Quarterly report pursuant to Section 13 or 15(d)

Capitalized Interest

v3.21.2
Capitalized Interest
6 Months Ended
Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Capitalized Interest Capitalized InterestInterest is capitalized to real estate inventories and investment in unconsolidated joint ventures during development and other qualifying activities. Interest capitalized as a cost of real estate inventories is included in cost of sales as related inventories are delivered. Interest capitalized to investments in unconsolidated joint ventures is relieved to equity in net (loss) income of unconsolidated joint ventures as related joint venture homes close.
For the periods reported, interest incurred, capitalized, and expensed was as follows:
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
(dollars in thousands) (dollars in thousands)
Related party interest pushed down $ —  $ 2,264  $ —  $ 4,893 
Other interest incurred 6,998  6,230  12,104  10,532 
Total interest incurred 6,998  8,494  12,104  15,425 
 
Related party interest capitalized —  2,264  —  4,893
Other interest capitalized 6,998  6,230  12,104  10,532 
Total interest capitalized 6,998  8,494  12,104  15,425 
 
Previously capitalized related party interest included in cost of sales $ 4,340  $ 1,694  $ 7,242  $ 4,540 
Previously capitalized other interest included in cost of sales 6,959  3,695  11,124  8,160 
Related party interest relieved to equity in earnings (loss) from unconsolidated joint ventures 416  347  764  625 
Other interest relieved to equity in earnings (loss) from unconsolidated joint ventures 11 
Other interest expensed 10  —  21  11 
Total interest expense included in pretax income (loss) $ 11,731  $ 5,741  $ 19,162  $ 13,345