moreover, in accordance with ASC 450, if the Company does not believe that the potential loss from a particular matter is both probable and reasonably estimable, it does not make an accrual and will monitor the matter for any developments that would make the loss contingency both probable and reasonably estimable. For matters as to which the Company believes a loss is probable and reasonably estimable, it had legal reserves of $6.4 million and $5.7 million at June 30, 2015 and December 31, 2014 , respectively. (See “Part II, Item 1, Legal Proceedings.”) It currently estimates that the range of reasonably possible losses, in excess of amounts accrued, could be up to approximately $1.3 million in the aggregate.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements ASU 2015-03 In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-03 (“ASU 2015-03”), “Interest—Imputation of Interest (Subtopic 835-30).” The amendments in ASU 2015-03 simplify the presentation of debt issuance costs by requiring them to be presented as a deduction from the corresponding debt liability. Recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. ASU 2015-03 is effective for the Company for annual reporting periods beginning after December 15, 2015, and for interim periods within those annual periods. Early adoption is permitted. Once adopted, the Company will apply the new guidance retrospectively to all prior periods presented in the financial statements. Upon transition, it is required to comply with applicable disclosures for a change in accounting principle. These disclosures include the nature of and reason for the change in accounting principle; the transition method; a description of prior-period information that has been retrospectively adjusted; and the effect of the change on financial statement line items. The Company is currently evaluating the impact of adoption on its consolidated financial statements. ASU 2015-02 In February 2015, the FASB issued ASU No. 2015-02 (“ASU 2015-02”), “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of adoption on its consolidated financial statements. ASU 2014-09 In May 2014, the FASB issued ASU No. 2014-09 (“ASU 2014-09”), “Revenue from Contracts with Customers (Topic 606).” The amendments in ASU 2014-09 provide guidance on revenue recognition and supersede the revenue recognition requirements in Topic 605, “Revenue Recognition,” most industry-specific guidance and some cost guidance included in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts.” The core principle of ASU 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than is required under the current guidance. These judgments may include identifying performance obligations in the contract; estimating the amount of variable consideration to be included in the transaction price; and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for the Company for annual reporting periods beginning after December 15, 2016, and for interim periods within those annual periods. At that time, the Company may adopt the full retrospective approach or the modified retrospective approach. On April 1, 2015, the FASB voted in favor of a one-year deferral of the effective date to December 15, 2017. Also, the FASB will permit public companies to adopt the amendment as of the original effective date. The Company is currently evaluating the method of adoption of this guidance and the impact on its consolidated financial statements.

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Supplemental Guarantor Information	Supplemental Guarantor Information The Company’s obligations to pay principal, premium, if any, and interest under its $300.0 million unsecured revolving credit facility; 8.4 percent senior notes due May 2017; 1.6 percent convertible senior notes due May 2018; 0.25 percent convertible senior notes due June 2019; 6.6 percent senior notes due May 2020; and 5.4 percent senior notes due October 2022 are guaranteed on a joint and several basis by substantially all of its direct and indirect wholly owned homebuilding subsidiaries. Such guarantees are full and unconditional. In lieu of providing separate financial statements for the Guarantor Subsidiaries, the accompanying condensed consolidating financial statements have been included. Management does not believe that separate financial statements for the Guarantor Subsidiaries are material to investors and are, therefore, not presented. In the event that a Guarantor Subsidiary is sold or disposed of (whether by merger, consolidation, sale of its capital stock, or sale of all or substantially all of its assets [other than by lease]), and whether or not the Guarantor Subsidiary is the surviving corporation in such transaction to an entity which is not the Company or a Restricted Subsidiary of the Company, such Guarantor Subsidiary will be released from its obligations under its guarantee if (a) the sale or other disposition is in compliance with the indenture and (b) all the obligations of such Guarantor Subsidiary under any agreements relating to any other indebtedness of the Company or its restricted subsidiaries terminate upon consummation of such transaction. In addition, a Guarantor Subsidiary will be released from its obligations under the indenture if such Subsidiary ceases to be a Restricted Subsidiary (in compliance with the applicable provisions of the indenture). The following information presents the consolidating statements of earnings, financial position and cash flows for (a) the parent company and issuer, The Ryland Group, Inc. (“TRG, Inc.”); (b) the Guarantor Subsidiaries; (c) the non-Guarantor Subsidiaries; and (d) the consolidation eliminations used to arrive at the consolidated information for The Ryland Group, Inc. and subsidiaries. CONSOLIDATING STATEMENTS OF EARNINGS THREE MONTHS ENDED JUNE 30, 2015 (in thousands) TRG, INC. GUARANTOR SUBSIDIARIES NON-GUARANTOR SUBSIDIARIES GUARANTOR ELIMINATIONS CONSOLIDATED TOTAL REVENUES $ 349,879 $ 301,285 $ 16,589 $ (14,118 ) $ 653,635 EXPENSES 318,181 272,251 7,895 (14,118 ) 584,209 OTHER (EXPENSE) INCOME (3,264 ) 299 83 — (2,882 ) Income from operations before taxes 28,434 29,333 8,777 — 66,544 Tax expense 10,231 10,553 3,158 — 23,942 Equity in net earnings of subsidiaries 24,399 — — (24,399 ) — NET INCOME $ 42,602 $ 18,780 $ 5,619 $ (24,399 ) $ 42,602 SIX MONTHS ENDED JUNE 30, 2015 REVENUES $ 618,461 $ 549,285 $ 28,989 $ (25,701 ) $ 1,171,034 EXPENSES 568,529 502,947 15,229 (25,701 ) 1,061,004 OTHER (EXPENSE) INCOME (2,838 ) 554 139 — (2,145 ) Income from operations before taxes 47,094 46,892 13,899 — 107,885 Tax expense 16,949 16,875 5,002 — 38,826 Equity in net earnings of subsidiaries 38,914 — — (38,914 ) — NET INCOME $ 69,059 $ 30,017 $ 8,897 $ (38,914 ) $ 69,059 THREE MONTHS ENDED JUNE 30, 2014 REVENUES $ 297,734 $ 280,874 $ 11,145 $ (12,364 ) $ 577,389 EXPENSES 268,737 256,838 13,079 (12,364 ) 526,290 OTHER INCOME 790 289 25 — 1,104 Income (loss) from operations before taxes 29,787 24,325 (1,909 ) — 52,203 Tax expense (benefit) 11,505 9,394 (738 ) — 20,161 Equity in net earnings of subsidiaries 13,760 — — (13,760 ) — NET INCOME (LOSS) $ 32,042 $ 14,931 $ (1,171 ) $ (13,760 ) $ 32,042 SIX MONTHS ENDED JUNE 30, 2014 REVENUES $ 548,141 $ 521,108 $ 19,343 $ (21,520 ) $ 1,067,072 EXPENSES 497,607 479,917 22,688 (21,520 ) 978,692 OTHER INCOME 1,485 483 25 — 1,993 Income (loss) from operations before taxes 52,019 41,674 (3,320 ) — 90,373 Tax expense (benefit) 20,033 16,050 (1,279 ) — 34,804 Equity in net earnings of subsidiaries 23,583 — — (23,583 ) — NET INCOME (LOSS) $ 55,569 $ 25,624 $ (2,041 ) $ (23,583 ) $ 55,569 CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED JUNE 30, 2015 (in thousands) TRG, INC. GUARANTOR NON-GUARANTOR GUARANTOR CONSOLIDATED Net income $ 42,602 $ 18,780 $ 5,619 $ (24,399 ) $ 42,602 Other comprehensive loss, net: Amortization of actuarial loss on defined benefit pension plan, net 4 — — — 4 Unrealized loss on marketable securities, available-for-sale, net (150 ) — — — (150 ) Other comprehensive loss, net (146 ) — — — (146 ) Comprehensive income $ 42,456 $ 18,780 $ 5,619 $ (24,399 ) $ 42,456 SIX MONTHS ENDED JUNE 30, 2015 Net income $ 69,059 $ 30,017 $ 8,897 $ (38,914 ) $ 69,059 Other comprehensive (loss) income, net: Amortization of actuarial loss on defined benefit pension plan, net 51 16 5 — 72 Unrealized loss on marketable securities, available-for-sale, net (169 ) — — — (169 ) Other comprehensive (loss) income, net (118 ) 16 5 — (97 ) Comprehensive income $ 68,941 $ 30,033 $ 8,902 $ (38,914 ) $ 68,962 THREE MONTHS ENDED JUNE 30, 2014 Net income (loss) $ 32,042 $ 14,931 $ (1,171 ) $ (13,760 ) $ 32,042 Other comprehensive income, net: Amortization of actuarial loss on defined benefit pension plan, net 4 — — — 4 Unrealized gain on marketable securities, available-for-sale, net 236 — — — 236 Other comprehensive income, net 240 — — — 240 Comprehensive income (loss) $ 32,282 $ 14,931 $ (1,171 ) $ (13,760 ) $ 32,282 SIX MONTHS ENDED JUNE 30, 2014 Net income (loss) $ 55,569 $ 25,624 $ (2,041 ) $ (23,583 ) $ 55,569 Other comprehensive income, net: Amortization of actuarial loss on defined benefit pension plan, net 9 — — — 9 Unrealized gain on marketable securities, available-for-sale, net 424 — — — 424 Other comprehensive income, net 433 — — — 433 Comprehensive income (loss) $ 56,002 $ 25,624 $ (2,041 ) $ (23,583 ) $ 56,002 CONSOLIDATING BALANCE SHEETS JUNE 30, 2015 (in thousands) TRG, INC. GUARANTOR NON-GUARANTOR GUARANTOR CONSOLIDATED ASSETS Cash and cash equivalents $ 27,024 $ 242,732 $ 10,224 $ — $ 279,980 Marketable securities and restricted cash 17,341 — 18,727 — 36,068 Consolidated inventory owned 1,261,611 985,486 — — 2,247,097 Consolidated inventory not owned 16,091 — 13,629 — 29,720 Total housing inventories 1,277,702 985,486 13,629 — 2,276,817 Investment in subsidiaries 469,513 — — (469,513 ) — Intercompany receivables 728,147 — — (728,147 ) — Other assets 212,992 70,311 145,578 — 428,881 TOTAL ASSETS 2,732,719 1,298,529 188,158 (1,197,660 ) 3,021,746 LIABILITIES Accounts payable and other accrued liabilities 269,351 134,295 18,496 — 422,142 Financial services credit facilities — — 122,607 — 122,607 Debt 1,295,953 — — — 1,295,953 Intercompany payables — 724,026 4,121 (728,147 ) — TOTAL LIABILITIES 1,565,304 858,321 145,224 (728,147 ) 1,840,702 EQUITY STOCKHOLDERS’ EQUITY 1,167,415 440,208 29,305 (469,513 ) 1,167,415 NONCONTROLLING INTEREST — — 13,629 — 13,629 TOTAL LIABILITIES AND EQUITY $ 2,732,719 $ 1,298,529 $ 188,158 $ (1,197,660 ) $ 3,021,746 DECEMBER 31, 2014 ASSETS Cash and cash equivalents $ 29,993 $ 480,239 $ 10,963 $ — $ 521,195 Marketable securities and restricted cash 33,611 — 19,954 — 53,565 Consolidated inventory owned 1,116,024 898,988 — — 2,015,012 Consolidated inventory not owned 16,381 — 14,430 — 30,811 Total housing inventories 1,132,405 898,988 14,430 — 2,045,823 Investment in subsidiaries 439,627 — — (439,627 ) — Intercompany receivables 915,926 — — (915,926 ) — Other assets 208,842 59,171 163,493 — 431,506 TOTAL ASSETS 2,760,404 1,438,398 208,840 (1,355,553 ) 3,052,089 LIABILITIES Accounts payable and other accrued liabilities 272,752 125,333 22,533 — 420,618 Financial services credit facilities — — 129,389 — 129,389 Debt 1,403,079 — — — 1,403,079 Intercompany payables — 902,874 13,052 (915,926 ) — TOTAL LIABILITIES 1,675,831 1,028,207 164,974 (915,926 ) 1,953,086 EQUITY STOCKHOLDERS’ EQUITY 1,084,573 410,191 29,436 (439,627 ) 1,084,573 NONCONTROLLING INTEREST — — 14,430 — 14,430 TOTAL LIABILITIES AND EQUITY $ 2,760,404 $ 1,438,398 $ 208,840 $ (1,355,553 ) $ 3,052,089 CONSOLIDATING STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2015 (in thousands) TRG, INC. GUARANTOR NON-GUARANTOR GUARANTOR CONSOLIDATED CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 69,059 $ 30,017 $ 8,897 $ (38,914 ) $ 69,059 Adjustments to reconcile net income to net cash (used for) provided by operating activities: 18,320 4,485 227 — 23,032 Changes in assets and liabilities (170,716 ) (86,211 ) 4,701 38,914 (213,312 ) Other operating activities, net (3,182 ) — — — (3,182 ) Net cash (used for) provided by operating activities (86,519 ) (51,709 ) 13,825 — (124,403 ) CASH FLOWS FROM INVESTING ACTIVITIES Return of investment in unconsolidated joint ventures, net 366 — — — 366 Additions to property, plant and equipment (7,709 ) (6,662 ) (20 ) — (14,391 ) Purchases of marketable securities, available-for-sale — — (631 ) — (631 ) Proceeds from sales and maturities of marketable securities, available-for-sale 349 — 531 — 880 Net cash used for investing activities (6,994 ) (6,662 ) (120 ) — (13,776 ) CASH FLOWS FROM FINANCING ACTIVITIES Decrease in debt (126,481 ) — — — (126,481 ) Decrease in borrowings against financial services credit facilities, net — — (6,782 ) — (6,782 ) Common stock dividends and stock-based compensation 13,629 — — — 13,629 Decrease in restricted cash 16,116 — 1,327 — 17,443 Intercompany balances 187,779 (178,848 ) (8,931 ) — — Other financing activities, net (499 ) (288 ) (58 ) — (845 ) Net cash provided by (used for) financing activities 90,544 (179,136 ) (14,444 ) — (103,036 ) Net decrease in cash and cash equivalents (2,969 ) (237,507 ) (739 ) — (241,215 ) Cash and cash equivalents at beginning of period 29,993 480,239 10,963 — 521,195 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 27,024 $ 242,732 $ 10,224 $ — $ 279,980 SIX MONTHS ENDED JUNE 30, 2014 (in thousands) TRG, INC. GUARANTOR NON-GUARANTOR GUARANTOR CONSOLIDATED CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) from continuing operations $ 55,569 $ 25,624 $ (2,041 ) $ (23,583 ) $ 55,569 Adjustments to reconcile net income (loss) from continuing operations to net cash (used for) provided by operating activities: 16,501 4,489 203 — 21,193 Changes in assets and liabilities (207,804 ) (69,021 ) 71,281 23,583 (181,961 ) Other operating activities, net (992 ) — — — (992 ) Net cash (used for) provided by operating activities from continuing operations (136,726 ) (38,908 ) 69,443 — (106,191 ) CASH FLOWS FROM INVESTING ACTIVITIES Return of investment in unconsolidated joint ventures, net 366 — — — 366 Additions to property, plant and equipment (6,448 ) (3,380 ) (47 ) — (9,875 ) Purchases of marketable securities, available-for-sale (238,315 ) — (800 ) — (239,115 ) Proceeds from sales and maturities of marketable securities, available-for-sale 339,157 — 1,800 — 340,957 Net cash provided by (used for) investing activities from continuing operations 94,760 (3,380 ) 953 — 92,333 CASH FLOWS FROM FINANCING ACTIVITIES Decrease in borrowings against financial services credit facilities, net — — (14,006 ) — (14,006 ) Common stock dividends and stock-based compensation 20,243 — — — 20,243 Increase in restricted cash (3,859 ) — (1,776 ) — (5,635 ) Intercompany balances 19,563 35,680 (55,243 ) — — Other financing activities, net (376 ) — (155 ) — (531 ) Net cash provided by (used for) financing activities from continuing operations 35,571 35,680 (71,180 ) — 71 Net decrease in cash and cash equivalents from continuing operations (6,395 ) (6,608 ) (784 ) — (13,787 ) Cash flows from operating activities— discontinued operations — (27 ) — — (27 ) Cash and cash equivalents at beginning of period 25,521 193,383 9,109 — 228,013 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 19,126 $ 186,748 $ 8,325 $ — $ 214,199

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event No event has occurred subsequent to June 30, 2015 , that has required recognition or disclosure in the Company’s financial statements.

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Summary of components of other comprehensive (loss) income	The following table summarizes the components of other comprehensive (loss) income for the three- and six-month periods presented: THREE MONTHS ENDED JUNE 30, 2015 (in thousands) GROSS OTHER COMPREHENSIVE (LOSS) INCOME TAX BENEFIT NET OTHER COMPREHENSIVE (LOSS) INCOME Amortization of actuarial loss on defined benefit pension plan $ 7 $ (3 ) $ 4 Unrealized loss on marketable securities, available-for-sale: Unrealized loss on marketable securities, available-for-sale (150 ) — (150 ) Less: reclassification adjustments included in net income — — — Total unrealized loss on marketable securities, available-for-sale (150 ) — (150 ) Other comprehensive loss $ (143 ) $ (3 ) $ (146 ) SIX MONTHS ENDED JUNE 30, 2015 Amortization of actuarial loss on defined benefit pension plan $ 117 $ (45 ) $ 72 Unrealized loss on marketable securities, available-for-sale: Unrealized loss on marketable securities, available-for-sale (169 ) — (169 ) Less: reclassification adjustments included in net income — — — Total unrealized loss on marketable securities, available-for-sale (169 ) — (169 ) Other comprehensive loss $ (52 ) $ (45 ) $ (97 ) THREE MONTHS ENDED JUNE 30, 2014 Amortization of actuarial loss on defined benefit pension plan $ 7 $ (3 ) $ 4 Unrealized gain on marketable securities, available-for-sale: Unrealized gain on marketable securities, available-for-sale 360 — 360 Less: reclassification adjustments for gains included in net income (124 ) — (124 ) Total unrealized gain on marketable securities, available-for-sale 236 — 236 Other comprehensive income $ 243 $ (3 ) $ 240 SIX MONTHS ENDED JUNE 30, 2014 Amortization of actuarial loss on defined benefit pension plan $ 15 $ (6 ) $ 9 Unrealized gain on marketable securities, available-for-sale: Unrealized gain on marketable securities, available-for-sale 596 — 596 Less: reclassification adjustments for gains included in net income (172 ) — (172 ) Total unrealized gain on marketable securities, available-for-sale 424 — 424 Other comprehensive income $ 439 $ (6 ) $ 433

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of segment revenues and earnings (loss) before taxes	The following table provides the Company’s total revenues and earnings (loss) before taxes by segment for the three- and six- month periods presented: THREE MONTHS ENDED SIX MONTHS ENDED (in thousands) 2015 2014 2015 2014 REVENUES Homebuilding North $ 178,477 $ 154,111 $ 314,131 $ 287,675 Southeast 166,042 140,791 302,591 267,458 Texas 127,610 125,138 243,058 236,289 West 164,917 146,204 282,265 256,307 Financial services 16,589 11,145 28,989 19,343 Total $ 653,635 $ 577,389 $ 1,171,034 $ 1,067,072 EARNINGS (LOSS) BEFORE TAXES Homebuilding North $ 17,755 $ 14,954 $ 29,294 $ 25,748 Southeast 19,856 17,263 32,499 32,120 Texas 8,791 9,576 15,520 17,423 West 21,454 18,145 34,641 30,873 Financial services 8,777 (1,909 ) 13,899 (3,320 ) Corporate and unallocated (10,089 ) (5,826 ) (17,968 ) (12,471 ) Total $ 66,544 $ 52,203 $ 107,885 $ 90,373
Schedule of Company's total assets by segment	The following table provides the Company’s total assets by segment: JUNE 30, 2015 (in thousands) HOUSING INVENTORIES OTHER ASSETS TOTAL ASSETS Homebuilding North $ 645,227 $ 61,930 $ 707,157 Southeast 592,004 35,078 627,082 Texas 354,853 49,704 404,557 West 684,733 40,821 725,554 Financial services — 174,377 174,377 Corporate and unallocated — 383,019 383,019 Total $ 2,276,817 $ 744,929 $ 3,021,746 Homebuilding DECEMBER 31, 2014 North $ 589,427 $ 47,742 $ 637,169 Southeast 518,691 36,994 555,685 Texas 347,178 43,042 390,220 West 590,527 41,198 631,725 Financial services — 194,258 194,258 Corporate and unallocated — 643,032 643,032 Total $ 2,045,823 $ 1,006,266 $ 3,052,089

Earnings Per Share Reconcilia33

Earnings Per Share Reconciliation (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	The following table displays the computation of basic and diluted earnings per share for the three- and six-month periods presented: THREE MONTHS ENDED SIX MONTHS ENDED (in thousands, except share data) 2015 2014 2015 2014 NUMERATOR Net income $ 42,602 $ 32,042 $ 69,059 $ 55,569 Less: undistributed earnings allocated to nonvested restricted stock — — — (35 ) Numerator for basic earnings per share 42,602 32,042 69,059 55,534 Plus: interest on 1.6 percent convertible senior notes due 2018 729 729 1,458 1,458 Plus: interest on 0.25 percent convertible senior notes due 2019 299 299 598 598 Plus: undistributed earnings allocated to nonvested restricted stock — — — 35 Less: undistributed earnings reallocated to nonvested restricted stock — — — (28 ) Numerator for diluted earnings per share $ 43,630 $ 33,070 $ 71,115 $ 57,597 DENOMINATOR Basic earnings per share—weighted-average shares 46,706,437 46,914,902 46,579,660 46,747,403 Effect of dilutive securities: Share-based payments 977,421 926,184 1,004,661 975,081 1.6 percent convertible senior notes due 2018 7,023,780 7,023,780 7,023,780 7,023,780 0.25 percent convertible senior notes due 2019 3,565,962 3,565,962 3,565,962 3,565,962 Diluted earnings per share—adjusted weighted-average shares and assumed conversions 58,273,600 58,430,828 58,174,063 58,312,226 NET INCOME PER COMMON SHARE Basic $ 0.91 $ 0.68 $ 1.48 $ 1.19 Diluted $ 0.75 $ 0.57 $ 1.22 $ 0.99

Marketable Securities, Availa34

Marketable Securities, Available-for-sale (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Fair value of the available-for-sale marketable securities, by type of security	The following table displays the fair values of marketable securities, available-for-sale, by type of security: JUNE 30, 2015 (in thousands) AMORTIZED COST GROSS UNREALIZED GAINS ESTIMATED FAIR VALUE Type of security: U.S. Treasury securities $ 450 $ — $ 450 Municipal debt securities 9,766 49 9,815 Total debt securities 10,216 49 10,265 Time deposits 7,526 — 7,526 Total marketable securities, available-for-sale $ 17,742 $ 49 $ 17,791 DECEMBER 31, 2014 Type of security: U.S. Treasury securities $ 350 $ — $ 350 Municipal debt securities 9,766 218 9,984 Total debt securities 10,116 218 10,334 Time deposits 7,511 — 7,511 Total marketable securities, available-for-sale $ 17,627 $ 218 $ 17,845
Fair value of the available-for-sale marketable securities, by contractual maturity	The following table displays the fair values of marketable securities, available-for-sale, by contractual maturity: (in thousands) JUNE 30, 2015 DECEMBER 31, 2014 Contractual maturity: Maturing in one year or less $ 7,976 $ 7,861 Maturing after three years 9,815 9,984 Total marketable securities, available-for-sale $ 17,791 $ 17,845

Housing Inventories (Tables)

Housing Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Summary of activity that relates to capitalized interest	The following table summarizes the activity that relates to capitalized interest: (in thousands) 2015 2014 Capitalized interest at January 1 $ 107,810 $ 89,619 Interest capitalized 31,840 34,283 Interest amortized to cost of sales (22,036 ) (22,246 ) Capitalized interest at June 30 $ 117,614 $ 101,656 Interest incurred $ 31,840 $ 34,283
Summary of each reporting segment's total number of lots owned and lots controlled under option agreements	The following table summarizes each reporting segment’s total number of lots owned and lots controlled under option agreements: JUNE 30, 2015 DECEMBER 31, 2014 LOTS LOTS LOTS LOTS OWNED OPTIONED TOTAL OWNED OPTIONED TOTAL North 7,817 6,692 14,509 7,396 6,335 13,731 Southeast 8,913 3,639 12,552 8,646 3,535 12,181 Texas 3,996 2,427 6,423 3,938 3,083 7,021 West 5,364 953 6,317 5,323 717 6,040 Total 26,090 13,711 39,801 25,303 13,670 38,973

Goodwill and Other Intangible36

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of company's goodwill balance by segment	The following table provides the Company’s goodwill balance by segment: (in thousands) JUNE 30, 2015 DECEMBER 31, 2014 North $ 13,555 $ 13,555 Southeast 8,125 8,125 Texas 6,550 6,550 West 8,661 8,661 Total $ 36,891 $ 36,891

Investments in Joint Ventures (

Investments in Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of each reporting segment's total estimated share of lots owned by the entity under its joint ventures	The following table summarizes each reporting segment’s total estimated share of lots owned by the Company under its joint ventures: JUNE 30, 2015 DECEMBER 31, 2014 North 155 155 Texas 230 242 West 226 226 Total 611 623

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of long-term and short-term debt and credit facilities	The following table presents the composition of the Company’s debt and financial services credit facilities: (in thousands) JUNE 30, 2015 DECEMBER 31, 2014 Senior notes 5.4 percent senior notes due January 2015 $ — $ 126,481 8.4 percent senior notes due May 2017 230,000 230,000 6.6 percent senior notes due May 2020 300,000 300,000 5.4 percent senior notes due October 2022 250,000 250,000 Convertible senior notes 1.6 percent convertible senior notes due May 2018 225,000 225,000 0.25 percent convertible senior notes due June 2019 267,500 267,500 Total senior notes and convertible senior notes 1,272,500 1,398,981 Debt discount (1,342 ) (1,673 ) Senior notes and convertible senior notes, net 1,271,158 1,397,308 Secured notes payable 24,795 5,771 Total debt $ 1,295,953 $ 1,403,079 Financial services credit facilities $ 122,607 $ 129,389

Fair Values of Financial and 39

Fair Values of Financial and Nonfinancial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair value measurement methods and values for financial instruments measured on a recurring basis	The following table displays the values and methods used for measuring the fair values of financial instruments on a recurring basis: FAIR VALUE ( in thousands ) HIERARCHY JUNE 30, 2015 DECEMBER 31, 2014 Marketable securities, available-for-sale U.S. Treasury securities Level 1 $ 450 $ 350 Municipal debt securities Level 2 9,815 9,984 Time deposits Level 2 7,526 7,511 Mortgage loans held-for-sale Level 2 129,790 153,366 Mortgage interest rate lock commitments Level 2 8,034 4,229 Forward-delivery contracts Level 2 1,927 (2,141 )

Long-Term Incentive and Suppl40

Long-Term Incentive and Supplemental Executive Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of costs recognized and benefits paid for the Company's supplemental, unfunded, nonqualified retirement plan	The following table provides the costs recognized and benefits paid for the Company’s supplemental, unfunded, nonqualified retirement plan during the three- and six-month periods presented: THREE MONTHS ENDED SIX MONTHS ENDED (in thousands) 2015 2014 2015 2014 Interest costs $ 142 $ 173 $ 328 $ 294 Amortization of unrecognized actuarial loss 7 7 117 15 Total costs $ 149 $ 180 $ 445 $ 309 Benefits paid $ — $ — $ 1,477 $ 90

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock option activity	A summary of stock option activity in accordance with the Company’s equity incentive plans as of June 30, 2015 and 2014 , and changes for the six-month periods then ended, follows: SHARES WEIGHTED- AVERAGE EXERCISE PRICE WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE ( in years ) AGGREGATE INTRINSIC VALUE ( in thousands ) Options outstanding at January 1, 2014 2,326,201 $ 27.02 2.3 Exercised (539,733 ) 29.24 Forfeited (15,473 ) 21.57 Options outstanding at June 30, 2014 1,770,995 $ 26.39 2.4 $ 30,216 Available for future grant 3,348,345 Total shares reserved at June 30, 2014 5,119,340 Options exercisable at June 30, 2014 1,544,332 $ 27.49 2.0 $ 25,571 Options outstanding at January 1, 2015 1,385,497 $ 23.30 2.2 Exercised (424,684 ) 20.67 Forfeited (36,667 ) 47.63 Options outstanding at June 30, 2015 924,146 $ 23.55 2.2 $ 23,666 Available for future grant 3,516,458 Total shares reserved at June 30, 2015 4,440,604 Options exercisable at June 30, 2015 917,479 $ 23.50 2.2 $ 23,561
Summary of activity that relates to the Company's restricted stock unit awards	The following table summarizes activity that relates to the Company’s restricted stock unit awards: 2015 2014 Restricted stock units at January 1 368,084 539,106 Shares awarded 170,994 131,597 Shares vested (231,969 ) (298,791 ) Shares forfeited (11,082 ) (3,828 ) Restricted stock units at June 30 296,027 368,084

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Summary of composition of mortgage loans originated, by loan type; credit score; and loan-to-value ratio	The following table summarizes the composition of the RMC’s mortgage loan types originated, its homebuyers’ average credit scores and its loan-to-value ratios: SIX MONTHS ENDED JUNE 30, TWELVE MONTHS ENDED DECEMBER 31, 2015 2014 2013 2012 2011 2010 Prime 66.2 % 67.6 % 57.2 % 48.6 % 42.2 % 34.9 % Government (FHA/VA/USDA) 33.8 % 32.4 % 42.8 % 51.4 % 57.8 % 65.1 % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Average FICO credit score 730 732 733 731 726 723 Average combined loan-to-value ratio 87.9 % 87.8 % 89.8 % 90.1 % 90.3 % 90.8 %
Changes in mortgage loan loss reserves and related legal reserves	The following table displays the changes in the Company’s mortgage loan loss reserves and related legal reserves during the six-month periods presented: (in thousands) 2015 2014 Balance at January 1 $ 1,397 $ 11,472 Provision for losses 242 6,056 Settlements made (322 ) (231 ) Balance at June 30 $ 1,317 $ 17,297
Changes in product liability reserves	The following table summarizes the changes in the Company’s product liability reserves during the six-month periods presented: (in thousands) 2015 2014 Balance at January 1 $ 25,556 $ 23,139 Warranties issued 3,963 4,562 Changes in liability for accruals related to pre-existing warranties (13 ) 657 Settlements made (5,018 ) (4,679 ) Balance at June 30 $ 24,488 $ 23,679
Changes in RHIC's insurance reserves	The following table displays changes in RHIC’s insurance reserves during the six-month periods presented: (in thousands) 2015 2014 Balance at January 1 $ 12,521 $ 13,857 Insurance expense provisions or adjustments — 1,900 Loss expenses paid (1,569 ) (2,488 ) Balance at June 30 $ 10,952 $ 13,269

Supplemental Guarantor Inform43

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
CONSOLIDATING STATEMENTS OF EARNINGS	CONSOLIDATING STATEMENTS OF EARNINGS THREE MONTHS ENDED JUNE 30, 2015 (in thousands) TRG, INC. GUARANTOR SUBSIDIARIES NON-GUARANTOR SUBSIDIARIES GUARANTOR ELIMINATIONS CONSOLIDATED TOTAL REVENUES $ 349,879 $ 301,285 $ 16,589 $ (14,118 ) $ 653,635 EXPENSES 318,181 272,251 7,895 (14,118 ) 584,209 OTHER (EXPENSE) INCOME (3,264 ) 299 83 — (2,882 ) Income from operations before taxes 28,434 29,333 8,777 — 66,544 Tax expense 10,231 10,553 3,158 — 23,942 Equity in net earnings of subsidiaries 24,399 — — (24,399 ) — NET INCOME $ 42,602 $ 18,780 $ 5,619 $ (24,399 ) $ 42,602 SIX MONTHS ENDED JUNE 30, 2015 REVENUES $ 618,461 $ 549,285 $ 28,989 $ (25,701 ) $ 1,171,034 EXPENSES 568,529 502,947 15,229 (25,701 ) 1,061,004 OTHER (EXPENSE) INCOME (2,838 ) 554 139 — (2,145 ) Income from operations before taxes 47,094 46,892 13,899 — 107,885 Tax expense 16,949 16,875 5,002 — 38,826 Equity in net earnings of subsidiaries 38,914 — — (38,914 ) — NET INCOME $ 69,059 $ 30,017 $ 8,897 $ (38,914 ) $ 69,059 THREE MONTHS ENDED JUNE 30, 2014 REVENUES $ 297,734 $ 280,874 $ 11,145 $ (12,364 ) $ 577,389 EXPENSES 268,737 256,838 13,079 (12,364 ) 526,290 OTHER INCOME 790 289 25 — 1,104 Income (loss) from operations before taxes 29,787 24,325 (1,909 ) — 52,203 Tax expense (benefit) 11,505 9,394 (738 ) — 20,161 Equity in net earnings of subsidiaries 13,760 — — (13,760 ) — NET INCOME (LOSS) $ 32,042 $ 14,931 $ (1,171 ) $ (13,760 ) $ 32,042 SIX MONTHS ENDED JUNE 30, 2014 REVENUES $ 548,141 $ 521,108 $ 19,343 $ (21,520 ) $ 1,067,072 EXPENSES 497,607 479,917 22,688 (21,520 ) 978,692 OTHER INCOME 1,485 483 25 — 1,993 Income (loss) from operations before taxes 52,019 41,674 (3,320 ) — 90,373 Tax expense (benefit) 20,033 16,050 (1,279 ) — 34,804 Equity in net earnings of subsidiaries 23,583 — — (23,583 ) — NET INCOME (LOSS) $ 55,569 $ 25,624 $ (2,041 ) $ (23,583 ) $ 55,569
CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME	CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED JUNE 30, 2015 (in thousands) TRG, INC. GUARANTOR NON-GUARANTOR GUARANTOR CONSOLIDATED Net income $ 42,602 $ 18,780 $ 5,619 $ (24,399 ) $ 42,602 Other comprehensive loss, net: Amortization of actuarial loss on defined benefit pension plan, net 4 — — — 4 Unrealized loss on marketable securities, available-for-sale, net (150 ) — — — (150 ) Other comprehensive loss, net (146 ) — — — (146 ) Comprehensive income $ 42,456 $ 18,780 $ 5,619 $ (24,399 ) $ 42,456 SIX MONTHS ENDED JUNE 30, 2015 Net income $ 69,059 $ 30,017 $ 8,897 $ (38,914 ) $ 69,059 Other comprehensive (loss) income, net: Amortization of actuarial loss on defined benefit pension plan, net 51 16 5 — 72 Unrealized loss on marketable securities, available-for-sale, net (169 ) — — — (169 ) Other comprehensive (loss) income, net (118 ) 16 5 — (97 ) Comprehensive income $ 68,941 $ 30,033 $ 8,902 $ (38,914 ) $ 68,962 THREE MONTHS ENDED JUNE 30, 2014 Net income (loss) $ 32,042 $ 14,931 $ (1,171 ) $ (13,760 ) $ 32,042 Other comprehensive income, net: Amortization of actuarial loss on defined benefit pension plan, net 4 — — — 4 Unrealized gain on marketable securities, available-for-sale, net 236 — — — 236 Other comprehensive income, net 240 — — — 240 Comprehensive income (loss) $ 32,282 $ 14,931 $ (1,171 ) $ (13,760 ) $ 32,282 SIX MONTHS ENDED JUNE 30, 2014 Net income (loss) $ 55,569 $ 25,624 $ (2,041 ) $ (23,583 ) $ 55,569 Other comprehensive income, net: Amortization of actuarial loss on defined benefit pension plan, net 9 — — — 9 Unrealized gain on marketable securities, available-for-sale, net 424 — — — 424 Other comprehensive income, net 433 — — — 433 Comprehensive income (loss) $ 56,002 $ 25,624 $ (2,041 ) $ (23,583 ) $ 56,002
CONSOLIDATING BALANCE SHEETS	CONSOLIDATING BALANCE SHEETS JUNE 30, 2015 (in thousands) TRG, INC. GUARANTOR NON-GUARANTOR GUARANTOR CONSOLIDATED ASSETS Cash and cash equivalents $ 27,024 $ 242,732 $ 10,224 $ — $ 279,980 Marketable securities and restricted cash 17,341 — 18,727 — 36,068 Consolidated inventory owned 1,261,611 985,486 — — 2,247,097 Consolidated inventory not owned 16,091 — 13,629 — 29,720 Total housing inventories 1,277,702 985,486 13,629 — 2,276,817 Investment in subsidiaries 469,513 — — (469,513 ) — Intercompany receivables 728,147 — — (728,147 ) — Other assets 212,992 70,311 145,578 — 428,881 TOTAL ASSETS 2,732,719 1,298,529 188,158 (1,197,660 ) 3,021,746 LIABILITIES Accounts payable and other accrued liabilities 269,351 134,295 18,496 — 422,142 Financial services credit facilities — — 122,607 — 122,607 Debt 1,295,953 — — — 1,295,953 Intercompany payables — 724,026 4,121 (728,147 ) — TOTAL LIABILITIES 1,565,304 858,321 145,224 (728,147 ) 1,840,702 EQUITY STOCKHOLDERS’ EQUITY 1,167,415 440,208 29,305 (469,513 ) 1,167,415 NONCONTROLLING INTEREST — — 13,629 — 13,629 TOTAL LIABILITIES AND EQUITY $ 2,732,719 $ 1,298,529 $ 188,158 $ (1,197,660 ) $ 3,021,746 DECEMBER 31, 2014 ASSETS Cash and cash equivalents $ 29,993 $ 480,239 $ 10,963 $ — $ 521,195 Marketable securities and restricted cash 33,611 — 19,954 — 53,565 Consolidated inventory owned 1,116,024 898,988 — — 2,015,012 Consolidated inventory not owned 16,381 — 14,430 — 30,811 Total housing inventories 1,132,405 898,988 14,430 — 2,045,823 Investment in subsidiaries 439,627 — — (439,627 ) — Intercompany receivables 915,926 — — (915,926 ) — Other assets 208,842 59,171 163,493 — 431,506 TOTAL ASSETS 2,760,404 1,438,398 208,840 (1,355,553 ) 3,052,089 LIABILITIES Accounts payable and other accrued liabilities 272,752 125,333 22,533 — 420,618 Financial services credit facilities — — 129,389 — 129,389 Debt 1,403,079 — — — 1,403,079 Intercompany payables — 902,874 13,052 (915,926 ) — TOTAL LIABILITIES 1,675,831 1,028,207 164,974 (915,926 ) 1,953,086 EQUITY STOCKHOLDERS’ EQUITY 1,084,573 410,191 29,436 (439,627 ) 1,084,573 NONCONTROLLING INTEREST — — 14,430 — 14,430 TOTAL LIABILITIES AND EQUITY $ 2,760,404 $ 1,438,398 $ 208,840 $ (1,355,553 ) $ 3,052,089
CONSOLIDATING STATEMENTS OF CASH FLOWS	CONSOLIDATING STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2015 (in thousands) TRG, INC. GUARANTOR NON-GUARANTOR GUARANTOR CONSOLIDATED CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 69,059 $ 30,017 $ 8,897 $ (38,914 ) $ 69,059 Adjustments to reconcile net income to net cash (used for) provided by operating activities: 18,320 4,485 227 — 23,032 Changes in assets and liabilities (170,716 ) (86,211 ) 4,701 38,914 (213,312 ) Other operating activities, net (3,182 ) — — — (3,182 ) Net cash (used for) provided by operating activities (86,519 ) (51,709 ) 13,825 — (124,403 ) CASH FLOWS FROM INVESTING ACTIVITIES Return of investment in unconsolidated joint ventures, net 366 — — — 366 Additions to property, plant and equipment (7,709 ) (6,662 ) (20 ) — (14,391 ) Purchases of marketable securities, available-for-sale — — (631 ) — (631 ) Proceeds from sales and maturities of marketable securities, available-for-sale 349 — 531 — 880 Net cash used for investing activities (6,994 ) (6,662 ) (120 ) — (13,776 ) CASH FLOWS FROM FINANCING ACTIVITIES Decrease in debt (126,481 ) — — — (126,481 ) Decrease in borrowings against financial services credit facilities, net — — (6,782 ) — (6,782 ) Common stock dividends and stock-based compensation 13,629 — — — 13,629 Decrease in restricted cash 16,116 — 1,327 — 17,443 Intercompany balances 187,779 (178,848 ) (8,931 ) — — Other financing activities, net (499 ) (288 ) (58 ) — (845 ) Net cash provided by (used for) financing activities 90,544 (179,136 ) (14,444 ) — (103,036 ) Net decrease in cash and cash equivalents (2,969 ) (237,507 ) (739 ) — (241,215 ) Cash and cash equivalents at beginning of period 29,993 480,239 10,963 — 521,195 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 27,024 $ 242,732 $ 10,224 $ — $ 279,980 SIX MONTHS ENDED JUNE 30, 2014 (in thousands) TRG, INC. GUARANTOR NON-GUARANTOR GUARANTOR CONSOLIDATED CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) from continuing operations $ 55,569 $ 25,624 $ (2,041 ) $ (23,583 ) $ 55,569 Adjustments to reconcile net income (loss) from continuing operations to net cash (used for) provided by operating activities: 16,501 4,489 203 — 21,193 Changes in assets and liabilities (207,804 ) (69,021 ) 71,281 23,583 (181,961 ) Other operating activities, net (992 ) — — — (992 ) Net cash (used for) provided by operating activities from continuing operations (136,726 ) (38,908 ) 69,443 — (106,191 ) CASH FLOWS FROM INVESTING ACTIVITIES Return of investment in unconsolidated joint ventures, net 366 — — — 366 Additions to property, plant and equipment (6,448 ) (3,380 ) (47 ) — (9,875 ) Purchases of marketable securities, available-for-sale (238,315 ) — (800 ) — (239,115 ) Proceeds from sales and maturities of marketable securities, available-for-sale 339,157 — 1,800 — 340,957 Net cash provided by (used for) investing activities from continuing operations 94,760 (3,380 ) 953 — 92,333 CASH FLOWS FROM FINANCING ACTIVITIES Decrease in borrowings against financial services credit facilities, net — — (14,006 ) — (14,006 ) Common stock dividends and stock-based compensation 20,243 — — — 20,243 Increase in restricted cash (3,859 ) — (1,776 ) — (5,635 ) Intercompany balances 19,563 35,680 (55,243 ) — — Other financing activities, net (376 ) — (155 ) — (531 ) Net cash provided by (used for) financing activities from continuing operations 35,571 35,680 (71,180 ) — 71 Net decrease in cash and cash equivalents from continuing operations (6,395 ) (6,608 ) (784 ) — (13,787 ) Cash flows from operating activities— discontinued operations — (27 ) — — (27 ) Cash and cash equivalents at beginning of period 25,521 193,383 9,109 — 228,013 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 19,126 $ 186,748 $ 8,325 $ — $ 214,199

Consolidated Financial Statem44

Consolidated Financial Statements (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2015	Jun. 14, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership interest in subsidiaries (as a percent)		100.00%
Business Acquisition [Line Items]
Business acquisition costs	$ 3.6
Standard Pacific
Business Acquisition [Line Items]
Stock conversion ratio per merger agreement (in shares)			0.2
Ryland Group, Inc.
Business Acquisition [Line Items]
Stock conversion ratio per merger agreement (in shares)			1.0191

Other Income (Details)

Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Combinations [Abstract]
Business acquisition costs	$ 3,600
Other (expense) income	$ (3,055)	$ 675	$ (2,463)	$ 1,160

Comprehensive Income (Details)

Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity [Abstract]
Comprehensive income	$ 42,456	$ 32,282	$ 68,962	$ 56,002

Accumulated Other Comprehensi47

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
GROSS OTHER COMPREHENSIVE (LOSS) INCOME
Amortization of actuarial loss on defined benefit pension plan	$ 7	$ 7	$ 117	$ 15
Unrealized gain (loss) on marketable securities, available-for-sale:
Unrealized gain (loss) on marketable securities, available -for-sale	(150)	360	(169)	596
Less: reclassification adjustments for gains (loss) included in net income	0	(124)	0	(172)
Total unrealized gain (loss) on marketable securities, available-for-sale	(150)	236	(169)	424
Other comprehensive income loss	(143)	243	(52)	439
TAX BENEFIT
Amortization of actuarial loss on defined benefit pension plan, tax	(3)	(3)	(45)	(6)
Unrealized gain (loss) on marketable securities, available-for-sale:
Unrealized gain (loss) on marketable securities, available -for-sale, tax	0	0	0	0
Less: reclassification adjustments for gains (loss) included in net income, tax	0	0	0	0
Total unrealized gain (loss) on marketable securities, available-for-sale, tax	0	0	0	0
Other comprehensive loss, tax	(3)	(3)	(45)	(6)
NET OTHER COMPREHENSIVE (LOSS) INCOME
Amortization of actuarial loss on defined benefit pension plan, net	4	4	72	9
Unrealized gain (loss) on marketable securities, available-for-sale:
Unrealized gain (loss) on marketable securities, available -for-sale, net	(150)	360	(169)	596
Less: reclassification adjustments for gains (loss) included in net income, net	0	(124)	0	(172)
Total unrealized gain (loss) on marketable securities, available-for-sale, net	(150)	236	(169)	424
Other comprehensive (loss) income, net	$ (146)	$ 240	$ (97)	$ 433

Cash, Cash Equivalents and Re48

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 279,980	$ 521,195
Restricted cash
Restricted cash	18,277	35,720
Restricted cash deposits kept as collateral for outstanding letters of credit	17,700	33,800
RMC
Restricted cash
Restricted cash	$ 602	$ 1,900

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)state	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segmentregionstate	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting [Abstract]
Number of states in which the entity operates | state	17		17
Number of reportable segments | segment			6
Number of geographic segments | region			4
REVENUES
Total	$ 653,635	$ 577,389	$ 1,171,034	$ 1,067,072
EARNINGS (LOSS) BEFORE TAXES
Total	66,544	52,203	107,885	90,373
Total assets
HOUSING INVENTORIES	2,276,817		2,276,817		$ 2,045,823
OTHER ASSETS	744,929		744,929		1,006,266
TOTAL ASSETS	3,021,746		3,021,746		3,052,089
Operating Segments | Homebuilding | North
REVENUES
Total	178,477	154,111	314,131	287,675
EARNINGS (LOSS) BEFORE TAXES
Total	17,755	14,954	29,294	25,748
Total assets
HOUSING INVENTORIES	645,227		645,227		589,427
OTHER ASSETS	61,930		61,930		47,742
TOTAL ASSETS	707,157		707,157		637,169
Operating Segments | Homebuilding | Southeast
REVENUES
Total	166,042	140,791	302,591	267,458
EARNINGS (LOSS) BEFORE TAXES
Total	19,856	17,263	32,499	32,120
Total assets
HOUSING INVENTORIES	592,004		592,004		518,691
OTHER ASSETS	35,078		35,078		36,994
TOTAL ASSETS	627,082		627,082		555,685
Operating Segments | Homebuilding | Texas
REVENUES
Total	127,610	125,138	243,058	236,289
EARNINGS (LOSS) BEFORE TAXES
Total	8,791	9,576	15,520	17,423
Total assets
HOUSING INVENTORIES	354,853		354,853		347,178
OTHER ASSETS	49,704		49,704		43,042
TOTAL ASSETS	404,557		404,557		390,220
Operating Segments | Homebuilding | West
REVENUES
Total	164,917	146,204	282,265	256,307
EARNINGS (LOSS) BEFORE TAXES
Total	21,454	18,145	34,641	30,873
Total assets
HOUSING INVENTORIES	684,733		684,733		590,527
OTHER ASSETS	40,821		40,821		41,198
TOTAL ASSETS	725,554		725,554		631,725
Operating Segments | Financial services
REVENUES
Total	16,589	11,145	28,989	19,343
EARNINGS (LOSS) BEFORE TAXES
Total	8,777	(1,909)	13,899	(3,320)
Total assets
HOUSING INVENTORIES	0		0		0
OTHER ASSETS	174,377		174,377		194,258
TOTAL ASSETS	174,377		174,377		194,258
Operating Segments | Corporate and unallocated
EARNINGS (LOSS) BEFORE TAXES
Total	(10,089)	$ (5,826)	(17,968)	$ (12,471)
Total assets
HOUSING INVENTORIES	0		0		0
OTHER ASSETS	383,019		383,019		643,032
TOTAL ASSETS	$ 383,019		$ 383,019		$ 643,032

Earnings Per Share Reconcilia50

Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
NUMERATOR
NET INCOME	$ 42,602	$ 32,042	$ 69,059	$ 55,569
Less: undistributed earnings allocated to nonvested restricted stock	0	0	0	(35)
Numerator for basic earnings per share	42,602	32,042	69,059	55,534
Plus: undistributed earnings allocated to nonvested restricted stock	0	0	0	35
Less: undistributed earnings reallocated to nonvested restricted stock	0	0	0	(28)
Numerator for diluted earnings per share	$ 43,630	$ 33,070	$ 71,115	$ 57,597
DENOMINATOR
Basic earnings per share—weighted-average shares	46,706,437	46,914,902	46,579,660	46,747,403
Effect of dilutive securities:
Share-based payments (in shares)	977,421	926,184	1,004,661	975,081
Diluted earnings per share-adjusted weighted-average shares and assumed conversions	58,273,600	58,430,828	58,174,063	58,312,226
NET INCOME PER COMMON SHARE
Basic (in dollars per share)	$ 0.91	$ 0.68	$ 1.48	$ 1.19
Diluted (in dollars per share)	$ 0.75	$ 0.57	$ 1.22	$ 0.99
1.6 percent convertible senior notes due May 2018
NUMERATOR
Plus: interest on convertible senior notes	$ 729	$ 729	$ 1,458	$ 1,458
Effect of dilutive securities:
Convertible senior notes (in shares)	7,023,780	7,023,780	7,023,780	7,023,780
NET INCOME PER COMMON SHARE
Interest rate stated percentage	1.60%		1.60%
0.25 percent convertible senior notes due June 2019
NUMERATOR
Plus: interest on convertible senior notes	$ 299	$ 299	$ 598	$ 598
Effect of dilutive securities:
Convertible senior notes (in shares)	3,565,962	3,565,962	3,565,962	3,565,962
NET INCOME PER COMMON SHARE
Interest rate stated percentage	0.25%		0.25%

Marketable Securities, Availa51

Marketable Securities, Available-for-sale (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Gain from marketable securities, net	$ 173	$ 429	$ 318	$ 833
Schedule of fair values of available-for-sale marketable securities
AMORTIZED COST	17,742		17,742		$ 17,627
GROSS UNREALIZED GAINS	49		49		218
Marketable securities, available-for-sale	17,791		17,791		17,845
Total debt securities
Schedule of fair values of available-for-sale marketable securities
AMORTIZED COST	10,216		10,216		10,116
GROSS UNREALIZED GAINS	49		49		218
Marketable securities, available-for-sale	10,265		10,265		10,334
U.S. Treasury securities
Schedule of fair values of available-for-sale marketable securities
AMORTIZED COST	450		450		350
GROSS UNREALIZED GAINS	0		0		0
Marketable securities, available-for-sale	450		450		350
Municipal debt securities
Schedule of fair values of available-for-sale marketable securities
AMORTIZED COST	9,766		9,766		9,766
GROSS UNREALIZED GAINS	49		49		218
Marketable securities, available-for-sale	9,815		9,815		9,984
Time deposits
Schedule of fair values of available-for-sale marketable securities
AMORTIZED COST	7,526		7,526		7,511
GROSS UNREALIZED GAINS	0		0		0
Marketable securities, available-for-sale	$ 7,526		$ 7,526		$ 7,511

Marketable Securities, Availa52

Marketable Securities, Available-for-sale (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Contractual maturity:
Maturing in one year or less	$ 7,976	$ 7,861
Maturing after three years	9,815	9,984
Total marketable securities, available-for-sale	$ 17,791	$ 17,845

Housing Inventories (Details)

Housing Inventories (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)lot	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)lot	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)lot
Inventory Disclosure [Abstract]
Valuation reserves related to impaired inventories | $	$ 115,400		$ 115,400		$ 122,000
Net carrying value of impaired inventories | $	139,300		139,300		$ 137,700
Preacquisition feasibility costs written off | $	582	$ 490	1,000	$ 973
Summary of activity related to capitalized interest
Capitalized interest, balance at the beginning of the period | $			107,810	89,619
Interest capitalized | $			31,840	34,283
Interest amortized to cost of sales | $			(22,036)	(22,246)
Capitalized interest, balance at the end of the period | $	$ 117,614	$ 101,656	117,614	101,656
Interest incurred | $			$ 31,840	$ 34,283
Total continuing operations
Lots
LOTS OWNED	26,090		26,090		25,303
LOTS OPTIONED	13,711		13,711		13,670
TOTAL	39,801		39,801		38,973
Total continuing operations | North
Lots
LOTS OWNED	7,817		7,817		7,396
LOTS OPTIONED	6,692		6,692		6,335
TOTAL	14,509		14,509		13,731
Total continuing operations | Southeast
Lots
LOTS OWNED	8,913		8,913		8,646
LOTS OPTIONED	3,639		3,639		3,535
TOTAL	12,552		12,552		12,181
Total continuing operations | Texas
Lots
LOTS OWNED	3,996		3,996		3,938
LOTS OPTIONED	2,427		2,427		3,083
TOTAL	6,423		6,423		7,021
Total continuing operations | West
Lots
LOTS OWNED	5,364		5,364		5,323
LOTS OPTIONED	953		953		717
TOTAL	6,317		6,317		6,040

Goodwill and Other Intangible54

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Goodwill and Other Intangible Assets
Goodwill	$ 36,891	$ 36,891
North
Goodwill and Other Intangible Assets
Goodwill	13,555	13,555
Southeast
Goodwill and Other Intangible Assets
Goodwill	8,125	8,125
Texas
Goodwill and Other Intangible Assets
Goodwill	6,550	6,550
West
Goodwill and Other Intangible Assets
Goodwill	$ 8,661	$ 8,661

Variable Interest Entities ("55

Variable Interest Entities ("VIE") (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Lot Option Purchase Disclosures
Consolidated inventory not owned	$ 29,720	$ 30,811
Noncontrolling interest	13,629	14,430
Primary variable interest | Lot option purchase contracts
Lot Option Purchase Disclosures
Consolidated inventory not owned	29,700	30,800
Cash deposits	16,100	16,400
Noncontrolling interest	13,600	14,400
Not primary variable interest | Lot option purchase contracts
Lot Option Purchase Disclosures
Cash deposits and/or letters of credit	27,600	25,000
Aggregate purchase price	$ 377,700	$ 368,700

Investments in Joint Ventures56

Investments in Joint Ventures (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)joint_ventureitem	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)joint_ventureitem	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)item
Equity Method Investments and Joint Ventures [Abstract]
Number of active homebuilding joint ventures | joint_venture	5		5
Unconsolidated Joint Ventures
Investments in unconsolidated joint ventures | $	$ 13,100		$ 13,100		$ 12,600
Homebuilding interest capitalized to investments in unconsolidated joint ventures | $	906		906		$ 837
Equity in earnings from unconsolidated joint ventures | $	$ 281	$ 261	$ 497	$ 363
Joint ventures
Lots
JV Lots Optioned	611		611		623
North | Joint ventures
Lots
JV Lots Optioned	155		155		155
Texas | Joint ventures
Lots
JV Lots Optioned	230		230		242
West | Joint ventures
Lots
JV Lots Optioned	226		226		226

Debt and Credit Facilities (Det

Debt and Credit Facilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Debt
Senior notes and convertible senior notes, gross	$ 1,272,500		$ 1,398,981
Debt discount	(1,342)		(1,673)
Senior notes and convertible senior notes, net	1,271,158		1,397,308
Total debt	1,295,953		1,403,079
Financial services credit facilities	$ 122,607		129,389
5.4 percent senior notes due January 2015
Debt
Interest rate stated percentage	5.40%	5.40%
8.4 percent senior notes due May 2017
Debt
Interest rate stated percentage	8.40%
6.6 percent senior notes due May 2020
Debt
Interest rate stated percentage	6.60%
5.4 percent senior notes due October 2022
Debt
Interest rate stated percentage	5.40%
1.6 percent convertible senior notes due May 2018
Debt
Interest rate stated percentage	1.60%
0.25 percent convertible senior notes due June 2019
Debt
Interest rate stated percentage	0.25%
Nonrecourse secured notes
Debt
Secured notes payable	$ 24,800		5,800
Senior notes | 5.4 percent senior notes due January 2015
Debt
Senior notes and convertible senior notes, gross	0		126,481
Senior notes | 8.4 percent senior notes due May 2017
Debt
Senior notes and convertible senior notes, gross	230,000		230,000
Senior notes | 6.6 percent senior notes due May 2020
Debt
Senior notes and convertible senior notes, gross	300,000		300,000
Senior notes | 5.4 percent senior notes due October 2022
Debt
Senior notes and convertible senior notes, gross	250,000		250,000
Convertible senior notes | 1.6 percent convertible senior notes due May 2018
Debt
Senior notes and convertible senior notes, gross	225,000		225,000
Convertible senior notes | 0.25 percent convertible senior notes due June 2019
Debt
Senior notes and convertible senior notes, gross	267,500		267,500
Secured Debt | Nonrecourse secured notes
Debt
Secured notes payable	$ 24,795		$ 5,771

Debt and Credit Facilities (D58

Debt and Credit Facilities (Details2)	3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2011USD ($)
Debt
Decrease in debt		$ 126,481,000	$ 0
Letters of credit outstanding		17,500,000		$ 33,300,000
Financial services credit facilities		$ 122,607,000		129,389,000
5.4 percent senior notes due January 2015
Debt
Decrease in debt	$ 126,500,000
Interest rate stated percentage	5.40%	5.40%
Nonrecourse secured notes
Debt
Secured notes payable		$ 24,800,000		$ 5,800,000
Credit facility
Debt
Term of credit facility				4 years
Maximum borrowing capacity		$ 300,000,000		$ 300,000,000
Maximum borrowing capacity after future increase				450,000,000
Number of extensions | item		2
Extension term		1 year
Ownership interest in subsidiaries, who guarantee the funds borrowed		100.00%
Unused borrowing capacity		$ 213,500,000		232,300,000
Letter of credit subfacility
Debt
Maximum borrowing capacity				150,000,000
Outstanding amount of unsecured letters of credit		$ 86,500,000		67,700,000
Swing line facility
Debt
Maximum borrowing capacity				$ 25,000,000
Comerica Bank | Repurchase credit facility.
Debt
Weighted-average effective interest rate (percentage)		2.90%		3.20%
JPMorgan Chase Bank, N.A. (JPM) | Repurchase credit facility.
Debt
Maximum borrowing capacity				$ 100,000,000	$ 50,000,000
Financial services credit facilities		$ 59,300,000		80,900,000
RMCMC | Comerica Bank | Warehouse line of credit
Debt
Maximum borrowing capacity				50,000,000
Financial services credit facilities		$ 63,300,000		$ 48,500,000
Weighted-average effective interest rate (percentage)		3.00%		3.00%
Minimum | RMCMC | Comerica Bank | Warehouse line of credit
Debt
Maximum borrowing capacity				$ 50,000,000
Maximum | RMCMC | Comerica Bank | Warehouse line of credit
Debt
Maximum borrowing capacity				$ 100,000,000

Fair Values of Financial and 59

Fair Values of Financial and Nonfinancial Instruments (Details) $ in Thousands	Jun. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)loan
Fair value measurement for financial instruments
Senior notes and convertible senior notes, net	$ 1,271,158	$ 1,397,308
Marketable securities, available-for-sale	17,791	17,845
Mortgage loans held-for-sale, unpaid principal balance	126,900	147,900
Mortgage loans held-for-sale, difference between the aggregate fair value and the aggregate unpaid principal balance	$ 2,900	$ 5,400
Number of loans 90 days or more past due | loan	1	1
Mortgage loans held-for-sale, aggregate carrying value of loans with payments 90 days or more past due	$ 218	$ 219
Mortgage loans held-for-sale, aggregate unpaid principal balance of loans with payments 90 days or more past due	339	340
U.S. Treasury securities
Fair value measurement for financial instruments
Marketable securities, available-for-sale	450	350
Municipal debt securities
Fair value measurement for financial instruments
Marketable securities, available-for-sale	9,815	9,984
Time deposits
Fair value measurement for financial instruments
Marketable securities, available-for-sale	7,526	7,511
Recurring Measurement | Level 1 | U.S. Treasury securities
Fair value measurement for financial instruments
Marketable securities, available-for-sale	450	350
Recurring Measurement | Level 2 | Mortgage loans held-for-sale
Fair value measurement for financial instruments
Derivative assets	129,790	153,366
Recurring Measurement | Level 2 | Mortgage interest rate lock commitments
Fair value measurement for financial instruments
Derivative assets	8,034	4,229
Recurring Measurement | Level 2 | Forward-delivery contracts
Fair value measurement for financial instruments
Derivative assets	1,927	(2,141)
Recurring Measurement | Level 2 | Municipal debt securities
Fair value measurement for financial instruments
Marketable securities, available-for-sale	9,815	9,984
Recurring Measurement | Level 2 | Time deposits
Fair value measurement for financial instruments
Marketable securities, available-for-sale	7,526	7,511
Carrying value
Fair value measurement for financial instruments
Senior notes and convertible senior notes, net	1,300,000	1,400,000
Fair Value
Fair value measurement for financial instruments
Senior notes and convertible senior notes, net	$ 1,400,000	$ 1,500,000

Fair Values of Financial and 60

Fair Values of Financial and Nonfinancial Instruments 2 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Disclosures [Abstract]
Realized Gain (Loss) on Mortgage Interest Rate Lock Commitments	$ 1.3	$ 2.3	$ 3.8	$ 3.2
Hedging Instruments Gain (Loss) Recognized in Income	2.7	(4.2)	1.4	(7.2)
Gain (Loss) on Sale of Mortgage Loans	$ 5.7	$ 7.4	$ 11.2	$ 12.8

Income Taxes (Details)

Income Taxes (Details) - Entity [Domain] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Taxes
Tax expense	$ 23,942	$ 20,161	$ 38,826	$ 34,804
Overall effective income tax expense rate (as a percent)	36.00%	38.60%	36.00%	38.50%
Net deferred tax assets	$ 84,400		$ 84,400		$ 91,800
Valuation allowance against deferred tax assets	$ 0		$ 0		$ 0
Federal
Income Taxes
Period of NOL carryforward			20 years
Period of federal tax credit carryforwards			20 years
State | Minimum
Income Taxes
Period of NOL carryforward			10 years
State | Maximum
Income Taxes
Period of NOL carryforward			20 years

Long-Term Incentive and Suppl62

Long-Term Incentive and Supplemental Executive Retirement Plans (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015
2015 LTIP
Long-term incentive plan
Threshold TSR percentile of the performance to earn half of the target amount of performance shares	50.00%
Threshold percent of revenue growth over the long-term performance period to earn half of the target amount of performance shares	25.00%
2015 LTIP | Maximum
Long-term incentive plan
TSR percentile level of the performance to earn zero percent of half of the target amount of performance shares	30.00%
TSR percentile level of the performance to earn 200 percent of half of the target amount of performance shares	90.00%
Percent of revenue growth over the long-term performance period to earn zero percent of half of the target amount of performance shares	15.00%
Percent of revenue growth over the long-term performance period to earn to 200 percent of half of the target amount of performance shares	35.00%
2015 LTIP | TSR at or below the 30 percentile level | Minimum
Long-term incentive plan
Percentage of target amount of performance shares earned by an executive officer	0.00%
2015 LTIP | TSR at or above the 90 percentile level | Maximum
Long-term incentive plan
Percentage of target amount of performance shares earned by an executive officer	200.00%
2015 LTIP | Revenue growth at or below 15 percent | Minimum
Long-term incentive plan
Percentage of target amount of performance shares earned by an executive officer	0.00%
2015 LTIP | Revenue growth at or above 35 percent | Maximum
Long-term incentive plan
Percentage of target amount of performance shares earned by an executive officer	200.00%
2015 LTIP | Performance share units
Long-term incentive plan
Number of performance share units approved under the plan				123,567
Long-term performance period	3 years
2014 LTIP
Long-term incentive plan
Threshold TSR percentile of the performance to earn half of the target amount of performance shares		50.00%
Threshold percent of revenue growth over the long-term performance period to earn half of the target amount of performance shares		30.00%
2014 LTIP | Maximum
Long-term incentive plan
TSR percentile level of the performance to earn zero percent of half of the target amount of performance shares		30.00%
TSR percentile level of the performance to earn 200 percent of half of the target amount of performance shares		90.00%
Percent of revenue growth over the long-term performance period to earn zero percent of half of the target amount of performance shares		20.00%
Percent of revenue growth over the long-term performance period to earn to 200 percent of half of the target amount of performance shares		40.00%
2014 LTIP | TSR at or below the 30 percentile level | Minimum
Long-term incentive plan
Percentage of target amount of performance shares earned by an executive officer		0.00%
2014 LTIP | TSR at or above the 90 percentile level | Maximum
Long-term incentive plan
Percentage of target amount of performance shares earned by an executive officer		200.00%
2014 LTIP | Revenue growth at or below 20 percent | Minimum
Long-term incentive plan
Percentage of target amount of performance shares earned by an executive officer		0.00%
2014 LTIP | Revenue growth at or above 40 percent | Maximum
Long-term incentive plan
Percentage of target amount of performance shares earned by an executive officer		200.00%
2014 LTIP | Performance share units
Long-term incentive plan
Number of performance share units approved under the plan		141,566
Long-term performance period		3 years
2013 LTIP
Long-term incentive plan
Threshold TSR percentile of the performance to earn half of the target amount of performance shares			50.00%
Threshold percent of revenue growth over the long-term performance period to earn half of the target amount of performance shares			60.00%
2013 LTIP | Maximum
Long-term incentive plan
TSR percentile level of the performance to earn zero percent of half of the target amount of performance shares			30.00%
TSR percentile level of the performance to earn 200 percent of half of the target amount of performance shares			90.00%
Percent of revenue growth over the long-term performance period to earn zero percent of half of the target amount of performance shares			45.00%
Percent of revenue growth over the long-term performance period to earn to 200 percent of half of the target amount of performance shares			75.00%
2013 LTIP | TSR at or below the 30 percentile level | Minimum
Long-term incentive plan
Percentage of target amount of performance shares earned by an executive officer			0.00%
2013 LTIP | TSR at or above the 90 percentile level | Maximum
Long-term incentive plan
Percentage of target amount of performance shares earned by an executive officer			200.00%
2013 LTIP | Revenue growth at or below 45 percent | Minimum
Long-term incentive plan
Percentage of target amount of performance shares earned by an executive officer			0.00%
2013 LTIP | Revenue growth at or above 75 percent | Maximum
Long-term incentive plan
Percentage of target amount of performance shares earned by an executive officer			200.00%
2013 LTIP | Performance share units
Long-term incentive plan
Number of performance share units approved under the plan			135,332
Long-term performance period			3 years

Long-Term Incentive and Suppl63

Long-Term Incentive and Supplemental Executive Retirement Plans (Details 2) - Supplemental Executive Retirement plan - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Employee benefit plan
Value of assets held in trust	$ 14,400,000		$ 14,400,000		$ 15,700,000
Costs recognized and benefits paid
Interest costs	142,000	$ 173,000	328,000	$ 294,000
Amortization of unrecognized actuarial loss	7,000	7,000	117,000	15,000
Total costs	149,000	180,000	445,000	309,000
Benefits paid	0	0	1,477,000	90,000
Investment gain (loss)	(73,000)	$ 418,000	119,000	$ 533,000
Projected benefit obligations	$ 14,900,000		$ 14,900,000		$ 16,100,000
Weighted-average discount rate (as a percent)	1.00%	2.00%	1.00%	2.00%
Expected future payouts
2,016	$ 5,400,000		$ 5,400,000
2,017	1,600,000		1,600,000
2,018	2,900,000		2,900,000
2,019	1,500,000		1,500,000
2,020	90,000		90,000
2021 through 2025	$ 4,600,000		$ 4,600,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares	Jun. 30, 2015USD ($)installment$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares	Dec. 31, 2014$ / sharesshares	Dec. 31, 2013$ / sharesshares
Stock-based compensation
Gain (Loss) on Sale of Mortgage Loans	$ 5,700	$ 7,400	$ 11,200	$ 12,800
Excess tax benefits from stock-based compensation			$ 1,949	$ 0
Stock option / award activity
Options outstanding at the beginning of the period (in shares) | shares			1,385,497	2,326,201	2,326,201
Exercised (in shares) | shares			(424,684)	(539,733)
Forfeited (in shares) | shares			(36,667)	(15,473)
Options outstanding at the end of the period (in shares) | shares	924,146	1,770,995	924,146	1,770,995	1,385,497	2,326,201
Available for future grant (in shares) | shares	3,516,458	3,348,345	3,516,458	3,348,345	3,515,345
Total shares reserved at the end of period | shares	4,440,604	5,119,340	4,440,604	5,119,340
Options exercisable at the end of period (in shares) | shares	917,479	1,544,332	917,479	1,544,332
WEIGHTED-AVERAGE EXERCISE PRICE
Options outstanding at the beginning of the period (in dollars per option) | $ / shares			$ 23.30	$ 27.02	$ 27.02
Exercised (in dollars per option) | $ / shares			20.67	29.24
Forfeited (in dollars per option) | $ / shares			47.63	21.57
Options outstanding at the end of the period (in dollars per option) | $ / shares	$ 23.55	$ 26.39	23.55	26.39	$ 23.30	$ 27.02
Options exercisable at the end of period (in dollars per option) | $ / shares	$ 23.50	$ 27.49	$ 23.50	$ 27.49
AVERAGE REMAINING CONTRACTUAL LIFE (in years)
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2			2 years 2 months 12 days	2 years 4 months 24 days	2 years 2 months 26 days	2 years 3 months 18 days
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2			2 years 2 months 12 days	2 years 4 months 24 days	2 years 2 months 26 days	2 years 3 months 18 days
Weighted average remaining contractual life, Options exercisable at the end of the period (in years)			2 years 2 months 8 days	2 years
AGGREGATE INTRINSIC VALUE
Aggregate intrinsic value, Options outstanding at the end of the period	$ 23,666	$ 30,216	$ 23,666	$ 30,216
Aggregate intrinsic value, Options exercisable at the end of period	23,561	25,571	23,561	25,571
Stock options / awards
Stock-based compensation expense	4,700	4,500	11,500	10,100
Intrinsic values of stock options exercised	979	967	$ 8,900	7,900
Stock options
Stock-based compensation
Vesting period (in years)			3 years
Stock options / awards
Stock-based compensation expense	19	429	$ 220	1,100
2011 Equity and Incentive Plan | Maximum
Stock-based compensation
Expiration period of stock options from date of grant (in years)			7 years
Predecessor plans to the 2011 Equity and Incentive Plan | Minimum
Stock-based compensation
Expiration period of stock options from date of grant (in years)			5 years
Predecessor plans to the 2011 Equity and Incentive Plan | Maximum
Stock-based compensation
Expiration period of stock options from date of grant (in years)			10 years
2004 Non-Employee Director Equity Plan and predecessor plans | Maximum
Stock-based compensation
Expiration period of stock options from date of grant (in years)			10 years
Non-Employee Director Stock Plans
Stock options / awards
Stock-based compensation expense	$ 207	189	$ 454	436
2011 Non-Employee Director Stock Plan (the Director Plan)
Stock-based compensation
Number of shares authorized for issuance to each director | shares			3,000
The maximum period of time that can elapse subsequent to a new director's appointment prior to receipt of an initial award in accordance with the plan			30 days
Stock option / award activity
Available for future grant (in shares) | shares	96,830		96,830		117,830
Restricted stock units
Stock-based compensation
Number of equal annual installments in which awards vest, with performance criteria | installment			3
Restricted stock units | Senior executive officers
Stock-based compensation
Number of equal annual installments in which awards vest, with performance criteria | installment			1
Stock options / awards
Stock-based compensation expense	$ 4,400	$ 3,800	$ 10,900	$ 8,500

Stock-Based Compensation (Det65

Stock-Based Compensation (Details 2) - Restricted stock units - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Restricted stock units
Restricted stock units at the beginning of the period (in shares)	368,084	539,106
Shares awarded	170,994	131,597
Shares vested	(231,969)	(298,791)
Shares forfeited	(11,082)	(3,828)
Restricted stock units at the end of the period (in shares)	296,027	368,084
Outstanding restricted shares vesting schedule
Outstanding restricted stock unit awards, vesting in 2015 (in shares)	17,526
Outstanding restricted stock unit awards, vesting in 2016 (in shares)	133,677
Outstanding restricted stock unit awards, vesting in 2017 (in shares)	91,287
Outstanding restricted stock unit awards, vesting in 2018 (in shares)	53,537

Commitments and Contingencies66

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)item	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)item	Dec. 31, 2013item	Dec. 31, 2012item	Dec. 31, 2011item	Dec. 31, 2010item
Commitments and Contingencies
Mortgage loan types originated (as a percent)	100.00%		100.00%	100.00%	100.00%	100.00%	100.00%
Average FICO credit score | item	730		732	733	731	726	723
Average combined loan-to-value ratio (as a percent)	87.90%		87.80%	89.80%	90.10%	90.30%	90.80%
Mortgage interest rate lock commitments
Commitments and Contingencies
Interest rate, low end range (percentage)			3.50%
Interest rate, high end range (percentage)			4.80%
Designated as Hedging Instrument | Mortgage interest rate lock commitments
Commitments and Contingencies
Average number of days of interest rate commitment before closing		180 days
Interest rate, low end range (percentage)	3.50%	3.50%
Interest rate, high end range (percentage)	4.80%	4.80%
Notional amount	$ 311.5	$ 311.5	$ 148
Prime
Commitments and Contingencies
Mortgage loan types originated (as a percent)	66.20%		67.60%	57.20%	48.60%	42.20%	34.90%
Government (FHA/VA/USDA)
Commitments and Contingencies
Mortgage loan types originated (as a percent)	33.80%		32.40%	42.80%	51.40%	57.80%	65.10%
Development bonds
Commitments and Contingencies
Guarantee obligations estimated exposure pertaining to land development and improvements	$ 203.1	203.1	$ 189.4
Performance-related cash deposits and letters of credit
Commitments and Contingencies
Guarantee obligations estimated exposure pertaining to land development and improvements	97	97	87.3
Lot option purchase contracts
Commitments and Contingencies
Cash deposits and/or letters of credit	75.2	75.2	72.8
Aggregate purchase price	$ 783.7	783.7	847.1
Purchase commitments, specific performance		$ 1.4	$ 1.4

Commitments and Contingencies67

Commitments and Contingencies (Details 2) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Changes in the entity's loan loss and related legal reserves
Balance at the beginning of the period	$ 1,397	$ 11,472
Provision for losses	242	6,056
Settlements made	(322)	(231)
Balance at the end of the period	$ 1,317	17,297
Product warranty
Number of years of product warranty for workmanship and materials	1 year
Number of years of product warranty for mechanical systems	2 years
Number of years of product warranty for structural systems	10 years
Product liability reserves
Balance at the beginning of the period	$ 25,556	23,139
Warranties issued	3,963	4,562
Changes in liability for accruals related to pre-existing warranties	(13)	657
Settlements made	(5,018)	(4,679)
Balance at the end of the period	24,488	23,679
Legal reserves
Changes in entity's legal reserves
Legal reserves	6,400		$ 5,700
Reasonably possible losses in excess of amounts accrued	1,300
RHIC | Insurance reserves
Changes in entity's subcontractor insurance reserves
Balance at the beginning of period	12,521	13,857
Insurance expense provisions or adjustments	0	1,900
Loss expenses paid	(1,569)	(2,488)
Balance at the end of period	$ 10,952	$ 13,269

Supplemental Guarantor Inform68

Supplemental Guarantor Information (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Credit facility
Financial statements
Maximum borrowing capacity	$ 300,000,000	$ 300,000,000
8.4 percent senior notes due May 2017
Financial statements
Interest rate stated percentage	8.40%
1.6 percent convertible senior notes due May 2018
Financial statements
Interest rate stated percentage	1.60%
0.25 percent convertible senior notes due June 2019
Financial statements
Interest rate stated percentage	0.25%
6.6 percent senior notes due May 2020
Financial statements
Interest rate stated percentage	6.60%
5.4 percent senior notes due October 2022
Financial statements
Interest rate stated percentage	5.40%

Supplemental Guarantor Inform69

Supplemental Guarantor Information (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Income Statements, Captions [Line Items]
REVENUES	$ 653,635	$ 577,389	$ 1,171,034	$ 1,067,072
EXPENSES	584,209	526,290	1,061,004	978,692
OTHER (EXPENSE) INCOME	(2,882)	1,104	(2,145)	1,993
Income before taxes	66,544	52,203	107,885	90,373
Tax expense (benefit)	23,942	20,161	38,826	34,804
Equity in net earnings of subsidiaries	0	0	0	0
NET INCOME (LOSS)	42,602	32,042	69,059	55,569
REPORTABLE LEGAL ENTITIES | TRG, INC.
Condensed Income Statements, Captions [Line Items]
REVENUES	349,879	297,734	618,461	548,141
EXPENSES	318,181	268,737	568,529	497,607
OTHER (EXPENSE) INCOME	(3,264)	790	(2,838)	1,485
Income before taxes	28,434	29,787	47,094	52,019
Tax expense (benefit)	10,231	11,505	16,949	20,033
Equity in net earnings of subsidiaries	24,399	13,760	38,914	23,583
NET INCOME (LOSS)	42,602	32,042	69,059	55,569
REPORTABLE LEGAL ENTITIES | GUARANTOR SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
REVENUES	301,285	280,874	549,285	521,108
EXPENSES	272,251	256,838	502,947	479,917
OTHER (EXPENSE) INCOME	299	289	554	483
Income before taxes	29,333	24,325	46,892	41,674
Tax expense (benefit)	10,553	9,394	16,875	16,050
Equity in net earnings of subsidiaries	0	0	0	0
NET INCOME (LOSS)	18,780	14,931	30,017	25,624
REPORTABLE LEGAL ENTITIES | NON-GUARANTOR SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
REVENUES	16,589	11,145	28,989	19,343
EXPENSES	7,895	13,079	15,229	22,688
OTHER (EXPENSE) INCOME	83	25	139	25
Income before taxes	8,777	(1,909)	13,899	(3,320)
Tax expense (benefit)	3,158	(738)	5,002	(1,279)
Equity in net earnings of subsidiaries	0	0	0	0
NET INCOME (LOSS)	5,619	(1,171)	8,897	(2,041)
GUARANTOR ELIMINATIONS
Condensed Income Statements, Captions [Line Items]
REVENUES	(14,118)	(12,364)	(25,701)	(21,520)
EXPENSES	(14,118)	(12,364)	(25,701)	(21,520)
OTHER (EXPENSE) INCOME	0	0	0	0
Income before taxes	0	0	0	0
Tax expense (benefit)	0	0	0	0
Equity in net earnings of subsidiaries	(24,399)	(13,760)	(38,914)	(23,583)
NET INCOME (LOSS)	$ (24,399)	$ (13,760)	$ (38,914)	$ (23,583)

Supplemental Guarantor Inform70

Supplemental Guarantor Information (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Statement of Income Captions [Line Items]
NET INCOME	$ 42,602	$ 32,042	$ 69,059	$ 55,569
Other comprehensive (loss) income, net:
Amortization of actuarial loss on defined benefit pension plan, net	4	4	72	9
Unrealized (loss) gain on marketable securities, available-for-sale, net	(150)	236	(169)	424
Other comprehensive (loss) income, net	(146)	240	(97)	433
Comprehensive income	42,456	32,282	68,962	56,002
REPORTABLE LEGAL ENTITIES | TRG, INC.
Condensed Statement of Income Captions [Line Items]
NET INCOME	42,602	32,042	69,059	55,569
Other comprehensive (loss) income, net:
Amortization of actuarial loss on defined benefit pension plan, net	4	4	51	9
Unrealized (loss) gain on marketable securities, available-for-sale, net	(150)	236	(169)	424
Other comprehensive (loss) income, net	(146)	240	(118)	433
Comprehensive income	42,456	32,282	68,941	56,002
REPORTABLE LEGAL ENTITIES | GUARANTOR SUBSIDIARIES
Condensed Statement of Income Captions [Line Items]
NET INCOME	18,780	14,931	30,017	25,624
Other comprehensive (loss) income, net:
Amortization of actuarial loss on defined benefit pension plan, net	0	0	16	0
Unrealized (loss) gain on marketable securities, available-for-sale, net	0	0	0	0
Other comprehensive (loss) income, net	0	0	16	0
Comprehensive income	18,780	14,931	30,033	25,624
REPORTABLE LEGAL ENTITIES | NON-GUARANTOR SUBSIDIARIES
Condensed Statement of Income Captions [Line Items]
NET INCOME	5,619	(1,171)	8,897	(2,041)
Other comprehensive (loss) income, net:
Amortization of actuarial loss on defined benefit pension plan, net	0	0	5	0
Unrealized (loss) gain on marketable securities, available-for-sale, net	0	0	0	0
Other comprehensive (loss) income, net	0	0	5	0
Comprehensive income	5,619	(1,171)	8,902	(2,041)
GUARANTOR ELIMINATIONS
Condensed Statement of Income Captions [Line Items]
NET INCOME	(24,399)	(13,760)	(38,914)	(23,583)
Other comprehensive (loss) income, net:
Amortization of actuarial loss on defined benefit pension plan, net	0	0	0	0
Unrealized (loss) gain on marketable securities, available-for-sale, net	0	0	0	0
Other comprehensive (loss) income, net	0	0	0	0
Comprehensive income	$ (24,399)	$ (13,760)	$ (38,914)	$ (23,583)

Supplemental Guarantor Inform71

Supplemental Guarantor Information (Details 4) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 279,980	$ 521,195
Marketable securities and restricted cash	36,068	53,565
Consolidated inventory owned	2,247,097	2,015,012
Consolidated inventory not owned	29,720	30,811
Total housing inventories	2,276,817	2,045,823
Investment in subsidiaries	0	0
Intercompany receivables	0	0
Other assets	428,881	431,506
TOTAL ASSETS	3,021,746	3,052,089
LIABILITIES
Accounts payable and other accrued liabilities	422,142	420,618
Financial services credit facilities	122,607	129,389
Debt	1,295,953	1,403,079
Intercompany payables	0	0
TOTAL LIABILITIES	1,840,702	1,953,086
EQUITY
STOCKHOLDERS’ EQUITY	1,167,415	1,084,573
NONCONTROLLING INTEREST	13,629	14,430
TOTAL LIABILITIES AND EQUITY	3,021,746	3,052,089
REPORTABLE LEGAL ENTITIES | TRG, INC.
ASSETS
Cash and cash equivalents	27,024	29,993
Marketable securities and restricted cash	17,341	33,611
Consolidated inventory owned	1,261,611	1,116,024
Consolidated inventory not owned	16,091	16,381
Total housing inventories	1,277,702	1,132,405
Investment in subsidiaries	469,513	439,627
Intercompany receivables	728,147	915,926
Other assets	212,992	208,842
TOTAL ASSETS	2,732,719	2,760,404
LIABILITIES
Accounts payable and other accrued liabilities	269,351	272,752
Financial services credit facilities	0	0
Debt	1,295,953	1,403,079
Intercompany payables	0	0
TOTAL LIABILITIES	1,565,304	1,675,831
EQUITY
STOCKHOLDERS’ EQUITY	1,167,415	1,084,573
NONCONTROLLING INTEREST	0	0
TOTAL LIABILITIES AND EQUITY	2,732,719	2,760,404
REPORTABLE LEGAL ENTITIES | GUARANTOR SUBSIDIARIES
ASSETS
Cash and cash equivalents	242,732	480,239
Marketable securities and restricted cash	0	0
Consolidated inventory owned	985,486	898,988
Consolidated inventory not owned	0	0
Total housing inventories	985,486	898,988
Investment in subsidiaries	0	0
Intercompany receivables	0	0
Other assets	70,311	59,171
TOTAL ASSETS	1,298,529	1,438,398
LIABILITIES
Accounts payable and other accrued liabilities	134,295	125,333
Financial services credit facilities	0	0
Debt	0	0
Intercompany payables	724,026	902,874
TOTAL LIABILITIES	858,321	1,028,207
EQUITY
STOCKHOLDERS’ EQUITY	440,208	410,191
NONCONTROLLING INTEREST	0	0
TOTAL LIABILITIES AND EQUITY	1,298,529	1,438,398
REPORTABLE LEGAL ENTITIES | NON-GUARANTOR SUBSIDIARIES
ASSETS
Cash and cash equivalents	10,224	10,963
Marketable securities and restricted cash	18,727	19,954
Consolidated inventory owned	0	0
Consolidated inventory not owned	13,629	14,430
Total housing inventories	13,629	14,430
Investment in subsidiaries	0	0
Intercompany receivables	0	0
Other assets	145,578	163,493
TOTAL ASSETS	188,158	208,840
LIABILITIES
Accounts payable and other accrued liabilities	18,496	22,533
Financial services credit facilities	122,607	129,389
Debt	0	0
Intercompany payables	4,121	13,052
TOTAL LIABILITIES	145,224	164,974
EQUITY
STOCKHOLDERS’ EQUITY	29,305	29,436
NONCONTROLLING INTEREST	13,629	14,430
TOTAL LIABILITIES AND EQUITY	188,158	208,840
GUARANTOR ELIMINATIONS
ASSETS
Cash and cash equivalents	0	0
Marketable securities and restricted cash	0	0
Consolidated inventory owned	0	0
Consolidated inventory not owned	0	0
Total housing inventories	0	0
Investment in subsidiaries	(469,513)	(439,627)
Intercompany receivables	(728,147)	(915,926)
Other assets	0	0
TOTAL ASSETS	(1,197,660)	(1,355,553)
LIABILITIES
Accounts payable and other accrued liabilities	0	0
Financial services credit facilities	0	0
Debt	0	0
Intercompany payables	(728,147)	(915,926)
TOTAL LIABILITIES	(728,147)	(915,926)
EQUITY
STOCKHOLDERS’ EQUITY	(469,513)	(439,627)
NONCONTROLLING INTEREST	0	0
TOTAL LIABILITIES AND EQUITY	$ (1,197,660)	$ (1,355,553)

Supplemental Guarantor Inform72

Supplemental Guarantor Information (Details 5) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) from continuing operations		$ 42,602	$ 32,042	$ 69,059	$ 55,569
Adjustments to reconcile net income to net cash (used for) provided by operating activities:				23,032	21,193
Changes in assets and liabilities				(213,312)	(181,961)
Other operating activities, net				(3,182)	(992)
Net cash used for operating activities from continuing operations				(124,403)	(106,191)
CASH FLOWS FROM INVESTING ACTIVITIES
Return of investment in unconsolidated joint ventures, net				366	366
Additions to property, plant and equipment				(14,391)	(9,875)
Purchases of marketable securities, available-for-sale				(631)	(239,115)
Proceeds from sales and maturities of marketable securities, available-for-sale				880	340,957
Net cash (used for) provided by investing activities from continuing operations				(13,776)	92,333
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in debt				(126,481)	0
Decrease in borrowings against financial services credit facilities, net				(6,782)	(14,006)
Common stock dividends and stock-based compensation				13,629	20,243
Decrease in restricted cash				17,443	(5,635)
Intercompany balances				0	0
Other financing activities, net				(845)	(531)
Net cash (used for) provided by financing activities from continuing operations				(103,036)	71
Net decrease in cash and cash equivalents from continuing operations				(241,215)	(13,787)
Cash flows from operating activities—discontinued operations				0	(27)
Cash and cash equivalents at beginning of period1	[1]			521,195	228,013
CASH AND CASH EQUIVALENTS AT END OF PERIOD		279,980	214,199	279,980	214,199
REPORTABLE LEGAL ENTITIES | TRG, INC.
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) from continuing operations		42,602	32,042	69,059	55,569
Adjustments to reconcile net income to net cash (used for) provided by operating activities:				18,320	16,501
Changes in assets and liabilities				(170,716)	(207,804)
Other operating activities, net				(3,182)	(992)
Net cash used for operating activities from continuing operations				(86,519)	(136,726)
CASH FLOWS FROM INVESTING ACTIVITIES
Return of investment in unconsolidated joint ventures, net				366	366
Additions to property, plant and equipment				(7,709)	(6,448)
Purchases of marketable securities, available-for-sale				0	(238,315)
Proceeds from sales and maturities of marketable securities, available-for-sale				349	339,157
Net cash (used for) provided by investing activities from continuing operations				(6,994)	94,760
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in debt				(126,481)
Decrease in borrowings against financial services credit facilities, net				0	0
Common stock dividends and stock-based compensation				13,629	20,243
Decrease in restricted cash				16,116	(3,859)
Intercompany balances				187,779	19,563
Other financing activities, net				(499)	(376)
Net cash (used for) provided by financing activities from continuing operations				90,544	35,571
Net decrease in cash and cash equivalents from continuing operations				(2,969)	(6,395)
Cash flows from operating activities—discontinued operations					0
Cash and cash equivalents at beginning of period1				29,993	25,521
CASH AND CASH EQUIVALENTS AT END OF PERIOD		27,024	19,126	27,024	19,126
REPORTABLE LEGAL ENTITIES | GUARANTOR SUBSIDIARIES
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) from continuing operations		18,780	14,931	30,017	25,624
Adjustments to reconcile net income to net cash (used for) provided by operating activities:				4,485	4,489
Changes in assets and liabilities				(86,211)	(69,021)
Other operating activities, net				0	0
Net cash used for operating activities from continuing operations				(51,709)	(38,908)
CASH FLOWS FROM INVESTING ACTIVITIES
Return of investment in unconsolidated joint ventures, net				0	0
Additions to property, plant and equipment				(6,662)	(3,380)
Purchases of marketable securities, available-for-sale				0	0
Proceeds from sales and maturities of marketable securities, available-for-sale				0	0
Net cash (used for) provided by investing activities from continuing operations				(6,662)	(3,380)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in debt				0
Decrease in borrowings against financial services credit facilities, net				0	0
Common stock dividends and stock-based compensation				0	0
Decrease in restricted cash				0	0
Intercompany balances				(178,848)	35,680
Other financing activities, net				(288)	0
Net cash (used for) provided by financing activities from continuing operations				(179,136)	35,680
Net decrease in cash and cash equivalents from continuing operations				(237,507)	(6,608)
Cash flows from operating activities—discontinued operations					(27)
Cash and cash equivalents at beginning of period1				480,239	193,383
CASH AND CASH EQUIVALENTS AT END OF PERIOD		242,732	186,748	242,732	186,748
REPORTABLE LEGAL ENTITIES | NON-GUARANTOR SUBSIDIARIES
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) from continuing operations		5,619	(1,171)	8,897	(2,041)
Adjustments to reconcile net income to net cash (used for) provided by operating activities:				227	203
Changes in assets and liabilities				4,701	71,281
Other operating activities, net				0	0
Net cash used for operating activities from continuing operations				13,825	69,443
CASH FLOWS FROM INVESTING ACTIVITIES
Return of investment in unconsolidated joint ventures, net				0	0
Additions to property, plant and equipment				(20)	(47)
Purchases of marketable securities, available-for-sale				(631)	(800)
Proceeds from sales and maturities of marketable securities, available-for-sale				531	1,800
Net cash (used for) provided by investing activities from continuing operations				(120)	953
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in debt				0
Decrease in borrowings against financial services credit facilities, net				(6,782)	(14,006)
Common stock dividends and stock-based compensation				0	0
Decrease in restricted cash				1,327	(1,776)
Intercompany balances				(8,931)	(55,243)
Other financing activities, net				(58)	(155)
Net cash (used for) provided by financing activities from continuing operations				(14,444)	(71,180)
Net decrease in cash and cash equivalents from continuing operations				(739)	(784)
Cash flows from operating activities—discontinued operations					0
Cash and cash equivalents at beginning of period1				10,963	9,109
CASH AND CASH EQUIVALENTS AT END OF PERIOD		10,224	8,325	10,224	8,325
GUARANTOR ELIMINATIONS
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) from continuing operations		(24,399)	(13,760)	(38,914)	(23,583)
Adjustments to reconcile net income to net cash (used for) provided by operating activities:				0	0
Changes in assets and liabilities				38,914	23,583
Other operating activities, net				0	0
Net cash used for operating activities from continuing operations				0	0
CASH FLOWS FROM INVESTING ACTIVITIES
Return of investment in unconsolidated joint ventures, net				0	0
Additions to property, plant and equipment				0	0
Purchases of marketable securities, available-for-sale				0	0
Proceeds from sales and maturities of marketable securities, available-for-sale				0	0
Net cash (used for) provided by investing activities from continuing operations				0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in debt				0
Decrease in borrowings against financial services credit facilities, net				0	0
Common stock dividends and stock-based compensation				0	0
Decrease in restricted cash				0	0
Intercompany balances				0	0
Other financing activities, net				0	0
Net cash (used for) provided by financing activities from continuing operations				0	0
Net decrease in cash and cash equivalents from continuing operations				0	0
Cash flows from operating activities—discontinued operations					0
Cash and cash equivalents at beginning of period1				0	0
CASH AND CASH EQUIVALENTS AT END OF PERIOD		$ 0	$ 0	$ 0	$ 0
[1]	Includes cash and cash equivalents of $27,000 associated with discontinued operations at December 31, 2013.