Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'STANDARD PACIFIC CORP /DE/ | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 279,396,498 |
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 | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Homebuilding: | ' | ' | ' | ' |
Home sale revenues | $591,706 | $434,308 | $1,038,624 | $789,434 |
Land sale revenues | 780 | 4,373 | 14,061 | 6,968 |
Total revenues | 592,486 | 438,681 | 1,052,685 | 796,402 |
Cost of home sales | -434,196 | -331,503 | -762,441 | -612,115 |
Cost of land sales | -350 | -4,416 | -13,354 | -6,999 |
Total cost of sales | -434,546 | -335,919 | -775,795 | -619,114 |
Gross margin | 157,940 | 102,762 | 276,890 | 177,288 |
Selling, general and administrative expenses | -67,835 | -54,598 | -126,425 | -100,892 |
Income (loss) from unconsolidated joint ventures | -462 | 147 | -899 | 1,281 |
Other income (expense | -363 | -1,247 | -376 | 2,323 |
Homebuilding pretax income | 89,280 | 47,064 | 149,190 | 80,000 |
Financial Services: | ' | ' | ' | ' |
Revenues | 6,112 | 7,411 | 11,096 | 13,088 |
Expenses | -3,760 | -3,482 | -7,200 | -6,804 |
Other income | 214 | 151 | 375 | 253 |
Financial services pretax income | 2,566 | 4,080 | 4,271 | 6,537 |
Income before taxes | 91,846 | 51,144 | 153,461 | 86,537 |
Provision for income taxes | -35,383 | -8,008 | -58,839 | -21,577 |
Net income | 56,463 | 43,136 | 94,622 | 64,960 |
Less: Net income allocated to preferred shareholder | -13,496 | -14,293 | -22,650 | -23,991 |
Less: Net income allocated to unvested restricted stock | -77 | -66 | -134 | -82 |
Net income available to common stockholders | $42,890 | $28,777 | $71,838 | $40,887 |
Income Per Common Share: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.15 | $0.12 | $0.26 | $0.18 |
Diluted (in Dollars per share) | $0.14 | $0.11 | $0.23 | $0.16 |
Weighted Average Common Shares Outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 279,075,416 | 243,171,726 | 278,514,992 | 228,749,443 |
Diluted (in Shares) | 316,727,592 | 281,708,696 | 316,451,929 | 267,274,060 |
Weighted average additional common shares outstanding if preferred shares converted to common shares (in Shares) | 87,812,786 | 120,779,819 | 87,812,786 | 134,221,626 |
Total weighted average diluted common shares outstanding if preferred shares converted to common shares (in Shares) | 404,540,378 | 402,488,515 | 404,264,715 | 401,495,686 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $56,463 | $43,136 | $94,622 | $64,960 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Unrealized gain on interest rate swaps | ' | 649 | ' | 2,228 |
Total comprehensive income | $56,463 | $43,785 | $94,622 | $67,188 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Homebuilding: | ' | ' |
Cash and equivalents | $147,539 | $363,291 |
Restricted cash | 32,700 | ' |
Investments in unconsolidated joint ventures | 50,278 | 66,054 |
Total Assets | 3,728,164 | 3,662,105 |
Owned | 2,902,840 | 2,536,102 |
Not owned | 89,906 | 98,341 |
Homebuilding: | ' | ' |
Total Liabilities | 2,155,581 | 2,193,145 |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.01 par value; 10,000,000 shares authorized; 267,829 shares issued and outstanding at June 30, 2014 and December 31, 2013 | 3 | 3 |
Common stock, $0.01 par value; 600,000,000 shares authorized; 279,287,853 and 277,618,177 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 2,793 | 2,776 |
Additional paid-in capital | 1,363,798 | 1,354,814 |
Accumulated earnings | 205,989 | 111,367 |
Total Equity | 1,572,583 | 1,468,960 |
Total Liabilities and Equity | 3,728,164 | 3,662,105 |
Homebuilding [Member] | ' | ' |
Homebuilding: | ' | ' |
Cash and equivalents | 129,736 | 355,489 |
Restricted cash | 31,385 | 21,460 |
Trade and other receivables | 25,446 | 14,431 |
Investments in unconsolidated joint ventures | 50,278 | 66,054 |
Deferred income taxes, net of valuation allowance of $4,591 at June 30, 2014 and December 31, 2013 | 334,095 | 375,400 |
Other assets | 46,353 | 45,977 |
Total Assets | 3,610,039 | 3,513,254 |
Owned | 2,902,840 | 2,536,102 |
Not owned | 89,906 | 98,341 |
Homebuilding: | ' | ' |
Accounts payable | 41,920 | 35,771 |
Accrued liabilities | 209,859 | 214,266 |
Secured project debt and other notes payable | 5,054 | 6,351 |
Senior notes payable | 1,829,783 | 1,833,244 |
Total Liabilities | 2,086,616 | 2,089,632 |
Financial Services [Member] | ' | ' |
Homebuilding: | ' | ' |
Cash and equivalents | 17,803 | 7,802 |
Restricted cash | 1,295 | 1,295 |
Other assets | 7,451 | 5,503 |
Total Assets | 118,125 | 148,851 |
Financial Services: | ' | ' |
Mortgage loans held for sale, net | 79,343 | 122,031 |
Mortgage loans held for investment, net | 12,233 | 12,220 |
Homebuilding: | ' | ' |
Total Liabilities | 68,965 | 103,513 |
Financial Services: | ' | ' |
Accounts payable and other liabilities | 2,386 | 2,646 |
Mortgage credit facilities | $66,579 | $100,867 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Deferred income taxes, valuation allowance (in Dollars) | $4,600 | ' |
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 | 267,829 |
Preferred stock, Shares outstanding | 267,829 | 267,829 |
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 | 279,287,853 | 277,618,177 |
Common stock, Shares outstanding | 279,287,853 | 277,618,177 |
Homebuilding [Member] | ' | ' |
Deferred income taxes, valuation allowance (in Dollars) | $4,591 | $4,591 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net income | $94,622 | $64,960 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
(Income) loss from unconsolidated joint ventures | 899 | -1,281 |
Cash distributions of income from unconsolidated joint ventures | 1,875 | 3,375 |
Depreciation and amortization | 2,436 | 1,386 |
Loss on disposal of property and equipment | 1 | 16 |
Amortization of stock-based compensation | 5,231 | 3,975 |
Deferred income tax provision | 59,005 | 21,183 |
Changes in cash and equivalents due to: | ' | ' |
Trade and other receivables | -11,133 | -19,648 |
Mortgage loans held for sale | 42,574 | 11,958 |
Inventories - owned | -316,023 | -230,023 |
Inventories - not owned | -14,794 | -9,710 |
Other assets | -1,975 | -1,254 |
Accounts payable | 6,149 | -380 |
Accrued liabilities | -12,379 | 6,239 |
Net cash provided by (used in) operating activities | -143,512 | -149,204 |
Cash Flows From Investing Activities: | ' | ' |
Investments in unconsolidated homebuilding joint ventures | -5,677 | -10,752 |
Distributions of capital from unconsolidated homebuilding joint ventures | 14,808 | 1,569 |
Net cash paid for acquisitions | -33,408 | -113,793 |
Other investing activities | -1,487 | -3,878 |
Net cash provided by (used in) investing activities | -25,764 | -126,854 |
Cash Flows From Financing Activities: | ' | ' |
Change in restricted cash | -9,925 | 2,063 |
Principal payments on secured project debt and other notes payable | -1,061 | -7,217 |
Principal payments on senior notes payable | -4,971 | ' |
Net proceeds from (payments on) mortgage credit facilities | -34,288 | 4,805 |
Payment of issuance costs in connection with preferred shareholder equity transactions | ' | -347 |
Proceeds from the exercise of stock options | 3,769 | 10,835 |
Net cash provided by (used in) financing activities | -46,476 | 10,139 |
Net increase (decrease) in cash and equivalents | -215,752 | -265,919 |
Cash and equivalents at beginning of period | 363,291 | 346,555 |
Cash and equivalents at end of period | 147,539 | 80,636 |
Homebuilding restricted cash at end of period | 31,385 | 25,462 |
Financial services restricted cash at end of period | 1,295 | 1,795 |
Cash and equivalents and restricted cash at end of period | $180,219 | $107,893 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 6 Months Ended | |
Jun. 30, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Basis of Accounting [Text Block] | ' | |
1 | Basis of Presentation | |
The accompanying condensed consolidated financial statements include the accounts of Standard Pacific Corp. and its wholly owned subsidiaries and have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q. Certain information normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) has been omitted pursuant to applicable rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements included herein reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2014 and the results of operations and cash flows for the periods presented. | ||
Certain items in the prior period condensed consolidated financial statements have been reclassified to conform with the current period presentation. | ||
The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. Unless the context otherwise requires, the terms “we,” “us,” “our” and “the Company” refer to Standard Pacific Corp. and its subsidiaries. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronouncements | 6 Months Ended | |
Jun. 30, 2014 | ||
Recent Accounting Pronouncements [Abstract] | ' | |
Recent Accounting Pronouncements [Text Block] | ' | |
2 | Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 is intended to end inconsistent practices regarding the presentation of unrecognized tax benefits when a net operating loss, a similar tax loss or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from the disallowance of a tax position. For public companies, the amendments in ASU 2013-11 were effective prospectively for interim and annual periods beginning after December 15, 2013. Our adoption of ASU 2013-11 on January 1, 2014 did not have an effect on our condensed consolidated financial statements. | ||
In January 2014, the FASB issued ASU No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors (“ASU 2014-04”), which clarifies when an in-substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan has occurred. By doing so, this guidance helps determine when the creditor should derecognize the loan receivable and recognize the real estate property. For public companies, ASU 2014-04 is effective prospectively for interim and annual periods beginning after December 15, 2014. Our adoption of ASU 2014-04 is not expected to have a material effect on our condensed consolidated financial statements. | ||
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). The amendments in ASU 2014-08 change the criteria for reporting discontinued operations while enhancing disclosures in this area. The new guidance requires expanded disclosures about discontinued operations, including more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. For public companies, the amendments in ASU 2014-08 are effective prospectively for interim and annual periods beginning after December 15, 2014. Our adoption of ASU 2014-08 is not expected to have a material effect on our condensed consolidated financial statements. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which clarifies existing accounting literature relating to how and when a company recognizes revenue. Under ASU 2014-09, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. For public companies, the amendments in ASU 2014-09 are effective for interim and annual reporting periods beginning after December 15, 2016, and are to be applied retrospectively, with early application not permitted. We are currently evaluating the impact the pronouncement will have on our consolidated financial statements and related disclosures. |
Note_3_Segment_Reporting
Note 3 - Segment Reporting | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 condensed 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 segments based on their respective percentage of revenues. | |||||||||||||||||
Segment financial information relating to the Company’s homebuilding operations was as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Homebuilding revenues: | |||||||||||||||||
California | $ | 290,899 | $ | 229,008 | $ | 510,378 | $ | 428,198 | |||||||||
Southwest | 131,590 | 93,017 | 238,797 | 172,421 | |||||||||||||
Southeast | 169,997 | 116,656 | 303,510 | 195,783 | |||||||||||||
Total homebuilding revenues | $ | 592,486 | $ | 438,681 | $ | 1,052,685 | $ | 796,402 | |||||||||
Homebuilding pretax income: | |||||||||||||||||
California | $ | 57,566 | $ | 30,002 | $ | 96,119 | $ | 52,410 | |||||||||
Southwest | 14,274 | 8,542 | 24,332 | 15,053 | |||||||||||||
Southeast | 17,440 | 8,520 | 28,739 | 12,537 | |||||||||||||
Total homebuilding pretax income | $ | 89,280 | $ | 47,064 | $ | 149,190 | $ | 80,000 | |||||||||
Segment financial information relating to the Company’s homebuilding assets was as follows: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Homebuilding assets: | |||||||||||||||||
California | $ | 1,401,858 | $ | 1,344,605 | |||||||||||||
Southwest | 781,667 | 641,711 | |||||||||||||||
Southeast | 921,156 | 785,988 | |||||||||||||||
Corporate | 505,358 | 740,950 | |||||||||||||||
Total homebuilding assets | $ | 3,610,039 | $ | 3,513,254 | |||||||||||||
Note_4_Earnings_Per_Common_Sha
Note 4 - Earnings Per Common Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
4 | Earnings Per Common Share | ||||||||||||||||
We compute earnings per share in accordance with ASC Topic 260, Earnings per Share (“ASC 260”), which requires earnings 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 between the holders of common stock and a company's participating security holders. Under the two-class method, earnings 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 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 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 per common share, basic earnings 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 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 per share, the two-class method and if-converted method for the Series B Preferred Stock resulted in the same earnings per share amounts as the holder of the Series B Preferred Stock has the same economic rights as the holders of the common stock. | |||||||||||||||||
The following table sets forth the components used in the computation of basic and diluted earnings per common share. | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 56,463 | $ | 43,136 | $ | 94,622 | $ | 64,960 | |||||||||
Less: Net income allocated to preferred shareholder | (13,496 | ) | (14,293 | ) | (22,650 | ) | (23,991 | ) | |||||||||
Less: Net income allocated to unvested restricted stock | (77 | ) | (66 | ) | (134 | ) | (82 | ) | |||||||||
Net income available to common stockholders for basic earnings per common share | 42,890 | 28,777 | 71,838 | 40,887 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Net income allocated to preferred shareholder | 13,496 | 14,293 | 22,650 | 23,991 | |||||||||||||
Interest on 1¼% convertible senior notes due 2032, included in cost of sales | 41 | 41 | 204 | 204 | |||||||||||||
Net income available to common and preferred stock for diluted earnings per share | $ | 56,427 | $ | 43,111 | $ | 94,692 | $ | 65,082 | |||||||||
Denominator: | |||||||||||||||||
Weighted average basic common shares outstanding | 279,075,416 | 243,171,726 | 278,514,992 | 228,749,443 | |||||||||||||
Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive | 87,812,786 | 120,779,819 | 87,812,786 | 134,221,626 | |||||||||||||
Total weighted average common shares outstanding if preferred shares converted to common shares | 366,888,202 | 363,951,545 | 366,327,778 | 362,971,069 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and stock appreciation rights | 6,339,326 | 7,224,120 | 6,624,087 | 7,211,767 | |||||||||||||
1¼% convertible senior notes due 2032 | 31,312,850 | 31,312,850 | 31,312,850 | 31,312,850 | |||||||||||||
Weighted average diluted shares outstanding | 404,540,378 | 402,488,515 | 404,264,715 | 401,495,686 | |||||||||||||
Income per common share: | |||||||||||||||||
Basic | $ | 0.15 | $ | 0.12 | $ | 0.26 | $ | 0.18 | |||||||||
Diluted | $ | 0.14 | $ | 0.11 | $ | 0.23 | $ | 0.16 | |||||||||
Note_5_StockBased_Compensation
Note 5 - Stock-Based Compensation | 6 Months Ended | |
Jun. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |
5 | 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. | ||
Total compensation expense recognized related to stock-based compensation was $2.8 million and $2.5 million for the three months ended June 30, 2014 and 2013, respectively. For the six months ended June 30, 2014 and 2013, we recognized stock-based compensation expense of $5.2 million and $4.0 million, respectively. As of June 30, 2014, total unrecognized stock-based compensation expense was $16.7 million, with a weighted average period over which the remaining unrecognized compensation expense is expected to be recorded of approximately 1.9 years. |
Note_6_Restricted_Cash
Note 6 - Restricted Cash | 6 Months Ended | |
Jun. 30, 2014 | ||
Restricted Cash And Cash Equivalents [Abstract] | ' | |
Restricted Cash And Cash Equivalents [Text Block] | ' | |
6 | Restricted Cash | |
At June 30, 2014, restricted cash included $32.7 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 ($31.4 million of homebuilding restricted cash and $1.3 million of financial services restricted cash). |
Note_7_Inventories
Note 7 - Inventories | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||||||
Inventory Disclosure [Text Block] | ' | ||||||||||||||||
7 | Inventories | ||||||||||||||||
a. | Inventories Owned | ||||||||||||||||
Inventories owned consisted of the following at: | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
California | Southwest | Southeast | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land and land under development | $ | 804,233 | $ | 474,258 | $ | 605,346 | $ | 1,883,837 | |||||||||
Homes completed and under construction | 393,170 | 236,497 | 246,532 | 876,199 | |||||||||||||
Model homes | 77,304 | 31,758 | 33,742 | 142,804 | |||||||||||||
Total inventories owned | $ | 1,274,707 | $ | 742,513 | $ | 885,620 | $ | 2,902,840 | |||||||||
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 | |||||||||
In accordance with ASC Topic 360, Property, Plant, and Equipment (“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. As of June 30, 2014 and 2013, the total active and future projects that we owned were 360 and 324, respectively. During the six months ended June 30, 2014 and 2013, we reviewed all projects for indicators of impairment and based on our review, we did not record any inventory impairments during these periods. | |||||||||||||||||
During the three months ended June 30, 2014, we acquired control of approximately 10 current and future communities from a homebuilder in Austin, Texas, 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 $31.5 million of inventories owned, $4.9 million of inventories not owned, $1.2 million of other assets and $4.2 million of other accrued liabilities. As of June 30, 2014, these amounts are subject to change as we have not yet finalized the purchase accounting for the real estate assets acquired in this transaction. | |||||||||||||||||
b. Inventories Not Owned | |||||||||||||||||
Inventories not owned consisted of the following at: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land purchase and lot option deposits | $ | 49,425 | $ | 44,005 | |||||||||||||
Other lot option contracts, net of deposits | 40,481 | 54,336 | |||||||||||||||
Total inventories not owned | $ | 89,906 | $ | 98,341 | |||||||||||||
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 June 30, 2014 and December 31, 2013, we had consolidated $7.6 million and $21.7 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 June 30, 2014 and December 31, 2013, 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, and $5.9 million and $5.7 million, as of June 30, 2014 and December 31, 2013, respectively, of purchase price allocated in connection with business acquisitions during the 2014 and 2013 second quarter. |
Note_8_Capitalization_of_Inter
Note 8 - Capitalization of Interest | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Home Building Interest [Abstract] | ' | ||||||||||||||||
Home Building Interest [Text Block] | ' | ||||||||||||||||
8 | 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. During the six months ended June 30, 2014 and 2013, our qualified assets exceeded our debt, and as a result, all of our interest incurred during the six months ended June 30, 2014 and 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 three and six months ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Total interest incurred (1) | $ | 37,641 | $ | 33,526 | $ | 76,427 | $ | 68,553 | |||||||||
Less: Interest capitalized to inventories owned | (37,228 | ) | (32,782 | ) | (75,441 | ) | (66,983 | ) | |||||||||
Less: Interest capitalized to investments in unconsolidated joint ventures | (413 | ) | (744 | ) | (986 | ) | (1,570 | ) | |||||||||
Interest expense | ― | ― | ― | ― | |||||||||||||
Interest previously capitalized to inventories owned, included in cost of home sales | $ | 29,812 | $ | 30,337 | $ | 54,180 | $ | 58,033 | |||||||||
Interest previously capitalized to inventories owned, included in cost of land sales | $ | 4 | $ | 325 | $ | 619 | $ | 514 | |||||||||
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures | ― | $ | 123 | $ | 30 | $ | 292 | ||||||||||
Interest capitalized in ending inventories owned (2) | $ | 265,393 | $ | 231,974 | $ | 265,393 | $ | 231,974 | |||||||||
Interest capitalized as a percentage of inventories owned | 9.1 | % | 10 | % | 9.1 | % | 10 | % | |||||||||
Interest capitalized in ending investments in unconsolidated joint ventures (2) | $ | 1,924 | $ | 6,063 | $ | 1,924 | $ | 6,063 | |||||||||
Interest capitalized as a percentage of investments in unconsolidated joint ventures | 3.8 | % | 10.5 | % | 3.8 | % | 10.5 | % | |||||||||
-1 | For the three and six months ended June 30, 2013, interest incurred included the noncash amortization of $1.0 million and $3.6 million, respectively, of interest related to interest rate swap agreements that were terminated in the 2010 fourth quarter (please see Note 15 “Derivative Instruments and Hedging Activities”). | ||||||||||||||||
-2 | During the six months ended June 30, 2014, in connection with lot purchases from our joint ventures, $4.0 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. During the three and six months ended June 30, 2013, in connection with lot purchases from our joint ventures, $2.1 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. | ||||||||||||||||
Note_9_Investments_in_Unconsol
Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | ||||||||
9 | 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 account for under the equity method: | |||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Revenues | $ | 31,225 | $ | 20,507 | |||||
Cost of sales and expenses | (36,251 | ) | (18,217 | ) | |||||
Income (loss) of unconsolidated joint ventures | $ | (5,026 | ) | $ | 2,290 | ||||
Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations | $ | (899 | ) | $ | 1,281 | ||||
Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations represents our share of the income (loss) of our unconsolidated land development and homebuilding joint ventures allocated based on the provisions of the underlying joint venture operating agreements. 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 we construct on such lots to third parties. Following such home sales, we account for these earnings as a reduction of the cost basis of the lots purchased from these joint ventures. For the six months ended June 30, 2014 and 2013, 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 each of the six months ended June 30, 2014 and 2013, all of our investments in unconsolidated joint ventures were reviewed for impairment. Based on the impairment review, no joint venture projects were determined to be impaired for the six months ended June 30, 2014 and 2013. | |||||||||
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: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Assets: | |||||||||
Cash | $ | 31,240 | $ | 37,884 | |||||
Inventories | 193,808 | 211,929 | |||||||
Other assets | 10,128 | 8,600 | |||||||
Total assets | $ | 235,176 | $ | 258,413 | |||||
Liabilities and Equity: | |||||||||
Accounts payable and accrued liabilities | $ | 17,160 | $ | 20,496 | |||||
Non-recourse debt | 30,000 | 30,000 | |||||||
Standard Pacific equity | 53,550 | 66,363 | |||||||
Other members' equity | 134,466 | 141,554 | |||||||
Total liabilities and equity | $ | 235,176 | $ | 258,413 | |||||
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets | $ | 50,278 | $ | 66,054 | |||||
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 June 30, 2014 and December 31, 2013, substantially all of our investments in unconsolidated joint ventures were in California. Our investments in unconsolidated joint ventures also included approximately $1.9 million and $5.0 million of homebuilding interest capitalized to investments in unconsolidated joint ventures as of June 30, 2014 and December 31, 2013, 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 June 30, 2014, 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. |
Note_10_Warranty_Costs
Note 10 - Warranty Costs | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Product Warranty Disclosure [Text Block] | ' | ||||||||
10. 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. Our warranty accrual is included in accrued liabilities in the accompanying condensed consolidated balance sheets. | |||||||||
Changes in our warranty accrual are detailed in the table set forth below: | |||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Warranty accrual, beginning of the period | $ | 13,811 | $ | 15,514 | |||||
Warranty costs accrued during the period | 2,812 | 1,182 | |||||||
Warranty costs paid during the period | (3,277 | ) | (1,772 | ) | |||||
Warranty accrual, end of the period | $ | 13,346 | $ | 14,924 | |||||
Note_11_Revolving_Credit_Facil
Note 11 - Revolving Credit Facility and Letter of Credit Facilities | 6 Months Ended |
Jun. 30, 2014 | |
Lineof Credit Facility [Abstract] | ' |
Lineof Credit Facility [Text Block] | ' |
11. Revolving Credit Facility and Letter of Credit Facilities | |
As of June 30, 2014, we were party to a $440 million unsecured revolving credit facility (the “Revolving Facility”) which was scheduled to mature in October 2015. On July 31, 2014, we amended the Revolving Facility to, among other things, increase the aggregate commitment to $450 million and extend the maturity date to July 2018. The Revolving Facility has an accordion feature under which the commitment may be increased up to a maximum aggregate commitment of $750 million, subject to the availability of additional bank commitments and certain other conditions. As of June 30, 2014, the Revolving Facility contained financial covenants (which were not modified in connection with the July 2014 amendment), 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 June 30, 2014, we satisfied the conditions that would allow us to borrow up to $440 million under the facility and had no amounts outstanding. | |
As of June 30, 2014, we were party to four committed letter of credit facilities totaling $41 million, of which $22.2 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 $8.0 million outstanding under an uncommitted letter of credit facility. As of June 30, 2014, these facilities were secured by cash collateral deposits of $30.7 million. Upon maturity, we may renew or enter into new letter of credit facilities with the same or other financial institutions. |
Note_12_Secured_Project_Debt_a
Note 12 - Secured Project Debt and Other Notes Payable | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
12. 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 June 30, 2014, we had approximately $5.1 million outstanding in secured project debt and other notes payable. |
Note_13_Senior_Notes_Payable
Note 13 - Senior Notes Payable | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
13. Senior Notes Payable | |||||||||
Senior notes payable consisted of the following at: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
6¼% Senior Notes due April 2014 | ― | $ | 4,971 | ||||||
7% Senior Notes due August 2015 | 29,789 | 29,789 | |||||||
10¾% Senior Notes due September 2016, net of discount | 270,810 | 269,046 | |||||||
8⅜% Senior Notes due May 2018, net of premium | 578,689 | 579,085 | |||||||
8⅜% Senior Notes due January 2021, net of discount | 397,495 | 397,353 | |||||||
6¼% Senior Notes due December 2021 | 300,000 | 300,000 | |||||||
1¼% Convertible Senior Notes due August 2032 | 253,000 | 253,000 | |||||||
$ | 1,829,783 | $ | 1,833,244 | ||||||
The senior notes payable described above are all senior obligations and rank equally with our other existing senior indebtedness and, with the exception of our 1.25% Convertible Senior Notes, are redeemable at our option, in whole or in part, pursuant to a “make whole” formula. These notes contain various restrictive covenants. Our 10.75% Senior Notes due 2016 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 indentures). As of June 30, 2014, 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. The indentures further provide that a Guarantor Subsidiary will be released and relieved of any obligations under its note guarantee in the event (i) of a sale or other disposition (whether by merger, stock purchase, asset sale or otherwise) of a Guarantor Subsidiary to an entity which is not Standard Pacific Corp. or a Guarantor Subsidiary; (ii) the requirements for legal defeasance or covenant defeasance have been satisfied; (iii) a Guarantor Subsidiary ceases to be a restricted subsidiary as the result of the Company owning less than 80% of such Guarantor Subsidiary; (iv) a Guarantor Subsidiary ceases to guarantee all other public notes of the Company; or (v) a Guarantor Subsidiary is designated as an Unrestricted Subsidiary under the indentures for covenant purposes. Please see Note 21 for supplemental financial statement information about our guarantor subsidiaries group and non-guarantor subsidiaries group. | |||||||||
The 1¼% Convertible Senior Notes due 2032 (the “Convertible Notes”) 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. On or after August 5, 2017, 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. | |||||||||
We repaid the remaining $5.0 million principal balance of our 6.25% Senior Notes upon maturity in April 2014. |
Note_14_Preferred_Stock
Note 14 - Preferred Stock | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Preferred Stock [Text Block] | ' |
14. 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. | |
At June 30, 2014, MatlinPatterson owned 267,829 shares of Series B Preferred Stock, which are convertible into 87.8 million shares of our common stock. They also owned 126.4 million shares of our common stock. As of June 30, 2014, the outstanding shares of Series B Preferred Stock on an as converted basis plus the common stock owned by MatlinPatterson represented approximately 58% of the total number of shares of our common stock outstanding on an if-converted basis. |
Note_15_Derivative_Instruments
Note 15 - Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' |
15. 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 three and six months ended June 30, 2013, we recorded after-tax other comprehensive income of $0.6 million and $2.2 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, at which time the total cost was completely amortized. |
Note_16_Mortgage_Credit_Facili
Note 16 - Mortgage Credit Facilities | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Of Warehouse Agreement Borrowings [Abstract] | ' |
Disclosure Of Warehouse Agreement Borrowings [Text Block] | ' |
16. Mortgage Credit Facilities | |
At June 30, 2014, we had $66.6 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 2015, 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 June 30, 2014, 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 June 30, 2014, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in these facilities. |
Note_17_Disclosures_about_Fair
Note 17 - Disclosures about Fair Value | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
17. 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 | |||||||||||||||||||||
Description | Fair Value Hierarchy | June 30, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Mortgage loans held for sale | Level 2 | $ | 81,427 | $ | 124,184 | ||||||||||||||||
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: | |||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||
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 | $ | 12,233 | $ | 12,233 | $ | 12,220 | $ | 12,220 | ||||||||||||
Homebuilding liabilities: | |||||||||||||||||||||
Senior notes payable, net | Level 2 | $ | 1,829,783 | $ | 2,154,042 | $ | 1,833,244 | $ | 2,165,193 | ||||||||||||
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_18_Commitments_and_Contin
Note 18 - Commitments and Contingencies | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingencies Disclosure [Text Block] | ' | ||
18. 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 June 30, 2014, we had non-refundable cash deposits outstanding of approximately $42.4 million and capitalized preacquisition and other development and construction costs of approximately $7.8 million relating to land purchase and option contracts having a total remaining purchase price of approximately $425.0 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 June 30, 2014, we held membership interests in 21 homebuilding and land development joint ventures, of which seven were active and 14 were inactive or winding down. As of such date, only one joint venture had project specific debt outstanding, which totaled $30 million. This joint venture bank debt is non-recourse to us and is scheduled to mature in June 2015. In addition, as of June 30, 2014, our joint ventures had $0.4 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 June 30, 2014, we had approximately $468.8 million in surety bonds outstanding (exclusive of surety bonds related to our joint ventures), with respect to which we had an estimated $261.9 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 $83.6 million at June 30, 2014 and carried a weighted average interest rate of approximately 4.0%. Interest rate risks related to these obligations are mitigated through the preselling of loans to investors. As of June 30, 2014, Standard Pacific Mortgage had approximately $79.3 million in closed mortgage loans held for sale and $84.9 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. | |||
Substantially all of the loans originated by Standard Pacific Mortgage are sold with servicing rights released on a non-recourse basis. These sales are generally 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 June 30, 2014, we had incurred an aggregate of $10.6 million in losses related to loan repurchases and make-whole payments we had been required to make on the $8.6 billion total dollar value of the loans we originated from the beginning of 2004 through the end of the second quarter of 2014. During the six months ended June 30, 2014 and 2013, Standard Pacific Mortgage recorded loan loss expense related to indemnification and repurchase allowances of $0.2 million and $0, respectively. As of June 30, 2014, Standard Pacific Mortgage had indemnity and repurchase allowances related to loans sold of approximately $2.2 million. In addition, during the six months ended June 30, 2014 and 2013, Standard Pacific Mortgage made make-whole payments totaling approximately $0.2 million related to four loans and $0.8 million related to nine loans, respectively. | |||
e. | 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 June 30, 2014 and December 31, 2013 were $62.8 million and $64.8 million, respectively, which are included in accrued liabilities in the accompanying condensed 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. |
Note_19_Income_Taxes
Note 19 - Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
19. 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. | |
Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not to be unrealizable. Our assessment considers, among other things, the nature, frequency and severity of our prior and cumulative losses, forecasts of our future taxable income, the duration of statutory carryforward periods, our utilization experience with operating loss and tax credit carryforwards, and tax planning alternatives. | |
Our 2014 second quarter provision for income taxes of $35.4 million primarily related to our $91.8 million of pretax income. As of June 30, 2014, we had a $338.7 million deferred tax asset which was offset by a valuation allowance of $4.6 million related to state net operating loss carryforwards that are limited by shorter carryforward periods. As of such date, $168.7 million of our deferred tax asset related to net operating loss carryforwards ($119.1 million was subject to the Section 382 gross annual limitation of $15.6 million for both federal and state purposes, and $49.6 million was not subject to such limitation). The remaining deferred tax asset balance of $170.0 million represented deductible timing differences, primarily related to inventory impairments and financial accruals, which have no expiration date. In addition, as of June 30, 2014, we remained subject to examination by various tax jurisdictions for the tax years ended December 31, 2008 through 2013. |
Note_20_Supplemental_Disclosur
Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||
20. Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows | |||||||||
The following are supplemental disclosures to the condensed consolidated statements of cash flows: | |||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||
Cash paid during the period for: | |||||||||
Interest | $ | 69,752 | $ | 59,909 | |||||
Income taxes | $ | 3,712 | $ | 501 | |||||
Supplemental Disclosures of Noncash Activities: | |||||||||
Liabilities assumed in connection with acquisitions | $ | 4,170 | $ | 4,983 | |||||
Note_21_Supplemental_Guarantor
Note 21 - Supplemental Guarantor Information | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | ||||||||||||||||||||
Supplemental Guarantor Information [Text Block] | ' | ||||||||||||||||||||
21. Supplemental Guarantor Information | |||||||||||||||||||||
Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable (please see Note 13 ‘‘Senior Notes Payable’’). Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 210,663 | $ | 250,945 | $ | 130,878 | ― | $ | 592,486 | ||||||||||||
Cost of sales | (155,611 | ) | (187,801 | ) | (91,134 | ) | ― | (434,546 | ) | ||||||||||||
Gross margin | 55,052 | 63,144 | 39,744 | ― | 157,940 | ||||||||||||||||
Selling, general and administrative expenses | (25,637 | ) | (32,286 | ) | (9,912 | ) | ― | (67,835 | ) | ||||||||||||
Income (loss) from unconsolidated joint ventures | 4 | (5 | ) | (461 | ) | ― | (462 | ) | |||||||||||||
Equity income of subsidiaries | 41,577 | ― | ― | (41,577 | ) | ― | |||||||||||||||
Interest income (expense), net | 3,270 | (2,848 | ) | (422 | ) | ― | ― | ||||||||||||||
Other income (expense) | (910 | ) | (223 | ) | 770 | ― | (363 | ) | |||||||||||||
Homebuilding pretax income | 73,356 | 27,782 | 29,719 | (41,577 | ) | 89,280 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | ― | ― | 2,566 | ― | 2,566 | ||||||||||||||||
Income before taxes | 73,356 | 27,782 | 32,285 | (41,577 | ) | 91,846 | |||||||||||||||
Provision for income taxes | (16,893 | ) | (10,289 | ) | (8,201 | ) | ― | (35,383 | ) | ||||||||||||
Net income | $ | 56,463 | $ | 17,493 | $ | 24,084 | $ | (41,577 | ) | $ | 56,463 | ||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 195,697 | $ | 192,595 | $ | 50,389 | ― | $ | 438,681 | ||||||||||||
Cost of sales | (147,969 | ) | (146,740 | ) | (41,210 | ) | ― | (335,919 | ) | ||||||||||||
Gross margin | 47,728 | 45,855 | 9,179 | ― | 102,762 | ||||||||||||||||
Selling, general and administrative expenses | (22,921 | ) | (26,630 | ) | (5,047 | ) | ― | (54,598 | ) | ||||||||||||
Income (loss) from unconsolidated joint ventures | 360 | (52 | ) | (161 | ) | ― | 147 | ||||||||||||||
Equity income of subsidiaries | 15,991 | ― | ― | (15,991 | ) | ― | |||||||||||||||
Interest income (expense), net | 4,282 | (3,089 | ) | (1,193 | ) | ― | ― | ||||||||||||||
Other income (expense) | (1,509 | ) | (141 | ) | 403 | ― | (1,247 | ) | |||||||||||||
Homebuilding pretax income | 43,931 | 15,943 | 3,181 | (15,991 | ) | 47,064 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | ― | ― | 4,080 | ― | 4,080 | ||||||||||||||||
Income before taxes | 43,931 | 15,943 | 7,261 | (15,991 | ) | 51,144 | |||||||||||||||
Provision for income taxes | (795 | ) | (5,555 | ) | (1,658 | ) | ― | (8,008 | ) | ||||||||||||
Net income | $ | 43,136 | $ | 10,388 | $ | 5,603 | $ | (15,991 | ) | $ | 43,136 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 379,003 | $ | 456,029 | $ | 217,653 | ― | $ | 1,052,685 | ||||||||||||
Cost of sales | (277,121 | ) | (342,623 | ) | (156,051 | ) | ― | (775,795 | ) | ||||||||||||
Gross margin | 101,882 | 113,406 | 61,602 | ― | 276,890 | ||||||||||||||||
Selling, general and administrative expenses | (49,442 | ) | (60,134 | ) | (16,849 | ) | ― | (126,425 | ) | ||||||||||||
Income (loss) from unconsolidated joint ventures | (113 | ) | 28 | (814 | ) | ― | (899 | ) | |||||||||||||
Equity income of subsidiaries | 66,073 | ― | ― | (66,073 | ) | ― | |||||||||||||||
Interest income (expense), net | 6,959 | (5,654 | ) | (1,305 | ) | ― | ― | ||||||||||||||
Other income (expense) | (1,052 | ) | (253 | ) | 929 | ― | (376 | ) | |||||||||||||
Homebuilding pretax income | 124,307 | 47,393 | 43,563 | (66,073 | ) | 149,190 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | ― | ― | 4,271 | ― | 4,271 | ||||||||||||||||
Income before taxes | 124,307 | 47,393 | 47,834 | (66,073 | ) | 153,461 | |||||||||||||||
Provision for income taxes | (29,685 | ) | (17,544 | ) | (11,610 | ) | ― | (58,839 | ) | ||||||||||||
Net income | $ | 94,622 | $ | 29,849 | $ | 36,224 | $ | (66,073 | ) | $ | 94,622 | ||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 370,932 | $ | 343,984 | $ | 81,486 | ― | $ | 796,402 | ||||||||||||
Cost of sales | (285,055 | ) | (267,140 | ) | (66,919 | ) | ― | (619,114 | ) | ||||||||||||
Gross margin | 85,877 | 76,844 | 14,567 | ― | 177,288 | ||||||||||||||||
Selling, general and administrative expenses | (43,951 | ) | (48,676 | ) | (8,265 | ) | ― | (100,892 | ) | ||||||||||||
Income (loss) from unconsolidated joint ventures | 1,495 | (124 | ) | (90 | ) | ― | 1,281 | ||||||||||||||
Equity income of subsidiaries | 21,271 | ― | ― | (21,271 | ) | ― | |||||||||||||||
Interest income (expense), net | 9,285 | (6,691 | ) | (2,594 | ) | ― | ― | ||||||||||||||
Other income (expense) | 1,998 | (157 | ) | 482 | ― | 2,323 | |||||||||||||||
Homebuilding pretax income | 75,975 | 21,196 | 4,100 | (21,271 | ) | 80,000 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | ― | ― | 6,537 | ― | 6,537 | ||||||||||||||||
Income before taxes | 75,975 | 21,196 | 10,637 | (21,271 | ) | 86,537 | |||||||||||||||
Provision for income taxes | (11,015 | ) | (7,960 | ) | (2,602 | ) | ― | (21,577 | ) | ||||||||||||
Net income | $ | 64,960 | $ | 13,236 | $ | 8,035 | $ | (21,271 | ) | $ | 64,960 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Standard | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard | |||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Cash and equivalents | $ | 26,249 | $ | 792 | $ | 102,695 | ― | $ | 129,736 | ||||||||||||
Restricted cash | ― | ― | 31,385 | ― | 31,385 | ||||||||||||||||
Trade, intercompany and other receivables | 1,520,698 | 8,141 | 99,348 | (1,602,741 | ) | 25,446 | |||||||||||||||
Inventories: | |||||||||||||||||||||
Owned | 877,471 | 1,169,260 | 856,109 | ― | 2,902,840 | ||||||||||||||||
Not owned | 16,600 | 34,038 | 39,268 | ― | 89,906 | ||||||||||||||||
Investments in unconsolidated joint ventures | (1,588 | ) | 219 | 51,647 | ― | 50,278 | |||||||||||||||
Investments in subsidiaries | 871,813 | ― | ― | (871,813 | ) | ― | |||||||||||||||
Deferred income taxes, net | 339,630 | ― | ― | (5,535 | ) | 334,095 | |||||||||||||||
Other assets | 35,145 | 7,724 | 3,484 | 46,353 | |||||||||||||||||
Total Homebuilding Assets | 3,686,018 | 1,220,174 | 1,183,936 | (2,480,089 | ) | 3,610,039 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Cash and equivalents | ― | ― | 17,803 | ― | 17,803 | ||||||||||||||||
Restricted cash | ― | ― | 1,295 | ― | 1,295 | ||||||||||||||||
Mortgage loans held for sale, net | ― | ― | 79,343 | ― | 79,343 | ||||||||||||||||
Mortgage loans held for investment, net | ― | ― | 12,233 | ― | 12,233 | ||||||||||||||||
Other assets | ― | ― | 9,281 | (1,830 | ) | 7,451 | |||||||||||||||
Total Financial Services Assets | ― | ― | 119,955 | (1,830 | ) | 118,125 | |||||||||||||||
Total Assets | $ | 3,686,018 | $ | 1,220,174 | $ | 1,303,891 | $ | (2,481,919 | ) | $ | 3,728,164 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Accounts payable | $ | 15,631 | $ | 11,569 | $ | 14,720 | ― | $ | 41,920 | ||||||||||||
Accrued liabilities and intercompany payables | 182,384 | 850,746 | 687,842 | (1,511,113 | ) | 209,859 | |||||||||||||||
Secured project debt and other notes payable | 85,637 | ― | 5,054 | (85,637 | ) | 5,054 | |||||||||||||||
Senior notes payable | 1,829,783 | ― | ― | ― | 1,829,783 | ||||||||||||||||
Total Homebuilding Liabilities | 2,113,435 | 862,315 | 707,616 | (1,596,750 | ) | 2,086,616 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Accounts payable and other liabilities | ― | ― | 15,742 | (13,356 | ) | 2,386 | |||||||||||||||
Mortgage credit facilities | ― | ― | 66,579 | ― | 66,579 | ||||||||||||||||
Total Financial Services Liabilities | ― | ― | 82,321 | (13,356 | ) | 68,965 | |||||||||||||||
Total Liabilities | 2,113,435 | 862,315 | 789,937 | (1,610,106 | ) | 2,155,581 | |||||||||||||||
Equity: | |||||||||||||||||||||
Total Stockholders' Equity | 1,572,583 | 357,859 | 513,954 | (871,813 | ) | 1,572,583 | |||||||||||||||
Total Liabilities and Equity | $ | 3,686,018 | $ | 1,220,174 | $ | 1,303,891 | $ | (2,481,919 | ) | $ | 3,728,164 | ||||||||||
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 STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
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 | $ | 40,140 | $ | (136,481 | ) | $ | (47,171 | ) | ― | $ | (143,512 | ) | |||||||||
Cash Flows From Investing Activities: | |||||||||||||||||||||
Investments in unconsolidated homebuilding joint ventures | 144 | 2 | (5,823 | ) | ― | (5,677 | ) | ||||||||||||||
Distributions of capital from unconsolidated homebuilding joint ventures | 120 | 229 | 14,459 | ― | 14,808 | ||||||||||||||||
Net cash paid for acqusitions | (35,685 | ) | ― | 2,277 | ― | (33,408 | ) | ||||||||||||||
Loan to parent | ― | ― | (85,000 | ) | 85,000 | ― | |||||||||||||||
Other investing activities | (618 | ) | (855 | ) | (14 | ) | ― | (1,487 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (36,039 | ) | (624 | ) | (74,101 | ) | 85,000 | (25,764 | ) | ||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||||||
Change in restricted cash | ― | ― | (9,925 | ) | ― | (9,925 | ) | ||||||||||||||
Principal payments on secured project debt and other notes payable | ― | ― | (1,061 | ) | ― | (1,061 | ) | ||||||||||||||
Principal payments on senior notes payable | (4,971 | ) | ― | ― | ― | (4,971 | ) | ||||||||||||||
Loan from subsidiary | 85,000 | ― | ― | (85,000 | ) | ― | |||||||||||||||
Net proceeds from (payments on) mortgage credit facilities | ― | ― | (34,288 | ) | ― | (34,288 | ) | ||||||||||||||
(Contributions to) distributions from Corporate and subsidiaries | 4,600 | ― | (4,600 | ) | ― | ― | |||||||||||||||
Proceeds from the exercise of stock options | 3,769 | ― | ― | ― | 3,769 | ||||||||||||||||
Intercompany advances, net | (241,539 | ) | 137,403 | 104,136 | ― | ― | |||||||||||||||
Net cash provided by (used in) financing activities | (153,141 | ) | 137,403 | 54,262 | (85,000 | ) | (46,476 | ) | |||||||||||||
Net increase (decrease) in cash and equivalents | (149,040 | ) | 298 | (67,010 | ) | ― | (215,752 | ) | |||||||||||||
Cash and equivalents at beginning of period | 175,289 | 494 | 187,508 | ― | 363,291 | ||||||||||||||||
Cash and equivalents at end of period | $ | 26,249 | $ | 792 | $ | 120,498 | ― | $ | 147,539 | ||||||||||||
Six Months Ended June 30, 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 | $ | 144,336 | $ | (126,976 | ) | $ | (166,564 | ) | ― | $ | (149,204 | ) | |||||||||
Cash Flows From Investing Activities: | |||||||||||||||||||||
Investments in unconsolidated homebuilding joint ventures | (305 | ) | (43 | ) | (10,404 | ) | ― | (10,752 | ) | ||||||||||||
Distributions of capital from unconsolidated homebuilding joint ventures | ― | ― | 1,569 | ― | 1,569 | ||||||||||||||||
Net cash paid for acquisitions | (113,793 | ) | ― | ― | ― | (113,793 | ) | ||||||||||||||
Loan to parent | ― | ― | (135,000 | ) | 135,000 | ― | |||||||||||||||
Other investing activities | (669 | ) | (1,511 | ) | (1,698 | ) | ― | (3,878 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (114,767 | ) | (1,554 | ) | (145,533 | ) | 135,000 | (126,854 | ) | ||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||||||
Change in restricted cash | ― | ― | 2,063 | ― | 2,063 | ||||||||||||||||
Principal payments on secured project debt and other notes payable | (6,804 | ) | ― | (413 | ) | ― | (7,217 | ) | |||||||||||||
Loan from subsidiary | 135,000 | ― | ― | (135,000 | ) | ― | |||||||||||||||
Net proceeds from (payments on) mortgage credit facilities | ― | ― | 4,805 | ― | 4,805 | ||||||||||||||||
(Contributions to) distributions from Corporate and subsidiaries | (3,891 | ) | ― | 3,891 | ― | ||||||||||||||||
Payment of issuance costs in connection with preferred shareholder equity transactions | (347 | ) | ― | ― | ― | (347 | ) | ||||||||||||||
Proceeds from the exercise of stock options | 10,835 | ― | ― | ― | 10,835 | ||||||||||||||||
Intercompany advances, net | (275,573 | ) | 128,647 | 146,926 | ― | ― | |||||||||||||||
Net cash provided by (used in) financing activities | (140,780 | ) | 128,647 | 157,272 | (135,000 | ) | 10,139 | ||||||||||||||
Net increase (decrease) in cash and equivalents | (111,211 | ) | 117 | (154,825 | ) | ― | (265,919 | ) | |||||||||||||
Cash and equivalents at beginning of period | 154,722 | 114 | 191,719 | ― | 346,555 | ||||||||||||||||
Cash and equivalents at end of period | $ | 43,511 | $ | 231 | $ | 36,894 | ― | $ | 80,636 | ||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
The accompanying condensed consolidated financial statements include the accounts of Standard Pacific Corp. and its wholly owned subsidiaries and have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q. Certain information normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) has been omitted pursuant to applicable rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements included herein reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2014 and the results of operations and cash flows for the periods presented. | |
Certain items in the prior period condensed consolidated financial statements have been reclassified to conform with the current period presentation. | |
The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. Unless the context otherwise requires, the terms “we,” “us,” “our” and “the Company” refer to Standard Pacific Corp. and its subsidiaries. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. |
Note_3_Segment_Reporting_Table
Note 3 - Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Homebuilding revenues: | |||||||||||||||||
California | $ | 290,899 | $ | 229,008 | $ | 510,378 | $ | 428,198 | |||||||||
Southwest | 131,590 | 93,017 | 238,797 | 172,421 | |||||||||||||
Southeast | 169,997 | 116,656 | 303,510 | 195,783 | |||||||||||||
Total homebuilding revenues | $ | 592,486 | $ | 438,681 | $ | 1,052,685 | $ | 796,402 | |||||||||
Homebuilding pretax income: | |||||||||||||||||
California | $ | 57,566 | $ | 30,002 | $ | 96,119 | $ | 52,410 | |||||||||
Southwest | 14,274 | 8,542 | 24,332 | 15,053 | |||||||||||||
Southeast | 17,440 | 8,520 | 28,739 | 12,537 | |||||||||||||
Total homebuilding pretax income | $ | 89,280 | $ | 47,064 | $ | 149,190 | $ | 80,000 | |||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Homebuilding assets: | |||||||||||||||||
California | $ | 1,401,858 | $ | 1,344,605 | |||||||||||||
Southwest | 781,667 | 641,711 | |||||||||||||||
Southeast | 921,156 | 785,988 | |||||||||||||||
Corporate | 505,358 | 740,950 | |||||||||||||||
Total homebuilding assets | $ | 3,610,039 | $ | 3,513,254 |
Note_4_Earnings_Per_Common_Sha1
Note 4 - Earnings Per Common Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 56,463 | $ | 43,136 | $ | 94,622 | $ | 64,960 | |||||||||
Less: Net income allocated to preferred shareholder | (13,496 | ) | (14,293 | ) | (22,650 | ) | (23,991 | ) | |||||||||
Less: Net income allocated to unvested restricted stock | (77 | ) | (66 | ) | (134 | ) | (82 | ) | |||||||||
Net income available to common stockholders for basic earnings per common share | 42,890 | 28,777 | 71,838 | 40,887 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Net income allocated to preferred shareholder | 13,496 | 14,293 | 22,650 | 23,991 | |||||||||||||
Interest on 1¼% convertible senior notes due 2032, included in cost of sales | 41 | 41 | 204 | 204 | |||||||||||||
Net income available to common and preferred stock for diluted earnings per share | $ | 56,427 | $ | 43,111 | $ | 94,692 | $ | 65,082 | |||||||||
Denominator: | |||||||||||||||||
Weighted average basic common shares outstanding | 279,075,416 | 243,171,726 | 278,514,992 | 228,749,443 | |||||||||||||
Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive | 87,812,786 | 120,779,819 | 87,812,786 | 134,221,626 | |||||||||||||
Total weighted average common shares outstanding if preferred shares converted to common shares | 366,888,202 | 363,951,545 | 366,327,778 | 362,971,069 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and stock appreciation rights | 6,339,326 | 7,224,120 | 6,624,087 | 7,211,767 | |||||||||||||
1¼% convertible senior notes due 2032 | 31,312,850 | 31,312,850 | 31,312,850 | 31,312,850 | |||||||||||||
Weighted average diluted shares outstanding | 404,540,378 | 402,488,515 | 404,264,715 | 401,495,686 | |||||||||||||
Income per common share: | |||||||||||||||||
Basic | $ | 0.15 | $ | 0.12 | $ | 0.26 | $ | 0.18 | |||||||||
Diluted | $ | 0.14 | $ | 0.11 | $ | 0.23 | $ | 0.16 |
Note_7_Inventories_Tables
Note 7 - Inventories (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||||||
Inventories Owned [Table Text Block] | ' | ||||||||||||||||
30-Jun-14 | |||||||||||||||||
California | Southwest | Southeast | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land and land under development | $ | 804,233 | $ | 474,258 | $ | 605,346 | $ | 1,883,837 | |||||||||
Homes completed and under construction | 393,170 | 236,497 | 246,532 | 876,199 | |||||||||||||
Model homes | 77,304 | 31,758 | 33,742 | 142,804 | |||||||||||||
Total inventories owned | $ | 1,274,707 | $ | 742,513 | $ | 885,620 | $ | 2,902,840 | |||||||||
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 | |||||||||
Inventory Real Estate Not Owned [Table Text Block] | ' | ||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land purchase and lot option deposits | $ | 49,425 | $ | 44,005 | |||||||||||||
Other lot option contracts, net of deposits | 40,481 | 54,336 | |||||||||||||||
Total inventories not owned | $ | 89,906 | $ | 98,341 |
Note_8_Capitalization_of_Inter1
Note 8 - Capitalization of Interest (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Home Building Interest [Abstract] | ' | ||||||||||||||||
Schedule Of Capitalized Interest [Table Text Block] | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Total interest incurred (1) | $ | 37,641 | $ | 33,526 | $ | 76,427 | $ | 68,553 | |||||||||
Less: Interest capitalized to inventories owned | (37,228 | ) | (32,782 | ) | (75,441 | ) | (66,983 | ) | |||||||||
Less: Interest capitalized to investments in unconsolidated joint ventures | (413 | ) | (744 | ) | (986 | ) | (1,570 | ) | |||||||||
Interest expense | ― | ― | ― | ― | |||||||||||||
Interest previously capitalized to inventories owned, included in cost of home sales | $ | 29,812 | $ | 30,337 | $ | 54,180 | $ | 58,033 | |||||||||
Interest previously capitalized to inventories owned, included in cost of land sales | $ | 4 | $ | 325 | $ | 619 | $ | 514 | |||||||||
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures | ― | $ | 123 | $ | 30 | $ | 292 | ||||||||||
Interest capitalized in ending inventories owned (2) | $ | 265,393 | $ | 231,974 | $ | 265,393 | $ | 231,974 | |||||||||
Interest capitalized as a percentage of inventories owned | 9.1 | % | 10 | % | 9.1 | % | 10 | % | |||||||||
Interest capitalized in ending investments in unconsolidated joint ventures (2) | $ | 1,924 | $ | 6,063 | $ | 1,924 | $ | 6,063 | |||||||||
Interest capitalized as a percentage of investments in unconsolidated joint ventures | 3.8 | % | 10.5 | % | 3.8 | % | 10.5 | % |
Note_9_Investments_in_Unconsol1
Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||
Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block] | ' | ||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Revenues | $ | 31,225 | $ | 20,507 | |||||
Cost of sales and expenses | (36,251 | ) | (18,217 | ) | |||||
Income (loss) of unconsolidated joint ventures | $ | (5,026 | ) | $ | 2,290 | ||||
Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations | $ | (899 | ) | $ | 1,281 | ||||
Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block] | ' | ||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Assets: | |||||||||
Cash | $ | 31,240 | $ | 37,884 | |||||
Inventories | 193,808 | 211,929 | |||||||
Other assets | 10,128 | 8,600 | |||||||
Total assets | $ | 235,176 | $ | 258,413 | |||||
Liabilities and Equity: | |||||||||
Accounts payable and accrued liabilities | $ | 17,160 | $ | 20,496 | |||||
Non-recourse debt | 30,000 | 30,000 | |||||||
Standard Pacific equity | 53,550 | 66,363 | |||||||
Other members' equity | 134,466 | 141,554 | |||||||
Total liabilities and equity | $ | 235,176 | $ | 258,413 | |||||
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets | $ | 50,278 | $ | 66,054 |
Note_10_Warranty_Costs_Tables
Note 10 - Warranty Costs (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Warranty accrual, beginning of the period | $ | 13,811 | $ | 15,514 | |||||
Warranty costs accrued during the period | 2,812 | 1,182 | |||||||
Warranty costs paid during the period | (3,277 | ) | (1,772 | ) | |||||
Warranty accrual, end of the period | $ | 13,346 | $ | 14,924 |
Note_13_Senior_Notes_Payable_T
Note 13 - Senior Notes Payable (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
6¼% Senior Notes due April 2014 | ― | $ | 4,971 | ||||||
7% Senior Notes due August 2015 | 29,789 | 29,789 | |||||||
10¾% Senior Notes due September 2016, net of discount | 270,810 | 269,046 | |||||||
8⅜% Senior Notes due May 2018, net of premium | 578,689 | 579,085 | |||||||
8⅜% Senior Notes due January 2021, net of discount | 397,495 | 397,353 | |||||||
6¼% Senior Notes due December 2021 | 300,000 | 300,000 | |||||||
1¼% Convertible Senior Notes due August 2032 | 253,000 | 253,000 | |||||||
$ | 1,829,783 | $ | 1,833,244 |
Note_17_Disclosures_about_Fair1
Note 17 - Disclosures about Fair Value (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
Fair Value at | |||||||||||||||||||||
Description | Fair Value Hierarchy | June 30, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Mortgage loans held for sale | Level 2 | $ | 81,427 | $ | 124,184 | ||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | ||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||
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 | $ | 12,233 | $ | 12,233 | $ | 12,220 | $ | 12,220 | ||||||||||||
Homebuilding liabilities: | |||||||||||||||||||||
Senior notes payable, net | Level 2 | $ | 1,829,783 | $ | 2,154,042 | $ | 1,833,244 | $ | 2,165,193 |
Note_20_Supplemental_Disclosur1
Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||
Cash paid during the period for: | |||||||||
Interest | $ | 69,752 | $ | 59,909 | |||||
Income taxes | $ | 3,712 | $ | 501 | |||||
Supplemental Disclosures of Noncash Activities: | |||||||||
Liabilities assumed in connection with acquisitions | $ | 4,170 | $ | 4,983 |
Note_21_Supplemental_Guarantor1
Note 21 - Supplemental Guarantor Information (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | ||||||||||||||||||||
Supplemental Condensed Consolidating Statements of Operations [Table Text Block] | ' | ||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 210,663 | $ | 250,945 | $ | 130,878 | ― | $ | 592,486 | ||||||||||||
Cost of sales | (155,611 | ) | (187,801 | ) | (91,134 | ) | ― | (434,546 | ) | ||||||||||||
Gross margin | 55,052 | 63,144 | 39,744 | ― | 157,940 | ||||||||||||||||
Selling, general and administrative expenses | (25,637 | ) | (32,286 | ) | (9,912 | ) | ― | (67,835 | ) | ||||||||||||
Income (loss) from unconsolidated joint ventures | 4 | (5 | ) | (461 | ) | ― | (462 | ) | |||||||||||||
Equity income of subsidiaries | 41,577 | ― | ― | (41,577 | ) | ― | |||||||||||||||
Interest income (expense), net | 3,270 | (2,848 | ) | (422 | ) | ― | ― | ||||||||||||||
Other income (expense) | (910 | ) | (223 | ) | 770 | ― | (363 | ) | |||||||||||||
Homebuilding pretax income | 73,356 | 27,782 | 29,719 | (41,577 | ) | 89,280 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | ― | ― | 2,566 | ― | 2,566 | ||||||||||||||||
Income before taxes | 73,356 | 27,782 | 32,285 | (41,577 | ) | 91,846 | |||||||||||||||
Provision for income taxes | (16,893 | ) | (10,289 | ) | (8,201 | ) | ― | (35,383 | ) | ||||||||||||
Net income | $ | 56,463 | $ | 17,493 | $ | 24,084 | $ | (41,577 | ) | $ | 56,463 | ||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 195,697 | $ | 192,595 | $ | 50,389 | ― | $ | 438,681 | ||||||||||||
Cost of sales | (147,969 | ) | (146,740 | ) | (41,210 | ) | ― | (335,919 | ) | ||||||||||||
Gross margin | 47,728 | 45,855 | 9,179 | ― | 102,762 | ||||||||||||||||
Selling, general and administrative expenses | (22,921 | ) | (26,630 | ) | (5,047 | ) | ― | (54,598 | ) | ||||||||||||
Income (loss) from unconsolidated joint ventures | 360 | (52 | ) | (161 | ) | ― | 147 | ||||||||||||||
Equity income of subsidiaries | 15,991 | ― | ― | (15,991 | ) | ― | |||||||||||||||
Interest income (expense), net | 4,282 | (3,089 | ) | (1,193 | ) | ― | ― | ||||||||||||||
Other income (expense) | (1,509 | ) | (141 | ) | 403 | ― | (1,247 | ) | |||||||||||||
Homebuilding pretax income | 43,931 | 15,943 | 3,181 | (15,991 | ) | 47,064 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | ― | ― | 4,080 | ― | 4,080 | ||||||||||||||||
Income before taxes | 43,931 | 15,943 | 7,261 | (15,991 | ) | 51,144 | |||||||||||||||
Provision for income taxes | (795 | ) | (5,555 | ) | (1,658 | ) | ― | (8,008 | ) | ||||||||||||
Net income | $ | 43,136 | $ | 10,388 | $ | 5,603 | $ | (15,991 | ) | $ | 43,136 | ||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 379,003 | $ | 456,029 | $ | 217,653 | ― | $ | 1,052,685 | ||||||||||||
Cost of sales | (277,121 | ) | (342,623 | ) | (156,051 | ) | ― | (775,795 | ) | ||||||||||||
Gross margin | 101,882 | 113,406 | 61,602 | ― | 276,890 | ||||||||||||||||
Selling, general and administrative expenses | (49,442 | ) | (60,134 | ) | (16,849 | ) | ― | (126,425 | ) | ||||||||||||
Income (loss) from unconsolidated joint ventures | (113 | ) | 28 | (814 | ) | ― | (899 | ) | |||||||||||||
Equity income of subsidiaries | 66,073 | ― | ― | (66,073 | ) | ― | |||||||||||||||
Interest income (expense), net | 6,959 | (5,654 | ) | (1,305 | ) | ― | ― | ||||||||||||||
Other income (expense) | (1,052 | ) | (253 | ) | 929 | ― | (376 | ) | |||||||||||||
Homebuilding pretax income | 124,307 | 47,393 | 43,563 | (66,073 | ) | 149,190 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | ― | ― | 4,271 | ― | 4,271 | ||||||||||||||||
Income before taxes | 124,307 | 47,393 | 47,834 | (66,073 | ) | 153,461 | |||||||||||||||
Provision for income taxes | (29,685 | ) | (17,544 | ) | (11,610 | ) | ― | (58,839 | ) | ||||||||||||
Net income | $ | 94,622 | $ | 29,849 | $ | 36,224 | $ | (66,073 | ) | $ | 94,622 | ||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
Standard | Guarantor Subsidiaries | Non- | Consolidating Adjustments | Consolidated | |||||||||||||||||
Pacific Corp. | Guarantor Subsidiaries | Standard | |||||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | 370,932 | $ | 343,984 | $ | 81,486 | ― | $ | 796,402 | ||||||||||||
Cost of sales | (285,055 | ) | (267,140 | ) | (66,919 | ) | ― | (619,114 | ) | ||||||||||||
Gross margin | 85,877 | 76,844 | 14,567 | ― | 177,288 | ||||||||||||||||
Selling, general and administrative expenses | (43,951 | ) | (48,676 | ) | (8,265 | ) | ― | (100,892 | ) | ||||||||||||
Income (loss) from unconsolidated joint ventures | 1,495 | (124 | ) | (90 | ) | ― | 1,281 | ||||||||||||||
Equity income of subsidiaries | 21,271 | ― | ― | (21,271 | ) | ― | |||||||||||||||
Interest income (expense), net | 9,285 | (6,691 | ) | (2,594 | ) | ― | ― | ||||||||||||||
Other income (expense) | 1,998 | (157 | ) | 482 | ― | 2,323 | |||||||||||||||
Homebuilding pretax income | 75,975 | 21,196 | 4,100 | (21,271 | ) | 80,000 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | ― | ― | 6,537 | ― | 6,537 | ||||||||||||||||
Income before taxes | 75,975 | 21,196 | 10,637 | (21,271 | ) | 86,537 | |||||||||||||||
Provision for income taxes | (11,015 | ) | (7,960 | ) | (2,602 | ) | ― | (21,577 | ) | ||||||||||||
Net income | $ | 64,960 | $ | 13,236 | $ | 8,035 | $ | (21,271 | ) | $ | 64,960 | ||||||||||
Supplemental Condensed Consolidating Balance Sheets [Table Text Block] | ' | ||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Standard | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard | |||||||||||||||||
Pacific Corp. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Cash and equivalents | $ | 26,249 | $ | 792 | $ | 102,695 | ― | $ | 129,736 | ||||||||||||
Restricted cash | ― | ― | 31,385 | ― | 31,385 | ||||||||||||||||
Trade, intercompany and other receivables | 1,520,698 | 8,141 | 99,348 | (1,602,741 | ) | 25,446 | |||||||||||||||
Inventories: | |||||||||||||||||||||
Owned | 877,471 | 1,169,260 | 856,109 | ― | 2,902,840 | ||||||||||||||||
Not owned | 16,600 | 34,038 | 39,268 | ― | 89,906 | ||||||||||||||||
Investments in unconsolidated joint ventures | (1,588 | ) | 219 | 51,647 | ― | 50,278 | |||||||||||||||
Investments in subsidiaries | 871,813 | ― | ― | (871,813 | ) | ― | |||||||||||||||
Deferred income taxes, net | 339,630 | ― | ― | (5,535 | ) | 334,095 | |||||||||||||||
Other assets | 35,145 | 7,724 | 3,484 | 46,353 | |||||||||||||||||
Total Homebuilding Assets | 3,686,018 | 1,220,174 | 1,183,936 | (2,480,089 | ) | 3,610,039 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Cash and equivalents | ― | ― | 17,803 | ― | 17,803 | ||||||||||||||||
Restricted cash | ― | ― | 1,295 | ― | 1,295 | ||||||||||||||||
Mortgage loans held for sale, net | ― | ― | 79,343 | ― | 79,343 | ||||||||||||||||
Mortgage loans held for investment, net | ― | ― | 12,233 | ― | 12,233 | ||||||||||||||||
Other assets | ― | ― | 9,281 | (1,830 | ) | 7,451 | |||||||||||||||
Total Financial Services Assets | ― | ― | 119,955 | (1,830 | ) | 118,125 | |||||||||||||||
Total Assets | $ | 3,686,018 | $ | 1,220,174 | $ | 1,303,891 | $ | (2,481,919 | ) | $ | 3,728,164 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Accounts payable | $ | 15,631 | $ | 11,569 | $ | 14,720 | ― | $ | 41,920 | ||||||||||||
Accrued liabilities and intercompany payables | 182,384 | 850,746 | 687,842 | (1,511,113 | ) | 209,859 | |||||||||||||||
Secured project debt and other notes payable | 85,637 | ― | 5,054 | (85,637 | ) | 5,054 | |||||||||||||||
Senior notes payable | 1,829,783 | ― | ― | ― | 1,829,783 | ||||||||||||||||
Total Homebuilding Liabilities | 2,113,435 | 862,315 | 707,616 | (1,596,750 | ) | 2,086,616 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Accounts payable and other liabilities | ― | ― | 15,742 | (13,356 | ) | 2,386 | |||||||||||||||
Mortgage credit facilities | ― | ― | 66,579 | ― | 66,579 | ||||||||||||||||
Total Financial Services Liabilities | ― | ― | 82,321 | (13,356 | ) | 68,965 | |||||||||||||||
Total Liabilities | 2,113,435 | 862,315 | 789,937 | (1,610,106 | ) | 2,155,581 | |||||||||||||||
Equity: | |||||||||||||||||||||
Total Stockholders' Equity | 1,572,583 | 357,859 | 513,954 | (871,813 | ) | 1,572,583 | |||||||||||||||
Total Liabilities and Equity | $ | 3,686,018 | $ | 1,220,174 | $ | 1,303,891 | $ | (2,481,919 | ) | $ | 3,728,164 | ||||||||||
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 | ||||||||||
Supplemental Condensed Consolidating Statements of Cash Flows [Table Text Block] | ' | ||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
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 | $ | 40,140 | $ | (136,481 | ) | $ | (47,171 | ) | ― | $ | (143,512 | ) | |||||||||
Cash Flows From Investing Activities: | |||||||||||||||||||||
Investments in unconsolidated homebuilding joint ventures | 144 | 2 | (5,823 | ) | ― | (5,677 | ) | ||||||||||||||
Distributions of capital from unconsolidated homebuilding joint ventures | 120 | 229 | 14,459 | ― | 14,808 | ||||||||||||||||
Net cash paid for acqusitions | (35,685 | ) | ― | 2,277 | ― | (33,408 | ) | ||||||||||||||
Loan to parent | ― | ― | (85,000 | ) | 85,000 | ― | |||||||||||||||
Other investing activities | (618 | ) | (855 | ) | (14 | ) | ― | (1,487 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (36,039 | ) | (624 | ) | (74,101 | ) | 85,000 | (25,764 | ) | ||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||||||
Change in restricted cash | ― | ― | (9,925 | ) | ― | (9,925 | ) | ||||||||||||||
Principal payments on secured project debt and other notes payable | ― | ― | (1,061 | ) | ― | (1,061 | ) | ||||||||||||||
Principal payments on senior notes payable | (4,971 | ) | ― | ― | ― | (4,971 | ) | ||||||||||||||
Loan from subsidiary | 85,000 | ― | ― | (85,000 | ) | ― | |||||||||||||||
Net proceeds from (payments on) mortgage credit facilities | ― | ― | (34,288 | ) | ― | (34,288 | ) | ||||||||||||||
(Contributions to) distributions from Corporate and subsidiaries | 4,600 | ― | (4,600 | ) | ― | ― | |||||||||||||||
Proceeds from the exercise of stock options | 3,769 | ― | ― | ― | 3,769 | ||||||||||||||||
Intercompany advances, net | (241,539 | ) | 137,403 | 104,136 | ― | ― | |||||||||||||||
Net cash provided by (used in) financing activities | (153,141 | ) | 137,403 | 54,262 | (85,000 | ) | (46,476 | ) | |||||||||||||
Net increase (decrease) in cash and equivalents | (149,040 | ) | 298 | (67,010 | ) | ― | (215,752 | ) | |||||||||||||
Cash and equivalents at beginning of period | 175,289 | 494 | 187,508 | ― | 363,291 | ||||||||||||||||
Cash and equivalents at end of period | $ | 26,249 | $ | 792 | $ | 120,498 | ― | $ | 147,539 | ||||||||||||
Six Months Ended June 30, 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 | $ | 144,336 | $ | (126,976 | ) | $ | (166,564 | ) | ― | $ | (149,204 | ) | |||||||||
Cash Flows From Investing Activities: | |||||||||||||||||||||
Investments in unconsolidated homebuilding joint ventures | (305 | ) | (43 | ) | (10,404 | ) | ― | (10,752 | ) | ||||||||||||
Distributions of capital from unconsolidated homebuilding joint ventures | ― | ― | 1,569 | ― | 1,569 | ||||||||||||||||
Net cash paid for acquisitions | (113,793 | ) | ― | ― | ― | (113,793 | ) | ||||||||||||||
Loan to parent | ― | ― | (135,000 | ) | 135,000 | ― | |||||||||||||||
Other investing activities | (669 | ) | (1,511 | ) | (1,698 | ) | ― | (3,878 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (114,767 | ) | (1,554 | ) | (145,533 | ) | 135,000 | (126,854 | ) | ||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||||||
Change in restricted cash | ― | ― | 2,063 | ― | 2,063 | ||||||||||||||||
Principal payments on secured project debt and other notes payable | (6,804 | ) | ― | (413 | ) | ― | (7,217 | ) | |||||||||||||
Loan from subsidiary | 135,000 | ― | ― | (135,000 | ) | ― | |||||||||||||||
Net proceeds from (payments on) mortgage credit facilities | ― | ― | 4,805 | ― | 4,805 | ||||||||||||||||
(Contributions to) distributions from Corporate and subsidiaries | (3,891 | ) | ― | 3,891 | ― | ||||||||||||||||
Payment of issuance costs in connection with preferred shareholder equity transactions | (347 | ) | ― | ― | ― | (347 | ) | ||||||||||||||
Proceeds from the exercise of stock options | 10,835 | ― | ― | ― | 10,835 | ||||||||||||||||
Intercompany advances, net | (275,573 | ) | 128,647 | 146,926 | ― | ― | |||||||||||||||
Net cash provided by (used in) financing activities | (140,780 | ) | 128,647 | 157,272 | (135,000 | ) | 10,139 | ||||||||||||||
Net increase (decrease) in cash and equivalents | (111,211 | ) | 117 | (154,825 | ) | ― | (265,919 | ) | |||||||||||||
Cash and equivalents at beginning of period | 154,722 | 114 | 191,719 | ― | 346,555 | ||||||||||||||||
Cash and equivalents at end of period | $ | 43,511 | $ | 231 | $ | 36,894 | ― | $ | 80,636 | ||||||||||||
Note_3_Segment_Reporting_Detai
Note 3 - Segment Reporting (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Note 3 - Segment Reporting (Details) [Line Items] | ' |
Number of Operating Segments | 2 |
Homebuilding [Member] | ' |
Note 3 - Segment Reporting (Details) [Line Items] | ' |
Number of Reportable Segments | 3 |
Note_3_Segment_Reporting_Detai1
Note 3 - Segment Reporting (Details) - Segment Financial Information Relating to Homebuilding Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Homebuilding revenues: | ' | ' | ' | ' |
Homebuilding revenues | $592,486 | $438,681 | $1,052,685 | $796,402 |
Homebuilding pretax income: | ' | ' | ' | ' |
Homebuilding pretax income | 89,280 | 47,064 | 149,190 | 80,000 |
Homebuilding [Member] | CALIFORNIA | ' | ' | ' | ' |
Homebuilding revenues: | ' | ' | ' | ' |
Homebuilding revenues | 290,899 | 229,008 | 510,378 | 428,198 |
Homebuilding pretax income: | ' | ' | ' | ' |
Homebuilding pretax income | 57,566 | 30,002 | 96,119 | 52,410 |
Homebuilding [Member] | Southwest [Member] | ' | ' | ' | ' |
Homebuilding revenues: | ' | ' | ' | ' |
Homebuilding revenues | 131,590 | 93,017 | 238,797 | 172,421 |
Homebuilding pretax income: | ' | ' | ' | ' |
Homebuilding pretax income | 14,274 | 8,542 | 24,332 | 15,053 |
Homebuilding [Member] | Southeast [Member] | ' | ' | ' | ' |
Homebuilding revenues: | ' | ' | ' | ' |
Homebuilding revenues | 169,997 | 116,656 | 303,510 | 195,783 |
Homebuilding pretax income: | ' | ' | ' | ' |
Homebuilding pretax income | 17,440 | 8,520 | 28,739 | 12,537 |
Homebuilding [Member] | ' | ' | ' | ' |
Homebuilding revenues: | ' | ' | ' | ' |
Homebuilding revenues | 592,486 | 438,681 | 1,052,685 | 796,402 |
Homebuilding pretax income: | ' | ' | ' | ' |
Homebuilding pretax income | $89,280 | $47,064 | $149,190 | $80,000 |
Note_3_Segment_Reporting_Detai2
Note 3 - Segment Reporting (Details) - Segment Financial Information Relating to Homebuilding Assets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Homebuilding assets: | ' | ' |
Assets, by segments | $3,728,164 | $3,662,105 |
Homebuilding [Member] | CALIFORNIA | ' | ' |
Homebuilding assets: | ' | ' |
Assets, by segments | 1,401,858 | 1,344,605 |
Homebuilding [Member] | Southwest [Member] | ' | ' |
Homebuilding assets: | ' | ' |
Assets, by segments | 781,667 | 641,711 |
Homebuilding [Member] | Southeast [Member] | ' | ' |
Homebuilding assets: | ' | ' |
Assets, by segments | 921,156 | 785,988 |
Homebuilding [Member] | Corporate, Non-Segment [Member] | ' | ' |
Homebuilding assets: | ' | ' |
Assets, by segments | 505,358 | 740,950 |
Homebuilding [Member] | ' | ' |
Homebuilding assets: | ' | ' |
Assets, by segments | $3,610,039 | $3,513,254 |
Note_4_Earnings_Per_Common_Sha2
Note 4 - Earnings Per Common Share (Details) - Components Used in Computation of Basic and Diluted Earnings Per Common Share (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income | $56,463 | $43,136 | $94,622 | $64,960 |
Less: Net income allocated to preferred shareholder | -13,496 | -14,293 | -22,650 | -23,991 |
Less: Net income allocated to unvested restricted stock | -77 | -66 | -134 | -82 |
Net income available to common stockholders for basic earnings per common share | 42,890 | 28,777 | 71,838 | 40,887 |
Effect of dilutive securities: | ' | ' | ' | ' |
Net income allocated to preferred shareholder | 13,496 | 14,293 | 22,650 | 23,991 |
Net income available to common and preferred stock for diluted earnings per share | 56,427 | 43,111 | 94,692 | 65,082 |
Denominator: | ' | ' | ' | ' |
Weighted average basic common shares outstanding (in Shares) | 279,075,416 | 243,171,726 | 278,514,992 | 228,749,443 |
Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive (in Shares) | 87,812,786 | 120,779,819 | 87,812,786 | 134,221,626 |
Total weighted average common shares outstanding if preferred shares converted to common shares (in Shares) | 366,888,202 | 363,951,545 | 366,327,778 | 362,971,069 |
Effect of dilutive securities: | ' | ' | ' | ' |
Stock options and stock appreciation rights (in Shares) | 6,339,326 | 7,224,120 | 6,624,087 | 7,211,767 |
Weighted average diluted shares outstanding (in Shares) | 404,540,378 | 402,488,515 | 404,264,715 | 401,495,686 |
Income per common share: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.15 | $0.12 | $0.26 | $0.18 |
Diluted (in Dollars per share) | $0.14 | $0.11 | $0.23 | $0.16 |
1.25% Convertible Senior Notes Due August 2032 [Member] | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' |
Interest on 1B |
Note_4_Earnings_Per_Common_Sha3
Note 4 - Earnings Per Common Share (Details) - Components Used in Computation of Basic and Diluted Earnings Per Common Share (Parentheticals) (1.25% Convertible Senior Notes Due August 2032 [Member]) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
1.25% Convertible Senior Notes Due August 2032 [Member] | ' | ' | ' |
Note 4 - Earnings Per Common Share (Details) - Components Used in Computation of Basic and Diluted Earnings Per Common Share (Parentheticals) [Line Items] | ' | ' | ' |
Convertible senior notes, interest percentage | 1.25% | 1.25% | 1.25% |
Note_5_StockBased_Compensation1
Note 5 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $2.80 | $2.50 | $5.20 | $4 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $16.70 | ' | $16.70 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '1 year 328 days | ' |
Note_6_Restricted_Cash_Details
Note 6 - Restricted Cash (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 6 - Restricted Cash (Details) [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | $32,700 | ' |
Homebuilding [Member] | ' | ' |
Note 6 - Restricted Cash (Details) [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 31,385 | 21,460 |
Financial Services [Member] | ' | ' |
Note 6 - Restricted Cash (Details) [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | $1,295 | $1,295 |
Note_7_Inventories_Details
Note 7 - Inventories (Details) (USD $) | 3 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Note 7 - Inventories (Details) [Line Items] | ' | ' | ' |
Number of Active and Future Projects Owned | 360 | 324 | ' |
Number of Current and Future Communities Acquired During Period | 10 | ' | ' |
Other Lot Option Contracts Net Of Deposits | $40,481,000 | ' | $54,336,000 |
Inventory Real Estate Not Owned | 89,906,000 | ' | 98,341,000 |
Inventory Owned [Member] | Acquisition Of Current and Future Communities [Member] | ' | ' | ' |
Note 7 - Inventories (Details) [Line Items] | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 31,500,000 | ' | ' |
Inventory Not Owned [Member] | Acquisition Of Current and Future Communities [Member] | ' | ' | ' |
Note 7 - Inventories (Details) [Line Items] | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 4,900,000 | ' | ' |
Land Option and Purchase Contracts [Member] | ' | ' | ' |
Note 7 - Inventories (Details) [Line Items] | ' | ' | ' |
Other Lot Option Contracts Net Of Deposits | 7,600,000 | ' | 21,700,000 |
Significant Deposits Paid Under Contract [Member] | ' | ' | ' |
Note 7 - 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 7 - Inventories (Details) [Line Items] | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 1,200,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 4,200,000 | ' | ' |
Inventory Real Estate Not Owned | $5,900,000 | ' | $5,700,000 |
Note_7_Inventories_Details_Inv
Note 7 - Inventories (Details) - Inventories Owned (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 7 - Inventories (Details) - Inventories Owned [Line Items] | ' | ' |
Land and land under development, by segments | $1,883,837 | $1,771,661 |
Homes completed and under construction, by segments | 876,199 | 628,371 |
Model homes. by segments | 142,804 | 136,070 |
Total inventories owned, by segments | 2,902,840 | 2,536,102 |
Homebuilding: California [Member] | ' | ' |
Note 7 - Inventories (Details) - Inventories Owned [Line Items] | ' | ' |
Land and land under development, by segments | 804,233 | 819,278 |
Homes completed and under construction, by segments | 393,170 | 280,875 |
Model homes. by segments | 77,304 | 82,367 |
Total inventories owned, by segments | 1,274,707 | 1,182,520 |
Homebuilding: Southwest [Member] | ' | ' |
Note 7 - Inventories (Details) - Inventories Owned [Line Items] | ' | ' |
Land and land under development, by segments | 474,258 | 415,910 |
Homes completed and under construction, by segments | 236,497 | 159,927 |
Model homes. by segments | 31,758 | 27,466 |
Total inventories owned, by segments | 742,513 | 603,303 |
Homebuilding: Southeast [Member] | ' | ' |
Note 7 - Inventories (Details) - Inventories Owned [Line Items] | ' | ' |
Land and land under development, by segments | 605,346 | 536,473 |
Homes completed and under construction, by segments | 246,532 | 187,569 |
Model homes. by segments | 33,742 | 26,237 |
Total inventories owned, by segments | $885,620 | $750,279 |
Note_7_Inventories_Details_Inv1
Note 7 - Inventories (Details) - Inventories Not Owned (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories Not Owned [Abstract] | ' | ' |
Land purchase and lot option deposits | $49,425 | $44,005 |
Other lot option contracts, net of deposits | 40,481 | 54,336 |
Total inventories not owned | $89,906 | $98,341 |
Note_8_Capitalization_of_Inter2
Note 8 - Capitalization of Interest (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Home Building Interest [Abstract] | ' | ' | ' |
Term Loan B Non Cash Interest Amortization | $1 | ' | $3.60 |
Capitalized Interest Transferred From Investments In Unconsolidated Joint Ventures To Inventories Owned | $2.10 | $4 | $2.10 |
Note_8_Capitalization_of_Inter3
Note 8 - Capitalization of Interest (Details) - Homebuilding Capitalized Interest (USD $) | 3 Months Ended | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Homebuilding Capitalized Interest [Abstract] | ' | ' | ' | ' | ' | ||||
Total interest incurred (1) | $37,641 | [1] | $33,526 | [1] | $76,427 | [1] | $68,553 | [1] | ' |
Less: Interest capitalized to inventories owned | -37,228 | -32,782 | -75,441 | -66,983 | ' | ||||
Less: Interest capitalized to investments in unconsolidated joint ventures | -413 | -744 | -986 | -1,570 | ' | ||||
Interest previously capitalized to inventories owned, included in cost of home sales | 29,812 | 30,337 | 54,180 | 58,033 | ' | ||||
Interest previously capitalized to inventories owned, included in cost of land sales | 4 | 325 | 619 | 514 | ' | ||||
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures | ' | 123 | 30 | 292 | ' | ||||
Interest capitalized in ending inventories owned (2) | 265,393 | [2] | 231,974 | [2] | 265,393 | [2] | 231,974 | [2] | ' |
Interest capitalized as a percentage of inventories owned | 9.10% | 10.00% | 9.10% | 10.00% | ' | ||||
Interest capitalized in ending investments in unconsolidated joint ventures (2) | $1,924 | [2] | $6,063 | [2] | $1,924 | [2] | $6,063 | [2] | $5,000 |
Interest capitalized as a percentage of investments in unconsolidated joint ventures | 3.80% | 10.50% | 3.80% | 10.50% | ' | ||||
[1] | For the three and six months ended June 30, 2013, interest incurred included the noncash amortization of $1.0 million and $3.6 million, respectively, of interest related to interest rate swap agreements that were terminated in the 2010 fourth quarter (please see Note 15 "Derivative Instruments and Hedging Activities"). | ||||||||
[2] | During the six months ended June 30, 2014, in connection with lot purchases from our joint ventures, $4.0 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. During the three and six months ended June 30, 2013, in connection with lot purchases from our joint ventures, $2.1 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. |
Note_9_Investments_in_Unconsol2
Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | |||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' | ||
Interest capitalized in ending investments in unconsolidated joint ventures | $1,924 | [1] | $5,000 | $6,063 | [1] |
[1] | During the six months ended June 30, 2014, in connection with lot purchases from our joint ventures, $4.0 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. During the three and six months ended June 30, 2013, in connection with lot purchases from our joint ventures, $2.1 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. |
Note_9_Investments_in_Unconsol3
Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details) - Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures [Abstract] | ' | ' | ' | ' |
Revenues | ' | ' | $31,225 | $20,507 |
Cost of sales and expenses | ' | ' | -36,251 | -18,217 |
Income (loss) of unconsolidated joint ventures | ' | ' | -5,026 | 2,290 |
Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations | ($462) | $147 | ($899) | $1,281 |
Note_9_Investments_in_Unconsol4
Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details) - Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash | $31,240 | $37,884 |
Inventories | 193,808 | 211,929 |
Other assets | 10,128 | 8,600 |
Total assets | 235,176 | 258,413 |
Liabilities and Equity: | ' | ' |
Accounts payable and accrued liabilities | 17,160 | 20,496 |
Non-recourse debt | 30,000 | 30,000 |
Standard Pacific equity | 53,550 | 66,363 |
Other members' equity | 134,466 | 141,554 |
Total liabilities and equity | 235,176 | 258,413 |
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets | $50,278 | $66,054 |
Note_10_Warranty_Costs_Details
Note 10 - Warranty Costs (Details) - Changes In Warranty Accrual (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Changes In Warranty Accrual [Abstract] | ' | ' |
Warranty accrual, beginning of the period | $13,811 | $15,514 |
Warranty costs accrued during the period | 2,812 | 1,182 |
Warranty costs paid during the period | -3,277 | -1,772 |
Warranty accrual, end of the period | $13,346 | $14,924 |
Note_11_Revolving_Credit_Facil1
Note 11 - Revolving Credit Facility and Letter of Credit Facilities (Details) (USD $) | Jun. 30, 2014 | Jul. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Subsequent Event [Member] | Four Committed Letter Of Credit [Member] | Unsecured Revolving Credit Facility [Member] | Uncommitted Letter of Credit [Member] | |
Unsecured Revolving Credit Facility [Member] | Letter of Credit [Member] | ||||
Note 11 - Revolving Credit Facility and Letter of Credit Facilities (Details) [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | $450 | $41 | $440 | ' |
Aggregate Borrowing Commitment | ' | 750 | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | 440 | ' |
Long-term Line of Credit | ' | ' | ' | 0 | 8 |
Letters of Credit Outstanding, Amount | ' | ' | 22.2 | ' | ' |
Cash Collateral Deposits | $30.70 | ' | ' | ' | ' |
Note_12_Secured_Project_Debt_a1
Note 12 - Secured Project Debt and Other Notes Payable (Details) (Homebuilding [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Homebuilding [Member] | ' | ' |
Note 12 - Secured Project Debt and Other Notes Payable (Details) [Line Items] | ' | ' |
Secured Debt | $5,054 | $6,351 |
Note_13_Senior_Notes_Payable_D
Note 13 - Senior Notes Payable (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Apr. 30, 2014 | |
1.25% Convertible Senior Notes Due August 2032 [Member] | 1.25% Convertible Senior Notes Due August 2032 [Member] | 1.25% Convertible Senior Notes Due August 2032 [Member] | 10.75% Senior Notes due September 2016 [Member] | 6.25% Senior Notes due April 2014 [Member] | ||
Note 13 - Senior Notes Payable (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 1.25% | 1.25% | 1.25% | 10.75% | 6.25% |
Maximum Carve-out In Credit Facility Indebtedness (in Dollars) | $1,100,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Ratio | ' | 123.7662 | ' | ' | ' | ' |
Debt Instrument, Convertible, Principal Amount Used In Conversion Rate Calculation (in Dollars) | ' | 1,000 | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | $8.08 | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | 100.00% | ' | ' | ' | ' |
Debt Instrument, Repurchase Price, Percentage | 100.00% | ' | ' | ' | ' | ' |
Maturities of Senior Debt (in Dollars) | ' | ' | ' | ' | ' | $5,000,000 |
Note_13_Senior_Notes_Payable_D1
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Homebuilding [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior notes | $1,829,783 | $1,833,244 |
6.25% Senior Notes due April 2014 [Member] | ' | ' |
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior notes | ' | 4,971 |
7% Senior Notes due August 2015 [Member] | ' | ' |
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior notes | 29,789 | 29,789 |
10.75% Senior Notes due September 2016 [Member] | ' | ' |
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior notes | 270,810 | 269,046 |
8.375% Senior Notes due May 2018 [Member] | ' | ' |
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior notes | 578,689 | 579,085 |
8.375% Senior Notes due January 2021 [Member] | ' | ' |
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior notes | 397,495 | 397,353 |
6.25% Senior Notes due December 15, 2021 [Member] | ' | ' |
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior notes | 300,000 | 300,000 |
1.25% Convertible Senior Notes Due August 2032 [Member] | ' | ' |
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items] | ' | ' |
Senior notes | $253,000 | $253,000 |
Note_13_Senior_Notes_Payable_D2
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | 6.25% Senior Notes due April 2014 [Member] | 10.75% Senior Notes due September 2016 [Member] | 1.25% Convertible Senior Notes Due August 2032 [Member] | 1.25% Convertible Senior Notes Due August 2032 [Member] | 1.25% Convertible Senior Notes Due August 2032 [Member] | |
6.25% Senior Notes due April 2014 [Member] | 6.25% Senior Notes due April 2014 [Member] | 7% Senior Notes due August 2015 [Member] | 7% Senior Notes due August 2015 [Member] | 10.75% Senior Notes due September 2016 [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] | 8.375% Senior Notes due January 2021 [Member] | 6.25% Senior Notes due December 15, 2021 [Member] | 6.25% Senior Notes due December 15, 2021 [Member] | 1.25% Convertible Senior Notes Due August 2032 [Member] | 1.25% Convertible Senior Notes Due August 2032 [Member] | ||||||
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, interest rate | 6.25% | 6.25% | 7.00% | 7.00% | 10.75% | 10.75% | 8.38% | 8.38% | 8.38% | 8.38% | 6.25% | 6.25% | 1.25% | 1.25% | 6.25% | 10.75% | 1.25% | 1.25% | 1.25% |
Note_14_Preferred_Stock_Detail
Note 14 - Preferred Stock (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Note 14 - Preferred Stock (Details) [Line Items] | ' | ' |
Preferred Stock, Shares Outstanding | 267,829 | 267,829 |
Common Stock, Shares, Outstanding | 279,287,853 | 277,618,177 |
Series B Preferred Stock [Member] | Owned by MatlinPatterson [Member] | ' | ' |
Note 14 - Preferred Stock (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 14 - Preferred Stock (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 | ' |
Owned by MatlinPatterson [Member] | ' | ' |
Note 14 - Preferred Stock (Details) [Line Items] | ' | ' |
Common Stock, Shares, Outstanding | 126,400,000 | ' |
Owned by MatlinPatterson [Member] | ' | ' |
Note 14 - Preferred Stock (Details) [Line Items] | ' | ' |
Outstanding Common Stock and Preferred Stock Ownership Percentage | 58.00% | ' |
Note_15_Derivative_Instruments1
Note 15 - Derivative Instruments and Hedging Activities (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $649 | $2,228 |
Note_16_Mortgage_Credit_Facili1
Note 16 - Mortgage Credit Facilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Note 16 - Mortgage Credit Facilities (Details) [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | $32,700,000 | ' |
Financial Services [Member] | ' | ' |
Note 16 - Mortgage Credit Facilities (Details) [Line Items] | ' | ' |
Warehouse Agreement Borrowings | 66,579,000 | 100,867,000 |
Restricted Cash and Cash Equivalents | 1,295,000 | 1,295,000 |
Repurchase Facility [Member] | First Lender [Member] | ' | ' |
Note 16 - Mortgage Credit Facilities (Details) [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 125,000,000 | ' |
Repurchase Facility [Member] | Second Lender [Member] | ' | ' |
Note 16 - Mortgage Credit Facilities (Details) [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $75,000,000 | ' |
Note_17_Disclosures_about_Fair2
Note 17 - Disclosures about Fair Value (Details) - Fair Value of Mortgage Loans (Fair Value, Inputs, Level 2 [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 17 - Disclosures about Fair Value (Details) - Fair Value of Mortgage Loans [Line Items] | ' | ' |
Mortgage loans held for sale | $81,427 | $124,184 |
Note_17_Disclosures_about_Fair3
Note 17 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 17 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Mortgage loans held for investment, net | $12,233 | $12,220 |
Mortgage loans held for investment, net | 12,233 | 12,220 |
Financial Services [Member] | ' | ' |
Note 17 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Mortgage loans held for investment, net | 12,233 | 12,220 |
Homebuilding [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 17 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior notes payable, net | 1,829,783 | 1,833,244 |
Senior notes payable, net | 2,154,042 | 2,165,193 |
Homebuilding [Member] | ' | ' |
Note 17 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior notes payable, net | $1,829,783 | $1,833,244 |
Note_18_Commitments_and_Contin1
Note 18 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Note 18 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Non-refundable Cash Deposits | $42,400,000 | $42,400,000 | ' | ' |
Capitalized Preacquisition and Other Development and Construction Costs | 7,800,000 | 7,800,000 | ' | ' |
Remaining Purchase Price of Land Purchase and Option Contracts | 425,000,000 | 425,000,000 | ' | ' |
Number of Joint Ventures The Company Holds Membership Interest In | 21 | 21 | ' | ' |
Number of Active Joint Ventures | 7 | 7 | ' | ' |
Number of Inactive Joint Ventures | 14 | 14 | ' | ' |
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 | ' | 30,000,000 |
Outstanding Joint Venture Surety Bonds | 400,000 | 400,000 | ' | ' |
Joint Venture Surety Bonds Cost to Complete | 200,000 | 200,000 | ' | ' |
Outstanding Surety Bonds | 468,800,000 | 468,800,000 | ' | ' |
Surety Bonds Cost to Complete | 261,900,000 | 261,900,000 | ' | ' |
Mortgage Loans In Process | 83,600,000 | 83,600,000 | ' | ' |
Mortgage Loans In Process, Interest Rate | 4.00% | 4.00% | ' | ' |
Disposal Group, Including Discontinued Operation, Mortgage Loans | 79,300,000 | 79,300,000 | ' | ' |
Mortgage Loans Committed to Sell to Investors | 84,900,000 | 84,900,000 | ' | ' |
Mortgage Loan Repurchase Payments | 10,600,000 | 200,000 | 800,000 | ' |
Mortgage Loans on Real Estate, New Mortgage Loans | 8,600,000,000 | ' | ' | ' |
Mortgage Loan Loss Expense Provision | ' | 200,000 | 0 | ' |
Mortgage Loan Repurchase Reserve | 2,200,000 | 2,200,000 | ' | ' |
Number of Loans Repurchased | ' | 4 | 9 | ' |
Insurance and Litigation Accruals | 62,800,000 | 62,800,000 | ' | 64,800,000 |
Matures June, 2014 [Member] | ' | ' | ' | ' |
Note 18 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Equity Method Investment Summarized Financial Information Non-recourse Debt | $30,000,000 | $30,000,000 | ' | ' |
Note_19_Income_Taxes_Details
Note 19 - Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 19 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $35,383,000 | $8,008,000 | $58,839,000 | $21,577,000 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 91,846,000 | 51,144,000 | 153,461,000 | 86,537,000 |
Deferred Tax Assets, Gross | 338,700,000 | ' | 338,700,000 | ' |
Deferred Tax Assets, Valuation Allowance | 4,600,000 | ' | 4,600,000 | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 168,700,000 | ' | 168,700,000 | ' |
Gross Annual Deduction Limitation on Net Operating Loss Carryforwards | 15,600,000 | ' | 15,600,000 | ' |
Deferred Tax Assets, Other | 170,000,000 | ' | 170,000,000 | ' |
Subject to Federal and State Net Operating Loss Carryforward Limitations [Member] | ' | ' | ' | ' |
Note 19 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 119,100,000 | ' | 119,100,000 | ' |
Not Limited by Section 382 [Member] | ' | ' | ' | ' |
Note 19 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | $49,600,000 | ' | $49,600,000 | ' |
Note_20_Supplemental_Disclosur2
Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows (Details) - Supplemental Disclosures of Cash Flows Information (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash paid during the period for: | ' | ' |
Interest | $69,752 | $59,909 |
Income taxes | 3,712 | 501 |
Supplemental Disclosures of Noncash Activities: | ' | ' |
Liabilities assumed in connection with acquisitions | $4,170 | $4,983 |
Note_21_Supplemental_Guarantor2
Note 21 - Supplemental Guarantor Information (Details) - Condensed Consolidating Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Homebuilding: | ' | ' | ' | ' |
Revenues | $592,486 | $438,681 | $1,052,685 | $796,402 |
Cost of sales | -434,546 | -335,919 | -775,795 | -619,114 |
Gross margin | 157,940 | 102,762 | 276,890 | 177,288 |
Selling, general and administrative expenses | -67,835 | -54,598 | -126,425 | -100,892 |
Income (loss) from unconsolidated joint ventures | -462 | 147 | -899 | 1,281 |
Other income (expense) | -363 | -1,247 | -376 | 2,323 |
Homebuilding pretax income | 89,280 | 47,064 | 149,190 | 80,000 |
Financial Services: | ' | ' | ' | ' |
Financial services pretax income | 2,566 | 4,080 | 4,271 | 6,537 |
Income before taxes | 91,846 | 51,144 | 153,461 | 86,537 |
Provision for income taxes | -35,383 | -8,008 | -58,839 | -21,577 |
Net income | 56,463 | 43,136 | 94,622 | 64,960 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Equity income (loss) of subsidiaries | -41,577 | -15,991 | -66,073 | -21,271 |
Homebuilding pretax income | -41,577 | -15,991 | -66,073 | -21,271 |
Financial Services: | ' | ' | ' | ' |
Income before taxes | -41,577 | -15,991 | -66,073 | -21,271 |
Net income | -41,577 | -15,991 | -66,073 | -21,271 |
Parent Company [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Revenues | 210,663 | 195,697 | 379,003 | 370,932 |
Cost of sales | -155,611 | -147,969 | -277,121 | -285,055 |
Gross margin | 55,052 | 47,728 | 101,882 | 85,877 |
Selling, general and administrative expenses | -25,637 | -22,921 | -49,442 | -43,951 |
Income (loss) from unconsolidated joint ventures | 4 | 360 | -113 | 1,495 |
Equity income (loss) of subsidiaries | 41,577 | 15,991 | 66,073 | 21,271 |
Interest income (expense), net | 3,270 | 4,282 | 6,959 | 9,285 |
Other income (expense) | -910 | -1,509 | -1,052 | 1,998 |
Homebuilding pretax income | 73,356 | 43,931 | 124,307 | 75,975 |
Financial Services: | ' | ' | ' | ' |
Income before taxes | 73,356 | 43,931 | 124,307 | 75,975 |
Provision for income taxes | -16,893 | -795 | -29,685 | -11,015 |
Net income | 56,463 | 43,136 | 94,622 | 64,960 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Revenues | 250,945 | 192,595 | 456,029 | 343,984 |
Cost of sales | -187,801 | -146,740 | -342,623 | -267,140 |
Gross margin | 63,144 | 45,855 | 113,406 | 76,844 |
Selling, general and administrative expenses | -32,286 | -26,630 | -60,134 | -48,676 |
Income (loss) from unconsolidated joint ventures | -5 | -52 | 28 | -124 |
Interest income (expense), net | -2,848 | -3,089 | -5,654 | -6,691 |
Other income (expense) | -223 | -141 | -253 | -157 |
Homebuilding pretax income | 27,782 | 15,943 | 47,393 | 21,196 |
Financial Services: | ' | ' | ' | ' |
Income before taxes | 27,782 | 15,943 | 47,393 | 21,196 |
Provision for income taxes | -10,289 | -5,555 | -17,544 | -7,960 |
Net income | 17,493 | 10,388 | 29,849 | 13,236 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Revenues | 130,878 | 50,389 | 217,653 | 81,486 |
Cost of sales | -91,134 | -41,210 | -156,051 | -66,919 |
Gross margin | 39,744 | 9,179 | 61,602 | 14,567 |
Selling, general and administrative expenses | -9,912 | -5,047 | -16,849 | -8,265 |
Income (loss) from unconsolidated joint ventures | -461 | -161 | -814 | -90 |
Interest income (expense), net | -422 | -1,193 | -1,305 | -2,594 |
Other income (expense) | 770 | 403 | 929 | 482 |
Homebuilding pretax income | 29,719 | 3,181 | 43,563 | 4,100 |
Financial Services: | ' | ' | ' | ' |
Financial services pretax income | 2,566 | 4,080 | 4,271 | 6,537 |
Income before taxes | 32,285 | 7,261 | 47,834 | 10,637 |
Provision for income taxes | -8,201 | -1,658 | -11,610 | -2,602 |
Net income | $24,084 | $5,603 | $36,224 | $8,035 |
Note_21_Supplemental_Guarantor3
Note 21 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | $147,539 | $363,291 | $80,636 | $346,555 |
Restricted cash | 32,700 | ' | ' | ' |
Inventories: | ' | ' | ' | ' |
Inventories Owned | 2,902,840 | 2,536,102 | ' | ' |
Inventories Not owned | 89,906 | 98,341 | ' | ' |
Investments in unconsolidated joint ventures | 50,278 | 66,054 | ' | ' |
Total Assets | 3,728,164 | 3,662,105 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Total Liabilities | 2,155,581 | 2,193,145 | ' | ' |
Equity: | ' | ' | ' | ' |
Total Stockholders' Equity | 1,572,583 | 1,468,960 | ' | ' |
Total Liabilities and Equity | 3,728,164 | 3,662,105 | ' | ' |
Homebuilding [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Trade and other receivables | -1,602,741 | -1,275,868 | ' | ' |
Inventories: | ' | ' | ' | ' |
Investments in subsidiaries | -871,813 | -810,340 | ' | ' |
Deferred income taxes, net | -5,535 | -3,913 | ' | ' |
Total Assets | -2,480,089 | -2,090,121 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accrued liabilities | -1,511,113 | -1,269,877 | ' | ' |
Secured project debt and other notes payable | -85,637 | ' | ' | ' |
Total Liabilities | -1,596,750 | -1,269,877 | ' | ' |
Homebuilding [Member] | Parent Company [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 26,249 | 175,289 | ' | ' |
Trade and other receivables | 1,520,698 | 1,278,567 | ' | ' |
Inventories: | ' | ' | ' | ' |
Inventories Owned | 877,471 | 804,099 | ' | ' |
Inventories Not owned | 16,600 | 9,737 | ' | ' |
Investments in unconsolidated joint ventures | -1,588 | 586 | ' | ' |
Investments in subsidiaries | 871,813 | 810,340 | ' | ' |
Deferred income taxes, net | 339,630 | 379,313 | ' | ' |
Other assets | 35,145 | 38,024 | ' | ' |
Total Assets | 3,686,018 | 3,495,955 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable | 15,631 | 11,685 | ' | ' |
Accrued liabilities | 182,384 | 182,066 | ' | ' |
Secured project debt and other notes payable | 85,637 | ' | ' | ' |
Senior notes payable | 1,829,783 | 1,833,244 | ' | ' |
Total Liabilities | 2,113,435 | 2,026,995 | ' | ' |
Homebuilding [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 792 | 494 | ' | ' |
Trade and other receivables | 8,141 | 3,565 | ' | ' |
Inventories: | ' | ' | ' | ' |
Inventories Owned | 1,169,260 | 1,012,841 | ' | ' |
Inventories Not owned | 34,038 | 41,734 | ' | ' |
Investments in unconsolidated joint ventures | 219 | 422 | ' | ' |
Other assets | 7,724 | 5,478 | ' | ' |
Total Assets | 1,220,174 | 1,064,534 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable | 11,569 | 13,442 | ' | ' |
Accrued liabilities | 850,746 | 723,082 | ' | ' |
Total Liabilities | 862,315 | 736,524 | ' | ' |
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 102,695 | 179,706 | ' | ' |
Restricted cash | 31,385 | 21,460 | ' | ' |
Trade and other receivables | 99,348 | 8,167 | ' | ' |
Inventories: | ' | ' | ' | ' |
Inventories Owned | 856,109 | 719,162 | ' | ' |
Inventories Not owned | 39,268 | 46,870 | ' | ' |
Investments in unconsolidated joint ventures | 51,647 | 65,046 | ' | ' |
Other assets | 3,484 | 2,475 | ' | ' |
Total Assets | 1,183,936 | 1,042,886 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable | 14,720 | 10,644 | ' | ' |
Accrued liabilities | 687,842 | 578,995 | ' | ' |
Secured project debt and other notes payable | 5,054 | 6,351 | ' | ' |
Total Liabilities | 707,616 | 595,990 | ' | ' |
Homebuilding [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 129,736 | 355,489 | ' | ' |
Restricted cash | 31,385 | 21,460 | ' | ' |
Trade and other receivables | 25,446 | 14,431 | ' | ' |
Inventories: | ' | ' | ' | ' |
Inventories Owned | 2,902,840 | 2,536,102 | ' | ' |
Inventories Not owned | 89,906 | 98,341 | ' | ' |
Investments in unconsolidated joint ventures | 50,278 | 66,054 | ' | ' |
Deferred income taxes, net | 334,095 | 375,400 | ' | ' |
Other assets | 46,353 | 45,977 | ' | ' |
Total Assets | 3,610,039 | 3,513,254 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable | 41,920 | 35,771 | ' | ' |
Accrued liabilities | 209,859 | 214,266 | ' | ' |
Secured project debt and other notes payable | 5,054 | 6,351 | ' | ' |
Senior notes payable | 1,829,783 | 1,833,244 | ' | ' |
Total Liabilities | 2,086,616 | 2,089,632 | ' | ' |
Financial Services [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Inventories: | ' | ' | ' | ' |
Other assets | -1,830 | -1,987 | ' | ' |
Total Assets | -1,830 | -1,987 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable and other liabilities | -13,356 | -11,891 | ' | ' |
Total Liabilities | -13,356 | -11,891 | ' | ' |
Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 17,803 | 7,802 | ' | ' |
Restricted cash | 1,295 | 1,295 | ' | ' |
Mortgage loans held for sale, net | 79,343 | 122,031 | ' | ' |
Mortgage loans held for investment, net | 12,233 | 12,220 | ' | ' |
Inventories: | ' | ' | ' | ' |
Other assets | 9,281 | 7,490 | ' | ' |
Total Assets | 119,955 | 150,838 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable and other liabilities | 15,742 | 14,537 | ' | ' |
Mortgage credit facilities | 66,579 | 100,867 | ' | ' |
Total Liabilities | 82,321 | 115,404 | ' | ' |
Financial Services [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 17,803 | 7,802 | ' | ' |
Restricted cash | 1,295 | 1,295 | ' | ' |
Mortgage loans held for sale, net | 79,343 | 122,031 | ' | ' |
Mortgage loans held for investment, net | 12,233 | 12,220 | ' | ' |
Inventories: | ' | ' | ' | ' |
Other assets | 7,451 | 5,503 | ' | ' |
Total Assets | 118,125 | 148,851 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Accounts payable and other liabilities | 2,386 | 2,646 | ' | ' |
Mortgage credit facilities | 66,579 | 100,867 | ' | ' |
Total Liabilities | 68,965 | 103,513 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Inventories: | ' | ' | ' | ' |
Total Assets | -2,481,919 | -2,092,108 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Total Liabilities | -1,610,106 | -1,281,768 | ' | ' |
Equity: | ' | ' | ' | ' |
Total Stockholders' Equity | -871,813 | -810,340 | ' | ' |
Total Liabilities and Equity | -2,481,919 | -2,092,108 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 26,249 | 175,289 | 43,511 | 154,722 |
Inventories: | ' | ' | ' | ' |
Total Assets | 3,686,018 | 3,495,955 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Total Liabilities | 2,113,435 | 2,026,995 | ' | ' |
Equity: | ' | ' | ' | ' |
Total Stockholders' Equity | 1,572,583 | 1,468,960 | ' | ' |
Total Liabilities and Equity | 3,686,018 | 3,495,955 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 792 | 494 | 231 | 114 |
Inventories: | ' | ' | ' | ' |
Total Assets | 1,220,174 | 1,064,534 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Total Liabilities | 862,315 | 736,524 | ' | ' |
Equity: | ' | ' | ' | ' |
Total Stockholders' Equity | 357,859 | 328,010 | ' | ' |
Total Liabilities and Equity | 1,220,174 | 1,064,534 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Cash and equivalents | 120,498 | 187,508 | 36,894 | 191,719 |
Inventories: | ' | ' | ' | ' |
Total Assets | 1,303,891 | 1,193,724 | ' | ' |
Homebuilding: | ' | ' | ' | ' |
Total Liabilities | 789,937 | 711,394 | ' | ' |
Equity: | ' | ' | ' | ' |
Total Stockholders' Equity | 513,954 | 482,330 | ' | ' |
Total Liabilities and Equity | $1,303,891 | $1,193,724 | ' | ' |
Note_21_Supplemental_Guarantor4
Note 21 - Supplemental Guarantor Information (Details) - Condensed Consolidating Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net cash provided by (used in) operating activities | ($143,512) | ($149,204) |
Cash Flows From Investing Activities: | ' | ' |
Investments in unconsolidated homebuilding joint ventures | -5,677 | -10,752 |
Distributions from unconsolidated homebuilding joint ventures | 14,808 | 1,569 |
Net cash paid for acqusitions | -33,408 | -113,793 |
Other investing activities | -1,487 | -3,878 |
Net cash provided by (used in) investing activities | -25,764 | -126,854 |
Cash Flows From Financing Activities: | ' | ' |
Change in restricted cash | -9,925 | 2,063 |
Principal payments on secured project debt and other notes payable | -1,061 | -7,217 |
Principal payments on senior notes payable | -4,971 | ' |
Net proceeds from (payments on) mortgage credit facilities | -34,288 | 4,805 |
Payment of issuance costs in connection with preferred shareholder equity transactions | ' | -347 |
Proceeds from the exercise of stock options | 3,769 | 10,835 |
Net cash provided by (used in) financing activities | -46,476 | 10,139 |
Net increase (decrease) in cash and equivalents | -215,752 | -265,919 |
Cash and equivalents at beginning of period | 363,291 | 346,555 |
Cash and equivalents at end of period | 147,539 | 80,636 |
Consolidation, Eliminations [Member] | ' | ' |
Cash Flows From Investing Activities: | ' | ' |
Loan to parent | 85,000 | 135,000 |
Net cash provided by (used in) investing activities | 85,000 | 135,000 |
Cash Flows From Financing Activities: | ' | ' |
Loan from subsidiary | -85,000 | -135,000 |
Net cash provided by (used in) financing activities | -85,000 | -135,000 |
Parent Company [Member] | ' | ' |
Cash Flows From Operating Activities: | ' | ' |
Net cash provided by (used in) operating activities | 40,140 | 144,336 |
Cash Flows From Investing Activities: | ' | ' |
Investments in unconsolidated homebuilding joint ventures | 144 | -305 |
Distributions from unconsolidated homebuilding joint ventures | 120 | ' |
Net cash paid for acqusitions | -35,685 | -113,793 |
Other investing activities | -618 | -669 |
Net cash provided by (used in) investing activities | -36,039 | -114,767 |
Cash Flows From Financing Activities: | ' | ' |
Principal payments on secured project debt and other notes payable | ' | -6,804 |
Principal payments on senior notes payable | -4,971 | ' |
Loan from subsidiary | 85,000 | 135,000 |
Distributions from (contributions to) Corporate and subsidiaries | 4,600 | -3,891 |
Payment of issuance costs in connection with preferred shareholder equity transactions | ' | -347 |
Proceeds from the exercise of stock options | 3,769 | 10,835 |
Intercompany advances, net | -241,539 | -275,573 |
Net cash provided by (used in) financing activities | -153,141 | -140,780 |
Net increase (decrease) in cash and equivalents | -149,040 | -111,211 |
Cash and equivalents at beginning of period | 175,289 | 154,722 |
Cash and equivalents at end of period | 26,249 | 43,511 |
Guarantor Subsidiaries [Member] | ' | ' |
Cash Flows From Operating Activities: | ' | ' |
Net cash provided by (used in) operating activities | -136,481 | -126,976 |
Cash Flows From Investing Activities: | ' | ' |
Investments in unconsolidated homebuilding joint ventures | 2 | -43 |
Distributions from unconsolidated homebuilding joint ventures | 229 | ' |
Other investing activities | -855 | -1,511 |
Net cash provided by (used in) investing activities | -624 | -1,554 |
Cash Flows From Financing Activities: | ' | ' |
Intercompany advances, net | 137,403 | 128,647 |
Net cash provided by (used in) financing activities | 137,403 | 128,647 |
Net increase (decrease) in cash and equivalents | 298 | 117 |
Cash and equivalents at beginning of period | 494 | 114 |
Cash and equivalents at end of period | 792 | 231 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash Flows From Operating Activities: | ' | ' |
Net cash provided by (used in) operating activities | -47,171 | -166,564 |
Cash Flows From Investing Activities: | ' | ' |
Investments in unconsolidated homebuilding joint ventures | -5,823 | -10,404 |
Distributions from unconsolidated homebuilding joint ventures | 14,459 | 1,569 |
Net cash paid for acqusitions | 2,277 | ' |
Loan to parent | -85,000 | -135,000 |
Other investing activities | -14 | -1,698 |
Net cash provided by (used in) investing activities | -74,101 | -145,533 |
Cash Flows From Financing Activities: | ' | ' |
Change in restricted cash | -9,925 | 2,063 |
Principal payments on secured project debt and other notes payable | -1,061 | -413 |
Net proceeds from (payments on) mortgage credit facilities | -34,288 | 4,805 |
Distributions from (contributions to) Corporate and subsidiaries | -4,600 | 3,891 |
Intercompany advances, net | 104,136 | 146,926 |
Net cash provided by (used in) financing activities | 54,262 | 157,272 |
Net increase (decrease) in cash and equivalents | -67,010 | -154,825 |
Cash and equivalents at beginning of period | 187,508 | 191,719 |
Cash and equivalents at end of period | $120,498 | $36,894 |