CalAtlantic (CAA) 10-Q 28 Apr 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 27, 2017
Document Information [Line Items]
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)		114,623,151
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
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, 2017	Mar. 31, 2016
Homebuilding:
Home sale revenues	$ 1,337,699	$ 1,179,165
Land sale revenues		6,518
Total revenues	1,337,699	1,185,683
Cost of home sales	(1,062,855)	(932,128)
Cost of land sales		(6,367)
Total cost of sales	(1,062,855)	(938,495)
Gross margin	274,844	247,188
Selling, general and administrative expenses	(156,276)	(136,701)
Income (loss) from unconsolidated joint ventures	3,888	1,189
Other income (expense)	(169)	(3,408)
Homebuilding pretax income	122,287	108,268
Financial Services:
Revenues	19,956	17,552
Expenses	(12,375)	(10,616)
Financial services pretax income	7,581	6,936
Income before taxes	129,868	115,204
Provision for income taxes	(47,248)	(42,543)
Net income	82,620	72,661
Less: Net income allocated to unvested restricted stock	(301)	(113)
Net income available to common stockholders	$ 82,319	$ 72,548
Income Per Common Share:
Basic (in dollars per share)	$ 0.72	$ 0.60
Diluted (in dollars per share)	$ 0.62	$ 0.52
Weighted Average Common Shares Outstanding:
Basic (in shares)	114,487,245	120,814,939
Diluted (in shares)	132,505,435	138,430,580
Cash Dividends Declared Per Common Share (in dollars per share)	$ 0.04	$ 0.04

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 82,620	$ 72,661
Other comprehensive income, net of tax:
Unrealized gain on marketable securities, available for sale		39
Total comprehensive income	$ 82,620	$ 72,700

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Cash and equivalents	$ 181,993	$ 208,127
Inventories:
Owned	6,556,275	6,438,792
Total assets	8,693,770	8,709,044
Cash and equivalents	181,993	208,127
LIABILITIES AND EQUITY
Revolving credit facility
Total liabilities	4,398,654	4,501,458
Stockholders' Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at March 31, 2017 and December 31, 2016
Common stock, $0.01 par value; 600,000,000 shares authorized; 114,587,534 and 114,429,297 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	1,146	1,144
Additional paid-in capital	3,206,584	3,204,835
Accumulated earnings	1,079,815	1,001,779
Accumulated other comprehensive income (loss), net of tax	(172)	(172)
Total Stockholders' Equity	4,287,373	4,207,586
Noncontrolling Interest	7,743
Total Equity	4,295,116	4,207,586
Total Liabilities and Equity	8,693,770	8,709,044
Homebuilding [Member]
Cash and equivalents	143,881	191,086
Restricted cash	30,306	28,321
Inventories:
Owned	6,556,275	6,438,792
Not owned	62,772	66,267
Investments in unconsolidated joint ventures	120,364	127,127
Deferred income taxes, net of valuation allowance of $2,456 at March 31, 2017 and December 31, 2016	325,749	330,378
Goodwill	970,185	970,185
Other assets	221,091	204,489
Total assets	8,430,623	8,356,645
Cash and equivalents	143,881	191,086
Restricted cash	30,306	28,321
LIABILITIES AND EQUITY
Accounts payable	170,545	211,780
Accrued liabilities	638,165	599,905
Revolving credit facility
Secured project debt and other notes payable	27,397	27,579
Senior notes payable	3,390,504	3,392,208
Total liabilities	4,226,611	4,231,472
Financial Services [Member]
Cash and equivalents	38,112	17,041
Restricted cash	21,242	21,710
Inventories:
Other assets	20,198	26,666
Total assets	263,147	352,399
Cash and equivalents	38,112	17,041
Restricted cash	21,242	21,710
Mortgage loans held for sale, net	157,851	262,058
Mortgage loans held for investment, net	25,744	24,924
LIABILITIES AND EQUITY
Total liabilities	172,043	269,986
Accounts payable and other liabilities	17,576	22,559
Mortgage credit facility	$ 154,467	$ 247,427

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
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 outstanding (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)	114,587,534	114,429,297
Common stock, shares outstanding (in shares)	114,587,534	114,429,297
Homebuilding [Member]
Deferred income taxes, valuation allowance	$ 2,456	$ 2,456

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows From Operating Activities:
Net income	$ 82,620	$ 72,661
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
(Income) loss from unconsolidated joint ventures	(3,888)	(1,189)
Depreciation and amortization	12,716	12,032
Amortization of stock-based compensation	4,294	3,786
Deferred income tax provision	5,483	2,203
Other operating activities	2,910	271
Changes in cash and equivalents due to:
Mortgage loans held for sale	104,225	138,433
Inventories - owned	(47,350)	(186,680)
Inventories - not owned	(9,428)	(8,237)
Other assets	(9,895)	5,599
Accounts payable	(41,235)	(22,045)
Accrued liabilities	(8,694)	(44,456)
Net cash provided by (used in) operating activities	91,758	(27,622)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(18,909)	(4,191)
Distributions of capital from unconsolidated homebuilding joint ventures	6,471	99
Other investing activities	(1,921)	1,142
Net cash provided by (used in) investing activities	(14,359)	(2,950)
Cash Flows From Financing Activities:
Change in restricted cash	(1,517)	1,267
Borrowings from revolving credit facility	109,550	386,400
Principal payments on revolving credit facility	(109,550)	(120,400)
Principal payments on secured project debt and other notes payable	(179)	(1,781)
Net proceeds from (payments on) mortgage credit facility	(92,960)	(138,479)
Repurchases of common stock		(87,050)
Common stock dividend payments	(4,584)	(4,792)
Issuance of common stock under employee stock plans, net of tax withholdings	(4,167)	2,055
Other financing activities	(126)	(23)
Net cash provided by (used in) financing activities	(103,533)	37,197
Net increase (decrease) in cash and equivalents	(26,134)	6,625
Cash and equivalents at beginning of period	208,127	186,594
Cash and equivalents at end of period	181,993	193,219
Cash and Cash Equivalents, at Carrying Value	$ 208,127	$ 186,594

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Basis of Accounting [Text Block]	1. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for Form 10 March 31, 2017 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 December 31, 2016.

Note 2 - Recent Accounting Pron

Note 2 - Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Recent Accounting Pronouncements [Text Block]	2. Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09"), 2014 09, August 2015, 2015 14, Revenue from Contracts with Customers (Topic 606): 2014 09 one 2014 09 December 15, 2017, 2014 09 2014 09 may In January 2016, 2016 01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01"), 820, Fair Value Measurements may 2016 01 December 15, 2017. In March 2016, 2016 02, Leases 2016 02"), 2016 02 12 2016 02 December 15, 2018. In March 2016, 2016 07, Investments- Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting 2016 07"), 2016 07 January 1, 2017 In March 2016, 2016 09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting 2016 09"), 2016 09 January 1, 2017, 2016 09 2016 09 In August 2016, 2016 15, Statement of Cash Flows (Topic 230): 2016 15"), 2016 15 December 15, 2017, In November 2016, 2016 18, Statement of Cash Flows (Topic 230): 2016 18"), 2016 18 December 15, 2017, In January 2017, 2017 01, Business Combinations: Clarifying the Definition of a Business 2017 01"), 2017 01 December 15, 2017, In January 2017, 2017 04, Intangibles - Goodwill and Other (Topic 350): 2017 04"), 2017 04 December 15, 2019,

Note 3 - Segment Reporting

Note 3 - Segment Reporting	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	3. Segment Reporting We operate two Our homebuilding operations acquire and develop land and construct and sell single-family attached and detached homes. In accordance with ASC Topic 280, Segment Reporting 280"), four four Our mortgage financing operation, CalAtlantic Mortgage, 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 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 four Segment financial information relating to the Company’s homebuilding operations was as follows: Three Months Ended March 31, 2017 2016 (Dollars in thousands) Homebuilding revenues: North $ 234,776 $ 186,555 Southeast 351,103 277,482 Southwest 336,215 343,034 West 415,605 378,612 Total homebuilding revenues $ 1,337,699 $ 1,185,683 Homebuilding pretax income (1): North $ 18,865 $ 9,570 Southeast 23,716 21,050 Southwest 30,177 26,926 West 49,529 50,722 Total homebuilding pretax income $ 122,287 $ 108,268 Homebuilding income (loss) from unconsolidated joint ventures: North $ 292 $ 306 Southeast ― 457 Southwest 108 567 West 3,488 (141 ) Total homebuilding income (loss) from unconsolidated joint ventures $ 3,888 $ 1,189 (1) Homebuilding pretax income includes depreciation and amortization expense of $1.0 $4.0 $2.4 $5.3 March 31, 2017 $1.2 $2.9 $2.6 $5.3 March 31, 2016. Segment financial information relating to the Company’s homebuilding assets was as follows: March 31, December 31, 2017 2016 (Dollars in thousands) Homebuilding assets: North $ 1,227,859 $ 1,181,544 Southeast 2,300,549 2,253,289 Southwest 1,866,350 1,842,869 West 2,448,338 2,500,163 Corporate 587,527 578,780 Total homebuilding assets $ 8,430,623 $ 8,356,645 Homebuilding investments in unconsolidated joint ventures: North $ 5,547 $ 5,691 Southeast 334 334 Southwest 5,931 6,085 West 108,552 115,017 Total homebuilding investments in unconsolidated joint ventures $ 120,364 $ 127,127

Note 4 - Earnings Per Common Sh

Note 4 - Earnings Per Common Share	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	4. Earnings Per Common Share We compute earnings per share in accordance with ASC Topic 260, Earnings per Share 260"), two two two two 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 unvested restricted stock are classified as participating securities in accordance with ASC 260. 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 two Three Months Ended March 31, 2017 2016 (Dollars in thousands, except per share amounts) Numerator: Net income $ 82,620 $ 72,661 Less: Net income allocated to unvested restricted stock (301 ) (113 ) Net income available to common stockholders for basic earnings per common share 82,319 72,548 Effect of dilutive securities: Interest on 1.625% convertible senior notes due 2018 94 (370 ) Interest on 0.25% convertible senior notes due 2019 85 82 Interest on 1.25% convertible senior notes due 2032 64 62 Net income available to common stock for diluted earnings per share $ 82,562 $ 72,322 Denominator: Weighted average basic common shares outstanding 114,487,245 120,814,939 Effect of dilutive securities: Share-based awards 903,173 561,065 1.625% convertible senior notes due 2018 7,169,940 7,157,934 0.25% convertible senior notes due 2019 3,640,140 3,634,072 1.25% convertible senior notes due 2032 6,304,937 6,262,570 Weighted average diluted shares outstanding 132,505,435 138,430,580 Income per common share: Basic $ 0.72 $ 0.60 Diluted $ 0.62 $ 0.52

Note 5 - Stock-based Compensati

Note 5 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	5. Stock-Based Compensation We account for share-based awards in accordance with ASC Topic 718, Compensation – Stock Compensation 718") 718 Total compensation expense recognized related to stock-based compensation was $4.3 $3.8 three March 31, 2017 2016, March 31, 2017, $23.4 1.8

Note 6 - Cash and Equivalents a

Note 6 - Cash and Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Restricted Cash and Cash Equivalents [Text Block]	6. 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 March 31, 2017, $83.0 five At March 31, 2017, $30.3 March 31, 2017 $17.7 $3.0 $0.5 third

Note 7 - Marketable Securities,

Note 7 - Marketable Securities, Available-for-sale	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	7. 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 320"), March 31, 2017, $1,000 $173,000 three March 31, 2017. 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 March 31, 2017, 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 The following table displays the fair values of marketable securities, available-for-sale, by type of security: March 31, 2017 December 31, 2016 Amortized Cost Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Type of security: Municipal bond and metropolitan district securities $ 18,563 $ (465 ) $ 18,098 $ 18,563 $ (465 ) $ 18,098 The following table displays the fair values of marketable securities, available-for-sale, by contractual maturity: March 31, 2017 (Dollars in thousands) Contractual maturity: Maturing in one year or less $ ― Maturing after three years 18,098 Total marketable securities, available-for-sale $ 18,098

Note 8 - Inventories

Note 8 - Inventories	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	8. Inventories a. Inventories Owned Inventories owned consisted of the following at: March 31, 2017 North Southeast Southwest West Total (Dollars in thousands) Land and land under development (1) $ 418,256 $ 1,119,696 $ 580,263 $ 1,381,594 $ 3,499,809 Homes completed and under construction 396,682 720,209 768,655 687,930 2,573,476 Model homes 74,753 133,945 115,607 158,685 482,990 Total inventories owned $ 889,691 $ 1,973,850 $ 1,464,525 $ 2,228,209 $ 6,556,275 December 31, 2016 North Southeast Southwest West Total (Dollars in thousands) Land and land under development (1) $ 445,245 $ 1,177,646 $ 594,585 $ 1,410,264 $ 3,627,740 Homes completed and under construction 327,421 585,938 710,509 680,241 2,304,109 Model homes 79,306 132,968 116,575 178,094 506,943 Total inventories owned $ 851,972 $ 1,896,552 $ 1,421,669 $ 2,268,599 $ 6,438,792 (1) During the three March 31, 2017, $165.3 (3,075 34% 36% 25% 5% December 31, 2016, $960.8 (13,566 25% 25% 24% 26% In accordance with ASC Topic 360, Property, Plant, and Equipment 360"), may March 31, 2017 2016, 815 762, three March 31, 2017 2016, not b. Inventories Not Owned Inventories not owned as of March 31, 2017 December 31, 2016 810, Consolidation 810"), may may 810,

Note 9 - Capitalization of Inte

Note 9 - Capitalization of Interest	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Home Building Interest [Text Block]	9. 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 835"). third 835, three March 31, 2017 2016, three March 31, 2017 2016 835. The following is a summary of homebuilding interest capitalized to inventories owned and investments in unconsolidated joint ventures, amortized to cost of sales and income (loss) from unconsolidated joint ventures and expensed as interest expense, for the three March 31, 2017 2016: Three Months Ended March 31, 2017 2016 (Dollars in thousands) Total interest incurred (1) $ 51,705 $ 62,725 Less: Interest capitalized to inventories owned (1) (50,875 ) (61,845 ) Less: Interest capitalized to investments in unconsolidated joint ventures (830 ) (880 ) Interest expense $ ― $ ― Interest previously capitalized to inventories owned, included in cost of home sales $ 39,428 $ 30,203 Interest previously capitalized to inventories owned, included in cost of land sales $ ― $ 179 Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures $ ― $ ― Interest capitalized in ending inventories owned (2) $ 377,647 $ 336,922 Interest capitalized as a percentage of inventories owned 5.8 % 5.3 % Interest capitalized in ending investments in unconsolidated joint ventures (2) $ 3,693 $ 3,821 Interest capitalized as a percentage of investments in unconsolidated joint ventures 3.1 % 2.8 % (1) Total interest incurred and interest capitalized to inventories owned during the three March 31, 2016 $9 1.625% 2016 first (2) During the three March 31, 2017, $0.5

Note 10 - Investments in Uncons

Note 10 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	10. Investments in Unconsolidated Land Development and Homebuilding Joint Ventures 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 During each of the three March 31, 2017 2016, no three March 31, 2017 2016. Our investments in unconsolidated joint ventures may 810 March 31, 2017, one 2017 first 810, 810 2017 first 810,

Note 11 - Warranty Costs

Note 11 - Warranty Costs	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	11. 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, 2017 2016 (Dollars in thousands) Warranty accrual, beginning of the period $ 43,932 $ 40,691 Warranty costs accrued during the period 4,805 4,588 Warranty costs paid during the period (5,237 ) (4,774 ) Warranty accrual, end of the period $ 43,500 $ 40,505

Note 12 - Revolving Credit Faci

Note 12 - Revolving Credit Facility and Letter of Credit Facilities	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Line of Credit Facility [Text Block]	12. Revolving Credit Facility and Letter of Credit Facilities As of March 31, 2017, $750 $350 October 2019. may $1.2 0.983% March 31, 2017) 1.75%, (4.00% March 31, 2017) 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 2.00 1.00 four 1.25 1.00. March 31, 2017. March 31, 2017, no $106.5 $643.5 As of March 31, 2017, $350 four $40.2 $26.1 August 2017 October 2017. March 31, 2017, $26.6 may

Note 13 - Secured Project Debt

Note 13 - Secured Project Debt and Other Notes Payable	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	13. 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, 2017, $27.4

Note 14 - Senior Notes Payable

Note 14 - Senior Notes Payable	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Long-term Debt [Text Block]	14. Senior Notes Payable Senior notes payable consisted of the following at: March 31, December 31, 2017 2016 (Dollars in thousands) 8.4% Senior Notes due May 2017 $ 231,725 $ 235,175 8.375% Senior Notes due May 2018 574,600 574,501 1.625% Convertible Senior Notes due May 2018 221,077 220,236 0.25% Convertible Senior notes due June 2019 255,196 253,777 6.625% Senior Notes due May 2020 318,416 319,909 8.375% Senior Notes due January 2021 395,525 395,246 6.25% Senior Notes due December 2021 297,742 297,623 5.375% Senior Notes due October 2022 249,264 249,230 5.875% Senior Notes due November 2024 297,077 296,982 5.25% Senior Notes due June 2026 297,427 297,483 1.25% Convertible Senior Notes due August 2032 252,455 252,046 $ 3,390,504 $ 3,392,208 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% 2018 1.625% 1.625% May 15, 2018, may 1.625% 31.8664 $1,000 $31.38 may 1.625% The Company's 0.25% 2019 0.25% 0.25% June 1, 2019, may 0.25% 13.6080 $1,000 $73.49 may 0.25% June 6, 2017. may 0.25% 20 30 5 30 130 100 0.25% The Company's 1.25% 2032 1.25% 1.25% August 1, 2032, may 1.25% 24.9207 $1,000 $40.13 may 1.25% August 5, 2017. August 5, 2017 may 1.25% 100% 1.25% August 1, 2017, August 1, 2022 August 1, 2027, 1.25% may 1.25% 100% 1.25% 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, including, but not limited to, a limitation on secured indebtedness and a restriction on sale leaseback transactions. As of March 31, 2017, Many of our 100% in compliance with the indenture, and such Guarantor Subsidiary ceases to guaranty any other debt of the Company. Please see Note 20 In April 2017, $225 $125 5.875% 2024 $100 5.25% 2026, 8.4% May 2017.

Note 15 - Mortgage Credit Facil

Note 15 - Mortgage Credit Facility	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Warehouse Agreement Borrowings [Text Block]	15. Mortgage Credit Facility At March 31, 2017, $154.5 $300 one June 2017. $3.0 March 31, 2017, March 31, 2017,

Note 16 - Disclosures About Fai

Note 16 - Disclosures About Fair Value	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	16. Disclosures about Fair Value ASC Topic 820, Fair Value Measurements and Disclosures 820"), 820 820 three • Level 1 identical • Level 2 similar • Level 3 one unobservable Financial instruments measured at fair value on a recurring basis : Fair Value at Description Fair Value Hierarchy March 31, 2017 December 31, 2016 (Dollars in thousands) Marketable securities, available-for-sale Municipal debt securities Level 2 $ 9,387 $ 9,387 Metropolitan district bond securities Level 3 $ 8,711 $ 8,711 Mortgage loans held for sale Level 2 $ 161,385 $ 265,542 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, which uses Level 2 3 (1) (2) (3) Mortgage loans held for sale Mortgage loans held for sale first third Financial instruments for which we have not elected the fair value option in accordance with ASC 825: March 31, 2017 December 31, 2016 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 $ 25,744 $ 25,744 $ 24,924 $ 24,924 Homebuilding liabilities: Senior and convertible senior notes payable, net Level 2 $ 3,390,504 $ 3,639,774 $ 3,392,208 $ 3,617,838 Mortgage Loans Held for Investment – Senior Notes Payable – The fair value of our cash and equivalents, restricted cash, accounts payable and accrued liabilities, secured project debt and other notes payable, revolving credit facility, and mortgage credit facility approximate their carrying amounts due to the short-term nature of these assets and liabilities.

Note 17 - Commitments and Conti

Note 17 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	17. Commitments and Contingencies a. Land Purchase and Option Agreements We are subject to obligations associated with entering into contracts for the purchase of land and improved homesites. These purchase contracts typically require us to provide a cash deposit or deliver a letter of credit in favor of the seller, and our purchase of properties under these contracts is generally contingent upon satisfaction of certain requirements by the sellers, including obtaining applicable property and development entitlements. We also utilize option contracts with land sellers as a method of acquiring land in staged takedowns, to help us manage the financial and market risk associated with land holdings, and to reduce the near-term use of funds from our corporate financing sources. Option contracts generally require a non-refundable deposit for the right to acquire lots over a specified period of time at predetermined prices. We generally have the right at our discretion to terminate our obligations under both purchase contracts and option contracts by forfeiting our cash deposit or by repaying amounts drawn under our letter of credit with no further financial responsibility to the land seller, although in certain instances, the land seller has the right to compel us to purchase a specified number of lots at predetermined prices. In some instances, we may March 31, 2017, $56.0 $16.5 $788.6 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 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, 2017, 27 13 14 two $30.1 June 2017. March 31, 2017, no c. Surety Bonds We obtain surety bonds in the normal course of business to ensure completion of the infrastructure of our communities. At March 31, 2017, $918.1 $464.7 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 30 45 $358.4 March 31, 2017 3.9%. March 31, 2017, $156.4 $36.1 March 31, 2017, $322.3 third 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 March 31, 2017 2016, March 31, 2017 December 31, 2016, $3.6 three March 31, 2017 2016, $0 $0.1 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 the estimated costs of our self-insurance liability based on an analysis performed by an independent third March 31, 2017 December 31, 2016 $233.7 $233.5

Note 18 - Income Taxes

Note 18 - Income Taxes	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	18. Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes 740"). 740 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. Our 2017 first $47.2 $129.9 March 31, 2017, $328.2 $2.5 $101.0 382 $15.6 $15.3 382 October 1, 2015 $5.2 382. $206.7 March 31, 2017 December 31, 2016, $12.8 $12.1 March 31, 2017, December 31, 2012 2016.

Note 19 - Supplemental Disclosu

Note 19 - Supplemental Disclosures to Consolidated Statements of Cash Flows	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	19. 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, 2017 2016 (Dollars in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes $ 58 $ 23,027

Note 20 - Supplemental Guaranto

Note 20 - Supplemental Guarantor Information	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Supplemental Guarantor Information [Text Block]	20. S upplemental Guarantor Information Certain of our 100% 14 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 577,268 $ 540,524 $ 219,907 $ ― $ 1,337,699 Cost of sales (471,297 ) (431,552 ) (160,006 ) ― (1,062,855 ) Gross margin 105,971 108,972 59,901 ― 274,844 Selling, general and administrative expenses (64,708 ) (73,391 ) (18,177 ) ― (156,276 ) Income (loss) from unconsolidated joint ventures 674 133 3,081 ― 3,888 Equity income of subsidiaries 57,597 ― ― (57,597 ) ― Interest income (expense), net 874 (680 ) (194 ) ― ― Other income (expense) (1,987 ) (28 ) 1,846 ― (169 ) Homebuilding pretax income 98,421 35,006 46,457 (57,597 ) 122,287 Financial Services: Financial services pretax income ― ― 7,581 ― 7,581 Income before taxes 98,421 35,006 54,038 (57,597 ) 129,868 Provision for income taxes (15,801 ) (16,723 ) (14,724 ) ― (47,248 ) Net income $ 82,620 $ 18,283 $ 39,314 $ (57,597 ) $ 82,620 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 CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 95,956 $ 24,153 $ 23,772 $ ― $ 143,881 Restricted cash ― ― 30,306 ― 30,306 Intercompany receivables 2,077,067 ― 378,564 (2,455,631 ) ― Inventories: Owned 2,885,973 2,320,920 1,349,382 ― 6,556,275 Not owned 32,880 26,996 2,896 ― 62,772 Investments in unconsolidated joint ventures 4,707 4,798 110,859 ― 120,364 Investments in subsidiaries 2,011,015 ― ― (2,011,015 ) ― Deferred income taxes, net 332,392 ― ― (6,643 ) 325,749 Goodwill 970,185 ― ― ― 970,185 Other assets 168,787 40,902 11,402 ― 221,091 Total Homebuilding Assets 8,578,962 2,417,769 1,907,181 (4,473,289 ) 8,430,623 Financial Services: Cash and equivalents ― ― 38,112 ― 38,112 Restricted cash ― ― 21,242 ― 21,242 Mortgage loans held for sale, net ― ― 157,851 ― 157,851 Mortgage loans held for investment, net ― ― 25,744 ― 25,744 Other assets ― ― 21,999 (1,801 ) 20,198 Total Financial Services Assets ― ― 264,948 (1,801 ) 263,147 Total Assets $ 8,578,962 $ 2,417,769 $ 2,172,129 $ (4,475,090 ) $ 8,693,770 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 79,553 $ 66,747 $ 24,245 $ ― $ 170,545 Accrued liabilities and intercompany payables 418,880 1,323,401 981,395 (2,085,511 ) 638,165 Revolving credit facility ― ― ― ― ― Secured project debt and other notes payable 402,652 ― 3,309 (378,564 ) 27,397 Senior notes payable 3,390,504 ― ― ― 3,390,504 Total Homebuilding Liabilities 4,291,589 1,390,148 1,008,949 (2,464,075 ) 4,226,611 Financial Services: Accounts payable and other liabilities ― ― 17,576 ― 17,576 Mortgage credit facility ― ― 154,467 ― 154,467 Total Financial Services Liabilities ― ― 172,043 ― 172,043 Total Liabilities 4,291,589 1,390,148 1,180,992 (2,464,075 ) 4,398,654 Equity: Total Stockholders' Equity 4,287,373 1,027,621 983,394 (2,011,015 ) 4,287,373 Noncontrolling interest ― ― 7,743 ― 7,743 Total Equity 4,287,373 1,027,621 991,137 (2,011,015 ) 4,295,116 Total Liabilities and Equity $ 8,578,962 $ 2,417,769 $ 2,172,129 $ (4,475,090 ) $ 8,693,770 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 105,261 $ 38,211 $ 47,614 $ ― $ 191,086 Restricted cash ― ― 28,321 ― 28,321 Intercompany receivables 2,045,773 ― 334,926 (2,380,699 ) ― Inventories: Owned 2,825,234 2,277,840 1,335,718 ― 6,438,792 Not owned 30,953 32,596 2,718 ― 66,267 Investments in unconsolidated joint ventures 4,469 4,923 117,735 ― 127,127 Investments in subsidiaries 1,954,418 ― ― (1,954,418 ) ― Deferred income taxes, net 337,021 ― ― (6,643 ) 330,378 Goodwill 970,185 ― ― ― 970,185 Other assets 165,214 36,725 2,550 ― 204,489 Total Homebuilding Assets 8,438,528 2,390,295 1,869,582 (4,341,760 ) 8,356,645 Financial Services: Cash and equivalents ― ― 17,041 ― 17,041 Restricted cash ― ― 21,710 ― 21,710 Mortgage loans held for sale, net ― ― 262,058 ― 262,058 Mortgage loans held for investment, net ― ― 24,924 ― 24,924 Other assets ― ― 28,467 (1,801 ) 26,666 Total Financial Services Assets ― ― 354,200 (1,801 ) 352,399 Total Assets $ 8,438,528 $ 2,390,295 $ 2,223,782 $ (4,343,561 ) $ 8,709,044 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 92,611 $ 78,729 $ 40,440 $ ― $ 211,780 Accrued liabilities and intercompany payables 387,098 1,302,228 964,796 (2,054,217 ) 599,905 Secured project debt and other notes payable 359,025 ― 3,480 (334,926 ) 27,579 Senior notes payable 3,392,208 ― ― ― 3,392,208 Total Homebuilding Liabilities 4,230,942 1,380,957 1,008,716 (2,389,143 ) 4,231,472 Financial Services: Accounts payable and other liabilities ― ― 22,559 ― 22,559 Mortgage credit facility ― ― 247,427 ― 247,427 Total Financial Services Liabilities ― ― 269,986 ― 269,986 Total Liabilities 4,230,942 1,380,957 1,278,702 (2,389,143 ) 4,501,458 Equity: Total Equity 4,207,586 1,009,338 945,080 (1,954,418 ) 4,207,586 Total Liabilities and Equity $ 8,438,528 $ 2,390,295 $ 2,223,782 $ (4,343,561 ) $ 8,709,044 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2017 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 $ (14,708 ) $ (37,052 ) $ 143,518 $ ― $ 91,758 Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (96 ) (41 ) (18,772 ) ― (18,909 ) Distributions of capital from unconsolidated homebuilding joint ventures 500 350 5,621 ― 6,471 Loan to parent and subsidiaries ― ― (43,664 ) 43,664 ― Other investing activities (531 ) (446 ) (944 ) ― (1,921 ) Net cash provided by (used in) investing activities (127 ) (137 ) (57,759 ) 43,664 (14,359 ) Cash Flows From Financing Activities: Change in restricted cash ― ― (1,517 ) ― (1,517 ) Borrowings from revolving credit facility 109,550 ― ― ― 109,550 Principal payments on revolving credit facility (109,550 ) ― ― ― (109,550 ) Principal payments on secured project debt and other notes payable ― ― (179 ) ― (179 ) Loan from subsidiary 43,664 ― ― (43,664 ) ― Net proceeds from (payments on) mortgage credit facility ― ― (92,960 ) ― (92,960 ) (Contributions to) distributions from Corporate and subsidiaries 1,000 ― (1,000 ) ― ― Repurchases of common stock ― ― ― ― ― Common stock dividend payments (4,584 ) ― ― ― (4,584 ) Issuance of common stock under employee stock plans, net of tax withholdings (4,167 ) ― ― ― (4,167 ) Other financing activities (126 ) ― ― ― (126 ) Intercompany advances, net (30,257 ) 23,131 7,126 ― ― Net cash provided by (used in) financing activities 5,530 23,131 (88,530 ) (43,664 ) (103,533 ) Net increase (decrease) in cash and equivalents (9,305 ) (14,058 ) (2,771 ) ― (26,134 ) Cash and equivalents at beginning of period 105,261 38,211 64,655 ― 208,127 Cash and equivalents at end of period $ 95,956 $ 24,153 $ 61,884 $ ― $ 181,993 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 facility ― ― (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

Note 3 - Segment Reporting (Tab

Note 3 - Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands) Homebuilding revenues: North $ 234,776 $ 186,555 Southeast 351,103 277,482 Southwest 336,215 343,034 West 415,605 378,612 Total homebuilding revenues $ 1,337,699 $ 1,185,683 Homebuilding pretax income (1): North $ 18,865 $ 9,570 Southeast 23,716 21,050 Southwest 30,177 26,926 West 49,529 50,722 Total homebuilding pretax income $ 122,287 $ 108,268 Homebuilding income (loss) from unconsolidated joint ventures: North $ 292 $ 306 Southeast ― 457 Southwest 108 567 West 3,488 (141 ) Total homebuilding income (loss) from unconsolidated joint ventures $ 3,888 $ 1,189
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	March 31, December 31, 2017 2016 (Dollars in thousands) Homebuilding assets: North $ 1,227,859 $ 1,181,544 Southeast 2,300,549 2,253,289 Southwest 1,866,350 1,842,869 West 2,448,338 2,500,163 Corporate 587,527 578,780 Total homebuilding assets $ 8,430,623 $ 8,356,645 Homebuilding investments in unconsolidated joint ventures: North $ 5,547 $ 5,691 Southeast 334 334 Southwest 5,931 6,085 West 108,552 115,017 Total homebuilding investments in unconsolidated joint ventures $ 120,364 $ 127,127

Note 4 - Earnings Per Common 28

Note 4 - Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands, except per share amounts) Numerator: Net income $ 82,620 $ 72,661 Less: Net income allocated to unvested restricted stock (301 ) (113 ) Net income available to common stockholders for basic earnings per common share 82,319 72,548 Effect of dilutive securities: Interest on 1.625% convertible senior notes due 2018 94 (370 ) Interest on 0.25% convertible senior notes due 2019 85 82 Interest on 1.25% convertible senior notes due 2032 64 62 Net income available to common stock for diluted earnings per share $ 82,562 $ 72,322 Denominator: Weighted average basic common shares outstanding 114,487,245 120,814,939 Effect of dilutive securities: Share-based awards 903,173 561,065 1.625% convertible senior notes due 2018 7,169,940 7,157,934 0.25% convertible senior notes due 2019 3,640,140 3,634,072 1.25% convertible senior notes due 2032 6,304,937 6,262,570 Weighted average diluted shares outstanding 132,505,435 138,430,580 Income per common share: Basic $ 0.72 $ 0.60 Diluted $ 0.62 $ 0.52

Note 7 - Marketable Securitie29

Note 7 - Marketable Securities, Available-for-sale (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	March 31, 2017 December 31, 2016 Amortized Cost Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Type of security: Municipal bond and metropolitan district securities $ 18,563 $ (465 ) $ 18,098 $ 18,563 $ (465 ) $ 18,098
Available-for-sale Securities [Table Text Block]	March 31, 2017 (Dollars in thousands) Contractual maturity: Maturing in one year or less $ ― Maturing after three years 18,098 Total marketable securities, available-for-sale $ 18,098

Note 8 - Inventories (Tables)

Note 8 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Inventories Owned [Table Text Block]	March 31, 2017 North Southeast Southwest West Total (Dollars in thousands) Land and land under development (1) $ 418,256 $ 1,119,696 $ 580,263 $ 1,381,594 $ 3,499,809 Homes completed and under construction 396,682 720,209 768,655 687,930 2,573,476 Model homes 74,753 133,945 115,607 158,685 482,990 Total inventories owned $ 889,691 $ 1,973,850 $ 1,464,525 $ 2,228,209 $ 6,556,275 December 31, 2016 North Southeast Southwest West Total (Dollars in thousands) Land and land under development (1) $ 445,245 $ 1,177,646 $ 594,585 $ 1,410,264 $ 3,627,740 Homes completed and under construction 327,421 585,938 710,509 680,241 2,304,109 Model homes 79,306 132,968 116,575 178,094 506,943 Total inventories owned $ 851,972 $ 1,896,552 $ 1,421,669 $ 2,268,599 $ 6,438,792

Note 9 - Capitalization of In31

Note 9 - Capitalization of Interest (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Capitalized Interest [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands) Total interest incurred (1) $ 51,705 $ 62,725 Less: Interest capitalized to inventories owned (1) (50,875 ) (61,845 ) Less: Interest capitalized to investments in unconsolidated joint ventures (830 ) (880 ) Interest expense $ ― $ ― Interest previously capitalized to inventories owned, included in cost of home sales $ 39,428 $ 30,203 Interest previously capitalized to inventories owned, included in cost of land sales $ ― $ 179 Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures $ ― $ ― Interest capitalized in ending inventories owned (2) $ 377,647 $ 336,922 Interest capitalized as a percentage of inventories owned 5.8 % 5.3 % Interest capitalized in ending investments in unconsolidated joint ventures (2) $ 3,693 $ 3,821 Interest capitalized as a percentage of investments in unconsolidated joint ventures 3.1 % 2.8 %

Note 11 - Warranty Costs (Table

Note 11 - Warranty Costs (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands) Warranty accrual, beginning of the period $ 43,932 $ 40,691 Warranty costs accrued during the period 4,805 4,588 Warranty costs paid during the period (5,237 ) (4,774 ) Warranty accrual, end of the period $ 43,500 $ 40,505

Note 14 - Senior Notes Payable

Note 14 - Senior Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Debt [Table Text Block]	March 31, December 31, 2017 2016 (Dollars in thousands) 8.4% Senior Notes due May 2017 $ 231,725 $ 235,175 8.375% Senior Notes due May 2018 574,600 574,501 1.625% Convertible Senior Notes due May 2018 221,077 220,236 0.25% Convertible Senior notes due June 2019 255,196 253,777 6.625% Senior Notes due May 2020 318,416 319,909 8.375% Senior Notes due January 2021 395,525 395,246 6.25% Senior Notes due December 2021 297,742 297,623 5.375% Senior Notes due October 2022 249,264 249,230 5.875% Senior Notes due November 2024 297,077 296,982 5.25% Senior Notes due June 2026 297,427 297,483 1.25% Convertible Senior Notes due August 2032 252,455 252,046 $ 3,390,504 $ 3,392,208

Note 16 - Disclosures About F34

Note 16 - Disclosures About Fair Value (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value at Description Fair Value Hierarchy March 31, 2017 December 31, 2016 (Dollars in thousands) Marketable securities, available-for-sale Municipal debt securities Level 2 $ 9,387 $ 9,387 Metropolitan district bond securities Level 3 $ 8,711 $ 8,711 Mortgage loans held for sale Level 2 $ 161,385 $ 265,542
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	March 31, 2017 December 31, 2016 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 $ 25,744 $ 25,744 $ 24,924 $ 24,924 Homebuilding liabilities: Senior and convertible senior notes payable, net Level 2 $ 3,390,504 $ 3,639,774 $ 3,392,208 $ 3,617,838

Note 19 - Supplemental Disclo35

Note 19 - Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes $ 58 $ 23,027

Note 20 - Supplemental Guaran36

Note 20 - Supplemental Guarantor Information (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Supplemental Condensed Consolidating Statements of Operations [Table Text Block]	Three Months Ended March 31, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 577,268 $ 540,524 $ 219,907 $ ― $ 1,337,699 Cost of sales (471,297 ) (431,552 ) (160,006 ) ― (1,062,855 ) Gross margin 105,971 108,972 59,901 ― 274,844 Selling, general and administrative expenses (64,708 ) (73,391 ) (18,177 ) ― (156,276 ) Income (loss) from unconsolidated joint ventures 674 133 3,081 ― 3,888 Equity income of subsidiaries 57,597 ― ― (57,597 ) ― Interest income (expense), net 874 (680 ) (194 ) ― ― Other income (expense) (1,987 ) (28 ) 1,846 ― (169 ) Homebuilding pretax income 98,421 35,006 46,457 (57,597 ) 122,287 Financial Services: Financial services pretax income ― ― 7,581 ― 7,581 Income before taxes 98,421 35,006 54,038 (57,597 ) 129,868 Provision for income taxes (15,801 ) (16,723 ) (14,724 ) ― (47,248 ) Net income $ 82,620 $ 18,283 $ 39,314 $ (57,597 ) $ 82,620 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
Supplemental Condensed Consolidating Balance Sheets [Table Text Block]	March 31, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 95,956 $ 24,153 $ 23,772 $ ― $ 143,881 Restricted cash ― ― 30,306 ― 30,306 Intercompany receivables 2,077,067 ― 378,564 (2,455,631 ) ― Inventories: Owned 2,885,973 2,320,920 1,349,382 ― 6,556,275 Not owned 32,880 26,996 2,896 ― 62,772 Investments in unconsolidated joint ventures 4,707 4,798 110,859 ― 120,364 Investments in subsidiaries 2,011,015 ― ― (2,011,015 ) ― Deferred income taxes, net 332,392 ― ― (6,643 ) 325,749 Goodwill 970,185 ― ― ― 970,185 Other assets 168,787 40,902 11,402 ― 221,091 Total Homebuilding Assets 8,578,962 2,417,769 1,907,181 (4,473,289 ) 8,430,623 Financial Services: Cash and equivalents ― ― 38,112 ― 38,112 Restricted cash ― ― 21,242 ― 21,242 Mortgage loans held for sale, net ― ― 157,851 ― 157,851 Mortgage loans held for investment, net ― ― 25,744 ― 25,744 Other assets ― ― 21,999 (1,801 ) 20,198 Total Financial Services Assets ― ― 264,948 (1,801 ) 263,147 Total Assets $ 8,578,962 $ 2,417,769 $ 2,172,129 $ (4,475,090 ) $ 8,693,770 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 79,553 $ 66,747 $ 24,245 $ ― $ 170,545 Accrued liabilities and intercompany payables 418,880 1,323,401 981,395 (2,085,511 ) 638,165 Revolving credit facility ― ― ― ― ― Secured project debt and other notes payable 402,652 ― 3,309 (378,564 ) 27,397 Senior notes payable 3,390,504 ― ― ― 3,390,504 Total Homebuilding Liabilities 4,291,589 1,390,148 1,008,949 (2,464,075 ) 4,226,611 Financial Services: Accounts payable and other liabilities ― ― 17,576 ― 17,576 Mortgage credit facility ― ― 154,467 ― 154,467 Total Financial Services Liabilities ― ― 172,043 ― 172,043 Total Liabilities 4,291,589 1,390,148 1,180,992 (2,464,075 ) 4,398,654 Equity: Total Stockholders' Equity 4,287,373 1,027,621 983,394 (2,011,015 ) 4,287,373 Noncontrolling interest ― ― 7,743 ― 7,743 Total Equity 4,287,373 1,027,621 991,137 (2,011,015 ) 4,295,116 Total Liabilities and Equity $ 8,578,962 $ 2,417,769 $ 2,172,129 $ (4,475,090 ) $ 8,693,770 December 31, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 105,261 $ 38,211 $ 47,614 $ ― $ 191,086 Restricted cash ― ― 28,321 ― 28,321 Intercompany receivables 2,045,773 ― 334,926 (2,380,699 ) ― Inventories: Owned 2,825,234 2,277,840 1,335,718 ― 6,438,792 Not owned 30,953 32,596 2,718 ― 66,267 Investments in unconsolidated joint ventures 4,469 4,923 117,735 ― 127,127 Investments in subsidiaries 1,954,418 ― ― (1,954,418 ) ― Deferred income taxes, net 337,021 ― ― (6,643 ) 330,378 Goodwill 970,185 ― ― ― 970,185 Other assets 165,214 36,725 2,550 ― 204,489 Total Homebuilding Assets 8,438,528 2,390,295 1,869,582 (4,341,760 ) 8,356,645 Financial Services: Cash and equivalents ― ― 17,041 ― 17,041 Restricted cash ― ― 21,710 ― 21,710 Mortgage loans held for sale, net ― ― 262,058 ― 262,058 Mortgage loans held for investment, net ― ― 24,924 ― 24,924 Other assets ― ― 28,467 (1,801 ) 26,666 Total Financial Services Assets ― ― 354,200 (1,801 ) 352,399 Total Assets $ 8,438,528 $ 2,390,295 $ 2,223,782 $ (4,343,561 ) $ 8,709,044 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 92,611 $ 78,729 $ 40,440 $ ― $ 211,780 Accrued liabilities and intercompany payables 387,098 1,302,228 964,796 (2,054,217 ) 599,905 Secured project debt and other notes payable 359,025 ― 3,480 (334,926 ) 27,579 Senior notes payable 3,392,208 ― ― ― 3,392,208 Total Homebuilding Liabilities 4,230,942 1,380,957 1,008,716 (2,389,143 ) 4,231,472 Financial Services: Accounts payable and other liabilities ― ― 22,559 ― 22,559 Mortgage credit facility ― ― 247,427 ― 247,427 Total Financial Services Liabilities ― ― 269,986 ― 269,986 Total Liabilities 4,230,942 1,380,957 1,278,702 (2,389,143 ) 4,501,458 Equity: Total Equity 4,207,586 1,009,338 945,080 (1,954,418 ) 4,207,586 Total Liabilities and Equity $ 8,438,528 $ 2,390,295 $ 2,223,782 $ (4,343,561 ) $ 8,709,044
Supplemental Condensed Consolidating Statements of Cash Flows [Table Text Block]	Three Months Ended March 31, 2017 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 $ (14,708 ) $ (37,052 ) $ 143,518 $ ― $ 91,758 Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (96 ) (41 ) (18,772 ) ― (18,909 ) Distributions of capital from unconsolidated homebuilding joint ventures 500 350 5,621 ― 6,471 Loan to parent and subsidiaries ― ― (43,664 ) 43,664 ― Other investing activities (531 ) (446 ) (944 ) ― (1,921 ) Net cash provided by (used in) investing activities (127 ) (137 ) (57,759 ) 43,664 (14,359 ) Cash Flows From Financing Activities: Change in restricted cash ― ― (1,517 ) ― (1,517 ) Borrowings from revolving credit facility 109,550 ― ― ― 109,550 Principal payments on revolving credit facility (109,550 ) ― ― ― (109,550 ) Principal payments on secured project debt and other notes payable ― ― (179 ) ― (179 ) Loan from subsidiary 43,664 ― ― (43,664 ) ― Net proceeds from (payments on) mortgage credit facility ― ― (92,960 ) ― (92,960 ) (Contributions to) distributions from Corporate and subsidiaries 1,000 ― (1,000 ) ― ― Repurchases of common stock ― ― ― ― ― Common stock dividend payments (4,584 ) ― ― ― (4,584 ) Issuance of common stock under employee stock plans, net of tax withholdings (4,167 ) ― ― ― (4,167 ) Other financing activities (126 ) ― ― ― (126 ) Intercompany advances, net (30,257 ) 23,131 7,126 ― ― Net cash provided by (used in) financing activities 5,530 23,131 (88,530 ) (43,664 ) (103,533 ) Net increase (decrease) in cash and equivalents (9,305 ) (14,058 ) (2,771 ) ― (26,134 ) Cash and equivalents at beginning of period 105,261 38,211 64,655 ― 208,127 Cash and equivalents at end of period $ 95,956 $ 24,153 $ 61,884 $ ― $ 181,993 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 facility ― ― (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

Note 3 - Segment Reporting (Det

Note 3 - Segment Reporting (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Number of Operating Segments	2
Number of Reportable Segments	4
Homebuilding [Member] | North [Member]
Depreciation, Depletion and Amortization, Nonproduction	$ 1	$ 1.2
Homebuilding [Member] | Southeast [Member]
Depreciation, Depletion and Amortization, Nonproduction	4	2.9
Homebuilding [Member] | Southwest [Member]
Depreciation, Depletion and Amortization, Nonproduction	2.4	2.6
Homebuilding [Member] | West [Member]
Depreciation, Depletion and Amortization, Nonproduction	$ 5.3	$ 5.3

Note 3 - Segment Reporting - Se

Note 3 - Segment Reporting - Segment Financial Information Relating to Homebuilding Operations (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Homebuilding revenues		$ 1,337,699	$ 1,185,683
Homebuilding pretax income		122,287	108,268
Homebuilding income (loss) from unconsolidated joint ventures		3,888	1,189
Homebuilding [Member]
Homebuilding revenues		1,337,699	1,185,683
Homebuilding pretax income	[1]	122,287	108,268
Homebuilding income (loss) from unconsolidated joint ventures		3,888	1,189
Homebuilding [Member] | North [Member]
Homebuilding revenues		234,776	186,555
Homebuilding pretax income	[1]	18,865	9,570
Homebuilding income (loss) from unconsolidated joint ventures		292	306
Homebuilding [Member] | Southeast [Member]
Homebuilding revenues		351,103	277,482
Homebuilding pretax income	[1]	23,716	21,050
Homebuilding income (loss) from unconsolidated joint ventures			457
Homebuilding [Member] | Southwest [Member]
Homebuilding revenues		336,215	343,034
Homebuilding pretax income	[1]	30,177	26,926
Homebuilding income (loss) from unconsolidated joint ventures		108	567
Homebuilding [Member] | West [Member]
Homebuilding revenues		415,605	378,612
Homebuilding pretax income	[1]	49,529	50,722
Homebuilding income (loss) from unconsolidated joint ventures		$ 3,488	$ (141)
[1]	Homebuilding pretax income includes depreciation and amortization expense of $1.0 million, $4.0 million, $2.4 million and $5.3 million, respectively, in the North, Southeast, Southwest and West for the quarter ended March 31, 2017 and $1.2 million, $2.9 million, $2.6 million and $5.3 million, respectively, in the North, Southeast, Southwest and West for the quarter ended March 31, 2016.

Note 3 - Segment Reporting - 39

Note 3 - Segment Reporting - Segment Financial Information Relating to Homebuilding Assets and Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets	$ 8,693,770	$ 8,709,044
Homebuilding [Member]
Assets	8,430,623	8,356,645
Homebuilding investments in unconsolidated joint ventures	120,364	127,127
Homebuilding [Member] | Corporate, Non-Segment [Member]
Assets	587,527	578,780
Homebuilding [Member] | North [Member]
Assets	1,227,859	1,181,544
Homebuilding investments in unconsolidated joint ventures	5,547	5,691
Homebuilding [Member] | Southeast [Member]
Assets	2,300,549	2,253,289
Homebuilding investments in unconsolidated joint ventures	334	334
Homebuilding [Member] | Southwest [Member]
Assets	1,866,350	1,842,869
Homebuilding investments in unconsolidated joint ventures	5,931	6,085
Homebuilding [Member] | West [Member]
Assets	2,448,338	2,500,163
Homebuilding investments in unconsolidated joint ventures	$ 108,552	$ 115,017

Note 4 - Earnings Per Common 40

Note 4 - Earnings Per Common Share - Components Used in Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 82,620	$ 72,661
Less: Net income allocated to unvested restricted stock	(301)	(113)
Net income available to common stockholders for basic earnings per common share	82,319	72,548
Effect of dilutive securities:
Net income available to common stock for diluted earnings per share	$ 82,562	$ 72,322
Basic (in shares)	114,487,245	120,814,939
Share-based awards (in shares)	903,173	561,065
Weighted average diluted shares outstanding (in shares)	132,505,435	138,430,580
Income Per Common Share:
Basic (in dollars per share)	$ 0.72	$ 0.60
Diluted (in dollars per share)	$ 0.62	$ 0.52
1.625% Convertible Senior Notes due May 2018 [Member]
Effect of dilutive securities:
Interest on convertible senior notes	$ 94	$ (370)
Interest on convertible senior notes (in shares)	7,169,940	7,157,934
0.25% Convertible Senior Notes Due June 2019 [Member]
Effect of dilutive securities:
Interest on convertible senior notes	$ 85	$ 82
Interest on convertible senior notes (in shares)	3,640,140	3,634,072
1.25% Convertible Senior Notes Due August 2032 [Member]
Effect of dilutive securities:
Interest on convertible senior notes	$ 64	$ 62
Interest on convertible senior notes (in shares)	6,304,937	6,262,570

Note 4 - Earnings Per Common 41

Note 4 - Earnings Per Common Share - Components Used in Computation of Basic and Diluted Earnings Per Common Share (Details) (Parentheticals)	Mar. 31, 2017	Mar. 31, 2016
1.625% Convertible Senior Notes due May 2018 [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.625%	1.625%
Interest rate	1.625%	1.625%
0.25% Convertible Senior Notes Due June 2019 [Member]
Debt Instrument, Interest Rate, Stated Percentage	0.25%	0.25%
Interest rate	0.25%	0.25%
1.25% Convertible Senior Notes Due August 2032 [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.25%	1.25%
Interest rate	1.25%	1.25%

Note 5 - Stock-based Compensa42

Note 5 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Allocated Share-based Compensation Expense	$ 4.3	$ 3.8
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 23.4
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 292 days

Note 6 - Cash and Equivalents43

Note 6 - Cash and Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Cash and Cash Equivalents, at Carrying Value	$ 181,993	$ 208,127	$ 193,219	$ 186,594
Homebuilding [Member]
Cash and Cash Equivalents, at Carrying Value	143,881	191,086
Restricted Cash and Cash Equivalents	30,306	28,321
Financial Services [Member]
Cash and Cash Equivalents, at Carrying Value	38,112	17,041
Restricted Cash and Cash Equivalents	21,242	$ 21,710
Cash From Home Closings in Escrow [Member]
Cash and Cash Equivalents, at Carrying Value	83,000
Held in Cash Collateral Accounts [Member] | Homebuilding [Member]
Restricted Cash and Cash Equivalents	30,300
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	3,000
Funds Held in Trust for Third Parties [Member] | Financial Services [Member]
Restricted Cash and Cash Equivalents	$ 500

Note 7 - Marketable Securitie44

Note 7 - Marketable Securities, Available-for-sale (Details Textual)	3 Months Ended
	Mar. 31, 2017USD ($)
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	$ 1,000
Available-for-sale Securities [Member]
Marketable Securities, Unrealized Gain (Loss)	$ 173,000

Note 7 - Marketable Securitie45

Note 7 - Marketable Securities, Available-for-sale - Fair Values of Marketable Securities by Type of Security (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Marketable securities, available-for-sale	$ 18,098
Municipal Bond and Metropolitan District Securities [Member]
Amortized cost	18,563	$ 18,563
Gross unrealized losses	(465)	(465)
Marketable securities, available-for-sale	$ 18,098	$ 18,098

Note 7 - Marketable Securitie46

Note 7 - Marketable Securities, Available-for-sale - Fair Values of Marketable Securities by Contractual Maturity (Details) $ in Thousands	Mar. 31, 2017USD ($)
Maturing in one year or less	$ 0
Maturing after three years	18,098
Total marketable securities, available-for-sale	$ 18,098

Note 8 - Inventories (Details T

Note 8 - Inventories (Details Textual) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Inventory, Real Estate, Land and Land Development Costs, Land Purchased During Period	$ 165,300		$ 960,800
Inventory, Real Estate, Number of Homesites Purchased During the Period	3,075		13,566
Number of Active and Future Projects Owned	815	762
Impairment of Real Estate	$ 0	$ 0
Homebuilding: North [Member]
Inventory, Real Estate, Land Purchased During Period, Percentage of Homesites Included in a Certain Category	34.00%		25.00%
Homebuilding Southeast [Member]
Inventory, Real Estate, Land Purchased During Period, Percentage of Homesites Included in a Certain Category	36.00%		25.00%
Homebuilding Southwest [Member]
Inventory, Real Estate, Land Purchased During Period, Percentage of Homesites Included in a Certain Category	25.00%		24.00%
Homebuilding: West [Member]
Inventory, Real Estate, Land Purchased During Period, Percentage of Homesites Included in a Certain Category	5.00%		26.00%

Note 8 - Inventories - Inventor

Note 8 - Inventories - Inventories Owned (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Land and land under development	[1]	$ 3,499,809	$ 3,627,740
Homes completed and under construction		2,573,476	2,304,109
Model homes		482,990	506,943
Total inventories owned		6,556,275	6,438,792
Homebuilding: North [Member]
Land and land under development	[1]	418,256	445,245
Homes completed and under construction		396,682	327,421
Model homes		74,753	79,306
Total inventories owned		889,691	851,972
Homebuilding Southeast [Member]
Land and land under development	[1]	1,119,696	1,177,646
Homes completed and under construction		720,209	585,938
Model homes		133,945	132,968
Total inventories owned		1,973,850	1,896,552
Homebuilding Southwest [Member]
Land and land under development	[1]	580,263	594,585
Homes completed and under construction		768,655	710,509
Model homes		115,607	116,575
Total inventories owned		1,464,525	1,421,669
Homebuilding: West [Member]
Land and land under development	[1]	1,381,594	1,410,264
Homes completed and under construction		687,930	680,241
Model homes		158,685	178,094
Total inventories owned		$ 2,228,209	$ 2,268,599
[1]	During the three months ended March 31, 2017, we purchased $165.3 million of land (3,075 homesites), of which 34% (based on homesites) were located in the North, 36% in the Southeast, 25% in the Southwest, and 5% in the West. During the year ended December 31, 2016, we purchased $960.8 million of land (13,566 homesites), of which 25% (based on homesites) were located in the North, 25% in the Southeast, 24% in the Southwest, and 26% in the West.

Note 9 - Capitalization of In49

Note 9 - Capitalization of Interest (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Capitalized Interest Transferred from Investments in Unconsolidated Joint Ventures to Inventories Owned	$ 0.5
1.625% Convertible Senior Notes due May 2018 [Member]
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 9 - Capitalization of In50

Note 9 - Capitalization of Interest - Homebuilding Capitalized Interest (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Total interest incurred	[1]	$ 51,705	$ 62,725
Less: Interest capitalized to inventories owned	[1]	(50,875)	(61,845)
Less: Interest capitalized to investments in unconsolidated joint ventures		(830)	(880)
Interest expense
Interest previously capitalized to inventories owned, included in cost of home sales		39,428	30,203
Interest previously capitalized to inventories owned, included in cost of land sales			179
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures
Interest capitalized in ending inventories owned	[2]	$ 377,647	$ 336,922
Interest capitalized as a percentage of inventories owned		5.80%	5.30%
Interest capitalized in ending investments in unconsolidated joint ventures	[2]	$ 3,693	$ 3,821
Interest capitalized as a percentage of investments in unconsolidated joint ventures		3.10%	2.80%
[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.
[2]	During the three months ended March 31, 2017, in connection with lot purchases from our joint ventures, $0.5 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned.

Note 10 - Investments in Unco51

Note 10 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Asset Impairment Charges	$ 0	$ 0

Note 11 - Warranty Costs - Warr

Note 11 - Warranty Costs - Warranty Costs Accrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Warranty accrual	$ 43,932	$ 40,691
Warranty costs accrued during the period	4,805	4,588
Warranty costs paid during the period	(5,237)	(4,774)
Warranty accrual	$ 43,500	$ 40,505

Note 12 - Revolving Credit Fa53

Note 12 - Revolving Credit Facility and Letter of Credit Facilities (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Cash Collateral Deposits	$ 26,600
Long-term Line of Credit
Four Committed Letter of Credit [Member]
Letters of Credit Outstanding, Amount	$ 26,100
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.983%
Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	4.00%
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.75%
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity	$ 750,000
Line of Credit Facility, Maximum Borrowing Capacity	1,200,000
Line of Credit Facility Covenant, Minimum Tangible Net Worth Requirement	$ 1,650,000
Line of Credit Facility Covenant, Maximum Leverage Ratio	2
Line of Credit Facility Covenant, Minimum Interest Coverage Ratio	1.25
Letters of Credit Outstanding, Amount	$ 106,500
Line of Credit Facility, Remaining Borrowing Capacity	643,500
Long-term Line of Credit	$ 0
Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.75%
Letter of Credit [Member]
Line of Credit Facility, Current Borrowing Capacity	$ 350,000
Letter of Credit [Member] | Four Committed Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 40,200

Note 13 - Secured Project Deb54

Note 13 - Secured Project Debt and Other Notes Payable (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Homebuilding [Member]
Secured Debt	$ 27,397	$ 27,579

Note 14 - Senior Notes Payabl55

Note 14 - Senior Notes Payable (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2017	Mar. 31, 2017	Mar. 31, 2016
Subsequent Event [Member]
Proceeds from Issuance of Senior Long-term Debt	$ 225,000,000
1.625% Convertible Senior Notes due May 2018 [Member]
Debt Instrument, Interest Rate, Stated Percentage		1.625%	1.625%
Debt Instrument, Convertible, Conversion Ratio		31.8664
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation		$ 1,000
Debt Instrument, Convertible, Conversion Price		$ 31.38
0.25% Convertible Senior Notes Due June 2019 [Member]
Debt Instrument, Interest Rate, Stated Percentage		0.25%	0.25%
Debt Instrument, Convertible, Conversion Ratio		13.608
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation		$ 1,000
Debt Instrument, Convertible, Conversion Price		$ 73.49
Debt Instrument, Convertible, Threshold Trading Days		20
Debt Instrument, Convertible, Threshold Consecutive Trading Days		30
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		24.9207
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation		$ 1,000
Debt Instrument, Convertible, Conversion Price		$ 40.13
Debt Instrument, Redemption Price, Percentage		100.00%
5.875% Senior Notes Due November 2024 [Member] | Subsequent Event [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.875%
Proceeds from Issuance of Senior Long-term Debt	$ 125,000,000
5.25% Senior Notes due June 2026 [Member] | Subsequent Event [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.25%
Proceeds from Issuance of Senior Long-term Debt	$ 100,000,000
8.4% Senior Notes Due May 2017 [Member] | Subsequent Event [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.40%

Note 14 - Senior Notes Payabl56

Note 14 - Senior Notes Payable - Senior Notes Payable (Details) - Homebuilding [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Senior notes	$ 3,390,504	$ 3,392,208
8.4% Senior Notes Due May 2017 [Member]
Senior notes	231,725	235,175
8.375% Senior Notes Due May 2018 [Member]
Senior notes	574,600	574,501
1.625% Convertible Senior Notes due May 2018 [Member]
Senior notes	221,077	220,236
0.25% Convertible Senior Notes Due June 2019 [Member]
Senior notes	255,196	253,777
6.625% Senior Notes due May 2020 [Member]
Senior notes	318,416	319,909
8.375% Senior Notes Due January 2021 [Member]
Senior notes	395,525	395,246
6.25% Senior Notes Due December 15, 2021 [Member]
Senior notes	297,742	297,623
5.375% Senior Notes Due October 2022 [Member]
Senior notes	249,264	249,230
5.875% Senior Notes Due November 2024 [Member]
Senior notes	297,077	296,982
5.25% Senior Notes due June 2026 [Member]
Senior notes	297,427	297,483
1.25% Convertible Senior Notes Due August 2032 [Member]
Senior notes	$ 252,455	$ 252,046

Note 14 - Senior Notes Payabl57

Note 14 - Senior Notes Payable - Senior Notes Payable (Details) (Parentheticals)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
1.625% Convertible Senior Notes due May 2018 [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.625%		1.625%
0.25% Convertible Senior Notes Due June 2019 [Member]
Debt Instrument, Interest Rate, Stated Percentage	0.25%		0.25%
1.25% Convertible Senior Notes Due August 2032 [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.25%		1.25%
Homebuilding [Member] | 8.4% Senior Notes Due May 2017 [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.40%	8.40%
Homebuilding [Member] | 8.375% Senior Notes Due May 2018 [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.375%	8.375%
Homebuilding [Member] | 1.625% Convertible Senior Notes due May 2018 [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.625%	1.625%
Homebuilding [Member] | 0.25% Convertible Senior Notes Due June 2019 [Member]
Debt Instrument, Interest Rate, Stated Percentage	0.25%	0.25%
Homebuilding [Member] | 6.625% Senior Notes due May 2020 [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.625%	6.625%
Homebuilding [Member] | 8.375% Senior Notes Due January 2021 [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.375%	8.375%
Homebuilding [Member] | 6.25% Senior Notes Due December 15, 2021 [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.25%	6.25%
Homebuilding [Member] | 5.375% Senior Notes Due October 2022 [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.375%	5.375%
Homebuilding [Member] | 5.875% Senior Notes Due November 2024 [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.875%	5.875%
Homebuilding [Member] | 5.25% Senior Notes due June 2026 [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.25%	5.25%
Homebuilding [Member] | 1.25% Convertible Senior Notes Due August 2032 [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.25%	1.25%

Note 15 - Mortgage Credit Fac58

Note 15 - Mortgage Credit Facility (Details Textual) - Financial Services [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Warehouse Agreement Borrowings	$ 154,467	$ 247,427
Standard Pacific [Member]
Cash Collateral for Borrowed Securities	3,000
Repurchase Facility [Member] | First Lender [Member] | Maturing January 2017 [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000

Note 16 - Disclosures About F59

Note 16 - Disclosures About Fair Value - Fair Value of Mortgage Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Marketable securities, available-for-sale
Marketable securities, available-for-sale	$ 18,098
Fair Value, Inputs, Level 2 [Member]
Marketable securities, available-for-sale
Mortgage loans held for sale	161,385	$ 265,542
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member]
Marketable securities, available-for-sale
Marketable securities, available-for-sale	9,387	9,387
Fair Value, Inputs, Level 3 [Member] | Metropolitan District Bond Securities [Member]
Marketable securities, available-for-sale
Marketable securities, available-for-sale	$ 8,711	$ 8,711

Note 16 - Disclosures About F60

Note 16 - Disclosures About Fair Value - Carrying Values and Estimated Fair Value of Other Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Financial Services [Member]
Mortgage loans held for investment, net	$ 25,744	$ 24,924
Homebuilding [Member]
Senior notes payable	3,390,504	3,392,208
Fair Value, Inputs, Level 2 [Member] | Financial Services [Member]
Mortgage loans held for investment, net	25,744	24,924
Senior notes payable	25,744	24,924
Fair Value, Inputs, Level 2 [Member] | Homebuilding [Member]
Senior and convertible senior notes payable, net	3,390,504	3,392,208
Senior and convertible senior notes payable, net	$ 3,639,774	$ 3,617,838

Note 17 - Commitments and Con61

Note 17 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Nonrefundable Cash Deposits	$ 56,000,000
Capitalized Preacquisition and Other Development and Construction Costs	16,500,000
Remaining Purchase Price of Land Purchase and Option Contracts	$ 788,600,000
Number of Joint Ventures the Company Holds Membership Interest In	27
Number of Active Joint Ventures	13
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	$ 30,100,000
Outstanding Surety Bonds	918,100,000
Surety Bonds Cost to Complete	464,700,000
Mortgage Loans in Process	$ 358,400,000
Mortgage Loans in Process, Interest Rate	3.90%
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	$ 156,400,000
Mortgage Loans Committed to Sell to Investors	36,100,000
Mortgage Loan Repurchase Reserve	3,600,000		$ 3,600,000
Mortgage Loan Repurchase Payments	0	$ 100,000
Insurance and Litigation Accruals	233,700,000		$ 233,500,000
Outstanding Joint Venture Surety Bonds	0
Mortgage Loans in Process [Member]
Mortgage Loans Expected to be Originated on a Non-presold Basis	$ 322,300,000

Note 18 - Income Taxes (Details

Note 18 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Tax Expense (Benefit)	$ 47,248	$ 42,543
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	129,868	$ 115,204
Deferred Tax Assets, Operating Loss Carryforwards	101,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	15,600
Deferred Tax Assets, Other	206,700
Unrecognized Tax Benefits	$ 12,800		$ 12,100
Earliest Tax Year [Member]
Open Tax Year	2,012
Latest Tax Year [Member]
Open Tax Year	2,016
State and Local Net Operating Loss Carryforwards Limited to Shorter Carryforward Periods [Member]
Deferred Tax Assets, Gross	$ 328,200
Deferred Tax Assets, Valuation Allowance	2,500
Subject to 382 Limitations [Member]
Deferred Tax Assets, Operating Loss Carryforwards	15,300
Not Limited by Section 382 [Member]
Deferred Tax Assets, Operating Loss Carryforwards	$ 5,200

Note 19 - Supplemental Disclo63

Note 19 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Disclosures of Cash Flow Information:
Income taxes	$ 58	$ 23,027

Note 20 - Supplemental Guaran64

Note 20 - Supplemental Guarantor Information - Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Homebuilding revenues	$ 1,337,699	$ 1,185,683
Cost of sales	(1,062,855)	(938,495)
Gross margin	274,844	247,188
Selling, general and administrative expenses	(156,276)	(136,701)
Homebuilding income (loss) from unconsolidated joint ventures	3,888	1,189
Equity income of subsidiaries
Interest income (expense), net
Other income (expense)	(169)	(3,408)
Homebuilding pretax income	122,287	108,268
Financial services pretax income	7,581	6,936
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	129,868	115,204
Provision for income taxes	(47,248)	(42,543)
Net income	82,620	72,661
Consolidation, Eliminations [Member]
Homebuilding revenues
Cost of sales
Gross margin
Selling, general and administrative expenses
Homebuilding income (loss) from unconsolidated joint ventures
Equity income of subsidiaries	(57,597)	(54,167)
Interest income (expense), net
Other income (expense)
Homebuilding pretax income	(57,597)	(54,167)
Financial services pretax income
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(57,597)	(54,167)
Provision for income taxes
Net income	(57,597)	(54,167)
Parent Company [Member] | Reportable Legal Entities [Member]
Homebuilding revenues	577,268	461,738
Cost of sales	(471,297)	(372,841)
Gross margin	105,971	88,897
Selling, general and administrative expenses	(64,708)	(55,051)
Homebuilding income (loss) from unconsolidated joint ventures	674	689
Equity income of subsidiaries	57,597	54,167
Interest income (expense), net	874	1,337
Other income (expense)	(1,987)	(3,615)
Homebuilding pretax income	98,421	86,424
Financial services pretax income
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	98,421	86,424
Provision for income taxes	(15,801)	(13,763)
Net income	82,620	72,661
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Homebuilding revenues	540,524	534,454
Cost of sales	(431,552)	(430,002)
Gross margin	108,972	104,452
Selling, general and administrative expenses	(73,391)	(67,846)
Homebuilding income (loss) from unconsolidated joint ventures	133	144
Equity income of subsidiaries
Interest income (expense), net	(680)	(965)
Other income (expense)	(28)	189
Homebuilding pretax income	35,006	35,974
Financial services pretax income
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	35,006	35,974
Provision for income taxes	(16,723)	(17,474)
Net income	18,283	18,500
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Homebuilding revenues	219,907	189,491
Cost of sales	(160,006)	(135,652)
Gross margin	59,901	53,839
Selling, general and administrative expenses	(18,177)	(13,804)
Homebuilding income (loss) from unconsolidated joint ventures	3,081	356
Equity income of subsidiaries
Interest income (expense), net	(194)	(372)
Other income (expense)	1,846	18
Homebuilding pretax income	46,457	40,037
Financial services pretax income	7,581	6,936
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	54,038	46,973
Provision for income taxes	(14,724)	(11,306)
Net income	$ 39,314	$ 35,667

Note 20 - Supplemental Guaran65

Note 20 - Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Cash and Cash Equivalents, at Carrying Value	$ 181,993	$ 208,127	$ 193,219	$ 186,594
Owned	6,556,275	6,438,792
Assets	8,693,770	8,709,044
Long-term Line of Credit
Total liabilities	4,398,654	4,501,458
Total Stockholders' Equity	4,287,373	4,207,586
Noncontrolling interest	7,743
Total Equity	4,295,116	4,207,586
Total Liabilities and Equity	8,693,770	8,709,044
Consolidation, Eliminations [Member]
Cash and Cash Equivalents, at Carrying Value
Assets	(4,475,090)	(4,343,561)
Total liabilities	(2,464,075)	(2,389,143)
Total Stockholders' Equity	(2,011,015)
Noncontrolling interest
Total Equity	(2,011,015)	(1,954,418)
Total Liabilities and Equity	(4,475,090)	(4,343,561)
Parent Company [Member] | Reportable Legal Entities [Member]
Cash and Cash Equivalents, at Carrying Value	95,956	105,261	86,958	6,387
Assets	8,578,962	8,438,528
Total liabilities	4,291,589	4,230,942
Total Stockholders' Equity	4,287,373
Noncontrolling interest
Total Equity	4,287,373	4,207,586
Total Liabilities and Equity	8,578,962	8,438,528
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Cash and Cash Equivalents, at Carrying Value	24,153	38,211	35,975	112,852
Assets	2,417,769	2,390,295
Total liabilities	1,390,148	1,380,957
Total Stockholders' Equity	1,027,621
Noncontrolling interest
Total Equity	1,027,621	1,009,338
Total Liabilities and Equity	2,417,769	2,390,295
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Cash and Cash Equivalents, at Carrying Value	61,884	64,655	$ 70,286	$ 67,355
Assets	2,172,129	2,223,782
Total liabilities	1,180,992	1,278,702
Total Stockholders' Equity	983,394
Noncontrolling interest	7,743
Total Equity	991,137	945,080
Total Liabilities and Equity	2,172,129	2,223,782
Homebuilding [Member]
Cash and Cash Equivalents, at Carrying Value	143,881	191,086
Restricted Cash and Cash Equivalents	30,306	28,321
Intercompany receivables
Owned	6,556,275	6,438,792
Not owned	62,772	66,267
Homebuilding investments in unconsolidated joint ventures	120,364	127,127
Investments in subsidiaries
Deferred income taxes, net	325,749	330,378
Goodwill	970,185	970,185
Other assets	221,091	204,489
Assets	8,430,623	8,356,645
Accounts payable	170,545	211,780
Accrued liabilities and intercompany payables	638,165	599,905
Long-term Line of Credit
Secured Debt	27,397	27,579
Senior notes payable	3,390,504	3,392,208
Total liabilities	4,226,611	4,231,472
Homebuilding [Member] | Consolidation, Eliminations [Member]
Cash and Cash Equivalents, at Carrying Value
Restricted Cash and Cash Equivalents
Intercompany receivables	(2,455,631)	(2,380,699)
Owned
Not owned
Homebuilding investments in unconsolidated joint ventures
Investments in subsidiaries	(2,011,015)	(1,954,418)
Deferred income taxes, net	(6,643)	(6,643)
Goodwill
Other assets
Assets	(4,473,289)	(4,341,760)
Accounts payable
Accrued liabilities and intercompany payables	(2,085,511)	(2,054,217)
Long-term Line of Credit
Secured Debt	(378,564)	(334,926)
Senior notes payable
Total liabilities	(2,464,075)	(2,389,143)
Homebuilding [Member] | Parent Company [Member] | Reportable Legal Entities [Member]
Cash and Cash Equivalents, at Carrying Value	95,956	105,261
Restricted Cash and Cash Equivalents
Intercompany receivables	2,077,067	2,045,773
Owned	2,885,973	2,825,234
Not owned	32,880	30,953
Homebuilding investments in unconsolidated joint ventures	4,707	4,469
Investments in subsidiaries	2,011,015	1,954,418
Deferred income taxes, net	332,392	337,021
Goodwill	970,185	970,185
Other assets	168,787	165,214
Assets	8,578,962	8,438,528
Accounts payable	79,553	92,611
Accrued liabilities and intercompany payables	418,880	387,098
Long-term Line of Credit
Secured Debt	402,652	359,025
Senior notes payable	3,390,504	3,392,208
Total liabilities	4,291,589	4,230,942
Homebuilding [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Cash and Cash Equivalents, at Carrying Value	24,153	38,211
Restricted Cash and Cash Equivalents
Intercompany receivables
Owned	2,320,920	2,277,840
Not owned	26,996	32,596
Homebuilding investments in unconsolidated joint ventures	4,798	4,923
Investments in subsidiaries
Deferred income taxes, net
Goodwill
Other assets	40,902	36,725
Assets	2,417,769	2,390,295
Accounts payable	66,747	78,729
Accrued liabilities and intercompany payables	1,323,401	1,302,228
Long-term Line of Credit
Secured Debt
Senior notes payable
Total liabilities	1,390,148	1,380,957
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Cash and Cash Equivalents, at Carrying Value	23,772	47,614
Restricted Cash and Cash Equivalents	30,306	28,321
Intercompany receivables	378,564	334,926
Owned	1,349,382	1,335,718
Not owned	2,896	2,718
Homebuilding investments in unconsolidated joint ventures	110,859	117,735
Investments in subsidiaries
Deferred income taxes, net
Goodwill
Other assets	11,402	2,550
Assets	1,907,181	1,869,582
Accounts payable	24,245	40,440
Accrued liabilities and intercompany payables	981,395	964,796
Long-term Line of Credit
Secured Debt	3,309	3,480
Senior notes payable
Total liabilities	1,008,949	1,008,716
Financial Services [Member]
Cash and Cash Equivalents, at Carrying Value	38,112	17,041
Restricted Cash and Cash Equivalents	21,242	21,710
Other assets	20,198	26,666
Assets	263,147	352,399
Mortgage loans held for sale, net	157,851	262,058
Mortgage loans held for investment, net	25,744	24,924
Total liabilities	172,043	269,986
Accounts payable and other liabilities	17,576	22,559
Warehouse Agreement Borrowings	154,467	247,427
Financial Services [Member] | Consolidation, Eliminations [Member]
Cash and Cash Equivalents, at Carrying Value
Restricted Cash and Cash Equivalents
Other assets	(1,801)	(1,801)
Assets	(1,801)	(1,801)
Mortgage loans held for sale, net
Mortgage loans held for investment, net
Total liabilities
Accounts payable and other liabilities
Warehouse Agreement Borrowings
Financial Services [Member] | Parent Company [Member] | Reportable Legal Entities [Member]
Cash and Cash Equivalents, at Carrying Value
Restricted Cash and Cash Equivalents
Other assets
Assets
Mortgage loans held for sale, net
Mortgage loans held for investment, net
Total liabilities
Accounts payable and other liabilities
Warehouse Agreement Borrowings
Financial Services [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Cash and Cash Equivalents, at Carrying Value
Restricted Cash and Cash Equivalents
Other assets
Assets
Mortgage loans held for sale, net
Mortgage loans held for investment, net
Total liabilities
Accounts payable and other liabilities
Warehouse Agreement Borrowings
Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Cash and Cash Equivalents, at Carrying Value	38,112	17,041
Restricted Cash and Cash Equivalents	21,242	21,710
Other assets	21,999	28,467
Assets	264,948	354,200
Mortgage loans held for sale, net	157,851	262,058
Mortgage loans held for investment, net	25,744	24,924
Total liabilities	172,043	269,986
Accounts payable and other liabilities	17,576	22,559
Warehouse Agreement Borrowings	$ 154,467	$ 247,427

Note 20 - Supplemental Guaran66

Note 20 - Supplemental Guarantor Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net cash provided by (used in) operating activities	$ 91,758	$ (27,622)
Investments in unconsolidated homebuilding joint ventures	(18,909)	(4,191)
Distributions of capital from unconsolidated homebuilding joint ventures	6,471	99
Loan to parent and subsidiaries
Other investing activities	(1,921)	1,142
Net cash provided by (used in) investing activities	(14,359)	(2,950)
Change in restricted cash	(1,517)	1,267
Borrowings from revolving credit facility	109,550	386,400
Principal payments on revolving credit facility	(109,550)	(120,400)
Principal payments on secured project debt and other notes payable	(179)	(1,781)
Loan from subsidiary
Net proceeds from (payments on) mortgage credit facility	(92,960)	(138,479)
(Contributions to) distributions from Corporate and subsidiaries
Repurchases of common stock		(87,050)
Common stock dividend payments	(4,584)	(4,792)
Issuance of common stock under employee stock plans, net of tax withholdings	(4,167)	2,055
Other financing activities	(126)	(23)
Intercompany advances, net
Net cash provided by (used in) financing activities	(103,533)	37,197
Net increase (decrease) in cash and equivalents	(26,134)	6,625
Cash and equivalents at beginning of period	208,127	186,594
Cash and equivalents at end of period	181,993	193,219
Net cash provided by (used in) operating activities	91,758	(27,622)
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	43,664	(71,000)
Other investing activities
Net cash provided by (used in) investing activities	43,664	(71,000)
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	(43,664)	71,000
Net proceeds from (payments on) mortgage credit facility
(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	(43,664)	71,000
Net increase (decrease) in cash and equivalents
Cash and equivalents at beginning of period
Cash and equivalents at end of period
Net cash provided by (used in) operating activities
Parent Company [Member] | Reportable Legal Entities [Member]
Net cash provided by (used in) operating activities	(14,708)	(43,214)
Investments in unconsolidated homebuilding joint ventures	(96)	(135)
Distributions of capital from unconsolidated homebuilding joint ventures	500
Loan to parent and subsidiaries
Other investing activities	(531)	488
Net cash provided by (used in) investing activities	(127)	353
Change in restricted cash
Borrowings from revolving credit facility	109,550	386,400
Principal payments on revolving credit facility	(109,550)	(120,400)
Principal payments on secured project debt and other notes payable		(1,724)
Loan from subsidiary	43,664	(71,000)
Net proceeds from (payments on) mortgage credit facility
(Contributions to) distributions from Corporate and subsidiaries	1,000	(700)
Repurchases of common stock		(87,050)
Common stock dividend payments	(4,584)	(4,792)
Issuance of common stock under employee stock plans, net of tax withholdings	(4,167)	2,055
Other financing activities	(126)
Intercompany advances, net	(30,257)	20,643
Net cash provided by (used in) financing activities	5,530	123,432
Net increase (decrease) in cash and equivalents	(9,305)	80,571
Cash and equivalents at beginning of period	105,261	6,387
Cash and equivalents at end of period	95,956	86,958
Net cash provided by (used in) operating activities	(14,708)	(43,214)
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Net cash provided by (used in) operating activities	(37,052)	(42,551)
Investments in unconsolidated homebuilding joint ventures	(41)	(45)
Distributions of capital from unconsolidated homebuilding joint ventures	350
Loan to parent and subsidiaries
Other investing activities	(446)	(199)
Net cash provided by (used in) investing activities	(137)	(244)
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 facility
(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	23,131	(34,059)
Net cash provided by (used in) financing activities	23,131	(34,082)
Net increase (decrease) in cash and equivalents	(14,058)	(76,877)
Cash and equivalents at beginning of period	38,211	112,852
Cash and equivalents at end of period	24,153	35,975
Net cash provided by (used in) operating activities	(37,052)	(42,551)
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Net cash provided by (used in) operating activities	143,518	58,143
Investments in unconsolidated homebuilding joint ventures	(18,772)	(4,011)
Distributions of capital from unconsolidated homebuilding joint ventures	5,621	99
Loan to parent and subsidiaries	(43,664)	71,000
Other investing activities	(944)	853
Net cash provided by (used in) investing activities	(57,759)	67,941
Change in restricted cash	(1,517)	1,267
Borrowings from revolving credit facility
Principal payments on revolving credit facility
Principal payments on secured project debt and other notes payable	(179)	(57)
Loan from subsidiary
Net proceeds from (payments on) mortgage credit facility	(92,960)	(138,479)
(Contributions to) distributions from Corporate and subsidiaries	(1,000)	700
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	7,126	13,416
Net cash provided by (used in) financing activities	(88,530)	(123,153)
Net increase (decrease) in cash and equivalents	(2,771)	2,931
Cash and equivalents at beginning of period	64,655	67,355
Cash and equivalents at end of period	61,884	70,286
Net cash provided by (used in) operating activities	$ 143,518	$ 58,143

Uncategorized Items - caa-20170

Label	Element	Value
caa_CashAndEquivalentsAndRestrictedCashAtEndOfPeriod	caa_CashAndEquivalentsAndRestrictedCashAtEndOfPeriod	$ 233,541,000
caa_CashAndEquivalentsAndRestrictedCashAtEndOfPeriod	caa_CashAndEquivalentsAndRestrictedCashAtEndOfPeriod	250,856,000
Financial services restricted cash at end of period	caa_FinancialServicesRestrictedCashAtEndOfPeriod	21,242,000
Financial services restricted cash at end of period	caa_FinancialServicesRestrictedCashAtEndOfPeriod	22,985,000
Homebuilding restricted cash at end of period	caa_HomebuildingRestrictedCashAtEndOfPeriod	30,306,000
Homebuilding restricted cash at end of period	caa_HomebuildingRestrictedCashAtEndOfPeriod	$ 34,652,000