CalAtlantic (CAA) 10-Q 31 Jul 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 30, 2015
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		276,312,411
Amendment Flag	false
Entity Central Index Key	878,560
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	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Homebuilding:
Home sale revenues	$ 694,678	$ 591,706	$ 1,163,057	$ 1,038,624
Land sale revenues	4,954	780	6,853	14,061
Total revenues	699,632	592,486	1,169,910	1,052,685
Cost of home sales	(523,933)	(434,196)	(878,750)	(762,441)
Cost of land sales	(3,758)	(350)	(5,114)	(13,354)
Total cost of sales	(527,691)	(434,546)	(883,864)	(775,795)
Gross margin	171,941	157,940	286,046	276,890
Selling, general and administrative expenses	(79,910)	(67,835)	(145,980)	(126,425)
Income (loss) from unconsolidated joint ventures	(51)	(462)	(502)	(899)
Other income (expense)	(5,276)	(363)	(5,572)	(376)
Homebuilding pretax income	86,704	89,280	133,992	149,190
Financial Services:
Revenues	6,716	6,112	11,635	11,096
Expenses	(4,446)	(3,760)	(8,547)	(7,200)
Other income	548	214	938	375
Financial services pretax income	2,818	2,566	4,026	4,271
Income before taxes	89,522	91,846	138,018	153,461
Provision for income taxes	(32,324)	(35,383)	(49,215)	(58,839)
Net income	57,198	56,463	88,803	94,622
Less: Net income allocated to preferred shareholder	(13,798)	(13,496)	(21,475)	(22,650)
Less: Net income allocated to unvested restricted stock	(112)	(77)	(181)	(134)
Net income available to common stockholders	$ 43,288	$ 42,890	$ 67,147	$ 71,838
Income Per Common Share:
Basic (in Dollars per share)	$ 0.16	$ 0.15	$ 0.24	$ 0.26
Diluted (in Dollars per share)	$ 0.14	$ 0.14	$ 0.22	$ 0.23
Weighted Average Common Shares Outstanding:
Basic (in Shares)	275,498,449	279,075,416	274,572,173	278,514,992
Diluted (in Shares)	310,553,895	316,727,592	310,407,657	316,451,929
Weighted average additional common shares outstanding if preferred shares converted to common shares (in Shares)	87,812,786	87,812,786	87,812,786	87,812,786
Total weighted average diluted common shares outstanding if preferred shares converted to common shares (in Shares)	398,366,681	404,540,378	398,220,443	404,264,715

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Homebuilding:
Cash and equivalents	$ 88,313	$ 212,393
Restricted cash	40,800
Investments in unconsolidated joint ventures	60,835	50,111
Total Assets	4,319,892	4,174,420
Owned	3,624,498	3,255,204
Not owned	45,771	85,153
Homebuilding:
Senior notes payable	2,133,111	2,131,393
Total Liabilities	2,567,349	2,497,732
Stockholders' Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized; 267,829 shares issued and outstanding at June 30, 2015 and December 31, 2014	3	3
Common stock, $0.01 par value; 600,000,000 shares authorized; 276,042,503 and 275,141,189 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	2,760	2,751
Additional paid-in capital	1,333,745	1,346,702
Accumulated earnings	416,035	327,232
Total Equity	1,752,543	1,676,688
Total Liabilities and Equity	4,319,892	4,174,420
Homebuilding [Member]
Homebuilding:
Cash and equivalents	77,088	180,428
Restricted cash	39,714	38,222
Investments in unconsolidated joint ventures	60,835	50,111
Deferred income taxes, net of valuation allowance of $1,115 and $2,561 at June 30, 2015 and December 31, 2014, respectively	266,091	276,402
Other assets	54,424	61,597
Total Assets	4,168,421	3,947,117
Owned	3,624,498	3,255,204
Not owned	45,771	85,153
Homebuilding:
Accounts payable	79,719	45,085
Accrued liabilities	225,622	223,783
Revolving credit facility	30,000
Secured project debt and other notes payable	5,927	4,689
Senior notes payable	2,133,111	2,131,393
Total Liabilities	2,474,379	2,404,950
Financial Services [Member]
Homebuilding:
Cash and equivalents	11,225	31,965
Restricted cash	1,045	1,295
Mortgage loans held for sale, net	109,239	174,420
Mortgage loans held for investment, net	23,366	14,380
Other assets	6,596	5,243
Total Assets	151,471	227,303
Homebuilding:
Accounts payable and other liabilities	2,629	3,369
Mortgage credit facilities	90,341	89,413
Total Liabilities	$ 92,970	$ 92,782

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred income taxes, valuation allowance (in Dollars)	$ 1,100
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	276,042,503	275,141,189
Common stock, Shares outstanding	276,042,503	275,141,189
Homebuilding [Member]
Deferred income taxes, valuation allowance (in Dollars)	$ 1,115	$ 2,561

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities:
Net income	$ 88,803	$ 94,622
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
(Income) loss from unconsolidated joint ventures	502	899
Cash distribution of income from unconsolidated joint ventures	592	1,875
Depreciation and amortization	14,982	12,024
Loss on disposal of property and equipment	34	1
Amortization of stock-based compensation	5,084	5,231
Excess tax benefits from share-based payment arrangements	(6,363)
Deferred income tax provision	49,198	59,005
Changes in cash and equivalents due to:
Mortgage loans held for sale	65,182	42,574
Inventories - owned	(341,894)	(325,611)
Inventories - not owned	(12,061)	(14,794)
Other assets	5,877	(13,108)
Accounts payable	34,634	6,149
Accrued liabilities	(15,767)	(12,379)
Net cash provided by (used in) operating activities	(111,197)	(143,512)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(20,778)	(5,677)
Distributions of capital from unconsolidated joint ventures	8,760	14,808
Net cash paid for acquisitions		(33,408)
Other investing activities	(12,022)	(1,487)
Net cash provided by (used in) investing activities	(24,040)	(25,764)
Cash Flows From Financing Activities:
Change in restricted cash	(1,242)	(9,925)
Borrowings from revolving credit facility	158,900
Principal payments on revolving credit facility	(128,900)
Principal payments on secured project debt and other notes payable	(497)	(1,061)
Principal payments on senior notes payable		(4,971)
Net proceeds from (payments on) mortgage credit facilities	928	(34,288)
Repurchases of common stock	(22,073)
Issuance of common stock under employee stock plans, net of tax withholdings	(2,322)	3,769
Excess tax benefits from share-based payment arrangements	6,363
Net cash provided by (used in) financing activities	11,157	(46,476)
Net increase (decrease) in cash and equivalents	(124,080)	(215,752)
Cash and equivalents at beginning of period	212,393	363,291
Cash and equivalents at end of year	88,313	147,539
Homebuilding restricted cash at end of period	39,714	31,385
Financial services restricted cash at end of period	1,045	1,295
Cash and equivalents and restricted cash at end of period	$ 129,072	$ 180,219

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2015
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, 2015 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, 2014. 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 Pron

Note 2 - Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements [Text Block]	2. Recent Accounting Pronouncements In January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period Compensation — Stock Compensation In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern, In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis, In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs,

Note 3 - Segment Reporting

Note 3 - Segment Reporting	6 Months Ended
	Jun. 30, 2015
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 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, Florida and the Carolinas. 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, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding revenues: California $ 298,972 $ 290,899 $ 484,593 $ 510,378 Southwest 202,538 131,590 340,746 238,797 Southeast 198,122 169,997 344,571 303,510 Total homebuilding revenues $ 699,632 $ 592,486 $ 1,169,910 $ 1,052,685 Homebuilding pretax income: California $ 49,377 $ 57,566 $ 74,475 $ 96,119 Southwest 22,190 14,274 33,987 24,332 Southeast 15,137 17,440 25,530 28,739 Total homebuilding pretax income $ 86,704 $ 89,280 $ 133,992 $ 149,190 Segment financial information relating to the Company’s homebuilding assets was as follows: June 30, December 31, 2015 2014 (Dollars in thousands) Homebuilding assets: California $ 1,683,306 $ 1,542,584 Southwest 881,554 826,489 Southeast 1,222,505 1,060,343 Corporate 381,056 517,701 Total homebuilding assets $ 4,168,421 $ 3,947,117

Note 4 - Earnings Per Common Sh

Note 4 - Earnings Per Common Share	6 Months Ended
	Jun. 30, 2015
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 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, 2015 2014 2015 2014 (Dollars in thousands, except per share amounts) Numerator: Net income $ 57,198 $ 56,463 $ 88,803 $ 94,622 Less: Net income allocated to preferred shareholder (13,798 ) (13,496 ) (21,475 ) (22,650 ) Less: Net income allocated to unvested restricted stock (112 ) (77 ) (181 ) (134 ) Net income available to common stockholders for basic earnings per common share 43,288 42,890 67,147 71,838 Effect of dilutive securities: Net income allocated to preferred shareholder 13,798 13,496 21,475 22,650 Interest on 1¼% convertible senior notes due 2032, capitalized and amortized in cost of sales 41 41 204 204 Net income available to common and preferred stock for diluted earnings per share $ 57,127 $ 56,427 $ 88,826 $ 94,692 Denominator: Weighted average basic common shares outstanding 275,498,449 279,075,416 274,572,173 278,514,992 Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive 87,812,786 87,812,786 87,812,786 87,812,786 Total weighted average common shares outstanding if preferred shares converted to common shares 363,311,235 366,888,202 362,384,959 366,327,778 Effect of dilutive securities: Share-based awards 3,742,596 6,339,326 4,522,634 6,624,087 1¼% convertible senior notes due 2032 31,312,850 31,312,850 31,312,850 31,312,850 Weighted average diluted shares outstanding 398,366,681 404,540,378 398,220,443 404,264,715 Income per common share: Basic $ 0.16 $ 0.15 $ 0.24 $ 0.26 Diluted $ 0.14 $ 0.14 $ 0.22 $ 0.23

Note 5 - Stock-based Compensati

Note 5 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2015
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 718 which 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 $2.4 million and $2.8 million for the three months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, we recognized stock-based compensation expense of $5.1 million and $5.2 million, respectively. As of June 30, 2015, total unrecognized stock-based compensation expense was $16.2 million, with a weighted average period over which the remaining unrecognized compensation expense is expected to be recorded of approximately 2.1 years.

Note 6 - Cash and Equivalents a

Note 6 - Cash and Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2015
Restricted Cash And Cash Equivalents [Abstract]
Restricted Cash And Cash Equivalents [Text Block]	6. Cash and Equivalents and R estricted Cash Cash and equivalents include cash on hand, demand deposits and all highly liquid short-term investments, including interest-bearing securities purchased with a maturity of three months or less from the date of purchase. At June 30, 2015, cash and equivalents included $34.6 million of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit. At June 30, 2015, restricted cash consisted of $40.8 million of cash held in cash collateral accounts primarily related to certain letters of credit that have been issued and a portion related to our financial services subsidiary mortgage credit facilities ($39.7 million of homebuilding restricted cash and $1.1 million of financial services restricted cash).

Note 7 - Inventories

Note 7 - Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	7. Inventories a. Inventories Owned Inventories owned consisted of the following at: June 30, 2015 California Southwest Southeast Total (Dollars in thousands) Land and land under development $ 980,718 $ 491,820 $ 797,460 $ 2,269,998 Homes completed and under construction 493,539 306,345 329,834 1,129,718 Model homes 107,770 50,574 66,438 224,782 Total inventories owned $ 1,582,027 $ 848,739 $ 1,193,732 $ 3,624,498 December 31, 2014 California Southwest Southeast Total (Dollars in thousands) Land and land under development $ 1,021,585 $ 504,538 $ 722,166 $ 2,248,289 Homes completed and under construction 318,982 250,498 258,132 827,612 Model homes 81,763 44,437 53,103 179,303 Total inventories owned $ 1,422,330 $ 799,473 $ 1,033,401 $ 3,255,204 In accordance with ASC Topic 360, Property, Plant, and Equipment b. Inventories Not Owned Inventories not owned consisted of the following at: June 30, December 31, 2015 2014 (Dollars in thousands) Land purchase and lot option deposits $ 41,238 $ 47,472 Other lot option contracts, net of deposits 4,533 37,681 Total inventories not owned $ 45,771 $ 85,153 Under ASC Topic 810, Consolidation Other lot option contracts also included $3.1 million, as of June 30, 2015 and December 31, 2014, of purchase price allocated in connection with a business acquisition during the 2013 second quarter, and $27.0 million as of December 31, 2014 related to a land purchase contract where we made a significant deposit and as a result we were deemed to be economically compelled to purchase the land.

Note 8 - Capitalization of Inte

Note 8 - Capitalization of Interest	6 Months Ended
	Jun. 30, 2015
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 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, 2015 and 2014: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Total interest incurred $ 41,857 $ 37,641 $ 83,660 $ 76,427 Less: Interest capitalized to inventories owned (41,508 ) (37,228 ) (82,909 ) (75,441 ) Less: Interest capitalized to investments in unconsolidated joint ventures (349 ) (413 ) (751 ) (986 ) Interest expense $ - $ - $ - $ - Interest previously capitalized to inventories owned, included in cost of home sales $ 35,051 $ 29,812 $ 57,446 $ 54,180 Interest previously capitalized to inventories owned, included in cost of land sales $ 1,512 $ 4 $ 1,755 $ 619 Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures $ - $ - $ - $ 30 Interest capitalized in ending inventories owned (1) $ 299,315 $ 265,393 $ 299,315 $ 265,393 Interest capitalized as a percentage of inventories owned 8.3 % 9.1 % 8.3 % 9.1 % Interest capitalized in ending investments in unconsolidated joint ventures (1) $ 1,416 $ 1,924 $ 1,416 $ 1,924 Interest capitalized as a percentage of investments in unconsolidated joint ventures 2.3 % 3.8 % 2.3 % 3.8 % (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.

Note 9 - Investments in Unconso

Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures	6 Months Ended
	Jun. 30, 2015
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 condensed 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, 2015 2014 (Dollars in thousands) (Unaudited) Revenues $ 18,350 $ 31,225 Cost of sales and expenses (21,556 ) (36,251 ) Income (loss) of unconsolidated joint ventures $ (3,206 ) $ (5,026 ) Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations $ (502 ) $ (899 ) 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, which is allocated based on the provisions of the underlying joint venture operating agreements less any additional impairments recorded against our investments in joint ventures which we do not deem recoverable. In addition, we defer recognition of our share of income that relates to lots purchased by us from land development joint ventures until we ultimately sell the homes to be constructed to third parties, at which time we account for these earnings as a reduction of the cost basis of the lots purchased from these joint ventures. For the six months ended June 30, 2015 and 2014, 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, 2015 and 2014, 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, 2015 or 2014. The table set forth below summarizes the condensed combined balance sheets for our unconsolidated land development and homebuilding joint ventures that we accounted for under the equity method: June 30, December 31, 2015 2014 (Dollars in thousands) (Unaudited) Assets: Cash $ 24,765 $ 29,472 Inventories 200,620 197,727 Other assets 38,783 10,372 Total assets $ 264,168 $ 237,571 Liabilities and Equity: Accounts payable and accrued liabilities $ 10,732 $ 16,173 Non-recourse debt 30,000 30,000 Standard Pacific equity 64,576 54,347 Other members' equity 158,860 137,051 Total liabilities and equity $ 264,168 $ 237,571 Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets $ 60,835 $ 50,111 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, 2015 and December 31, 2014, substantially all of our investments in unconsolidated joint ventures were in California. Our investments in unconsolidated joint ventures also included approximately $1.4 million and $0.7 million of homebuilding interest capitalized to investments in unconsolidated joint ventures as of June 30, 2015 and December 31, 2014, respectively, which capitalized interest is not included in the condensed 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, 2015, 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 and we did not have a controlling interest, 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, 2015
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, 2015 2014 (Dollars in thousands) Warranty accrual, beginning of the period $ 13,584 $ 13,811 Warranty costs accrued during the period 4,359 2,812 Warranty costs paid during the period (4,397 ) (3,277 ) Warranty accrual, end of the period $ 13,546 $ 13,346

Note 11 - Revolving Credit Faci

Note 11 - Revolving Credit Facility and Letter of Credit Facilities	6 Months Ended
	Jun. 30, 2015
Lineof Credit Facility [Abstract]
Lineof Credit Facility [Text Block]	11. Revolving Credit Facility and Letter of Credit Facilities As of June 30, 2015, we were party to a $450 million unsecured revolving credit facility (the "Revolving Facility") which matures in July 2018. The Revolving Facility has an accordion feature under which the aggregate commitment may be increased to a maximum amount of $750 million, subject to the availability of additional bank commitments and certain other conditions. As of June 30, 2015, the Revolving Facility contained financial covenants, including, but not limited to, (i) a minimum consolidated tangible net worth covenant; (ii) a covenant to maintain either (a) a minimum liquidity level or (b) a minimum interest coverage ratio; (iii) a maximum net homebuilding leverage ratio and (iv) a maximum land not under development to tangible net worth ratio. This facility also contains a limitation on our investments in joint ventures. Interest rates charged under the Revolving Facility include LIBOR and prime rate pricing options. As of June 30, 2015, we satisfied the conditions that would allow us to borrow up to $450 million under the facility, of which $30 million in borrowings was outstanding, with $420 million of remaining availability. As of June 30, 2015, we were party to four committed letter of credit facilities totaling $48 million, of which $38.0 million was outstanding. These facilities require cash collateralization and have maturity dates ranging from October 2015 to October 2017. In addition, as of such date, we also had $0.2 million outstanding under an uncommitted letter of credit facility. As of June 30, 2015, these facilities were secured by cash collateral deposits of $38.8 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

Note 12 - Secured Project Debt and Other Notes Payable	6 Months Ended
	Jun. 30, 2015
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, 2015, we had approximately $5.9 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, 2015
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, 2015 2014 (Dollars in thousands) 7% Senior Notes due August 2015 $ 29,789 $ 29,789 10¾% Senior Notes due September 2016, net of discount 274,676 272,684 8⅜% Senior Notes due May 2018, net of premium 577,850 578,278 8⅜% Senior Notes due January 2021, net of discount 397,796 397,642 6¼% Senior Notes due December 2021 300,000 300,000 5 ⅞ % Senior Notes due November 2024 300,000 300,000 1¼% Convertible Senior Notes due August 2032 253,000 253,000 $ 2,133,111 $ 2,131,393 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, stock repurchases 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, 2015, 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.

Note 14 - Preferred Stock

Note 14 - Preferred Stock	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block Supplement [Abstract]
Preferred Stock [Text Block]	14. Preferred Stock Our 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, 2015, MatlinPatterson owned 267,829 shares of Series B Preferred Stock, which are convertible into 87.8 million shares of our common stock. MatlinPatterson also owned 126.4 million shares of our common stock. As of June 30, 2015, the outstanding shares of Series B Preferred Stock on an as converted basis plus the common stock owned by MatlinPatterson represented approximately 59% of the total number of shares of our common stock outstanding on an if-converted basis.

Note 15 - Mortgage Credit Facil

Note 15 - Mortgage Credit Facilities	6 Months Ended
	Jun. 30, 2015
Disclosure Of Warehouse Agreement Borrowings [Abstract]
Disclosure Of Warehouse Agreement Borrowings [Text Block]	15. Mortgage Credit Facilities At June 30, 2015, we had $90.3 million outstanding under our mortgage financing subsidiary’s mortgage credit facilities. These mortgage credit facilities consist of a $100 million repurchase facility ($25 million committed and $75 million uncommitted) with one lender, maturing in June 2016, and a $75 million repurchase facility with another lender, maturing in October 2015. These facilities require Standard Pacific Mortgage to maintain cash collateral accounts, which totaled $1.1 million as of June 30, 2015, 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, 2015, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in these facilities.

Note 16 - Disclosures about Fai

Note 16 - Disclosures about Fair Value	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	16. Disclosures about Fair Value ASC Topic 820, Fair Value Measurements and Disclosures • Level 1 – quoted prices for identical • Level 2 – quoted prices for similar • 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, 2015 December 31, 2014 (Dollars in thousands) Mortgage loans held for sale Level 2 $ 111,654 $ 176,511 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 June 30, 2015 December 31, 2014 Description Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) Financial services assets: Mortgage loans held for investment, net Level 2 $ 23,366 $ 23,366 $ 14,380 $ 14,380 Homebuilding liabilities: Senior notes payable, net Level 2 $ 2,133,111 $ 2,401,780 $ 2,131,393 $ 2,337,839 Mortgage Loans Held for Investment – Senior Notes Payable – The fair value of our cash and equivalents, restricted cash, trade and other receivables, accounts payable, revolving credit facility borrowings, 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 17 - Commitments and Conti

Note 17 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	17. 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, 2015, we had non-refundable cash deposits outstanding of approximately $39.1 million and capitalized pre-acquisition and other development and construction costs of approximately $6.8 million relating to land purchase and option contracts having a total remaining purchase price of approximately $389.3 million. Our utilization of option contracts is dependent on, among other things, the availability of land sellers willing to enter into option takedown arrangements, the availability of capital to financial intermediaries, general housing market conditions, and geographic preferences. Options may be more difficult to procure from land sellers in strong housing markets and are more prevalent in certain geographic regions. b. Land Development and Homebuilding Joint Ventures Our joint ventures have historically obtained secured acquisition, development and construction financing designed to reduce the use of funds from corporate financing sources. As of June 30, 2015, we held membership interests in 19 homebuilding and land development joint ventures, of which eight were active and 11 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 2016. At June 30, 2015, we had no joint venture surety bonds outstanding. 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, 2015, we had approximately $526.9 million in surety bonds outstanding, with respect to which we had an estimated $297.8 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 $83.4 million at June 30, 2015 and carried a weighted average interest rate of approximately 3.8%. Interest rate risks related to these obligations are mitigated through the preselling of loans to investors or through its interest rate hedging program. As of June 30, 2015, Standard Pacific Mortgage had approximately $38.5 million in closed mortgage loans held for sale and $19.4 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. In addition, as of June 30, 2015, Standard Pacific Mortgage had approximately $71.1 million in closed mortgage loans held for sale and $64.0 million of mortgage loans in process that were or are expected to be originated on a non-presold basis, all of which were hedged by forward sale commitments of mortgage-backed securities prior to entering into loan sale transactions with third party investors. 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, 2015, we had incurred an aggregate of $10.9 million in losses related to loan repurchases and make-whole payments we had been required to make on the $9.6 billion total dollar value of the loans we originated from the beginning of 2004 through the end of the second quarter of 2015. During the six months ended June 30, 2015 and 2014, Standard Pacific Mortgage recorded loan loss expense related to indemnification and repurchase allowances of $0.1 million and $0.2 million, respectively. As of June 30, 2015, 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, 2015 and 2014, Standard Pacific Mortgage made make-whole payments totaling approximately $0.1 million related to three loans and $0.2 million related to four 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, 2015 and December 31, 2014 were $64.0 million and $62.8 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 18 - Income Taxes

Note 18 - Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	18. Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes 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 2015 second quarter provision for income taxes of $32.3 million primarily related to our $89.5 million of pretax income. As of June 30, 2015, we had a $267.2 million deferred tax asset which was offset by a valuation allowance of $1.1 million related to state net operating loss carryforwards that are limited by shorter carryforward periods. As of such date, $127.7 million of our deferred tax asset related to net operating loss carryforwards ($112.6 million of federal and state net operating loss carryforwards that were subject to the Section 382 gross annual limitation of $15.6 million for both federal and state purposes, and $15.1 million of state net operating loss carryforwards that were not subject to such limitation). The remaining deferred tax asset balance of $139.5 million represented deductible timing differences, primarily related to inventory impairments and financial accruals, which have no expiration date. As of June 30, 2015 and December 31, 2014, our liability for unrecognized tax benefits was $3.8 million and $2.5 million, respectively, which is included in accrued liabilities in the accompanying condensed consolidated balance sheets. In addition, as of June 30, 2015, we remained subject to examination by various tax jurisdictions for the tax years ended December 31, 2010 through 2014.

Note 19 - Subsequent Event

Note 19 - Subsequent Event	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	19. S ubsequent Event On July 2, 2015, the Company filed a Registration Statement on Form S-4 in connection with the Agreement and Plan of Merger it entered into on June 14, 2015 (the "Merger Agreement") with The Ryland Group, Inc., a Maryland corporation ("Ryland"). Subject to the terms and conditions of the Merger Agreement, Standard Pacific and Ryland have agreed that Ryland will merge with and into Standard Pacific in a "merger of equals," with Standard Pacific continuing as the surviving corporation (the "Surviving Corporation"), and the separate corporate existence of Ryland will cease (the "Merger"). Subject to the terms and conditions of the Merger Agreement, which was unanimously approved by the boards of directors of Standard Pacific and Ryland, if the Merger is completed, each five shares of common stock issued and outstanding of Standard Pacific will be combined and converted into one issued and outstanding share of common stock of the Surviving Corporation and each share of common stock of Ryland issued and outstanding will be converted and exchangeable for 1.0191 issued and outstanding shares of common stock of the Surviving Corporation. The proposed merger is subject to approval by the shareholders of the Company and Ryland and other customary closing conditions.

Note 20 - Supplemental Disclosu

Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows	6 Months Ended
	Jun. 30, 2015
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, 2015 2014 (Dollars in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes $ 21,990 $ 3,712 Supplemental Disclosures of Noncash Activities: Liabilities assumed in connection with acquisitions $ - $ 4,170

Note 21 - Supplemental Guaranto

Note 21 - Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 2015
Supplemental Guarantor Information [Abstract]
Supplemental Guarantor Information [Text Block]	21. S upplemental 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, 2015 Standard Pacific Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated Standard Pacific Corp. (Dollars in thousands) Homebuilding: Revenues $ 191,188 $ 324,365 $ 184,079 - $ 699,632 Cost of sales (144,796 ) (248,896 ) (133,999 ) - (527,691 ) Gross margin 46,392 75,469 50,080 - 171,941 Selling, general and administrative expenses (24,393 ) (40,524 ) (14,993 ) - (79,910 ) Income (loss) from unconsolidated joint ventures (4 ) - (47 ) - (51 ) Equity income of subsidiaries 50,169 - - (50,169 ) - Interest income (expense), net 3,175 (2,465 ) (710 ) - - Other income (expense (6,440 ) (75 ) 1,239 - (5,276 ) Homebuilding pretax income 68,899 32,405 35,569 (50,169 ) 86,704 Financial Services: Financial services pretax income - - 2,818 - 2,818 Income before taxes 68,899 32,405 38,387 (50,169 ) 89,522 Provision for income taxes (11,701 ) (13,247 ) (7,376 ) - (32,324 ) Net income $ 57,198 $ 19,158 $ 31,011 $ (50,169 ) $ 57,198 Three Months Ended June 30, 2014 Standard Pacific Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated 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 Six Months Ended June 30, 2015 Standard Pacific Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated Standard Pacific Corp. (Dollars in thousands) Homebuilding: Revenues $ 328,080 $ 544,093 $ 297,737 - $ 1,169,910 Cost of sales (248,154 ) (419,853 ) (215,857 ) - (883,864 ) Gross margin 79,926 124,240 81,880 - 286,046 Selling, general and administrative expenses (47,539 ) (73,274 ) (25,167 ) - (145,980 ) Income (loss) from unconsolidated joint ventures 22 - (524 ) - (502 ) Equity income of subsidiaries 73,536 - - (73,536 ) - Interest income (expense), net 6,398 (5,209 ) (1,189 ) - - Other income (expense (7,441 ) (223 ) 2,092 - (5,572 ) Homebuilding pretax income 104,902 45,534 57,092 (73,536 ) 133,992 Financial Services: Financial services pretax income - - 4,026 - 4,026 Income before taxes 104,902 45,534 61,118 (73,536 ) 138,018 Provision for income taxes (16,099 ) (20,571 ) (12,545 ) - (49,215 ) Net income $ 88,803 $ 24,963 $ 48,573 $ (73,536 ) $ 88,803 Six Months Ended June 30, 2014 Standard Pacific Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated 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 June 30, 2015 Standard Pacific Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Standard Pacific Corp. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 28,782 $ 20,626 $ 27,680 - $ 77,088 Restricted cash - - 39,714 - 39,714 Intercompany receivables 1,795,110 - 181,691 (1,976,801 ) - Inventories: Owned 1,156,145 1,294,269 1,174,084 - 3,624,498 Not owned 16,691 20,478 8,602 - 45,771 Investments in unconsolidated joint ventures (1,632 ) (69 ) 62,536 - 60,835 Investments in subsidiaries 1,023,496 - - (1,023,496 ) - Deferred income taxes, net 274,642 - - (8,551 ) 266,091 Other assets 39,550 10,649 4,225 - 54,424 Total Homebuilding Assets 4,332,784 1,345,953 1,498,532 (3,008,848 ) 4,168,421 Financial Services: Cash and equivalents - - 11,225 - 11,225 Restricted cash - - 1,045 - 1,045 Mortgage loans held for sale, net - - 109,239 - 109,239 Mortgage loans held for investment, net - - 23,366 - 23,366 Other assets - - 8,246 (1,650 ) 6,596 Total Financial Services Assets - - 153,121 (1,650 ) 151,471 Total Assets $ 4,332,784 $ 1,345,953 $ 1,651,653 $ (3,010,498 ) $ 4,319,892 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 24,049 $ 25,141 $ 30,529 - $ 79,719 Accrued liabilities and intercompany payables 213,627 917,572 887,502 (1,793,079 ) 225,622 Revolving credit facility 30,000 - - - 30,000 Secured project debt, other notes payable and intercompany loans 179,454 - 4,203 (177,730 ) 5,927 Senior notes payable 2,133,111 - - - 2,133,111 Total Homebuilding Liabilities 2,580,241 942,713 922,234 (1,970,809 ) 2,474,379 Financial Services: Accounts payable and other liabilities - - 18,822 (16,193 ) 2,629 Mortgage credit facilities - - 90,341 - 90,341 Total Financial Services Liabilities - - 109,163 (16,193 ) 92,970 Total Liabilities 2,580,241 942,713 1,031,397 (1,987,002 ) 2,567,349 Equity: Total Stockholders' Equity 1,752,543 403,240 620,256 (1,023,496 ) 1,752,543 Total Liabilities and Equity $ 4,332,784 $ 1,345,953 $ 1,651,653 $ (3,010,498 ) $ 4,319,892 December 31, 2014 Standard Pacific Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Standard Pacific Corp. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 133,304 $ 1,061 $ 46,063 $ - $ 180,428 Restricted cash - - 38,222 - 38,222 Intercompany receivables 1,637,226 - 184,772 (1,821,998 ) - Inventories: Owned 1,059,197 1,234,233 961,774 - 3,255,204 Not owned 17,360 28,520 39,273 - 85,153 Investments in unconsolidated joint ventures (1,653 ) 497 51,267 - 50,111 Investments in subsidiaries 957,933 - - (957,933 ) - Deferred income taxes, net 283,890 - - (7,488 ) 276,402 Other assets 42,224 11,234 8,139 ― 61,597 Total Homebuilding Assets 4,129,481 1,275,545 1,329,510 (2,787,419 ) 3,947,117 Financial Services: Cash and equivalents - - 31,965 - 31,965 Restricted cash - - 1,295 - 1,295 Mortgage loans held for sale, net - - 174,420 - 174,420 Mortgage loans held for investment, net - - 14,380 - 14,380 Other assets - - 6,980 (1,737 ) 5,243 Total Financial Services Assets - - 229,040 (1,737 ) 227,303 Total Assets $ 4,129,481 $ 1,275,545 $ 1,558,550 $ (2,789,156 ) $ 4,174,420 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 13,856 $ 16,202 $ 15,027 $ - $ 45,085 Accrued liabilities and intercompany payables 206,731 868,922 783,324 (1,635,194 ) 223,783 Secured project debt, other notes payable and intercompany loans 100,813 - 4,689 (100,813 ) 4,689 Senior notes payable 2,131,393 - - - 2,131,393 Total Homebuilding Liabilities 2,452,793 885,124 803,040 (1,736,007 ) 2,404,950 Financial Services: Accounts payable and other liabilities - - 18,585 (15,216 ) 3,369 Mortgage credit facilities - - 169,413 (80,000 ) 89,413 Total Financial Services Liabilities - - 187,998 (95,216 ) 92,782 Total Liabilities 2,452,793 885,124 991,038 (1,831,223 ) 2,497,732 Equity: Total Stockholders' Equity 1,676,688 390,421 567,512 (957,933 ) 1,676,688 Total Liabilities and Equity $ 4,129,481 $ 1,275,545 $ 1,558,550 $ (2,789,156 ) $ 4,174,420 Six Months Ended June 30, 2015 Standard Pacific Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Standard Pacific Corp. (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (39,876 ) $ (21,756 ) $ (49,565 ) $ - $ (111,197 ) Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures - - (20,778 ) - (20,778 ) Distributions of capital from unconsolidated homebuilding joint ventures - - 8,760 - 8,760 Loan to parent and subsidiaries - - 5,000 (5,000 ) - Other investing activities (1,670 ) (1,278 ) (9,074 ) - (12,022 ) Net cash provided by (used in) investing activities (1,670 ) (1,278 ) (16,092 ) (5,000 ) (24,040 ) Cash Flows From Financing Activities: Change in restricted cash - - (1,242 ) - (1,242 ) Borrowings from revolving credit facility 158,900 - - - 158,900 Principal payments on revolving credit facility (128,900 ) - - - (128,900 ) Principal payments on secured project debt and other notes payable - - (497 ) - (497 ) Loan from subsidiary 75,000 - - (75,000 ) - Net proceeds from (payments on) mortgage credit facilities - - (79,072 ) 80,000 928 (Contributions to) distributions from Corporate and subsidiaries 7,973 (12,144 ) 4,171 - - Repurchase of common stock (22,073 ) - - - (22,073 ) Issuance of common stock under employee stock plans, net of tax withholdings (2,322 ) - - - (2,322 ) Excess tax benefits from share-based payment arrangements 6,363 - - - 6,363 Intercompany advances, net (157,917 ) 54,743 103,174 - - Net cash provided by (used in) financing activities (62,976 ) 42,599 26,534 5,000 11,157 Net increase (decrease) in cash and equivalents (104,522 ) 19,565 (39,123 ) - (124,080 ) Cash and equivalents at beginning of period 133,304 1,061 78,028 - 212,393 Cash and equivalents at end of period $ 28,782 $ 20,626 $ 38,905 $ - $ 88,313 Six Months Ended June 30, 2014 Standard Pacific Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated 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 acquisitions (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 ) - - Issuance of common stock under employee stock plans, net of tax withholdings 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

Note 3 - Segment Reporting (Tab

Note 3 - Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding revenues: California $ 298,972 $ 290,899 $ 484,593 $ 510,378 Southwest 202,538 131,590 340,746 238,797 Southeast 198,122 169,997 344,571 303,510 Total homebuilding revenues $ 699,632 $ 592,486 $ 1,169,910 $ 1,052,685 Homebuilding pretax income: California $ 49,377 $ 57,566 $ 74,475 $ 96,119 Southwest 22,190 14,274 33,987 24,332 Southeast 15,137 17,440 25,530 28,739 Total homebuilding pretax income $ 86,704 $ 89,280 $ 133,992 $ 149,190
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	June 30, December 31, 2015 2014 (Dollars in thousands) Homebuilding assets: California $ 1,683,306 $ 1,542,584 Southwest 881,554 826,489 Southeast 1,222,505 1,060,343 Corporate 381,056 517,701 Total homebuilding assets $ 4,168,421 $ 3,947,117

Note 4 - Earnings Per Common 28

Note 4 - Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
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, 2015 2014 2015 2014 (Dollars in thousands, except per share amounts) Numerator: Net income $ 57,198 $ 56,463 $ 88,803 $ 94,622 Less: Net income allocated to preferred shareholder (13,798 ) (13,496 ) (21,475 ) (22,650 ) Less: Net income allocated to unvested restricted stock (112 ) (77 ) (181 ) (134 ) Net income available to common stockholders for basic earnings per common share 43,288 42,890 67,147 71,838 Effect of dilutive securities: Net income allocated to preferred shareholder 13,798 13,496 21,475 22,650 Interest on 1¼% convertible senior notes due 2032, capitalized and amortized in cost of sales 41 41 204 204 Net income available to common and preferred stock for diluted earnings per share $ 57,127 $ 56,427 $ 88,826 $ 94,692 Denominator: Weighted average basic common shares outstanding 275,498,449 279,075,416 274,572,173 278,514,992 Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive 87,812,786 87,812,786 87,812,786 87,812,786 Total weighted average common shares outstanding if preferred shares converted to common shares 363,311,235 366,888,202 362,384,959 366,327,778 Effect of dilutive securities: Share-based awards 3,742,596 6,339,326 4,522,634 6,624,087 1¼% convertible senior notes due 2032 31,312,850 31,312,850 31,312,850 31,312,850 Weighted average diluted shares outstanding 398,366,681 404,540,378 398,220,443 404,264,715 Income per common share: Basic $ 0.16 $ 0.15 $ 0.24 $ 0.26 Diluted $ 0.14 $ 0.14 $ 0.22 $ 0.23

Note 7 - Inventories (Tables)

Note 7 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories Owned [Table Text Block]	June 30, 2015 California Southwest Southeast Total (Dollars in thousands) Land and land under development $ 980,718 $ 491,820 $ 797,460 $ 2,269,998 Homes completed and under construction 493,539 306,345 329,834 1,129,718 Model homes 107,770 50,574 66,438 224,782 Total inventories owned $ 1,582,027 $ 848,739 $ 1,193,732 $ 3,624,498 December 31, 2014 California Southwest Southeast Total (Dollars in thousands) Land and land under development $ 1,021,585 $ 504,538 $ 722,166 $ 2,248,289 Homes completed and under construction 318,982 250,498 258,132 827,612 Model homes 81,763 44,437 53,103 179,303 Total inventories owned $ 1,422,330 $ 799,473 $ 1,033,401 $ 3,255,204
Inventory Real Estate Not Owned [Table Text Block]	June 30, December 31, 2015 2014 (Dollars in thousands) Land purchase and lot option deposits $ 41,238 $ 47,472 Other lot option contracts, net of deposits 4,533 37,681 Total inventories not owned $ 45,771 $ 85,153

Note 8 - Capitalization of In30

Note 8 - Capitalization of Interest (Tables)	6 Months Ended
	Jun. 30, 2015
Home Building Interest [Abstract]
Schedule of Capitalized Interest [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Total interest incurred $ 41,857 $ 37,641 $ 83,660 $ 76,427 Less: Interest capitalized to inventories owned (41,508 ) (37,228 ) (82,909 ) (75,441 ) Less: Interest capitalized to investments in unconsolidated joint ventures (349 ) (413 ) (751 ) (986 ) Interest expense $ - $ - $ - $ - Interest previously capitalized to inventories owned, included in cost of home sales $ 35,051 $ 29,812 $ 57,446 $ 54,180 Interest previously capitalized to inventories owned, included in cost of land sales $ 1,512 $ 4 $ 1,755 $ 619 Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures $ - $ - $ - $ 30 Interest capitalized in ending inventories owned (1) $ 299,315 $ 265,393 $ 299,315 $ 265,393 Interest capitalized as a percentage of inventories owned 8.3 % 9.1 % 8.3 % 9.1 % Interest capitalized in ending investments in unconsolidated joint ventures (1) $ 1,416 $ 1,924 $ 1,416 $ 1,924 Interest capitalized as a percentage of investments in unconsolidated joint ventures 2.3 % 3.8 % 2.3 % 3.8 %

Note 9 - Investments in Uncon31

Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2015
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, 2015 2014 (Dollars in thousands) (Unaudited) Revenues $ 18,350 $ 31,225 Cost of sales and expenses (21,556 ) (36,251 ) Income (loss) of unconsolidated joint ventures $ (3,206 ) $ (5,026 ) Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations $ (502 ) $ (899 )
Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block]	June 30, December 31, 2015 2014 (Dollars in thousands) (Unaudited) Assets: Cash $ 24,765 $ 29,472 Inventories 200,620 197,727 Other assets 38,783 10,372 Total assets $ 264,168 $ 237,571 Liabilities and Equity: Accounts payable and accrued liabilities $ 10,732 $ 16,173 Non-recourse debt 30,000 30,000 Standard Pacific equity 64,576 54,347 Other members' equity 158,860 137,051 Total liabilities and equity $ 264,168 $ 237,571 Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets $ 60,835 $ 50,111

Note 10 - Warranty Costs (Table

Note 10 - Warranty Costs (Tables)	6 Months Ended
	Jun. 30, 2015
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	Six Months Ended June 30, 2015 2014 (Dollars in thousands) Warranty accrual, beginning of the period $ 13,584 $ 13,811 Warranty costs accrued during the period 4,359 2,812 Warranty costs paid during the period (4,397 ) (3,277 ) Warranty accrual, end of the period $ 13,546 $ 13,346

Note 13 - Senior Notes Payable

Note 13 - Senior Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Schedule of Debt [Table Text Block]	June 30, December 31, 2015 2014 (Dollars in thousands) 7% Senior Notes due August 2015 $ 29,789 $ 29,789 10¾% Senior Notes due September 2016, net of discount 274,676 272,684 8⅜% Senior Notes due May 2018, net of premium 577,850 578,278 8⅜% Senior Notes due January 2021, net of discount 397,796 397,642 6¼% Senior Notes due December 2021 300,000 300,000 5 ⅞ % Senior Notes due November 2024 300,000 300,000 1¼% Convertible Senior Notes due August 2032 253,000 253,000 $ 2,133,111 $ 2,131,393

Note 16 - Disclosures about F34

Note 16 - Disclosures about Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value at Description Fair Value Hierarchy June 30, 2015 December 31, 2014 (Dollars in thousands) Mortgage loans held for sale Level 2 $ 111,654 $ 176,511
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	June 30, 2015 December 31, 2014 Description Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) Financial services assets: Mortgage loans held for investment, net Level 2 $ 23,366 $ 23,366 $ 14,380 $ 14,380 Homebuilding liabilities: Senior notes payable, net Level 2 $ 2,133,111 $ 2,401,780 $ 2,131,393 $ 2,337,839

Note 20 - Supplemental Disclo35

Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Six Months Ended June 30, 2015 2014 (Dollars in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes $ 21,990 $ 3,712 Supplemental Disclosures of Noncash Activities: Liabilities assumed in connection with acquisitions $ - $ 4,170

Note 21 - Supplemental Guaran36

Note 21 - Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Guarantor Information [Abstract]
Supplemental Condensed Consolidating Statements of Operations [Table Text Block]	Three Months Ended June 30, 2015 Standard Pacific Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated Standard Pacific Corp. (Dollars in thousands) Homebuilding: Revenues $ 191,188 $ 324,365 $ 184,079 - $ 699,632 Cost of sales (144,796 ) (248,896 ) (133,999 ) - (527,691 ) Gross margin 46,392 75,469 50,080 - 171,941 Selling, general and administrative expenses (24,393 ) (40,524 ) (14,993 ) - (79,910 ) Income (loss) from unconsolidated joint ventures (4 ) - (47 ) - (51 ) Equity income of subsidiaries 50,169 - - (50,169 ) - Interest income (expense), net 3,175 (2,465 ) (710 ) - - Other income (expense (6,440 ) (75 ) 1,239 - (5,276 ) Homebuilding pretax income 68,899 32,405 35,569 (50,169 ) 86,704 Financial Services: Financial services pretax income - - 2,818 - 2,818 Income before taxes 68,899 32,405 38,387 (50,169 ) 89,522 Provision for income taxes (11,701 ) (13,247 ) (7,376 ) - (32,324 ) Net income $ 57,198 $ 19,158 $ 31,011 $ (50,169 ) $ 57,198 Three Months Ended June 30, 2014 Standard Pacific Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated 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 Six Months Ended June 30, 2015 Standard Pacific Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated Standard Pacific Corp. (Dollars in thousands) Homebuilding: Revenues $ 328,080 $ 544,093 $ 297,737 - $ 1,169,910 Cost of sales (248,154 ) (419,853 ) (215,857 ) - (883,864 ) Gross margin 79,926 124,240 81,880 - 286,046 Selling, general and administrative expenses (47,539 ) (73,274 ) (25,167 ) - (145,980 ) Income (loss) from unconsolidated joint ventures 22 - (524 ) - (502 ) Equity income of subsidiaries 73,536 - - (73,536 ) - Interest income (expense), net 6,398 (5,209 ) (1,189 ) - - Other income (expense (7,441 ) (223 ) 2,092 - (5,572 ) Homebuilding pretax income 104,902 45,534 57,092 (73,536 ) 133,992 Financial Services: Financial services pretax income - - 4,026 - 4,026 Income before taxes 104,902 45,534 61,118 (73,536 ) 138,018 Provision for income taxes (16,099 ) (20,571 ) (12,545 ) - (49,215 ) Net income $ 88,803 $ 24,963 $ 48,573 $ (73,536 ) $ 88,803 Six Months Ended June 30, 2014 Standard Pacific Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated 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
Supplemental Condensed Consolidating Balance Sheets [Table Text Block]	June 30, 2015 Standard Pacific Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Standard Pacific Corp. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 28,782 $ 20,626 $ 27,680 - $ 77,088 Restricted cash - - 39,714 - 39,714 Intercompany receivables 1,795,110 - 181,691 (1,976,801 ) - Inventories: Owned 1,156,145 1,294,269 1,174,084 - 3,624,498 Not owned 16,691 20,478 8,602 - 45,771 Investments in unconsolidated joint ventures (1,632 ) (69 ) 62,536 - 60,835 Investments in subsidiaries 1,023,496 - - (1,023,496 ) - Deferred income taxes, net 274,642 - - (8,551 ) 266,091 Other assets 39,550 10,649 4,225 - 54,424 Total Homebuilding Assets 4,332,784 1,345,953 1,498,532 (3,008,848 ) 4,168,421 Financial Services: Cash and equivalents - - 11,225 - 11,225 Restricted cash - - 1,045 - 1,045 Mortgage loans held for sale, net - - 109,239 - 109,239 Mortgage loans held for investment, net - - 23,366 - 23,366 Other assets - - 8,246 (1,650 ) 6,596 Total Financial Services Assets - - 153,121 (1,650 ) 151,471 Total Assets $ 4,332,784 $ 1,345,953 $ 1,651,653 $ (3,010,498 ) $ 4,319,892 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 24,049 $ 25,141 $ 30,529 - $ 79,719 Accrued liabilities and intercompany payables 213,627 917,572 887,502 (1,793,079 ) 225,622 Revolving credit facility 30,000 - - - 30,000 Secured project debt, other notes payable and intercompany loans 179,454 - 4,203 (177,730 ) 5,927 Senior notes payable 2,133,111 - - - 2,133,111 Total Homebuilding Liabilities 2,580,241 942,713 922,234 (1,970,809 ) 2,474,379 Financial Services: Accounts payable and other liabilities - - 18,822 (16,193 ) 2,629 Mortgage credit facilities - - 90,341 - 90,341 Total Financial Services Liabilities - - 109,163 (16,193 ) 92,970 Total Liabilities 2,580,241 942,713 1,031,397 (1,987,002 ) 2,567,349 Equity: Total Stockholders' Equity 1,752,543 403,240 620,256 (1,023,496 ) 1,752,543 Total Liabilities and Equity $ 4,332,784 $ 1,345,953 $ 1,651,653 $ (3,010,498 ) $ 4,319,892 December 31, 2014 Standard Pacific Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Standard Pacific Corp. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 133,304 $ 1,061 $ 46,063 $ - $ 180,428 Restricted cash - - 38,222 - 38,222 Intercompany receivables 1,637,226 - 184,772 (1,821,998 ) - Inventories: Owned 1,059,197 1,234,233 961,774 - 3,255,204 Not owned 17,360 28,520 39,273 - 85,153 Investments in unconsolidated joint ventures (1,653 ) 497 51,267 - 50,111 Investments in subsidiaries 957,933 - - (957,933 ) - Deferred income taxes, net 283,890 - - (7,488 ) 276,402 Other assets 42,224 11,234 8,139 ― 61,597 Total Homebuilding Assets 4,129,481 1,275,545 1,329,510 (2,787,419 ) 3,947,117 Financial Services: Cash and equivalents - - 31,965 - 31,965 Restricted cash - - 1,295 - 1,295 Mortgage loans held for sale, net - - 174,420 - 174,420 Mortgage loans held for investment, net - - 14,380 - 14,380 Other assets - - 6,980 (1,737 ) 5,243 Total Financial Services Assets - - 229,040 (1,737 ) 227,303 Total Assets $ 4,129,481 $ 1,275,545 $ 1,558,550 $ (2,789,156 ) $ 4,174,420 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 13,856 $ 16,202 $ 15,027 $ - $ 45,085 Accrued liabilities and intercompany payables 206,731 868,922 783,324 (1,635,194 ) 223,783 Secured project debt, other notes payable and intercompany loans 100,813 - 4,689 (100,813 ) 4,689 Senior notes payable 2,131,393 - - - 2,131,393 Total Homebuilding Liabilities 2,452,793 885,124 803,040 (1,736,007 ) 2,404,950 Financial Services: Accounts payable and other liabilities - - 18,585 (15,216 ) 3,369 Mortgage credit facilities - - 169,413 (80,000 ) 89,413 Total Financial Services Liabilities - - 187,998 (95,216 ) 92,782 Total Liabilities 2,452,793 885,124 991,038 (1,831,223 ) 2,497,732 Equity: Total Stockholders' Equity 1,676,688 390,421 567,512 (957,933 ) 1,676,688 Total Liabilities and Equity $ 4,129,481 $ 1,275,545 $ 1,558,550 $ (2,789,156 ) $ 4,174,420
Supplemental Condensed Consolidating Statements of Cash Flows [Table Text Block]	Six Months Ended June 30, 2015 Standard Pacific Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Standard Pacific Corp. (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (39,876 ) $ (21,756 ) $ (49,565 ) $ - $ (111,197 ) Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures - - (20,778 ) - (20,778 ) Distributions of capital from unconsolidated homebuilding joint ventures - - 8,760 - 8,760 Loan to parent and subsidiaries - - 5,000 (5,000 ) - Other investing activities (1,670 ) (1,278 ) (9,074 ) - (12,022 ) Net cash provided by (used in) investing activities (1,670 ) (1,278 ) (16,092 ) (5,000 ) (24,040 ) Cash Flows From Financing Activities: Change in restricted cash - - (1,242 ) - (1,242 ) Borrowings from revolving credit facility 158,900 - - - 158,900 Principal payments on revolving credit facility (128,900 ) - - - (128,900 ) Principal payments on secured project debt and other notes payable - - (497 ) - (497 ) Loan from subsidiary 75,000 - - (75,000 ) - Net proceeds from (payments on) mortgage credit facilities - - (79,072 ) 80,000 928 (Contributions to) distributions from Corporate and subsidiaries 7,973 (12,144 ) 4,171 - - Repurchase of common stock (22,073 ) - - - (22,073 ) Issuance of common stock under employee stock plans, net of tax withholdings (2,322 ) - - - (2,322 ) Excess tax benefits from share-based payment arrangements 6,363 - - - 6,363 Intercompany advances, net (157,917 ) 54,743 103,174 - - Net cash provided by (used in) financing activities (62,976 ) 42,599 26,534 5,000 11,157 Net increase (decrease) in cash and equivalents (104,522 ) 19,565 (39,123 ) - (124,080 ) Cash and equivalents at beginning of period 133,304 1,061 78,028 - 212,393 Cash and equivalents at end of period $ 28,782 $ 20,626 $ 38,905 $ - $ 88,313 Six Months Ended June 30, 2014 Standard Pacific Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated 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 acquisitions (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 ) - - Issuance of common stock under employee stock plans, net of tax withholdings 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

Note 3 - Segment Reporting (Det

Note 3 - Segment Reporting (Details)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Number of Operating Segments	2
Number of Reportable Segments	3

Note 3 - Segment Reporting (D38

Note 3 - Segment Reporting (Details) - Segment Financial Information Relating to Homebuilding Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Homebuilding revenues:
Homebuilding revenues	$ 699,632	$ 592,486	$ 1,169,910	$ 1,052,685
Homebuilding pretax income:
Homebuilding pretax income	86,704	89,280	133,992	149,190
Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues	699,632	592,486	1,169,910	1,052,685
Homebuilding pretax income:
Homebuilding pretax income	86,704	89,280	133,992	149,190
CALIFORNIA | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues	298,972	290,899	484,593	510,378
Homebuilding pretax income:
Homebuilding pretax income	49,377	57,566	74,475	96,119
Southwest [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues	202,538	131,590	340,746	238,797
Homebuilding pretax income:
Homebuilding pretax income	22,190	14,274	33,987	24,332
Southeast [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues	198,122	169,997	344,571	303,510
Homebuilding pretax income:
Homebuilding pretax income	$ 15,137	$ 17,440	$ 25,530	$ 28,739

Note 3 - Segment Reporting (D39

Note 3 - Segment Reporting (Details) - Segment Financial Information Relating to Homebuilding Assets and Investments in Unconsolidated Joint Ventures - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Homebuilding assets:
Assets, by segments	$ 4,319,892	$ 4,174,420
Homebuilding [Member]
Homebuilding assets:
Assets, by segments	4,168,421	3,947,117
Corporate, Non-Segment [Member] | Homebuilding [Member]
Homebuilding assets:
Assets, by segments	381,056	517,701
CALIFORNIA | Homebuilding [Member]
Homebuilding assets:
Assets, by segments	1,683,306	1,542,584
Southwest [Member] | Homebuilding [Member]
Homebuilding assets:
Assets, by segments	881,554	826,489
Southeast [Member] | Homebuilding [Member]
Homebuilding assets:
Assets, by segments	$ 1,222,505	$ 1,060,343

Note 4 - Earnings Per Common 40

Note 4 - Earnings Per Common Share (Details) - Components Used in Computation of Basic and Diluted Earnings Per Common Share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income	$ 57,198	$ 56,463	$ 88,803	$ 94,622
Less: Net income allocated to preferred shareholder	(13,798)	(13,496)	(21,475)	(22,650)
Less: Net income allocated to unvested restricted stock	(112)	(77)	(181)	(134)
Net income available to common stockholders for basic earnings per common share	43,288	42,890	67,147	71,838
Effect of dilutive securities:
Net income allocated to preferred shareholder	13,798	13,496	21,475	22,650
Net income available to common and preferred stock for diluted earnings per share	$ 57,127	$ 56,427	$ 88,826	$ 94,692
Denominator:
Weighted average basic common shares outstanding (in Shares)	275,498,449	279,075,416	274,572,173	278,514,992
Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive (in Shares)	87,812,786	87,812,786	87,812,786	87,812,786
Total weighted average common shares outstanding if preferred shares converted to common shares (in Shares)	363,311,235	366,888,202	362,384,959	366,327,778
Effect of dilutive securities:
Share-based awards (in Shares)	3,742,596	6,339,326	4,522,634	6,624,087
Weighted average diluted shares outstanding (in Shares)	398,366,681	404,540,378	398,220,443	404,264,715
Income per common share:
Basic (in Dollars per share)	$ 0.16	$ 0.15	$ 0.24	$ 0.26
Diluted (in Dollars per share)	$ 0.14	$ 0.14	$ 0.22	$ 0.23
1¼% Convertible Senior Notes Due August 2032 [Member]
Effect of dilutive securities:
Interest on 1¼% convertible senior notes due 2032, capitalized and amortized in cost of sales	$ 41	$ 41	$ 204	$ 204
Effect of dilutive securities:
1¼% convertible senior notes due 2032 (in Shares)	31,312,850	31,312,850	31,312,850	31,312,850

Note 4 - Earnings Per Common 41

Note 4 - Earnings Per Common Share (Details) - Components Used in Computation of Basic and Diluted Earnings Per Common Share (Parentheticals)	Jun. 30, 2015	Jun. 30, 2014
1¼% 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]
Interest on convertible senior notes	1.25%	1.25%

Note 5 - Stock-based Compensa42

Note 5 - Stock-based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Allocated Share-based Compensation Expense	$ 2.4	$ 2.8	$ 5.1	$ 5.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 16.2		$ 16.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 36 days

Note 6 - Cash and Equivalents43

Note 6 - Cash and Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Note 6 - Cash and Equivalents and Restricted Cash (Details) [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 88,313	$ 212,393	$ 147,539	$ 363,291
Restricted Cash and Cash Equivalents	40,800
Cash Held in Escrow [Member]
Note 6 - Cash and Equivalents and Restricted Cash (Details) [Line Items]
Cash and Cash Equivalents, at Carrying Value	34,600
Homebuilding [Member]
Note 6 - Cash and Equivalents and Restricted Cash (Details) [Line Items]
Cash and Cash Equivalents, at Carrying Value	77,088	180,428
Restricted Cash and Cash Equivalents	39,714	38,222
Financial Services [Member]
Note 6 - Cash and Equivalents and Restricted Cash (Details) [Line Items]
Cash and Cash Equivalents, at Carrying Value	11,225	31,965
Restricted Cash and Cash Equivalents	$ 1,045	$ 1,295

Note 7 - Inventories (Details)

Note 7 - Inventories (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Note 7 - Inventories (Details) [Line Items]
Number of Active and Future Projects Owned	381	360
Impairment of Real Estate	$ 0	$ 0
Other Lot Option Contracts Net Of Deposits	4,533		$ 37,681
Inventory Real Estate Not Owned	45,771		85,153
Acquisition Of Current and Future Communities [Member]
Note 7 - Inventories (Details) [Line Items]
Inventory Real Estate Not Owned	3,100		3,100
Land Option and Purchase Contracts [Member]
Note 7 - Inventories (Details) [Line Items]
Other Lot Option Contracts Net Of Deposits	$ 1,400		7,600
Significant Deposits Paid Under Contract [Member]
Note 7 - Inventories (Details) [Line Items]
Other Lot Option Contracts Net Of Deposits			$ 27,000

Note 7 - Inventories (Details)

Note 7 - Inventories (Details) - Inventories Owned - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Note 7 - Inventories (Details) - Inventories Owned [Line Items]
Land and land under development, by segments	$ 2,269,998	$ 2,248,289
Homes completed and under construction, by segments	1,129,718	827,612
Model homes. by segments	224,782	179,303
Total inventories owned, by segments	3,624,498	3,255,204
Homebuilding: California [Member]
Note 7 - Inventories (Details) - Inventories Owned [Line Items]
Land and land under development, by segments	980,718	1,021,585
Homes completed and under construction, by segments	493,539	318,982
Model homes. by segments	107,770	81,763
Total inventories owned, by segments	1,582,027	1,422,330
Homebuilding: Southwest [Member]
Note 7 - Inventories (Details) - Inventories Owned [Line Items]
Land and land under development, by segments	491,820	504,538
Homes completed and under construction, by segments	306,345	250,498
Model homes. by segments	50,574	44,437
Total inventories owned, by segments	848,739	799,473
Homebuilding: Southeast [Member]
Note 7 - Inventories (Details) - Inventories Owned [Line Items]
Land and land under development, by segments	797,460	722,166
Homes completed and under construction, by segments	329,834	258,132
Model homes. by segments	66,438	53,103
Total inventories owned, by segments	$ 1,193,732	$ 1,033,401

Note 7 - Inventories (Details46

Note 7 - Inventories (Details) - Inventories Not Owned - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventories Not Owned [Abstract]
Land purchase and lot option deposits	$ 41,238	$ 47,472
Other lot option contracts, net of deposits	4,533	37,681
Total inventories not owned	$ 45,771	$ 85,153

Note 8 - Capitalization of In47

Note 8 - Capitalization of Interest (Details) $ in Millions	6 Months Ended
	Jun. 30, 2014USD ($)
Home Building Interest [Abstract]
Capitalized Interest Transferred From Investments In Unconsolidated Joint Ventures To Inventories Owned	$ 4

Note 8 - Capitalization of In48

Note 8 - Capitalization of Interest (Details) - Homebuilding Capitalized Interest - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014		Dec. 31, 2014
Homebuilding Capitalized Interest [Abstract]
Total interest incurred		$ 41,857		$ 37,641		$ 83,660		$ 76,427
Less: Interest capitalized to inventories owned		(41,508)		(37,228)		(82,909)		(75,441)
Less: Interest capitalized to investments in unconsolidated joint ventures		(349)		(413)		(751)		(986)
Interest previously capitalized to inventories owned, included in cost of home sales		35,051		29,812		57,446		54,180
Interest previously capitalized to inventories owned, included in cost of land sales		1,512		4		1,755		619
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures								30
Interest capitalized in ending inventories owned (1)	[1]	$ 299,315		$ 265,393		$ 299,315		$ 265,393
Interest capitalized as a percentage of inventories owned		8.30%		9.10%		8.30%		9.10%
Interest capitalized in ending investments in unconsolidated joint ventures (1)		$ 1,416	[1]	$ 1,924	[1]	$ 1,416	[1]	$ 1,924	[1]	$ 700
Interest capitalized as a percentage of investments in unconsolidated joint ventures		2.30%		3.80%		2.30%		3.80%
[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.

Note 9 - Investments in Uncon49

Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014		Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Asset Impairment Charges	$ 0		$ 0
Interest capitalized in ending investments in unconsolidated joint ventures	$ 1,416	[1]	$ 1,924	[1]	$ 700
[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.

Note 9 - Investments in Uncon50

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 ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures [Abstract]
Revenues			$ 18,350	$ 31,225
Cost of sales and expenses			(21,556)	(36,251)
Income (loss) of unconsolidated joint ventures			(3,206)	(5,026)
Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations	$ (51)	$ (462)	$ (502)	$ (899)

Note 9 - Investments in Uncon51

Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details) - Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Cash	$ 24,765	$ 29,472
Inventories	200,620	197,727
Other assets	38,783	10,372
Total assets	264,168	237,571
Liabilities and Equity:
Accounts payable and accrued liabilities	10,732	16,173
Non-recourse debt	30,000	30,000
Standard Pacific equity	64,576	54,347
Other members' equity	158,860	137,051
Total liabilities and equity	264,168	237,571
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	$ 60,835	$ 50,111

Note 10 - Warranty Costs (Detai

Note 10 - Warranty Costs (Details) - Warranty Costs Accrual - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Warranty Costs Accrual [Abstract]
Warranty accrual, beginning of the period	$ 13,584	$ 13,811
Warranty costs accrued during the period	4,359	2,812
Warranty costs paid during the period	(4,397)	(3,277)
Warranty accrual, end of the period	$ 13,546	$ 13,346

Note 11 - Revolving Credit Fa53

Note 11 - Revolving Credit Facility and Letter of Credit Facilities (Details) $ in Millions	Jun. 30, 2015USD ($)
Note 11 - Revolving Credit Facility and Letter of Credit Facilities (Details) [Line Items]
Cash Collateral Deposits	$ 38.8
Unsecured Revolving Credit Facility [Member]
Note 11 - Revolving Credit Facility and Letter of Credit Facilities (Details) [Line Items]
Line of Credit Facility, Current Borrowing Capacity	450
Maximum Aggregate Borrowing Commitment	750
Long-term Line of Credit	30
Line of Credit Facility, Remaining Borrowing Capacity	420
Uncommitted Letter of Credit [Member]
Note 11 - Revolving Credit Facility and Letter of Credit Facilities (Details) [Line Items]
Letters of Credit Outstanding, Amount	0.2
Four Committed Letter of Credit [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	48
Letters of Credit Outstanding, Amount	$ 38

Note 12 - Secured Project Deb54

Note 12 - Secured Project Debt and Other Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Homebuilding [Member]
Note 12 - Secured Project Debt and Other Notes Payable (Details) [Line Items]
Secured Debt	$ 5,927	$ 4,689

Note 13 - Senior Notes Payabl55

Note 13 - Senior Notes Payable (Details)	6 Months Ended
	Jun. 30, 2015USD ($)$ / shares	Jun. 30, 2014
Note 13 - Senior Notes Payable (Details) [Line Items]
Maximum Carve-out In Credit Facility Indebtedness (in Dollars)	$ 1,100,000,000
Debt Instrument, Repurchase Price, Percentage	100.00%
1¼% Convertible Senior Notes Due August 2032 [Member]
Note 13 - Senior Notes Payable (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.25%	1.25%
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) | $ / shares	$ 8.08
Debt Instrument, Redemption Price, Percentage	100.00%
10¾% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	10.75%

Note 13 - Senior Notes Payabl56

Note 13 - Senior Notes Payable (Details) - Senior Notes Payable - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	$ 2,133,111	$ 2,131,393
Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	2,133,111	2,131,393
7% Senior Notes [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	29,789	29,789
10¾% Senior Notes [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	274,676	272,684
8⅜% Senior Notes [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	577,850	578,278
8⅜% Senior Notes [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	397,796	397,642
6¼% Senior Notes [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	300,000	300,000
5⅞% Senior Notes [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	300,000	300,000
1¼% Convertible Senior Notes Due August 2032 [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	$ 253,000	$ 253,000

Note 13 - Senior Notes Payabl57

Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
7% Senior Notes [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	7.00%	7.00%
10¾% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	10.75%
10¾% Senior Notes [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	10.75%	10.75%
8⅜% Senior Notes [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	8.375%	8.375%
8⅜% Senior Notes [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	8.375%	8.375%
6¼% Senior Notes [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	6.25%	6.25%
5⅞% Senior Notes [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	5.875%	5.875%
1¼% Convertible Senior Notes Due August 2032 [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	1.25%		1.25%
1¼% Convertible Senior Notes Due August 2032 [Member] | Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	1.25%	1.25%

Note 14 - Preferred Stock (Deta

Note 14 - Preferred Stock (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Note 14 - Preferred Stock (Details) [Line Items]
Preferred Stock, Shares Outstanding	267,829	267,829
Common Stock, Shares, Outstanding	276,042,503	275,141,189
Owned by MatlinPatterson [Member]
Note 14 - Preferred Stock (Details) [Line Items]
Common Stock, Shares, Outstanding	126,400,000
Outstanding Common Stock and Preferred Stock Ownership Percentage	59.00%
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
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, Number of Shares Converted	87,800,000

Note 15 - Mortgage Credit Fac59

Note 15 - Mortgage Credit Facilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Note 15 - Mortgage Credit Facilities (Details) [Line Items]
Restricted Cash and Cash Equivalents	$ 40,800
Financial Services [Member]
Note 15 - Mortgage Credit Facilities (Details) [Line Items]
Warehouse Agreement Borrowings	90,341	$ 89,413
Restricted Cash and Cash Equivalents	1,045	$ 1,295
Repurchase Facility [Member] | First Lender [Member]
Note 15 - Mortgage Credit Facilities (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	100,000
Repurchase Facility [Member] | First Lender [Member] | Committed [Member]
Note 15 - Mortgage Credit Facilities (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	25,000
Repurchase Facility [Member] | First Lender [Member] | Uncommitted [Member]
Note 15 - Mortgage Credit Facilities (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	75,000
Repurchase Facility [Member] | Second Lender [Member]
Note 15 - Mortgage Credit Facilities (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 75,000

Note 16 - Disclosures about F60

Note 16 - Disclosures about Fair Value (Details) - Fair Value of Mortgage Loans - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 2 [Member]
Note 16 - Disclosures about Fair Value (Details) - Fair Value of Mortgage Loans [Line Items]
Mortgage loans held for sale	$ 111,654	$ 176,511

Note 16 - Disclosures about F61

Note 16 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Homebuilding liabilities:
Senior notes payable, net	$ 2,133,111	$ 2,131,393
Financial Services [Member]
Financial services assets:
Mortgage loans held for investment, net	23,366	14,380
Homebuilding [Member]
Homebuilding liabilities:
Senior notes payable, net	2,133,111	2,131,393
Fair Value, Inputs, Level 2 [Member] | Financial Services [Member]
Financial services assets:
Mortgage loans held for investment, net	23,366	14,380
Mortgage loans held for investment, net	23,366	14,380
Fair Value, Inputs, Level 2 [Member] | Homebuilding [Member]
Homebuilding liabilities:
Senior notes payable, net	2,133,111	2,131,393
Senior notes payable, net	$ 2,401,780	$ 2,337,839

Note 17 - Commitments and Con62

Note 17 - Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Note 17 - Commitments and Contingencies (Details) [Line Items]
Non-refundable Cash Deposits	$ 39,100
Capitalized Preacquisition and Other Development and Construction Costs	6,800
Remaining Purchase Price of Land Purchase and Option Contracts	$ 389,300
Number of Joint Ventures The Company Holds Membership Interest In	19
Number of Active Joint Ventures	8
Number of Inactive Joint Ventures	11
Number of Joint Ventures Having Project Specific Non-recourse Debt to the Company	1
Equity Method Investment Summarized Financial Information Non-recourse Debt	$ 30,000		$ 30,000
Outstanding Joint Venture Surety Bonds	0
Outstanding Surety Bonds	526,900
Surety Bonds Cost to Complete	297,800
Mortgage Loans In Process	$ 83,400
Mortgage Loans In Process, Interest Rate	3.80%
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	$ 38,500
Mortgage Loans Committed to Sell to Investors	19,400
Aggregate Mortgage Loan Repurchase Payments	10,900
Mortgage Loans on Real Estate, New Mortgage Loans	9,600,000
Mortgage Loan Loss Expense Provision	100	$ 200
Mortgage Loan Repurchase Reserve	2,200
Mortgage Loan Repurchase Payments	$ 100	$ 200
Number of Loans Repurchased	3	4
Insurance and Litigation Accruals	$ 64,000		$ 62,800
Closed Mortgage Loans Held for Sale [Member]
Note 17 - Commitments and Contingencies (Details) [Line Items]
Mortgage Loans Expected to Be Originated on a Non-Presold Basis	71,100
Mortgage Loans in Process [member]
Note 17 - Commitments and Contingencies (Details) [Line Items]
Mortgage Loans Expected to Be Originated on a Non-Presold Basis	64,000
Matures June, 2014 [Member]
Note 17 - Commitments and Contingencies (Details) [Line Items]
Equity Method Investment Summarized Financial Information Non-recourse Debt	$ 30,000

Note 18 - Income Taxes (Details

Note 18 - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Note 18 - Income Taxes (Details) [Line Items]
Income Tax Expense (Benefit)	$ 32,324	$ 35,383	$ 49,215	$ 58,839
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	89,522	$ 91,846	138,018	$ 153,461
Deferred Tax Assets, Gross	267,200		267,200
Deferred Tax Assets, Valuation Allowance	1,100		1,100
Deferred Tax Assets, Operating Loss Carryforwards	127,700		127,700
Gross Annual Deduction Limitation on Net Operating Loss Carryforwards	15,600		15,600
Deferred Tax Assets, Other	139,500		139,500
Unrecognized Tax Benefits	3,800		3,800		$ 2,500
Subject to Federal and State Net Operating Loss Carryforward Limitations [Member]
Note 18 - Income Taxes (Details) [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	112,600		112,600
Not Limited by Section 382 [Member]
Note 18 - Income Taxes (Details) [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	$ 15,100		$ 15,100

Note 19 - Subsequent Event (Det

Note 19 - Subsequent Event (Details) - Merger with Ryland Group, Inc [Member] - Subsequent Event [Member]	Jul. 02, 2015
Note 19 - Subsequent Event (Details) [Line Items]
Business Combination, Conversion Ratio	5
Ryland Group, Inc [Member]
Note 19 - Subsequent Event (Details) [Line Items]
Business Combination, Reverse Conversion Ratio	1.0191

Note 20 - Supplemental Disclo65

Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows (Details) - Supplemental Disclosures of Cash Flows Information - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash paid during the period for:
Income taxes	$ 21,990	$ 3,712
Supplemental Disclosures of Noncash Activities:
Liabilities assumed in connection with acquisitions		$ 4,170

Note 21 - Supplemental Guaran66

Note 21 - Supplemental Guarantor Information (Details) - Condensed Consolidating Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Homebuilding:
Revenues	$ 699,632	$ 592,486	$ 1,169,910	$ 1,052,685
Cost of sales	(527,691)	(434,546)	(883,864)	(775,795)
Gross margin	171,941	157,940	286,046	276,890
Selling, general and administrative expenses	(79,910)	(67,835)	(145,980)	(126,425)
Income (loss) from unconsolidated joint ventures	(51)	(462)	(502)	(899)
Other income (expense	(5,276)	(363)	(5,572)	(376)
Homebuilding pretax income	86,704	89,280	133,992	149,190
Financial Services:
Financial services pretax income	2,818	2,566	4,026	4,271
Income before taxes	89,522	91,846	138,018	153,461
Provision for income taxes	(32,324)	(35,383)	(49,215)	(58,839)
Net income	57,198	56,463	88,803	94,622
Consolidation, Eliminations [Member]
Homebuilding:
Equity income of subsidiaries	(50,169)	(41,577)	(73,536)	(66,073)
Homebuilding pretax income	(50,169)	(41,577)	(73,536)	(66,073)
Financial Services:
Income before taxes	(50,169)	(41,577)	(73,536)	(66,073)
Net income	(50,169)	(41,577)	(73,536)	(66,073)
Parent Company [Member]
Homebuilding:
Revenues	191,188	210,663	328,080	379,003
Cost of sales	(144,796)	(155,611)	(248,154)	(277,121)
Gross margin	46,392	55,052	79,926	101,882
Selling, general and administrative expenses	(24,393)	(25,637)	(47,539)	(49,442)
Income (loss) from unconsolidated joint ventures	(4)	4	22	(113)
Equity income of subsidiaries	50,169	41,577	73,536	66,073
Interest income (expense), net	3,175	3,270	6,398	6,959
Other income (expense	(6,440)	(910)	(7,441)	(1,052)
Homebuilding pretax income	68,899	73,356	104,902	124,307
Financial Services:
Income before taxes	68,899	73,356	104,902	124,307
Provision for income taxes	(11,701)	(16,893)	(16,099)	(29,685)
Net income	57,198	56,463	88,803	94,622
Guarantor Subsidiaries [Member]
Homebuilding:
Revenues	324,365	250,945	544,093	456,029
Cost of sales	(248,896)	(187,801)	(419,853)	(342,623)
Gross margin	75,469	63,144	124,240	113,406
Selling, general and administrative expenses	(40,524)	(32,286)	(73,274)	(60,134)
Income (loss) from unconsolidated joint ventures		(5)		28
Interest income (expense), net	(2,465)	(2,848)	(5,209)	(5,654)
Other income (expense	(75)	(223)	(223)	(253)
Homebuilding pretax income	32,405	27,782	45,534	47,393
Financial Services:
Income before taxes	32,405	27,782	45,534	47,393
Provision for income taxes	(13,247)	(10,289)	(20,571)	(17,544)
Net income	19,158	17,493	24,963	29,849
Non-Guarantor Subsidiaries [Member]
Homebuilding:
Revenues	184,079	130,878	297,737	217,653
Cost of sales	(133,999)	(91,134)	(215,857)	(156,051)
Gross margin	50,080	39,744	81,880	61,602
Selling, general and administrative expenses	(14,993)	(9,912)	(25,167)	(16,849)
Income (loss) from unconsolidated joint ventures	(47)	(461)	(524)	(814)
Interest income (expense), net	(710)	(422)	(1,189)	(1,305)
Other income (expense	1,239	770	2,092	929
Homebuilding pretax income	35,569	29,719	57,092	43,563
Financial Services:
Financial services pretax income	2,818	2,566	4,026	4,271
Income before taxes	38,387	32,285	61,118	47,834
Provision for income taxes	(7,376)	(8,201)	(12,545)	(11,610)
Net income	$ 31,011	$ 24,084	$ 48,573	$ 36,224

Note 21 - Supplemental Guaran67

Note 21 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Homebuilding:
Cash and equivalents	$ 88,313	$ 212,393	$ 147,539	$ 363,291
Restricted cash	40,800
Inventories:
Owned	3,624,498	3,255,204
Not owned	45,771	85,153
Investments in unconsolidated joint ventures	60,835	50,111
Total Assets	4,319,892	4,174,420
Homebuilding:
Senior notes payable	2,133,111	2,131,393
Total Liabilities	2,567,349	2,497,732
Equity:
Total Stockholders' Equity	1,752,543	1,676,688
Total Liabilities and Equity	4,319,892	4,174,420
Homebuilding [Member]
Homebuilding:
Cash and equivalents	77,088	180,428
Restricted cash	39,714	38,222
Inventories:
Owned	3,624,498	3,255,204
Not owned	45,771	85,153
Investments in unconsolidated joint ventures	60,835	50,111
Deferred income taxes, net	266,091	276,402
Other assets	54,424	61,597
Total Assets	4,168,421	3,947,117
Homebuilding:
Accounts payable	79,719	45,085
Accrued liabilities and intercompany payables	225,622	223,783
Revolving credit facility	30,000
Secured project debt and other notes payable	5,927	4,689
Senior notes payable	2,133,111	2,131,393
Total Liabilities	2,474,379	2,404,950
Financial Services [Member]
Homebuilding:
Cash and equivalents	11,225	31,965
Restricted cash	1,045	1,295
Mortgage loans held for sale, net	109,239	174,420
Mortgage loans held for investment, net	23,366	14,380
Inventories:
Other assets	6,596	5,243
Total Assets	151,471	227,303
Homebuilding:
Total Liabilities	92,970	92,782
Financial Services:
Accounts payable and other liabilities	2,629	3,369
Mortgage credit facilities	90,341	89,413
Parent Company [Member]
Homebuilding:
Cash and equivalents	28,782	133,304	26,249	175,289
Inventories:
Total Assets	4,332,784	4,129,481
Homebuilding:
Total Liabilities	2,580,241	2,452,793
Equity:
Total Stockholders' Equity	1,752,543	1,676,688
Total Liabilities and Equity	4,332,784	4,129,481
Parent Company [Member] | Homebuilding [Member]
Homebuilding:
Cash and equivalents	28,782	133,304
Intercompany receivables	1,795,110	1,637,226
Inventories:
Owned	1,156,145	1,059,197
Not owned	16,691	17,360
Investments in unconsolidated joint ventures	(1,632)	(1,653)
Investments in subsidiaries	1,023,496	957,933
Deferred income taxes, net	274,642	283,890
Other assets	39,550	42,224
Total Assets	4,332,784	4,129,481
Homebuilding:
Accounts payable	24,049	13,856
Accrued liabilities and intercompany payables	213,627	206,731
Revolving credit facility	30,000
Secured project debt and other notes payable	179,454	100,813
Senior notes payable	2,133,111	2,131,393
Total Liabilities	2,580,241	2,452,793
Guarantor Subsidiaries [Member]
Homebuilding:
Cash and equivalents	20,626	1,061	792	494
Inventories:
Total Assets	1,345,953	1,275,545
Homebuilding:
Total Liabilities	942,713	885,124
Equity:
Total Stockholders' Equity	403,240	390,421
Total Liabilities and Equity	1,345,953	1,275,545
Guarantor Subsidiaries [Member] | Homebuilding [Member]
Homebuilding:
Cash and equivalents	20,626	1,061
Inventories:
Owned	1,294,269	1,234,233
Not owned	20,478	28,520
Investments in unconsolidated joint ventures	(69)	497
Other assets	10,649	11,234
Total Assets	1,345,953	1,275,545
Homebuilding:
Accounts payable	25,141	16,202
Accrued liabilities and intercompany payables	917,572	868,922
Total Liabilities	942,713	885,124
Non-Guarantor Subsidiaries [Member]
Homebuilding:
Cash and equivalents	38,905	78,028	$ 120,498	$ 187,508
Inventories:
Total Assets	1,651,653	1,558,550
Homebuilding:
Total Liabilities	1,031,397	991,038
Equity:
Total Stockholders' Equity	620,256	567,512
Total Liabilities and Equity	1,651,653	1,558,550
Non-Guarantor Subsidiaries [Member] | Homebuilding [Member]
Homebuilding:
Cash and equivalents	27,680	46,063
Restricted cash	39,714	38,222
Intercompany receivables	181,691	184,772
Inventories:
Owned	1,174,084	961,774
Not owned	8,602	39,273
Investments in unconsolidated joint ventures	62,536	51,267
Other assets	4,225	8,139
Total Assets	1,498,532	1,329,510
Homebuilding:
Accounts payable	30,529	15,027
Accrued liabilities and intercompany payables	887,502	783,324
Secured project debt and other notes payable	4,203	4,689
Total Liabilities	922,234	803,040
Non-Guarantor Subsidiaries [Member] | Financial Services [Member]
Homebuilding:
Cash and equivalents	11,225	31,965
Restricted cash	1,045	1,295
Mortgage loans held for sale, net	109,239	174,420
Mortgage loans held for investment, net	23,366	14,380
Inventories:
Other assets	8,246	6,980
Total Assets	153,121	229,040
Homebuilding:
Total Liabilities	109,163	187,998
Financial Services:
Accounts payable and other liabilities	18,822	18,585
Mortgage credit facilities	90,341	169,413
Consolidation, Eliminations [Member]
Inventories:
Total Assets	(3,010,498)	(2,789,156)
Homebuilding:
Total Liabilities	(1,987,002)	(1,831,223)
Equity:
Total Stockholders' Equity	(1,023,496)	(957,933)
Total Liabilities and Equity	(3,010,498)	(2,789,156)
Consolidation, Eliminations [Member] | Homebuilding [Member]
Homebuilding:
Intercompany receivables	(1,976,801)	(1,821,998)
Inventories:
Investments in subsidiaries	(1,023,496)	(957,933)
Deferred income taxes, net	(8,551)	(7,488)
Total Assets	(3,008,848)	(2,787,419)
Homebuilding:
Accrued liabilities and intercompany payables	(1,793,079)	(1,635,194)
Secured project debt and other notes payable	(177,730)	(100,813)
Total Liabilities	(1,970,809)	(1,736,007)
Consolidation, Eliminations [Member] | Financial Services [Member]
Inventories:
Other assets	(1,650)	(1,737)
Total Assets	(1,650)	(1,737)
Homebuilding:
Total Liabilities	(16,193)	(95,216)
Financial Services:
Accounts payable and other liabilities	$ (16,193)	(15,216)
Mortgage credit facilities		$ (80,000)

Note 21 - Supplemental Guaran68

Note 21 - Supplemental Guarantor Information (Details) - Condensed Consolidating Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$ (111,197)	$ (143,512)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(20,778)	(5,677)
Distributions of capital from unconsolidated homebuilding joint ventures	8,760	14,808
Net cash paid for acquisitions		(33,408)
Other investing activities	(12,022)	(1,487)
Net cash provided by (used in) investing activities	(24,040)	(25,764)
Cash Flows From Financing Activities:
Change in restricted cash	(1,242)	(9,925)
Borrowings from revolving credit facility	158,900
Principal payments on revolving credit facility	(128,900)
Principal payments on secured project debt and other notes payable	(497)	(1,061)
Principal payments on senior notes payable		(4,971)
Net proceeds from (payments on) mortgage credit facilities	928	(34,288)
Repurchase of common stock	(22,073)
Issuance of common stock under employee stock plans	(2,322)	3,769
Excess tax benefits from share-based payment arrangements	6,363
Net cash provided by (used in) financing activities	11,157	(46,476)
Net increase (decrease) in cash and equivalents	(124,080)	(215,752)
Cash and equivalents at beginning of period	212,393	363,291
Cash and equivalents at end of period	212,393	363,291	$ 88,313	$ 147,539
Consolidation, Eliminations [Member]
Cash Flows From Investing Activities:
Loan to parent and subsidiaries	(5,000)	85,000
Net cash provided by (used in) investing activities	(5,000)	85,000
Cash Flows From Financing Activities:
Loan from subsidiary	(75,000)	(85,000)
Net proceeds from (payments on) mortgage credit facilities	80,000
Net cash provided by (used in) financing activities	5,000	(85,000)
Parent Company [Member]
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	(39,876)	40,140
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		144
Distributions of capital from unconsolidated homebuilding joint ventures		120
Net cash paid for acquisitions		(35,685)
Other investing activities	(1,670)	(618)
Net cash provided by (used in) investing activities	(1,670)	(36,039)
Cash Flows From Financing Activities:
Borrowings from revolving credit facility	158,900
Principal payments on revolving credit facility	(128,900)
Principal payments on senior notes payable		(4,971)
Loan from subsidiary	75,000	85,000
(Contributions to) distributions from Corporate and subsidiaries	7,973	4,600
Repurchase of common stock	(22,073)
Issuance of common stock under employee stock plans	(2,322)	3,769
Excess tax benefits from share-based payment arrangements	6,363
Intercompany advances, net	(157,917)	(241,539)
Net cash provided by (used in) financing activities	(62,976)	(153,141)
Net increase (decrease) in cash and equivalents	(104,522)	(149,040)
Cash and equivalents at beginning of period	133,304	175,289
Cash and equivalents at end of period	133,304	175,289	28,782	26,249
Guarantor Subsidiaries [Member]
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	(21,756)	(136,481)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		2
Distributions of capital from unconsolidated homebuilding joint ventures		229
Other investing activities	(1,278)	(855)
Net cash provided by (used in) investing activities	(1,278)	(624)
Cash Flows From Financing Activities:
(Contributions to) distributions from Corporate and subsidiaries	(12,144)
Intercompany advances, net	54,743	137,403
Net cash provided by (used in) financing activities	42,599	137,403
Net increase (decrease) in cash and equivalents	19,565	298
Cash and equivalents at beginning of period	1,061	494
Cash and equivalents at end of period	1,061	494	20,626	792
Non-Guarantor Subsidiaries [Member]
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	(49,565)	(47,171)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(20,778)	(5,823)
Distributions of capital from unconsolidated homebuilding joint ventures	8,760	14,459
Net cash paid for acquisitions		2,277
Loan to parent and subsidiaries	5,000	(85,000)
Other investing activities	(9,074)	(14)
Net cash provided by (used in) investing activities	(16,092)	(74,101)
Cash Flows From Financing Activities:
Change in restricted cash	(1,242)	(9,925)
Principal payments on secured project debt and other notes payable	(497)	(1,061)
Net proceeds from (payments on) mortgage credit facilities	(79,072)	(34,288)
(Contributions to) distributions from Corporate and subsidiaries	4,171	(4,600)
Intercompany advances, net	103,174	104,136
Net cash provided by (used in) financing activities	26,534	54,262
Net increase (decrease) in cash and equivalents	(39,123)	(67,010)
Cash and equivalents at beginning of period	78,028	187,508
Cash and equivalents at end of period	$ 78,028	$ 187,508	$ 38,905	$ 120,498