Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 21, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'STANDARD PACIFIC CORP /DE/ | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 277,766,927 | ' |
Entity Public Float | ' | ' | $1,237,893,736 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000878560 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Homebuilding: | ' | ' | ' | ||
Home sale revenues | $1,898,989 | $1,190,252 | $882,094 | ||
Land sale revenues | 15,620 | 46,706 | 899 | ||
Total revenues | 1,914,609 | 1,236,958 | 882,993 | ||
Cost of home sales | -1,431,797 | -946,630 | -719,893 | ||
Cost of land sales | -13,616 | -46,654 | -903 | ||
Total cost of sales | -1,445,413 | -993,284 | -720,796 | ||
Gross margin | 469,196 | [1] | 243,674 | [1] | 162,197 |
Selling, general and administrative expenses | -230,691 | -172,207 | -154,375 | ||
Income (loss) from unconsolidated joint ventures | 949 | -2,090 | 207 | ||
Interest expense | ' | -6,396 | -25,168 | ||
Other income (expense) | 6,815 | 4,664 | -1,017 | ||
Homebuilding pretax income (loss) | 246,269 | 67,645 | -18,156 | ||
Financial Services: | ' | ' | ' | ||
Revenues | 24,910 | 21,300 | 10,907 | ||
Expenses | -14,159 | -11,062 | -9,401 | ||
Other income | 678 | 304 | 177 | ||
Financial services pretax income | 11,429 | 10,542 | 1,683 | ||
Income (loss) before income taxes | 257,698 | 78,187 | -16,473 | ||
(Provision) benefit for income taxes | -68,983 | 453,234 | 56 | ||
Net income (loss) | 188,715 | [1] | 531,421 | [1] | -16,417 |
Less: Net (income) loss allocated to preferred shareholder | -57,386 | -224,408 | 7,101 | ||
Less: Net (income) loss allocated to unvested restricted stock | -265 | -410 | ' | ||
Net income (loss) available to common stockholders | $131,064 | $306,603 | ($9,316) | ||
Income (Loss) per common share: | ' | ' | ' | ||
Basic (in Dollars per share) | $0.52 | [1] | $1.52 | [1] | ($0.05) |
Diluted (in Dollars per share) | $0.47 | [1] | $1.44 | [1] | ($0.05) |
Weighted average common shares outstanding: | ' | ' | ' | ||
Basic (in Shares) | 253,118,247 | 201,953,799 | 193,909,714 | ||
Diluted (in Shares) | 291,173,953 | 220,518,897 | 193,909,714 | ||
Weighted average additional common shares outstanding if preferred shares converted to common shares (in Shares) | 110,826,557 | 147,812,786 | 147,812,786 | ||
Total weighted average diluted common shares outstanding if preferred shares converted to common shares (in Shares) | 402,000,510 | 368,331,683 | 341,722,500 | ||
[1] | Per share amounts do not add across due to rounding differences in quarterly amounts and due to the impact of differences between the quarterly and annual weighted average share calculations. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Net income (loss) | $188,715 | [1] | $531,421 | [1] | ($16,417) |
Other comprehensive income, net of tax: | ' | ' | ' | ||
Unrealized gain on interest rate swaps | 2,228 | 6,419 | 6,402 | ||
Total comprehensive income (loss) | $190,943 | $537,840 | ($10,015) | ||
[1] | Per share amounts do not add across due to rounding differences in quarterly amounts and due to the impact of differences between the quarterly and annual weighted average share calculations. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Homebuilding: | ' | ' |
Cash and equivalents | $363,291 | $346,555 |
Restricted cash | 22,800 | ' |
Owned | 2,536,102 | 1,971,418 |
Not owned | 98,341 | 71,295 |
Investments in unconsolidated joint ventures | 66,054 | 52,443 |
Deferred income taxes, net of valuation allowance of $4,591 and $22,696 at December 31, 2013 and 2012, respectively | 375,400 | 455,372 |
Total Assets | 3,662,105 | 3,113,074 |
Homebuilding: | ' | ' |
Total Liabilities | 2,193,145 | 1,857,258 |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.01 par value; 10,000,000 shares authorized; 267,829 and 450,829 shares issued and outstanding at December 31, 2013 and 2012, respectively | 3 | 5 |
Common stock, $0.01 par value; 600,000,000 shares authorized; 277,618,177 and 213,245,488 shares issued and outstanding at December 31, 2013 and 2012, respectively | 2,776 | 2,132 |
Additional paid-in capital | 1,354,814 | 1,333,255 |
Accumulated earnings (deficit) | 111,367 | -77,348 |
Accumulated other comprehensive loss, net of tax | ' | -2,228 |
Total Equity | 1,468,960 | 1,255,816 |
Total Liabilities and Equity | 3,662,105 | 3,113,074 |
Homebuilding [Member] | ' | ' |
Homebuilding: | ' | ' |
Cash and equivalents | 355,489 | 339,908 |
Restricted cash | 21,460 | 26,900 |
Trade and other receivables | 14,431 | 10,724 |
Owned | 2,536,102 | 1,971,418 |
Not owned | 98,341 | 71,295 |
Investments in unconsolidated joint ventures | 66,054 | 52,443 |
Deferred income taxes, net of valuation allowance of $4,591 and $22,696 at December 31, 2013 and 2012, respectively | 375,400 | 455,372 |
Other assets | 45,977 | 41,918 |
Total Assets | 3,513,254 | 2,969,978 |
Homebuilding: | ' | ' |
Accounts payable | 35,771 | 22,446 |
Accrued liabilities | 214,266 | 198,144 |
Secured project debt and other notes payable | 6,351 | 11,516 |
Senior notes payable | 1,833,244 | 1,530,502 |
Total Liabilities | 2,089,632 | 1,762,608 |
Financial Services [Member] | ' | ' |
Homebuilding: | ' | ' |
Cash and equivalents | 7,802 | 6,647 |
Restricted cash | 1,295 | 2,420 |
Mortgage loans held for sale, net | 122,031 | 119,549 |
Mortgage loans held for investment, net | 12,220 | 9,923 |
Other assets | 5,503 | 4,557 |
Total Assets | 148,851 | 143,096 |
Homebuilding: | ' | ' |
Accounts payable and other liabilities | 2,646 | 2,491 |
Mortgage credit facilities | 100,867 | 92,159 |
Total Liabilities | $103,513 | $94,650 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Deferred income taxes, valuation allowance (in Dollars) | $4,591 | $22,696 |
Preferred stock, Par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, Shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, Shares issued | 267,829 | 450,829 |
Preferred stock, Shares outstanding | 267,829 | 450,829 |
Common stock, Par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, Shares authorized | 600,000,000 | 600,000,000 |
Common stock, Shares issued | 277,618,177 | 213,245,488 |
Common stock, Shares outstanding | 277,618,177 | 213,245,488 |
Homebuilding [Member] | ' | ' |
Deferred income taxes, valuation allowance (in Dollars) | $4,591 | $22,696 |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total | |
In Thousands, except Share data | |||||||
Balance at Dec. 31, 2010 | $5 | $1,966 | $1,227,292 | ($592,352) | ($15,049) | $621,862 | |
Balance (in Shares) at Dec. 31, 2010 | 450,829 | 196,641,551 | ' | ' | ' | ' | |
Net income (loss) | ' | ' | ' | -16,417 | ' | -16,417 | |
Change in fair value of interest rate swaps, net of tax | ' | ' | ' | ' | 6,402 | 6,402 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | -10,015 | |
Stock issuances under employee plans, including income tax benefits, amount | ' | 19 | 4,453 | ' | ' | 4,472 | |
Stock issuances under employee plans, including income tax benefits, shares (in Shares) | ' | 1,921,722 | ' | ' | ' | ' | |
Issuance costs in connection with exercise of Warrant for common stock | ' | ' | -324 | ' | ' | -324 | |
Amortization of stock-based compensation | ' | ' | 7,759 | ' | ' | 7,759 | |
Balance at Dec. 31, 2011 | 5 | 1,985 | 1,239,180 | -608,769 | -8,647 | 623,754 | |
Balance (in Shares) at Dec. 31, 2011 | 450,829 | 198,563,273 | ' | ' | ' | ' | |
Net income (loss) | ' | ' | ' | 531,421 | ' | 531,421 | [1] |
Change in fair value of interest rate swaps, net of tax | ' | ' | ' | ' | 6,419 | 6,419 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | 537,840 | |
Stock issuances under employee plans, including income tax benefits, amount | ' | 52 | 15,172 | ' | ' | 15,224 | |
Stock issuances under employee plans, including income tax benefits, shares (in Shares) | ' | 5,224,948 | ' | ' | ' | ' | |
Issuance of common stock in connection with equity offering, net of issuance costs | ' | 134 | 71,713 | ' | ' | 71,847 | |
Issuance of common stock in connection with equity offering, net of issuance costs (in Shares) | ' | 13,377,171 | ' | ' | ' | ' | |
Common stock returned under share lending facility | ' | -39 | 39 | ' | ' | ' | |
Common stock returned under share lending facility (in Shares) | ' | -3,919,904 | ' | ' | ' | ' | |
Amortization of stock-based compensation | ' | ' | 7,151 | ' | ' | 7,151 | |
Balance at Dec. 31, 2012 | 5 | 2,132 | 1,333,255 | -77,348 | -2,228 | 1,255,816 | |
Balance (in Shares) at Dec. 31, 2012 | 450,829 | 213,245,488 | ' | ' | ' | ' | |
Net income (loss) | ' | ' | ' | 188,715 | ' | 188,715 | [1] |
Change in fair value of interest rate swaps, net of tax | ' | ' | ' | ' | 2,228 | 2,228 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | 190,943 | |
Stock issuances under employee plans, including income tax benefits, amount | ' | 44 | 13,492 | ' | ' | 13,536 | |
Stock issuances under employee plans, including income tax benefits, shares (in Shares) | ' | 4,372,689 | ' | ' | ' | ' | |
Issuance of common stock in connection with preferred stock conversion, net of issuance costs | -2 | 600 | -948 | ' | ' | -350 | |
Issuance of common stock in connection with preferred stock conversion, net of issuance costs (in Shares) | -183,000 | 60,000,000 | ' | ' | ' | ' | |
Amortization of stock-based compensation | ' | ' | 9,015 | ' | ' | 9,015 | |
Balance at Dec. 31, 2013 | $3 | $2,776 | $1,354,814 | $111,367 | ' | $1,468,960 | |
Balance (in Shares) at Dec. 31, 2013 | 267,829 | 277,618,177 | ' | ' | ' | ' | |
[1] | Per share amounts do not add across due to rounding differences in quarterly amounts and due to the impact of differences between the quarterly and annual weighted average share calculations. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Cash Flows From Operating Activities: | ' | ' | ' | ||
Net income (loss) | $188,715 | [1] | $531,421 | [1] | ($16,417) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
(Income) loss from unconsolidated joint ventures | -949 | 2,090 | -207 | ||
Cash distributions of income from unconsolidated joint ventures | 3,375 | 3,910 | 20 | ||
Depreciation and amortization | 3,576 | 2,480 | 3,255 | ||
Loss on disposal of property and equipment | 17 | 37 | 179 | ||
Amortization of stock-based compensation | 9,015 | 7,151 | 11,239 | ||
Deferred income tax provision (benefit) | 84,214 | -454,000 | ' | ||
Inventory impairment charges and deposit write-offs | ' | 133 | 15,334 | ||
Changes in cash and equivalents due to: | ' | ' | ' | ||
Trade and other receivables | -3,244 | 801 | -5,358 | ||
Mortgage loans held for sale | -2,543 | -46,339 | -43,661 | ||
Inventories - owned | -415,312 | -315,639 | -282,447 | ||
Inventories - not owned | -43,319 | -31,551 | -19,727 | ||
Other assets | 965 | 2,618 | 6,212 | ||
Accounts payable | 13,325 | 4,617 | 1,113 | ||
Accrued liabilities | 7,949 | 9,155 | 7,852 | ||
Net cash provided by (used in) operating activities | -154,216 | -283,116 | -322,613 | ||
Cash Flows From Investing Activities: | ' | ' | ' | ||
Investments in unconsolidated homebuilding joint ventures | -24,328 | -57,458 | -14,689 | ||
Distributions of capital from unconsolidated homebuilding joint ventures | 4,763 | 14,530 | 8,593 | ||
Net cash paid for acquisitions | -116,262 | -60,752 | ' | ||
Other investing activities | -8,030 | -1,525 | -2,217 | ||
Net cash provided by (used in) investing activities | -143,857 | -105,205 | -8,313 | ||
Cash Flows From Financing Activities: | ' | ' | ' | ||
Change in restricted cash | 6,565 | 3,347 | -1,559 | ||
Principal payments on secured project debt and other notes payable | -8,334 | -866 | -1,207 | ||
Principal payments on senior subordinated notes payable | ' | -49,603 | ' | ||
Proceeds from the issuance of senior notes payable | 300,000 | 253,000 | ' | ||
Payment of debt issuance costs | -5,316 | -11,761 | -4,575 | ||
Net proceeds from (payments on) mortgage credit facilities | 8,708 | 45,351 | 16,464 | ||
Proceeds from the issuance of common stock | ' | 75,849 | ' | ||
Proceeds from the exercise of stock options | 13,536 | 13,039 | 1,278 | ||
Net cash provided by (used in) by financing activities | 314,809 | 324,354 | 10,077 | ||
Net increase (decrease) in cash and equivalents | 16,736 | -63,967 | -320,849 | ||
Cash and equivalents at beginning of year | 346,555 | 410,522 | 731,371 | ||
Cash and equivalents at end of year | 363,291 | 346,555 | 410,522 | ||
Homebuilding restricted cash at end of year | 21,460 | 26,900 | 31,372 | ||
Financial services restricted cash at end of year | 1,295 | 2,420 | 1,295 | ||
Cash and equivalents and restricted cash at end of year | 386,046 | 375,875 | 443,189 | ||
Common Stock [Member] | ' | ' | ' | ||
Cash Flows From Financing Activities: | ' | ' | ' | ||
Issuance costs | ' | -4,002 | ' | ||
Preferred Stock [Member] | ' | ' | ' | ||
Cash Flows From Financing Activities: | ' | ' | ' | ||
Issuance costs | -350 | ' | ' | ||
Warrant [Member] | ' | ' | ' | ||
Cash Flows From Financing Activities: | ' | ' | ' | ||
Issuance costs | ' | ' | ($324) | ||
[1] | Per share amounts do not add across due to rounding differences in quarterly amounts and due to the impact of differences between the quarterly and annual weighted average share calculations. |
Note_1_Company_Organization_an
Note 1 - Company Organization and Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Nature of Operations [Text Block] | ' | ||||||||||||
1. Company Organization and Operations | |||||||||||||
We are a geographically diversified builder of single-family attached and detached homes. We construct homes within a wide range of price and size targeting a broad range of homebuyers, with an emphasis on move-up buyers. We have operations in major metropolitan markets in California, Florida, the Carolinas, Texas, Arizona and Colorado. We also provide mortgage financing services to our homebuyers through our mortgage financing subsidiary and title examination services to our Texas homebuyers through our title services subsidiary. Unless the context otherwise requires, the terms “we,” “us,” “our” and “the Company” refer to Standard Pacific Corp. and its subsidiaries. | |||||||||||||
The percentages of our homes delivered by state for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
State | 2013 | 2012 | 2011 | ||||||||||
California | 38 | % | 40 | % | 38 | % | |||||||
Florida | 22 | 18 | 18 | ||||||||||
Carolinas | 16 | 17 | 16 | ||||||||||
Texas | 14 | 14 | 16 | ||||||||||
Arizona | 6 | 8 | 7 | ||||||||||
Colorado | 4 | 3 | 4 | ||||||||||
Nevada | — | — | 1 | ||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
We generate a significant amount of our revenues and profits in California. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||
2. Summary of Significant Accounting Policies | |||||||||||||
a. Basis of Presentation | |||||||||||||
The consolidated financial statements include the accounts of Standard Pacific Corp. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | |||||||||||||
b. Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
c. Segment Reporting | |||||||||||||
ASC Topic 280, Segment Reporting (“ASC 280”) established standards for the manner in which public enterprises report information about operating segments. In accordance with ASC 280, we have determined that each of our homebuilding operating divisions and our financial services operations (consisting of our mortgage financing and title operations) are our operating segments. Corporate is a non-operating segment. In accordance with the aggregation criteria defined in ASC 280, we have grouped our homebuilding operations into three reportable segments: California; Southwest, consisting of our operating divisions in Arizona, Texas, Colorado and Nevada; and Southeast, consisting of our operating divisions in Florida and the Carolinas. In particular, we have determined that the homebuilding operating divisions within their respective reportable segments have similar economic characteristics, including similar historical and expected future long-term gross margin percentages. In addition, our homebuilding operating divisions also share all other relevant aggregation characteristics prescribed in ASC 280, such as similar product types, production processes and methods of distribution. | |||||||||||||
d. Variable Interest Entities | |||||||||||||
We account for variable interest entities in accordance with ASC Topic 810, Consolidation (“ASC 810”). Under ASC 810, a variable interest entity (“VIE”) is created when: (a) the equity investment at risk in the entity is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by other parties, including the equity holders; (b) the entity’s equity holders as a group either (i) lack the direct or indirect ability to make decisions about the entity, (ii) are not obligated to absorb expected losses of the entity or (iii) do not have the right to receive expected residual returns of the entity; or (c) the entity’s equity holders have voting rights that are not proportionate to their economic interests, and the activities of the entity involve or are conducted on behalf of the equity holder with disproportionately few voting rights. If an entity is deemed to be a VIE pursuant to ASC 810, the enterprise that has both (i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb the expected losses of the entity or right to receive benefits from the entity that could be potentially significant to the VIE is considered the primary beneficiary and must consolidate the VIE. In accordance with ASC 810, we perform ongoing reassessments of whether an enterprise is the primary beneficiary of a VIE. | |||||||||||||
e. Limited Partnerships and Limited Liability Companies | |||||||||||||
We analyze our homebuilding and land development joint ventures under the provisions of ASC 810 (as discussed above) when determining whether the entity should be consolidated. In accordance with the provisions of ASC 810, limited partnerships or similar entities, such as limited liability companies, must be further evaluated under the presumption that the general partner, or the managing member in the case of a limited liability company, is deemed to have a controlling interest and therefore must consolidate the entity unless the limited partners or non-managing members have: (1) the ability, either by a single limited partner or through a simple majority vote, to dissolve or liquidate the entity, or kick-out the managing member/general partner without cause, or (2) substantive participatory rights that are exercised in the ordinary course of business. Under the provisions of ASC 810, we may be required to consolidate certain investments in which we hold a general partner or managing member interest. | |||||||||||||
f. Revenue Recognition | |||||||||||||
In accordance with ASC Topic 360-20, Property, Plant, and Equipment – Real Estate Sales (“ASC 360-20”), homebuilding revenues are recorded after construction is completed, a sufficient down payment has been received, title has passed to the homebuyer, collection of the purchase price is reasonably assured and we have no other continuing involvement. In instances where the homebuyer’s financing is originated by our mortgage financing subsidiary and the buyer has not made an adequate initial or continuing investment as prescribed by ASC 360-20, the profit on such home sales is deferred until the sale of the related mortgage loan to a third-party investor has been completed and the contractual terms of the applicable early payment default provisions have lapsed. | |||||||||||||
In accordance with ASC Topic 825, Financial Instruments (“ASC 825”), loan origination fees and expenses are recognized upon origination of loans by our mortgage financing operation. Generally our policy is to sell all mortgage loans originated. These sales generally occur within a short period of time (typically 30-45 days of origination). Mortgage loan interest is accrued only so long as it is deemed collectible. | |||||||||||||
g. Cost of Sales | |||||||||||||
Homebuilding cost of sales is recognized in the period when the related homebuilding revenues are recognized. Cost of sales is recorded based upon total estimated costs to be allocated to each home within a community. Certain direct construction costs are specifically identified and allocated to homes while other common costs, such as land, land improvements and carrying costs, are allocated to homes within a community based upon their anticipated relative sales or fair value. Any changes to the estimated costs are allocated to the remaining undelivered lots and homes within their respective community. The estimation of these costs requires a substantial degree of judgment by management. | |||||||||||||
h. Warranty Costs | |||||||||||||
Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Amounts accrued are based upon historical experience. Indirect warranty overhead salaries and related costs are charged to cost of sales in the period incurred. We assess the adequacy of our warranty accrual on a quarterly basis and adjust the amounts recorded if necessary. During the years ended December 31, 2013 and 2012, we did not record any warranty adjustments. During the year ended December 31, 2011 we recorded $2.9 million in reductions to our warranty accrual due to a decrease in our warranty expenditure trends. Our warranty accrual is included in accrued liabilities in the accompanying consolidated balance sheets. Changes in our warranty accrual are detailed in the table set forth below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Warranty accrual, beginning of the year | $ | 15,514 | $ | 17,572 | $ | 20,866 | |||||||
Warranty costs accrued during the year | 2,495 | 1,497 | 2,794 | ||||||||||
Warranty costs paid during the year | (4,198 | ) | (3,555 | ) | (3,188 | ) | |||||||
Adjustments to warranty accrual during the year | ― | ― | (2,900 | ) | |||||||||
Warranty accrual, end of the year | $ | 13,811 | $ | 15,514 | $ | 17,572 | |||||||
i. Earnings (Loss) Per Common Share | |||||||||||||
We compute earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share (“ASC 260”), which requires earnings (loss) per share for each class of stock (common stock and participating preferred stock) to be calculated using the two-class method. The two-class method is an allocation of earnings (loss) between the holders of common stock and a company's participating security holders. Under the two-class method, earnings (loss) for the reporting period are allocated between common shareholders and other security holders based on their respective participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. | |||||||||||||
Basic earnings (loss) per common share is computed by dividing income or loss available to common stockholders by the weighted average number of shares of basic common stock outstanding. Our Series B junior participating convertible preferred stock (“Series B Preferred Stock”), which is convertible into shares of our common stock at the holder’s option (subject to a limitation based upon voting interest), and our unvested restricted stock, are classified as participating securities in accordance with ASC 260. Net income (loss) allocated to the holders of our Series B Preferred Stock and unvested restricted stock is calculated based on the shareholders’ proportionate share of weighted average shares of common stock outstanding on an if-converted basis. | |||||||||||||
For purposes of determining diluted earnings (loss) per common share, basic earnings (loss) per common share is further adjusted to include the effect of potential dilutive common shares outstanding, including stock options, stock appreciation rights, performance share awards and unvested restricted stock using the more dilutive of either the two-class method or the treasury stock method, and Series B Preferred Stock and convertible debt using the if-converted method. Under the two-class method of calculating diluted earnings (loss) per share, net income is reallocated to common stock, the Series B Preferred stock and all dilutive securities based on the contractual participating rights of the security to share in the current earnings as if all of the earnings for the period had been distributed. In the computation of diluted earnings (loss) per share, the two-class method and if-converted method for the Series B Preferred Stock resulted in the same earnings (loss) per share amounts as the holder of the Series B Preferred Stock has the same economic rights as the holders of the common stock. For the year ended December 31, 2011, all dilutive securities were excluded from the calculation as they were anti-dilutive as a result of the net loss for the year. Shares outstanding under the share lending facility in 2011 were not treated as outstanding for earnings per share purposes in accordance with ASC 260, because the share borrower was required to return to us all borrowed shares (or identical shares) upon the maturity of our 6% Convertible Senior Subordinated Notes, which occurred in October 2012. On October 11, 2012, the remaining 3.9 million shares outstanding under the share lending facility were returned to us. We cancelled and retired the shares upon receipt and no shares under the share lending facility remain outstanding. | |||||||||||||
The following table sets forth the components used in the computation of basic and diluted income (loss) per share. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) | $ | 188,715 | $ | 531,421 | $ | (16,417 | ) | ||||||
Less: Net (income) loss allocated to preferred shareholder | (57,386 | ) | (224,408 | ) | 7,101 | ||||||||
Less: Net (income) loss allocated to unvested restricted stock | (265 | ) | (410 | ) | ― | ||||||||
Net income (loss) available to common stockholders for basic earnings (loss) per common share | 131,064 | 306,603 | (9,316 | ) | |||||||||
Effect of dilutive securities: | |||||||||||||
Net income allocated to preferred shareholder | 57,386 | 224,408 | ― | ||||||||||
Interest on 1¼% convertible senior notes due 2032 | 899 | 268 | ― | ||||||||||
Net income (loss) available to common and preferred stock for diluted earnings (loss) per share | $ | 189,349 | $ | 531,279 | $ | (9,316 | ) | ||||||
Denominator: | |||||||||||||
Weighted average basic common shares outstanding | 253,118,247 | 201,953,799 | 193,909,714 | ||||||||||
Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive) | 110,826,557 | 147,812,786 | ― | ||||||||||
Total weighted average common shares outstanding if preferred shares converted to common shares | 363,944,804 | 349,766,585 | 193,909,714 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options | 6,742,856 | 5,988,625 | ― | ||||||||||
1¼% convertible senior notes due 2032 | 31,312,850 | 12,576,473 | ― | ||||||||||
Weighted average diluted shares outstanding | 402,000,510 | 368,331,683 | 193,909,714 | ||||||||||
Income (loss) per share: | |||||||||||||
Basic | $ | 0.52 | $ | 1.52 | $ | (0.05 | ) | ||||||
Diluted | $ | 0.47 | $ | 1.44 | $ | (0.05 | ) | ||||||
j. Stock-Based Compensation | |||||||||||||
We account for share-based awards in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans. | |||||||||||||
k. Cash and Equivalents and Restricted Cash | |||||||||||||
Cash and equivalents include cash on hand, demand deposits and all highly liquid short-term investments, including interest-bearing securities purchased with a maturity of three months or less from the date of purchase. At December 31, 2013, restricted cash included $22.8 million of cash held in cash collateral accounts primarily related to certain letters of credit that have been issued and a portion related to our financial services subsidiary mortgage credit facilities ($21.5 million of homebuilding cash and $1.3 million of financial services cash). | |||||||||||||
l. Mortgage Loans Held for Sale | |||||||||||||
In accordance with ASC 825, mortgage loans held for sale are recorded at fair value and loan origination and related costs are recognized upon loan closing. In addition, we recognize net interest income on loans held for sale from the date of origination through the date of disposition. We sell substantially all of the loans we originate in the secondary mortgage market, with servicing rights released on a non-recourse basis. These sales are generally subject to our obligation to repay gain on sale if the loan is prepaid by the borrower within a certain time period following such sale, or to repurchase loans or indemnify investors for losses from borrower defaults if, among other things, the loan purchaser’s underwriting guidelines are not met or there is fraud in connection with the loan. We establish liabilities for such anticipated losses based upon, among other things, an analysis of indemnification and repurchase requests received, an estimate of potential indemnification or repurchase claims not yet received, our historical amount of indemnification payments and repurchases, and losses incurred through the disposition of affected loans. During the years ended December 31, 2013, 2012 and 2011, we recorded loan loss expense related to indemnification and repurchase allowances of $0, $1.0 million and $4.3 million, respectively. As of December 31, 2013 and 2012, we had indemnity and repurchase allowances related to loans sold of $2.2 million and $3.0 million, respectively. | |||||||||||||
m. Mortgage Loans Held for Investment | |||||||||||||
Mortgage loans are classified as held for investment based on our intent and ability to hold the loans for the foreseeable future or to maturity. Mortgage loans held for investment are recorded at their unpaid principal balance, net of discounts and premiums, unamortized net deferred loan origination costs and fees and allowance for loan losses. Discounts, premiums, and net deferred loan origination costs and fees are amortized into income over the contractual life of the loan. Mortgage loans held for investment are continually evaluated for collectability and, if appropriate, specific allowances are established based on estimates of collateral value. Loans are placed on non-accrual status for first trust deeds when the loan is 90 days past due and for second trust deeds when the loan is 30 days past due, and previously accrued interest is reversed from income if deemed uncollectible. As of December 31, 2013 and 2012, we had allowances for loan losses for loans held for investment of $2.3 million and $2.8 million, respectively. | |||||||||||||
n. Inventories | |||||||||||||
Inventories consist of land, land under development, homes under construction, completed homes and model homes and are stated at cost, net of any impairment charges. We capitalize direct carrying costs, including interest, property taxes and related development costs to inventories. Field construction supervision and related direct overhead are also included in the capitalized cost of inventories. Direct construction costs are specifically identified and allocated to homes while other common costs, such as land, land improvements and carrying costs, are allocated to homes within a community based upon their anticipated relative sales or fair value. | |||||||||||||
We assess the recoverability of real estate inventories in accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment (“ASC 360”). ASC 360 requires long-lived assets, including inventories, that are expected to be held and used in operations to be carried at the lower of cost or, if impaired, the fair value of the asset. ASC 360 requires that companies evaluate long-lived assets for impairment based on undiscounted future cash flows of the assets at the lowest level for which there is identifiable cash flows. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. | |||||||||||||
o. Capitalization of Interest | |||||||||||||
We follow the practice of capitalizing interest to inventories owned during the period of development and to investments in unconsolidated homebuilding and land development joint ventures in accordance with ASC Topic 835, Interest (“ASC 835”). Homebuilding interest capitalized as a cost of inventories owned is included in cost of sales as related units or lots are sold. Interest capitalized to investments in unconsolidated homebuilding and land development joint ventures is included as a reduction of income from unconsolidated joint ventures when the related homes or lots are sold to third parties. Interest capitalized to investments in unconsolidated land development joint ventures is transferred to inventories owned if the underlying lots are purchased by us. To the extent our debt exceeds our qualified assets as defined in ASC 835, we expense a portion of the interest incurred by us. Qualified assets represent projects that are actively selling or under development as well as investments in unconsolidated joint ventures. For the years ended December 31, 2012 and 2011, we expensed $6.4 million, and $25.2 million, respectively, of interest costs related to the portion of our debt in excess of our qualified assets in accordance with ASC 835. During the year ended December 31, 2013, our qualified assets exceeded our debt, and as a result, our interest incurred during 2013 was capitalized in accordance with ASC 835. | |||||||||||||
The following is a summary of homebuilding interest capitalized to inventories owned and investments in unconsolidated joint ventures, amortized to cost of sales and income (loss) from unconsolidated joint ventures and expensed as interest expense, for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Total interest incurred (1) | $ | 140,865 | $ | 141,827 | $ | 140,905 | |||||||
Less: Interest capitalized to inventories owned | (137,990 | ) | (129,136 | ) | (109,002 | ) | |||||||
Less: Interest capitalized to investments in unconsolidated joint ventures | (2,875 | ) | (6,295 | ) | (6,735 | ) | |||||||
Interest expense | ― | $ | 6,396 | $ | 25,168 | ||||||||
Interest previously capitalized to inventories owned, included in home cost of home sales | $ | 120,714 | $ | 100,683 | $ | 69,421 | |||||||
Interest previously capitalized to inventories owned, included in land cost of land sales | $ | 1,064 | $ | 3,219 | $ | 215 | |||||||
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures | $ | 441 | $ | 843 | $ | 876 | |||||||
Interest capitalized in ending inventories owned (2) | $ | 240,734 | $ | 221,402 | $ | 188,526 | |||||||
Interest capitalized as a percentage of inventories owned | 9.5 | % | 11.2 | % | 12.8 | % | |||||||
Interest capitalized in ending investments in unconsolidated joint ventures (2) | $ | 4,985 | $ | 6,921 | $ | 9,111 | |||||||
Interest capitalized as a percentage of investments in unconsolidated joint ventures | 7.5 | % | 13.2 | % | 11.1 | % | |||||||
-1 | For the years ended December 31, 2013, 2012 and 2011, interest incurred included the noncash amortization of $3.6 million, $10.4 million and $10.3 million, respectively, of interest related to the Term Loan B swap that was unwound in the 2010 fourth quarter (please see Note 2.s. “Derivative Instruments and Hedging Activities”). | ||||||||||||
-2 | During the years ended December 31, 2013, 2012 and 2011, in connection with lot purchases from our joint ventures, $4.4 million, $7.6 million and $1.2 million, respectively, of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. In addition, during the year ended December 31, 2013, approximately $0.8 million of capitalized interest was included in other expense in connection with the abandonment of a project. | ||||||||||||
p. Investments in Unconsolidated Land Development and Homebuilding Joint Ventures | |||||||||||||
Investments in our unconsolidated land development and homebuilding joint ventures are accounted for under the equity method of accounting. Under the equity method, we recognize our proportionate share of earnings and losses generated by the joint venture upon the delivery of lots or homes to third parties. All joint venture profits generated from land sales to us are deferred and recorded as a reduction to our cost basis in the lots purchased until the homes to be constructed are ultimately sold by us to third parties. Our ownership interests in our unconsolidated joint ventures vary, but are generally less than or equal to 50 percent. | |||||||||||||
We review inventory projects within our unconsolidated joint ventures for impairments consistent with our real estate inventories described in Note 2.n. We also review our investments in unconsolidated joint ventures for evidence of an other than temporary decline in value. To the extent we deem any portion of our investment in unconsolidated joint ventures as not recoverable, we impair our investment accordingly. | |||||||||||||
q. Income Taxes | |||||||||||||
We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). ASC 740 requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered. | |||||||||||||
We evaluate our deferred tax assets on a quarterly basis to determine whether a valuation allowance is required. In accordance with ASC 740, we assess whether a valuation allowance should be established based on our determination of whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends primarily on: (i) our ability to carry back net operating losses to tax years where we have previously paid income taxes based on applicable federal law; and (ii) our ability to generate future taxable income during the periods in which the related temporary differences become deductible. The assessment of a valuation allowance includes giving appropriate consideration to all positive and negative evidence related to the realization of the deferred tax asset. This assessment considers, among other things, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with operating loss and tax credit carryforwards not expiring unused, and tax planning alternatives. Significant judgment is required in determining the future tax consequences of events that have been recognized in our consolidated financial statements and/or tax returns. Actual outcomes of these future tax consequences could differ materially from the outcomes we currently anticipate. | |||||||||||||
ASC 740 defines the methodology for recognizing the benefits of uncertain tax return positions as well as guidance regarding the measurement of the resulting tax benefits. These provisions require an enterprise to recognize the financial statement effects of a tax position when it is more likely than not (defined as a likelihood of more than 50%), based on the technical merits, that the position will be sustained upon examination. In addition, these provisions provide guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The evaluation of whether a tax position meets the more-likely-than-not recognition threshold requires a substantial degree of judgment by management based on the individual facts and circumstances. Actual results could differ from estimates. | |||||||||||||
r. Insurance and Litigation Accruals | |||||||||||||
Insurance and litigation accruals are established with respect to estimated future claims cost. We maintain general liability insurance designed to protect us against a portion of our risk of loss from construction-related claims. We also generally require our subcontractors and design professionals to indemnify us for liabilities arising from their work, subject to various limitations. However, such indemnity is significantly limited with respect to certain subcontractors that are added to our general liability insurance policy. We record allowances to cover our estimated costs of self-insured retentions and deductible amounts under these policies and estimated costs for claims that may not be covered by applicable insurance or indemnities. Our total insurance and litigation accruals as of December 31, 2013 and 2012 were $64.8 million and $57.2 million, respectively, which are included in accrued liabilities in the accompanying consolidated balance sheets. Estimation of these accruals include consideration of our claims history, including current claims, estimates of claims incurred but not yet reported, and potential for recovery of costs from insurance and other sources. We utilize the services of an independent third party actuary to assist us with evaluating the level of our insurance and litigation accruals. Because of the high degree of judgment required in determining these estimated accrual amounts, actual future claim costs could differ from our currently estimated amounts | |||||||||||||
s. Derivative Instruments and Hedging Activities | |||||||||||||
We account for derivatives and certain hedging activities in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 establishes the accounting and reporting standards requiring that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded as either assets or liabilities in the consolidated balance sheets and to measure these instruments at fair market value. Gains and losses resulting from changes in the fair market value of derivatives are recognized in the consolidated statement of operations or recorded in accumulated other comprehensive income (loss), net of tax, and recognized in the consolidated statement of operations when the hedged item affects earnings, depending on the purpose of the derivative and whether the derivative qualifies for hedge accounting treatment. | |||||||||||||
Our policy is to designate at a derivative’s inception the specific assets, liabilities or future commitments being hedged and monitor the derivative to determine if the derivative remains an effective hedge. The effectiveness of a derivative as a hedge is based on a high correlation between changes in the derivative’s value and changes in the value of the underlying hedged item. We recognize gains or losses for amounts received or paid when the underlying transaction settles. We do not enter into or hold derivatives for trading or speculative purposes. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we recorded after-tax other comprehensive income of $2.2 million, $6.4 million and $6.4 million, respectively, related to interest rate swap agreements that we terminated in December 2010. These swap agreements qualified for hedge accounting treatment prior to their termination and the related gain or loss was deferred, net of tax, in stockholders’ equity as accumulated other comprehensive income (loss). The cost associated with the early unwind of the interest rate swap agreements was amortized as a component of our interest incurred through May 2013, and has been completely amortized as of December 31, 2013. | |||||||||||||
t. Accounting for Guarantees | |||||||||||||
We account for guarantees in accordance with the provisions of ASC Topic 470, Debt (“ASC 470”). Under ASC 470, recognition of a liability is recorded at its estimated fair value based on the present value of the expected contingent payments under the guarantee arrangement. The types of guarantees that we generally provide that are subject to ASC 470 generally are made to third parties on behalf of our unconsolidated homebuilding and land development joint ventures. As of December 31, 2013, these guarantees included, but were not limited to, surety bond indemnities. | |||||||||||||
u. Recent Accounting Pronouncements | |||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”), which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, ASU 2013-02 requires an entity to present, either on the face of the income statement or in the notes to financial statements, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income in financial statements. For public entities, the amendments in ASU 2013-02 were effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this guidance concerns disclosure only and our adoption of this new provision of ASU 2013-02 on January 1, 2013 did not have an impact on our consolidated financial statements. |
Note_3_Segment_Reporting
Note 3 - Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
3. Segment Reporting | |||||||||||||
We operate two principal businesses: homebuilding and financial services. | |||||||||||||
Our homebuilding operations acquire and develop land and construct and sell single-family attached and detached homes. In accordance with the aggregation criteria defined in ASC Topic 280, Segment Reporting, our homebuilding operating segments have been grouped into three reportable segments: California; Southwest, consisting of our operating divisions in Arizona, Texas, Colorado and Nevada; and Southeast, consisting of our operating divisions in Florida and the Carolinas. | |||||||||||||
Our mortgage financing operation provides mortgage financing to many of our homebuyers in substantially all of the markets in which we operate, and sells substantially all of the loans it originates in the secondary mortgage market. Our title services operation provides title examinations for our homebuyers in Texas. Our mortgage financing and title services operations are included in our financial services reportable segment, which is separately reported in our consolidated financial statements under “Financial Services.” | |||||||||||||
Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating segments by centralizing key administrative functions such as accounting, finance and treasury, information technology, insurance and risk management, litigation, marketing and human resources. Corporate also provides the necessary administrative functions to support us as a publicly traded company. All of the expenses incurred by Corporate are allocated to each of our operating divisions based on their respective percentage of revenues. | |||||||||||||
Segment financial information relating to the Company’s homebuilding operations was as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Homebuilding revenues: | |||||||||||||
California | $ | 1,006,572 | $ | 699,672 | $ | 506,002 | |||||||
Southwest | 411,967 | 248,421 | 190,622 | ||||||||||
Southeast | 496,070 | 288,865 | 186,369 | ||||||||||
Total homebuilding revenues | $ | 1,914,609 | $ | 1,236,958 | $ | 882,993 | |||||||
Homebuilding pretax income (loss): | |||||||||||||
California | $ | 164,805 | $ | 46,491 | $ | 6,310 | |||||||
Southwest | 42,792 | 12,852 | (12,345 | ) | |||||||||
Southeast | 38,672 | 8,302 | (12,121 | ) | |||||||||
Total homebuilding pretax income (loss | $ | 246,269 | $ | 67,645 | $ | (18,156 | ) | ||||||
Inventory impairment charges: | |||||||||||||
California | $ | ― | $ | ― | $ | 9,490 | |||||||
Southwest | ― | ― | 2,878 | ||||||||||
Southeast | ― | ― | 821 | ||||||||||
Total inventory impairment charges | $ | ― | $ | ― | $ | 13,189 | |||||||
Segment financial information relating to the Company’s homebuilding assets was as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Homebuilding assets: | |||||||||||||
California | $ | 1,344,605 | $ | 1,192,249 | |||||||||
Southwest | 641,711 | 496,902 | |||||||||||
Southeast | 785,988 | 438,122 | |||||||||||
Corporate | 740,950 | 842,705 | |||||||||||
Total homebuilding assets | $ | 3,513,254 | $ | 2,969,978 | |||||||||
Note_4_Inventories
Note 4 - Inventories | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||||||
Inventory Disclosure [Text Block] | ' | ||||||||||||||||
4. Inventories | |||||||||||||||||
a. Inventories Owned | |||||||||||||||||
Inventories owned consisted of the following at: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
California | Southwest | Southeast | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land and land under development | $ | 819,278 | $ | 415,910 | $ | 536,473 | $ | 1,771,661 | |||||||||
Homes completed and under construction | 280,875 | 159,927 | 187,569 | 628,371 | |||||||||||||
Model homes | 82,367 | 27,466 | 26,237 | 136,070 | |||||||||||||
Total inventories owned | $ | 1,182,520 | $ | 603,303 | $ | 750,279 | $ | 2,536,102 | |||||||||
31-Dec-12 | |||||||||||||||||
California | Southwest | Southeast | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land and land under development | $ | 778,419 | $ | 352,705 | $ | 313,037 | $ | 1,444,161 | |||||||||
Homes completed and under construction | 240,236 | 93,265 | 93,695 | 427,196 | |||||||||||||
Model homes | 67,504 | 15,231 | 17,326 | 100,061 | |||||||||||||
Total inventories owned | $ | 1,086,159 | $ | 461,201 | $ | 424,058 | $ | 1,971,418 | |||||||||
In accordance with ASC 360, we record impairment losses on inventories when events and circumstances indicate that they may be impaired, and the future undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. Inventories that are determined to be impaired are written down to their estimated fair value. We calculate the fair value of a project under a land residual value analysis and in certain cases in conjunction with a discounted cash flow analysis. During the years ended December 31, 2013, 2012 and 2011, the total number of projects included in inventories-owned and reviewed for impairment were 343, 290 and 262, respectively. Based on the impairment review, we recorded $13.2 million of inventory impairments during the year ended December 31, 2011, which are included in cost of home sales in the accompanying consolidated statements of operations (please see Note 3 for a breakout of impairment charges by segment). We did not record any inventory impairments during the years ended December 31, 2013 and 2012. The operating margins (defined as gross margin less direct selling and marketing costs) used to calculate land residual values and related fair values for our projects impaired during the year ended December 31, 2011 were generally in the 6% to 12% range and discount rates were generally in the 20% to 30% range. | |||||||||||||||||
During the 2013 second quarter, we acquired control of approximately 30 current and future communities from a homebuilder in the Southeast, which we accounted for as a business combination in accordance with ASC Topic 805, Business Combinations. As a result of this transaction, we recorded approximately $108.6 million of inventories owned, $8.1 million of inventories not owned (as of December 31, 2013, $5.7 million was included in inventories not owned), $2.2 million of intangible assets, $4.2 million of other accrued liabilities and $0.9 million of secured project debt. In addition, we incurred approximately $1.2 million of transaction costs, which is included in homebuilding other income (expense) in the accompanying consolidated statements of operations. | |||||||||||||||||
b. Inventories Not Owned | |||||||||||||||||
Inventories not owned consisted of the following at: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land purchase and lot option deposits | $ | 44,005 | $ | 23,803 | |||||||||||||
Other lot option contracts, net of deposits | 54,336 | 47,492 | |||||||||||||||
Total inventories not owned | $ | 98,341 | $ | 71,295 | |||||||||||||
Under ASC Topic 810, Consolidation (“ASC 810”), a non-refundable deposit paid to an entity is deemed to be a variable interest that will absorb some or all of the entity’s expected losses if they occur. Our land purchase and lot option deposits generally represent our maximum exposure to the land seller if we elect not to purchase the optioned property. In some instances, we may also expend funds for due diligence, development and construction activities with respect to optioned land prior to takedown. Such costs are classified as inventories owned, which we would have to absorb should we not exercise the option. Therefore, whenever we enter into a land option or purchase contract with an entity and make a non-refundable deposit, a variable interest entity (“VIE”) may have been created. In accordance with ASC 810, we perform ongoing reassessments of whether we are the primary beneficiary of a VIE. As of December 31, 2013 and 2012, we had consolidated $21.7 million and $20.5 million, respectively, within inventories not owned (with a corresponding increase in accrued liabilities) related to land option and purchase contracts where we were deemed to be the primary beneficiary of a VIE. | |||||||||||||||||
Other lot option contracts also included $27.0 million as of December 31, 2013 and 2012, related to a land purchase contract where we made a significant deposit and as a result we were deemed to be economically compelled to purchase the land. |
Note_5_Investments_in_Unconsol
Note 5 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | ||||||||||||
5. Investments in Unconsolidated Land Development and Homebuilding Joint Ventures | |||||||||||||
The table set forth below summarizes the combined statements of operations for our unconsolidated land development and homebuilding joint ventures that we accounted for under the equity method: | |||||||||||||
Year December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Revenues | $ | 32,546 | $ | 21,178 | $ | 69,941 | |||||||
Cost of sales and expenses | (30,465 | ) | (18,788 | ) | (55,447 | ) | |||||||
Income of unconsolidated joint ventures | $ | 2,081 | $ | 2,390 | $ | 14,494 | |||||||
Income (loss) from unconsolidated joint ventures reflected in the accompanying consolidated statements of operations | $ | 949 | $ | (2,090 | ) | $ | 207 | ||||||
Income (loss) from unconsolidated joint ventures reflected in the accompanying consolidated statements of operations represents our share of the income (loss) of our unconsolidated land development and homebuilding joint ventures, which is allocated based on the provisions of the underlying joint venture operating agreements plus any additional impairments recorded against our investments in joint ventures which we do not deem recoverable. In addition, we defer recognition of our share of income that relates to lots purchased by us from land development joint ventures until we ultimately sell the homes to be constructed to third parties, at which time we account for these earnings as a reduction of the cost basis of the lots purchased from these joint ventures. For the years ended December 31, 2013, 2012 and 2011, income (loss) from unconsolidated joint ventures was primarily attributable to our share of income (loss) related to our California joint ventures, which was allocated based on the provisions of the underlying joint venture operating agreements. | |||||||||||||
During the years ended December 31, 2013, 2012 and 2011, all of our unconsolidated joint ventures were reviewed for impairment. Based on the impairment review, no joint venture projects were determined to be impaired for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
The table set forth below summarizes the combined balance sheets for our unconsolidated land development and homebuilding joint ventures that we accounted for under the equity method: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 37,884 | $ | 15,627 | |||||||||
Inventories | 211,929 | 129,477 | |||||||||||
Other assets | 8,600 | 10,783 | |||||||||||
Total assets | $ | 258,413 | $ | 155,887 | |||||||||
Liabilities and Equity: | |||||||||||||
Accounts payable and accrued liabilities | $ | 20,496 | $ | 5,796 | |||||||||
Non-recourse debt | 30,000 | ― | |||||||||||
Standard Pacific equity | 66,363 | 51,173 | |||||||||||
Other Members' equity | 141,554 | 98,918 | |||||||||||
Total liabilities and equity | $ | 258,413 | $ | 155,887 | |||||||||
Investments in unconsolidated joint ventures reflected in the accompanying consolidated balance sheets | $ | 66,054 | $ | 52,443 | |||||||||
In some cases our net investment in these unconsolidated joint ventures is not equal to our proportionate share of equity reflected in the table above primarily because of differences between asset impairments that we recorded in prior periods against our joint venture investments and the impairments recorded by the applicable joint venture. As of December 31, 2013 and 2012, substantially all of our investments in unconsolidated joint ventures were in California. Our investments in unconsolidated joint ventures also included approximately $5.0 million and $6.9 million of homebuilding interest capitalized to investments in unconsolidated joint ventures as of December 31, 2013 and 2012, respectively, which capitalized interest is not included in the combined balance sheets above. | |||||||||||||
Our investments in these unconsolidated joint ventures may represent a variable interest in a VIE depending on, among other things, the economic interests of the members of the entity and the contractual terms of the arrangement. We analyze all of our unconsolidated joint ventures under the provisions of ASC 810 to determine whether these entities are deemed to be VIEs, and if so, whether we are the primary beneficiary. As of December 31, 2013, all of our homebuilding and land development joint ventures with unrelated parties were determined under the provisions of ASC 810 to be unconsolidated joint ventures either because they were not deemed to be VIEs, or, if they were a VIE, we were not deemed to be the primary beneficiary. | |||||||||||||
During the 2012 third quarter, we acquired control of the remaining assets of one of our Southern California land development joint ventures. The assets include approximately 1,700 residential lots, commercial and retail sites and a school site. A portion of this transaction was accounted for as a business combination in accordance with ASC 805. As a result of this transaction, our homebuilding assets increased by approximately $121 million, representing $5 million of homebuilding cash and $116 million of inventories owned. In addition, we assumed approximately $4 million of accounts payable and accrued liabilities, and recorded $12 million of contingent consideration, which is included in accrued liabilities and represents a future payment to one of the joint venture partners related to the future sale of a retail site that we acquired as part of the transaction. |
Note_6_Homebuilding_Indebtedne
Note 6 - Homebuilding Indebtedness | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
6. Homebuilding Indebtedness | |||||||||
a. Letter of Credit Facilities | |||||||||
As of December 31, 2013, we were party to three committed letter of credit facilities totaling $26 million, of which $4.0 million was outstanding. These facilities require cash collateralization and have maturity dates ranging from October 2014 to October 2016. In addition, as of such date, we also had $16.7 million outstanding under an uncommitted letter of credit facility. As of December 31, 2013 these facilities were secured by cash collateral deposits of $21.0 million. Upon maturity, we may renew or enter into new letter of credit facilities with the same or other financial institutions. | |||||||||
b. Senior Notes Payable | |||||||||
Senior notes payable consist of the following at: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
6¼% Senior Notes due April 2014 | $ | 4,971 | $ | 4,971 | |||||
7% Senior Notes due August 2015 | 29,789 | 29,789 | |||||||
10¾% Senior Notes due September 2016, net of discount | 269,046 | 265,823 | |||||||
8⅜% Senior Notes due May 2018, net of premium | 579,085 | 579,832 | |||||||
8⅜% Senior Notes due January 2021, net of discount | 397,353 | 397,087 | |||||||
6¼% Senior Notes due December 2021 | 300,000 | ― | |||||||
1¼% Convertible Senior Notes due August 2032 | 253,000 | 253,000 | |||||||
$ | 1,833,244 | $ | 1,530,502 | ||||||
In September 2009, we issued $280 million of 10.75% Senior Notes due September 15, 2016 (the “2016 Notes”). These notes were issued at a discount to yield approximately 12.50% under the effective interest method and have been reflected net of the unamortized discount in the accompanying consolidated balance sheets. | |||||||||
In May 2010, we issued $300 million of 8.375% Senior Notes due May 15, 2018 (the “2018 Notes”). In December 2010, we issued an additional $275 million of 2018 Notes (issued at a premium to yield approximately 7.964% under the effective interest method) and $400 million of 8.375% Senior Notes due January 15, 2021 (issued at a discount to yield approximately 8.50% under the effective interest method), which have been reflected net of their unamortized premium and discount, respectively, in the accompanying consolidated balance sheets. | |||||||||
In August 2013, we issued $300 million in aggregate principal amount of 6.25% Senior Notes. These notes were issued at par and mature on December 15, 2021. | |||||||||
In July 2012, we issued $253 million of 1.25% Convertible Senior Notes due 2032 (the “Convertible Notes”). The Convertible Notes are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. The Convertible Notes bear interest at a rate of 1.25% and will mature on August 1, 2032, unless earlier converted, redeemed or repurchased. The holders may at any time convert their Convertible Notes into shares of the Company's common stock at an initial conversion rate of 123.7662 shares of common stock per $1,000 principal amount of Convertible Notes (which is equal to an initial conversion price of approximately $8.08 per share), subject to adjustment. The Company may not redeem the Convertible Notes prior to August 5, 2017. On or after August 5, 2017 and prior to the maturity date, the Company may redeem for cash all or part of the Convertible Notes at a redemption price equal to 100% of the principal amount of the Convertible Notes being redeemed. On each of August 1, 2017, August 1, 2022 and August 1, 2027, holders of the Convertible Notes may require the Company to purchase all or any portion of their Convertible Notes for cash at a price equal to 100% of the principal amount of the Convertible Notes to be repurchased. | |||||||||
Our senior notes payable are all senior obligations and rank equally with our other existing senior indebtedness and, with the exception of our Convertible Notes, are redeemable at our option, in whole or in part, pursuant to a “make whole” formula. These notes contain various restrictive covenants. Our 2016 Notes contain our most restrictive covenants, including a limitation on additional indebtedness and a limitation on restricted payments. Outside of the specified categories of indebtedness that are carved out of the additional indebtedness limitation (including a carve-out for up to $1.1 billion in credit facility indebtedness), the Company must satisfy at least one of two conditions (either a maximum leverage condition or a minimum interest coverage condition) to incur additional indebtedness. The Company must also satisfy at least one of these two conditions to make restricted payments. Restricted payments include dividends and investments in and advances to our joint ventures and other unrestricted subsidiaries. Our ability to make restricted payments is also subject to a basket limitation (as defined in the indenture). As of December 31, 2013, we were able to incur additional indebtedness and make restricted payments because we satisfied both conditions. Many of our 100% owned direct and indirect subsidiaries (collectively, the “Guarantor Subsidiaries”) guaranty our outstanding senior notes. The guarantees are full and unconditional, and joint and several. Please see Note 16 for supplemental financial statement information about our guarantor subsidiaries group and non-guarantor subsidiaries group. | |||||||||
c. Secured Project Debt and Other Notes Payable | |||||||||
Our secured project debt and other notes payable consist of seller non-recourse financing and community development district and similar assessment district bond financings used to finance land acquisition, development and infrastructure costs for which we are responsible. At December 31, 2013 and 2012, we had approximately $6.4 million and $11.5 million, outstanding, respectively, in secured project debt and other notes payable. | |||||||||
d. Borrowings and Maturities | |||||||||
The principal amount of maturities of senior and convertible senior notes payable, and secured project debt and other notes payable are as follows: | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
(Dollars in thousands) | |||||||||
2014 | $ | 8,631 | |||||||
2015 | 30,772 | ||||||||
2016 | 280,819 | ||||||||
2017 | 658 | ||||||||
2018 | 575,231 | ||||||||
Thereafter | 953,000 | ||||||||
Total principal amount | 1,849,111 | ||||||||
Less: Net (discount) premium | (9,516 | ) | |||||||
Total homebuilding debt | $ | 1,839,595 | |||||||
The weighted average interest rate of our borrowings outstanding under our revolving credit facility, bank term loans, senior and convertible senior notes payable, secured project debt and other notes payable as of December 31, 2013, 2012 and 2011, was 7.4%, 7.6%, and 8.9%, respectively. | |||||||||
e. Revolving Credit Facility | |||||||||
As of December 31, 2013, we were party to a $470 million unsecured revolving credit facility (the “Revolving Facility”), of which $440 million matures in October 2015 and $30 million matures in February 2014. Upon maturity of Tranche B of the revolver on February 28, 2014, our total aggregate commitment will be reduced to $440 million. During the 2013 third quarter, we amended the Revolving Facility to, among other things, eliminate the borrowing base and modify the mandatory repayment requirement. The Revolving Facility has an accordion feature under which the aggregate commitment may be increased subject to the availability of additional bank commitments and certain other conditions. As of December 31, 2013, the Revolving Facility contained financial covenants, including, but not limited to, (i) a minimum consolidated tangible net worth covenant; (ii) a covenant to maintain either (a) a minimum liquidity level or (b) a minimum interest coverage ratio; (iii) a maximum net homebuilding leverage ratio and (iv) a maximum land not under development to tangible net worth ratio. This facility also contains a limitation on our investments in joint ventures. Interest rates charged under the Revolving Facility include LIBOR and prime rate pricing options. As of December 31, 2013 we satisfied the conditions that would allow us to borrow up to $470 million under the facility and had no amounts outstanding. |
Note_7_Stockholders_Equity
Note 7 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
7. Stockholders’ Equity | |
a. Common Stock | |
During the 2012 third quarter, the Company issued 13.4 million shares of its common stock in a secondary public offering at a price of $5.67 per share and received $71.8 million in net proceeds. | |
b. Preferred Stock | |
Our Series B junior participating convertible preferred stock (“Series B Preferred Stock”) is convertible at the holder’s option into shares of our common stock provided that no holder, with its affiliates, may beneficially own total voting power of our voting stock in excess of 49%. The number of shares of common stock into which our Series B Preferred Stock is convertible is determined by dividing $1,000 by the applicable conversion price ($3.05, subject to customary anti-dilution adjustments) plus cash in lieu of fractional shares. The Series B Preferred Stock also mandatorily converts into our common stock upon its sale, transfer or other disposition by MP CA Homes LLC (“MatlinPatterson”) or its affiliates to an unaffiliated third party. The Series B Preferred Stock votes together with our common stock on all matters upon which holders of our common stock are entitled to vote. Each share of Series B Preferred Stock is entitled to such number of votes as the number of shares of our common stock into which such share of Series B Preferred Stock is convertible, provided that the aggregate votes attributable to such shares with respect to any holder of Series B Preferred Stock (including its affiliates), taking into consideration any other voting securities of the Company held by such stockholder, cannot exceed more than 49% of the total voting power of the voting stock of the Company. Shares of Series B Preferred Stock are entitled to receive only those dividends declared and paid on the common stock. | |
During the 2013 second quarter, MatlinPatterson converted 183,000 shares of Series B Preferred Stock into 60,000,000 shares of our common stock in accordance with the original terms of the Series B Preferred Stock Agreement and sold 23,000,000 shares of our common stock in a secondary public offering. We did not sell any shares and did not receive any proceeds from these transactions. At December 31, 2013, MatlinPatterson owned 267,829 shares of Series B Preferred Stock, which are convertible into 87.8 million shares of our common stock. As of December 31, 2013, the outstanding shares of Series B Preferred Stock on an as converted basis plus the 126.4 million shares of common stock owned by MatlinPatterson represented approximately 59% of the total number of shares of our common stock outstanding on an if-converted basis. |
Note_8_Mortgage_Credit_Facilit
Note 8 - Mortgage Credit Facilities | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Of Warehouse Agreement Borrowings [Abstract] | ' |
Disclosure Of Warehouse Agreement Borrowings [Text Block] | ' |
8. Mortgage Credit Facilities | |
At December 31, 2013, we had $100.9 million outstanding under our mortgage financing subsidiary’s mortgage credit facilities. These mortgage credit facilities consist of a $125 million repurchase facility with one lender, maturing in May 2014, and a $75 million repurchase facility with another lender, maturing in September 2014. These facilities require Standard Pacific Mortgage to maintain cash collateral accounts, which totaled $1.3 million as of December 31, 2013, and also contain financial covenants which require Standard Pacific Mortgage to, among other things, maintain a minimum level of tangible net worth, not to exceed a debt to tangible net worth ratio, maintain a minimum liquidity amount based on a measure of total assets (inclusive of the cash collateral requirement), and satisfy pretax income (loss) requirements. As of December 31, 2013, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in these facilities. |
Note_9_Disclosures_about_Fair_
Note 9 - Disclosures about Fair Value | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
9. Disclosures about Fair Value | |||||||||||||||||||||
ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a framework for measuring fair value, expands disclosures regarding fair value measurements and defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Further, ASC 820 requires us to maximize the use of observable market inputs, minimize the use of unobservable market inputs and disclose in the form of an outlined hierarchy the details of such fair value measurements. ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. The three levels of the hierarchy are as follows: | |||||||||||||||||||||
• Level 1 – quoted prices for identical assets or liabilities in active markets; | |||||||||||||||||||||
• Level 2 – quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and | |||||||||||||||||||||
• Level 3 – valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||||||||||||||||||
The following table presents the Company’s financial instruments measured at fair value on a recurring basis: | |||||||||||||||||||||
Fair Value at December 31, | |||||||||||||||||||||
Description | Fair Value Hierarchy | 2013 | 2012 | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Mortgage loans held for sale | Level 2 | $ | 124,184 | $ | 122,398 | ||||||||||||||||
Mortgage loans held for sale consist of FHA, VA, USDA and agency first mortgages on single-family residences which are eligible for sale to FNMA/FHLMC, GNMA or other investors, as applicable. Fair values of these loans are based on quoted prices from third party investors when preselling loans. | |||||||||||||||||||||
The following table presents the carrying values and estimated fair values of our other financial instruments for which we have not elected the fair value option in accordance with ASC Topic 825, Financial Instruments: | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Description | Fair Value Hierarchy | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||
Amount | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Financial services assets: | |||||||||||||||||||||
Mortgage loans held for investment, net | Level 2 | $ | 12,220 | $ | 12,220 | $ | 9,923 | $ | 9,923 | ||||||||||||
Homebuilding liabilities: | |||||||||||||||||||||
Senior notes payable, net | Level 2 | $ | 1,833,244 | $ | 2,165,193 | $ | 1,530,502 | $ | 1,803,202 | ||||||||||||
Mortgage Loans Held for Investment – Fair value of these loans is based on the estimated market value of the underlying collateral based on market data and other factors for similar type properties as further adjusted to reflect the estimated net realizable value of carrying the loans through disposition. | |||||||||||||||||||||
Senior Notes Payable – The senior notes are traded over the counter and their fair values were estimated based upon the values of their last trade at the end of the period. | |||||||||||||||||||||
The fair value of our cash and equivalents, restricted cash, trade and other receivables, accounts payable, secured project debt and other notes payable, mortgage credit facilities and other liabilities approximate their carrying amounts due to the short-term nature of these assets and liabilities. |
Note_10_Commitments_and_Contin
Note 10 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
10. Commitments and Contingencies | |||||
a. Land Purchase and Option Agreements | |||||
We are subject to obligations associated with entering into contracts for the purchase of land and improved homesites. These purchase contracts typically require us to provide a cash deposit or deliver a letter of credit in favor of the seller, and our purchase of properties under these contracts is generally contingent upon satisfaction of certain requirements by the sellers, including obtaining applicable property and development entitlements. We also utilize option contracts with land sellers as a method of acquiring land in staged takedowns, to help us manage the financial and market risk associated with land holdings, and to reduce the near-term use of funds from our corporate financing sources. Option contracts generally require a non-refundable deposit for the right to acquire lots over a specified period of time at predetermined prices. We generally have the right at our discretion to terminate our obligations under both purchase contracts and option contracts by forfeiting our cash deposit or by repaying amounts drawn under our letter of credit with no further financial responsibility to the land seller, although in certain instances, the land seller has the right to compel us to purchase a specified number of lots at predetermined prices. | |||||
In some instances, we may also expend funds for due diligence, development and construction activities with respect to our land purchase and option contracts prior to purchase, which we would have to write off should we not purchase the land. At December 31, 2013, we had non-refundable cash deposits outstanding of approximately $39.9 million and capitalized preacquisition and other development and construction costs of approximately $2.9 million relating to land purchase and option contracts having a total remaining purchase price of approximately $406.3 million. | |||||
Our utilization of option contracts is dependent on, among other things, the availability of land sellers willing to enter into option takedown arrangements, the availability of capital to financial intermediaries, general housing market conditions, and geographic preferences. Options may be more difficult to procure from land sellers in strong housing markets and are more prevalent in certain geographic regions. | |||||
b. Land Development and Homebuilding Joint Ventures | |||||
Our joint ventures have historically obtained secured acquisition, development and construction financing designed to reduce the use of funds from corporate financing sources. As of December 31, 2013, we held membership interests in 20 homebuilding and land development joint ventures, of which eight were active and 12 were inactive or winding down. As of such date, only one joint venture had project specific debt outstanding totaling $30 million. This joint venture bank debt is non-recourse to us and is scheduled to mature in June 2014. In addition, as of December 31, 2013, our joint ventures had $2.7 million of surety bonds outstanding subject to indemnity arrangements by us and had an estimated $0.2 million remaining in cost to complete. | |||||
c. Surety Bonds | |||||
We obtain surety bonds in the normal course of business to ensure completion of the infrastructure of our projects. At December 31, 2013, we had approximately $448.0 million in surety bonds outstanding (exclusive of surety bonds related to our joint ventures), with respect to which we had an estimated $274.7 million remaining in cost to complete. | |||||
d. Mortgage Loans and Commitments | |||||
We commit to making mortgage loans to our homebuyers through our mortgage financing subsidiary, Standard Pacific Mortgage. Standard Pacific Mortgage sells substantially all of the loans it originates in the secondary mortgage market and finances these loans under its mortgage credit facilities for a short period of time (typically for 30 to 45 days), as investors complete their administrative review of applicable loan documents. Mortgage loans in process for which interest rates were committed to borrowers totaled approximately $64.8 million at December 31, 2013 and carried a weighted average interest rate of approximately 4.4%. Interest rate risks related to these obligations are mitigated through the preselling of loans to investors. As of December 31, 2013, Standard Pacific Mortgage had approximately $121.5 million in closed mortgage loans held for sale and $65.1 million of mortgage loans that we were committed to sell to investors subject to our funding of the loans and completion of the investors’ administrative review of the applicable loan documents. | |||||
Standard Pacific Mortgage sells substantially all of the loans it originates in the secondary mortgage market, with servicing rights released on a non-recourse basis. This sale is subject to Standard Pacific Mortgage’s obligation to repay its gain on sale if the loan is prepaid by the borrower within a certain time period following such sale, or to repurchase the loan if, among other things, the purchaser’s underwriting guidelines are not met, or there is fraud in connection with the loan. As of December 31, 2013, we had incurred an aggregate of $10.4 million in losses related to loan repurchases and make-whole payments we had been required to make on the $8.1 billion total dollar value of the loans we originated from the beginning of 2004 through the end of 2013. During the years ended December 31, 2013, 2012 and 2011, Standard Pacific Mortgage recorded loan loss expense related to indemnification and repurchase allowances of $0, $1.0 million and $4.3 million, respectively. As of December 31, 2013, Standard Pacific Mortgage had indemnity and repurchase allowances related to loans sold of approximately $2.2 million. In addition, during the years ended December 31, 2013, 2012 and 2011, Standard Pacific Mortgage made make-whole payments totaling approximately $0.8 million related to nine loans, $1.0 million related to eight loans and $3.1 million related to 27 loans, respectively. | |||||
e. Insurance and Litigation Accruals | |||||
We are involved in various litigation and legal claims arising in the ordinary course of business and have established insurance and litigation accruals for estimated future claim costs (please see Note 2.r. for further discussion). | |||||
f. Operating Leases | |||||
We lease office facilities and certain equipment under noncancelable operating leases. Future minimum rental payments under these leases, net of related subleases, having an initial term in excess of one year as of December 31, 2013 are as follows: | |||||
Year Ended | |||||
December 31, | |||||
(Dollars in thousands) | |||||
2014 | $ | 3,479 | |||
2015 | 3,099 | ||||
2016 | 2,383 | ||||
2017 | 1,681 | ||||
2018 | 621 | ||||
Thereafter | — | ||||
Subtotal | 11,263 | ||||
Less: Estimated sublease income | — | ||||
Net rental obligations | $ | 11,263 | |||
Rent expense under noncancelable operating leases, net of sublease income, for each of the years ended December 31, 2013, 2012 and 2011 was approximately $3.8 million, $3.6 million and $3.9 million, respectively. |
Note_11_Income_Taxes
Note 11 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
11. Income Taxes | |||||||||||||
The (provision) benefit for income taxes includes the following components: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current (provision) benefit for income taxes: | |||||||||||||
Federal | $ | 11,766 | $ | (766 | ) | $ | (130 | ) | |||||
State | (1,880 | ) | — | 186 | |||||||||
9,886 | (766 | ) | 56 | ||||||||||
Deferred (provision) benefit for income taxes: | |||||||||||||
Federal | (56,752 | ) | 338,500 | — | |||||||||
State | (22,117 | ) | 115,500 | — | |||||||||
(78,869 | ) | 454,000 | — | ||||||||||
(Provision) benefit for income taxes | $ | (68,983 | ) | $ | 453,234 | $ | 56 | ||||||
The components of our net deferred income tax asset are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Inventory valuation adjustments | $ | 114,063 | $ | 136,239 | |||||||||
Financial accruals | 43,478 | 39,482 | |||||||||||
Federal net operating loss carryforwards | 161,265 | 230,220 | |||||||||||
State net operating loss carryforwards | 48,901 | 60,742 | |||||||||||
Tax credit carryforwards | 4,445 | — | |||||||||||
Goodwill impairment charges | 8,566 | 11,019 | |||||||||||
Other, net | (727 | ) | 366 | ||||||||||
Total deferred tax asset | 379,991 | 478,068 | |||||||||||
Less: Valuation allowance | (4,591 | ) | (22,696 | ) | |||||||||
Net deferred tax asset | $ | 375,400 | $ | 455,372 | |||||||||
Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable in accordance with ASC 740. ASC 740 requires an assessment of available positive and negative evidence and, if the available positive evidence outweighs the available negative evidence, such that we are able to conclude that it is more likely than not (likelihood of more than 50%) that our deferred tax asset will be realized, we are required to reverse any corresponding deferred tax asset valuation allowance. | |||||||||||||
As of December 31, 2013, we had a $380.0 million deferred tax asset which was partially offset by a deferred tax asset valuation allowance of $4.6 million related to state net operating loss carryforwards that are limited by shorter carryforward periods. In addition, as of such date, $125.5 million (or approximately $310 million and $297 million, respectively, of federal and state net operating loss carryforwards on a gross basis) of our deferred tax asset related to net operating loss carryforwards is subject to the $15.6 million gross annual deduction limitation for both federal and state purposes. The remaining $84.7 million (or approximately $165 million and $598 million, respectively, of federal and state net operating loss carryforwards on a gross basis) is not currently limited by Internal Revenue Code Section 382 (“Section 382”). Our gross federal and state net operating loss carryforwards of approximately $475 million and $895 million, respectively, if unused, will begin to expire in 2028 and 2014, respectively. The remaining deferred tax asset represented deductible timing differences, primarily related to inventory impairments and financial accruals, which have no expiration date. | |||||||||||||
As of December 31, 2012, we had a $478.1 million deferred tax asset which was partially offset by a deferred tax asset valuation allowance of $22.7 million. During the 2012 fourth quarter, based on an evaluation of available positive and negative information and our projection of the income we expected to generate in future years, we concluded that it was more likely than not that most of our deferred tax asset would be realized. As a result, in accordance with ASC 740, we recognized a $453.2 million income tax benefit that resulted from the reversal of all but $22.7 million of our deferred tax asset valuation allowance. Of the remaining valuation allowance as of December 31, 2012, $12.2 million related primarily to potential Section 382 limitations that expired during June 2013 (and as a result this portion of our deferred tax asset valuation allowance was reversed as of June 30, 2013), and $10.5 million related to net operating loss carryforwards in certain states that are limited by shorter carryforward periods. During the 2013 fourth quarter, we recorded a $5.9 million reduction of the valuation allowance related to state net operating loss carryforwards, $1.0 million of which represented an income tax benefit related to state net operating loss carryforwards that we utilized during 2013, and as a result, we concluded were more likely than not realizable, and $4.9 million of which represented a corresponding reduction of the deferred tax asset related to state net operating loss carryforwards that expired without being utilized. | |||||||||||||
Our 2013 provision for income taxes was $69.0 million, which represented income tax expense of $99.6 million related to our $257.7 million of pretax income, offset by the aggregate income tax benefit of $30.6 million we recognized during the year (comprised primarily of $12.2 million related to the reversal of our deferred tax asset valuation allowance attributable to the expiration of Section 382 limitations, $16.1 million related to the reversal of our liability and related accrued interest for unrecognized tax benefits due to the expiration of the applicable statute of limitations and $1.0 million related to the reversal of our deferred tax asset valuation allowance attributable to state net operating loss carryforwards that we utilized during 2013). The effective tax rate differs from the federal statutory rate of 35% due to the following items: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Income (loss) before taxes | $ | 257,698 | $ | 78,187 | $ | (16,473 | ) | ||||||
(Provision) benefit for income taxes at federal statutory rate | $ | (90,194 | ) | $ | (27,365 | ) | $ | 5,765 | |||||
(Increases) decreases in tax resulting from: | |||||||||||||
State income taxes, net of federal benefit | (9,426 | ) | (2,947 | ) | 615 | ||||||||
Net deferred tax asset valuation (allowance) benefit | 13,115 | 483,724 | (6,415 | ) | |||||||||
Reversal of liability for unrecognized tax benefits | 16,105 | — | — | ||||||||||
Other, net | 1,417 | (178 | ) | 91 | |||||||||
Benefit (provision) for income taxes | $ | (68,983 | ) | $ | 453,234 | $ | 56 | ||||||
Effective tax rate | 26.8 | % | — | 0.3 | % | ||||||||
During the year ended December 31, 2013, we reversed our liability and related accrued interest for unrecognized tax benefits due to the expiration of the applicable statute of limitations. As of December 31, 2013, we remained subject to examination by various tax jurisdictions for the tax years ended December 31, 2008 through 2012. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding accrued interest, is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Balance, beginning of the year | $ | 13,484 | $ | 13,484 | |||||||||
Changes based on tax positions related to the current year | — | — | |||||||||||
Changes for tax position in prior years | — | — | |||||||||||
Reductions due to lapse of statute of limitations | (13,484 | ) | — | ||||||||||
Settlements | — | — | |||||||||||
Balance, end of the year | $ | — | $ | 13,484 | |||||||||
We do not expect a significant increase in the liability for unrecognized tax benefits during the next twelve months. |
Note_12_Stock_Incentive_and_Em
Note 12 - Stock Incentive and Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||||||||||
12. Stock Incentive and Employee Benefit Plans | ||||||||||||||||||||||||||||
a. | Stock Incentive Plans | |||||||||||||||||||||||||||
The Company has share-based awards outstanding under four different plans, pursuant to which we have granted stock options, stock appreciation rights, restricted and unrestricted stock, and performance share awards to key officers, employees, and directors. The exercise price of our share-based awards may not be less than the market value of our common stock on the date of grant. Stock options and stock appreciation rights vest based on either time (generally over a one to four year period) or market performance (based on stock price appreciation) and generally expire between five and ten years after the date of grant. The fair value for stock options and stock appreciation rights is established at the date of grant using the Black-Scholes model for awards that vest based on time and a lattice model for awards that vest based on market performance. Restricted stock typically vests over a three year period and are valued at the closing price on the date of grant. | ||||||||||||||||||||||||||||
During the years ended December 31, 2013 and 2012, we granted 6.3 million and 3.5 million capped stock appreciation rights, respectively, to our officers and key employees. The capped stock appreciation rights were issued with a grant price equal to the closing price of the Company’s common stock on the issuance date, with the value per share of the award capped at the difference between twelve dollars ($12) and the grant price, and vest in three equal installments on each of the first three anniversaries of the issuance date. Additionally, on April 2, 2012 the Compensation Committee of our Board of Directors provided a one-time grant of 2.7 million market based capped stock appreciation rights to 12 senior executives. These market based awards have a five year term and vest in three equal tranches only if the Company’s common stock closing price reaches eight ($8), nine ($9) and ten ($10) dollars, respectively, for twenty consecutive trading days. During the year ended December 31, 2013, one-third of the market based award vested as the criteria for the $8 tranche was met. The value per share of the award is capped at the difference between twelve dollars ($12) and the grant price. | ||||||||||||||||||||||||||||
The following is a summary of stock option and stock appreciation rights activity relating to our four plans on a combined basis for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Number of Shares | Weighted | Number of Shares | Weighted | Number of Shares | Weighted | |||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||||||||
Outstanding, beginning of year | 18,616,382 | $ | 4.21 | 17,877,785 | $ | 4.33 | 18,630,205 | $ | 4.46 | |||||||||||||||||||
Granted | 6,261,602 | 8.4 | 6,222,222 | 4.24 | 1,350,000 | 3.82 | ||||||||||||||||||||||
Exercised | (4,479,325 | ) | 3.55 | (4,677,271 | ) | 2.79 | (1,050,025 | ) | 1.19 | |||||||||||||||||||
Canceled | (616,793 | ) | 8.79 | (806,354 | ) | 16.04 | (1,052,395 | ) | 9.15 | |||||||||||||||||||
Outstanding, end of year | 19,781,866 | $ | 5.54 | 18,616,382 | $ | 4.21 | 17,877,785 | $ | 4.33 | |||||||||||||||||||
Exercisable at end of year | 9,736,564 | $ | 4.28 | 11,956,258 | $ | 4.17 | 13,137,785 | $ | 4.84 | |||||||||||||||||||
Available for future grant | 13,971,091 | 23,283,953 | 31,570,998 | |||||||||||||||||||||||||
At December 31, 2013, 18,740,505 stock options and stock appreciation rights were vested or expected to vest in the future with a weighted average exercise price of $5.48 and a weighted average expected life of 3.03 years. During the years ended December 31, 2013, 2012 and 2011, the total fair value of stock options and stock appreciation rights vested was $3.0 million, $5.9 million and $6.3 million, respectively. The total intrinsic value of stock options and stock appreciation rights exercised during the years ended December 31, 2013, 2012 and 2011 was $23.0 million, $17.3 million and $2.1 million, respectively. The intrinsic value of options exercised is the difference between the fair market value of the Company’s common stock on the date of exercise and the exercise price. | ||||||||||||||||||||||||||||
The following table summarizes information about stock options and stock appreciation rights outstanding and exercisable at December 31, 2013: | ||||||||||||||||||||||||||||
Outstanding | Exercisable | |||||||||||||||||||||||||||
Exercise Prices | Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||||||
Exercise | Remaining Contractual | Exercise | ||||||||||||||||||||||||||
Low | High | of Shares | Price | Life | of Shares | Price | ||||||||||||||||||||||
$ | 0.67 | $ | 3.1 | 4,889,003 | $ | 1.94 | 1.89 | 4,889,003 | $ | 1.94 | ||||||||||||||||||
$ | 3.8 | $ | 7.93 | 8,417,963 | $ | 4.23 | 3.11 | 4,358,582 | $ | 4.14 | ||||||||||||||||||
$ | 8.39 | $ | 9.29 | 5,985,921 | $ | 8.41 | 4.21 | — | $ | — | ||||||||||||||||||
$ | 20.95 | $ | 29.84 | 488,979 | $ | 28.93 | 0.18 | 488,979 | $ | 28.93 | ||||||||||||||||||
As of December 31, 2013, the total intrinsic value of stock options and stock appreciation rights outstanding was $79.2 million, of which $56.2 million related to stock options and stock appreciation rights exercisable, and the total intrinsic value of stock options and stock appreciation rights vested and expected to vest in the future was $76.6 million. The intrinsic value of these stock options and stock appreciation rights outstanding, is the difference between the fair market value of the Company’s common stock on the last trading day of fiscal 2013 and the exercise price. | ||||||||||||||||||||||||||||
The fair value of each stock option and stock appreciation right granted during each of the three years ended December 31, 2013, 2012 and 2011 was estimated using the following weighted average assumptions: | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||||||||||||||||
Expected volatility | 57.7 | % | 82.09 | % | 97.4 | % | ||||||||||||||||||||||
Risk-free interest rate | 0.36 | % | 0.73 | % | 0.75 | % | ||||||||||||||||||||||
Expected life (years) | 3.5 | 2.5 | 3.5 | |||||||||||||||||||||||||
Based on the above assumptions, the weighted average per share fair value of stock options and stock appreciation rights granted during the years ended December 31, 2013, 2012 and 2011, was $0.86, $0.91 and $2.44, respectively. | ||||||||||||||||||||||||||||
Restricted Stock Awards. During the years ended December 31, 2013 and 2012, we issued 0.3 million shares and 0.4 million shares, respectively, of restricted common stock to our officers and key employees. The shares of restricted common stock issued vest in three equal installments on each of the first three anniversaries of the issuance date. Compensation expense for these awards is being recognized using the straight-line method over the vesting period. | ||||||||||||||||||||||||||||
The following is a summary of unvested restricted stock activity for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Number of | Weighted Average | Number of | Weighted Average | |||||||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | |||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||
Outstanding, beginning of year | 344,448 | $ | 4.31 | — | $ | — | ||||||||||||||||||||||
Granted | 317,643 | 8.39 | 359,599 | 4.31 | ||||||||||||||||||||||||
Vested | (114,820 | ) | 4.31 | — | — | |||||||||||||||||||||||
Canceled | (8,741 | ) | 4.29 | (15,151 | ) | 4.29 | ||||||||||||||||||||||
Outstanding, end of year | 538,530 | $ | 6.72 | 344,448 | $ | 4.31 | ||||||||||||||||||||||
Performance Share Awards. During the years ended December 31, 2013 and 2012, we granted 0.2 million and 0.4 million performance share awards, respectively, to our officers and key employees. The number of performance share awards ultimately issued will be based on the Company’s actual earnings per share for the years ended December 31, 2014 (with respect to the 2012 awards (“2012 PSAs”)) and 2015 (with respect to the 2013 awards (“2013 PSAs”)), with payouts at 1-4 times the target number of shares based on actual earnings per share for these periods, subject to a minimum earnings per share threshold. We evaluate the probability of achieving earnings per share targets established under each of the performance share awards quarterly and estimate the number of shares underlying the performance share awards that are probable of being issued. Compensation expense for these awards is being recognized using the straight-line method over the requisite service period, subject to cumulative catch-up adjustments required as a result of changes in the number shares probable of being issued. As of December 31, 2013, the unamortized compensation cost related to the 2013 PSAs and 2012 PSAs considered probable of being issued was $4.7 million and $2.6 million, expected to be recognized over a weighted average period of 2.2 years and 1.2 years, respectively. | ||||||||||||||||||||||||||||
The following is a summary of performance share award activity for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Number of | Weighted Average | Number of | Weighted Average | |||||||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | |||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||
Outstanding, beginning of year | 405,012 | $ | 4.29 | — | $ | — | ||||||||||||||||||||||
Granted | 223,454 | 8.39 | 405,012 | 4.29 | ||||||||||||||||||||||||
Vested | — | — | — | — | ||||||||||||||||||||||||
Canceled | (26,224 | ) | 4.29 | — | — | |||||||||||||||||||||||
Outstanding, end of year | 602,242 | $ | 5.81 | 405,012 | $ | 4.29 | ||||||||||||||||||||||
Other Stock-Based Awards. During the years ended December 31, 2013, 2012 and 2011, we issued 47,272 shares, 77,948 shares and 167,262 shares, respectively, of unrestricted common stock to our independent directors (excluding directors appointed by MatlinPatterson who did not receive any stock awards). Additionally, during 2012 we issued 462,119 shares of unrestricted common stock to our officers and key employees in connection with bonuses earned for the year ended December 31, 2011, reflected in the table below. | ||||||||||||||||||||||||||||
Total compensation expense recognized related to stock-based compensation was as follows: | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Stock options and stock appreciation rights | $ | 3,875 | $ | 4,523 | $ | 7,259 | ||||||||||||||||||||||
Unrestricted stock grants | 400 | 488 | 3,980 | |||||||||||||||||||||||||
Restricted stock grants | 1,073 | 378 | — | |||||||||||||||||||||||||
Performance share awards | 3,667 | 1,762 | — | |||||||||||||||||||||||||
Total | $ | 9,015 | $ | 7,151 | $ | 11,239 | ||||||||||||||||||||||
Total unrecognized compensation expense related to stock-based compensation was as follows: | ||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Unrecognized | Weighted Average | Unrecognized | Weighted Average | Unrecognized | Weighted Average | |||||||||||||||||||||||
Expense | Period (years) | Expense | Period (years) | Expense | Period (years) | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Unvested stock options and stock appreciation rights | $ | 5,260 | 1.9 | $ | 4,395 | 1.7 | $ | 3,765 | 1.6 | |||||||||||||||||||
Nonvested restricted stock grants | 2,473 | 2 | 1,098 | 2.2 | — | — | ||||||||||||||||||||||
Nonvested performance share awards | 7,320 | 1.8 | 5,188 | 2.2 | — | — | ||||||||||||||||||||||
Total unrecognized compensation expense | $ | 15,053 | 1.9 | $ | 10,681 | 2 | $ | 3,765 | 1.6 | |||||||||||||||||||
b. Employee Benefit Plan | ||||||||||||||||||||||||||||
We have a defined contribution plan pursuant to Section 401(k) of the Internal Revenue Code. Each employee may elect to make before-tax contributions up to the current tax limits. The Company matches employee contributions up to $5,000 per employee per year. The Company provides this plan to help its employees save a portion of their cash compensation for retirement in a tax efficient environment. Our contributions to the plan for the years ended December 31, 2013, 2012 and 2011, were $2.8 million, $2.2 million and $2.1 million, respectively. |
Note_13_Stockholder_Rights_Pla
Note 13 - Stockholder Rights Plan | 12 Months Ended |
Dec. 31, 2013 | |
Common Stock Rights Plan [Abstract] | ' |
Common Stock Rights Plan [Text Block] | ' |
13. Stockholder Rights Plan | |
On December 20, 2011, we entered into an Amended and Restated Rights Agreement (the “Rights Agreement”) with Mellon Investor Services LLC. The Rights Agreement amended and restated in its entirety the Company’s rights agreement, which had been effective since December 31, 2001 (as in effect prior to December 20, 2011, the “Original Rights Agreement”). Under the Original Rights Agreement, one preferred stock purchase right was granted for each share of outstanding common stock of Standard Pacific payable to holders of record on December 31, 2001, and all subsequently issued shares of our common stock. Each right entitles the holder, in certain situations where a person acquires beneficial ownership of 15% or more of our common stock, as described in the Rights Agreement, and upon paying the exercise price (currently $20.00), to purchase common stock or other securities having a market value equal to two times the exercise price. Also, after any such acquisition of 15% of our common stock, if we merge with another corporation, or if 50% or more of our assets are sold, the rights holders may be entitled, upon payment of the exercise price, to buy common shares of the acquiring party at a 50% discount from the then-current market value. In either situation, the rights are not exercisable by the acquiring party. Until the occurrence of certain events described in the Rights Agreement, the rights may be terminated at any time or redeemed at the rate of $0.001 per right and the Rights Agreement amended by Standard Pacific’s Board of Directors including, if it believes a proposed acquisition to be in the best interests of our stockholders. As provided in the Original Rights Agreement, under the Rights Agreement, MP CA Homes, LLC and its affiliates generally will not be deemed an acquiring party under the Rights Agreement. The rights will expire on December 31, 2014, unless earlier terminated, redeemed or exchanged. Initially the rights trade with our common stock and are not exercisable, however, if the rights are separated from the common shares, the rights expire three years from the date of such separation. |
Note_14_Results_of_Quarterly_O
Note 14 - Results of Quarterly Operations (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
14. Results of Quarterly Operations (Unaudited) | |||||||||||||||||||||
First | Second | Third | Fourth | Total (1) | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||
Revenues | $ | 363,398 | $ | 446,092 | $ | 517,595 | $ | 612,434 | $ | 1,939,519 | |||||||||||
Homebuilding gross margin | $ | 74,526 | $ | 102,762 | $ | 129,390 | $ | 162,518 | $ | 469,196 | |||||||||||
Net income | $ | 21,824 | $ | 43,136 | $ | 58,935 | $ | 64,820 | $ | 188,715 | |||||||||||
Basic income per common share | $ | 0.06 | $ | 0.12 | $ | 0.16 | $ | 0.18 | $ | 0.52 | |||||||||||
Diluted income per common share | $ | 0.05 | $ | 0.11 | $ | 0.15 | $ | 0.16 | $ | 0.47 | |||||||||||
2012:00:00 | |||||||||||||||||||||
Revenues | $ | 227,328 | $ | 280,277 | $ | 323,759 | $ | 426,894 | $ | 1,258,258 | |||||||||||
Homebuilding gross margin | $ | 44,741 | $ | 56,286 | $ | 64,105 | $ | 78,542 | $ | 243,674 | |||||||||||
Net income (loss) | $ | 8,523 | $ | 14,263 | $ | 21,710 | $ | 486,925 | $ | 531,421 | |||||||||||
Basic income (loss) per common share | $ | 0.02 | $ | 0.04 | $ | 0.06 | $ | 1.35 | $ | 1.52 | |||||||||||
Diluted income (loss) per common share | $ | 0.02 | $ | 0.04 | $ | 0.05 | $ | 1.22 | $ | 1.44 | |||||||||||
-1 | Per share amounts do not add across due to rounding differences in quarterly amounts and due to the impact of differences between the quarterly and annual weighted average share calculations. | ||||||||||||||||||||
Note_15_Supplemental_Disclosur
Note 15 - Supplemental Disclosures to Consolidated Statements of Cash Flows | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||||||
15. Supplemental Disclosure to Consolidated Statements of Cash Flows | |||||||||||||
The following are supplemental disclosures to the consolidated statements of cash flows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||||
Cash paid during the period for: | |||||||||||||
Interest | $ | 128,061 | $ | 122,352 | $ | 104,074 | |||||||
Income taxes | $ | 3,792 | $ | 206 | $ | 100 | |||||||
Supplemental Disclosure of Noncash Activities: | |||||||||||||
Increase in inventory in connection with purchase or consolidation of joint ventures | $ | — | $ | 66,323 | $ | — | |||||||
Liabilities assumed in connection with acquisition | $ | 4,983 | $ | — | $ | — | |||||||
Changes in inventories not owned | $ | 1,171 | $ | 5,139 | $ | 34,961 | |||||||
Changes in liabilities from inventories not owned | $ | 1,171 | $ | 5,139 | $ | 34,961 | |||||||
Note_16_Supplemental_Guarantor
Note 16 - Supplemental Guarantor Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | ||||||||||||||||||||
Supplemental Guarantor Information [Text Block] | ' | ||||||||||||||||||||
16. Supplemental Guarantor Information | |||||||||||||||||||||
Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior and convertible senior notes payable. The guarantees are full and unconditional and joint and several. Presented below are the consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 819,044 | $ | 826,245 | $ | 269,320 | $ | — | $ | 1,914,609 | |||||||||||
Cost of sales | (609,858 | ) | (632,733 | ) | (202,822 | ) | — | (1,445,413 | ) | ||||||||||||
Gross margin | 209,186 | 193,512 | 66,498 | — | 469,196 | ||||||||||||||||
Selling, general and administrative expenses | (94,819 | ) | (111,746 | ) | (24,126 | ) | — | (230,691 | ) | ||||||||||||
Income (loss) from unconsolidated joint ventures | 1,369 | (137 | ) | (283 | ) | — | 949 | ||||||||||||||
Equity income (loss) of subsidiaries | 81,140 | — | — | (81,140 | ) | — | |||||||||||||||
Interest expense | 16,419 | (11,651 | ) | (4,768 | ) | — | — | ||||||||||||||
Other income (expense) | 7,515 | (321 | ) | (379 | ) | — | 6,815 | ||||||||||||||
Homebuilding pretax income (loss) | 220,810 | 69,657 | 36,942 | (81,140 | ) | 246,269 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | — | — | 11,429 | — | 11,429 | ||||||||||||||||
Income (loss) before income taxes | 220,810 | 69,657 | 48,371 | (81,140 | ) | 257,698 | |||||||||||||||
Provision for income taxes | (32,095 | ) | (23,676 | ) | (13,212 | ) | — | (68,983 | ) | ||||||||||||
Net income (loss) | $ | 188,715 | $ | 45,981 | $ | 35,159 | $ | (81,140 | ) | $ | 188,715 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 518,040 | $ | 580,419 | $ | 138,499 | $ | — | $ | 1,236,958 | |||||||||||
Cost of sales | (408,569 | ) | (463,566 | ) | (121,149 | ) | — | (993,284 | ) | ||||||||||||
Gross margin | 109,471 | 116,853 | 17,350 | — | 243,674 | ||||||||||||||||
Selling, general and administrative expenses | (78,335 | ) | (81,490 | ) | (12,382 | ) | — | (172,207 | ) | ||||||||||||
Loss from unconsolidated joint ventures | (166 | ) | (659 | ) | (1,265 | ) | — | (2,090 | ) | ||||||||||||
Equity income (loss) of subsidiaries | 13,314 | — | — | (13,314 | ) | — | |||||||||||||||
Interest expense | 17,319 | (17,052 | ) | (6,663 | ) | — | (6,396 | ) | |||||||||||||
Other income (expense) | 4,695 | 194 | (225 | ) | — | 4,664 | |||||||||||||||
Homebuilding pretax income (loss) | 66,298 | 17,846 | (3,185 | ) | (13,314 | ) | 67,645 | ||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | — | — | 10,542 | — | 10,542 | ||||||||||||||||
Income (loss) before income taxes | 66,298 | 17,846 | 7,357 | (13,314 | ) | 78,187 | |||||||||||||||
(Provision) benefit for income taxes | 465,123 | (6,668 | ) | (5,221 | ) | — | 453,234 | ||||||||||||||
Net income (loss) | $ | 531,421 | $ | 11,178 | $ | 2,136 | $ | (13,314 | ) | $ | 531,421 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 346,645 | $ | 483,396 | $ | 52,952 | $ | — | $ | 882,993 | |||||||||||
Cost of sales | (277,248 | ) | (400,150 | ) | (43,398 | ) | — | (720,796 | ) | ||||||||||||
Gross margin | 69,397 | 83,246 | 9,554 | — | 162,197 | ||||||||||||||||
Selling, general and administrative expenses | (79,469 | ) | (69,148 | ) | (5,758 | ) | — | (154,375 | ) | ||||||||||||
Income (loss) from unconsolidated joint ventures | 653 | (192 | ) | (254 | ) | — | 207 | ||||||||||||||
Equity income (loss) of subsidiaries | 579 | — | — | (579 | ) | — | |||||||||||||||
Interest expense | (3,036 | ) | (19,603 | ) | (2,529 | ) | — | (25,168 | ) | ||||||||||||
Other income (expense) | (802 | ) | (1,387 | ) | 1,172 | — | (1,017 | ) | |||||||||||||
Homebuilding pretax income (loss) | (12,678 | ) | (7,084 | ) | 2,185 | (579 | ) | (18,156 | ) | ||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | — | — | 1,683 | — | 1,683 | ||||||||||||||||
Income (loss) before income taxes | (12,678 | ) | (7,084 | ) | 3,868 | (579 | ) | (16,473 | ) | ||||||||||||
(Provision) benefit for income taxes | (3,739 | ) | 4,757 | (962 | ) | — | 56 | ||||||||||||||
Net income (loss) | $ | (16,417 | ) | $ | (2,327 | ) | $ | 2,906 | $ | (579 | ) | $ | (16,417 | ) | |||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Standard | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard | |||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Cash and equivalents | $ | 175,289 | $ | 494 | $ | 179,706 | $ | — | $ | 355,489 | |||||||||||
Restricted cash | — | — | 21,460 | — | 21,460 | ||||||||||||||||
Trade, intercompany and other receivables | 1,278,567 | 3,565 | 8,167 | (1,275,868 | ) | 14,431 | |||||||||||||||
Inventories: | |||||||||||||||||||||
Owned | 804,099 | 1,012,841 | 719,162 | — | 2,536,102 | ||||||||||||||||
Not owned | 9,737 | 41,734 | 46,870 | — | 98,341 | ||||||||||||||||
Investments in unconsolidated joint ventures | 586 | 422 | 65,046 | — | 66,054 | ||||||||||||||||
Investments in subsidiaries | 810,340 | — | — | (810,340 | ) | — | |||||||||||||||
Deferred income taxes, net | 379,313 | — | — | (3,913 | ) | 375,400 | |||||||||||||||
Other assets | 38,024 | 5,478 | 2,475 | — | 45,977 | ||||||||||||||||
Total Homebuilding Assets | 3,495,955 | 1,064,534 | 1,042,886 | (2,090,121 | ) | 3,513,254 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Cash and equivalents | — | — | 7,802 | — | 7,802 | ||||||||||||||||
Restricted cash | — | — | 1,295 | — | 1,295 | ||||||||||||||||
Mortgage loans held for sale, net | — | — | 122,031 | — | 122,031 | ||||||||||||||||
Mortgage loans held for investment, net | — | — | 12,220 | — | 12,220 | ||||||||||||||||
Other assets | — | — | 7,490 | (1,987 | ) | 5,503 | |||||||||||||||
Total Financial Services Assets | — | — | 150,838 | (1,987 | ) | 148,851 | |||||||||||||||
Total Assets | $ | 3,495,955 | $ | 1,064,534 | $ | 1,193,724 | $ | (2,092,108 | ) | $ | 3,662,105 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Accounts payable | $ | 11,685 | $ | 13,442 | $ | 10,644 | $ | — | $ | 35,771 | |||||||||||
Accrued liabilities and intercompany payables | 182,066 | 723,082 | 578,995 | (1,269,877 | ) | 214,266 | |||||||||||||||
Secured project debt and other notes payable | — | — | 6,351 | — | 6,351 | ||||||||||||||||
Senior notes payable | 1,833,244 | — | — | — | 1,833,244 | ||||||||||||||||
Total Homebuilding Liabilities | 2,026,995 | 736,524 | 595,990 | (1,269,877 | ) | 2,089,632 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Accounts payable and other liabilities | — | — | 14,537 | (11,891 | ) | 2,646 | |||||||||||||||
Mortgage credit facilities | — | — | 100,867 | — | 100,867 | ||||||||||||||||
Total Financial Services Liabilities | — | — | 115,404 | (11,891 | ) | 103,513 | |||||||||||||||
Total Liabilities | 2,026,995 | 736,524 | 711,394 | (1,281,768 | ) | 2,193,145 | |||||||||||||||
Equity: | |||||||||||||||||||||
Total Stockholders' Equity | 1,468,960 | 328,010 | 482,330 | (810,340 | ) | 1,468,960 | |||||||||||||||
Total Liabilities and Equity | $ | 3,495,955 | $ | 1,064,534 | $ | 1,193,724 | $ | (2,092,108 | ) | $ | 3,662,105 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Standard | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard | |||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Cash and equivalents | $ | 154,722 | $ | 114 | $ | 185,072 | $ | — | $ | 339,908 | |||||||||||
Restricted cash | — | — | 26,900 | — | 26,900 | ||||||||||||||||
Trade, intercompany and other receivables | 845,549 | 4,219 | 19,981 | (859,025 | ) | 10,724 | |||||||||||||||
Inventories: | |||||||||||||||||||||
Owned | 759,553 | 766,188 | 445,677 | — | 1,971,418 | ||||||||||||||||
Not owned | 4,495 | 36,991 | 29,809 | — | 71,295 | ||||||||||||||||
Investments in unconsolidated joint ventures | 1,649 | 622 | 50,172 | — | 52,443 | ||||||||||||||||
Investments in subsidiaries | 717,205 | — | — | (717,205 | ) | — | |||||||||||||||
Deferred income taxes, net | 455,224 | — | — | 148 | 455,372 | ||||||||||||||||
Other assets | 37,817 | 3,267 | 834 | — | 41,918 | ||||||||||||||||
Total Homebuilding Assets | 2,976,214 | 811,401 | 758,445 | (1,576,082 | ) | 2,969,978 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Cash and equivalents | — | — | 6,647 | — | 6,647 | ||||||||||||||||
Restricted cash | — | — | 2,420 | — | 2,420 | ||||||||||||||||
Mortgage loans held for sale, net | — | — | 119,549 | — | 119,549 | ||||||||||||||||
Mortgage loans held for investment, net | — | — | 9,923 | — | 9,923 | ||||||||||||||||
Other assets | — | — | 7,249 | (2,692 | ) | 4,557 | |||||||||||||||
Total Financial Services Assets | — | — | 145,788 | (2,692 | ) | 143,096 | |||||||||||||||
Total Assets | $ | 2,976,214 | $ | 811,401 | $ | 904,233 | $ | (1,578,774 | ) | $ | 3,113,074 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Accounts payable | $ | 8,038 | $ | 10,537 | $ | 3,871 | $ | — | $ | 22,446 | |||||||||||
Accrued liabilities and intercompany payables | 175,054 | 519,139 | 343,485 | (839,534 | ) | 198,144 | |||||||||||||||
Secured project debt and other notes payable | 6,804 | — | 4,712 | — | 11,516 | ||||||||||||||||
Senior notes payable | 1,530,502 | — | — | — | 1,530,502 | ||||||||||||||||
Total Homebuilding Liabilities | 1,720,398 | 529,676 | 352,068 | (839,534 | ) | 1,762,608 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Accounts payable and other liabilities | — | — | 11,026 | (8,535 | ) | 2,491 | |||||||||||||||
Mortgage credit facilities | — | — | 105,659 | (13,500 | ) | 92,159 | |||||||||||||||
Total Financial Services Liabilities | — | — | 116,685 | (22,035 | ) | 94,650 | |||||||||||||||
Total Liabilities | 1,720,398 | 529,676 | 468,753 | (861,569 | ) | 1,857,258 | |||||||||||||||
Equity: | |||||||||||||||||||||
Total Stockholders' Equity | 1,255,816 | 281,725 | 435,480 | (717,205 | ) | 1,255,816 | |||||||||||||||
Total Liabilities and Equity | $ | 2,976,214 | $ | 811,401 | $ | 904,233 | $ | (1,578,774 | ) | $ | 3,113,074 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Standard | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard | |||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 163,640 | $ | (172,687 | ) | $ | (145,169 | ) | $ | — | $ | (154,216 | ) | ||||||||
Cash Flows From Investing Activities: | |||||||||||||||||||||
Investments in unconsolidated homebuilding joint ventures | (534 | ) | (50 | ) | (23,744 | ) | — | (24,328 | ) | ||||||||||||
Distributions of capital from unconsolidated homebuilding joint ventures | — | 244 | 4,519 | — | 4,763 | ||||||||||||||||
Net cash paid for acquisitions | — | (27,113 | ) | (89,149 | ) | — | (116,262 | ) | |||||||||||||
Other investing activities | (1,946 | ) | (3,768 | ) | (2,316 | ) | — | (8,030 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (2,480 | ) | (30,687 | ) | (110,690 | ) | — | (143,857 | ) | ||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||||||
Change in restricted cash | — | — | 6,565 | — | 6,565 | ||||||||||||||||
Principal payments on secured project debt and other notes payable | (6,804 | ) | — | (1,530 | ) | — | (8,334 | ) | |||||||||||||
Proceeds from the issuance of senior notes payable | 300,000 | — | — | — | 300,000 | ||||||||||||||||
Payment of debt issuance costs | (5,316 | ) | — | — | — | (5,316 | ) | ||||||||||||||
Net proceeds from (payments on) mortgage credit facilities | — | — | 8,708 | — | 8,708 | ||||||||||||||||
(Contributions to) distributions from Corporate and subsidiaries | (11,691 | ) | — | 11,691 | — | — | |||||||||||||||
Payment of issuance costs in connection with preferred shareholder equity transactions | (350 | ) | — | — | — | (350 | ) | ||||||||||||||
Proceeds from the exercise of stock options | 13,536 | — | — | — | 13,536 | ||||||||||||||||
Intercompany advances, net | (429,968 | ) | 203,754 | 226,214 | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | (140,593 | ) | 203,754 | 251,648 | — | 314,809 | |||||||||||||||
Net increase (decrease) in cash and equivalents | 20,567 | 380 | (4,211 | ) | — | 16,736 | |||||||||||||||
Cash and equivalents at beginning of year | 154,722 | 114 | 191,719 | — | 346,555 | ||||||||||||||||
Cash and equivalents at end of year | $ | 175,289 | $ | 494 | $ | 187,508 | $ | — | $ | 363,291 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Standard | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard | |||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 97,150 | $ | (132,732 | ) | $ | (221,934 | ) | $ | (25,600 | ) | $ | (283,116 | ) | |||||||
Cash Flows From Investing Activities: | |||||||||||||||||||||
Investments in unconsolidated homebuilding joint ventures | (2,630 | ) | (180 | ) | (80,248 | ) | 25,600 | (57,458 | ) | ||||||||||||
Distributions of capital from unconsolidated homebuilding joint ventures | 1,392 | 1,500 | 11,638 | — | 14,530 | ||||||||||||||||
Net cash paid for acquisitions | — | — | (60,752 | ) | — | (60,752 | ) | ||||||||||||||
Other investing activities | (1,429 | ) | (588 | ) | 492 | — | (1,525 | ) | |||||||||||||
Net cash provided by (used in) investing activities | (2,667 | ) | 732 | (128,870 | ) | 25,600 | (105,205 | ) | |||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||||||
Change in restricted cash | — | — | 3,347 | — | 3,347 | ||||||||||||||||
Principal payments on secured project debt and other notes payable | — | — | (866 | ) | — | (866 | ) | ||||||||||||||
Principal payments on senior subordinated notes payable | (49,603 | ) | — | — | — | (49,603 | ) | ||||||||||||||
Proceeds from the issuance of senior notes payable | 253,000 | — | — | — | 253,000 | ||||||||||||||||
Payment of debt issuance costs | (11,761 | ) | — | — | — | (11,761 | ) | ||||||||||||||
Net proceeds from (payments on) mortgage credit facilities | — | — | 45,351 | — | 45,351 | ||||||||||||||||
Net proceeds from the issuance of common stock | 71,847 | — | — | — | 71,847 | ||||||||||||||||
(Contributions to) distributions from Corporate and subsidiaries | 62,605 | — | (62,605 | ) | — | — | |||||||||||||||
Proceeds from the exercise of stock options | 13,039 | — | — | — | 13,039 | ||||||||||||||||
Intercompany advances, net | (345,645 | ) | 131,938 | 213,707 | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | (6,518 | ) | 131,938 | 198,934 | — | 324,354 | |||||||||||||||
Net increase (decrease) in cash and equivalents | 87,965 | (62 | ) | (151,870 | ) | — | (63,967 | ) | |||||||||||||
Cash and equivalents at beginning of year | 66,757 | 176 | 343,589 | — | 410,522 | ||||||||||||||||
Cash and equivalents at end of year | $ | 154,722 | $ | 114 | $ | 191,719 | $ | — | $ | 346,555 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Standard | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard | |||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (206,650 | ) | $ | (27,398 | ) | $ | (88,565 | ) | $ | — | $ | (322,613 | ) | |||||||
Cash Flows From Investing Activities: | |||||||||||||||||||||
Investments in unconsolidated homebuilding joint ventures | (4,265 | ) | (216 | ) | (10,208 | ) | — | (14,689 | ) | ||||||||||||
Distributions of capital from unconsolidated homebuilding joint ventures | 751 | — | 7,842 | — | 8,593 | ||||||||||||||||
Other investing activities | (1,512 | ) | (188 | ) | (517 | ) | — | (2,217 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (5,026 | ) | (404 | ) | (2,883 | ) | — | (8,313 | ) | ||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||||||
Change in restricted cash | — | — | (1,559 | ) | — | (1,559 | ) | ||||||||||||||
Principal payments on secured project debt and other notes payable | — | (273 | ) | (934 | ) | — | (1,207 | ) | |||||||||||||
Payment of debt issuance costs | (4,575 | ) | — | — | — | (4,575 | ) | ||||||||||||||
Net proceeds from (payments on) mortgage credit facilities | — | — | 16,464 | — | 16,464 | ||||||||||||||||
(Contributions to) distributions from Corporate and subsidiaries | 102,000 | — | (102,000 | ) | — | — | |||||||||||||||
Payment of issuance costs in connection with exercise of Warrant for common stock | (324 | ) | — | — | — | (324 | ) | ||||||||||||||
Proceeds from the exercise of stock options | 1,278 | — | — | — | 1,278 | ||||||||||||||||
Intercompany advances, net | (80,815 | ) | 28,034 | 52,781 | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | 17,564 | 27,761 | (35,248 | ) | — | 10,077 | |||||||||||||||
Net increase (decrease) in cash and equivalents | (194,112 | ) | (41 | ) | (126,696 | ) | — | (320,849 | ) | ||||||||||||
Cash and equivalents at beginning of year | 260,869 | 217 | 470,285 | — | 731,371 | ||||||||||||||||
Cash and equivalents at end of year | $ | 66,757 | $ | 176 | $ | 343,589 | $ | — | $ | 410,522 | |||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||||
a. Basis of Presentation | |||||||||||||
The consolidated financial statements include the accounts of Standard Pacific Corp. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications have been made to prior year amounts to conform to the current year presentation | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
b. Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Segment Reporting, Policy [Policy Text Block] | ' | ||||||||||||
c. Segment Reporting | |||||||||||||
ASC Topic 280, Segment Reporting (“ASC 280”) established standards for the manner in which public enterprises report information about operating segments. In accordance with ASC 280, we have determined that each of our homebuilding operating divisions and our financial services operations (consisting of our mortgage financing and title operations) are our operating segments. Corporate is a non-operating segment. In accordance with the aggregation criteria defined in ASC 280, we have grouped our homebuilding operations into three reportable segments: California; Southwest, consisting of our operating divisions in Arizona, Texas, Colorado and Nevada; and Southeast, consisting of our operating divisions in Florida and the Carolinas. In particular, we have determined that the homebuilding operating divisions within their respective reportable segments have similar economic characteristics, including similar historical and expected future long-term gross margin percentages. In addition, our homebuilding operating divisions also share all other relevant aggregation characteristics prescribed in ASC 280, such as similar product types, production processes and methods of distribution. | |||||||||||||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' | ||||||||||||
d. Variable Interest Entities | |||||||||||||
We account for variable interest entities in accordance with ASC Topic 810, Consolidation (“ASC 810”). Under ASC 810, a variable interest entity (“VIE”) is created when: (a) the equity investment at risk in the entity is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by other parties, including the equity holders; (b) the entity’s equity holders as a group either (i) lack the direct or indirect ability to make decisions about the entity, (ii) are not obligated to absorb expected losses of the entity or (iii) do not have the right to receive expected residual returns of the entity; or (c) the entity’s equity holders have voting rights that are not proportionate to their economic interests, and the activities of the entity involve or are conducted on behalf of the equity holder with disproportionately few voting rights. If an entity is deemed to be a VIE pursuant to ASC 810, the enterprise that has both (i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb the expected losses of the entity or right to receive benefits from the entity that could be potentially significant to the VIE is considered the primary beneficiary and must consolidate the VIE. In accordance with ASC 810, we perform ongoing reassessments of whether an enterprise is the primary beneficiary of a VIE. | |||||||||||||
Equity Method Investments, Policy [Policy Text Block] | ' | ||||||||||||
e. Limited Partnerships and Limited Liability Companies | |||||||||||||
We analyze our homebuilding and land development joint ventures under the provisions of ASC 810 (as discussed above) when determining whether the entity should be consolidated. In accordance with the provisions of ASC 810, limited partnerships or similar entities, such as limited liability companies, must be further evaluated under the presumption that the general partner, or the managing member in the case of a limited liability company, is deemed to have a controlling interest and therefore must consolidate the entity unless the limited partners or non-managing members have: (1) the ability, either by a single limited partner or through a simple majority vote, to dissolve or liquidate the entity, or kick-out the managing member/general partner without cause, or (2) substantive participatory rights that are exercised in the ordinary course of business. Under the provisions of ASC 810, we may be required to consolidate certain investments in which we hold a general partner or managing member interest. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||
f. Revenue Recognition | |||||||||||||
In accordance with ASC Topic 360-20, Property, Plant, and Equipment – Real Estate Sales (“ASC 360-20”), homebuilding revenues are recorded after construction is completed, a sufficient down payment has been received, title has passed to the homebuyer, collection of the purchase price is reasonably assured and we have no other continuing involvement. In instances where the homebuyer’s financing is originated by our mortgage financing subsidiary and the buyer has not made an adequate initial or continuing investment as prescribed by ASC 360-20, the profit on such home sales is deferred until the sale of the related mortgage loan to a third-party investor has been completed and the contractual terms of the applicable early payment default provisions have lapsed. | |||||||||||||
In accordance with ASC Topic 825, Financial Instruments (“ASC 825”), loan origination fees and expenses are recognized upon origination of loans by our mortgage financing operation. Generally our policy is to sell all mortgage loans originated. These sales generally occur within a short period of time (typically 30-45 days of origination). Mortgage loan interest is accrued only so long as it is deemed collectible. | |||||||||||||
Cost of Sales, Policy [Policy Text Block] | ' | ||||||||||||
g. Cost of Sales | |||||||||||||
Homebuilding cost of sales is recognized in the period when the related homebuilding revenues are recognized. Cost of sales is recorded based upon total estimated costs to be allocated to each home within a community. Certain direct construction costs are specifically identified and allocated to homes while other common costs, such as land, land improvements and carrying costs, are allocated to homes within a community based upon their anticipated relative sales or fair value. Any changes to the estimated costs are allocated to the remaining undelivered lots and homes within their respective community. The estimation of these costs requires a substantial degree of judgment by management. | |||||||||||||
Standard Product Warranty, Policy [Policy Text Block] | ' | ||||||||||||
h. Warranty Costs | |||||||||||||
Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Amounts accrued are based upon historical experience. Indirect warranty overhead salaries and related costs are charged to cost of sales in the period incurred. We assess the adequacy of our warranty accrual on a quarterly basis and adjust the amounts recorded if necessary. During the years ended December 31, 2013 and 2012, we did not record any warranty adjustments. During the year ended December 31, 2011 we recorded $2.9 million in reductions to our warranty accrual due to a decrease in our warranty expenditure trends. Our warranty accrual is included in accrued liabilities in the accompanying consolidated balance sheets. Changes in our warranty accrual are detailed in the table set forth below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Warranty accrual, beginning of the year | $ | 15,514 | $ | 17,572 | $ | 20,866 | |||||||
Warranty costs accrued during the year | 2,495 | 1,497 | 2,794 | ||||||||||
Warranty costs paid during the year | (4,198 | ) | (3,555 | ) | (3,188 | ) | |||||||
Adjustments to warranty accrual during the year | ― | ― | (2,900 | ) | |||||||||
Warranty accrual, end of the year | $ | 13,811 | $ | 15,514 | $ | 17,572 | |||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
i. Earnings (Loss) Per Common Share | |||||||||||||
We compute earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share (“ASC 260”), which requires earnings (loss) per share for each class of stock (common stock and participating preferred stock) to be calculated using the two-class method. The two-class method is an allocation of earnings (loss) between the holders of common stock and a company's participating security holders. Under the two-class method, earnings (loss) for the reporting period are allocated between common shareholders and other security holders based on their respective participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. | |||||||||||||
Basic earnings (loss) per common share is computed by dividing income or loss available to common stockholders by the weighted average number of shares of basic common stock outstanding. Our Series B junior participating convertible preferred stock (“Series B Preferred Stock”), which is convertible into shares of our common stock at the holder’s option (subject to a limitation based upon voting interest), and our unvested restricted stock, are classified as participating securities in accordance with ASC 260. Net income (loss) allocated to the holders of our Series B Preferred Stock and unvested restricted stock is calculated based on the shareholders’ proportionate share of weighted average shares of common stock outstanding on an if-converted basis. | |||||||||||||
For purposes of determining diluted earnings (loss) per common share, basic earnings (loss) per common share is further adjusted to include the effect of potential dilutive common shares outstanding, including stock options, stock appreciation rights, performance share awards and unvested restricted stock using the more dilutive of either the two-class method or the treasury stock method, and Series B Preferred Stock and convertible debt using the if-converted method. Under the two-class method of calculating diluted earnings (loss) per share, net income is reallocated to common stock, the Series B Preferred stock and all dilutive securities based on the contractual participating rights of the security to share in the current earnings as if all of the earnings for the period had been distributed. In the computation of diluted earnings (loss) per share, the two-class method and if-converted method for the Series B Preferred Stock resulted in the same earnings (loss) per share amounts as the holder of the Series B Preferred Stock has the same economic rights as the holders of the common stock. For the year ended December 31, 2011, all dilutive securities were excluded from the calculation as they were anti-dilutive as a result of the net loss for the year. Shares outstanding under the share lending facility in 2011 were not treated as outstanding for earnings per share purposes in accordance with ASC 260, because the share borrower was required to return to us all borrowed shares (or identical shares) upon the maturity of our 6% Convertible Senior Subordinated Notes, which occurred in October 2012. On October 11, 2012, the remaining 3.9 million shares outstanding under the share lending facility were returned to us. We cancelled and retired the shares upon receipt and no shares under the share lending facility remain outstanding. | |||||||||||||
The following table sets forth the components used in the computation of basic and diluted income (loss) per share. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) | $ | 188,715 | $ | 531,421 | $ | (16,417 | ) | ||||||
Less: Net (income) loss allocated to preferred shareholder | (57,386 | ) | (224,408 | ) | 7,101 | ||||||||
Less: Net (income) loss allocated to unvested restricted stock | (265 | ) | (410 | ) | ― | ||||||||
Net income (loss) available to common stockholders for basic earnings (loss) per common share | 131,064 | 306,603 | (9,316 | ) | |||||||||
Effect of dilutive securities: | |||||||||||||
Net income allocated to preferred shareholder | 57,386 | 224,408 | ― | ||||||||||
Interest on 1¼% convertible senior notes due 2032 | 899 | 268 | ― | ||||||||||
Net income (loss) available to common and preferred stock for diluted earnings (loss) per share | $ | 189,349 | $ | 531,279 | $ | (9,316 | ) | ||||||
Denominator: | |||||||||||||
Weighted average basic common shares outstanding | 253,118,247 | 201,953,799 | 193,909,714 | ||||||||||
Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive) | 110,826,557 | 147,812,786 | ― | ||||||||||
Total weighted average common shares outstanding if preferred shares converted to common shares | 363,944,804 | 349,766,585 | 193,909,714 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options | 6,742,856 | 5,988,625 | ― | ||||||||||
1¼% convertible senior notes due 2032 | 31,312,850 | 12,576,473 | ― | ||||||||||
Weighted average diluted shares outstanding | 402,000,510 | 368,331,683 | 193,909,714 | ||||||||||
Income (loss) per share: | |||||||||||||
Basic | $ | 0.52 | $ | 1.52 | $ | (0.05 | ) | ||||||
Diluted | $ | 0.47 | $ | 1.44 | $ | (0.05 | ) | ||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
j. Stock-Based Compensation | |||||||||||||
We account for share-based awards in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
k. Cash and Equivalents and Restricted Cash | |||||||||||||
Cash and equivalents include cash on hand, demand deposits and all highly liquid short-term investments, including interest-bearing securities purchased with a maturity of three months or less from the date of purchase. At December 31, 2013, restricted cash included $22.8 million of cash held in cash collateral accounts primarily related to certain letters of credit that have been issued and a portion related to our financial services subsidiary mortgage credit facilities ($21.5 million of homebuilding cash and $1.3 million of financial services cash). | |||||||||||||
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | ' | ||||||||||||
l. Mortgage Loans Held for Sale | |||||||||||||
In accordance with ASC 825, mortgage loans held for sale are recorded at fair value and loan origination and related costs are recognized upon loan closing. In addition, we recognize net interest income on loans held for sale from the date of origination through the date of disposition. We sell substantially all of the loans we originate in the secondary mortgage market, with servicing rights released on a non-recourse basis. These sales are generally subject to our obligation to repay gain on sale if the loan is prepaid by the borrower within a certain time period following such sale, or to repurchase loans or indemnify investors for losses from borrower defaults if, among other things, the loan purchaser’s underwriting guidelines are not met or there is fraud in connection with the loan. We establish liabilities for such anticipated losses based upon, among other things, an analysis of indemnification and repurchase requests received, an estimate of potential indemnification or repurchase claims not yet received, our historical amount of indemnification payments and repurchases, and losses incurred through the disposition of affected loans. During the years ended December 31, 2013, 2012 and 2011, we recorded loan loss expense related to indemnification and repurchase allowances of $0, $1.0 million and $4.3 million, respectively. As of December 31, 2013 and 2012, we had indemnity and repurchase allowances related to loans sold of $2.2 million and $3.0 million, respectively. | |||||||||||||
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | ' | ||||||||||||
m. Mortgage Loans Held for Investment | |||||||||||||
Mortgage loans are classified as held for investment based on our intent and ability to hold the loans for the foreseeable future or to maturity. Mortgage loans held for investment are recorded at their unpaid principal balance, net of discounts and premiums, unamortized net deferred loan origination costs and fees and allowance for loan losses. Discounts, premiums, and net deferred loan origination costs and fees are amortized into income over the contractual life of the loan. Mortgage loans held for investment are continually evaluated for collectability and, if appropriate, specific allowances are established based on estimates of collateral value. Loans are placed on non-accrual status for first trust deeds when the loan is 90 days past due and for second trust deeds when the loan is 30 days past due, and previously accrued interest is reversed from income if deemed uncollectible. As of December 31, 2013 and 2012, we had allowances for loan losses for loans held for investment of $2.3 million and $2.8 million, respectively. | |||||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||
n. Inventories | |||||||||||||
Inventories consist of land, land under development, homes under construction, completed homes and model homes and are stated at cost, net of any impairment charges. We capitalize direct carrying costs, including interest, property taxes and related development costs to inventories. Field construction supervision and related direct overhead are also included in the capitalized cost of inventories. Direct construction costs are specifically identified and allocated to homes while other common costs, such as land, land improvements and carrying costs, are allocated to homes within a community based upon their anticipated relative sales or fair value. | |||||||||||||
We assess the recoverability of real estate inventories in accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment (“ASC 360”). ASC 360 requires long-lived assets, including inventories, that are expected to be held and used in operations to be carried at the lower of cost or, if impaired, the fair value of the asset. ASC 360 requires that companies evaluate long-lived assets for impairment based on undiscounted future cash flows of the assets at the lowest level for which there is identifiable cash flows. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. | |||||||||||||
Interest Capitalization, Policy [Policy Text Block] | ' | ||||||||||||
o. Capitalization of Interest | |||||||||||||
We follow the practice of capitalizing interest to inventories owned during the period of development and to investments in unconsolidated homebuilding and land development joint ventures in accordance with ASC Topic 835, Interest (“ASC 835”). Homebuilding interest capitalized as a cost of inventories owned is included in cost of sales as related units or lots are sold. Interest capitalized to investments in unconsolidated homebuilding and land development joint ventures is included as a reduction of income from unconsolidated joint ventures when the related homes or lots are sold to third parties. Interest capitalized to investments in unconsolidated land development joint ventures is transferred to inventories owned if the underlying lots are purchased by us. To the extent our debt exceeds our qualified assets as defined in ASC 835, we expense a portion of the interest incurred by us. Qualified assets represent projects that are actively selling or under development as well as investments in unconsolidated joint ventures. For the years ended December 31, 2012 and 2011, we expensed $6.4 million, and $25.2 million, respectively, of interest costs related to the portion of our debt in excess of our qualified assets in accordance with ASC 835. During the year ended December 31, 2013, our qualified assets exceeded our debt, and as a result, our interest incurred during 2013 was capitalized in accordance with ASC 835. | |||||||||||||
The following is a summary of homebuilding interest capitalized to inventories owned and investments in unconsolidated joint ventures, amortized to cost of sales and income (loss) from unconsolidated joint ventures and expensed as interest expense, for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Total interest incurred (1) | $ | 140,865 | $ | 141,827 | $ | 140,905 | |||||||
Less: Interest capitalized to inventories owned | (137,990 | ) | (129,136 | ) | (109,002 | ) | |||||||
Less: Interest capitalized to investments in unconsolidated joint ventures | (2,875 | ) | (6,295 | ) | (6,735 | ) | |||||||
Interest expense | ― | $ | 6,396 | $ | 25,168 | ||||||||
Interest previously capitalized to inventories owned, included in home cost of home sales | $ | 120,714 | $ | 100,683 | $ | 69,421 | |||||||
Interest previously capitalized to inventories owned, included in land cost of land sales | $ | 1,064 | $ | 3,219 | $ | 215 | |||||||
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures | $ | 441 | $ | 843 | $ | 876 | |||||||
Interest capitalized in ending inventories owned (2) | $ | 240,734 | $ | 221,402 | $ | 188,526 | |||||||
Interest capitalized as a percentage of inventories owned | 9.5 | % | 11.2 | % | 12.8 | % | |||||||
Interest capitalized in ending investments in unconsolidated joint ventures (2) | $ | 4,985 | $ | 6,921 | $ | 9,111 | |||||||
Interest capitalized as a percentage of investments in unconsolidated joint ventures | 7.5 | % | 13.2 | % | 11.1 | % | |||||||
-1 | For the years ended December 31, 2013, 2012 and 2011, interest incurred included the noncash amortization of $3.6 million, $10.4 million and $10.3 million, respectively, of interest related to the Term Loan B swap that was unwound in the 2010 fourth quarter (please see Note 2.s. “Derivative Instruments and Hedging Activities”). | ||||||||||||
-2 | During the years ended December 31, 2013, 2012 and 2011, in connection with lot purchases from our joint ventures, $4.4 million, $7.6 million and $1.2 million, respectively, of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. In addition, during the year ended December 31, 2013, approximately $0.8 million of capitalized interest was included in other expense in connection with the abandonment of a project. | ||||||||||||
Interest in Unincorporated Joint Ventures or Partnerships, Policy [Policy Text Block] | ' | ||||||||||||
p. Investments in Unconsolidated Land Development and Homebuilding Joint Ventures | |||||||||||||
Investments in our unconsolidated land development and homebuilding joint ventures are accounted for under the equity method of accounting. Under the equity method, we recognize our proportionate share of earnings and losses generated by the joint venture upon the delivery of lots or homes to third parties. All joint venture profits generated from land sales to us are deferred and recorded as a reduction to our cost basis in the lots purchased until the homes to be constructed are ultimately sold by us to third parties. Our ownership interests in our unconsolidated joint ventures vary, but are generally less than or equal to 50 percent. | |||||||||||||
We review inventory projects within our unconsolidated joint ventures for impairments consistent with our real estate inventories described in Note 2.n. We also review our investments in unconsolidated joint ventures for evidence of an other than temporary decline in value. To the extent we deem any portion of our investment in unconsolidated joint ventures as not recoverable, we impair our investment accordingly. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
q. Income Taxes | |||||||||||||
We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). ASC 740 requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered. | |||||||||||||
We evaluate our deferred tax assets on a quarterly basis to determine whether a valuation allowance is required. In accordance with ASC 740, we assess whether a valuation allowance should be established based on our determination of whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends primarily on: (i) our ability to carry back net operating losses to tax years where we have previously paid income taxes based on applicable federal law; and (ii) our ability to generate future taxable income during the periods in which the related temporary differences become deductible. The assessment of a valuation allowance includes giving appropriate consideration to all positive and negative evidence related to the realization of the deferred tax asset. This assessment considers, among other things, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with operating loss and tax credit carryforwards not expiring unused, and tax planning alternatives. Significant judgment is required in determining the future tax consequences of events that have been recognized in our consolidated financial statements and/or tax returns. Actual outcomes of these future tax consequences could differ materially from the outcomes we currently anticipate. | |||||||||||||
ASC 740 defines the methodology for recognizing the benefits of uncertain tax return positions as well as guidance regarding the measurement of the resulting tax benefits. These provisions require an enterprise to recognize the financial statement effects of a tax position when it is more likely than not (defined as a likelihood of more than 50%), based on the technical merits, that the position will be sustained upon examination. In addition, these provisions provide guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The evaluation of whether a tax position meets the more-likely-than-not recognition threshold requires a substantial degree of judgment by management based on the individual facts and circumstances. Actual results could differ from estimates. | |||||||||||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | ||||||||||||
r. Insurance and Litigation Accruals | |||||||||||||
Insurance and litigation accruals are established with respect to estimated future claims cost. We maintain general liability insurance designed to protect us against a portion of our risk of loss from construction-related claims. We also generally require our subcontractors and design professionals to indemnify us for liabilities arising from their work, subject to various limitations. However, such indemnity is significantly limited with respect to certain subcontractors that are added to our general liability insurance policy. We record allowances to cover our estimated costs of self-insured retentions and deductible amounts under these policies and estimated costs for claims that may not be covered by applicable insurance or indemnities. Our total insurance and litigation accruals as of December 31, 2013 and 2012 were $64.8 million and $57.2 million, respectively, which are included in accrued liabilities in the accompanying consolidated balance sheets. Estimation of these accruals include consideration of our claims history, including current claims, estimates of claims incurred but not yet reported, and potential for recovery of costs from insurance and other sources. We utilize the services of an independent third party actuary to assist us with evaluating the level of our insurance and litigation accruals. Because of the high degree of judgment required in determining these estimated accrual amounts, actual future claim costs could differ from our currently estimated amounts | |||||||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||||||
s. Derivative Instruments and Hedging Activities | |||||||||||||
We account for derivatives and certain hedging activities in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 establishes the accounting and reporting standards requiring that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded as either assets or liabilities in the consolidated balance sheets and to measure these instruments at fair market value. Gains and losses resulting from changes in the fair market value of derivatives are recognized in the consolidated statement of operations or recorded in accumulated other comprehensive income (loss), net of tax, and recognized in the consolidated statement of operations when the hedged item affects earnings, depending on the purpose of the derivative and whether the derivative qualifies for hedge accounting treatment. | |||||||||||||
Our policy is to designate at a derivative’s inception the specific assets, liabilities or future commitments being hedged and monitor the derivative to determine if the derivative remains an effective hedge. The effectiveness of a derivative as a hedge is based on a high correlation between changes in the derivative’s value and changes in the value of the underlying hedged item. We recognize gains or losses for amounts received or paid when the underlying transaction settles. We do not enter into or hold derivatives for trading or speculative purposes. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we recorded after-tax other comprehensive income of $2.2 million, $6.4 million and $6.4 million, respectively, related to interest rate swap agreements that we terminated in December 2010. These swap agreements qualified for hedge accounting treatment prior to their termination and the related gain or loss was deferred, net of tax, in stockholders’ equity as accumulated other comprehensive income (loss). The cost associated with the early unwind of the interest rate swap agreements was amortized as a component of our interest incurred through May 2013, and has been completely amortized as of December 31, 2013. | |||||||||||||
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | ' | ||||||||||||
t. Accounting for Guarantees | |||||||||||||
We account for guarantees in accordance with the provisions of ASC Topic 470, Debt (“ASC 470”). Under ASC 470, recognition of a liability is recorded at its estimated fair value based on the present value of the expected contingent payments under the guarantee arrangement. The types of guarantees that we generally provide that are subject to ASC 470 generally are made to third parties on behalf of our unconsolidated homebuilding and land development joint ventures. As of December 31, 2013, these guarantees included, but were not limited to, surety bond indemnities. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
u. Recent Accounting Pronouncements | |||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”), which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, ASU 2013-02 requires an entity to present, either on the face of the income statement or in the notes to financial statements, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income in financial statements. For public entities, the amendments in ASU 2013-02 were effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this guidance concerns disclosure only and our adoption of this new provision of ASU 2013-02 on January 1, 2013 did not have an impact on our consolidated financial statements. |
Note_1_Company_Organization_an1
Note 1 - Company Organization and Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Percentages of Home Delivered By State [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
State | 2013 | 2012 | 2011 | ||||||||||
California | 38 | % | 40 | % | 38 | % | |||||||
Florida | 22 | 18 | 18 | ||||||||||
Carolinas | 16 | 17 | 16 | ||||||||||
Texas | 14 | 14 | 16 | ||||||||||
Arizona | 6 | 8 | 7 | ||||||||||
Colorado | 4 | 3 | 4 | ||||||||||
Nevada | — | — | 1 | ||||||||||
Total | 100 | % | 100 | % | 100 | % |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Warranty accrual, beginning of the year | $ | 15,514 | $ | 17,572 | $ | 20,866 | |||||||
Warranty costs accrued during the year | 2,495 | 1,497 | 2,794 | ||||||||||
Warranty costs paid during the year | (4,198 | ) | (3,555 | ) | (3,188 | ) | |||||||
Adjustments to warranty accrual during the year | ― | ― | (2,900 | ) | |||||||||
Warranty accrual, end of the year | $ | 13,811 | $ | 15,514 | $ | 17,572 | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) | $ | 188,715 | $ | 531,421 | $ | (16,417 | ) | ||||||
Less: Net (income) loss allocated to preferred shareholder | (57,386 | ) | (224,408 | ) | 7,101 | ||||||||
Less: Net (income) loss allocated to unvested restricted stock | (265 | ) | (410 | ) | ― | ||||||||
Net income (loss) available to common stockholders for basic earnings (loss) per common share | 131,064 | 306,603 | (9,316 | ) | |||||||||
Effect of dilutive securities: | |||||||||||||
Net income allocated to preferred shareholder | 57,386 | 224,408 | ― | ||||||||||
Interest on 1¼% convertible senior notes due 2032 | 899 | 268 | ― | ||||||||||
Net income (loss) available to common and preferred stock for diluted earnings (loss) per share | $ | 189,349 | $ | 531,279 | $ | (9,316 | ) | ||||||
Denominator: | |||||||||||||
Weighted average basic common shares outstanding | 253,118,247 | 201,953,799 | 193,909,714 | ||||||||||
Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive) | 110,826,557 | 147,812,786 | ― | ||||||||||
Total weighted average common shares outstanding if preferred shares converted to common shares | 363,944,804 | 349,766,585 | 193,909,714 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options | 6,742,856 | 5,988,625 | ― | ||||||||||
1¼% convertible senior notes due 2032 | 31,312,850 | 12,576,473 | ― | ||||||||||
Weighted average diluted shares outstanding | 402,000,510 | 368,331,683 | 193,909,714 | ||||||||||
Income (loss) per share: | |||||||||||||
Basic | $ | 0.52 | $ | 1.52 | $ | (0.05 | ) | ||||||
Diluted | $ | 0.47 | $ | 1.44 | $ | (0.05 | ) | ||||||
Schedule of Homebuilding Interest Capitalized [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Total interest incurred (1) | $ | 140,865 | $ | 141,827 | $ | 140,905 | |||||||
Less: Interest capitalized to inventories owned | (137,990 | ) | (129,136 | ) | (109,002 | ) | |||||||
Less: Interest capitalized to investments in unconsolidated joint ventures | (2,875 | ) | (6,295 | ) | (6,735 | ) | |||||||
Interest expense | ― | $ | 6,396 | $ | 25,168 | ||||||||
Interest previously capitalized to inventories owned, included in home cost of home sales | $ | 120,714 | $ | 100,683 | $ | 69,421 | |||||||
Interest previously capitalized to inventories owned, included in land cost of land sales | $ | 1,064 | $ | 3,219 | $ | 215 | |||||||
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures | $ | 441 | $ | 843 | $ | 876 | |||||||
Interest capitalized in ending inventories owned (2) | $ | 240,734 | $ | 221,402 | $ | 188,526 | |||||||
Interest capitalized as a percentage of inventories owned | 9.5 | % | 11.2 | % | 12.8 | % | |||||||
Interest capitalized in ending investments in unconsolidated joint ventures (2) | $ | 4,985 | $ | 6,921 | $ | 9,111 | |||||||
Interest capitalized as a percentage of investments in unconsolidated joint ventures | 7.5 | % | 13.2 | % | 11.1 | % |
Note_3_Segment_Reporting_Table
Note 3 - Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Homebuilding revenues: | |||||||||||||
California | $ | 1,006,572 | $ | 699,672 | $ | 506,002 | |||||||
Southwest | 411,967 | 248,421 | 190,622 | ||||||||||
Southeast | 496,070 | 288,865 | 186,369 | ||||||||||
Total homebuilding revenues | $ | 1,914,609 | $ | 1,236,958 | $ | 882,993 | |||||||
Homebuilding pretax income (loss): | |||||||||||||
California | $ | 164,805 | $ | 46,491 | $ | 6,310 | |||||||
Southwest | 42,792 | 12,852 | (12,345 | ) | |||||||||
Southeast | 38,672 | 8,302 | (12,121 | ) | |||||||||
Total homebuilding pretax income (loss | $ | 246,269 | $ | 67,645 | $ | (18,156 | ) | ||||||
Inventory impairment charges: | |||||||||||||
California | $ | ― | $ | ― | $ | 9,490 | |||||||
Southwest | ― | ― | 2,878 | ||||||||||
Southeast | ― | ― | 821 | ||||||||||
Total inventory impairment charges | $ | ― | $ | ― | $ | 13,189 | |||||||
Homebuilding Assets and Investments in Unconsolidated Joint Ventures [Table Text Block] | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Homebuilding assets: | |||||||||||||
California | $ | 1,344,605 | $ | 1,192,249 | |||||||||
Southwest | 641,711 | 496,902 | |||||||||||
Southeast | 785,988 | 438,122 | |||||||||||
Corporate | 740,950 | 842,705 | |||||||||||
Total homebuilding assets | $ | 3,513,254 | $ | 2,969,978 |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||||||
Inventories Owned [Table Text Block] | ' | ||||||||||||||||
31-Dec-13 | |||||||||||||||||
California | Southwest | Southeast | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land and land under development | $ | 819,278 | $ | 415,910 | $ | 536,473 | $ | 1,771,661 | |||||||||
Homes completed and under construction | 280,875 | 159,927 | 187,569 | 628,371 | |||||||||||||
Model homes | 82,367 | 27,466 | 26,237 | 136,070 | |||||||||||||
Total inventories owned | $ | 1,182,520 | $ | 603,303 | $ | 750,279 | $ | 2,536,102 | |||||||||
31-Dec-12 | |||||||||||||||||
California | Southwest | Southeast | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land and land under development | $ | 778,419 | $ | 352,705 | $ | 313,037 | $ | 1,444,161 | |||||||||
Homes completed and under construction | 240,236 | 93,265 | 93,695 | 427,196 | |||||||||||||
Model homes | 67,504 | 15,231 | 17,326 | 100,061 | |||||||||||||
Total inventories owned | $ | 1,086,159 | $ | 461,201 | $ | 424,058 | $ | 1,971,418 | |||||||||
Inventory Real Estate Not Owned [Table Text Block] | ' | ||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land purchase and lot option deposits | $ | 44,005 | $ | 23,803 | |||||||||||||
Other lot option contracts, net of deposits | 54,336 | 47,492 | |||||||||||||||
Total inventories not owned | $ | 98,341 | $ | 71,295 |
Note_5_Investments_in_Unconsol1
Note 5 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block] | ' | ||||||||||||
Year December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Revenues | $ | 32,546 | $ | 21,178 | $ | 69,941 | |||||||
Cost of sales and expenses | (30,465 | ) | (18,788 | ) | (55,447 | ) | |||||||
Income of unconsolidated joint ventures | $ | 2,081 | $ | 2,390 | $ | 14,494 | |||||||
Income (loss) from unconsolidated joint ventures reflected in the accompanying consolidated statements of operations | $ | 949 | $ | (2,090 | ) | $ | 207 | ||||||
Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block] | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 37,884 | $ | 15,627 | |||||||||
Inventories | 211,929 | 129,477 | |||||||||||
Other assets | 8,600 | 10,783 | |||||||||||
Total assets | $ | 258,413 | $ | 155,887 | |||||||||
Liabilities and Equity: | |||||||||||||
Accounts payable and accrued liabilities | $ | 20,496 | $ | 5,796 | |||||||||
Non-recourse debt | 30,000 | ― | |||||||||||
Standard Pacific equity | 66,363 | 51,173 | |||||||||||
Other Members' equity | 141,554 | 98,918 | |||||||||||
Total liabilities and equity | $ | 258,413 | $ | 155,887 | |||||||||
Investments in unconsolidated joint ventures reflected in the accompanying consolidated balance sheets | $ | 66,054 | $ | 52,443 |
Note_6_Homebuilding_Indebtedne1
Note 6 - Homebuilding Indebtedness (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
6¼% Senior Notes due April 2014 | $ | 4,971 | $ | 4,971 | |||||
7% Senior Notes due August 2015 | 29,789 | 29,789 | |||||||
10¾% Senior Notes due September 2016, net of discount | 269,046 | 265,823 | |||||||
8⅜% Senior Notes due May 2018, net of premium | 579,085 | 579,832 | |||||||
8⅜% Senior Notes due January 2021, net of discount | 397,353 | 397,087 | |||||||
6¼% Senior Notes due December 2021 | 300,000 | ― | |||||||
1¼% Convertible Senior Notes due August 2032 | 253,000 | 253,000 | |||||||
$ | 1,833,244 | $ | 1,530,502 | ||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
Year Ended | |||||||||
December 31, | |||||||||
(Dollars in thousands) | |||||||||
2014 | $ | 8,631 | |||||||
2015 | 30,772 | ||||||||
2016 | 280,819 | ||||||||
2017 | 658 | ||||||||
2018 | 575,231 | ||||||||
Thereafter | 953,000 | ||||||||
Total principal amount | 1,849,111 | ||||||||
Less: Net (discount) premium | (9,516 | ) | |||||||
Total homebuilding debt | $ | 1,839,595 |
Note_9_Disclosures_about_Fair_1
Note 9 - Disclosures about Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
Fair Value at December 31, | |||||||||||||||||||||
Description | Fair Value Hierarchy | 2013 | 2012 | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Mortgage loans held for sale | Level 2 | $ | 124,184 | $ | 122,398 | ||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | ||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Description | Fair Value Hierarchy | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||
Amount | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Financial services assets: | |||||||||||||||||||||
Mortgage loans held for investment, net | Level 2 | $ | 12,220 | $ | 12,220 | $ | 9,923 | $ | 9,923 | ||||||||||||
Homebuilding liabilities: | |||||||||||||||||||||
Senior notes payable, net | Level 2 | $ | 1,833,244 | $ | 2,165,193 | $ | 1,530,502 | $ | 1,803,202 |
Note_10_Commitments_and_Contin1
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Year Ended | |||||
December 31, | |||||
(Dollars in thousands) | |||||
2014 | $ | 3,479 | |||
2015 | 3,099 | ||||
2016 | 2,383 | ||||
2017 | 1,681 | ||||
2018 | 621 | ||||
Thereafter | — | ||||
Subtotal | 11,263 | ||||
Less: Estimated sublease income | — | ||||
Net rental obligations | $ | 11,263 |
Note_11_Income_Taxes_Tables
Note 11 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current (provision) benefit for income taxes: | |||||||||||||
Federal | $ | 11,766 | $ | (766 | ) | $ | (130 | ) | |||||
State | (1,880 | ) | — | 186 | |||||||||
9,886 | (766 | ) | 56 | ||||||||||
Deferred (provision) benefit for income taxes: | |||||||||||||
Federal | (56,752 | ) | 338,500 | — | |||||||||
State | (22,117 | ) | 115,500 | — | |||||||||
(78,869 | ) | 454,000 | — | ||||||||||
(Provision) benefit for income taxes | $ | (68,983 | ) | $ | 453,234 | $ | 56 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Inventory valuation adjustments | $ | 114,063 | $ | 136,239 | |||||||||
Financial accruals | 43,478 | 39,482 | |||||||||||
Federal net operating loss carryforwards | 161,265 | 230,220 | |||||||||||
State net operating loss carryforwards | 48,901 | 60,742 | |||||||||||
Tax credit carryforwards | 4,445 | — | |||||||||||
Goodwill impairment charges | 8,566 | 11,019 | |||||||||||
Other, net | (727 | ) | 366 | ||||||||||
Total deferred tax asset | 379,991 | 478,068 | |||||||||||
Less: Valuation allowance | (4,591 | ) | (22,696 | ) | |||||||||
Net deferred tax asset | $ | 375,400 | $ | 455,372 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Income (loss) before taxes | $ | 257,698 | $ | 78,187 | $ | (16,473 | ) | ||||||
(Provision) benefit for income taxes at federal statutory rate | $ | (90,194 | ) | $ | (27,365 | ) | $ | 5,765 | |||||
(Increases) decreases in tax resulting from: | |||||||||||||
State income taxes, net of federal benefit | (9,426 | ) | (2,947 | ) | 615 | ||||||||
Net deferred tax asset valuation (allowance) benefit | 13,115 | 483,724 | (6,415 | ) | |||||||||
Reversal of liability for unrecognized tax benefits | 16,105 | — | — | ||||||||||
Other, net | 1,417 | (178 | ) | 91 | |||||||||
Benefit (provision) for income taxes | $ | (68,983 | ) | $ | 453,234 | $ | 56 | ||||||
Effective tax rate | 26.8 | % | — | 0.3 | % | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Balance, beginning of the year | $ | 13,484 | $ | 13,484 | |||||||||
Changes based on tax positions related to the current year | — | — | |||||||||||
Changes for tax position in prior years | — | — | |||||||||||
Reductions due to lapse of statute of limitations | (13,484 | ) | — | ||||||||||
Settlements | — | — | |||||||||||
Balance, end of the year | $ | — | $ | 13,484 |
Note_12_Stock_Incentive_and_Em1
Note 12 - Stock Incentive and Employee Benefit Plans (Tables) | 12 Months Ended | 24 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Weighted | Number of Shares | Weighted | Number of Shares | Weighted | ||||||||||||||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||||||||||||||||||||||
Outstanding, beginning of year | 18,616,382 | $ | 4.21 | 17,877,785 | $ | 4.33 | 18,630,205 | $ | 4.46 | ||||||||||||||||||||||||||||||||||||
Granted | 6,261,602 | 8.4 | 6,222,222 | 4.24 | 1,350,000 | 3.82 | |||||||||||||||||||||||||||||||||||||||
Exercised | (4,479,325 | ) | 3.55 | (4,677,271 | ) | 2.79 | (1,050,025 | ) | 1.19 | ||||||||||||||||||||||||||||||||||||
Canceled | (616,793 | ) | 8.79 | (806,354 | ) | 16.04 | (1,052,395 | ) | 9.15 | ||||||||||||||||||||||||||||||||||||
Outstanding, end of year | 19,781,866 | $ | 5.54 | 18,616,382 | $ | 4.21 | 17,877,785 | $ | 4.33 | ||||||||||||||||||||||||||||||||||||
Exercisable at end of year | 9,736,564 | $ | 4.28 | 11,956,258 | $ | 4.17 | 13,137,785 | $ | 4.84 | ||||||||||||||||||||||||||||||||||||
Available for future grant | 13,971,091 | 23,283,953 | 31,570,998 | ||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||||||||||||||||||||||
Exercise Prices | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||||||||||||||||||
Exercise | Remaining Contractual | Exercise | |||||||||||||||||||||||||||||||||||||||||||
Low | High | of Shares | Price | Life | of Shares | Price | |||||||||||||||||||||||||||||||||||||||
$ | 0.67 | $ | 3.1 | 4,889,003 | $ | 1.94 | 1.89 | 4,889,003 | $ | 1.94 | |||||||||||||||||||||||||||||||||||
$ | 3.8 | $ | 7.93 | 8,417,963 | $ | 4.23 | 3.11 | 4,358,582 | $ | 4.14 | |||||||||||||||||||||||||||||||||||
$ | 8.39 | $ | 9.29 | 5,985,921 | $ | 8.41 | 4.21 | — | $ | — | |||||||||||||||||||||||||||||||||||
$ | 20.95 | $ | 29.84 | 488,979 | $ | 28.93 | 0.18 | 488,979 | $ | 28.93 | |||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||||||||||||||||||||||
Expected volatility | 57.7 | % | 82.09 | % | 97.4 | % | |||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.36 | % | 0.73 | % | 0.75 | % | |||||||||||||||||||||||||||||||||||||||
Expected life (years) | 3.5 | 2.5 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Number of | Weighted Average | Number of | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | ||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding, beginning of year | 344,448 | $ | 4.31 | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Granted | 317,643 | 8.39 | 359,599 | 4.31 | |||||||||||||||||||||||||||||||||||||||||
Vested | (114,820 | ) | 4.31 | — | — | ||||||||||||||||||||||||||||||||||||||||
Canceled | (8,741 | ) | 4.29 | (15,151 | ) | 4.29 | |||||||||||||||||||||||||||||||||||||||
Outstanding, end of year | 538,530 | $ | 6.72 | 344,448 | $ | 4.31 | |||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Number of | Weighted Average | Number of | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | ||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding, beginning of year | 405,012 | $ | 4.29 | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Granted | 223,454 | 8.39 | 405,012 | 4.29 | |||||||||||||||||||||||||||||||||||||||||
Vested | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Canceled | (26,224 | ) | 4.29 | — | — | ||||||||||||||||||||||||||||||||||||||||
Outstanding, end of year | 602,242 | $ | 5.81 | 405,012 | $ | 4.29 | |||||||||||||||||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Stock options and stock appreciation rights | $ | 3,875 | $ | 4,523 | $ | 7,259 | |||||||||||||||||||||||||||||||||||||||
Unrestricted stock grants | 400 | 488 | 3,980 | ||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants | 1,073 | 378 | — | ||||||||||||||||||||||||||||||||||||||||||
Performance share awards | 3,667 | 1,762 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,015 | $ | 7,151 | $ | 11,239 | |||||||||||||||||||||||||||||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Unrecognized | Weighted Average | Unrecognized | Weighted Average | Unrecognized | Weighted Average | ||||||||||||||||||||||||||||||||||||||||
Expense | Period (years) | Expense | Period (years) | Expense | Period (years) | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Unvested stock options and stock appreciation rights | $ | 5,260 | 1.9 | $ | 4,395 | 1.7 | $ | 3,765 | 1.6 | ||||||||||||||||||||||||||||||||||||
Nonvested restricted stock grants | 2,473 | 2 | 1,098 | 2.2 | — | — | |||||||||||||||||||||||||||||||||||||||
Nonvested performance share awards | 7,320 | 1.8 | 5,188 | 2.2 | — | — | |||||||||||||||||||||||||||||||||||||||
Total unrecognized compensation expense | $ | 15,053 | 1.9 | $ | 10,681 | 2 | $ | 3,765 | 1.6 |
Note_14_Results_of_Quarterly_O1
Note 14 - Results of Quarterly Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||
First | Second | Third | Fourth | Total (1) | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||
Revenues | $ | 363,398 | $ | 446,092 | $ | 517,595 | $ | 612,434 | $ | 1,939,519 | |||||||||||
Homebuilding gross margin | $ | 74,526 | $ | 102,762 | $ | 129,390 | $ | 162,518 | $ | 469,196 | |||||||||||
Net income | $ | 21,824 | $ | 43,136 | $ | 58,935 | $ | 64,820 | $ | 188,715 | |||||||||||
Basic income per common share | $ | 0.06 | $ | 0.12 | $ | 0.16 | $ | 0.18 | $ | 0.52 | |||||||||||
Diluted income per common share | $ | 0.05 | $ | 0.11 | $ | 0.15 | $ | 0.16 | $ | 0.47 | |||||||||||
2012:00:00 | |||||||||||||||||||||
Revenues | $ | 227,328 | $ | 280,277 | $ | 323,759 | $ | 426,894 | $ | 1,258,258 | |||||||||||
Homebuilding gross margin | $ | 44,741 | $ | 56,286 | $ | 64,105 | $ | 78,542 | $ | 243,674 | |||||||||||
Net income (loss) | $ | 8,523 | $ | 14,263 | $ | 21,710 | $ | 486,925 | $ | 531,421 | |||||||||||
Basic income (loss) per common share | $ | 0.02 | $ | 0.04 | $ | 0.06 | $ | 1.35 | $ | 1.52 | |||||||||||
Diluted income (loss) per common share | $ | 0.02 | $ | 0.04 | $ | 0.05 | $ | 1.22 | $ | 1.44 |
Note_15_Supplemental_Disclosur1
Note 15 - Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||||
Cash paid during the period for: | |||||||||||||
Interest | $ | 128,061 | $ | 122,352 | $ | 104,074 | |||||||
Income taxes | $ | 3,792 | $ | 206 | $ | 100 | |||||||
Supplemental Disclosure of Noncash Activities: | |||||||||||||
Increase in inventory in connection with purchase or consolidation of joint ventures | $ | — | $ | 66,323 | $ | — | |||||||
Liabilities assumed in connection with acquisition | $ | 4,983 | $ | — | $ | — | |||||||
Changes in inventories not owned | $ | 1,171 | $ | 5,139 | $ | 34,961 | |||||||
Changes in liabilities from inventories not owned | $ | 1,171 | $ | 5,139 | $ | 34,961 |
Note_16_Supplemental_Guarantor1
Note 16 - Supplemental Guarantor Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | ||||||||||||||||||||
Supplemental Condensed Consolidating Statements of Operations [Table Text Block] | ' | ||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 819,044 | $ | 826,245 | $ | 269,320 | $ | — | $ | 1,914,609 | |||||||||||
Cost of sales | (609,858 | ) | (632,733 | ) | (202,822 | ) | — | (1,445,413 | ) | ||||||||||||
Gross margin | 209,186 | 193,512 | 66,498 | — | 469,196 | ||||||||||||||||
Selling, general and administrative expenses | (94,819 | ) | (111,746 | ) | (24,126 | ) | — | (230,691 | ) | ||||||||||||
Income (loss) from unconsolidated joint ventures | 1,369 | (137 | ) | (283 | ) | — | 949 | ||||||||||||||
Equity income (loss) of subsidiaries | 81,140 | — | — | (81,140 | ) | — | |||||||||||||||
Interest expense | 16,419 | (11,651 | ) | (4,768 | ) | — | — | ||||||||||||||
Other income (expense) | 7,515 | (321 | ) | (379 | ) | — | 6,815 | ||||||||||||||
Homebuilding pretax income (loss) | 220,810 | 69,657 | 36,942 | (81,140 | ) | 246,269 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | — | — | 11,429 | — | 11,429 | ||||||||||||||||
Income (loss) before income taxes | 220,810 | 69,657 | 48,371 | (81,140 | ) | 257,698 | |||||||||||||||
Provision for income taxes | (32,095 | ) | (23,676 | ) | (13,212 | ) | — | (68,983 | ) | ||||||||||||
Net income (loss) | $ | 188,715 | $ | 45,981 | $ | 35,159 | $ | (81,140 | ) | $ | 188,715 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 518,040 | $ | 580,419 | $ | 138,499 | $ | — | $ | 1,236,958 | |||||||||||
Cost of sales | (408,569 | ) | (463,566 | ) | (121,149 | ) | — | (993,284 | ) | ||||||||||||
Gross margin | 109,471 | 116,853 | 17,350 | — | 243,674 | ||||||||||||||||
Selling, general and administrative expenses | (78,335 | ) | (81,490 | ) | (12,382 | ) | — | (172,207 | ) | ||||||||||||
Loss from unconsolidated joint ventures | (166 | ) | (659 | ) | (1,265 | ) | — | (2,090 | ) | ||||||||||||
Equity income (loss) of subsidiaries | 13,314 | — | — | (13,314 | ) | — | |||||||||||||||
Interest expense | 17,319 | (17,052 | ) | (6,663 | ) | — | (6,396 | ) | |||||||||||||
Other income (expense) | 4,695 | 194 | (225 | ) | — | 4,664 | |||||||||||||||
Homebuilding pretax income (loss) | 66,298 | 17,846 | (3,185 | ) | (13,314 | ) | 67,645 | ||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | — | — | 10,542 | — | 10,542 | ||||||||||||||||
Income (loss) before income taxes | 66,298 | 17,846 | 7,357 | (13,314 | ) | 78,187 | |||||||||||||||
(Provision) benefit for income taxes | 465,123 | (6,668 | ) | (5,221 | ) | — | 453,234 | ||||||||||||||
Net income (loss) | $ | 531,421 | $ | 11,178 | $ | 2,136 | $ | (13,314 | ) | $ | 531,421 | ||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 346,645 | $ | 483,396 | $ | 52,952 | $ | — | $ | 882,993 | |||||||||||
Cost of sales | (277,248 | ) | (400,150 | ) | (43,398 | ) | — | (720,796 | ) | ||||||||||||
Gross margin | 69,397 | 83,246 | 9,554 | — | 162,197 | ||||||||||||||||
Selling, general and administrative expenses | (79,469 | ) | (69,148 | ) | (5,758 | ) | — | (154,375 | ) | ||||||||||||
Income (loss) from unconsolidated joint ventures | 653 | (192 | ) | (254 | ) | — | 207 | ||||||||||||||
Equity income (loss) of subsidiaries | 579 | — | — | (579 | ) | — | |||||||||||||||
Interest expense | (3,036 | ) | (19,603 | ) | (2,529 | ) | — | (25,168 | ) | ||||||||||||
Other income (expense) | (802 | ) | (1,387 | ) | 1,172 | — | (1,017 | ) | |||||||||||||
Homebuilding pretax income (loss) | (12,678 | ) | (7,084 | ) | 2,185 | (579 | ) | (18,156 | ) | ||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | — | — | 1,683 | — | 1,683 | ||||||||||||||||
Income (loss) before income taxes | (12,678 | ) | (7,084 | ) | 3,868 | (579 | ) | (16,473 | ) | ||||||||||||
(Provision) benefit for income taxes | (3,739 | ) | 4,757 | (962 | ) | — | 56 | ||||||||||||||
Net income (loss) | $ | (16,417 | ) | $ | (2,327 | ) | $ | 2,906 | $ | (579 | ) | $ | (16,417 | ) | |||||||
Supplemental Condensed Consolidating Balance Sheets [Table Text Block] | ' | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Standard | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard | |||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Cash and equivalents | $ | 175,289 | $ | 494 | $ | 179,706 | $ | — | $ | 355,489 | |||||||||||
Restricted cash | — | — | 21,460 | — | 21,460 | ||||||||||||||||
Trade, intercompany and other receivables | 1,278,567 | 3,565 | 8,167 | (1,275,868 | ) | 14,431 | |||||||||||||||
Inventories: | |||||||||||||||||||||
Owned | 804,099 | 1,012,841 | 719,162 | — | 2,536,102 | ||||||||||||||||
Not owned | 9,737 | 41,734 | 46,870 | — | 98,341 | ||||||||||||||||
Investments in unconsolidated joint ventures | 586 | 422 | 65,046 | — | 66,054 | ||||||||||||||||
Investments in subsidiaries | 810,340 | — | — | (810,340 | ) | — | |||||||||||||||
Deferred income taxes, net | 379,313 | — | — | (3,913 | ) | 375,400 | |||||||||||||||
Other assets | 38,024 | 5,478 | 2,475 | — | 45,977 | ||||||||||||||||
Total Homebuilding Assets | 3,495,955 | 1,064,534 | 1,042,886 | (2,090,121 | ) | 3,513,254 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Cash and equivalents | — | — | 7,802 | — | 7,802 | ||||||||||||||||
Restricted cash | — | — | 1,295 | — | 1,295 | ||||||||||||||||
Mortgage loans held for sale, net | — | — | 122,031 | — | 122,031 | ||||||||||||||||
Mortgage loans held for investment, net | — | — | 12,220 | — | 12,220 | ||||||||||||||||
Other assets | — | — | 7,490 | (1,987 | ) | 5,503 | |||||||||||||||
Total Financial Services Assets | — | — | 150,838 | (1,987 | ) | 148,851 | |||||||||||||||
Total Assets | $ | 3,495,955 | $ | 1,064,534 | $ | 1,193,724 | $ | (2,092,108 | ) | $ | 3,662,105 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Accounts payable | $ | 11,685 | $ | 13,442 | $ | 10,644 | $ | — | $ | 35,771 | |||||||||||
Accrued liabilities and intercompany payables | 182,066 | 723,082 | 578,995 | (1,269,877 | ) | 214,266 | |||||||||||||||
Secured project debt and other notes payable | — | — | 6,351 | — | 6,351 | ||||||||||||||||
Senior notes payable | 1,833,244 | — | — | — | 1,833,244 | ||||||||||||||||
Total Homebuilding Liabilities | 2,026,995 | 736,524 | 595,990 | (1,269,877 | ) | 2,089,632 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Accounts payable and other liabilities | — | — | 14,537 | (11,891 | ) | 2,646 | |||||||||||||||
Mortgage credit facilities | — | — | 100,867 | — | 100,867 | ||||||||||||||||
Total Financial Services Liabilities | — | — | 115,404 | (11,891 | ) | 103,513 | |||||||||||||||
Total Liabilities | 2,026,995 | 736,524 | 711,394 | (1,281,768 | ) | 2,193,145 | |||||||||||||||
Equity: | |||||||||||||||||||||
Total Stockholders' Equity | 1,468,960 | 328,010 | 482,330 | (810,340 | ) | 1,468,960 | |||||||||||||||
Total Liabilities and Equity | $ | 3,495,955 | $ | 1,064,534 | $ | 1,193,724 | $ | (2,092,108 | ) | $ | 3,662,105 | ||||||||||
31-Dec-12 | |||||||||||||||||||||
Standard | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard | |||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Cash and equivalents | $ | 154,722 | $ | 114 | $ | 185,072 | $ | — | $ | 339,908 | |||||||||||
Restricted cash | — | — | 26,900 | — | 26,900 | ||||||||||||||||
Trade, intercompany and other receivables | 845,549 | 4,219 | 19,981 | (859,025 | ) | 10,724 | |||||||||||||||
Inventories: | |||||||||||||||||||||
Owned | 759,553 | 766,188 | 445,677 | — | 1,971,418 | ||||||||||||||||
Not owned | 4,495 | 36,991 | 29,809 | — | 71,295 | ||||||||||||||||
Investments in unconsolidated joint ventures | 1,649 | 622 | 50,172 | — | 52,443 | ||||||||||||||||
Investments in subsidiaries | 717,205 | — | — | (717,205 | ) | — | |||||||||||||||
Deferred income taxes, net | 455,224 | — | — | 148 | 455,372 | ||||||||||||||||
Other assets | 37,817 | 3,267 | 834 | — | 41,918 | ||||||||||||||||
Total Homebuilding Assets | 2,976,214 | 811,401 | 758,445 | (1,576,082 | ) | 2,969,978 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Cash and equivalents | — | — | 6,647 | — | 6,647 | ||||||||||||||||
Restricted cash | — | — | 2,420 | — | 2,420 | ||||||||||||||||
Mortgage loans held for sale, net | — | — | 119,549 | — | 119,549 | ||||||||||||||||
Mortgage loans held for investment, net | — | — | 9,923 | — | 9,923 | ||||||||||||||||
Other assets | — | — | 7,249 | (2,692 | ) | 4,557 | |||||||||||||||
Total Financial Services Assets | — | — | 145,788 | (2,692 | ) | 143,096 | |||||||||||||||
Total Assets | $ | 2,976,214 | $ | 811,401 | $ | 904,233 | $ | (1,578,774 | ) | $ | 3,113,074 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Accounts payable | $ | 8,038 | $ | 10,537 | $ | 3,871 | $ | — | $ | 22,446 | |||||||||||
Accrued liabilities and intercompany payables | 175,054 | 519,139 | 343,485 | (839,534 | ) | 198,144 | |||||||||||||||
Secured project debt and other notes payable | 6,804 | — | 4,712 | — | 11,516 | ||||||||||||||||
Senior notes payable | 1,530,502 | — | — | — | 1,530,502 | ||||||||||||||||
Total Homebuilding Liabilities | 1,720,398 | 529,676 | 352,068 | (839,534 | ) | 1,762,608 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Accounts payable and other liabilities | — | — | 11,026 | (8,535 | ) | 2,491 | |||||||||||||||
Mortgage credit facilities | — | — | 105,659 | (13,500 | ) | 92,159 | |||||||||||||||
Total Financial Services Liabilities | — | — | 116,685 | (22,035 | ) | 94,650 | |||||||||||||||
Total Liabilities | 1,720,398 | 529,676 | 468,753 | (861,569 | ) | 1,857,258 | |||||||||||||||
Equity: | |||||||||||||||||||||
Total Stockholders' Equity | 1,255,816 | 281,725 | 435,480 | (717,205 | ) | 1,255,816 | |||||||||||||||
Total Liabilities and Equity | $ | 2,976,214 | $ | 811,401 | $ | 904,233 | $ | (1,578,774 | ) | $ | 3,113,074 | ||||||||||
Supplemental Condensed Consolidating Statements of Cash Flows [Table Text Block] | ' | ||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Standard | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard | |||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 163,640 | $ | (172,687 | ) | $ | (145,169 | ) | $ | — | $ | (154,216 | ) | ||||||||
Cash Flows From Investing Activities: | |||||||||||||||||||||
Investments in unconsolidated homebuilding joint ventures | (534 | ) | (50 | ) | (23,744 | ) | — | (24,328 | ) | ||||||||||||
Distributions of capital from unconsolidated homebuilding joint ventures | — | 244 | 4,519 | — | 4,763 | ||||||||||||||||
Net cash paid for acquisitions | — | (27,113 | ) | (89,149 | ) | — | (116,262 | ) | |||||||||||||
Other investing activities | (1,946 | ) | (3,768 | ) | (2,316 | ) | — | (8,030 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (2,480 | ) | (30,687 | ) | (110,690 | ) | — | (143,857 | ) | ||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||||||
Change in restricted cash | — | — | 6,565 | — | 6,565 | ||||||||||||||||
Principal payments on secured project debt and other notes payable | (6,804 | ) | — | (1,530 | ) | — | (8,334 | ) | |||||||||||||
Proceeds from the issuance of senior notes payable | 300,000 | — | — | — | 300,000 | ||||||||||||||||
Payment of debt issuance costs | (5,316 | ) | — | — | — | (5,316 | ) | ||||||||||||||
Net proceeds from (payments on) mortgage credit facilities | — | — | 8,708 | — | 8,708 | ||||||||||||||||
(Contributions to) distributions from Corporate and subsidiaries | (11,691 | ) | — | 11,691 | — | — | |||||||||||||||
Payment of issuance costs in connection with preferred shareholder equity transactions | (350 | ) | — | — | — | (350 | ) | ||||||||||||||
Proceeds from the exercise of stock options | 13,536 | — | — | — | 13,536 | ||||||||||||||||
Intercompany advances, net | (429,968 | ) | 203,754 | 226,214 | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | (140,593 | ) | 203,754 | 251,648 | — | 314,809 | |||||||||||||||
Net increase (decrease) in cash and equivalents | 20,567 | 380 | (4,211 | ) | — | 16,736 | |||||||||||||||
Cash and equivalents at beginning of year | 154,722 | 114 | 191,719 | — | 346,555 | ||||||||||||||||
Cash and equivalents at end of year | $ | 175,289 | $ | 494 | $ | 187,508 | $ | — | $ | 363,291 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Standard | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard | |||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 97,150 | $ | (132,732 | ) | $ | (221,934 | ) | $ | (25,600 | ) | $ | (283,116 | ) | |||||||
Cash Flows From Investing Activities: | |||||||||||||||||||||
Investments in unconsolidated homebuilding joint ventures | (2,630 | ) | (180 | ) | (80,248 | ) | 25,600 | (57,458 | ) | ||||||||||||
Distributions of capital from unconsolidated homebuilding joint ventures | 1,392 | 1,500 | 11,638 | — | 14,530 | ||||||||||||||||
Net cash paid for acquisitions | — | — | (60,752 | ) | — | (60,752 | ) | ||||||||||||||
Other investing activities | (1,429 | ) | (588 | ) | 492 | — | (1,525 | ) | |||||||||||||
Net cash provided by (used in) investing activities | (2,667 | ) | 732 | (128,870 | ) | 25,600 | (105,205 | ) | |||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||||||
Change in restricted cash | — | — | 3,347 | — | 3,347 | ||||||||||||||||
Principal payments on secured project debt and other notes payable | — | — | (866 | ) | — | (866 | ) | ||||||||||||||
Principal payments on senior subordinated notes payable | (49,603 | ) | — | — | — | (49,603 | ) | ||||||||||||||
Proceeds from the issuance of senior notes payable | 253,000 | — | — | — | 253,000 | ||||||||||||||||
Payment of debt issuance costs | (11,761 | ) | — | — | — | (11,761 | ) | ||||||||||||||
Net proceeds from (payments on) mortgage credit facilities | — | — | 45,351 | — | 45,351 | ||||||||||||||||
Net proceeds from the issuance of common stock | 71,847 | — | — | — | 71,847 | ||||||||||||||||
(Contributions to) distributions from Corporate and subsidiaries | 62,605 | — | (62,605 | ) | — | — | |||||||||||||||
Proceeds from the exercise of stock options | 13,039 | — | — | — | 13,039 | ||||||||||||||||
Intercompany advances, net | (345,645 | ) | 131,938 | 213,707 | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | (6,518 | ) | 131,938 | 198,934 | — | 324,354 | |||||||||||||||
Net increase (decrease) in cash and equivalents | 87,965 | (62 | ) | (151,870 | ) | — | (63,967 | ) | |||||||||||||
Cash and equivalents at beginning of year | 66,757 | 176 | 343,589 | — | 410,522 | ||||||||||||||||
Cash and equivalents at end of year | $ | 154,722 | $ | 114 | $ | 191,719 | $ | — | $ | 346,555 | |||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Standard | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard | |||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (206,650 | ) | $ | (27,398 | ) | $ | (88,565 | ) | $ | — | $ | (322,613 | ) | |||||||
Cash Flows From Investing Activities: | |||||||||||||||||||||
Investments in unconsolidated homebuilding joint ventures | (4,265 | ) | (216 | ) | (10,208 | ) | — | (14,689 | ) | ||||||||||||
Distributions of capital from unconsolidated homebuilding joint ventures | 751 | — | 7,842 | — | 8,593 | ||||||||||||||||
Other investing activities | (1,512 | ) | (188 | ) | (517 | ) | — | (2,217 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (5,026 | ) | (404 | ) | (2,883 | ) | — | (8,313 | ) | ||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||||||
Change in restricted cash | — | — | (1,559 | ) | — | (1,559 | ) | ||||||||||||||
Principal payments on secured project debt and other notes payable | — | (273 | ) | (934 | ) | — | (1,207 | ) | |||||||||||||
Payment of debt issuance costs | (4,575 | ) | — | — | — | (4,575 | ) | ||||||||||||||
Net proceeds from (payments on) mortgage credit facilities | — | — | 16,464 | — | 16,464 | ||||||||||||||||
(Contributions to) distributions from Corporate and subsidiaries | 102,000 | — | (102,000 | ) | — | — | |||||||||||||||
Payment of issuance costs in connection with exercise of Warrant for common stock | (324 | ) | — | — | — | (324 | ) | ||||||||||||||
Proceeds from the exercise of stock options | 1,278 | — | — | — | 1,278 | ||||||||||||||||
Intercompany advances, net | (80,815 | ) | 28,034 | 52,781 | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | 17,564 | 27,761 | (35,248 | ) | — | 10,077 | |||||||||||||||
Net increase (decrease) in cash and equivalents | (194,112 | ) | (41 | ) | (126,696 | ) | — | (320,849 | ) | ||||||||||||
Cash and equivalents at beginning of year | 260,869 | 217 | 470,285 | — | 731,371 | ||||||||||||||||
Cash and equivalents at end of year | $ | 66,757 | $ | 176 | $ | 343,589 | $ | — | $ | 410,522 |
Note_1_Company_Organization_an2
Note 1 - Company Organization and Operations (Details) - Percentages of Homes Delivered by State | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 1 - Company Organization and Operations (Details) - Percentages of Homes Delivered by State [Line Items] | ' | ' | ' |
Percentages of home delivered by state | 100.00% | 100.00% | 100.00% |
CALIFORNIA | ' | ' | ' |
Note 1 - Company Organization and Operations (Details) - Percentages of Homes Delivered by State [Line Items] | ' | ' | ' |
Percentages of home delivered by state | 38.00% | 40.00% | 38.00% |
FLORIDA | ' | ' | ' |
Note 1 - Company Organization and Operations (Details) - Percentages of Homes Delivered by State [Line Items] | ' | ' | ' |
Percentages of home delivered by state | 22.00% | 18.00% | 18.00% |
Carolinas [Member] | ' | ' | ' |
Note 1 - Company Organization and Operations (Details) - Percentages of Homes Delivered by State [Line Items] | ' | ' | ' |
Percentages of home delivered by state | 16.00% | 17.00% | 16.00% |
TEXAS | ' | ' | ' |
Note 1 - Company Organization and Operations (Details) - Percentages of Homes Delivered by State [Line Items] | ' | ' | ' |
Percentages of home delivered by state | 14.00% | 14.00% | 16.00% |
ARIZONA | ' | ' | ' |
Note 1 - Company Organization and Operations (Details) - Percentages of Homes Delivered by State [Line Items] | ' | ' | ' |
Percentages of home delivered by state | 6.00% | 8.00% | 7.00% |
COLORADO | ' | ' | ' |
Note 1 - Company Organization and Operations (Details) - Percentages of Homes Delivered by State [Line Items] | ' | ' | ' |
Percentages of home delivered by state | 4.00% | 3.00% | 4.00% |
NEVADA | ' | ' | ' |
Note 1 - Company Organization and Operations (Details) - Percentages of Homes Delivered by State [Line Items] | ' | ' | ' |
Percentages of home delivered by state | ' | ' | 1.00% |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 11, 2012 |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Number of Reportable Segments | 3 | ' | ' | ' |
Product Warranty Expense | ' | ' | $2,900,000 | ' |
Number of Remaining Shares Outstanding Under the Share Lending Facility Returned to the Company (in Shares) | ' | ' | ' | 3.9 |
Restricted Cash and Cash Equivalents | 22,800,000 | ' | ' | ' |
MortgageLoanLossExpenseProvision | 0 | 1,000,000 | 4,300,000 | ' |
Mortgage Loan Repurchase Reserve | 2,200,000 | 3,000,000 | ' | ' |
Allowance for Loan and Lease Losses, Real Estate | 2,300,000 | 2,800,000 | ' | ' |
Interest Expense | ' | 6,396,000 | 25,168,000 | ' |
Term Loan B Non Cash Interest Amortization | 3,600,000 | 10,400,000 | 10,300,000 | ' |
Capitalized Interest Transferred From Investments In Unconsolidated Joint Ventures To Inventories Owned | 4,400,000 | 7,600,000 | 1,200,000 | ' |
Insurance and Litigation Accruals | 64,800,000 | 57,200,000 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 2,228,000 | 6,419,000 | 6,402,000 | ' |
Homebuilding [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | 21,460,000 | 26,900,000 | ' | ' |
Financial Services [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | 1,295,000 | 2,420,000 | ' | ' |
Other Expense [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Capitalized Interest In Connection With Abandonment Project | $800,000 | ' | ' | ' |
6% Convertible Senior Subordinated Notes due October 2012 [Member] | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 6.00% | ' | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Warranty Costs Accrual (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Warranty Costs Accrual [Abstract] | ' | ' | ' |
Warranty accrual balance | $15,514 | $17,572 | $20,866 |
Warranty costs accrued during the year | 2,495 | 1,497 | 2,794 |
Warranty costs paid during the year | -4,198 | -3,555 | -3,188 |
Adjustments to warranty accrual during the year | ' | ' | -2,900 |
Warranty accrual balance | $13,811 | $15,514 | $17,572 |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Computation of Basic and Diluted Earnings Per Share (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Numerator: | ' | ' | ' | ||
Net income (loss) | $188,715 | [1] | $531,421 | [1] | ($16,417) |
Less: Net (income) loss allocated to preferred shareholder | -57,386 | -224,408 | 7,101 | ||
Less: Net (income) loss allocated to unvested restricted stock | -265 | -410 | ' | ||
Net income (loss) available to common stockholders for basic earnings (loss) per common share | 131,064 | 306,603 | -9,316 | ||
Effect of dilutive securities: | ' | ' | ' | ||
Net income allocated to preferred shareholder | 57,386 | 224,408 | ' | ||
Interest on 1B |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies (Details) - Interest Capitalized (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Interest Capitalized [Abstract] | ' | ' | ' | |||
Total interest incurred (1) | $140,865 | [1] | $141,827 | [1] | $140,905 | [1] |
Less: Interest capitalized to inventories owned | -137,990 | -129,136 | -109,002 | |||
Less: Interest capitalized to investments in unconsolidated joint ventures | -2,875 | -6,295 | -6,735 | |||
Interest expense | ' | 6,396 | 25,168 | |||
Interest previously capitalized to inventories owned, included in home cost of home sales | 120,714 | 100,683 | 69,421 | |||
Interest previously capitalized to inventories owned, included in land cost of land sales | 1,064 | 3,219 | 215 | |||
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures | 441 | 843 | 876 | |||
Interest capitalized in ending inventories owned (2) | 240,734 | [2] | 221,402 | [2] | 188,526 | [2] |
Interest capitalized as a percentage of inventories owned | 9.50% | 11.20% | 12.80% | |||
Interest capitalized in ending investments in unconsolidated joint ventures (2) | $4,985 | [2] | $6,921 | [2] | $9,111 | [2] |
Interest capitalized as a percentage of investments in unconsolidated joint ventures | 7.50% | 13.20% | 11.10% | |||
[1] | For the years ended December 31, 2013, 2012 and 2011, interest incurred included the noncash amortization of $3.6 million, $10.4 million and $10.3 million, respectively, of interest related to the Term Loan B swap that was unwound in the 2010 fourth quarter (please see Note 2.s. "Derivative Instruments and Hedging Activities"). | |||||
[2] | During the years ended December 31, 2013, 2012 and 2011, in connection with lot purchases from our joint ventures, $4.4 million, $7.6 million and $1.2 million, respectively, of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. In addition, during the year ended December 31, 2013, approximately $0.8 million of capitalized interest was included in other expense in connection with the abandonment of a project. |
Note_3_Segment_Reporting_Detai
Note 3 - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 2 |
Number of Reportable Segments | 3 |
Note_3_Segment_Reporting_Detai1
Note 3 - Segment Reporting (Details) - Segment Financial Information Relating to Homebuilding Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Homebuilding revenues: | ' | ' | ' |
Homebuilding revenues | $1,914,609 | $1,236,958 | $882,993 |
Homebuilding pretax income (loss): | ' | ' | ' |
Homebuilding pretax income (loss) | 246,269 | 67,645 | -18,156 |
Inventory impairment charges: | ' | ' | ' |
Homebuilding impairment charges | ' | ' | 13,200 |
Homebuilding [Member] | CALIFORNIA | ' | ' | ' |
Homebuilding revenues: | ' | ' | ' |
Homebuilding revenues | 1,006,572 | 699,672 | 506,002 |
Homebuilding pretax income (loss): | ' | ' | ' |
Homebuilding pretax income (loss) | 164,805 | 46,491 | 6,310 |
Inventory impairment charges: | ' | ' | ' |
Homebuilding impairment charges | ' | ' | 9,490 |
Homebuilding [Member] | Southwest [Member] | ' | ' | ' |
Homebuilding revenues: | ' | ' | ' |
Homebuilding revenues | 411,967 | 248,421 | 190,622 |
Homebuilding pretax income (loss): | ' | ' | ' |
Homebuilding pretax income (loss) | 42,792 | 12,852 | -12,345 |
Inventory impairment charges: | ' | ' | ' |
Homebuilding impairment charges | ' | ' | 2,878 |
Homebuilding [Member] | Southeast [Member] | ' | ' | ' |
Homebuilding revenues: | ' | ' | ' |
Homebuilding revenues | 496,070 | 288,865 | 186,369 |
Homebuilding pretax income (loss): | ' | ' | ' |
Homebuilding pretax income (loss) | 38,672 | 8,302 | -12,121 |
Inventory impairment charges: | ' | ' | ' |
Homebuilding impairment charges | ' | ' | 821 |
Homebuilding [Member] | ' | ' | ' |
Homebuilding revenues: | ' | ' | ' |
Homebuilding revenues | 1,914,609 | 1,236,958 | 882,993 |
Homebuilding pretax income (loss): | ' | ' | ' |
Homebuilding pretax income (loss) | 246,269 | 67,645 | -18,156 |
Inventory impairment charges: | ' | ' | ' |
Homebuilding impairment charges | ' | ' | $13,189 |
Note_3_Segment_Reporting_Detai2
Note 3 - Segment Reporting (Details) - Segment Financial Information Relating to Homebuilding Assets and Investments in Unconsolidated Joint Ventures (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Homebuilding assets: | ' | ' |
Assets, by segments | $3,662,105 | $3,113,074 |
Homebuilding [Member] | CALIFORNIA | ' | ' |
Homebuilding assets: | ' | ' |
Assets, by segments | 1,344,605 | 1,192,249 |
Homebuilding [Member] | Southwest [Member] | ' | ' |
Homebuilding assets: | ' | ' |
Assets, by segments | 641,711 | 496,902 |
Homebuilding [Member] | Southeast [Member] | ' | ' |
Homebuilding assets: | ' | ' |
Assets, by segments | 785,988 | 438,122 |
Homebuilding [Member] | Corporate, Non-Segment [Member] | ' | ' |
Homebuilding assets: | ' | ' |
Assets, by segments | 740,950 | 842,705 |
Homebuilding [Member] | ' | ' |
Homebuilding assets: | ' | ' |
Assets, by segments | $3,513,254 | $2,969,978 |
Note_4_Inventories_Details
Note 4 - Inventories (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 4 - Inventories (Details) [Line Items] | ' | ' | ' | ' |
Number of Projects Reviewed for Impairment | ' | 343 | 290 | 262 |
Impairment of Real Estate | ' | ' | ' | $13,200,000 |
Number Of Current Future Communities Acquired During Period | 30 | ' | ' | ' |
Inventory, Operative Builders | ' | 2,536,102,000 | 1,971,418,000 | ' |
Inventory Real Estate Not Owned | ' | 98,341,000 | 71,295,000 | ' |
Other Lot Option Contracts Net Of Deposits | ' | 54,336,000 | 47,492,000 | ' |
Land Option and Purchase Contracts [Member] | ' | ' | ' | ' |
Note 4 - Inventories (Details) [Line Items] | ' | ' | ' | ' |
Other Lot Option Contracts Net Of Deposits | ' | 21,700,000 | 20,500,000 | ' |
Significant Deposits Paid Under Contract [Member] | ' | ' | ' | ' |
Note 4 - Inventories (Details) [Line Items] | ' | ' | ' | ' |
Other Lot Option Contracts Net Of Deposits | ' | 27,000,000 | 27,000,000 | ' |
Acquisition Of Current and Future Communities [Member] | ' | ' | ' | ' |
Note 4 - Inventories (Details) [Line Items] | ' | ' | ' | ' |
Inventory, Operative Builders | 108,600,000 | ' | ' | ' |
Inventory Real Estate Not Owned | 8,100,000 | 5,700,000 | ' | ' |
Finite-lived Intangible Assets Acquired | 2,200,000 | ' | ' | ' |
Other Accrued Liabilities | 4,200,000 | ' | ' | ' |
Secured Debt | 900,000 | ' | ' | ' |
Business Acquisition, Transaction Costs | 1,200,000 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Note 4 - Inventories (Details) [Line Items] | ' | ' | ' | ' |
Operating Margins Impaired Projects | ' | ' | ' | 6.00% |
Fair Value Inputs, Discount Rate | ' | ' | ' | 20.00% |
Maximum [Member] | ' | ' | ' | ' |
Note 4 - Inventories (Details) [Line Items] | ' | ' | ' | ' |
Operating Margins Impaired Projects | ' | ' | ' | 12.00% |
Fair Value Inputs, Discount Rate | ' | ' | ' | 30.00% |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventories Owned (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 4 - Inventories (Details) - Inventories Owned [Line Items] | ' | ' |
Land and land under development, by segments | $1,771,661 | $1,444,161 |
Homes completed and under construction, by segments | 628,371 | 427,196 |
Model homes. by segments | 136,070 | 100,061 |
Total inventories owned, by segments | 2,536,102 | 1,971,418 |
Homebuilding: California [Member] | ' | ' |
Note 4 - Inventories (Details) - Inventories Owned [Line Items] | ' | ' |
Land and land under development, by segments | 819,278 | 778,419 |
Homes completed and under construction, by segments | 280,875 | 240,236 |
Model homes. by segments | 82,367 | 67,504 |
Total inventories owned, by segments | 1,182,520 | 1,086,159 |
Homebuilding: Southwest [Member] | ' | ' |
Note 4 - Inventories (Details) - Inventories Owned [Line Items] | ' | ' |
Land and land under development, by segments | 415,910 | 352,705 |
Homes completed and under construction, by segments | 159,927 | 93,265 |
Model homes. by segments | 27,466 | 15,231 |
Total inventories owned, by segments | 603,303 | 461,201 |
Homebuilding: Southeast [Member] | ' | ' |
Note 4 - Inventories (Details) - Inventories Owned [Line Items] | ' | ' |
Land and land under development, by segments | 536,473 | 313,037 |
Homes completed and under construction, by segments | 187,569 | 93,695 |
Model homes. by segments | 26,237 | 17,326 |
Total inventories owned, by segments | $750,279 | $424,058 |
Note_4_Inventories_Details_Inv1
Note 4 - Inventories (Details) - Inventories Not Owned (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories Not Owned [Abstract] | ' | ' |
Land purchase and lot option deposits | $44,005 | $23,803 |
Other lot option contracts, net of deposits | 54,336 | 47,492 |
Total inventories not owned | $98,341 | $71,295 |
Note_5_Investments_in_Unconsol2
Note 5 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details) (USD $) | 3 Months Ended | ||||||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' | ' | |||
Interest capitalized in ending investments in unconsolidated joint ventures | ' | $4,985,000 | [1] | $6,921,000 | [1] | $9,111,000 | [1] |
Number of Land Development Joint Ventures Acquired During Period | 1 | ' | ' | ' | |||
Number of Residential Lots Acquired During Period | 1,700 | ' | ' | ' | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | 121,000,000 | ' | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | ' | 5,000,000 | ' | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | 116,000,000 | ' | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | ' | ' | 4,000,000 | ' | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | ' | ' | $12,000,000 | ' | |||
[1] | During the years ended December 31, 2013, 2012 and 2011, in connection with lot purchases from our joint ventures, $4.4 million, $7.6 million and $1.2 million, respectively, of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. In addition, during the year ended December 31, 2013, approximately $0.8 million of capitalized interest was included in other expense in connection with the abandonment of a project. |
Note_5_Investments_in_Unconsol3
Note 5 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details) - Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures [Abstract] | ' | ' | ' |
Revenues | $32,546 | $21,178 | $69,941 |
Cost of sales and expenses | -30,465 | -18,788 | -55,447 |
Income of unconsolidated joint ventures | 2,081 | 2,390 | 14,494 |
Income (loss) from unconsolidated joint ventures reflected in the accompanying consolidated statements of operations | $949 | ($2,090) | $207 |
Note_5_Investments_in_Unconsol4
Note 5 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details) - Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash | $37,884 | $15,627 |
Inventories | 211,929 | 129,477 |
Other assets | 8,600 | 10,783 |
Total assets | 258,413 | 155,887 |
Liabilities and Equity: | ' | ' |
Accounts payable and accrued liabilities | 20,496 | 5,796 |
Non-recourse debt | 30,000 | ' |
Standard Pacific equity | 66,363 | 51,173 |
Other Members' equity | 141,554 | 98,918 |
Total liabilities and equity | 258,413 | 155,887 |
Investments in unconsolidated joint ventures reflected in the accompanying consolidated balance sheets | $66,054 | $52,443 |
Note_6_Homebuilding_Indebtedne2
Note 6 - Homebuilding Indebtedness (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2009 | Dec. 31, 2010 | 31-May-10 | Dec. 31, 2010 | Aug. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Matures October 2015 [Member] | Matures February 2014 [Member] | Upon Maturity On Feb. 28, 2014 [Member] | 10.75% Senior Notes due September 2016 [Member] | 8.375% Senior Notes due May 2018 [Member] | 8.375% Senior Notes due May 2018 [Member] | 8.375% Senior Notes due January 2021 [Member] | 6.25% Senior Notes due December 15, 2021 [Member] | 1.25% Convertible Senior Notes Due August 2032 [Member] | Committed Letter of Credit [Member] | Uncommitted Letter of Credit [Member] | Unsecured Revolving Credit Facility [Member] | ||||
Letter of Credit [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | |||||||||||||||
Note 6 - Homebuilding Indebtedness (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | $440,000,000 | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | $26,000,000 | $16,700,000 | $470,000,000 |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' |
Cash Collateral Deposits | ' | ' | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,000,000 | 275,000,000 | 300,000,000 | 400,000,000 | 300,000,000 | 253,000,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.75% | ' | 8.38% | 8.38% | 6.25% | 1.25% | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | 7.96% | ' | 8.50% | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123.7662 | ' | ' | ' |
Debt Instrument, Convertible, Principal Amount Used In Conversion Rate Calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.08 | ' | ' | ' |
Debt Instrument, Convertible, Redemption Price Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Maximum Carve-out In Credit Facility Indebtedness | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Percentage of Guarantor Subsidiaries | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | ' | 6,351,000 | 11,516,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | 7.40% | 7.60% | 8.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Borrowing Commitment | ' | ' | ' | ' | ' | ' | ' | ' | 440,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 470,000,000 |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 |
Note_6_Homebuilding_Indebtedne3
Note 6 - Homebuilding Indebtedness (Details) - Senior Notes Payable (Homebuilding [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 6 - Homebuilding Indebtedness (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior Notes | $1,833,244 | $1,530,502 |
6.25% Senior Notes due April 2014 [Member] | ' | ' |
Note 6 - Homebuilding Indebtedness (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior Notes | 4,971 | 4,971 |
7% Senior Notes due August 2015 [Member] | ' | ' |
Note 6 - Homebuilding Indebtedness (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior Notes | 29,789 | 29,789 |
10.75% Senior Notes due September 2016 [Member] | ' | ' |
Note 6 - Homebuilding Indebtedness (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior Notes | 269,046 | 265,823 |
8.375% Senior Notes due May 2018 [Member] | ' | ' |
Note 6 - Homebuilding Indebtedness (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior Notes | 579,085 | 579,832 |
8.375% Senior Notes due January 2021 [Member] | ' | ' |
Note 6 - Homebuilding Indebtedness (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior Notes | 397,353 | 397,087 |
6.25% Senior Notes due December 15, 2021 [Member] | ' | ' |
Note 6 - Homebuilding Indebtedness (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior Notes | 300,000 | ' |
1.25% Convertible Senior Notes Due August 2032 [Member] | ' | ' |
Note 6 - Homebuilding Indebtedness (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior Notes | $253,000 | $253,000 |
Note_6_Homebuilding_Indebtedne4
Note 6 - Homebuilding Indebtedness (Details) - Maturities of Long-term Debt (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Maturities of Long-term Debt [Abstract] | ' |
2014 | $8,631 |
2015 | 30,772 |
2016 | 280,819 |
2017 | 658 |
2018 | 575,231 |
Thereafter | 953,000 |
Total principal amount | 1,849,111 |
Less: Net (discount) premium | -9,516 |
Total homebuilding debt | $1,839,595 |
Note_7_Stockholders_Equity_Det
Note 7 - Stockholders' Equity (Details) (USD $) | 3 Months Ended | |||
Jun. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 7 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | 13,400,000 | ' | ' |
Stock Issued During Period, Price Per Share (in Dollars per share) | ' | $5.67 | ' | ' |
Net Proceeds from Issuance of Common Stock (in Dollars) | ' | $71,800,000 | ' | ' |
Common Shares Sold by Preferred Shareholder | 23,000,000 | ' | ' | ' |
Preferred Stock, Shares Outstanding | ' | ' | 267,829 | 450,829 |
Common Stock, Shares, Outstanding | ' | ' | 277,618,177 | 213,245,488 |
Series B Preferred Stock [Member] | Owned by MatlinPatterson [Member] | ' | ' | ' | ' |
Note 7 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | 267,829 | ' | ' | ' |
Convertible Preferred Stock Total Number of Shares Issued Upon Conversion | 87,800,000 | ' | ' | ' |
Series B Preferred Stock [Member] | ' | ' | ' | ' |
Note 7 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' |
Voting Power Limit | ' | ' | ' | 49.00% |
Amount Used as Numerator in Calculating Conversion Shares (in Dollars) | ' | ' | ' | 1,000 |
Convertible Preferred Stock, Conversion Price (in Dollars per share) | ' | ' | ' | 3.05 |
Convertible Preferred Stock, Number of Shares Converted | 183,000 | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 60,000,000 | ' | ' | ' |
Owned by MatlinPatterson [Member] | ' | ' | ' | ' |
Note 7 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | ' | ' | 126,400,000 | ' |
Outstanding Common Stock and Preferred Stock Ownership Percentage | ' | ' | 59.00% | ' |
Note_8_Mortgage_Credit_Facilit1
Note 8 - Mortgage Credit Facilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 8 - Mortgage Credit Facilities (Details) [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | $22,800,000 | ' |
Financial Services [Member] | ' | ' |
Note 8 - Mortgage Credit Facilities (Details) [Line Items] | ' | ' |
Warehouse Agreement Borrowings | 100,867,000 | 92,159,000 |
Restricted Cash and Cash Equivalents | 1,295,000 | 2,420,000 |
First Lender [Member] | Repurchase Facility [Member] | ' | ' |
Note 8 - Mortgage Credit Facilities (Details) [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 125,000,000 | ' |
Second Lender [Member] | Repurchase Facility [Member] | ' | ' |
Note 8 - Mortgage Credit Facilities (Details) [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $75,000,000 | ' |
Note_9_Disclosures_about_Fair_2
Note 9 - Disclosures about Fair Value (Details) - Fair Value of Mortgage Loans (Fair Value, Inputs, Level 2 [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 9 - Disclosures about Fair Value (Details) - Fair Value of Mortgage Loans [Line Items] | ' | ' |
Mortgage loans held for sale | $124,184 | $122,398 |
Note_9_Disclosures_about_Fair_3
Note 9 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 9 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Mortgage loans held for investment, net | $12,220 | $9,923 |
Mortgage loans held for investment, net | 12,220 | 9,923 |
Financial Services [Member] | ' | ' |
Note 9 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Mortgage loans held for investment, net | 12,220 | 9,923 |
Homebuilding [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 9 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior notes payable, net | 1,833,244 | 1,530,502 |
Senior notes payable, net | 2,165,193 | 1,803,202 |
Homebuilding [Member] | ' | ' |
Note 9 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior notes payable, net | $1,833,244 | $1,530,502 |
Note_10_Commitments_and_Contin2
Note 10 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 120 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Note 10 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Non-refundable Cash Deposits | $39,900,000 | ' | ' | $39,900,000 |
Capitalized Preacquisition and Other Development and Construction Costs | 2,900,000 | ' | ' | 2,900,000 |
Remaining Purchase Price of Land Purchase and Option Contracts | 406,300,000 | ' | ' | 406,300,000 |
Number of Joint Ventures The Company Holds Membership Interest In | 20 | ' | ' | 20 |
Number of Active Joint Ventures | 8 | ' | ' | 8 |
Number of Inactive Joint Ventures | 12 | ' | ' | 12 |
Number of Joint Ventures Having Project Specific Non-recourse Debt to the Company | 1 | ' | ' | 1 |
Equity Method Investment Summarized Financial Information Non-recourse Debt | 30,000,000 | ' | ' | 30,000,000 |
Outstanding Joint Venture Surety Bonds | 2,700,000 | ' | ' | 2,700,000 |
Joint Venture Surety Bonds Cost to Complete | 200,000 | ' | ' | 200,000 |
Outstanding Surety Bonds | 448,000,000 | ' | ' | 448,000,000 |
Surety Bonds Cost to Complete | 274,700,000 | ' | ' | 274,700,000 |
Mortgage Loans In Process | 64,800,000 | ' | ' | 64,800,000 |
Mortgage Loans In Process, Interest Rate | 4.40% | ' | ' | 4.40% |
Loans Held-for-sale, Mortgages | 121,500,000 | ' | ' | 121,500,000 |
Mortgage Loans Committed to Sell to Investors | 65,100,000 | ' | ' | 65,100,000 |
Mortgage Loan Repurchase Payments | 800,000 | 1,000,000 | 3,100,000 | 10,400,000 |
Mortgage Loans on Real Estate, New Mortgage Loans | ' | ' | ' | 8,100,000,000 |
MortgageLoanLossExpenseProvision | 0 | 1,000,000 | 4,300,000 | ' |
Mortgage Loan Repurchase Reserve | 2,200,000 | 3,000,000 | ' | 2,200,000 |
Number of Loans Repurchased | 9 | 8 | 27 | ' |
Operating Leases, Rent Expense | 3,800,000 | 3,600,000 | 3,900,000 | ' |
Matures June, 2014 [Member] | ' | ' | ' | ' |
Note 10 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Equity Method Investment Summarized Financial Information Non-recourse Debt | $30,000,000 | ' | ' | $30,000,000 |
Note_10_Commitments_and_Contin3
Note 10 - Commitments and Contingencies (Details) - Future Minimum Lease Payments (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments [Abstract] | ' |
2014 | $3,479 |
2015 | 3,099 |
2016 | 2,383 |
2017 | 1,681 |
2018 | 621 |
Subtotal | 11,263 |
Net rental obligations | $11,263 |
Note_11_Income_Taxes_Details
Note 11 - Income Taxes (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Homebuilding [Member] | Homebuilding [Member] | Subject to Federal and State Net Operating Loss Carryforward Limitations [Member] | Not Limited by Section 382 [Member] | Relating to Reversal of Deferred Tax Asset Valuation Allowance [Member] | State and Local Net Operating Loss Carryforwards Limited to Shorter Carryforward Periods [Member] | Reduction of the Valuation Allowance Related to State Net Operating Loss Carryforwards [Member] | Income Tax Benefit Related to State Net Operating Loss Carryforwards [Member] | Relating to the Reversal of Deferred Tax Asset Valuation Allowance Attributable to State Net Operating Loss Carryforwards [Member] | Relating to Reversal of Deferred Tax Asset Valuation Allowance [Member] | Relating to Reversal of Liability for Unrecognized Tax Benefits [Member] | Relating to the Reversal of Deferred Tax Asset Valuation Allowance Attributable to State Net Operating Loss Carryforwards [Member] | ||||
Note 11 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Gross | $379,991,000 | $478,068,000 | ' | $380,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | 4,591,000 | 22,696,000 | ' | 4,591,000 | 22,696,000 | ' | ' | 12,200,000 | 10,500,000 | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | ' | ' | ' | ' | ' | 125,500,000 | 84,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic, Before Tax | 475,000,000 | ' | ' | ' | ' | 310,000,000 | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local, Before Tax | 895,000,000 | ' | ' | ' | ' | 297,000,000 | 598,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Annual Deduction Limitation on Net Operating Loss Carryforwards | 15,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | 68,983,000 | -453,234,000 | -56,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,900,000 | -1,000,000 | -4,900,000 | ' | ' | ' |
Income Tax Expense (Benefit), Before Income Tax Offsets | 99,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 257,698,000 | 78,187,000 | -16,473,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Tax Expense (Benefit) | ($30,600,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($12,200,000) | ($16,100,000) | ($1,000,000) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_11_Income_Taxes_Details_P
Note 11 - Income Taxes (Details) - (Provision) Benefit For Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current (provision) benefit for income taxes: | ' | ' | ' |
Federal | $11,766 | ($766) | ($130) |
State | -1,880 | ' | 186 |
9,886 | -766 | 56 | |
Deferred (provision) benefit for income taxes: | ' | ' | ' |
Federal | -56,752 | 338,500 | ' |
State | -22,117 | 115,500 | ' |
-78,869 | 454,000 | ' | |
(Provision) benefit for income taxes | ($68,983) | $453,234 | $56 |
Note_11_Income_Taxes_Details_C
Note 11 - Income Taxes (Details) - Components of Net Deferred Income Tax Asset (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of Net Deferred Income Tax Asset [Abstract] | ' | ' |
Inventory valuation adjustments | $114,063 | $136,239 |
Financial accruals | 43,478 | 39,482 |
Federal net operating loss carryforwards | 161,265 | 230,220 |
State net operating loss carryforwards | 48,901 | 60,742 |
Tax credit carryforwards | 4,445 | ' |
Goodwill impairment charges | 8,566 | 11,019 |
Other, net | -727 | 366 |
Total deferred tax asset | 379,991 | 478,068 |
Less: Valuation allowance | -4,591 | -22,696 |
Net deferred tax asset | $375,400 | $455,372 |
Note_11_Income_Taxes_Details_I
Note 11 - Income Taxes (Details) - Income Tax Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Reconciliation [Abstract] | ' | ' | ' |
Income (loss) before taxes | $257,698 | $78,187 | ($16,473) |
(Provision) benefit for income taxes at federal statutory rate | -90,194 | -27,365 | 5,765 |
(Increases) decreases in tax resulting from: | ' | ' | ' |
State income taxes, net of federal benefit | -9,426 | -2,947 | 615 |
Net deferred tax asset valuation (allowance) benefit | 13,115 | 483,724 | -6,415 |
Reversal of liability for unrecognized tax benefits | 16,105 | ' | ' |
Other, net | 1,417 | -178 | 91 |
Benefit (provision) for income taxes | ($68,983) | $453,234 | $56 |
Effective tax rate | 26.80% | ' | 0.30% |
Note_11_Income_Taxes_Details_U
Note 11 - Income Taxes (Details) - Unrecognized Tax Benefits (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 |
Unrecognized Tax Benefits [Abstract] | ' | ' |
Balance, beginning of the year | $13,484 | $13,484 |
Reductions due to lapse of statute of limitations | -13,484 | ' |
Balance, end of the year | ' | $13,484 |
Note_12_Stock_Incentive_and_Em2
Note 12 - Stock Incentive and Employee Benefit Plans (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 02, 2012 | Apr. 02, 2012 | Apr. 02, 2012 | Apr. 02, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | |
Stock Options and Stock Appreciation Rights [Member] | Stock Options and Stock Appreciation Rights [Member] | Stock Options and Stock Appreciation Rights [Member] | Stock Options and Stock Appreciation Rights [Member] | Stock Options and Stock Appreciation Rights [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Market Based Capped Stock Appreciation Rights [Member] | Market Based Capped Stock Appreciation Rights [Member] | Market Based Capped Stock Appreciation Rights [Member] | Market Based Capped Stock Appreciation Rights [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Independent Directors [Member] | Independent Directors [Member] | Independent Directors [Member] | Officers and Key Employees [Member] | ||||
Minimum [Member] | Maximum [Member] | First Tranche [Member] | Second Tranche [Member] | Third Tranche [Member] | 2013 PSAs [Member] | 2012 PSAs [Member] | ||||||||||||||||||
Note 12 - Stock Incentive and Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | '1 year | '4 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 317,643 | 359,599 | 6,300,000 | 3,500,000 | ' | ' | ' | 2,700,000 | ' | ' | 223,454 | 405,012 | ' | ' | ' | ' |
Threshold Amount Used to Calculate the Cap Amount of Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12 | ' | ' | ' | ' | $12 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Number Of Senior Executives Granted Stock Appreciation Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Appreciation Rights, Terms of Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Appreciation Rights, Vesting Conditions, Common Stock Closing Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8 | $9 | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in Shares) | ' | ' | ' | 18,740,505 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | $5.48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | ' | '3 years 10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | ' | ' | 3,000,000 | 5,900,000 | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | ' | ' | 23,000,000 | 17,300,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | ' | ' | ' | 79,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | ' | ' | ' | 56,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | ' | ' | ' | 76,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | $0.86 | $0.91 | $2.44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 15,053,000 | 10,681,000 | 3,765,000 | 5,260,000 | 4,395,000 | 3,765,000 | ' | ' | 2,473,000 | 1,098,000 | ' | ' | ' | ' | ' | ' | 4,700,000 | 2,600,000 | 7,320,000 | 5,188,000 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 328 days | '2 years | '1 year 219 days | '1 year 328 days | '1 year 255 days | '1 year 219 days | ' | ' | '2 years | '2 years 73 days | ' | ' | ' | ' | ' | ' | '2 years 73 days | '1 year 73 days | '1 year 292 days | '2 years 73 days | ' | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Gross (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,272 | 77,948 | 167,262 | 462,119 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $2,800,000 | $2,200,000 | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_12_Stock_Incentive_and_Em3
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Stock Option And Stock Appreciation Rights Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Option And Stock Appreciation Rights Activity [Abstract] | ' | ' | ' |
Outstanding, beginning of year | 18,616,382 | 17,877,785 | 18,630,205 |
Outstanding, beginning of year (in Dollars per share) | $4.21 | $4.33 | $4.46 |
Granted | 6,261,602 | 6,222,222 | 1,350,000 |
Granted (in Dollars per share) | $8.40 | $4.24 | $3.82 |
Exercised | -4,479,325 | -4,677,271 | -1,050,025 |
Exercised (in Dollars per share) | $3.55 | $2.79 | $1.19 |
Canceled | -616,793 | -806,354 | -1,052,395 |
Canceled (in Dollars per share) | $8.79 | $16.04 | $9.15 |
Outstanding, end of year | 19,781,866 | 18,616,382 | 17,877,785 |
Outstanding, end of year (in Dollars per share) | $5.54 | $4.21 | $4.33 |
Exercisable at end of year | 9,736,564 | 11,956,258 | 13,137,785 |
Exercisable at end of year (in Dollars per share) | $4.28 | $4.17 | $4.84 |
Available for future grant | 13,971,091 | 23,283,953 | 31,570,998 |
Note_12_Stock_Incentive_and_Em4
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Stock Options And Stock Appreciation Rights By Exercise Prices Range (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
$0.67 to $3.10 [Member] | $3.80 to $7.93 [Member] | $8.39 to $9.29 [Member] | $20.95 to $29.84 [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, Exercise Price - Low | ' | ' | ' | ' | $0.67 | $3.80 | $8.39 | $20.95 |
Outstanding, Exercise Price - High | ' | ' | ' | ' | $3.10 | $7.93 | $9.29 | $29.84 |
Outstanding, Number of Shares (in Shares) | 19,781,866 | 18,616,382 | 17,877,785 | 18,630,205 | 4,889,003 | 8,417,963 | 5,985,921 | 488,979 |
Outstanding, Weighted Average Exercise Price | $5.54 | $4.21 | $4.33 | $4.46 | $1.94 | $4.23 | $8.41 | $28.93 |
Outstanding, Weighted Average Remaining Contractual Life | ' | ' | ' | ' | '1 year 324 days | '3 years 40 days | '4 years 76 days | '65 days |
Exercisable, Number of Shares (in Shares) | 9,736,564 | 11,956,258 | 13,137,785 | ' | 4,889,003 | 4,358,582 | ' | 488,979 |
Exercisable, Weighted Average Exercise Price | $4.28 | $4.17 | $4.84 | ' | $1.94 | $4.14 | ' | $28.93 |
Note_12_Stock_Incentive_and_Em5
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Fair Value Assumption | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value Assumption [Abstract] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 57.70% | 82.09% | 97.40% |
Risk-free interest rate | 0.36% | 0.73% | 0.75% |
Expected life (years) | '3 years 6 months | '2 years 6 months | '3 years 6 months |
Note_12_Stock_Incentive_and_Em6
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Unvested Restricted Stock Activity (Restricted Stock [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | ' | ' |
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Unvested Restricted Stock Activity [Line Items] | ' | ' |
Outstanding, beginning of year | 344,448 | ' |
Outstanding, beginning of year (in Dollars per share) | $4.31 | ' |
Granted | 317,643 | 359,599 |
Granted (in Dollars per share) | $8.39 | $4.31 |
Vested | -114,820 | ' |
Vested (in Dollars per share) | $4.31 | ' |
Canceled | -8,741 | -15,151 |
Canceled (in Dollars per share) | $4.29 | $4.29 |
Outstanding, end of year | 538,530 | 344,448 |
Outstanding, end of year (in Dollars per share) | $6.72 | $4.31 |
Note_12_Stock_Incentive_and_Em7
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Performance Share Award Activity (Performance Shares [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Performance Shares [Member] | ' | ' |
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Performance Share Award Activity [Line Items] | ' | ' |
Outstanding, beginning of year | 405,012 | ' |
Outstanding, beginning of year (in Dollars per share) | $4.29 | ' |
Granted | 223,454 | 405,012 |
Granted (in Dollars per share) | $8.39 | $4.29 |
Canceled | -26,224 | ' |
Canceled (in Dollars per share) | $4.29 | ' |
Outstanding, end of year | 602,242 | 405,012 |
Outstanding, end of year (in Dollars per share) | $5.81 | $4.29 |
Note_12_Stock_Incentive_and_Em8
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Compensation Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | $9,015 | $7,151 | $11,239 |
Stock Options and Stock Appreciation Rights [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | 3,875 | 4,523 | 7,259 |
Unrestricted Stock Grants [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | 400 | 488 | 3,980 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | 1,073 | 378 | ' |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | $3,667 | $1,762 | ' |
Note_12_Stock_Incentive_and_Em9
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Unrecognized Compensation Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Unrecognized Compensation Expense [Line Items] | ' | ' | ' |
Unrecognized Expense (in Dollars) | $15,053 | $10,681 | $3,765 |
Weighted Average Period (years) | '1 year 328 days | '2 years | '1 year 219 days |
Stock Options and Stock Appreciation Rights [Member] | ' | ' | ' |
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Unrecognized Compensation Expense [Line Items] | ' | ' | ' |
Unrecognized Expense (in Dollars) | 5,260 | 4,395 | 3,765 |
Weighted Average Period (years) | '1 year 328 days | '1 year 255 days | '1 year 219 days |
Restricted Stock [Member] | ' | ' | ' |
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Unrecognized Compensation Expense [Line Items] | ' | ' | ' |
Unrecognized Expense (in Dollars) | 2,473 | 1,098 | ' |
Weighted Average Period (years) | '2 years | '2 years 73 days | ' |
Performance Shares [Member] | ' | ' | ' |
Note 12 - Stock Incentive and Employee Benefit Plans (Details) - Unrecognized Compensation Expense [Line Items] | ' | ' | ' |
Unrecognized Expense (in Dollars) | $7,320 | $5,188 | ' |
Weighted Average Period (years) | '1 year 292 days | '2 years 73 days | ' |
Note_13_Stockholder_Rights_Pla1
Note 13 - Stockholder Rights Plan (Details) | Dec. 31, 2013 |
Common Stock Rights Plan [Abstract] | ' |
Number of Preferred Stock Purchase Right Granted, per Common Share | 1 |
Beneficial Ownership Threshold | 15.00% |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | 20 |
Percentage of Discount On Then-Current Market Value | 50.00% |
Redemption Rate, per Right (in Dollars per Item) | 0.001 |
Expiration of Rights After Separation From Common Shares | '3 years |
Note_14_Results_of_Quarterly_O2
Note 14 - Results of Quarterly Operations (Unaudited) (Details) - Results of Quarterly Operations (Unaudited) (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
2013:00:00 | ' | ' | ' | ||
Revenues, by quarter | $1,939,519 | [1] | $1,258,258 | [1] | ' |
Homebuilding gross margin, by quarter | 469,196 | [1] | 243,674 | [1] | 162,197 |
Net income (loss), by quarter | 188,715 | [1] | 531,421 | [1] | -16,417 |
Basic income (loss) per common share, by quarter (in Dollars per share) | $0.52 | [1] | $1.52 | [1] | ($0.05) |
Diluted income (loss) per common share, by quarter (in Dollars per share) | $0.47 | [1] | $1.44 | [1] | ($0.05) |
First Quarter [Member] | ' | ' | ' | ||
2013:00:00 | ' | ' | ' | ||
Revenues, by quarter | 363,398 | 227,328 | ' | ||
Homebuilding gross margin, by quarter | 74,526 | 44,741 | ' | ||
Net income (loss), by quarter | 21,824 | 8,523 | ' | ||
Basic income (loss) per common share, by quarter (in Dollars per share) | $0.06 | $0.02 | ' | ||
Diluted income (loss) per common share, by quarter (in Dollars per share) | $0.05 | $0.02 | ' | ||
Second Quarter [Member] | ' | ' | ' | ||
2013:00:00 | ' | ' | ' | ||
Revenues, by quarter | 446,092 | 280,277 | ' | ||
Homebuilding gross margin, by quarter | 102,762 | 56,286 | ' | ||
Net income (loss), by quarter | 43,136 | 14,263 | ' | ||
Basic income (loss) per common share, by quarter (in Dollars per share) | $0.12 | $0.04 | ' | ||
Diluted income (loss) per common share, by quarter (in Dollars per share) | $0.11 | $0.04 | ' | ||
Third Quarter [Member] | ' | ' | ' | ||
2013:00:00 | ' | ' | ' | ||
Revenues, by quarter | 517,595 | 323,759 | ' | ||
Homebuilding gross margin, by quarter | 129,390 | 64,105 | ' | ||
Net income (loss), by quarter | 58,935 | 21,710 | ' | ||
Basic income (loss) per common share, by quarter (in Dollars per share) | $0.16 | $0.06 | ' | ||
Diluted income (loss) per common share, by quarter (in Dollars per share) | $0.15 | $0.05 | ' | ||
Fourth Quarter [Member] | ' | ' | ' | ||
2013:00:00 | ' | ' | ' | ||
Revenues, by quarter | 612,434 | 426,894 | ' | ||
Homebuilding gross margin, by quarter | 162,518 | 78,542 | ' | ||
Net income (loss), by quarter | $64,820 | $486,925 | ' | ||
Basic income (loss) per common share, by quarter (in Dollars per share) | $0.18 | $1.35 | ' | ||
Diluted income (loss) per common share, by quarter (in Dollars per share) | $0.16 | $1.22 | ' | ||
[1] | Per share amounts do not add across due to rounding differences in quarterly amounts and due to the impact of differences between the quarterly and annual weighted average share calculations. |
Note_15_Supplemental_Disclosur2
Note 15 - Supplemental Disclosures to Consolidated Statements of Cash Flows (Details) - Supplemental Disclosures of Cash Flows Information (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash paid during the period for: | ' | ' | ' |
Interest | $128,061 | $122,352 | $104,074 |
Income taxes | 3,792 | 206 | 100 |
Supplemental Disclosure of Noncash Activities: | ' | ' | ' |
Increase in inventory in connection with purchase or consolidation of joint ventures | ' | 66,323 | ' |
Liabilities assumed in connection with acquisition | 4,983 | ' | ' |
Changes in inventories not owned | 1,171 | 5,139 | 34,961 |
Changes in liabilities from inventories not owned | $1,171 | $5,139 | $34,961 |
Note_16_Supplemental_Guarantor2
Note 16 - Supplemental Guarantor Information (Details) - Condensed Consolidating Statements of Operations (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Homebuilding: | ' | ' | ' | ||
Revenues | $1,914,609 | $1,236,958 | $882,993 | ||
Cost of sales | -1,445,413 | -993,284 | -720,796 | ||
Gross margin | 469,196 | [1] | 243,674 | [1] | 162,197 |
Selling, general and administrative expenses | -230,691 | -172,207 | -154,375 | ||
Income (loss) from unconsolidated joint ventures | 949 | -2,090 | 207 | ||
Interest expense | ' | -6,396 | -25,168 | ||
Other income (expense) | 6,815 | 4,664 | -1,017 | ||
Homebuilding pretax income (loss) | 246,269 | 67,645 | -18,156 | ||
Financial Services: | ' | ' | ' | ||
Financial services pretax income (loss) | 11,429 | 10,542 | 1,683 | ||
Income (loss) before income taxes | 257,698 | 78,187 | -16,473 | ||
(Provision) benefit for income taxes | -68,983 | 453,234 | 56 | ||
Net income (loss) | 188,715 | [1] | 531,421 | [1] | -16,417 |
Consolidation, Eliminations [Member] | ' | ' | ' | ||
Homebuilding: | ' | ' | ' | ||
Equity income (loss) of subsidiaries | -81,140 | -13,314 | -579 | ||
Homebuilding pretax income (loss) | -81,140 | -13,314 | -579 | ||
Financial Services: | ' | ' | ' | ||
Income (loss) before income taxes | -81,140 | -13,314 | -579 | ||
Net income (loss) | -81,140 | -13,314 | -579 | ||
Parent Company [Member] | ' | ' | ' | ||
Homebuilding: | ' | ' | ' | ||
Revenues | 819,044 | 518,040 | 346,645 | ||
Cost of sales | -609,858 | -408,569 | -277,248 | ||
Gross margin | 209,186 | 109,471 | 69,397 | ||
Selling, general and administrative expenses | -94,819 | -78,335 | -79,469 | ||
Income (loss) from unconsolidated joint ventures | 1,369 | -166 | 653 | ||
Equity income (loss) of subsidiaries | 81,140 | 13,314 | 579 | ||
Interest expense | 16,419 | 17,319 | -3,036 | ||
Other income (expense) | 7,515 | 4,695 | -802 | ||
Homebuilding pretax income (loss) | 220,810 | 66,298 | -12,678 | ||
Financial Services: | ' | ' | ' | ||
Income (loss) before income taxes | 220,810 | 66,298 | -12,678 | ||
(Provision) benefit for income taxes | -32,095 | 465,123 | -3,739 | ||
Net income (loss) | 188,715 | 531,421 | -16,417 | ||
Guarantor Subsidiaries [Member] | ' | ' | ' | ||
Homebuilding: | ' | ' | ' | ||
Revenues | 826,245 | 580,419 | 483,396 | ||
Cost of sales | -632,733 | -463,566 | -400,150 | ||
Gross margin | 193,512 | 116,853 | 83,246 | ||
Selling, general and administrative expenses | -111,746 | -81,490 | -69,148 | ||
Income (loss) from unconsolidated joint ventures | -137 | -659 | -192 | ||
Interest expense | -11,651 | -17,052 | -19,603 | ||
Other income (expense) | -321 | 194 | -1,387 | ||
Homebuilding pretax income (loss) | 69,657 | 17,846 | -7,084 | ||
Financial Services: | ' | ' | ' | ||
Income (loss) before income taxes | 69,657 | 17,846 | -7,084 | ||
(Provision) benefit for income taxes | -23,676 | -6,668 | 4,757 | ||
Net income (loss) | 45,981 | 11,178 | -2,327 | ||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ||
Homebuilding: | ' | ' | ' | ||
Revenues | 269,320 | 138,499 | 52,952 | ||
Cost of sales | -202,822 | -121,149 | -43,398 | ||
Gross margin | 66,498 | 17,350 | 9,554 | ||
Selling, general and administrative expenses | -24,126 | -12,382 | -5,758 | ||
Income (loss) from unconsolidated joint ventures | -283 | -1,265 | -254 | ||
Interest expense | -4,768 | -6,663 | -2,529 | ||
Other income (expense) | -379 | -225 | 1,172 | ||
Homebuilding pretax income (loss) | 36,942 | -3,185 | 2,185 | ||
Financial Services: | ' | ' | ' | ||
Financial services pretax income (loss) | 11,429 | 10,542 | 1,683 | ||
Income (loss) before income taxes | 48,371 | 7,357 | 3,868 | ||
(Provision) benefit for income taxes | -13,212 | -5,221 | -962 | ||
Net income (loss) | $35,159 | $2,136 | $2,906 | ||
[1] | Per share amounts do not add across due to rounding differences in quarterly amounts and due to the impact of differences between the quarterly and annual weighted average share calculations. |
Note_16_Supplemental_Guarantor3
Note 16 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | $363,291 | $346,555 | $410,522 | $731,371 |
Restricted cash | 22,800 | ' | ' | ' |
Inventories: | ' | ' | ' | ' |
Inventories Owned | 2,536,102 | 1,971,418 | ' | ' |
Inventories Not owned | 98,341 | 71,295 | ' | ' |
Investments in unconsolidated joint ventures | 66,054 | 52,443 | ' | ' |
Deferred income taxes, net | 375,400 | 455,372 | ' | ' |
Total Assets | 3,662,105 | 3,113,074 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Total Liabilities | 2,193,145 | 1,857,258 | ' | ' |
Equity: | ' | ' | ' | ' |
Total Stockholders' Equity | 1,468,960 | 1,255,816 | ' | ' |
Total Liabilities and Equity | 3,662,105 | 3,113,074 | ' | ' |
Homebuilding [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Trade and other receivables | -1,275,868 | -859,025 | ' | ' |
Inventories: | ' | ' | ' | ' |
Investments in subsidiaries | -810,340 | -717,205 | ' | ' |
Deferred income taxes, net | -3,913 | 148 | ' | ' |
Total Assets | -2,090,121 | -1,576,082 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accrued liabilities | -1,269,877 | -839,534 | ' | ' |
Total Liabilities | -1,269,877 | -839,534 | ' | ' |
Homebuilding [Member] | Parent Company [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 175,289 | 154,722 | ' | ' |
Trade and other receivables | 1,278,567 | 845,549 | ' | ' |
Inventories: | ' | ' | ' | ' |
Inventories Owned | 804,099 | 759,553 | ' | ' |
Inventories Not owned | 9,737 | 4,495 | ' | ' |
Investments in unconsolidated joint ventures | 586 | 1,649 | ' | ' |
Investments in subsidiaries | 810,340 | 717,205 | ' | ' |
Deferred income taxes, net | 379,313 | 455,224 | ' | ' |
Other assets | 38,024 | 37,817 | ' | ' |
Total Assets | 3,495,955 | 2,976,214 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable | 11,685 | 8,038 | ' | ' |
Accrued liabilities | 182,066 | 175,054 | ' | ' |
Secured project debt and other notes payable | ' | 6,804 | ' | ' |
Senior notes payable | 1,833,244 | 1,530,502 | ' | ' |
Total Liabilities | 2,026,995 | 1,720,398 | ' | ' |
Homebuilding [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 494 | 114 | ' | ' |
Trade and other receivables | 3,565 | 4,219 | ' | ' |
Inventories: | ' | ' | ' | ' |
Inventories Owned | 1,012,841 | 766,188 | ' | ' |
Inventories Not owned | 41,734 | 36,991 | ' | ' |
Investments in unconsolidated joint ventures | 422 | 622 | ' | ' |
Other assets | 5,478 | 3,267 | ' | ' |
Total Assets | 1,064,534 | 811,401 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable | 13,442 | 10,537 | ' | ' |
Accrued liabilities | 723,082 | 519,139 | ' | ' |
Total Liabilities | 736,524 | 529,676 | ' | ' |
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 179,706 | 185,072 | ' | ' |
Restricted cash | 21,460 | 26,900 | ' | ' |
Trade and other receivables | 8,167 | 19,981 | ' | ' |
Inventories: | ' | ' | ' | ' |
Inventories Owned | 719,162 | 445,677 | ' | ' |
Inventories Not owned | 46,870 | 29,809 | ' | ' |
Investments in unconsolidated joint ventures | 65,046 | 50,172 | ' | ' |
Other assets | 2,475 | 834 | ' | ' |
Total Assets | 1,042,886 | 758,445 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable | 10,644 | 3,871 | ' | ' |
Accrued liabilities | 578,995 | 343,485 | ' | ' |
Secured project debt and other notes payable | 6,351 | 4,712 | ' | ' |
Total Liabilities | 595,990 | 352,068 | ' | ' |
Homebuilding [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 355,489 | 339,908 | ' | ' |
Restricted cash | 21,460 | 26,900 | ' | ' |
Trade and other receivables | 14,431 | 10,724 | ' | ' |
Inventories: | ' | ' | ' | ' |
Inventories Owned | 2,536,102 | 1,971,418 | ' | ' |
Inventories Not owned | 98,341 | 71,295 | ' | ' |
Investments in unconsolidated joint ventures | 66,054 | 52,443 | ' | ' |
Deferred income taxes, net | 375,400 | 455,372 | ' | ' |
Other assets | 45,977 | 41,918 | ' | ' |
Total Assets | 3,513,254 | 2,969,978 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable | 35,771 | 22,446 | ' | ' |
Accrued liabilities | 214,266 | 198,144 | ' | ' |
Secured project debt and other notes payable | 6,351 | 11,516 | ' | ' |
Senior notes payable | 1,833,244 | 1,530,502 | ' | ' |
Total Liabilities | 2,089,632 | 1,762,608 | ' | ' |
Financial Services [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Inventories: | ' | ' | ' | ' |
Other assets | -1,987 | -2,692 | ' | ' |
Total Assets | -1,987 | -2,692 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable and other liabilities | -11,891 | -8,535 | ' | ' |
Mortgage credit facilities | ' | -13,500 | ' | ' |
Total Liabilities | -11,891 | -22,035 | ' | ' |
Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 7,802 | 6,647 | ' | ' |
Restricted cash | 1,295 | 2,420 | ' | ' |
Mortgage loans held for sale, net | 122,031 | 119,549 | ' | ' |
Mortgage loans held for investment, net | 12,220 | 9,923 | ' | ' |
Inventories: | ' | ' | ' | ' |
Other assets | 7,490 | 7,249 | ' | ' |
Total Assets | 150,838 | 145,788 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable and other liabilities | 14,537 | 11,026 | ' | ' |
Mortgage credit facilities | 100,867 | 105,659 | ' | ' |
Total Liabilities | 115,404 | 116,685 | ' | ' |
Financial Services [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 7,802 | 6,647 | ' | ' |
Restricted cash | 1,295 | 2,420 | ' | ' |
Mortgage loans held for sale, net | 122,031 | 119,549 | ' | ' |
Mortgage loans held for investment, net | 12,220 | 9,923 | ' | ' |
Inventories: | ' | ' | ' | ' |
Other assets | 5,503 | 4,557 | ' | ' |
Total Assets | 148,851 | 143,096 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable and other liabilities | 2,646 | 2,491 | ' | ' |
Mortgage credit facilities | 100,867 | 92,159 | ' | ' |
Total Liabilities | 103,513 | 94,650 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Inventories: | ' | ' | ' | ' |
Total Assets | -2,092,108 | -1,578,774 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Total Liabilities | -1,281,768 | -861,569 | ' | ' |
Equity: | ' | ' | ' | ' |
Total Stockholders' Equity | -810,340 | -717,205 | ' | ' |
Total Liabilities and Equity | -2,092,108 | -1,578,774 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 175,289 | 154,722 | 66,757 | 260,869 |
Inventories: | ' | ' | ' | ' |
Total Assets | 3,495,955 | 2,976,214 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Total Liabilities | 2,026,995 | 1,720,398 | ' | ' |
Equity: | ' | ' | ' | ' |
Total Stockholders' Equity | 1,468,960 | 1,255,816 | ' | ' |
Total Liabilities and Equity | 3,495,955 | 2,976,214 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 494 | 114 | 176 | 217 |
Inventories: | ' | ' | ' | ' |
Total Assets | 1,064,534 | 811,401 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Total Liabilities | 736,524 | 529,676 | ' | ' |
Equity: | ' | ' | ' | ' |
Total Stockholders' Equity | 328,010 | 281,725 | ' | ' |
Total Liabilities and Equity | 1,064,534 | 811,401 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 187,508 | 191,719 | 343,589 | 470,285 |
Inventories: | ' | ' | ' | ' |
Total Assets | 1,193,724 | 904,233 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Total Liabilities | 711,394 | 468,753 | ' | ' |
Equity: | ' | ' | ' | ' |
Total Stockholders' Equity | 482,330 | 435,480 | ' | ' |
Total Liabilities and Equity | $1,193,724 | $904,233 | ' | ' |
Note_16_Supplemental_Guarantor4
Note 16 - Supplemental Guarantor Information (Details) - Condensed Consolidating Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | ($154,216) | ($283,116) | ($322,613) |
Cash Flows From Investing Activities: | ' | ' | ' |
Investments in unconsolidated homebuilding joint ventures | -24,328 | -57,458 | -14,689 |
Distributions from unconsolidated homebuilding joint ventures | 4,763 | 14,530 | 8,593 |
Net cash paid for acquisitions | -116,262 | -60,752 | ' |
Other investing activities | -8,030 | -1,525 | -2,217 |
Net cash provided by (used in) investing activities | -143,857 | -105,205 | -8,313 |
Cash Flows From Financing Activities: | ' | ' | ' |
Change in restricted cash | 6,565 | 3,347 | -1,559 |
Principal payments on secured project debt and other notes payable | -8,334 | -866 | -1,207 |
Principal payments on senior subordinated notes payable | ' | -49,603 | ' |
Proceeds from the issuance of senior notes payable | 300,000 | 253,000 | ' |
Payment of debt issuance costs | -5,316 | -11,761 | -4,575 |
Net proceeds from (payments on) mortgage credit facilities | 8,708 | 45,351 | 16,464 |
Net proceeds from the issuance of common stock | ' | 71,847 | ' |
Proceeds from the exercise of stock options | 13,536 | 13,039 | 1,278 |
Net cash provided by (used in) financing activities | 314,809 | 324,354 | 10,077 |
Net increase (decrease) in cash and equivalents | 16,736 | -63,967 | -320,849 |
Cash and equivalents at beginning of year | 346,555 | 410,522 | 731,371 |
Cash and equivalents at end of year | 363,291 | 346,555 | 410,522 |
Consolidation, Eliminations [Member] | ' | ' | ' |
Cash Flows From Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | -25,600 | ' |
Cash Flows From Investing Activities: | ' | ' | ' |
Investments in unconsolidated homebuilding joint ventures | ' | 25,600 | ' |
Net cash provided by (used in) investing activities | ' | 25,600 | ' |
Preferred Stock [Member] | Parent Company [Member] | ' | ' | ' |
Cash Flows From Financing Activities: | ' | ' | ' |
Payment of issuance costs | -350 | ' | ' |
Preferred Stock [Member] | ' | ' | ' |
Cash Flows From Financing Activities: | ' | ' | ' |
Payment of issuance costs | -350 | ' | ' |
Warrant [Member] | Parent Company [Member] | ' | ' | ' |
Cash Flows From Financing Activities: | ' | ' | ' |
Payment of issuance costs | ' | ' | -324 |
Warrant [Member] | ' | ' | ' |
Cash Flows From Financing Activities: | ' | ' | ' |
Payment of issuance costs | ' | ' | -324 |
Parent Company [Member] | ' | ' | ' |
Cash Flows From Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | 163,640 | 97,150 | -206,650 |
Cash Flows From Investing Activities: | ' | ' | ' |
Investments in unconsolidated homebuilding joint ventures | -534 | -2,630 | -4,265 |
Distributions from unconsolidated homebuilding joint ventures | ' | 1,392 | 751 |
Other investing activities | -1,946 | -1,429 | -1,512 |
Net cash provided by (used in) investing activities | -2,480 | -2,667 | -5,026 |
Cash Flows From Financing Activities: | ' | ' | ' |
Principal payments on secured project debt and other notes payable | -6,804 | ' | ' |
Principal payments on senior subordinated notes payable | ' | -49,603 | ' |
Proceeds from the issuance of senior notes payable | 300,000 | 253,000 | ' |
Payment of debt issuance costs | -5,316 | -11,761 | -4,575 |
Net proceeds from the issuance of common stock | ' | 71,847 | ' |
Distributions from (contributions to) Corporate and subsidiaries | -11,691 | 62,605 | 102,000 |
Proceeds from the exercise of stock options | 13,536 | 13,039 | 1,278 |
Intercompany advances, net | -429,968 | -345,645 | -80,815 |
Net cash provided by (used in) financing activities | -140,593 | -6,518 | 17,564 |
Net increase (decrease) in cash and equivalents | 20,567 | 87,965 | -194,112 |
Cash and equivalents at beginning of year | 154,722 | 66,757 | 260,869 |
Cash and equivalents at end of year | 175,289 | 154,722 | 66,757 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Cash Flows From Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | -172,687 | -132,732 | -27,398 |
Cash Flows From Investing Activities: | ' | ' | ' |
Investments in unconsolidated homebuilding joint ventures | -50 | -180 | -216 |
Distributions from unconsolidated homebuilding joint ventures | 244 | 1,500 | ' |
Net cash paid for acquisitions | -27,113 | ' | ' |
Other investing activities | -3,768 | -588 | -188 |
Net cash provided by (used in) investing activities | -30,687 | 732 | -404 |
Cash Flows From Financing Activities: | ' | ' | ' |
Principal payments on secured project debt and other notes payable | ' | ' | -273 |
Intercompany advances, net | 203,754 | 131,938 | 28,034 |
Net cash provided by (used in) financing activities | 203,754 | 131,938 | 27,761 |
Net increase (decrease) in cash and equivalents | 380 | -62 | -41 |
Cash and equivalents at beginning of year | 114 | 176 | 217 |
Cash and equivalents at end of year | 494 | 114 | 176 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Cash Flows From Operating Activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | -145,169 | -221,934 | -88,565 |
Cash Flows From Investing Activities: | ' | ' | ' |
Investments in unconsolidated homebuilding joint ventures | -23,744 | -80,248 | -10,208 |
Distributions from unconsolidated homebuilding joint ventures | 4,519 | 11,638 | 7,842 |
Net cash paid for acquisitions | -89,149 | -60,752 | ' |
Other investing activities | -2,316 | 492 | -517 |
Net cash provided by (used in) investing activities | -110,690 | -128,870 | -2,883 |
Cash Flows From Financing Activities: | ' | ' | ' |
Change in restricted cash | 6,565 | 3,347 | -1,559 |
Principal payments on secured project debt and other notes payable | -1,530 | -866 | -934 |
Net proceeds from (payments on) mortgage credit facilities | 8,708 | 45,351 | 16,464 |
Distributions from (contributions to) Corporate and subsidiaries | 11,691 | -62,605 | -102,000 |
Intercompany advances, net | 226,214 | 213,707 | 52,781 |
Net cash provided by (used in) financing activities | 251,648 | 198,934 | -35,248 |
Net increase (decrease) in cash and equivalents | -4,211 | -151,870 | -126,696 |
Cash and equivalents at beginning of year | 191,719 | 343,589 | 470,285 |
Cash and equivalents at end of year | $187,508 | $191,719 | $343,589 |