NVR (NVR) 10-Q 1 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 27, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	NVR
Entity Registrant Name	NVR INC
Entity Central Index Key	906163
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		4,064,601

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
ASSETS
Cash and cash equivalents	$532,513	$545,419
Inventory:
Land under development	35,813
Contract land deposits, net	295,121	294,676
Total assets	2,376,134	2,351,335
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	1,210,897	1,227,080
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both March 31, 2015 and December 31, 2014	206	206
Additional paid-in capital	1,370,763	1,325,495
Deferred compensation trust – 108,614 shares of NVR, Inc. common stock as of both March 31, 2015 and December 31, 2014	-17,333	-17,333
Deferred compensation liability	17,333	17,333
Retained earnings	4,926,245	4,887,187
Less treasury stock at cost – 16,492,618 and 16,506,229 shares as of March 31, 2015 and December 31, 2014, respectively	-5,131,977	-5,088,633
Total shareholders' equity	1,165,237	1,124,255
Total liabilities and shareholders' equity	2,376,134	2,351,335
Homebuilding [Member]
ASSETS
Cash and cash equivalents	520,532	514,780
Receivables	10,024	10,021
Inventory:
Lots and housing units, covered under sales agreements with customers	797,705	690,955
Unsold lots and housing units	110,010	131,938
Land under development	35,813	33,689
Building materials and other	11,053	12,904
Total Inventory	954,581	869,486
Assets related to consolidated variable interest entity	3,545	3,590
Contract land deposits, net	295,121	294,676
Property, plant and equipment, net	46,343	46,242
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580	41,580
Goodwill and finite-lived intangible assets, net	5,019	5,364
Other assets	305,021	302,280
Total assets	2,181,766	2,088,019
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	193,927	204,622
Accrued expenses and other liabilities	266,119	289,058
Liabilities related to consolidated variable interest entity	1,578	1,618
Non-recourse debt related to consolidated variable interest entity		64
Customer deposits	125,965	106,755
Senior notes	599,189	599,166
Total liabilities	1,186,778	1,201,283
Mortgage Banking [Member]
ASSETS
Cash and cash equivalents	10,436	30,158
Mortgage loans held for sale, net	154,785	205,664
Inventory:
Property, plant and equipment, net	5,957	6,189
Reorganization value in excess of amounts allocable to identifiable assets, net	7,347	7,347
Other assets	15,843	13,958
Total assets	194,368	263,316
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and other liabilities	24,119	25,797
Total liabilities	$24,119	$25,797

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	20,555,330	20,555,330
Deferred compensation trust, shares	108,614	108,614
Treasury stock, shares	16,492,618	16,506,229

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Interest expense	($5,918)	($5,794)
Income before taxes	62,363	49,707
Income tax expense	-23,305	-25,858
Net income	39,058	23,849
Basic earnings per share	$9.63	$5.34
Diluted earnings per share	$9.22	$5.16
Basic weighted average shares outstanding	4,057	4,467
Diluted weighted average shares outstanding	4,235	4,620
Homebuilding [Member]
Revenues	941,538	799,187
Other income	725	997
Cost of sales	-781,668	-655,152
Selling, general and administrative	-98,229	-90,632
Operating income	62,366	54,400
Interest expense	-5,782	-5,684
Income before taxes	56,584	48,716
Mortgage Banking [Member]
Mortgage banking fees	16,211	12,123
Interest income	1,078	1,184
Other income	105	59
General and administrative	-11,479	-12,265
Interest expense	-136	-110
Income before taxes	$5,779	$991

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$39,058	$23,849
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	5,281	3,710
Excess income tax benefit from equity-based compensation	-7,998	-5,696
Equity-based compensation expense	13,399	10,703
Contract land deposit impairments (recoveries)	33	-1,983
Gain on sale of loans	-11,238	-7,995
Mortgage loans closed	-545,325	-416,801
Mortgage loans sold and principal payments on mortgage loans held for sale	606,932	514,158
Distribution of earnings from unconsolidated joint ventures	5,846	3,704
Net change in assets and liabilities:
Increase in inventory	-84,212	-102,729
Increase in contract land deposits	-478	-7,336
Decrease (increase) in receivables	223	-281
Decrease in accounts payable and accrued expenses	-31,982	-37,225
Increase in customer deposits	19,210	18,079
Other, net	-10,352	-9,943
Net cash used in operating activities	-1,603	-15,786
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	-863
Distribution of capital from unconsolidated joint ventures	6,154	5,296
Purchase of property, plant and equipment	-4,893	-5,433
Proceeds from the sale of property, plant and equipment	138	142
Net cash provided by investing activities	536	5
Cash flows from financing activities:
Purchase of treasury stock	-63,099	-32,578
Repayments under non-recourse debt related to consolidated variable interest entity and note payable	-64	-1,327
Distributions to partner in consolidated variable interest entity	-300
Excess income tax benefit from equity-based compensation	7,998	5,696
Proceeds from the exercise of stock options	43,626	57,060
Net cash (used in) provided by financing activities	-11,839	28,851
Net (decrease) increase in cash and cash equivalents	-12,906	13,070
Cash and cash equivalents, beginning of the period	545,419	866,253
Cash and cash equivalents, end of the period	532,513	879,323
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	12,039	12,027
Income taxes paid during the period, net of refunds	$14,458	$28,661

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	1	Basis of Presentation
	The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR” or the “Company”) and its subsidiaries and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements).  Intercompany accounts and transactions have been eliminated in consolidation.  The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.  Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.  In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included.  Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.  Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform to 2015 presentation.  Reclassifications did not impact net income, total assets or total liabilities, or statement of cash flow classifications.
	For the three months ended March 31, 2015 and 2014, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements.

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2015
Equity Method Investments And Joint Ventures [Abstract]
Variable Interest Entities	2	Variable Interest Entities
	Fixed Price Purchase Agreements
	NVR generally does not engage in the land development business.  Instead, the Company typically acquires finished building lots at market prices from various development entities under fixed price purchase agreements.  The purchase agreements require deposits that may be forfeited if NVR fails to perform under the agreements.  The deposits required under the purchase agreements are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots.
	NVR believes this lot acquisition strategy reduces the financial requirements and risks associated with direct land ownership and land development.  NVR may, at its option, choose for any reason and at any time not to perform under these purchase agreements by delivering notice of its intent not to acquire the finished lots under contract.  NVR’s sole legal obligation and economic loss for failure to perform under these purchase agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained within the purchase agreements.  In other words, if NVR does not perform under a purchase agreement, NVR loses only its deposit.  None of the creditors of any of the development entities with which NVR enters fixed price purchase agreements have recourse to the general credit of NVR.  NVR generally does not have any specific performance obligations to purchase a certain number or any of the lots, nor does NVR guarantee completion of the development by the developer or guarantee any of the developers’ financial or other liabilities.
	NVR is not involved in the design or creation of any of the development entities from which the Company purchases lots under fixed price purchase agreements.  The developer’s equity holders have the power to direct 100% of the operating activities of the development entity.  NVR has no voting rights in any of the development entities.  The sole purpose of the development entity’s activities is to generate positive cash flow returns for the equity holders.  Further, NVR does not share in any of the profit or loss generated by the project’s development.  The profits and losses are passed directly to the developer’s equity holders.
	The deposit placed by NVR pursuant to the fixed price purchase agreement is deemed to be a variable interest in the respective development entities.  Those development entities are deemed to be variable interest entities (“VIE”).  Therefore, the development entities with which NVR enters into fixed price purchase agreements, including the joint venture limited liability corporations discussed below, are evaluated for possible consolidation by NVR.  An enterprise must consolidate a VIE when that enterprise has a controlling financial interest in the VIE.  An enterprise is deemed to have a controlling financial interest if it has i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, and ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE.
	NVR believes the activities that most significantly impact a development entity’s economic performance are the operating activities of the entity.  Unless and until a development entity completes finished building lots through the development process to be able to sell, the process of which the development entities’ equity investors bear the full risk, the entity does not earn any revenues.  The operating development activities are managed solely by the development entity’s equity investors.
	The development entities with which NVR contracts to buy finished lots typically select the respective projects, obtain the necessary zoning approvals, obtain the financing required with no support or guarantees from NVR, select who will purchase the finished lots and at what price, and manage the completion of the infrastructure improvements, all for the purpose of generating a cash flow return to the development entity’s equity holders and all independent of NVR.  The Company possesses no more than limited protective legal rights through the purchase agreement in the specific finished lots that it is purchasing, and NVR possesses no participative rights in the development entities.  Accordingly, NVR does not have the power to direct the activities of a developer that most significantly impact the developer’s economic performance.  For this reason, NVR has concluded that it is not the primary beneficiary of the development entities with which the Company enters into fixed price purchase agreements, and therefore, NVR does not consolidate any of these VIEs.
	As of March 31, 2015, NVR controlled approximately 63,900 lots through fixed price purchase agreements with deposits in cash and letters of credit totaling $347,000 and $2,400, respectively.  As noted above, NVR’s sole legal obligation and economic loss for failure to perform under these purchase agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the purchase agreements and, in very limited circumstances, specific performance obligations. In addition, NVR has certain properties under contract with land owners that are expected to yield approximately 5,000 lots, which are not included in the number of total lots controlled.  Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with deposits and letters of credit totaling approximately $3,200 and $2,500, respectively as of March 31, 2015, of which approximately $3,100 is refundable if NVR does not perform under the contract.  NVR generally expects to assign the raw land contracts to a land developer and simultaneously enter into a lot purchase agreement with the assignee if the project is determined to be feasible.
	NVR’s total risk of loss related to contract land deposits as of March 31, 2015 and December 31, 2014, was as follows:
			31-Mar-15			31-Dec-14
	Contract land deposits		$	350,261		$	350,750
	Loss reserve on contract land deposits			(55,140	)		(56,074	)
	Contract land deposits, net			295,121			294,676
	Contingent obligations in the form of letters of credit			4,938			4,674
	Contingent specific performance obligations (1)			1,505			1,505
	Total risk of loss		$	301,564		$	300,855
	-1	As of both March 31, 2015 and December 31, 2014, the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint_Ventures

Joint Ventures	3 Months Ended
	Mar. 31, 2015
Equity Method Investments And Joint Ventures [Abstract]
Joint Ventures	3	Joint Ventures
	On a limited basis, NVR also obtains finished lots using joint venture limited liability corporations (“JVs”).  The JVs are typically structured such that NVR is a non-controlling member and is at risk only for the amount the Company has invested, or has committed to invest, in addition to any deposits placed under fixed price purchase agreements with the joint venture. NVR is not a borrower, guarantor or obligor on any debt of the JVs.  The Company enters into standard fixed price purchase agreements to purchase lots from these JVs, and as a result has a variable interest in these JVs.
	At March 31, 2015, the Company had an aggregate investment totaling approximately $74,400 in five JVs that are expected to produce approximately 8,600 finished lots, of which approximately 3,300 were not under contract with NVR.  In addition, NVR had additional funding commitments in the aggregate totaling approximately $12,500 to three of the JVs at March 31, 2015.  The Company has determined that it is not the primary beneficiary of four of the JVs because either NVR and the other JV partner share power or the other JV partner has the controlling financial interest.  The aggregate investment in unconsolidated JVs was approximately $72,400 and $80,100 at March 31, 2015 and December 31, 2014, respectively, and is reported in the “Other assets” line item on the accompanying condensed consolidated balance sheets. For the remaining JV, NVR has concluded that it is the primary beneficiary because the Company has the controlling financial interest in the JV. The condensed balance sheets as of March 31, 2015 and December 31, 2014 of the consolidated JV were as follows:
			31-Mar-15		31-Dec-14
	Cash		$	1,545	$	481
	Restricted cash			—		160
	Other assets			266		332
	Land under development			1,734		2,617
	Total assets		$	3,545	$	3,590
	Debt		$	—	$	64
	Accrued expenses			1,399		1,231
	Equity			2,146		2,295
	Total liabilities and equity		$	3,545	$	3,590
	Distributions received from the unconsolidated JVs are allocated between return of capital and distributions of earnings based on the ratio of capital contributed by NVR to the total expected returns for the respective JVs, and are classified within the accompanying condensed consolidated statements of cash flows as cash flows from investing activities and operating activities, respectively.

Land_Under_Development

Land Under Development	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Land Under Development	4	Land Under Development
	On a limited basis, NVR directly acquires raw parcels of land already zoned for its intended use to develop into finished lots.  Land under development includes the land acquisition costs, direct improvement costs, capitalized interest where applicable, and real estate taxes.  As of March 31, 2015, NVR directly owned four separate raw parcels of land with a carrying value of $35,813 that it intends to develop into approximately 460 finished lots.  Of the total finished lots, approximately 90 lots are under contract to be sold to an unrelated party under lot purchase agreements.  During the first quarter of 2015, the Company sold five lots to an unrelated party at an aggregate sales price of approximately $1,300.  No lots were sold to unrelated parties during the first quarter of 2014. The Company capitalizes interest costs to land under development during the active development of finished lots (see Note 5 for further discussion of capitalized interest). None of the raw parcels had any indicators of impairment as of March 31, 2015.  Based on market conditions, NVR may on a limited basis continue to directly acquire additional raw parcels to develop into finished lots.

Capitalized_Interest

Capitalized Interest	3 Months Ended
	Mar. 31, 2015
Text Block [Abstract]
Capitalized Interest	5	Capitalized Interest
	The Company capitalizes interest costs to land under development during the active development of finished lots.  In addition, the Company capitalizes interest costs to its joint venture investments while the investments are considered qualified assets pursuant to ASC 835-20, Interest.  Capitalized interest is transferred to sold or unsold inventory as the development of finished lots is completed, then charged to cost of sales upon the Company’s settlement of homes and the respective lots.  Interest incurred in excess of the interest capitalizable based on the level of qualified assets is expensed in the period incurred.  NVR’s interest costs incurred, capitalized, expensed and charged to cost of sales during the three months ended March 31, 2015 and 2014 was as follows:
			Three Months Ended March 31,
			2015			2014
	Interest capitalized, beginning of period		$	4,072		$	3,294
	Interest incurred			6,263			6,223
	Interest charged to interest expense			(5,918	)		(5,794	)
	Interest charged to cost of sales			(146	)		(105	)
	Interest capitalized, end of period		$	4,271		$	3,618

Earnings_per_Share

Earnings per Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings per Share	6	Earnings per Share
	The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the three months ended March 31, 2015 and 2014:
			Three Months Ended March 31,
			2015		2014
	Weighted average number of shares outstanding used to			4,057		4,467
	calculate basic EPS
	Dilutive securities:
	Stock options and restricted share units			178		153
	Weighted average number of shares and share equivalents			4,235		4,620
	outstanding used to calculate diluted EPS
	The following stock options and restricted share units issued under equity incentive plans were outstanding during the quarters ended March 31, 2015 and 2014, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive.
			Three Months Ended March 31,
			2015		2014
	Anti-dilutive securities			28		93

Excess_Reorganization_Value_Go

Excess Reorganization Value, Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Excess Reorganization Value, Goodwill and Other Intangibles	7	Excess Reorganization Value, Goodwill and Other Intangibles
	Reorganization value in excess of identifiable assets (“excess reorganization value”) is an indefinite-lived intangible asset that was created upon NVR’s emergence from bankruptcy on September 30, 1993.  Based on the allocation of the reorganization value, the portion of the reorganization value which was not attributed to specific tangible or intangible assets has been reported as excess reorganization value, which is treated similarly to goodwill.  Excess reorganization value is not subject to amortization.  Rather, excess reorganization value is subject to an impairment assessment on an annual basis or more frequently if changes in events or circumstances indicate that impairment may have occurred.  Because excess reorganization value was based on the reorganization value of NVR’s entire enterprise upon emergence from bankruptcy, the impairment assessment is conducted on an enterprise basis based on the comparison of NVR’s total equity to the market value of NVR’s outstanding publicly-traded common stock.
	As of March 31, 2015, goodwill and net finite-lived intangible assets totaled $441 and $4,578, respectively.  The remaining finite-lived intangible assets are amortized on a straight-line basis over a weighted average life of four years.  Accumulated amortization as of March 31, 2015 was $3,110.  Amortization expense related to the finite-lived intangible assets was $346 for both the three months ended March 31, 2015 and 2014.
	The Company completed the annual impairment assessment of the excess reorganization value and goodwill during the first quarter of 2015 and determined that there was no impairment.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Shareholders' Equity	8	Shareholders’ Equity
	A summary of changes in shareholders’ equity is presented below:
			Common		Additional			Retained		Treasury			Deferred			Deferred		Total
			Stock		Paid-In			Earnings		Stock			Compensation			Compensation
					Capital								Trust			Liability
	Balance, December 31, 2014		$	206	$	1,325,495		$	4,887,187	$	(5,088,633	)	$	(17,333	)	$	17,333	$	1,124,255
	Net income			—		—			39,058		—			—			—		39,058
	Purchase of common stock for treasury			—		—			—		(63,099	)		—			—		(63,099	)
	Equity-based compensation			—		13,399			—		—			—			—		13,399
	Tax benefit from equity benefit plan			—		7,998			—		—			—			—		7,998
	activity
	Proceeds from stock options exercised			—		43,626			—		—			—			—		43,626
	Treasury stock issued upon option			—		(19,755	)		—		19,755			—			—		—
	exercise and restricted share vesting
	Balance, March 31, 2015		$	206	$	1,370,763		$	4,926,245	$	(5,131,977	)	$	(17,333	)	$	17,333	$	1,165,237
	The Company repurchased 50 shares of its common stock during the three months ended March 31, 2015. The Company settles option exercises and vesting of restricted share units by issuing shares of treasury stock.  Approximately 64 shares were issued from the treasury account during the first quarter of 2015 in settlement of option exercises and vesting of restricted share units.  Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares acquired.

Product_Warranties

Product Warranties	3 Months Ended
	Mar. 31, 2015
Guarantees [Abstract]
Product Warranties	9	Product Warranties
	The Company establishes warranty and product liability reserves (“warranty reserve”) to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to NVR’s homebuilding business.  Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the likely current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with the Company’s general counsel and outside counsel retained to handle specific product liability cases.  The following table reflects the changes in the Company’s warranty reserve during the three months ended March 31, 2015 and 2014:
			Three Months Ended March 31,
			2015			2014
	Warranty reserve, beginning of period		$	94,060		$	101,507
	Provision			9,081			10,260
	Payments			(13,398	)		(13,002	)
	Warranty reserve, end of period		$	89,743		$	98,765

Segment_Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Segment Disclosures	10	Segment Disclosures
	The following disclosure includes four homebuilding reportable segments that aggregate geographically the Company’s homebuilding operating segments, and the mortgage banking operations presented as a single reportable segment.  The homebuilding reportable segments are comprised of operating divisions in the following geographic areas:
	Mid Atlantic:		Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
	North East:		New Jersey and Eastern Pennsylvania
	Mid East:		New York, Ohio, Western Pennsylvania, Indiana and Illinois
	South East:		North Carolina, South Carolina, Florida and Tennessee
	Homebuilding profit before tax includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses and a corporate capital allocation charge.  The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed.  The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker (“CODM”) to determine whether the operating segment’s results are providing the desired rate of return after covering the Company’s cost of capital.  In addition, certain assets, including goodwill and intangible assets and consolidation adjustments as discussed further below, are not allocated to the operating segments as those assets are neither included in the operating segment’s corporate capital allocation charge, nor in the CODM’s evaluation of the operating segment’s performance.  The Company records charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired.  For segment reporting purposes, impairments on contract land deposits are charged to the operating segment upon the determination to terminate a finished lot purchase agreement with the developer, or to restructure a lot purchase agreement resulting in the forfeiture of the deposit.  Mortgage banking profit before tax consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs.  Mortgage banking operations are not charged a corporate capital allocation charge.
	In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before tax include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest expense.  NVR’s overhead functions, such as accounting, treasury and human resources, are centrally performed and the costs are not allocated to the Company’s operating segments.  Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to the Company’s operating segments.  External corporate interest expense primarily consists of interest charges on the Company’s 3.95% Senior Notes due 2022 (the “Senior Notes”) and is not charged to the operating segments because the charges are included in the corporate capital allocation discussed above.
	Following are tables presenting segment revenues, profit and assets, with reconciliations to the amounts reported for the consolidated enterprise, where applicable:
			Three Months Ended March 31,
			2015			2014
	Revenues:
	Homebuilding Mid Atlantic		$	556,120		$	465,030
	Homebuilding North East			82,993			78,792
	Homebuilding Mid East			185,429			150,648
	Homebuilding South East			116,996			104,717
	Mortgage Banking			16,211			12,123
	Total consolidated revenues		$	957,749		$	811,310
			Three Months Ended March 31,
			2015			2014
	Profit before taxes:
	Homebuilding Mid Atlantic		$	44,566		$	41,012
	Homebuilding North East			5,983			6,306
	Homebuilding Mid East			7,063			(249	)
	Homebuilding South East			8,815			8,046
	Mortgage Banking			6,625			1,840
	Total segment profit			73,052			56,955
	Contract land deposit reserve adjustment (1)			903			1,983
	Equity-based compensation expense			(13,399	)		(10,703	)
	Corporate capital allocation (2)			36,945			28,966
	Unallocated corporate overhead			(29,984	)		(25,960	)
	Consolidation adjustments and other			649			4,141
	Corporate interest expense			(5,803	)		(5,675	)
	Reconciling items sub-total			(10,689	)		(7,248	)
	Consolidated profit before taxes		$	62,363		$	49,707
			31-Mar-15			31-Dec-14
	Assets:
	Homebuilding Mid Atlantic		$	970,021		$	917,689
	Homebuilding North East			117,425			103,631
	Homebuilding Mid East			207,490			192,781
	Homebuilding South East			150,505			144,939
	Mortgage Banking			187,021			255,969
	Total segment assets			1,632,462			1,615,009
	Consolidated variable interest entity			3,545			3,590
	Cash and cash equivalents			520,532			514,780
	Deferred taxes			167,119			165,189
	Intangible assets and goodwill			53,946			54,291
	Contract land deposit reserve			(55,140	)		(56,074	)
	Consolidation adjustments and other			53,670			54,550
	Reconciling items sub-total			743,672			736,326
	Consolidated assets		$	2,376,134		$	2,351,335
	-1	This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments.
	-2	This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments.  The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented:
			Three Months Ended March 31,
			2015			2014
	Corporate capital allocation charge:
	Homebuilding Mid Atlantic		$	23,411		$	18,156
	Homebuilding North East			3,310			2,449
	Homebuilding Mid East			5,935			5,298
	Homebuilding South East			4,289			3,063
	Total		$	36,945		$	28,966

Fair_Value

Fair Value	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value	11	Fair Value
	Financial Instruments
	The estimated fair value of NVR’s Senior Notes as of March 31, 2015 was $630,750.  The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy.  The carrying value of the Senior Notes was $599,189 at March 31, 2015.  Except as otherwise noted below, NVR believes that insignificant differences exist between the carrying value and the fair value of its financial instruments, which consist of cash equivalents, due to their short term nature.
	Derivative Instruments and Mortgage Loans Held for Sale
	In the normal course of business, NVR’s wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates.  The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by NVRM.  All mortgagors are evaluated for credit worthiness prior to the extension of the commitment.  Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to a broker/dealer.  To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to broker/dealers.  The forward sale contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments.  NVRM does not engage in speculative or trading derivative activities.  Both the rate lock commitments to borrowers and the forward sale contracts to broker/dealers are undesignated derivatives and, accordingly, are marked to fair value through earnings.  At March 31, 2015, there were contractual commitments to extend credit to borrowers aggregating $357,473 and open forward delivery contracts aggregating $471,289, which hedge both the rate lock loan commitments and closed loans held for sale.
	GAAP assigns a fair value hierarchy to the inputs used to measure fair value.  Level 1 inputs are quoted prices in active markets for identical assets and liabilities.  Level 2 inputs are inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly.  Level 3 inputs are unobservable inputs.  The fair value of NVRM’s rate lock commitments to borrowers and the related input levels include, as applicable:
	i)	the assumed gain/loss of the expected resultant loan sale (Level 2);
	ii)	the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and
	iii)	the value of the servicing rights associated with the loan (Level 2).
	The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan.  The excess servicing and buydown fees are calculated pursuant to contractual terms with investors.  To calculate the effects of interest rate movements, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount.  NVRM sells all of its loans on a servicing released basis, and receives a servicing released premium upon sale.  Thus, the value of the servicing rights, which averaged 109 basis points of the loan amount as of March 31, 2015, is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type.  NVRM assumes an approximate 12% fallout rate when measuring the fair value of rate lock commitments.  Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience.
	The fair value of NVRM’s forward sales contracts to broker/dealers solely considers the market price movement of the same type of security between the trade date and the balance sheet date (Level 2).  The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value.
	Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold.  Fair value is measured using Level 2 inputs.  The fair value of loans held for sale of $154,785 included on the accompanying condensed consolidated balance sheet has been increased by $1,426 from the aggregate principal balance of $153,359.
	The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of March 31, 2015, as follows:
			Fair Value		Balance Sheet Location
	Rate lock commitments:
	Gross assets		$	5,235
	Gross liabilities			1,292
	Net rate lock commitments		$	3,943	NVRM - Other assets
	Forward sales contracts:
	Gross assets		$	176
	Gross liabilities			2,143
	Net forward sales contracts		$	1,967	NVRM - Accounts payable and other liabilities
	The fair value measurement as of March 31, 2015 was as follows:
			Notional or		Assumed			Interest			Servicing		Security			Total Fair
			Principal		Gain/(Loss)			Rate			Rights		Price			Value
			Amount		From Loan			Movement			Value		Change			Measurement
					Sale			Effect								Gain/(Loss)
	Rate lock commitments		$	357,473	$	(812	)	$	1,338		$	3,417	$	—		$	3,943
	Forward sales contracts		$	471,289		—			—			—		(1,967	)		(1,967	)
	Mortgages held for sale		$	153,359		(180	)		(94	)		1,700		—			1,426
	Total fair value measurement				$	(992	)	$	1,244		$	5,117	$	(1,967	)	$	3,402
	For the three months ended March 31, 2015 and 2014, NVRM recorded a fair value adjustment to expense of $422 and a fair value adjustment to income of $420, respectively.  Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income.  The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	12	Debt
	As of March 31, 2015, the Company had Senior Notes outstanding with a principal balance of $600,000.  The Senior Notes were issued at a discount to yield 3.97% and have been reflected net of the unamortized discount in the accompanying condensed consolidated balance sheet.  The Senior Notes mature on September 15, 2022 and bear interest at 3.95%, payable semi-annually in arrears on March 15 and September 15.
	NVRM provides for its mortgage origination and other operating activities using cash generated from operations, borrowings from its parent company, NVR, as well as a revolving mortgage repurchase agreement (the “Repurchase Agreement”), which is non-recourse to NVR.  The Repurchase Agreement provides for loan purchases up to $25,000, subject to certain sub-limits.  The Repurchase Agreement expires on July 29, 2015.  At March 31, 2015, there was no outstanding debt under the Repurchase Agreement.  Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale.  As of March 31, 2015, there were no borrowing base limitations reducing the amount available for borrowings under the Repurchase Agreement.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13	Commitments and Contingencies
	In October 2004, Patrick Tracy, whom NVR had employed as a Sales and Marketing Representative (“SMR”), filed a lawsuit against the Company in the U.S. District Court for the Western District of New York alleging that NVR had misclassified him and other SMRs as outside sales personnel exempt from certain state and federal wage laws, including overtime pay requirements. Mr. Tracy’s attorneys subsequently filed several other lawsuits in various courts asserting substantially similar claims on behalf of various classes or groups of SMRs. None of those courts have held that the claims are appropriate for class, collective, or other group treatment, and the Western District of New York ruled in April 2013 that the claims in Mr. Tracy’s case could not proceed on such a basis. The Western District of New York reached the same conclusion in July 2014 regarding a separate case that Mr. Tracy’s attorneys brought on behalf of other SMRs.
	In October 2013, Mr. Tracy’s individual claims were tried by a jury, which returned a unanimous verdict in NVR’s favor and found that the Company had properly classified Mr. Tracy as an exempt outside sales person. The plaintiff has sought review in the U.S. Court of Appeals for the Second Circuit, in which he challenges the legal standard that the trial court applied in crafting its jury instructions regarding the outside sales exemption, in addition to rulings that the trial court made at earlier stages of the case. That appeal is fully briefed and scheduled for oral argument on May 15, 2015. The remainder of the cases noted above are in various stages of pre-trial proceedings, many of them stayed or administratively closed pending a final disposition of the Tracy action.
	The Company believes that the compensation practices in regard to SMRs are entirely lawful and has vigorously defended all claims challenging those practices. In light of the points noted above, the Company has not recorded any associated liabilities on the accompanying condensed consolidated balance sheets in conjunction with any of those claims.
	In June 2010, the Company received a Request for Information from the United States Environmental Protection Agency (“EPA”) pursuant to Section 308 of the Clean Water Act. The request sought information about storm water discharge practices in connection with homebuilding projects completed or underway by the Company in New York and New Jersey. The Company cooperated with this request, and provided information to the EPA. The Company was subsequently informed by the United States Department of Justice (“DOJ”) that the EPA forwarded the information on the matter to the DOJ, and the DOJ requested that the Company meet with the government to discuss the status of the case. Meetings took place in January 2012, August 2012 and November 2014 with representatives from both the EPA and DOJ. The Company has continued discussions with the EPA and DOJ. It is as yet unclear what next steps the DOJ will take in the matter. The Company intends to continue cooperating with any future EPA and/or DOJ inquiries. At this time, the Company cannot predict the outcome of this inquiry, nor can it reasonably estimate the potential costs that may be associated with its eventual resolution.
	The Company and its subsidiaries are also involved in various other litigation arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on the financial position, results of operations or cash flows of the Company. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2015
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	14	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.  The standard will replace most existing revenue recognition guidance in GAAP when it becomes effective.  The standard is effective for the Company on January 1, 2017.  Early adoption is not permitted.  The standard permits the use of either the retrospective or cumulative effect transition method.  The Company has not yet selected a transition method and is currently evaluating the effect that the standard will have on its consolidated financial statements and related disclosures.
	In August 2014, FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40):  Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.  The standard requires an entity’s management to evaluate at each annual and interim reporting period whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and to provide related footnote disclosures.  The standard is effective for the first annual period ending after December 15, 2016, and interim periods thereafter.  The Company does not believe that the adoption of this standard will have a material effect on its consolidated financial statements and related disclosures.
	In February 2015, FASB issued ASU 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis.  The standard changes the manner in which reporting entities evaluate consolidation requirements of certain legal entities.  The standard is effective for the annual and interim periods in fiscal years beginning after December 15, 2015.  The Company is currently evaluating the effect that the standard will have on its consolidated financial statements and related disclosures.
	In April 2015, FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs. The standard requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the debt liability, rather than as an asset.  The standard is effective for the Company for the first annual period ending after December 15, 2015, and must be applied retrospectively to all prior periods presented in the financial statements. The Company does not believe that the adoption of this standard will have a material effect on its consolidated financial statements and related disclosures.
	In April 2015, FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40).  The standard adds guidance to Subtopic 350-40 to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement.  The standard provides a basis for evaluating whether a cloud computing arrangement includes a software license or whether the arrangement should be accounted for as a service contract.  The standard is effective for the annual and interim periods in fiscal years beginning after December 15, 2015.  The Company is currently evaluating the effect that the standard will have on its consolidated financial statements and related disclosures.

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2015
Equity Method Investments And Joint Ventures [Abstract]
Total Risk Related to Lot Options	NVR’s total risk of loss related to contract land deposits as of March 31, 2015 and December 31, 2014, was as follows:
			31-Mar-15			31-Dec-14
	Contract land deposits		$	350,261		$	350,750
	Loss reserve on contract land deposits			(55,140	)		(56,074	)
	Contract land deposits, net			295,121			294,676
	Contingent obligations in the form of letters of credit			4,938			4,674
	Contingent specific performance obligations (1)			1,505			1,505
	Total risk of loss		$	301,564		$	300,855
	-1	As of both March 31, 2015 and December 31, 2014, the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint_Ventures_Tables

Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2015
Equity Method Investments And Joint Ventures [Abstract]
Condensed Balance Sheets of Consolidated JV	The condensed balance sheets as of March 31, 2015 and December 31, 2014 of the consolidated JV were as follows:
		31-Mar-15		31-Dec-14
	Cash	$	1,545	$	481
	Restricted cash		—		160
	Other assets		266		332
	Land under development		1,734		2,617
	Total assets	$	3,545	$	3,590
	Debt	$	—	$	64
	Accrued expenses		1,399		1,231
	Equity		2,146		2,295
	Total liabilities and equity	$	3,545	$	3,590

Capitalized_Interest_Tables

Capitalized Interest (Tables)	3 Months Ended
	Mar. 31, 2015
Interest Costs Incurred [Abstract]
Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales	NVR’s interest costs incurred, capitalized, expensed and charged to cost of sales during the three months ended March 31, 2015 and 2014 was as follows:
		Three Months Ended March 31,
		2015			2014
	Interest capitalized, beginning of period	$	4,072		$	3,294
	Interest incurred		6,263			6,223
	Interest charged to interest expense		(5,918	)		(5,794	)
	Interest charged to cost of sales		(146	)		(105	)
	Interest capitalized, end of period	$	4,271		$	3,618

Earnings_per_Share_Tables

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share	The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the three months ended March 31, 2015 and 2014:
		Three Months Ended March 31,
		2015		2014
	Weighted average number of shares outstanding used to		4,057		4,467
	calculate basic EPS
	Dilutive securities:
	Stock options and restricted share units		178		153
	Weighted average number of shares and share equivalents		4,235		4,620
	outstanding used to calculate diluted EPS
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following stock options and restricted share units issued under equity incentive plans were outstanding during the quarters ended March 31, 2015 and 2014, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive.
		Three Months Ended March 31,
		2015		2014
	Anti-dilutive securities		28		93

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Summary of Changes in Shareholders' Equity	A summary of changes in shareholders’ equity is presented below:
		Common		Additional			Retained		Treasury			Deferred			Deferred		Total
		Stock		Paid-In			Earnings		Stock			Compensation			Compensation
				Capital								Trust			Liability
	Balance, December 31, 2014	$	206	$	1,325,495		$	4,887,187	$	(5,088,633	)	$	(17,333	)	$	17,333	$	1,124,255
	Net income		—		—			39,058		—			—			—		39,058
	Purchase of common stock for treasury		—		—			—		(63,099	)		—			—		(63,099	)
	Equity-based compensation		—		13,399			—		—			—			—		13,399
	Tax benefit from equity benefit plan		—		7,998			—		—			—			—		7,998
	activity
	Proceeds from stock options exercised		—		43,626			—		—			—			—		43,626
	Treasury stock issued upon option		—		(19,755	)		—		19,755			—			—		—
	exercise and restricted share vesting
	Balance, March 31, 2015	$	206	$	1,370,763		$	4,926,245	$	(5,131,977	)	$	(17,333	)	$	17,333	$	1,165,237

Product_Warranties_Tables

Product Warranties (Tables)	3 Months Ended
	Mar. 31, 2015
Guarantees [Abstract]
Summary of Changes in Product Warranties Reserve	The following table reflects the changes in the Company’s warranty reserve during the three months ended March 31, 2015 and 2014:
		Three Months Ended March 31,
		2015			2014
	Warranty reserve, beginning of period	$	94,060		$	101,507
	Provision		9,081			10,260
	Payments		(13,398	)		(13,002	)
	Warranty reserve, end of period	$	89,743		$	98,765

Segment_Disclosures_Tables

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Revenues	Following are tables presenting segment revenues, profit and assets, with reconciliations to the amounts reported for the consolidated enterprise, where applicable:
			Three Months Ended March 31,
			2015			2014
	Revenues:
	Homebuilding Mid Atlantic		$	556,120		$	465,030
	Homebuilding North East			82,993			78,792
	Homebuilding Mid East			185,429			150,648
	Homebuilding South East			116,996			104,717
	Mortgage Banking			16,211			12,123
	Total consolidated revenues		$	957,749		$	811,310
Profit before Taxes
			Three Months Ended March 31,
			2015			2014
	Profit before taxes:
	Homebuilding Mid Atlantic		$	44,566		$	41,012
	Homebuilding North East			5,983			6,306
	Homebuilding Mid East			7,063			(249	)
	Homebuilding South East			8,815			8,046
	Mortgage Banking			6,625			1,840
	Total segment profit			73,052			56,955
	Contract land deposit reserve adjustment (1)			903			1,983
	Equity-based compensation expense			(13,399	)		(10,703	)
	Corporate capital allocation (2)			36,945			28,966
	Unallocated corporate overhead			(29,984	)		(25,960	)
	Consolidation adjustments and other			649			4,141
	Corporate interest expense			(5,803	)		(5,675	)
	Reconciling items sub-total			(10,689	)		(7,248	)
	Consolidated profit before taxes		$	62,363		$	49,707
	-1	This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments.
	-2	This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments.  The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented:
			Three Months Ended March 31,
			2015			2014
	Corporate capital allocation charge:
	Homebuilding Mid Atlantic		$	23,411		$	18,156
	Homebuilding North East			3,310			2,449
	Homebuilding Mid East			5,935			5,298
	Homebuilding South East			4,289			3,063
	Total		$	36,945		$	28,966
Assets
			31-Mar-15			31-Dec-14
	Assets:
	Homebuilding Mid Atlantic		$	970,021		$	917,689
	Homebuilding North East			117,425			103,631
	Homebuilding Mid East			207,490			192,781
	Homebuilding South East			150,505			144,939
	Mortgage Banking			187,021			255,969
	Total segment assets			1,632,462			1,615,009
	Consolidated variable interest entity			3,545			3,590
	Cash and cash equivalents			520,532			514,780
	Deferred taxes			167,119			165,189
	Intangible assets and goodwill			53,946			54,291
	Contract land deposit reserve			(55,140	)		(56,074	)
	Consolidation adjustments and other			53,670			54,550
	Reconciling items sub-total			743,672			736,326
	Consolidated assets		$	2,376,134		$	2,351,335
Corporate Capital Allocation Charge	The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented:
			Three Months Ended March 31,
			2015			2014
	Corporate capital allocation charge:
	Homebuilding Mid Atlantic		$	23,411		$	18,156
	Homebuilding North East			3,310			2,449
	Homebuilding Mid East			5,935			5,298
	Homebuilding South East			4,289			3,063
	Total		$	36,945		$	28,966

Fair_Value_Tables

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of March 31, 2015, as follows:
		Fair Value		Balance Sheet Location
	Rate lock commitments:
	Gross assets	$	5,235
	Gross liabilities		1,292
	Net rate lock commitments	$	3,943	NVRM - Other assets
	Forward sales contracts:
	Gross assets	$	176
	Gross liabilities		2,143
	Net forward sales contracts	$	1,967	NVRM - Accounts payable and other liabilities
Fair Value Measurement	The fair value measurement as of March 31, 2015 was as follows:
		Notional or		Assumed			Interest			Servicing		Security			Total Fair
		Principal		Gain/(Loss)			Rate			Rights		Price			Value
		Amount		From Loan			Movement			Value		Change			Measurement
				Sale			Effect								Gain/(Loss)
	Rate lock commitments	$	357,473	$	(812	)	$	1,338		$	3,417	$	—		$	3,943
	Forward sales contracts	$	471,289		—			—			—		(1,967	)		(1,967	)
	Mortgages held for sale	$	153,359		(180	)		(94	)		1,700		—			1,426
	Total fair value measurement			$	(992	)	$	1,244		$	5,117	$	(1,967	)	$	3,402

Variable_Interest_Entities_Add

Variable Interest Entities - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Lots controlled by NVR	63,900
Contract land deposits in cash	347,000
Letters of credit related to lots	2,400
Development Entities [Member]
Variable Interest Entity [Line Items]
Voting rights description	NVR has no voting rights in any of the development entities
Contract on Raw Ground with Land Owners [Member]
Variable Interest Entity [Line Items]
Lots controlled by NVR	5,000
Contract land deposits	3,200
Letters of credit related to land contract	2,500
Refundable deposits and letters of credit	3,100

Variable_Interest_Entities_Tot

Variable Interest Entities - Total Risk Related to Lot Options (Detail) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Contract land deposits	$350,261		$350,750
Loss reserve on contract land deposits	-55,140		-56,074
Contract land deposits, net	295,121		294,676
Contingent obligations in the form of letters of credit	4,938		4,674
Contingent specific performance obligations	1,505	[1]	1,505	[1]
Total risk of loss	$301,564		$300,855
[1]	As of both March 31, 2015 and December 31, 2014, the Company was committed to purchase 10 finished lots under specific performance obligations.

Variable_Interest_Entities_Tot1

Variable Interest Entities - Total Risk Related to Lot Options (Parenthetical) (Detail)	Mar. 31, 2015	Dec. 31, 2014
	Lot	Lot
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Finished lots committed to purchase under specific performance obligations	10	10

Joint_Ventures_Additional_Info

Joint Ventures - Additional Information (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Joint Ventures [Line Items]
Aggregate investment	$74,400
Number of joint ventures	5
Expected production of finished lots	8,600
Total lots not under contract with NVR under the joint venture	3,300
Additional funding commitments in the aggregate	12,500
Number of joint ventures with additional funding commitment	3
Number of joint ventures NVR is not primary beneficiary	4
Other Assets [Member]
Joint Ventures [Line Items]
Aggregate investment	$72,400	$80,100

Joint_Ventures_Condensed_Balan

Joint Ventures - Condensed Balance Sheets of Consolidated JV (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule Of Equity Method Investments [Line Items]
Cash	$532,513	$545,419	$879,323	$866,253
Land under development	35,813
Equity	1,165,237	1,124,255
Total liabilities and shareholders' equity	2,376,134	2,351,335
Consolidated JV [Member]
Schedule Of Equity Method Investments [Line Items]
Cash	1,545	481
Restricted cash		160
Other assets	266	332
Land under development	1,734	2,617
Total assets	3,545	3,590
Debt		64
Accrued expenses	1,399	1,231
Equity	2,146	2,295
Total liabilities and shareholders' equity	$3,545	$3,590

Land_Under_Development_Additio

Land Under Development - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
	Lot	Lot
	Parcels
Real Estate [Abstract]
Number of raw parcels of land acquired	4
Carrying value of raw parcels of land	$35,813
Number of finished lots intended to be developed from raw parcels of land	460
Finished lots under lot purchase agreements	90
Lots sold to unrelated party	5	0
Aggregate sales price of finished lots to unrelated party	$1,300

Capitalized_Interest_Summary_o

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Interest Costs Incurred [Abstract]
Interest capitalized, beginning of period	$4,072	$3,294
Interest incurred	6,263	6,223
Interest charged to interest expense	-5,918	-5,794
Interest charged to cost of sales	-146	-105
Interest capitalized, end of period	$4,271	$3,618

Earnings_Per_Share_Weighted_Av

Earnings Per Share - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS	4,057	4,467
Dilutive securities:
Stock options and restricted share units	178	153
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	4,235	4,620

Earnings_Per_Share_Summary_of_

Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Anti-dilutive securities	28	93

Excess_Reorganization_Value_Go1

Excess Reorganization Value, Goodwill and Other Intangibles - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$441,000
Finite-lived intangible assets	4,578,000
Weighted average life of finite-lived intangible assets	4 years
Finite-lived intangible assets, accumulated amortization	3,110,000
Amortization expense	346,000	346,000
Impairment of excess reorganization value and goodwill	$0

Shareholders_Equity_Summary_of

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$1,124,255
Net income	39,058	23,849
Purchase of common stock for treasury	-63,099
Equity-based compensation	13,399
Tax benefit from equity benefit plan activity	7,998
Proceeds from stock options exercised	43,626
Ending Balance	1,165,237
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			206
Ending Balance	206		206
Additional Paid-In-Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,325,495
Equity-based compensation	13,399
Tax benefit from equity benefit plan activity	7,998
Proceeds from stock options exercised	43,626
Treasury stock issued upon option exercise and restricted share vesting	-19,755
Ending Balance	1,370,763
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	4,887,187
Net income	39,058
Ending Balance	4,926,245
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	-5,088,633
Purchase of common stock for treasury	-63,099
Treasury stock issued upon option exercise and restricted share vesting	19,755
Ending Balance	-5,131,977
Deferred Compensation Trust [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			-17,333
Ending Balance	-17,333		-17,333
Deferred Compensation Liability [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			17,333
Ending Balance	$17,333		$17,333

Shareholders_Equity_Additional

Shareholders' Equity - Additional Information (Detail)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Equity [Abstract]
Common stock repurchased	50
Treasury stock issued upon Option exercise and RSUs vesting	64

Product_Warranties_Summary_of_

Product Warranties - Summary of Changes in Product Warranties Reserve (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Product Warranties Disclosures [Abstract]
Warranty reserve, beginning of period	$94,060	$101,507
Provision	9,081	10,260
Payments	-13,398	-13,002
Warranty reserve, end of period	$89,743	$98,765

Segment_Disclosures_Additional

Segment Disclosures - Additional Information (Detail)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Sep. 10, 2012
Segment Reporting Information [Line Items]
Senior notes interest rate	3.95%
Senior notes maturity	15-Sep-22
Senior Notes due 2022 [Member]
Segment Reporting Information [Line Items]
Senior notes interest rate		3.95%
Senior notes maturity		15-Sep-22
Homebuilding [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	4
Mortgage Banking [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment_Disclosures_Revenues_D

Segment Disclosures - Revenues (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Revenue Reconciling Item [Line Items]
Total consolidated revenues	$957,749	$811,310
Homebuilding Mid Atlantic [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	556,120	465,030
Homebuilding North East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	82,993	78,792
Homebuilding Mid East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	185,429	150,648
Homebuilding South East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	116,996	104,717
Mortgage Banking [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Mortgage Banking	$16,211	$12,123

Segment_Disclosures_Profit_bef

Segment Disclosures - Profit before Taxes (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Consolidated profit before taxes	$62,363	$49,707
Corporate Capital Allocation [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Segment reporting reconciling amount for operating profit	36,945	28,966
Homebuilding Mid Atlantic [Member] | Corporate Capital Allocation [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Segment reporting reconciling amount for operating profit	23,411	18,156
Homebuilding North East [Member] | Corporate Capital Allocation [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Segment reporting reconciling amount for operating profit	3,310	2,449
Homebuilding Mid East [Member] | Corporate Capital Allocation [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Segment reporting reconciling amount for operating profit	5,935	5,298
Homebuilding South East [Member] | Corporate Capital Allocation [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Segment reporting reconciling amount for operating profit	4,289	3,063
Mortgage Banking [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Consolidated profit before taxes	5,779	991
Operating Segments [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Consolidated profit before taxes	73,052	56,955
Operating Segments [Member] | Homebuilding Mid Atlantic [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Consolidated profit before taxes	44,566	41,012
Operating Segments [Member] | Homebuilding North East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Consolidated profit before taxes	5,983	6,306
Operating Segments [Member] | Homebuilding Mid East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Consolidated profit before taxes	7,063	-249
Operating Segments [Member] | Homebuilding South East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Consolidated profit before taxes	8,815	8,046
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Consolidated profit before taxes	6,625	1,840
Segment Reconciling Items [Member] | Contract Land Deposit Reserve Adjustment [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Segment reporting reconciling amount for operating profit	903	1,983
Segment Reconciling Items [Member] | Equity-Based Compensation Expense [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Segment reporting reconciling amount for operating profit	-13,399	-10,703
Segment Reconciling Items [Member] | Corporate Capital Allocation [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Segment reporting reconciling amount for operating profit	36,945	28,966
Segment Reconciling Items [Member] | Unallocated Corporate Overhead [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Segment reporting reconciling amount for operating profit	-29,984	-25,960
Segment Reconciling Items [Member] | Corporate Interest Expense [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Segment reporting reconciling amount for operating profit	-5,803	-5,675
Consolidation adjustments and other [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Consolidated profit before taxes	649	4,141
Reconciling Items Sub-Total [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Consolidated profit before taxes	($10,689)	($7,248)

Segment_Disclosures_Assets_Det

Segment Disclosures - Assets (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Segment Reporting Asset Reconciling Item [Line Items]
Consolidated assets	$2,376,134	$2,351,335
Cash and cash equivalents	532,513	545,419	879,323	866,253
Contract land deposit reserve	-55,140	-56,074
Mortgage Banking [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Consolidated assets	194,368	263,316
Cash and cash equivalents	10,436	30,158
Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Consolidated assets	1,632,462	1,615,009
Operating Segments [Member] | Homebuilding Mid Atlantic [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Consolidated assets	970,021	917,689
Operating Segments [Member] | Homebuilding North East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Consolidated assets	117,425	103,631
Operating Segments [Member] | Homebuilding Mid East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Consolidated assets	207,490	192,781
Operating Segments [Member] | Homebuilding South East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Consolidated assets	150,505	144,939
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Consolidated assets	187,021	255,969
Segment Reconciling Items [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Consolidated variable interest entity	3,545	3,590
Cash and cash equivalents	520,532	514,780
Deferred taxes	167,119	165,189
Intangible assets and goodwill	53,946	54,291
Contract land deposit reserve	-55,140	-56,074
Consolidation adjustments and other [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Consolidated assets	53,670	54,550
Reconciling Items Sub-Total [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Consolidated assets	$743,672	$736,326

Segment_Disclosures_Corporate_

Segment Disclosures - Corporate Capital Allocation Charge (Detail) (Corporate Capital Allocation [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Other Significant Reconciling Item [Line Items]
Segment reporting reconciling amount for operating profit	$36,945	$28,966
Homebuilding Mid Atlantic [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Segment reporting reconciling amount for operating profit	23,411	18,156
Homebuilding North East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Segment reporting reconciling amount for operating profit	3,310	2,449
Homebuilding Mid East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Segment reporting reconciling amount for operating profit	5,935	5,298
Homebuilding South East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Segment reporting reconciling amount for operating profit	$4,289	$3,063

Fair_Value_Additional_Informat

Fair Value - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Homebuilding [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	$599,189		$599,166
Homebuilding [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	599,189
Homebuilding [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	630,750
Mortgage Banking [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of mortgage loans held for sale	154,785		205,664
Mortgage Banking [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment income (expense)	-422	420
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of mortgage loans held for sale	154,785
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of contractual commitments	357,473
Average basis points of loan amount	1.09%
Fallout rate of measuring fair value of rate lock commitments	12.00%
Change in fair value of loans held for sale	3,943
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of contractual commitments	471,289
Change in fair value of loans held for sale	-1,967
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages Held for Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of contractual commitments	153,359
Change in fair value of loans held for sale	$1,426

Fair_Value_Undesignated_Deriva

Fair Value - Undesignated Derivative Instruments (Detail) (Mortgage Banking [Member], Level 2 [Member], Fair Value, Measurements, Recurring [Member], USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Gross assets	$5,235
Gross liabilities	1,292
Net rate lock commitments	3,943
Forward Sales Contracts [Member]
Derivatives Fair Value [Line Items]
Gross assets	176
Gross liabilities	2,143
Net forward sales contracts	$1,967

Fair_Value_Fair_Value_Measurem

Fair Value - Fair Value Measurement (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	($992)
Interest Rate Movement Effect	1,244
Servicing Rights Value	5,117
Security Price Change	-1,967
Total Fair Value Measurement Gain/(Loss)	3,402
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	357,473
Assumed Gain/(Loss) From Loan Sale	-812
Interest Rate Movement Effect	1,338
Servicing Rights Value	3,417
Total Fair Value Measurement Gain/(Loss)	3,943
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	471,289
Security Price Change	-1,967
Total Fair Value Measurement Gain/(Loss)	-1,967
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages Held for Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	153,359
Assumed Gain/(Loss) From Loan Sale	-180
Interest Rate Movement Effect	-94
Servicing Rights Value	1,700
Total Fair Value Measurement Gain/(Loss)	$1,426

Debt_Additional_Information_De

Debt - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Senior notes principal amount	$600,000,000
Senior notes effective interest rate	3.97%
Senior notes maturity	15-Sep-22
Senior notes interest rate	3.95%
Frequency of senior notes payment	semi-annually in arrears on March 15 and September 15
Repurchase agreement maximum loan borrowing capacity	25,000,000
Expiration date of repurchase agreement	29-Jul-15
Debt outstanding under repurchase agreement	0
Borrowing base	$0