CalAtlantic (CAA) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 05, 2016
Entity Registrant Name	CalAtlantic Group, Inc.
Entity Central Index Key	878,560
Trading Symbol	caa
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		118,366,342
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Homebuilding:
Home sale revenues	$ 1,179,165	$ 468,379
Land sale revenues	6,518	1,899
Total revenues	1,185,683	470,278
Cost of home sales	(932,128)	(354,817)
Cost of land sales	(6,367)	(1,356)
Total cost of sales	(938,495)	(356,173)
Gross margin	247,188	114,105
Selling, general and administrative expenses	(136,701)	(66,070)
Income (loss) from unconsolidated joint ventures	1,189	(451)
Other income (expense)	(3,408)	(296)
Homebuilding pretax income	108,268	47,288
Financial Services:
Revenues	17,552	5,393
Expenses	(10,616)	(4,185)
Financial services pretax income	6,936	1,208
Income before taxes	115,204	48,496
Provision for income taxes	(42,543)	(16,891)
Net income	$ 72,661	31,605
Less: Net income allocated to preferred shareholder		(7,662)
Less: Net income allocated to unvested restricted stock	$ (113)	(67)
Net income available to common stockholders	$ 72,548	$ 23,876
Income Per Common Share:
Basic (in dollars per share)	$ 0.60	$ 0.44
Diluted (in dollars per share)	$ 0.52	$ 0.40
Weighted Average Common Shares Outstanding:
Basic (in shares)	120,814,939	54,727,121
Diluted (in shares)	138,430,580	62,078,364
Weighted average additional common shares outstanding if preferred shares converted to common shares (in shares)		17,562,557
Total weighted average diluted common shares outstanding if preferred shares converted to common shares (in shares)	138,430,580	79,640,921
Cash Dividends Per Common Share (in dollars per share)	$ 0.04

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ 72,661	$ 31,605
Other comprehensive income, net of tax:
Unrealized gain on marketable securities, available for sale	39
Total comprehensive income	$ 72,700	$ 31,605

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Homebuilding [Member]
ASSETS
Cash and equivalents	$ 169,528	$ 151,076
Restricted cash	34,652	35,990
Inventories:
Owned	6,317,066	6,069,959
Not owned	69,591	83,246
Investments in unconsolidated joint ventures	137,591	132,763
Deferred income taxes, net of valuation allowance of $1,441 and $1,156 at March 31, 2016 and December 31, 2015, respectively	349,127	396,194
Goodwill	969,315	933,360
Other assets	113,204	118,768
Total assets	8,160,074	7,921,356
Cash and equivalents	169,528	151,076
Restricted cash	34,652	35,990
LIABILITIES AND EQUITY
Accounts payable	169,636	191,681
Accrued liabilities	471,810	$ 478,793
Revolving credit facility	266,000
Secured project debt and other notes payable	23,902	$ 25,683
Senior notes payable	3,376,910	3,462,016
Total liabilities	4,308,258	4,158,173
Financial Services [Member]
ASSETS
Cash and equivalents	23,691	35,518
Restricted cash	22,985	22,914
Inventories:
Other assets	15,990	17,243
Total assets	271,663	424,149
Cash and equivalents	23,691	35,518
Restricted cash	22,985	22,914
Mortgage loans held for sale, net	187,444	325,770
Mortgage loans held for investment, net	21,553	22,704
LIABILITIES AND EQUITY
Total liabilities	181,510	325,896
Accounts payable and other liabilities	16,567	22,474
Mortgage credit facilities	164,943	303,422
Cash and equivalents	193,219	186,594
Owned	6,317,066	6,069,959
Not owned	69,591	83,246
Investments in unconsolidated joint ventures	137,591	132,763
Total assets	8,431,737	8,345,505
Cash and equivalents	193,219	186,594
Total liabilities	$ 4,489,768	$ 4,484,069
Stockholders' Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at March 31, 2016 and December 31, 2015
Common stock, $0.01 par value; 600,000,000 shares authorized; 118,731,506 and 121,286,153 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 1,187	$ 1,213
Additional paid-in capital	3,336,979	3,324,328
Accumulated earnings	603,759	535,890
Accumulated other comprehensive income, net of tax	44	5
Total Equity	3,941,969	3,861,436
Total Liabilities and Equity	$ 8,431,737	$ 8,345,505

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Homebuilding [Member]
Deferred income taxes, valuation allowance	$ 1,441	$ 1,156
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares oustanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	118,731,506	121,286,153
Common stock, shares outstanding (in shares)	118,731,506	121,286,153

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities:
Net income	$ 72,661	$ 31,605
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
(Income) loss from unconsolidated joint ventures	(1,189)	451
Depreciation and amortization	12,032	5,993
Amortization of stock-based compensation	$ 3,786	2,695
Excess tax benefits from share-based payment arrangements		(3,369)
Deferred income tax provision	$ 2,203	16,874
Other operating activities	271	19
Changes in cash and equivalents due to:
Mortgage loans held for sale	138,433	75,724
Inventories - owned	(186,680)	(204,543)
Inventories - not owned	(8,237)	(5,878)
Other assets	5,599	(6,932)
Accounts payable	(22,045)	13,479
Accrued liabilities	(44,456)	(20,189)
Net cash provided by (used in) operating activities	(27,622)	(94,071)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(4,191)	(7,639)
Distributions of capital from unconsolidated homebuilding joint ventures	99	5,732
Other investing activities	1,142	(5,977)
Net cash provided by (used in) investing activities	(2,950)	(7,884)
Cash Flows From Financing Activities:
Change in restricted cash	1,267	(1,019)
Borrowings from revolving credit facility	386,400	27,700
Principal payments on revolving credit facility	(120,400)	(12,700)
Principal payments on secured project debt and other notes payable	(1,781)	(311)
Net proceeds from (payments on) mortgage credit facilities	(138,479)	2,124
Repurchases of common stock	(87,050)	$ (22,073)
Common stock dividend payments	(4,792)
Issuance of common stock under employee stock plans, net of tax withholdings	$ 2,055	$ (3,930)
Excess tax benefits from share-based payment arrangements		$ 3,369
Other financing activities	$ (23)
Net cash provided by (used in) financing activities	37,197	$ (6,840)
Net increase (decrease) in cash and equivalents	6,625	(108,795)
Cash and equivalents at beginning of period	186,594	212,393
Cash and equivalents at end of period	193,219	103,598
Cash and equivalents at end of period	$ 186,594	$ 212,393

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Basis of Accounting [Text Block]	1. Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of CalAtlantic Group, Inc. 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 also 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 March 31, 2016 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, including per share related information. 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, 2015. Unless the context otherwise requires, the terms "we," "us," "our" and "the Company" refer to CalAtlantic Group, Inc. 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	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Recent Accounting Pronouncements [Text Block]	2. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 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 September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities Fair Value Measurements In March 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-07, Investments- Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting

Note 3 - Business Acquisition

Note 3 - Business Acquisition	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Business Combination Disclosure [Text Block]	3. Business Acquisition On October 1, 2015, pursuant to the terms and conditions of the Amended and Restated Agreement and Plan of Merger, dated as of June 14, 2015 (the "Merger Agreement"), between Standard Pacific Corp. ("Standard Pacific") and The Ryland Group, Inc. ("Ryland"), Ryland merged with and into Standard Pacific (the "Merger"), with Standard Pacific continuing as the surviving corporation. At the same time Standard Pacific changed its name to CalAtlantic Group, Inc. Based on an evaluation of the provisions of ASC Topic 805, Business Combinations Cash and cash equivalents $ 268,517 Inventories 2,404,765 Investments in unconsolidated joint ventures 13,821 Deferred income taxes 122,515 Homebuilding other assets 76,857 Financial services assets, excluding cash 144,889 Goodwill 969,315 Total assets 4,000,679 Accounts payable and accrued liabilities (496,188 ) Secured project debt and other notes payables (22,213 ) Senior notes payable (1,291,541 ) Financial services liabilities (124,619 ) Additional paid-in capital (93,834 ) Total purchase price $ 1,972,284 During the 2016 first quarter the Company completed a valuation of the 1.625% convertible senior notes assumed in the merger with Ryland and determined that the value associated with the conversion feature was $93.8 million, which is included in additional paid-in capital in the accompanying condensed consolidated balance sheet as of March 31, 2016. In connection with the valuation of the conversion feature, the related deferred tax asset was reduced by approximately $35.9 million, with a corresponding increase in goodwill. The purchase price accounting reflected in the accompanying financial statements is preliminary and is based upon estimates and assumptions that are subject to change within the measurement period (up to one year from the acquisition date pursuant to ASC 805) that may impact the fair value of the assets and liabilities above (including inventories, deferred income taxes, other assets and accrued liabilities). The $969.3 million of goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is not deductible for income tax purposes. As of the end of the period covered by this quarterly report on Form 10-Q, we have not yet finalized the allocation of goodwill to our reporting units. The following presents summarized unaudited supplemental pro forma operating results as if Ryland had been included in the Company's Condensed Consolidated Statements of Operations as of January 1, 2015. Three Months Ended March 31, 2015 (Dollars in thousands) Home sale revenues $ 969,948 Pretax income $ 87,337 The supplemental pro forma operating results have been determined after adjusting the operating results of Ryland to reflect additional amortization that would have been recorded assuming the fair value adjustment to intangible assets had been applied beginning January 1, 2015. Certain other adjustments, including those related to conforming accounting policies and adjusting acquired inventory to fair value, have not been reflected in the supplemental pro forma operating results due to the impracticability of estimating such impacts.

Note 4 - Segment Reporting

Note 4 - Segment Reporting	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	4. 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 Re p orting 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 most of our operating divisions. 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 divisions based on their respective percentage of revenues. Segment financial information relating to the Company’s homebuilding operations was as follows: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Homebuilding revenues: North $ 186,555 $ n/a Southeast 277,482 146,449 Southwest 343,034 119,843 West 378,612 203,986 Total homebuilding revenues $ 1,185,683 $ 470,278 Homebuilding pretax income: North $ 9,570 $ n/a Southeast 21,050 10,393 Southwest 26,926 11,280 West 50,722 25,615 Total homebuilding pretax income $ 108,268 $ 47,288 Segment financial information relating to the Company’s homebuilding assets was as follows: March 31, December 31, 2016 2015 (Dollars in thousands) Homebuilding assets: North $ 799,045 $ 732,689 Southeast 1,832,376 1,766,241 Southwest 1,513,575 1,470,654 West 2,519,685 2,357,597 Corporate (1) 1,495,393 1,594,175 Total homebuilding assets $ 8,160,074 $ 7,921,356 (1) The assets in our Corporate Segment include cash and cash equivalents and our deferred tax asset and goodwill recorded in connection with our merger with Ryland. As of the end of the period covered by this quarterly report on Form 10-Q, we have not yet finalized the allocation of goodwill to our reporting units.

Note 5 - Earnings Per Common Sh

Note 5 - Earnings Per Common Share	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	5. 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 was convertible into shares of our common stock at the holder’s option, 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 had the same economic rights as the holders of the common stock. In connection with the closing of the Merger with Ryland on October 1, 2015, the Company effected a reverse stock split such that each five shares of common stock of Standard Pacific common stock issued and outstanding immediately prior to the closing of the Merger were combined and converted into one issued and outstanding share of common stock of the Company. As required in accordance with GAAP, all share and earnings per share information noted below have been retroactively adjusted to reflect the reverse stock split. The following table sets forth the components used in the computation of basic and diluted income per share. Three Months Ended March 31, 2016 2015 (Dollars in thousands, except per share amounts) Numerator: Net income $ 72,661 $ 31,605 Less: Net income allocated to preferred shareholder - (7,662 ) Less: Net income allocated to unvested restricted stock (113 ) (67 ) Net income available to common stockholders for basic earnings per common share 72,548 23,876 Effect of dilutive securities: Net income allocated to preferred shareholder - 7,662 Interest on 1.625% convertible senior notes due 2018 (370 ) - Interest on 0.25% convertible senior notes due 2019 82 - Interest on 1.25% convertible senior notes due 2032 62 41 Net income available to common and preferred stock for diluted earnings per share $ 72,322 $ 31,579 Denominator: Weighted average basic common shares outstanding 120,814,939 54,727,121 Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive) - 17,562,557 Total weighted average common shares outstanding if preferred shares converted to common shares 120,814,939 72,289,678 Effect of dilutive securities: Share-based awards 561,065 1,088,673 1.625% convertible senior notes due 2018 7,157,934 - 0.25% convertible senior notes due 2019 3,634,072 - 1.25% convertible senior notes due 2032 6,262,570 6,262,570 Weighted average diluted shares outstanding 138,430,580 79,640,921 Income per common share: Basic $ 0.60 $ 0.44 Diluted $ 0.52 $ 0.40

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. 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 $3.8 million and $2.7 million for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, total unrecognized stock-based compensation expense was $15.6 million, with a weighted average period over which the remaining unrecognized compensation expense is expected to be recorded of approximately 1.9 years.

Note 7 - Cash and Equivalents a

Note 7 - Cash and Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Restricted Cash and Cash Equivalents [Text Block]	7. Cash and Equivalents and Restricted Cash Cash and equivalents include cash on hand, demand deposits and all highly liquid short-term investments, including interest-bearing securities purchased with a maturity of three months or less from the date of purchase. At March 31, 2016, cash and equivalents included $97.4 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 March 31, 2016, homebuilding restricted cash represented $34.7 million of cash held in cash collateral accounts primarily related to certain letters of credit that have been issued. Financial services restricted cash as of March 31, 2016 consisted of $17.7 million held in cash collateral accounts primarily related to certain letters of credit that have been issued, $4.5 million related to our financial services subsidiary mortgage credit facilities and $0.8 million related to funds held in trust for third parties.

Note 8 - Marketable Securities,

Note 8 - Marketable Securities, Available-for-sale	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	8. Marketable Securities, Available-for-sale The Company’s investment portfolio includes mainly municipal debt securities and metropolitan district bond securities, which are included in homebuilding other assets in the accompanying condensed consolidated balance sheets. As defined in ASC Topic 320, Investments—Debt and Equity Securities The Company periodically reviews its available-for-sale securities for other-than-temporary declines in fair values that are below their cost bases, as well as whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. At March 31, 2016, the Company believes that the cost bases for its available-for-sale securities were recoverable in all material respects. The primary objectives of the Company’s investment portfolio are safety of principal and liquidity. Investments are made with the purpose of achieving the highest rate of return consistent with these two objectives. The Company’s investment policy limits investments to debt securities rated investment grade or better, as well as to bank and money market instruments and to issues by the U.S. government, U.S. government agencies and municipal or other institutions primarily with investment-grade credit ratings. Our policy places restrictions on maturities, as well as on concentration by type and issuer. The following table displays the fair values of marketable securities, available-for-sale, by type of security: March 31, 2016 December 31, 2015 Amortized Cost Gross Unrealized Gains Estimated Fair Value Amortized Cost Gross Unrealized Gains Estimated Fair Value (Dollars in thousands) Type of security: Municipal bond and metropolitan district securities $ 18,612 $ 44 $ 18,656 $ 19,439 $ 5 $ 19,444 The following table displays the fair values of marketable securities, available-for-sale, by contractual maturity: March 31, 2016 (Dollars in thousands) Contractual maturity: Maturing in one year or less - Maturing after three years 18,656 Total marketable securities, available-for-sale $ 18,656

Note 9 - Inventories

Note 9 - Inventories	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	9. Inventories a. Inventories Owned Inventories owned consisted of the following at: March 31, 2016 North Southeast Southwest West Total (Dollars in thousands) Land and land under development $ 401,816 $ 1,185,104 $ 691,139 $ 1,292,007 $ 3,570,066 Homes completed and under construction 278,313 496,949 626,814 837,682 2,239,758 Model homes 71,724 130,645 111,535 193,338 507,242 Total inventories owned $ 751,853 $ 1,812,698 $ 1,429,488 $ 2,323,027 $ 6,317,066 December 31, 2015 North Southeast Southwest West Total (Dollars in thousands) Land and land under development $ 370,584 $ 1,169,350 $ 687,792 $ 1,318,563 $ 3,546,289 Homes completed and under construction 266,967 464,668 599,183 708,779 2,039,597 Model homes 66,100 119,283 113,549 185,141 484,073 Total inventories owned $ 703,651 $ 1,753,301 $ 1,400,524 $ 2,212,483 $ 6,069,959 In accordance with ASC Topic 360, Property, Plant, and Equipment b. Inventories Not Owned Inventories not owned consisted of the following at: March 31, December 31, 2016 2015 (Dollars in thousands) Land purchase and lot option deposits $ 69,038 $ 82,693 Other lot option contracts, net of deposits 553 553 Total inventories not owned $ 69,591 $ 83,246 Under ASC Topic 810, Consolidation Other lot option contracts as of March 31, 2016 and December 31, 2015 represented purchase price allocated to lot option contracts assumed in connection with a business acquisition during the 2013 third quarter.

Note 10 - Capitalization of Int

Note 10 - Capitalization of Interest	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Home Building Interest [Text Block]	10. 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 months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Total interest incurred (1) $ 62,725 $ 41,803 Less: Interest capitalized to inventories owned (1) (61,845 ) (41,401 ) Less: Interest capitalized to investments in unconsolidated joint ventures (880 ) (402 ) Interest expense - - Interest previously capitalized to inventories owned, included in cost of home sales $ 30,203 $ 22,395 Interest previously capitalized to inventories owned, included in cost of land sales $ 179 $ 243 Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures - - Interest capitalized in ending inventories owned $ 336,922 $ 294,370 Interest capitalized as a percentage of inventories owned 5.3 % 8.5 % Interest capitalized in ending investments in unconsolidated joint ventures $ 3,821 $ 1,067 Interest capitalized as a percentage of investments in unconsolidated joint ventures 2.8 % 2.1 % (1) Total interest incurred and interest capitalized to inventories owned during the three months ended March 31, 2016 includes a $9 million increase related to the valuation of the 1.625% convertible senior notes that was completed during the 2016 first quarter. Please see Note 3 for further discussion.

Note 11 - Investments in Uncons

Note 11 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	11. 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: Three Months Ended March 31, 2016 2015 (Dollars in thousands) (Unaudited) Revenues $ 14,323 ― Cost of sales and expenses (8,038 ) (2,845 ) Income (loss) of unconsolidated joint ventures $ 6,285 $ (2,845 ) Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations $ 1,189 $ (451 ) 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 three months ended March 31, 2016, income (loss) from unconsolidated joint ventures included $0.6 million of income from our Southwest region joint ventures and $0.5 million of income from our Southeast region joint ventures. For the three months ended March 31 2015, income (loss) from unconsolidated joint ventures was primarily attributable to our share of income (loss) related to our West region joint ventures. During each of the three months ended March 31, 2016 and 2015, 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 three months ended March 31, 2016 or 2015. 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: March 31, December 31, 2016 2015 (Dollars in thousands) (Unaudited) Assets: Cash $ 35,737 $ 34,893 Inventories 517,272 510,502 Other assets 14,264 14,540 Total assets $ 567,273 $ 559,935 Liabilities and Equity: Accounts payable and accrued liabilities $ 18,447 $ 26,571 Non-recourse debt 31,558 33,704 CalAtlantic equity 146,624 130,750 Other members' equity 370,644 368,910 Total liabilities and equity $ 567,273 $ 559,935 Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets $ 137,591 $ 132,763 In some cases our net investment in these unconsolidated joint ventures is not equal to our proportionate share of total 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 March 31, 2016 and December 31, 2015, substantially all of our investments in unconsolidated joint ventures were in California. Our investments in unconsolidated joint ventures also included approximately $3.7 million and $2.9 million of homebuilding interest capitalized to investments in unconsolidated joint ventures as of March 31, 2016 and December 31, 2015, 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 March 31, 2016, 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 12 - Warranty Costs

Note 12 - Warranty Costs	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	12. 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: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Warranty accrual, beginning of the period $ 40,691 $ 13,584 Warranty costs accrued during the period 4,588 1,775 Warranty costs paid during the period (4,774 ) (2,320 ) Warranty accrual, end of the period $ 40,505 $ 13,039

Note 13 - Revolving Credit Faci

Note 13 - Revolving Credit Facility and Letter of Credit Facilities	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Line of Credit Facility [Text Block]	13. Revolving Credit Facility and Letter of Credit Facilities As of March 31, 2016, we were party to a $750 million unsecured revolving credit facility (the "Revolving Facility"), $350 million of which is available for letters of credit, which matures in October 2019. The Revolving Facility has an accordion feature under which the Company may increase the total commitment up to a maximum aggregate amount of $1.2 billion, subject to certain conditions, including the availability of additional bank commitments. Interest rates, as defined in the credit agreement, approximate (i) LIBOR (approximately 0.43% at March 31, 2016) plus 1.75%, or (ii) Prime (3.50% at March 31, 2016) plus 0.75%. In addition to customary representations and warranties, the facility contains financial and other covenants, including a minimum tangible net worth requirement of $1.65 billion (which amount is subject to increase over time based on subsequent earnings and proceeds from equity offerings), a net homebuilding leverage covenant that prohibits the leverage ratio (as defined therein) from exceeding 2.00 to 1.00 and a land covenant that limits land not under development to an amount not to exceed tangible net worth. The Company is also required to maintain either (a) a minimum liquidity level (unrestricted cash in excess of interest incurred for the previous four quarters) or (b) a minimum interest coverage ratio (EBITDA to interest expense, as defined therein) of at least 1.25 to 1.00. We were in compliance with all of the Revolving Facility covenants as of March 31, 2016. The Revolving Facility also limits, among other things, the Company’s investments in joint ventures and the amount of the Company’s common stock that the Company can repurchase. On March 31, 2016, we had $266.0 million outstanding under the facility and had outstanding letters of credit issued under the facility totaling $111.0 million, leaving $373.0 million available under the facility to be drawn. As of March 31, 2016, in addition to our $350 million letter of credit sublimit under our Revolving Facility, we were party to four committed letter of credit facilities totaling $48 million, of which $32.0 million was outstanding. These facilities require cash collateralization and have maturity dates ranging from October 2016 to October 2017. As of March 31, 2016, these facilities were secured by cash collateral deposits of $32.5 million. Upon maturity, we may renew or enter into new letter of credit facilities with the same or other financial institutions.

Note 14 - Secured Project Debt

Note 14 - Secured Project Debt and Other Notes Payable	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	14. 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 March 31, 2016, we had approximately $23.9 million outstanding in secured project debt and other notes payable.

Note 15 - Senior Notes Payable

Note 15 - Senior Notes Payable	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Long-term Debt [Text Block]	15. Senior Notes Payable Senior notes payable consisted of the following at: March 31, December 31, 2016 2015 (Dollars in thousands) 10.75% Senior Notes due September 2016 $ 277,256 $ 275,845 8.4% Senior Notes due May 2017 245,525 248,975 8.375% Senior Notes due May 2018 574,176 574,058 1.625% Convertible Senior Notes due May 2018 217,714 301,754 0.25% Convertible Senior notes due June 2019 249,517 248,098 6.625% Senior Notes due December 2021 324,389 325,882 8.375% Senior Notes due January 2021 394,423 394,152 6.25% Senior Notes due December 2021 297,267 297,148 5.375% Senior Notes due October 2022 249,130 249,096 5.875% Senior Notes due November 2024 296,694 296,598 1.25% Convertible Senior Notes due August 2032 250,819 250,410 $ 3,376,910 $ 3,462,016 The carrying amount of our senior notes listed above are net of debt issuance costs and any discounts and premiums that are amortized to interest costs over the respective terms of the notes. The Company's 1.625% Convertible Senior Notes due 2018 (the "1.625% Convertible Notes") are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. The 1.625% Convertible Notes bear interest at a rate of 1.625% per year and will mature on May 15, 2018, unless earlier converted or repurchased. The holders may convert their 1.625% Convertible Notes at any time into shares of the Company's common stock at a conversion rate of 31.8309 shares of common stock per $1,000 of their principal amount (which is equal to a conversion price of approximately $31.42 per share), subject to adjustment. The Company may not redeem the 1.625% Convertible Notes prior to the stated maturity date. The Company's 0.25% Convertible Senior Notes due 2019 (the "0.25% Convertible Notes") are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. The 0.25% Convertible Notes bear interest at a rate of 0.25% per year and will mature on June 1, 2019, unless earlier converted, redeemed or repurchased. The holders may convert their 0.25% Convertible Notes at any time into shares of the Company's common stock at a conversion rate of 13.5930 shares of common stock per $1,000 of their principal amount (which is equal to a conversion price of approximately $73.57 per share), subject to adjustment. The Company may not redeem the 0.25% Convertible Notes prior to June 6, 2017. On or after that date, the Company may redeem for cash any or all of the 0.25% Convertible Notes, at its option, if the closing sale price of its common stock for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending within 5 trading days immediately preceding the date on which it provides notice of redemption, including the last trading day of such 30 day trading period, exceeds 130 percent of the applicable conversion price on each applicable trading day. The redemption price will equal 100 percent of the principal amount of the 0.25% Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The Company's 1.25% Convertible Senior Notes due 2032 (the "1.25% Convertible Notes") are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. The 1.25% Convertible Notes bear interest at a rate of 1.25% per year and will mature on August 1, 2032, unless earlier converted, redeemed or repurchased. The holders may convert their 1.25% Convertible Notes at any time into shares of the Company's common stock at a conversion rate of 24.8113 shares of common stock per $1,000 of their principal amount (which is equal to a conversion price of approximately $40.30 per share), subject to adjustment. The Company may not redeem the 1.25% Convertible Notes prior to August 5, 2017. On or after August 5, 2017 and prior to the maturity date, the Company may redeem for cash all or part of the 1.25% Convertible Notes at a redemption price equal to 100% of the principal amount of the 1.25% Convertible Notes being redeemed. On each of August 1, 2017, August 1, 2022 and August 1, 2027, holders of the 1.25% Convertible Notes may require the Company to purchase all or any portion of their 1.25% Convertible Notes for cash at a price equal to 100% of the principal amount of the 1.25% Convertible Notes to be repurchased. Our senior notes payable are all senior obligations and rank equally with our other existing senior indebtedness and, with the exception of our Convertible Notes, are redeemable at our option, in whole or in part, pursuant to a "make whole" formula. These notes contain various restrictive covenants. Our 2016 Notes contain our most restrictive covenants, including a limitation on additional indebtedness and a limitation on restricted payments. Outside of the specified categories of indebtedness that are carved out of the additional indebtedness limitation (including a carve-out for up to $1.1 billion in credit facility indebtedness), the Company must satisfy at least one of two conditions (either a maximum leverage condition or a minimum interest coverage condition) to incur additional indebtedness. The Company must also satisfy at least one of these two conditions to make restricted payments. Restricted payments include dividends, 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 indenture). As of March 31, 2016, 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 entered into prior to our merger with Ryland provide that a Guarantor Subsidiary will be released and relieved of any obligations under the applicable 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 CalAtlantic Group, Inc. 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. The indentures entered into concurrently with the closing of our merger with Ryland provide that a Guarantor Subsidiary will be released and relieved of any obligations under the applicable note guarantee in the event that (in the case of the non-convertible senior notes) such Guarantor Subsidiary ceases to be a restricted subsidiary in the homebuilding segment or (in the case of the convertible senior notes) such Guarantor Subsidiary ceases to guaranty any publicly traded debt securities. Please see Note 22 for supplemental financial statement information about our guarantor subsidiaries group and non-guarantor subsidiaries group.

Note 16 - Preferred Stock

Note 16 - Preferred Stock	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Preferred Stock [Text Block]	16. Preferred Stock Prior to our merger with Ryland, MP CA Homes, LLC ("MatlinPatterson") held all of the outstanding shares of Company Series B Preferred Stock and 126.4 million shares of Company common stock, which, together, represented approximately 59% of the total number of shares of Company common stock issued and outstanding on an if-converted basis. Immediately following the merger, MatlinPatterson converted all of their shares of preferred stock into 17.6 million shares of Company common stock. As of March 31, 2016, MatlinPatterson held 42.8 million shares (approximately 36%) of the Company’s outstanding common stock and no shares of preferred stock.

Note 17 - Mortgage Credit Facil

Note 17 - Mortgage Credit Facilities	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Warehouse Agreement Borrowings [Text Block]	17. Mortgage Credit Facilities At March 31, 2016, we had $164.9 million outstanding under our mortgage financing subsidiary’s mortgage credit facilities. These mortgage credit facilities consisted of a $200 million uncommitted repurchase facility with one lender, maturing in January 2017, and a $75 million repurchase facility with another lender (for which the maximum commitment amount adjusts based on a seasonally adjusted calendar schedule, which was fixed at $75 million as of March 31, 2016), which matured in April 2016. These facilities require our mortgage financing subsidiary to maintain cash collateral accounts, which totaled $4.5 million as of March 31, 2016, and also contain financial covenants which require CalAtlantic 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 March 31, 2016, CalAtlantic Mortgage was in compliance with the financial and other covenants contained in these facilities. In April 2016, CalAtlantic Mortgage extended the maturity date of its $75 million repurchase facility to July 2016.

Note 18 - Disclosures about Fai

Note 18 - Disclosures about Fair Value	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	18. 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 March 31, 2016 December 31, 2015 (Dollars in thousands) Marketable securities, available-for-sale Municipal debt securities Level 2 $ 9,945 $ 9,734 Metropolitan district bond securities Level 3 $ 8,711 $ 9,710 Mortgage loans held for sale Level 2 $ 191,003 $ 328,835 Marketable Securities, Available-for-sale Marketable securities that are available-for-sale are comprised mainly of municipal debt securities and metropolitan district bond securities. The Company’s municipal debt securities are valued based on quoted market prices of similar instruments and the metropolitan district bond securities are based on a discounted future cash flow model, which uses Level 3 inputs. The primary unobservable inputs used in our discounted cash flow model are (1) the forecasted number of homes to be closed, as they drive increases to the taxpaying base for the metro district, (2) the forecasted assessed value of those closed homes and (3) the discount rate. Mortgage loans held for sale Mortgage loans held for sale 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 825: March 31, 2016 December 31, 2015 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 $ 21,553 $ 21,553 $ 22,704 $ 22,704 Homebuilding liabilities: Senior and convertible senior notes payable, net Level 2 $ 3,376,910 $ 3,639,573 $ 3,462,016 $ 3,675,276 Mortgage Loans Held for Investment – Senior Notes Payable – The fair value of our cash and equivalents, restricted cash, accounts payable and other liabilities, secured project debt and other notes payable, and mortgage credit facilities approximate their carrying amounts due to the short-term nature of these assets and liabilities.

Note 19 - Commitments and Conti

Note 19 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	19. 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 March 31, 2016, we had non-refundable cash deposits outstanding of approximately $65.8 million and capitalized pre-acquisition and other development and construction costs of approximately $7.3 million relating to land purchase and option contracts having a total remaining purchase price of approximately $759.3 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 March 31, 2016, we held membership interests in 26 homebuilding and land development joint ventures, of which 12 were active and 14 were inactive or winding down. As of such date, only two joint ventures had project specific debt outstanding, which totaled $31.6 million. This joint venture bank debt is non-recourse to us and is scheduled to mature in June 2016. At March 31, 2016, 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 March 31, 2016, we had approximately $821.1 million in surety bonds outstanding, with respect to which we had an estimated $390.1 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, CalAtlantic Mortgage. CalAtlantic 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 $291.6 million at March 31, 2016 and carried a weighted average interest rate of approximately 4.3%. Interest rate risks related to these obligations are mitigated by CalAtlantic Mortgage through the preselling of loans to investors or through its interest rate hedging program. As of March 31, 2016, CalAtlantic Mortgage had approximately $186.0 million in closed mortgage loans held for sale and $5.6 million of mortgage loans that we were committed to sell to investors subject to our funding of the loans and the investors’ completion of their administrative review of the applicable loan documents. In addition, as of March 31, 2016, CalAtlantic Mortgage had approximately $291.6 million of mortgage loans in process that were or are expected to be originated on a non-presold basis, substantially 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 CalAtlantic Mortgage are sold with servicing rights released on a non-recourse basis. These sales are generally subject to CalAtlantic 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. During the three months ended March 31, 2016 and 2015, CalAtlantic Mortgage recorded no loan loss expense related to indemnification and repurchase allowances, and as of March 31, 2016, CalAtlantic Mortgage had indemnity and repurchase allowances related to loans sold of approximately $3.7 million. In addition, during the first quarter of 2016 and 2015, CalAtlantic Mortgage made make-whole payments of $0.1 million and $0, 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 March 31, 2016 and December 31, 2015 were $119.6 million and $125.3 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 materially from our currently estimated amounts.

Note 20 - Income Taxes

Note 20 - Income Taxes	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	20. 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 2016 first quarter provision for income taxes of $42.5 million primarily related to our $115.2 million of pretax income. As of March 31, 2016, we had a $350.6 million deferred tax asset which was partially offset by a valuation allowance of $1.4 million related to state net operating loss carryforwards that are limited by shorter carryforward periods. As of such date, $139.9 million of our deferred tax asset related to net operating loss carryforwards ($106.3 million of federal and state net operating loss carryforwards that were subject to the Internal Revenue Code Section 382 (“Section 382”) gross annual limitation of $15.6 million for both federal and state purposes, and $33.6 million of state net operating loss carryforwards that were not subject to such limitation). The remaining deferred tax asset balance of $210.7 million represented deductible timing differences, primarily related to inventory impairments and financial accruals, which have no expiration date. As of March 31, 2016 and December 31, 2015, our liability for unrecognized tax benefits was $12.7 million and $10.6 million, respectively, which is included in accrued liabilities in the accompanying condensed consolidated balance sheets. In addition, as of March 31, 2016, we remained subject to examination by various tax jurisdictions for the tax years ended December 31, 2011 through 2015.

Note 21 - Supplemental Disclosu

Note 21 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	21. Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows The following are supplemental disclosures to the condensed consolidated statements of cash flows: Three Months Ended March 31, 2016 2015 (Dollars in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes $ 23,027 $ 12,059

Note 22 - Supplemental Guaranto

Note 22 - Supplemental Guarantor Information	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Supplemental Guarantor Information [Text Block]	22. S upplemental Guarantor Information Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable (please see Note 15 "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 March 31, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 461,738 $ 534,454 $ 189,491 ― $ 1,185,683 Cost of sales (372,841 ) (430,002 ) (135,652 ) ― (938,495 ) Gross margin 88,897 104,452 53,839 ― 247,188 Selling, general and administrative expenses (55,051 ) (67,846 ) (13,804 ) ― (136,701 ) Income (loss) from unconsolidated joint ventures 689 144 356 ― 1,189 Equity income of subsidiaries 54,167 ― ― (54,167 ) ― Interest income (expense), net 1,337 (965 ) (372 ) ― ― Other income (expense) (3,615 ) 189 18 ― (3,408 ) Homebuilding pretax income 86,424 35,974 40,037 (54,167 ) 108,268 Financial Services: Financial services pretax income ― ― 6,936 ― 6,936 Income before taxes 86,424 35,974 46,973 (54,167 ) 115,204 Provision for income taxes (13,763 ) (17,474 ) (11,306 ) ― (42,543 ) Net income $ 72,661 $ 18,500 $ 35,667 $ (54,167 ) $ 72,661 Three Months Ended March 31, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 136,892 $ 219,728 $ 113,658 ― $ 470,278 Cost of sales (103,358 ) (170,957 ) (81,858 ) ― (356,173 ) Gross margin 33,534 48,771 31,800 ― 114,105 Selling, general and administrative expenses (23,146 ) (32,750 ) (10,174 ) ― (66,070 ) Income (loss) from unconsolidated joint ventures 26 ― (477 ) ― (451 ) Equity income of subsidiaries 23,367 ― ― (23,367 ) ― Interest income (expense), net 3,223 (2,744 ) (479 ) ― ― Other income (expense) (1,001 ) (148 ) 853 ― (296 ) Homebuilding pretax income 36,003 13,129 21,523 (23,367 ) 47,288 Financial Services: Financial services pretax income ― ― 1,208 ― 1,208 Income before taxes 36,003 13,129 22,731 (23,367 ) 48,496 Provision for income taxes (4,398 ) (7,324 ) (5,169 ) ― (16,891 ) Net income $ 31,605 $ 5,805 $ 17,562 $ (23,367 ) $ 31,605 22. S upplemental Guarantor Information (continued) CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 86,958 $ 35,975 $ 46,595 ― $ 169,528 Restricted cash ― ― 34,652 ― 34,652 Intercompany receivables 2,136,557 ― 74,958 (2,211,515 ) ― Inventories: Owned 2,618,174 2,340,739 1,358,153 ― 6,317,066 Not owned 29,382 36,231 3,978 ― 69,591 Investments in unconsolidated joint ventures 6,064 4,537 126,990 ― 137,591 Investments in subsidiaries 1,699,320 ― ― (1,699,320 ) ― Deferred income taxes, net 361,170 ― ― (12,043 ) 349,127 Goodwill and other intangibles, net 969,315 ― ― ― 969,315 Other assets 66,658 42,098 4,448 ― 113,204 Total Homebuilding Assets 7,973,598 2,459,580 1,649,774 (3,922,878 ) 8,160,074 Financial Services: Cash and equivalents ― ― 23,691 ― 23,691 Restricted cash ― ― 22,985 ― 22,985 Mortgage loans held for sale, net ― ― 187,444 ― 187,444 Mortgage loans held for investment, net ― ― 21,553 ― 21,553 Other assets ― ― 17,633 (1,643 ) 15,990 Total Financial Services Assets ― ― 273,306 (1,643 ) 271,663 Total Assets $ 7,973,598 $ 2,459,580 $ 1,923,080 $ (3,924,521 ) $ 8,431,737 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 71,131 $ 77,322 $ 21,183 ― $ 169,636 Accrued liabilities and intercompany payables 222,732 1,476,321 923,000 (2,150,243 ) 471,810 Revolving credit facility 266,000 ― ― ― 266,000 Secured project debt and other notes payable 94,856 ― 4,004 (74,958 ) 23,902 Senior notes payable 3,376,910 ― ― ― 3,376,910 Total Homebuilding Liabilities 4,031,629 1,553,643 948,187 (2,225,201 ) 4,308,258 Financial Services: Accounts payable and other liabilities ― ― 16,567 ― 16,567 Mortgage credit facilities ― ― 164,943 ― 164,943 Total Financial Services Liabilities ― ― 181,510 ― 181,510 Total Liabilities 4,031,629 1,553,643 1,129,697 (2,225,201 ) 4,489,768 Equity: Total Equity 3,941,969 905,937 793,383 (1,699,320 ) 3,941,969 Total Liabilities and Equity $ 7,973,598 $ 2,459,580 $ 1,923,080 $ (3,924,521 ) $ 8,431,737 22. S upplemental Guarantor Information (continued) CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 6,387 $ 112,852 $ 31,837 ― $ 151,076 Restricted cash ― ― 35,990 ― 35,990 Intercompany receivables 2,380,899 ― 152,505 (2,533,404 ) ― Inventories: Owned 2,524,927 2,304,305 1,240,727 ― 6,069,959 Not owned 32,393 38,925 11,928 ― 83,246 Investments in unconsolidated joint ventures 5,353 4,330 123,080 ― 132,763 Investments in subsidiaries 1,644,453 ― ― (1,644,453 ) ― Deferred income taxes, net 405,945 ― ― (9,751 ) 396,194 Goodwill 933,360 ― ― ― 933,360 Other assets 67,578 48,027 3,163 ― 118,768 Total Homebuilding Assets 8,001,295 2,508,439 1,599,230 (4,187,608 ) 7,921,356 Financial Services: Cash and equivalents ― ― 35,518 ― 35,518 Restricted cash ― ― 22,914 ― 22,914 Mortgage loans held for sale, net ― ― 325,770 ― 325,770 Mortgage loans held for investment, net ― ― 22,704 ― 22,704 Other assets ― ― 18,886 (1,643 ) 17,243 Total Financial Services Assets ― ― 425,792 (1,643 ) 424,149 Total Assets $ 8,001,295 $ 2,508,439 $ 2,025,022 $ (4,189,251 ) $ 8,345,505 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 91,873 $ 82,906 $ 16,902 ― $ 191,681 Accrued liabilities and intercompany payables 415,803 1,538,096 903,761 (2,378,867 ) 478,793 Secured project debt and other notes payable 170,167 ― 4,061 (148,545 ) 25,683 Senior notes payable 3,462,016 ― ― ― 3,462,016 Total Homebuilding Liabilities 4,139,859 1,621,002 924,724 (2,527,412 ) 4,158,173 Financial Services: Accounts payable and other liabilities ― ― 39,860 (17,386 ) 22,474 Mortgage credit facilities ― ― 303,422 ― 303,422 Total Financial Services Liabilities ― ― 343,282 (17,386 ) 325,896 Total Liabilities 4,139,859 1,621,002 1,268,006 (2,544,798 ) 4,484,069 Equity: Total Equity 3,861,436 887,437 757,016 (1,644,453 ) 3,861,436 Total Liabilities and Equity $ 8,001,295 $ 2,508,439 $ 2,025,022 $ (4,189,251 ) $ 8,345,505 22. S upplemental Guarantor Information (continued) CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (43,214 ) $ (42,551 ) $ 58,143 $ ― $ (27,622 ) Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (135 ) (45 ) (4,011 ) ― (4,191 ) Distributions of capital from unconsolidated homebuilding joint ventures ― ― 99 ― 99 Loan to parent and subsidiaries ― ― 71,000 (71,000 ) ― Other investing activities 488 (199 ) 853 ― 1,142 Net cash provided by (used in) investing activities 353 (244 ) 67,941 (71,000 ) (2,950 ) Cash Flows From Financing Activities: Change in restricted cash ― ― 1,267 ― 1,267 Borrowings from revolving credit facility 386,400 ― ― ― 386,400 Principal payments on revolving credit facility (120,400 ) ― ― ― (120,400 ) Principal payments on secured project debt and other notes payable (1,724 ) ― (57 ) ― (1,781 ) Loan from subsidiary (71,000 ) ― ― 71,000 ― Net proceeds from (payments on) mortgage credit facilities ― ― (138,479 ) ― (138,479 ) (Contributions to) distributions from Corporate and subsidiaries (700 ) ― 700 ― ― Repurchases of common stock (87,050 ) ― ― ― (87,050 ) Common stock dividend payments (4,792 ) ― ― ― (4,792 ) Issuance of common stock under employee stock plans, net of tax withholdings 2,055 ― ― ― 2,055 Other financing activities ― (23 ) ― ― (23 ) Intercompany advances, net 20,643 (34,059 ) 13,416 ― ― Net cash provided by (used in) financing activities 123,432 (34,082 ) (123,153 ) 71,000 37,197 Net increase (decrease) in cash and equivalents 80,571 (76,877 ) 2,931 ― 6,625 Cash and equivalents at beginning of period 6,387 112,852 67,355 ― 186,594 Cash and equivalents at end of period $ 86,958 $ 35,975 $ 70,286 $ ― $ 193,219 Three Months Ended March 31, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (26,142 ) $ (61,490 ) $ (6,439 ) ― $ (94,071 ) Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures ― ― (7,639 ) ― (7,639 ) Distributions of capital from unconsolidated homebuilding joint ventures ― ― 5,732 ― 5,732 Loan to parent and subsidiaries ― ― 10,000 (10,000 ) ― Other investing activities (1,080 ) (697 ) (4,200 ) ― (5,977 ) Net cash provided by (used in) investing activities (1,080 ) (697 ) 3,893 (10,000 ) (7,884 ) Cash Flows From Financing Activities: Change in restricted cash ― ― (1,019 ) ― (1,019 ) Borrowings from revolving credit facility 27,700 ― ― ― 27,700 Principal payments on revolving credit facility (12,700 ) ― ― ― (12,700 ) Principal payments on secured project debt and other notes payable ― ― (311 ) ― (311 ) Loan from subsidiary 70,000 ― ― (70,000 ) ― Net proceeds from (payments on) mortgage credit facilities ― ― (77,876 ) 80,000 2,124 (Contributions to) distributions from Corporate and subsidiaries 9,973 ― (9,973 ) ― ― Repurchases of common stock (22,073 ) ― ― ― (22,073 ) Issuance of common stock under employee stock plans, net of tax withholdings (3,930 ) ― ― ― (3,930 ) Excess tax benefits from share-based payment arrangements 3,369 ― ― ― 3,369 Intercompany advances, net (131,144 ) 61,909 69,235 ― ― Net cash provided by (used in) financing activities (58,805 ) 61,909 (19,944 ) 10,000 (6,840 ) Net increase (decrease) in cash and equivalents (86,027 ) (278 ) (22,490 ) ― (108,795 ) Cash and equivalents at beginning of period 133,304 1,061 78,028 ― 212,393 Cash and equivalents at end of period $ 47,277 $ 783 $ 55,538 ― $ 103,598

Note 3 - Business Acquisition (

Note 3 - Business Acquisition (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Cash and cash equivalents $ 268,517 Inventories 2,404,765 Investments in unconsolidated joint ventures 13,821 Deferred income taxes 122,515 Homebuilding other assets 76,857 Financial services assets, excluding cash 144,889 Goodwill 969,315 Total assets 4,000,679 Accounts payable and accrued liabilities (496,188 ) Secured project debt and other notes payables (22,213 ) Senior notes payable (1,291,541 ) Financial services liabilities (124,619 ) Additional paid-in capital (93,834 ) Total purchase price $ 1,972,284
Business Acquisition, Pro Forma Information [Table Text Block]	Three Months Ended March 31, 2015 (Dollars in thousands) Home sale revenues $ 969,948 Pretax income $ 87,337

Note 4 - Segment Reporting (Tab

Note 4 - Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, 2016 2015 (Dollars in thousands) Homebuilding revenues: North $ 186,555 $ n/a Southeast 277,482 146,449 Southwest 343,034 119,843 West 378,612 203,986 Total homebuilding revenues $ 1,185,683 $ 470,278 Homebuilding pretax income: North $ 9,570 $ n/a Southeast 21,050 10,393 Southwest 26,926 11,280 West 50,722 25,615 Total homebuilding pretax income $ 108,268 $ 47,288
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	March 31, December 31, 2016 2015 (Dollars in thousands) Homebuilding assets: North $ 799,045 $ 732,689 Southeast 1,832,376 1,766,241 Southwest 1,513,575 1,470,654 West 2,519,685 2,357,597 Corporate (1) 1,495,393 1,594,175 Total homebuilding assets $ 8,160,074 $ 7,921,356

Note 5 - Earnings Per Common 31

Note 5 - Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2016 2015 (Dollars in thousands, except per share amounts) Numerator: Net income $ 72,661 $ 31,605 Less: Net income allocated to preferred shareholder - (7,662 ) Less: Net income allocated to unvested restricted stock (113 ) (67 ) Net income available to common stockholders for basic earnings per common share 72,548 23,876 Effect of dilutive securities: Net income allocated to preferred shareholder - 7,662 Interest on 1.625% convertible senior notes due 2018 (370 ) - Interest on 0.25% convertible senior notes due 2019 82 - Interest on 1.25% convertible senior notes due 2032 62 41 Net income available to common and preferred stock for diluted earnings per share $ 72,322 $ 31,579 Denominator: Weighted average basic common shares outstanding 120,814,939 54,727,121 Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive) - 17,562,557 Total weighted average common shares outstanding if preferred shares converted to common shares 120,814,939 72,289,678 Effect of dilutive securities: Share-based awards 561,065 1,088,673 1.625% convertible senior notes due 2018 7,157,934 - 0.25% convertible senior notes due 2019 3,634,072 - 1.25% convertible senior notes due 2032 6,262,570 6,262,570 Weighted average diluted shares outstanding 138,430,580 79,640,921 Income per common share: Basic $ 0.60 $ 0.44 Diluted $ 0.52 $ 0.40

Note 8 - Marketable Securitie32

Note 8 - Marketable Securities, Available-for-sale (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	March 31, 2016 December 31, 2015 Amortized Cost Gross Unrealized Gains Estimated Fair Value Amortized Cost Gross Unrealized Gains Estimated Fair Value (Dollars in thousands) Type of security: Municipal bond and metropolitan district securities $ 18,612 $ 44 $ 18,656 $ 19,439 $ 5 $ 19,444
Available-for-sale Securities [Table Text Block]	March 31, 2016 (Dollars in thousands) Contractual maturity: Maturing in one year or less - Maturing after three years 18,656 Total marketable securities, available-for-sale $ 18,656

Note 9 - Inventories (Tables)

Note 9 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Inventories Owned [Table Text Block]	March 31, 2016 North Southeast Southwest West Total (Dollars in thousands) Land and land under development $ 401,816 $ 1,185,104 $ 691,139 $ 1,292,007 $ 3,570,066 Homes completed and under construction 278,313 496,949 626,814 837,682 2,239,758 Model homes 71,724 130,645 111,535 193,338 507,242 Total inventories owned $ 751,853 $ 1,812,698 $ 1,429,488 $ 2,323,027 $ 6,317,066 December 31, 2015 North Southeast Southwest West Total (Dollars in thousands) Land and land under development $ 370,584 $ 1,169,350 $ 687,792 $ 1,318,563 $ 3,546,289 Homes completed and under construction 266,967 464,668 599,183 708,779 2,039,597 Model homes 66,100 119,283 113,549 185,141 484,073 Total inventories owned $ 703,651 $ 1,753,301 $ 1,400,524 $ 2,212,483 $ 6,069,959
Inventory Real Estate Not Owned [Table Text Block]	March 31, December 31, 2016 2015 (Dollars in thousands) Land purchase and lot option deposits $ 69,038 $ 82,693 Other lot option contracts, net of deposits 553 553 Total inventories not owned $ 69,591 $ 83,246

Note 10 - Capitalization of I34

Note 10 - Capitalization of Interest (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Capitalized Interest [Table Text Block]	Three Months Ended March 31, 2016 2015 (Dollars in thousands) Total interest incurred (1) $ 62,725 $ 41,803 Less: Interest capitalized to inventories owned (1) (61,845 ) (41,401 ) Less: Interest capitalized to investments in unconsolidated joint ventures (880 ) (402 ) Interest expense - - Interest previously capitalized to inventories owned, included in cost of home sales $ 30,203 $ 22,395 Interest previously capitalized to inventories owned, included in cost of land sales $ 179 $ 243 Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures - - Interest capitalized in ending inventories owned $ 336,922 $ 294,370 Interest capitalized as a percentage of inventories owned 5.3 % 8.5 % Interest capitalized in ending investments in unconsolidated joint ventures $ 3,821 $ 1,067 Interest capitalized as a percentage of investments in unconsolidated joint ventures 2.8 % 2.1 %

Note 11 - Investments in Unco35

Note 11 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block]	Three Months Ended March 31, 2016 2015 (Dollars in thousands) (Unaudited) Revenues $ 14,323 ― Cost of sales and expenses (8,038 ) (2,845 ) Income (loss) of unconsolidated joint ventures $ 6,285 $ (2,845 ) Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations $ 1,189 $ (451 )
Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block]	March 31, December 31, 2016 2015 (Dollars in thousands) (Unaudited) Assets: Cash $ 35,737 $ 34,893 Inventories 517,272 510,502 Other assets 14,264 14,540 Total assets $ 567,273 $ 559,935 Liabilities and Equity: Accounts payable and accrued liabilities $ 18,447 $ 26,571 Non-recourse debt 31,558 33,704 CalAtlantic equity 146,624 130,750 Other members' equity 370,644 368,910 Total liabilities and equity $ 567,273 $ 559,935 Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets $ 137,591 $ 132,763

Note 12 - Warranty Costs (Table

Note 12 - Warranty Costs (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended March 31, 2016 2015 (Dollars in thousands) Warranty accrual, beginning of the period $ 40,691 $ 13,584 Warranty costs accrued during the period 4,588 1,775 Warranty costs paid during the period (4,774 ) (2,320 ) Warranty accrual, end of the period $ 40,505 $ 13,039

Note 15 - Senior Notes Payable

Note 15 - Senior Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Debt [Table Text Block]	March 31, December 31, 2016 2015 (Dollars in thousands) 10.75% Senior Notes due September 2016 $ 277,256 $ 275,845 8.4% Senior Notes due May 2017 245,525 248,975 8.375% Senior Notes due May 2018 574,176 574,058 1.625% Convertible Senior Notes due May 2018 217,714 301,754 0.25% Convertible Senior notes due June 2019 249,517 248,098 6.625% Senior Notes due December 2021 324,389 325,882 8.375% Senior Notes due January 2021 394,423 394,152 6.25% Senior Notes due December 2021 297,267 297,148 5.375% Senior Notes due October 2022 249,130 249,096 5.875% Senior Notes due November 2024 296,694 296,598 1.25% Convertible Senior Notes due August 2032 250,819 250,410 $ 3,376,910 $ 3,462,016

Note 18 - Disclosures about F38

Note 18 - Disclosures about Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value at Description Fair Value Hierarchy March 31, 2016 December 31, 2015 (Dollars in thousands) Marketable securities, available-for-sale Municipal debt securities Level 2 $ 9,945 $ 9,734 Metropolitan district bond securities Level 3 $ 8,711 $ 9,710 Mortgage loans held for sale Level 2 $ 191,003 $ 328,835
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	March 31, 2016 December 31, 2015 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 $ 21,553 $ 21,553 $ 22,704 $ 22,704 Homebuilding liabilities: Senior and convertible senior notes payable, net Level 2 $ 3,376,910 $ 3,639,573 $ 3,462,016 $ 3,675,276

Note 21 - Supplemental Disclo39

Note 21 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Three Months Ended March 31, 2016 2015 (Dollars in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes $ 23,027 $ 12,059

Note 22 - Supplemental Guaran40

Note 22 - Supplemental Guarantor Information (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Supplemental Condensed Consolidating Statements of Operations [Table Text Block]	Three Months Ended March 31, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 461,738 $ 534,454 $ 189,491 ― $ 1,185,683 Cost of sales (372,841 ) (430,002 ) (135,652 ) ― (938,495 ) Gross margin 88,897 104,452 53,839 ― 247,188 Selling, general and administrative expenses (55,051 ) (67,846 ) (13,804 ) ― (136,701 ) Income (loss) from unconsolidated joint ventures 689 144 356 ― 1,189 Equity income of subsidiaries 54,167 ― ― (54,167 ) ― Interest income (expense), net 1,337 (965 ) (372 ) ― ― Other income (expense) (3,615 ) 189 18 ― (3,408 ) Homebuilding pretax income 86,424 35,974 40,037 (54,167 ) 108,268 Financial Services: Financial services pretax income ― ― 6,936 ― 6,936 Income before taxes 86,424 35,974 46,973 (54,167 ) 115,204 Provision for income taxes (13,763 ) (17,474 ) (11,306 ) ― (42,543 ) Net income $ 72,661 $ 18,500 $ 35,667 $ (54,167 ) $ 72,661 Three Months Ended March 31, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 136,892 $ 219,728 $ 113,658 ― $ 470,278 Cost of sales (103,358 ) (170,957 ) (81,858 ) ― (356,173 ) Gross margin 33,534 48,771 31,800 ― 114,105 Selling, general and administrative expenses (23,146 ) (32,750 ) (10,174 ) ― (66,070 ) Income (loss) from unconsolidated joint ventures 26 ― (477 ) ― (451 ) Equity income of subsidiaries 23,367 ― ― (23,367 ) ― Interest income (expense), net 3,223 (2,744 ) (479 ) ― ― Other income (expense) (1,001 ) (148 ) 853 ― (296 ) Homebuilding pretax income 36,003 13,129 21,523 (23,367 ) 47,288 Financial Services: Financial services pretax income ― ― 1,208 ― 1,208 Income before taxes 36,003 13,129 22,731 (23,367 ) 48,496 Provision for income taxes (4,398 ) (7,324 ) (5,169 ) ― (16,891 ) Net income $ 31,605 $ 5,805 $ 17,562 $ (23,367 ) $ 31,605
Supplemental Condensed Consolidating Balance Sheets [Table Text Block]	March 31, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 86,958 $ 35,975 $ 46,595 ― $ 169,528 Restricted cash ― ― 34,652 ― 34,652 Intercompany receivables 2,136,557 ― 74,958 (2,211,515 ) ― Inventories: Owned 2,618,174 2,340,739 1,358,153 ― 6,317,066 Not owned 29,382 36,231 3,978 ― 69,591 Investments in unconsolidated joint ventures 6,064 4,537 126,990 ― 137,591 Investments in subsidiaries 1,699,320 ― ― (1,699,320 ) ― Deferred income taxes, net 361,170 ― ― (12,043 ) 349,127 Goodwill and other intangibles, net 969,315 ― ― ― 969,315 Other assets 66,658 42,098 4,448 ― 113,204 Total Homebuilding Assets 7,973,598 2,459,580 1,649,774 (3,922,878 ) 8,160,074 Financial Services: Cash and equivalents ― ― 23,691 ― 23,691 Restricted cash ― ― 22,985 ― 22,985 Mortgage loans held for sale, net ― ― 187,444 ― 187,444 Mortgage loans held for investment, net ― ― 21,553 ― 21,553 Other assets ― ― 17,633 (1,643 ) 15,990 Total Financial Services Assets ― ― 273,306 (1,643 ) 271,663 Total Assets $ 7,973,598 $ 2,459,580 $ 1,923,080 $ (3,924,521 ) $ 8,431,737 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 71,131 $ 77,322 $ 21,183 ― $ 169,636 Accrued liabilities and intercompany payables 222,732 1,476,321 923,000 (2,150,243 ) 471,810 Revolving credit facility 266,000 ― ― ― 266,000 Secured project debt and other notes payable 94,856 ― 4,004 (74,958 ) 23,902 Senior notes payable 3,376,910 ― ― ― 3,376,910 Total Homebuilding Liabilities 4,031,629 1,553,643 948,187 (2,225,201 ) 4,308,258 Financial Services: Accounts payable and other liabilities ― ― 16,567 ― 16,567 Mortgage credit facilities ― ― 164,943 ― 164,943 Total Financial Services Liabilities ― ― 181,510 ― 181,510 Total Liabilities 4,031,629 1,553,643 1,129,697 (2,225,201 ) 4,489,768 Equity: Total Equity 3,941,969 905,937 793,383 (1,699,320 ) 3,941,969 Total Liabilities and Equity $ 7,973,598 $ 2,459,580 $ 1,923,080 $ (3,924,521 ) $ 8,431,737 December 31, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 6,387 $ 112,852 $ 31,837 ― $ 151,076 Restricted cash ― ― 35,990 ― 35,990 Intercompany receivables 2,380,899 ― 152,505 (2,533,404 ) ― Inventories: Owned 2,524,927 2,304,305 1,240,727 ― 6,069,959 Not owned 32,393 38,925 11,928 ― 83,246 Investments in unconsolidated joint ventures 5,353 4,330 123,080 ― 132,763 Investments in subsidiaries 1,644,453 ― ― (1,644,453 ) ― Deferred income taxes, net 405,945 ― ― (9,751 ) 396,194 Goodwill 933,360 ― ― ― 933,360 Other assets 67,578 48,027 3,163 ― 118,768 Total Homebuilding Assets 8,001,295 2,508,439 1,599,230 (4,187,608 ) 7,921,356 Financial Services: Cash and equivalents ― ― 35,518 ― 35,518 Restricted cash ― ― 22,914 ― 22,914 Mortgage loans held for sale, net ― ― 325,770 ― 325,770 Mortgage loans held for investment, net ― ― 22,704 ― 22,704 Other assets ― ― 18,886 (1,643 ) 17,243 Total Financial Services Assets ― ― 425,792 (1,643 ) 424,149 Total Assets $ 8,001,295 $ 2,508,439 $ 2,025,022 $ (4,189,251 ) $ 8,345,505 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 91,873 $ 82,906 $ 16,902 ― $ 191,681 Accrued liabilities and intercompany payables 415,803 1,538,096 903,761 (2,378,867 ) 478,793 Secured project debt and other notes payable 170,167 ― 4,061 (148,545 ) 25,683 Senior notes payable 3,462,016 ― ― ― 3,462,016 Total Homebuilding Liabilities 4,139,859 1,621,002 924,724 (2,527,412 ) 4,158,173 Financial Services: Accounts payable and other liabilities ― ― 39,860 (17,386 ) 22,474 Mortgage credit facilities ― ― 303,422 ― 303,422 Total Financial Services Liabilities ― ― 343,282 (17,386 ) 325,896 Total Liabilities 4,139,859 1,621,002 1,268,006 (2,544,798 ) 4,484,069 Equity: Total Equity 3,861,436 887,437 757,016 (1,644,453 ) 3,861,436 Total Liabilities and Equity $ 8,001,295 $ 2,508,439 $ 2,025,022 $ (4,189,251 ) $ 8,345,505
Supplemental Condensed Consolidating Statements of Cash Flows [Table Text Block]	Three Months Ended March 31, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (43,214 ) $ (42,551 ) $ 58,143 $ ― $ (27,622 ) Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (135 ) (45 ) (4,011 ) ― (4,191 ) Distributions of capital from unconsolidated homebuilding joint ventures ― ― 99 ― 99 Loan to parent and subsidiaries ― ― 71,000 (71,000 ) ― Other investing activities 488 (199 ) 853 ― 1,142 Net cash provided by (used in) investing activities 353 (244 ) 67,941 (71,000 ) (2,950 ) Cash Flows From Financing Activities: Change in restricted cash ― ― 1,267 ― 1,267 Borrowings from revolving credit facility 386,400 ― ― ― 386,400 Principal payments on revolving credit facility (120,400 ) ― ― ― (120,400 ) Principal payments on secured project debt and other notes payable (1,724 ) ― (57 ) ― (1,781 ) Loan from subsidiary (71,000 ) ― ― 71,000 ― Net proceeds from (payments on) mortgage credit facilities ― ― (138,479 ) ― (138,479 ) (Contributions to) distributions from Corporate and subsidiaries (700 ) ― 700 ― ― Repurchases of common stock (87,050 ) ― ― ― (87,050 ) Common stock dividend payments (4,792 ) ― ― ― (4,792 ) Issuance of common stock under employee stock plans, net of tax withholdings 2,055 ― ― ― 2,055 Other financing activities ― (23 ) ― ― (23 ) Intercompany advances, net 20,643 (34,059 ) 13,416 ― ― Net cash provided by (used in) financing activities 123,432 (34,082 ) (123,153 ) 71,000 37,197 Net increase (decrease) in cash and equivalents 80,571 (76,877 ) 2,931 ― 6,625 Cash and equivalents at beginning of period 6,387 112,852 67,355 ― 186,594 Cash and equivalents at end of period $ 86,958 $ 35,975 $ 70,286 $ ― $ 193,219 Three Months Ended March 31, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (26,142 ) $ (61,490 ) $ (6,439 ) ― $ (94,071 ) Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures ― ― (7,639 ) ― (7,639 ) Distributions of capital from unconsolidated homebuilding joint ventures ― ― 5,732 ― 5,732 Loan to parent and subsidiaries ― ― 10,000 (10,000 ) ― Other investing activities (1,080 ) (697 ) (4,200 ) ― (5,977 ) Net cash provided by (used in) investing activities (1,080 ) (697 ) 3,893 (10,000 ) (7,884 ) Cash Flows From Financing Activities: Change in restricted cash ― ― (1,019 ) ― (1,019 ) Borrowings from revolving credit facility 27,700 ― ― ― 27,700 Principal payments on revolving credit facility (12,700 ) ― ― ― (12,700 ) Principal payments on secured project debt and other notes payable ― ― (311 ) ― (311 ) Loan from subsidiary 70,000 ― ― (70,000 ) ― Net proceeds from (payments on) mortgage credit facilities ― ― (77,876 ) 80,000 2,124 (Contributions to) distributions from Corporate and subsidiaries 9,973 ― (9,973 ) ― ― Repurchases of common stock (22,073 ) ― ― ― (22,073 ) Issuance of common stock under employee stock plans, net of tax withholdings (3,930 ) ― ― ― (3,930 ) Excess tax benefits from share-based payment arrangements 3,369 ― ― ― 3,369 Intercompany advances, net (131,144 ) 61,909 69,235 ― ― Net cash provided by (used in) financing activities (58,805 ) 61,909 (19,944 ) 10,000 (6,840 ) Net increase (decrease) in cash and equivalents (86,027 ) (278 ) (22,490 ) ― (108,795 ) Cash and equivalents at beginning of period 133,304 1,061 78,028 ― 212,393 Cash and equivalents at end of period $ 47,277 $ 783 $ 55,538 ― $ 103,598

Note 3 - Business Acquisition41

Note 3 - Business Acquisition (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Oct. 01, 2015	Mar. 31, 2015
The Ryland Group, Inc. [Member] | 1.625% convertible senior notes due 2018 [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Conversion Feature	$ 93,800
Goodwill, Subsequent Recognition of Deferred Tax Asset	$ (35,900)
The Ryland Group, Inc. [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 1,972,284
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Conversion Feature		93,834
Goodwill		$ 969,315
1.625% convertible senior notes due 2018 [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.625%		1.625%

Note 3 - Purchase Price Allocat

Note 3 - Purchase Price Allocation (Details) - The Ryland Group, Inc. [Member] $ in Thousands	Oct. 01, 2015USD ($)
Cash and cash equivalents	$ 268,517
Inventories	2,404,765
Investments in unconsolidated joint ventures	13,821
Deferred income taxes	122,515
Homebuilding other assets	76,857
Financial services assets, excluding cash	144,889
Goodwill	969,315
Total assets	4,000,679
Accounts payable and accrued liabilities	(496,188)
Secured project debt and other notes payables	(22,213)
Senior notes payable	(1,291,541)
Financial services liabilities	(124,619)
Additional paid-in capital	(93,834)
Total purchase price	$ 1,972,284

Note 3 - Summary of Unaudited S

Note 3 - Summary of Unaudited Supplemental Pro Forma Operating Results (Details) - The Ryland Group, Inc. [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)
Home sale revenues	$ 969,948
Pretax income	$ 87,337

Note 4 - Segment Reporting (Det

Note 4 - Segment Reporting (Details Textual)	3 Months Ended
	Mar. 31, 2016
Number of Operating Segments	2
Number of Reportable Segments	4

Note 4 - Segment Financial Info

Note 4 - Segment Financial Information Relating to Homebuilding Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Homebuilding [Member] | North [Member]
Homebuilding revenues	$ 186,555
Homebuilding pretax income	9,570
Homebuilding [Member] | Southeast [Member]
Homebuilding revenues	277,482	$ 146,449
Homebuilding pretax income	21,050	10,393
Homebuilding [Member] | Southwest [Member]
Homebuilding revenues	343,034	119,843
Homebuilding pretax income	26,926	11,280
Homebuilding [Member] | West [Member]
Homebuilding revenues	378,612	203,986
Homebuilding pretax income	50,722	25,615
Homebuilding [Member]
Homebuilding revenues	1,185,683	470,278
Homebuilding pretax income	108,268	47,288
Homebuilding revenues	1,185,683	470,278
Homebuilding pretax income	$ 108,268	$ 47,288

Note 4 - Segment Financial In46

Note 4 - Segment Financial Information Relating to Homebuilding Assets and Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Homebuilding [Member] | North [Member]
Total assets		$ 799,045	$ 732,689
Homebuilding [Member] | Southeast [Member]
Total assets		1,832,376	1,766,241
Homebuilding [Member] | Southwest [Member]
Total assets		1,513,575	1,470,654
Homebuilding [Member] | West [Member]
Total assets		2,519,685	2,357,597
Homebuilding [Member] | Corporate, Non-Segment [Member]
Total assets	[1]	1,495,393	1,594,175
Homebuilding [Member]
Total assets		8,160,074	7,921,356
Total assets		$ 8,431,737	$ 8,345,505
[1]	The assets in our Corporate Segment include cash and cash equivalents and our deferred tax asset and goodwill recorded in connection with our merger with Ryland. As of the end of the period covered by this quarterly report on Form 10-Q, we have not yet finalized the allocation of goodwill to our reporting units.

Note 5 - Earnings Per Common 47

Note 5 - Earnings Per Common Share (Details Textual)	Oct. 01, 2015
Reverse Stock Split [Member] | The Ryland Group, Inc. [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	5

Note 5 - Components Used in Com

Note 5 - Components Used in Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
1.625% convertible senior notes due 2018 [Member]
Effect of dilutive securities:
Interest on convertible senior notes	$ (370)
Weighted Average Common Shares Outstanding:
Common shares attributable to dilutive effect of conversion of senior notes (in shares)	7,157,934
0.25% Convertible Senior Notes Due June 2019 [Member]
Effect of dilutive securities:
Interest on convertible senior notes	$ 82
Weighted Average Common Shares Outstanding:
Common shares attributable to dilutive effect of conversion of senior notes (in shares)	3,634,072
1.25% Convertible Senior Notes Due August 2032 [Member]
Effect of dilutive securities:
Interest on convertible senior notes	$ 62	$ 41
Weighted Average Common Shares Outstanding:
Common shares attributable to dilutive effect of conversion of senior notes (in shares)	6,262,570	6,262,570
Net income	$ 72,661,000	$ 31,605,000
Less: Net income allocated to preferred shareholder		(7,662,000)
Less: Net income allocated to unvested restricted stock	$ (113,000)	(67,000)
Net income available to common stockholders for basic earnings per common share	$ 72,548,000	23,876,000
Net income allocated to preferred shareholder		7,662,000
Net income available to common and preferred stock for diluted earnings per share	$ 72,322,000	$ 31,579,000
Basic (in shares)	120,814,939	54,727,121
Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive) (in shares)		17,562,557
Total weighted average common shares outstanding if preferred shares converted to common shares (in shares)	120,814,939	72,289,678
Share-based awards (in shares)	561,065	1,088,673
Weighted average diluted shares outstanding (in shares)	138,430,580	79,640,921
Income Per Common Share:
Basic (in dollars per share)	$ 0.60	$ 0.44
Diluted (in dollars per share)	$ 0.52	$ 0.40

Note 5 - Components Used in C49

Note 5 - Components Used in Computation of Basic and Diluted Earnings Per Common Share (Details) (Parentheticals)	Mar. 31, 2016	Mar. 31, 2015
1.625% convertible senior notes due 2018 [Member]
Interest rate	1.625%	1.625%
0.25% Convertible Senior Notes Due June 2019 [Member]
Interest rate	0.25%	0.25%
1.25% Convertible Senior Notes Due August 2032 [Member]
Interest rate	1.25%	1.25%

Note 6 - Stock-based Compensa50

Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Allocated Share-based Compensation Expense	$ 3.8	$ 2.7
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 15.6
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 328 days

Note 7 - Cash and Equivalents51

Note 7 - Cash and Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Cash From Home Closings in Escrow [Member]
Cash and Cash Equivalents, at Carrying Value	$ 97,400
Held in Cash Collateral Accounts [Member] | Homebuilding [Member]
Restricted Cash and Cash Equivalents	34,700
Held in Cash Collateral Accounts [Member] | Financial Services [Member]
Restricted Cash and Cash Equivalents	17,700
Financial Service Subsidiary Mortgage Credit Facilities [Member] | Financial Services [Member]
Restricted Cash and Cash Equivalents	4,500
Funds Held in Trust for Third Parties [Member] | Financial Services [Member]
Restricted Cash and Cash Equivalents	800
Homebuilding [Member]
Cash and Cash Equivalents, at Carrying Value	169,528	$ 151,076
Restricted Cash and Cash Equivalents	34,652	35,990
Financial Services [Member]
Cash and Cash Equivalents, at Carrying Value	23,691	35,518
Restricted Cash and Cash Equivalents	22,985	22,914
Cash and Cash Equivalents, at Carrying Value	$ 193,219	$ 186,594	$ 103,598	$ 212,393

Note 8 - Marketable Securitie52

Note 8 - Marketable Securities, Available-for-sale (Details Textual)	3 Months Ended
	Mar. 31, 2016USD ($)
Available-for-sale Securities [Member]
Marketable Securities, Unrealized Gain (Loss)	$ 174,000
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	$ 218,000

Note 8 - Fair Values of Marketa

Note 8 - Fair Values of Marketable Securities by Type of Security (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Municipal Bond and Metropolitan District Securities [Member]
Amortized cost	$ 18,612,000	$ 19,439,000
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	44,000	5,000
Municipal debt securities	18,656,000	$ 19,444,000
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	218,000
Municipal debt securities	$ 18,656,000

Note 8 - Fair Values of Marke54

Note 8 - Fair Values of Marketable Securities by Contractual Maturity (Details) $ in Thousands	Mar. 31, 2016USD ($)
Maturing in one year or less
Maturing after three years	$ 18,656
Total marketable securities, available-for-sale	$ 18,656

Note 9 - Inventories (Details T

Note 9 - Inventories (Details Textual)	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Number of Active and Future Projects Owned	762	367
Impairment of Real Estate	$ 0	$ 0

Note 9 - Inventories Owned (Det

Note 9 - Inventories Owned (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Homebuilding: North [Member]
Land and land under development	$ 401,816	$ 370,584
Homes completed and under construction	278,313	266,967
Model homes	71,724	66,100
Total inventories owned	751,853	703,651
Homebuilding Southeast [Member]
Land and land under development	1,185,104	1,169,350
Homes completed and under construction	496,949	464,668
Model homes	130,645	119,283
Total inventories owned	1,812,698	1,753,301
Homebuilding Southwest [Member]
Land and land under development	691,139	687,792
Homes completed and under construction	626,814	599,183
Model homes	111,535	113,549
Total inventories owned	1,429,488	1,400,524
Homebuilding: West [Member]
Land and land under development	1,292,007	1,318,563
Homes completed and under construction	837,682	708,779
Model homes	193,338	185,141
Total inventories owned	2,323,027	2,212,483
Land and land under development	3,570,066	3,546,289
Homes completed and under construction	2,239,758	2,039,597
Model homes	507,242	484,073
Total inventories owned	$ 6,317,066	$ 6,069,959

Note 9 - Inventories Not Owned

Note 9 - Inventories Not Owned (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Land purchase and lot option deposits	$ 69,038	$ 82,693
Other lot option contracts, net of deposits	553	553
Total inventories not owned	$ 69,591	$ 83,246

Note 10 - Capitalization of I58

Note 10 - Capitalization of Interest (Details Textual) - 1.625% convertible senior notes due 2018 [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument, Increase (Decrease) In Interest Incurred, Net of Interest Capitalized, Valuation of Business Combination	$ 9
Debt Instrument, Interest Rate, Stated Percentage	1.625%	1.625%

Note 10 - Homebuilding Capitali

Note 10 - Homebuilding Capitalized Interest (Details) - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Total interest incurred (1)	[1]	$ 62,725,000	$ 41,803,000
Less: Interest capitalized to inventories owned (1)	[1]	(61,845,000)	(41,401,000)
Less: Interest capitalized to investments in unconsolidated joint ventures		$ (880,000)	$ (402,000)
Interest expense
Interest previously capitalized to inventories owned, included in cost of home sales		$ 30,203,000	$ 22,395,000
Interest previously capitalized to inventories owned, included in cost of land sales		179,000	243,000
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures		0	0
Interest capitalized in ending inventories owned		$ 336,922,000	$ 294,370,000
Interest capitalized as a percentage of inventories owned		5.30%	8.50%
Interest Capitalized in Ending Investments in Unconsolidated Joint Ventures		$ 3,821,000	$ 1,067,000	$ 2,900,000
Interest capitalized as a percentage of investments in unconsolidated joint ventures		2.80%	2.10%
[1]	Total interest incurred and interest capitalized to inventories owned during the three months ended March 31, 2016 includes a $9 million increase related to the valuation of the 1.625% convertible senior notes that was completed during the 2016 first quarter. Please see Note 3 for further discussion.

Note 11 - Investments in Unco60

Note 11 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Southwest [Member]
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	$ 600,000
Southeast [Member]
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	500,000
Asset Impairment Charges	0	$ 0
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	6,285,000	(2,845,000)
Interest Capitalized in Ending Investments in Unconsolidated Joint Ventures	$ 3,821,000	$ 1,067,000	$ 2,900,000

Note 11 - Combined Statements o

Note 11 - Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues	$ 14,323
Cost of sales and expenses	(8,038)	$ (2,845)
Income (loss) of unconsolidated joint ventures	6,285	(2,845)
Income (loss) from unconsolidated joint ventures	$ 1,189	$ (451)

Note 11 - Combined Balance Shee

Note 11 - Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Cash	$ 35,737	$ 34,893
Inventories	517,272	510,502
Other assets	14,264	14,540
Total assets	567,273	559,935
Liabilities and Equity:
Accounts payable and accrued liabilities	18,447	26,571
Equity Method Investment, Summarized Financial Information, Non-recourse Debt	31,558	33,704
CalAtlantic equity	146,624	130,750
Other members' equity	370,644	368,910
Total liabilities and equity	567,273	559,935
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	$ 137,591	$ 132,763

Note 12 - Warranty Costs Accrua

Note 12 - Warranty Costs Accrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Warranty accrual	$ 40,691	$ 13,584
Warranty costs accrued during the period	4,588	1,775
Warranty costs paid during the period	(4,774)	(2,320)
Warranty accrual	$ 40,505	$ 13,039

Note 13 - Revolving Credit Fa64

Note 13 - Revolving Credit Facility and Letter of Credit Facilities (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.75%
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity	$ 750
Line of Credit Facility, Maximum Borrowing Capacity	1,200
Line of Credit Facility Covenant, Minimum Tangible Net Worth Requirement	$ 1,650
Line of Credit Facility Covenant, Maximum Leverage Ratio	2
Line of Credit Facility Covenant, Minimum Interest Coverage Ratio	1.25
Long-term Line of Credit	$ 266
Line of Credit Facility, Remaining Borrowing Capacity	373
Letter of Credit [Member] | Four Committed Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	48
Letter of Credit [Member]
Line of Credit Facility, Current Borrowing Capacity	$ 350
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.43%
Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	3.50%
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.75%
Four Committed Letter of Credit [Member]
Letters of Credit Outstanding, Amount	$ 32
Letters of Credit Outstanding, Amount	111
Cash Collateral Deposits	$ 32.5

Note 14 - Secured Project Deb65

Note 14 - Secured Project Debt and Other Notes Payable (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Homebuilding [Member]
Secured Debt	$ 23,902	$ 25,683

Note 15 - Senior Notes Payabl66

Note 15 - Senior Notes Payable (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
1.625% convertible senior notes due 2018 [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.625%	1.625%
Debt Instrument, Convertible, Conversion Ratio	3183.09%
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation	$ 1,000
Debt Instrument, Convertible, Conversion Price	$ 31.42
0.25% Convertible Senior Notes Due June 2019 [Member]
Debt Instrument, Interest Rate, Stated Percentage	0.25%	0.25%
Debt Instrument, Convertible, Conversion Ratio	13.593
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation	$ 1,000
Debt Instrument, Convertible, Conversion Price	$ 73.57
Debt Instrument, Convertible, Threshold Trading Days	20
Debt Instrument, Convertible, Threshold Consecutive Trading Days	30 days
Debt Instrument, Convertible, Condition of Redemption, Stock Price Threshold, Trading Period, Number of Trading Days, Number of Trading Days Immediately Preceding the Date On Which Notice of Redemption is Provided	5
Debt Instrument, Convertible, Condition of Redemption, Stock Price Threshold	130.00%
Debt Instrument, Redemption Price, Percentage	100.00%
1.25% Convertible Senior Notes Due August 2032 [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.25%	1.25%
Debt Instrument, Convertible, Conversion Ratio	24.8113
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation	$ 1,000
Debt Instrument, Convertible, Conversion Price	$ 40.30
Debt Instrument, Redemption Price, Percentage	100.00%
Maximum Carve-out in Credit Facility Indebtedness	$ 1,100,000,000

Note 15 - Senior Notes Payabl67

Note 15 - Senior Notes Payable (Details) - Homebuilding [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
10.75% Senior Notes Due September 2016 [Member]
Senior notes	$ 277,256	$ 275,845
8.4% Senior Notes Due May 2017 [Member]
Senior notes	245,525	248,975
8.375% Senior Notes Due May 2018 [Member]
Senior notes	574,176	574,058
1.625% convertible senior notes due 2018 [Member]
Senior notes	217,714	301,754
0.25% Convertible Senior Notes Due June 2019 [Member]
Senior notes	249,517	248,098
6.625% Senior Notes Due December 2021 [Member]
Senior notes	324,389	325,882
8.375% Senior Notes Due January 2021 [Member]
Senior notes	394,423	394,152
6.25% Senior Notes Due December 15, 2021 [Member]
Senior notes	297,267	297,148
5.375% Senior Notes Due October 2022 [Member]
Senior notes	249,130	249,096
5/875% Senior Notes Due November 2024 [Member]
Senior notes	296,694	296,598
1.25% Convertible Senior Notes Due August 2032 [Member]
Senior notes	250,819	250,410
Senior notes	$ 3,376,910	$ 3,462,016

Note 15 - Senior Notes Payabl68

Note 15 - Senior Notes Payable (Details) (Parentheticals)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
10.75% Senior Notes Due September 2016 [Member] | Homebuilding [Member]
Interest rate	10.75%	10.75%
8.4% Senior Notes Due May 2017 [Member] | Homebuilding [Member]
Interest rate	8.40%	8.40%
8.375% Senior Notes Due May 2018 [Member] | Homebuilding [Member]
Interest rate	8.375%	8.375%
1.625% convertible senior notes due 2018 [Member] | Homebuilding [Member]
Interest rate	1.625%	1.625%
1.625% convertible senior notes due 2018 [Member]
Interest rate	1.625%		1.625%
0.25% Convertible Senior Notes Due June 2019 [Member] | Homebuilding [Member]
Interest rate	0.25%	0.25%
0.25% Convertible Senior Notes Due June 2019 [Member]
Interest rate	0.25%		0.25%
6.625% Senior Notes Due December 2021 [Member] | Homebuilding [Member]
Interest rate	6.625%	6.625%
8.375% Senior Notes Due January 2021 [Member] | Homebuilding [Member]
Interest rate	8.375%	8.375%
6.25% Senior Notes Due December 15, 2021 [Member] | Homebuilding [Member]
Interest rate	6.25%	6.25%
5.375% Senior Notes Due October 2022 [Member] | Homebuilding [Member]
Interest rate	5.375%	5.375%
5/875% Senior Notes Due November 2024 [Member] | Homebuilding [Member]
Interest rate	5.875%	5.875%
1.25% Convertible Senior Notes Due August 2032 [Member] | Homebuilding [Member]
Interest rate	1.25%	1.25%
1.25% Convertible Senior Notes Due August 2032 [Member]
Interest rate	1.25%		1.25%

Note 16 - Preferred Stock (Deta

Note 16 - Preferred Stock (Details Textual) - shares	Mar. 31, 2016	Dec. 31, 2015	Oct. 01, 2015	Sep. 30, 2015
Owned by Matlin Patterson [Member] | Series B Preferred Stock [Member]
Preferred Stock, Shares Outstanding	0
Owned by Matlin Patterson [Member]
Common Stock, Shares, Outstanding	42,800,000			126,400,000
Outstanding Common Stock Ownership Percentage	36.00%			59.00%
Convertible Preferred Stock, Shares Issued upon Conversion			17,600,000
Common Stock, Shares, Outstanding	118,731,506	121,286,153
Preferred Stock, Shares Outstanding	0	0

Note 17 - Mortgage Credit Fac70

Note 17 - Mortgage Credit Facilities (Details Textual) - USD ($) $ in Thousands	Apr. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Financial Services [Member] | Repurchase Facility [Member] | Second Lender [Member] | Maturing April 2016 [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 75,000
Financial Services [Member] | Repurchase Facility [Member] | Second Lender [Member] | Change of Maturity Date From April 2016 to July 2016 [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 75,000
Financial Services [Member] | Standard Pacific [Member]
Cash Collateral for Borrowed Securities		4,500
Financial Services [Member]
Warehouse Agreement Borrowings		164,943	$ 303,422
Repurchase Facility [Member] | First Lender [Member] | Maturing January 2017 [Member] | Committed [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 200,000

Note 18 - Fair Value of Mortgag

Note 18 - Fair Value of Mortgage Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member]
Marketable securities, available-for-sale
Municipal debt securities	$ 9,945	$ 9,734
Fair Value, Inputs, Level 2 [Member]
Marketable securities, available-for-sale
Mortgage loans held for sale	191,003	328,835
Fair Value, Inputs, Level 3 [Member] | Metropolitan District Bond Securities [Member]
Marketable securities, available-for-sale
Municipal debt securities	8,711	$ 9,710
Municipal debt securities	$ 18,656

Note 18 - Carrying Values and E

Note 18 - Carrying Values and Estimated Fair Value of Other Financial Instruments (Details) - Financial Services [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 2 [Member]
Mortgage loans held for investment, net	$ 21,553	$ 22,704
Senior notes payable	21,553	22,704
Senior and convertible senior notes payable, net	3,376,910	3,462,016
Senior and convertible senior notes payable, net	3,639,573	3,675,276
Mortgage loans held for investment, net	$ 21,553	$ 22,704

Note 19 - Commitments and Con73

Note 19 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Mortgage Loans in Process [Member]
Mortgage Loans Expected to be Originated on a Non-presold Basis	$ 291,600,000
Nonrefundable Cash Deposits	65,800,000
Capitalized Preacquisition and Other Development and Construction Costs	7,300,000
Remaining Purchase Price of Land Purchase and Option Contracts	$ 759,300,000
Number of Joint Ventures the Company Holds Membership Interest In	26
Number of Active Joint Ventures	12
Number of Inactive Joint Ventures	14
Number of Joint Ventures Having Project Specific Non-recourse Debt to the Company	2
Equity Method Investment, Summarized Financial Information, Non-recourse Debt	$ 31,558,000		$ 33,704,000
Outstanding Joint Venture Surety Bonds	0
Outstanding Surety Bonds	821,100,000
Surety Bonds Cost to Complete	390,100,000
Mortgage Loans in Process	$ 291,600,000
Mortgage Loans in Process, Interest Rate	4.30%
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	$ 186,000,000
Mortgage Loans Committed to Sell to Investors	5,600,000
Mortgage Loan Repurchase Reserve	3,700,000
Mortgage Loan Repurchase Payments	100,000	$ 0
Insurance and Litigation Accruals	119,600,000		$ 125,300,000
Mortgage Loan Loss Expense Provision	$ 0	$ 0

Note 20 - Income Taxes (Details

Note 20 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
State and Local Net Operating Loss Carryforwards Limited to Shorter Carryforward Periods [Member]
Deferred Tax Assets, Gross	$ 350,600
Deferred Tax Assets, Valuation Allowance	1,400
Not Limited by Section 382 [Member]
Deferred Tax Assets, Operating Loss Carryforwards	33,600
Subject to Federal and State Net Operating Loss Carryforward Limitations [Member]
Deferred Tax Assets, Operating Loss Carryforwards	139,900
Deferred Tax Assets, Operating Loss Carryforwards, Domestic, Before Tax	$ 106,300
Earliest Tax Year [Member]
Open Tax Year	2,011
Latest Tax Year [Member]
Open Tax Year	2,015
Income Tax Expense (Benefit)	$ 42,543	$ 16,891
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	115,204	$ 48,496
Gross Annual Deduction Limitation on Net Operating Loss Carryforwards	15,600
Deferred Tax Assets, Other	210,700
Unrecognized Tax Benefits	$ 12,700		$ 10,600

Note 21 - Supplemental Disclo75

Note 21 - Supplemental Disclosures of Cash Flows Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash paid during the period for:
Income taxes	$ 23,027	$ 12,059

Note 22 - Condensed Consolidati

Note 22 - Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Parent Company [Member]
Homebuilding revenues	$ 461,738	$ 136,892
Cost of sales	(372,841)	(103,358)
Gross margin	88,897	33,534
Selling, general and administrative expenses	(55,051)	(23,146)
Income (loss) from unconsolidated joint ventures	689	26
Equity income of subsidiaries	54,167	23,367
Interest income (expense), net	1,337	3,223
Other income (expense)	(3,615)	(1,001)
Homebuilding pretax income	$ 86,424	$ 36,003
Financial services pretax income
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 86,424	$ 36,003
Provision for income taxes	(13,763)	(4,398)
Net income	72,661	31,605
Guarantor Subsidiaries [Member]
Homebuilding revenues	534,454	219,728
Cost of sales	(430,002)	(170,957)
Gross margin	104,452	48,771
Selling, general and administrative expenses	(67,846)	$ (32,750)
Income (loss) from unconsolidated joint ventures	$ 144
Equity income of subsidiaries
Interest income (expense), net	$ (965)	$ (2,744)
Other income (expense)	189	(148)
Homebuilding pretax income	$ 35,974	$ 13,129
Financial services pretax income
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 35,974	$ 13,129
Provision for income taxes	(17,474)	(7,324)
Net income	18,500	5,805
Non-Guarantor Subsidiaries [Member]
Homebuilding revenues	189,491	113,658
Cost of sales	(135,652)	(81,858)
Gross margin	53,839	31,800
Selling, general and administrative expenses	(13,804)	(10,174)
Income (loss) from unconsolidated joint ventures	$ 356	$ (477)
Equity income of subsidiaries
Interest income (expense), net	$ (372)	$ (479)
Other income (expense)	18	853
Homebuilding pretax income	40,037	21,523
Financial services pretax income	6,936	1,208
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	46,973	22,731
Provision for income taxes	(11,306)	(5,169)
Net income	$ 35,667	$ 17,562
Consolidation, Eliminations [Member]
Homebuilding revenues
Cost of sales
Gross margin
Selling, general and administrative expenses
Income (loss) from unconsolidated joint ventures
Equity income of subsidiaries	$ (54,167)	$ (23,367)
Interest income (expense), net
Other income (expense)
Homebuilding pretax income	$ (54,167)	$ (23,367)
Financial services pretax income
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (54,167)	$ (23,367)
Provision for income taxes
Net income	$ (54,167)	$ (23,367)
Homebuilding revenues	1,185,683	470,278
Cost of sales	(938,495)	(356,173)
Gross margin	247,188	114,105
Selling, general and administrative expenses	(136,701)	(66,070)
Income (loss) from unconsolidated joint ventures	$ 1,189	$ (451)
Equity income of subsidiaries
Interest income (expense), net
Other income (expense)	$ (3,408)	$ (296)
Homebuilding pretax income	108,268	47,288
Financial services pretax income	6,936	1,208
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	115,204	48,496
Provision for income taxes	(42,543)	(16,891)
Net income	$ 72,661	$ 31,605

Note 22 - Condensed Consolida77

Note 22 - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Parent Company [Member] | Homebuilding [Member]
Cash and equivalents at end of period	$ 86,958	$ 6,387
Restricted cash
Intercompany receivables	$ 2,136,557	$ 2,380,899
Inventories owned	2,618,174	2,524,927
Inventories not owned	29,382	32,393
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	6,064	5,353
Investments in subsidiaries	1,699,320	1,644,453
Deferred income taxes, net	361,170	405,945
Goodwill and other intangibles, net	969,315
Other assets	66,658	67,578
Total assets	7,973,598	8,001,295
Accounts payable	71,131	91,873
Accrued liabilities and intercompany payables	222,732	415,803
Long-term Line of Credit	266,000
Secured Debt	94,856	170,167
Senior notes payable	3,376,910	3,462,016
Total liabilities	$ 4,031,629	4,139,859
Goodwill		$ 933,360
Parent Company [Member] | Financial Services [Member]
Cash and equivalents at end of period
Restricted cash
Other assets
Total assets
Mortgage loans held for sale, net
Mortgage loans held for investment, net
Total liabilities
Accounts payable and other liabilities
Warehouse Agreement Borrowings
Parent Company [Member]
Cash and equivalents at end of period	$ 86,958	$ 6,387	$ 47,277	$ 133,304
Total assets	7,973,598	8,001,295
Total liabilities	4,031,629	4,139,859
Total Equity	3,941,969	3,861,436
Total Liabilities and Equity	7,973,598	8,001,295
Guarantor Subsidiaries [Member] | Homebuilding [Member]
Cash and equivalents at end of period	$ 35,975	$ 112,852
Restricted cash
Intercompany receivables
Inventories owned	$ 2,340,739	$ 2,304,305
Inventories not owned	36,231	38,925
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	$ 4,537	$ 4,330
Investments in subsidiaries
Deferred income taxes, net
Goodwill and other intangibles, net
Other assets	$ 42,098	$ 48,027
Total assets	2,459,580	2,508,439
Accounts payable	77,322	82,906
Accrued liabilities and intercompany payables	$ 1,476,321	$ 1,538,096
Long-term Line of Credit
Secured Debt
Senior notes payable
Total liabilities	$ 1,553,643	$ 1,621,002
Goodwill
Guarantor Subsidiaries [Member] | Financial Services [Member]
Cash and equivalents at end of period
Restricted cash
Other assets
Total assets
Mortgage loans held for sale, net
Mortgage loans held for investment, net
Total liabilities
Accounts payable and other liabilities
Warehouse Agreement Borrowings
Guarantor Subsidiaries [Member]
Cash and equivalents at end of period	$ 35,975	$ 112,852	783	1,061
Total assets	2,459,580	2,508,439
Total liabilities	1,553,643	1,621,002
Total Equity	905,937	887,437
Total Liabilities and Equity	2,459,580	2,508,439
Non-Guarantor Subsidiaries [Member] | Homebuilding [Member]
Cash and equivalents at end of period	46,595	31,837
Restricted cash	34,652	35,990
Intercompany receivables	74,958	152,505
Inventories owned	1,358,153	1,240,727
Inventories not owned	3,978	11,928
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	$ 126,990	$ 123,080
Investments in subsidiaries
Deferred income taxes, net
Goodwill and other intangibles, net
Other assets	$ 4,448	$ 3,163
Total assets	1,649,774	1,599,230
Accounts payable	21,183	16,902
Accrued liabilities and intercompany payables	$ 923,000	903,761
Long-term Line of Credit
Secured Debt	$ 4,004	$ 4,061
Senior notes payable
Total liabilities	$ 948,187	$ 924,724
Goodwill
Non-Guarantor Subsidiaries [Member] | Financial Services [Member]
Cash and equivalents at end of period	23,691	$ 35,518
Restricted cash	22,985	22,914
Other assets	17,633	18,886
Total assets	273,306	425,792
Mortgage loans held for sale, net	187,444	325,770
Mortgage loans held for investment, net	21,553	22,704
Total liabilities	181,510	343,282
Accounts payable and other liabilities	16,567	39,860
Warehouse Agreement Borrowings	164,943	303,422
Non-Guarantor Subsidiaries [Member]
Cash and equivalents at end of period	70,286	67,355	$ 55,538	$ 78,028
Total assets	1,923,080	2,025,022
Total liabilities	1,129,697	1,268,006
Total Equity	793,383	757,016
Total Liabilities and Equity	$ 1,923,080	$ 2,025,022
Homebuilding [Member] | Consolidation, Eliminations [Member]
Cash and equivalents at end of period
Restricted cash
Intercompany receivables	$ (2,211,515)	$ (2,533,404)
Inventories owned
Inventories not owned
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets
Investments in subsidiaries		$ (1,644,453)
Deferred income taxes, net	$ (12,043)	$ (9,751)
Goodwill and other intangibles, net
Other assets
Total assets	$ (3,922,878)	$ (4,187,608)
Accounts payable
Accrued liabilities and intercompany payables	$ (2,150,243)	$ (2,378,867)
Long-term Line of Credit
Secured Debt	$ (74,958)	$ (148,545)
Senior notes payable
Total liabilities	$ (2,225,201)	$ (2,527,412)
Goodwill
Homebuilding [Member]
Cash and equivalents at end of period	169,528	$ 151,076
Restricted cash	$ 34,652	$ 35,990
Intercompany receivables
Inventories owned	$ 6,317,066	$ 6,069,959
Inventories not owned	69,591	83,246
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	137,591	$ 132,763
Investments in subsidiaries
Deferred income taxes, net	349,127	$ 396,194
Goodwill and other intangibles, net	969,315
Other assets	113,204	118,768
Total assets	8,160,074	7,921,356
Accounts payable	169,636	191,681
Accrued liabilities and intercompany payables	471,810	$ 478,793
Long-term Line of Credit	266,000
Secured Debt	23,902	$ 25,683
Senior notes payable	3,376,910	3,462,016
Total liabilities	4,308,258	4,158,173
Goodwill	$ 969,315	$ 933,360
Financial Services [Member] | Consolidation, Eliminations [Member]
Cash and equivalents at end of period
Restricted cash
Other assets	$ (1,643)	$ (1,643)
Total assets	$ (1,643)	$ (1,643)
Mortgage loans held for sale, net
Mortgage loans held for investment, net
Total liabilities		$ (17,386)
Accounts payable and other liabilities		$ (17,386)
Warehouse Agreement Borrowings
Financial Services [Member]
Cash and equivalents at end of period	$ 23,691	$ 35,518
Restricted cash	22,985	22,914
Other assets	15,990	17,243
Total assets	271,663	424,149
Mortgage loans held for sale, net	187,444	325,770
Mortgage loans held for investment, net	21,553	22,704
Total liabilities	181,510	325,896
Accounts payable and other liabilities	16,567	22,474
Warehouse Agreement Borrowings	164,943	$ 303,422
Consolidation, Eliminations [Member]
Cash and equivalents at end of period
Total assets	(3,924,521)	$ (4,189,251)
Total liabilities	(2,225,201)	(2,544,798)
Total Equity	(1,699,320)	(1,644,453)
Total Liabilities and Equity	(3,924,521)	(4,189,251)
Cash and equivalents at end of period	193,219	186,594	$ 103,598	$ 212,393
Inventories owned	6,317,066	6,069,959
Inventories not owned	69,591	83,246
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	137,591	132,763
Total assets	8,431,737	8,345,505
Total liabilities	4,489,768	4,484,069
Total Equity	3,941,969	3,861,436
Total Liabilities and Equity	$ 8,431,737	$ 8,345,505

Note 22 - Condensed Consolida78

Note 22 - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Parent Company [Member]
Net cash provided by (used in) operating activities	$ (43,214)	$ (26,142)
Investments in unconsolidated homebuilding joint ventures	$ (135)
Distributions of capital from unconsolidated homebuilding joint ventures
Loan to parent and subsidiaries
Other investing activities	$ 488	$ (1,080)
Net cash provided by (used in) investing activities	$ 353	$ (1,080)
Change in restricted cash
Borrowings from revolving credit facility	$ 386,400	$ 27,700
Principal payments on revolving credit facility	(120,400)	$ (12,700)
Principal payments on secured project debt and other notes payable	(1,724)
Loan from subsidiary	$ (71,000)	$ 70,000
Net proceeds from (payments on) mortgage credit facilities
(Contributions to) distributions from Corporate and subsidiaries	$ (700)	$ 9,973
Repurchases of common stock	(87,050)	(22,073)
Common stock dividend payments	(4,792)
Issuance of common stock under employee stock plans, net of tax withholdings	$ 2,055	(3,930)
Other financing activities
Intercompany advances, net	$ 20,643	(131,144)
Net cash provided by (used in) financing activities	123,432	(58,805)
Net increase (decrease) in cash and equivalents	80,571	(86,027)
Cash and equivalents at beginning of period	6,387	133,304
Cash and equivalents at end of period	86,958	47,277
Excess tax benefits from share-based payment arrangements		3,369
Guarantor Subsidiaries [Member]
Net cash provided by (used in) operating activities	(42,551)	$ (61,490)
Investments in unconsolidated homebuilding joint ventures	$ (45)
Distributions of capital from unconsolidated homebuilding joint ventures
Loan to parent and subsidiaries
Other investing activities	$ (199)	$ (697)
Net cash provided by (used in) investing activities	$ (244)	$ (697)
Change in restricted cash
Borrowings from revolving credit facility
Principal payments on revolving credit facility
Principal payments on secured project debt and other notes payable
Loan from subsidiary
Net proceeds from (payments on) mortgage credit facilities
(Contributions to) distributions from Corporate and subsidiaries
Repurchases of common stock
Common stock dividend payments
Issuance of common stock under employee stock plans, net of tax withholdings
Other financing activities	$ (23)
Intercompany advances, net	(34,059)	$ 61,909
Net cash provided by (used in) financing activities	(34,082)	61,909
Net increase (decrease) in cash and equivalents	(76,877)	(278)
Cash and equivalents at beginning of period	112,852	1,061
Cash and equivalents at end of period	35,975	$ 783
Excess tax benefits from share-based payment arrangements
Non-Guarantor Subsidiaries [Member]
Net cash provided by (used in) operating activities	58,143	$ (6,439)
Investments in unconsolidated homebuilding joint ventures	(4,011)	(7,639)
Distributions of capital from unconsolidated homebuilding joint ventures	99	5,732
Loan to parent and subsidiaries	71,000	10,000
Other investing activities	853	(4,200)
Net cash provided by (used in) investing activities	67,941	3,893
Change in restricted cash	$ 1,267	$ (1,019)
Borrowings from revolving credit facility
Principal payments on revolving credit facility
Principal payments on secured project debt and other notes payable	$ (57)	$ (311)
Loan from subsidiary
Net proceeds from (payments on) mortgage credit facilities	$ (138,479)	$ (77,876)
(Contributions to) distributions from Corporate and subsidiaries	$ 700	$ (9,973)
Repurchases of common stock
Common stock dividend payments
Issuance of common stock under employee stock plans, net of tax withholdings
Other financing activities
Intercompany advances, net	$ 13,416	$ 69,235
Net cash provided by (used in) financing activities	(123,153)	(19,944)
Net increase (decrease) in cash and equivalents	2,931	(22,490)
Cash and equivalents at beginning of period	67,355	78,028
Cash and equivalents at end of period	$ 70,286	$ 55,538
Excess tax benefits from share-based payment arrangements
Consolidation, Eliminations [Member]
Net cash provided by (used in) operating activities
Investments in unconsolidated homebuilding joint ventures
Distributions of capital from unconsolidated homebuilding joint ventures
Loan to parent and subsidiaries	$ (71,000)	$ (10,000)
Other investing activities
Net cash provided by (used in) investing activities	$ (71,000)	$ (10,000)
Change in restricted cash
Borrowings from revolving credit facility
Principal payments on revolving credit facility
Principal payments on secured project debt and other notes payable
Loan from subsidiary	$ 71,000	$ (70,000)
Net proceeds from (payments on) mortgage credit facilities		$ 80,000
(Contributions to) distributions from Corporate and subsidiaries
Repurchases of common stock
Common stock dividend payments
Issuance of common stock under employee stock plans, net of tax withholdings
Other financing activities
Intercompany advances, net
Net cash provided by (used in) financing activities	$ 71,000	$ 10,000
Net increase (decrease) in cash and equivalents
Cash and equivalents at beginning of period
Cash and equivalents at end of period
Excess tax benefits from share-based payment arrangements
Net cash provided by (used in) operating activities	$ (27,622)	$ (94,071)
Investments in unconsolidated homebuilding joint ventures	(4,191)	(7,639)
Distributions of capital from unconsolidated homebuilding joint ventures	$ 99	$ 5,732
Loan to parent and subsidiaries
Other investing activities	$ 1,142	$ (5,977)
Net cash provided by (used in) investing activities	(2,950)	(7,884)
Change in restricted cash	1,267	(1,019)
Borrowings from revolving credit facility	386,400	27,700
Principal payments on revolving credit facility	(120,400)	(12,700)
Principal payments on secured project debt and other notes payable	$ (1,781)	$ (311)
Loan from subsidiary
Net proceeds from (payments on) mortgage credit facilities	$ (138,479)	$ 2,124
(Contributions to) distributions from Corporate and subsidiaries
Repurchases of common stock	$ (87,050)	$ (22,073)
Common stock dividend payments	(4,792)
Issuance of common stock under employee stock plans, net of tax withholdings	2,055	$ (3,930)
Other financing activities	$ (23)
Intercompany advances, net
Net cash provided by (used in) financing activities	$ 37,197	$ (6,840)
Net increase (decrease) in cash and equivalents	6,625	(108,795)
Cash and equivalents at beginning of period	186,594	212,393
Cash and equivalents at end of period	$ 193,219	103,598
Excess tax benefits from share-based payment arrangements		$ 3,369

Uncategorized Items - caa-20160

Label	Element	Value
Homebuilding restricted cash at end of period	caa_HomebuildingRestrictedCashAtEndOfPeriod	$ 34,652,000
Homebuilding restricted cash at end of period	caa_HomebuildingRestrictedCashAtEndOfPeriod	39,241,000
Cash and equivalents and restricted cash at end of period	caa_CashAndEquivalentsAndRestrictedCashAtEndOfPeriod	250,856,000
Cash and equivalents and restricted cash at end of period	caa_CashAndEquivalentsAndRestrictedCashAtEndOfPeriod	144,134,000
Financial services restricted cash at end of period	caa_FinancialServicesRestrictedCashAtEndOfPeriod	22,985,000
Financial services restricted cash at end of period	caa_FinancialServicesRestrictedCashAtEndOfPeriod	$ 1,295,000