Inventory

The components of our owned inventory are as follows as of March 31, 2016 and September 30, 2015:



(In thousands)	March 31, 2016		September 30, 2015
Homes under construction	$	446,698	$	377,281
Development projects in progress	777,369		809,900
Land held for future development	260,222		270,990
Land held for sale	49,500		44,555
Capitalized interest	140,139		123,457
Model homes	76,724		71,407
Total owned inventory	$	1,750,652	$	1,697,590

Homes under construction include homes substantially finished and ready for delivery and homes in various stages of construction. We had 117 (with a cost of $33.1 million) and 128 (with a cost of $40.1 million) substantially completed homes that were not subject to a sales contract (spec homes) as of March 31, 2016 and September 30, 2015, respectively. Development projects in progress consist principally of land and land improvement costs. Certain of the fully developed lots in this category are reserved by a customer deposit or sales contract. Land held for future development consists of communities for which construction and development activities are expected to occur in the future or have been idled, and are stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. All applicable interest and real estate taxes on land held for future development are expensed as incurred. Land held for sale is recorded at the lower of the carrying value or fair value less costs to sell. The amount of interest we are able to capitalize is dependent upon our qualified inventory balance, which considers the status of our inventory holdings. Our qualified inventory balance includes the majority of our homes under construction and development projects in progress, but excludes land held for future development and land held for sale (refer to Note 6 for additional information on capitalized interest).

Total owned inventory, by reportable segment, is presented by category in the table below as of March 31, 2016 and September 30, 2015:



(In thousands)	Projects in Progress ^(a)			Land Held for Future Development		Land Held for Sale		Total Owned Inventory
March 31, 2016
West Segment	$	618,115		$	219,323	$	4,816	$	842,254
East Segment	340,842			29,908		27,100		397,850
Southeast Segment	290,311			10,991		16,484		317,786
Corporate and unallocated	191,662		^(b)	—		1,100		192,762
Total	$	1,440,930		$	260,222	$	49,500	$	1,750,652
September 30, 2015
West Segment	$	583,210		$	230,778	$	6,941	$	820,929
East Segment	353,054			29,280		30,927		413,261
Southeast Segment	277,351			10,932		5,587		293,870
Corporate and unallocated	168,430		^(b)	—		1,100		169,530
Total	$	1,382,045		$	270,990	$	44,555	$	1,697,590

^(a)Projects in progress include homes under construction, development projects in progress, capitalized interest and model home categories from the preceding table.

^(b)Includes capitalized interest and indirect costs that are maintained within Corporate and unallocated.

Inventory Impairments. When conducting our community level review for the recoverability of our inventory related to projects in progress, we establish a quarterly “watch list” of communities that carry profit margins in backlog and in our forecast that are below a minimum threshold of profitability, as well as recent closings that have gross margins less than a specific threshold. Each community is first evaluated qualitatively to determine if there are temporary factors driving the low profitability levels. Following our qualitative evaluation, communities with more than 10 homes remaining to close are subjected to substantial additional financial and operational analyses and review that consider the competitive environment and other factors contributing to profit margins below our watch list threshold. Our assumptions about future home sales prices and absorption rates require significant judgment because the residential homebuilding industry is cyclical and is highly sensitive to changes in economic conditions. For certain communities, we determine that it is prudent to reduce sales prices or further increase sales incentives in response to a variety of factors, including competitive market conditions in those specific submarkets for the product and location of these communities. For communities where the current competitive and market dynamics indicate that these factors may be other than temporary, which may call into question the recoverability of our investment, a formal impairment analysis is performed. The formal impairment analysis consists of both qualitative competitive market analyses and a quantitative analysis reflecting market and asset specific information. Market deterioration that exceeds our initial estimates may lead us to incur impairment charges on previously impaired homebuilding assets in addition to homebuilding assets not currently impaired but for which indicators of impairment may arise if markets deteriorate.

For the quarter ended March 31, 2016, there were two communities on our watch list, both in the West segment, that required further analysis to be performed after considering the number of lots remaining in each community and certain other qualitative factors. This additional analysis was conducted for the two communities, leading to an impairment charge for one of these communities. For the quarter ended March 31, 2015, one community in our West segment was on our quarterly watch list that required additional consideration. After additional financial and operational review on the one community in our prior fiscal year, we determined that the factors contributing to profit margins below our threshold were temporary in nature, and therefore the community was not subjected to further analysis, including any undiscounted cash flow analysis, and no impairment for that asset was recorded during the quarter ended March 31, 2015.

The table below summarizes the results of our undiscounted cash flow analysis by reportable segment, where applicable, for the quarters ended March 31, 2016 and March 31, 2015:




($ in thousands)		Undiscounted Cash Flow Analyses Prepared
Segment ^(a)	# of Communities on Watch List^(b)	# of Communities	Pre-analysis Book Value (BV)		Aggregate Undiscounted Cash Flow as a % of BV ^(c)
Quarter Ended March 31, 2016
West	2	2	$	20,809	108.0	%
Corporate and unallocated ^(d)	—	—	1,105		N/A^(e)
Total	2	2	$	21,914
Quarter Ended March 31, 2015
West	1	—	$	—	—	%

^(a) We have elected to aggregate our disclosure at the reportable segment level because we believe this level of disclosure is most meaningful to the readers of our financial statements.

^(b) Totals in this column exclude communities that are closing out (and have less than 10 closings remaining), as well as communities that are excluded due to certain qualitative considerations that would imply that low profitability levels are temporary in nature.

^(c)An aggregate undiscounted cash flow as a percentage of book value under 100% would indicate a possible impairment and is consistent with our “watch list” methodology. While this metric was above 100% for the current quarter in total, the community that we ultimately impaired was below 100%, while the community we did not impair was above 100%.

^(d) Amount represents capitalized interest and indirects balance related to the communities for which an undiscounted cash flow analysis was prepared. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.

^(e) N/A - not applicable.

The following table presents, by reportable segment, details around the impairment charges taken on projects in progress for the three and six months ended March 31, 2016:



($ in thousands)
Segment	# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at Period End		# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at Period End
Quarter Ended March 31, 2016							Six Months Ended March 31, 2016
West	1	34	$	1,513	$	5,518	1	34	$	1,513	$	5,518
Corporate and unallocated ^(a)	—	—	312		—		—	—	312		—
Total	1	34	$	1,825	$	5,518	1	34	$	1,825	$	5,518

^(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.

Impairments on land held for sale generally represent write downs of these properties to net realizable value, less estimated costs to sell, and are based on current market conditions and our review of recent comparable transactions. Our assumptions about land sales prices require significant judgment because the real estate market is highly sensitive to changes in economic conditions. We calculate the estimated fair value of land held for sale based on current market conditions and assumptions made by management, which may differ materially from actual results and may result in additional impairments if market conditions deteriorate.

From time-to-time, we also determine that the proper course of action with respect to a community is to not exercise an option and to write-off the deposit securing the option takedown and the related pre-acquisition costs, as applicable. In determining whether to abandon lots or lot option contracts, our evaluation is primarily based upon the expected cash flows from the property. Additionally, in certain limited instances, we are forced to abandon lots due to permitting or other regulatory issues that do not allow us to build on that lot. If we intend to abandon or walk away from a property, we record a charge to earnings for the deposit amount and any related capitalized costs in the period such decision is made. Abandonment charges generally relate to our decision to abandon lots or not exercise certain option contracts that are not projected to produce adequate results, no longer fit with our long-term strategic plan or, in limited circumstances, are not suitable for building due to regulatory or environmental restrictions that are enacted.

The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented:




	Three Months Ended March 31,				Six Months Ended March 31,
(In thousands)	2016		2015		2016		2015
Projects in Progress:
West	$	1,513	$	—	$	1,513	$	—
Corporate and unallocated	312		—		312		—
Total impairment charges on projects in progress	$	1,825	$	—	$	1,825	$	—
Land Held for Sale:
East	$	—	$	—	$	197	$	—
Southeast	—		—		371		—
Total impairment charges on land held for sale	$	—	$	—	$	568	$	—
Abandonments:
Southeast	$	—	$	—	$	788	$	—
Total impairment and abandonment charges	$	1,825	$	—	$	3,181	$	—

Lot Option Agreements and Variable Interest Entities (VIEs). As previously discussed, we also have access to land inventory through lot option contracts, which generally enable us to defer acquiring portions of properties owned by third parties and unconsolidated entities until we have determined whether to exercise our lot option. The majority of our lot option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land for the right to acquire lots during a specified period of time at a specified price. Under lot option contracts, purchase of the properties is contingent upon satisfaction of certain requirements by us and the sellers. Our liability under option contracts is generally limited to forfeiture of the non-refundable deposits, letters of credit and other non-refundable amounts incurred. We expect to exercise, subject to market conditions and seller satisfaction of contract terms, most of our remaining option contracts. Various factors, some of which are beyond our control, such as market conditions, weather conditions and the timing of the completion of development activities, will have a significant impact on the timing of option exercises or whether lot options will be exercised at all.

The following table provides a summary of our interests in lot option agreements as of March 31, 2016 and September 30, 2015:



(In thousands)	Deposits & Non-refundable Pre-acquisition Costs Incurred		Remaining Obligation
As of March 31, 2016
Unconsolidated lot option agreements	$	72,032	$	430,057
As of September 30, 2015
Unconsolidated lot option agreements	$	51,475	$	420,070

Interest

6 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Interest

Our ability to capitalize interest incurred during the three and six months ended March 31, 2016 and 2015 was limited by our inventory eligible for capitalization. The following table presents certain information regarding interest for the periods presented:



	Three Months Ended March 31,						Six Months Ended March 31,
(In thousands)	2016			2015			2016			2015
Capitalized interest in inventory, beginning of period	$	132,462		$	99,868		$	123,457		$	87,619
Interest incurred	30,467			30,259			60,555			60,542
Capitalized interest impaired	(84		)	—			(84		)	—
Interest expense not qualified for capitalization and included as other expense ^(a)	(6,633		)	(7,695		)	(14,065		)	(17,442		)
Capitalized interest amortized to house construction and land sales expenses ^(b)	(16,073		)	(9,956		)	(29,724		)	(18,243		)
Capitalized interest in inventory, end of period	$	140,139		$	112,476		$	140,139		$	112,476

^(a) The amount of interest we are able to capitalize is dependent upon our qualified inventory balance, which considers the status of our inventory holdings. Our qualified inventory balance includes the majority of our homes under construction and development projects in progress, but excludes land held for future development and land held for sale.

^(b)Capitalized interest amortized to house construction and land sale expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.

Borrowings

6 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Borrowings

As of March 31, 2016 and September 30, 2015, we had the following debt, net of discounts:



(In thousands)	Maturity Date	March 31, 2016			September 30, 2015
8 1/8% Senior Notes	June 2016	$	—		$	170,879
6 5/8% Senior Secured Notes	April 2018	300,000			300,000
9 1/8% Senior Notes	May 2019	225,175			235,000
5 3/4% Senior Notes	June 2019	324,393			325,000
7 1/2% Senior Notes	September 2021	200,000			200,000
7 1/4% Senior Notes	February 2023	200,000			200,000
Unamortized debt discounts		(3,259		)	(3,639		)
Total Senior Notes, net		$	1,246,309		$	1,427,240
Term Loan (net of unamortized discount of $2,013)	March 2018	137,987			—
Junior Subordinated Notes (net of unamortized accretion of $41,937 and $42,970, respectively)	July 2036	58,837			57,803
Cash Secured Loans	Not Applicable	—			22,368
Other Secured Notes payable	Various Dates	16,472			20,864
Total debt, net		$	1,459,605		$	1,528,275

Secured Revolving Credit Facility. Our Secured Revolving Credit Facility (the Facility) provides us with working capital and letter of credit capacity. On November 6, 2015, we executed a Second Amendment (the Second Amendment) to our Second Amended and Restated Credit Agreement originally dated September 24, 2012. The Second Amendment, among other things, increased the maximum aggregate amount of the Facility from $130.0 million to $145.0 million and extended its termination date to January 15, 2018. The Facility continues to be with the three lenders. As of March 31, 2016 and September 30, 2015, we had no borrowings outstanding under the Facility.

The Facility allows us to issue letters of credit against the undrawn capacity. Subject to our option to cash collateralize our obligations under the Facility upon certain conditions, our obligations under the Facility are secured by liens on substantially all of our personal property and a significant portion of our owned real properties. We have also pledged approximately $1 billion of inventory assets to the Facility to collateralize potential future borrowings or letters of credit (in addition to the letters of credit already issued under the Facility). As of March 31, 2016, we had $28.9 million in letters of credit outstanding under the Facility, leaving us with $116.1 million in remaining capacity. The Facility contains certain covenants, including negative covenants and financial maintenance covenants, with which we are required to comply. As of March 31, 2016, we were in compliance with all such covenants.

Letter of Credit Facilities. We have entered into stand-alone, cash-secured letter of credit agreements with banks to maintain our pre-existing letters of credit and to provide for the issuance of new letters of credit (in addition to the letters of credit issued under the Facility). As of March 31, 2016 and September 30, 2015, we had letters of credit outstanding under these additional facilities of $14.3 million and $14.4 million, respectively, all of which were secured by cash collateral in restricted accounts. The Company may enter into additional arrangements to provide further letter of credit capacity.

Senior Notes. Our Senior Notes are unsecured or secured obligations ranking pari passu with all other existing and future senior indebtedness. Substantially all of our significant subsidiaries are full and unconditional guarantors of the Senior Notes and are jointly and severally liable for obligations under the Senior Notes and the Facility. Each guarantor subsidiary is a 100% owned subsidiary of Beazer Homes. See Note 15 for further information.

The Company's Senior Notes are issued under indentures that contain certain restrictive covenants which, among other things, restrict our ability to pay dividends, repurchase our common stock, incur additional indebtedness and to make certain investments. Specifically, the majority of our Senior Notes contain covenants that restrict our ability to incur additional indebtedness unless it is refinancing indebtedness, non-recourse indebtedness and certain other allowed indebtedness. The incurrence of refinancing indebtedness and non-recourse indebtedness, as defined in the applicable indentures, is exempted from the covenant test. Compliance with our Senior Note covenants does not significantly impact our operations. We were in compliance with the covenants contained in the indentures of all of our Senior Notes as of March 31, 2016.

All unsecured Senior Notes rank equally in right of payment with all of our existing and future senior unsecured obligations, senior to all of the Company's existing and future subordinated indebtedness and effectively subordinated to the Company's existing and future secured indebtedness, including indebtedness under the Facility, the Term Loan (defined below) and our 6.625% Senior Secured Notes due April 2018, to the extent of the value of the assets securing such indebtedness. The unsecured Senior Notes and related guarantees are structurally subordinated to all indebtedness and other liabilities of all of the Company's subsidiaries that do not guarantee these notes. The unsecured Senior Notes are fully and unconditionally guaranteed jointly and severally on a senior basis by the Company's wholly-owned subsidiaries party to each applicable Indenture.

The table below summarizes the redemption terms for our Senior Notes:



Senior Note Description	Issuance Date	Maturity Date	Redemption Terms
6 5/8% Senior Secured Notes	July 2012	April 2018	Callable at any time, in whole or in part, at a set redemption price; redemption price is currently equal to 103.313% of the principal amount and resets on July 15, 2016 to a redemption price equal to 101.656% of the principal amount
9 1/8% Senior Notes	November 2010	May 2019	Callable at any time prior to November 15, 2016, in whole or in part, at a redemption price equal to 102.281% of the principal amount; redeemable after November 15, 2016 at par
5 3/4% Senior Notes	April 2014	June 2019	Callable at any time before March 15, 2019, in whole or in part, at a redemption price equal to 100% of the principal amount, plus a customary make-whole premium
7 1/2% Senior Notes	February 2013	September 2021	Callable at any time prior to September 15, 2016, in whole or in part, at a redemption price equal to 100% of the principal amount, plus a customary make-whole premium; after September 15, 2016, callable at a redemption price equal to 105.625% of the principal amount; after September 15, 2017, callable at a redemption price equal to 103.75% of the principal amount; after September 15, 2018, callable at a redemption price equal to 101.875% of the principal amount
7 1/4% Senior Notes	September 2013	February 2023	Callable at any time prior to February 1, 2018, in whole or in part, at a redemption price equal to 100% of the principal amount, plus a customary make-whole premium; after February 1, 2018, callable at a redemption price equal to 103.625% of the principal amount; after February 1, 2019, callable at a redemption price equal to 102.41% of the principal amount; after February 1, 2020, callable at a redemption price equal to 101.208% of the principal amount

During the three months ended March 31, 2016, we redeemed our remaining Senior Notes due 2016 (the 2016 Notes) outstanding, mainly by utilizing the proceeds received from the term loan issued during the current quarter, which is discussed below. During the current quarter, we also redeemed $9.8 million and $0.6 million of our Senior Notes due May 2019 and June 2019, respectively. This debt repurchase activity resulted in a net loss on extinguishment of debt of $1.6 million during the three months ended March 31, 2016, which when combined with the loss on extinguishment from our first fiscal quarter, resulted in a total loss on extinguishment of debt of $2.5 million for the six months ended March 31, 2016.

Term Loan. On March 11, 2016, we entered into a credit agreement (the Credit Agreement) that provided us with a $140 million, two-year secured term loan (the Term Loan). The Term Loan requires quarterly principal payments of $17.5 million starting on June 30, 2016, and bears interest at the London Interbank Offered Rate (LIBOR) plus 550 basis points. The proceeds from the Term Loan were used to fund the redemption of the 2016 Notes. The Term Loan will mature and all remaining amounts outstanding thereunder will be due and payable on March 11, 2018, but can be pre-paid at any time without penalty.

Substantially all of our subsidiaries are guarantors of the obligations under the Credit Agreement. Collectively, we granted security interests and mortgage liens on substantially all of our tangible and intangible assets on a second lien basis, with such security interests and liens ranking equal in priority to those granted as security for our 6.625% Senior Secured Notes due April 2018.

The Credit Agreement contains covenants which, subject to certain exceptions, limit the ability of the Company and its restricted subsidiaries (as defined in the Credit Agreement) to, among other things, incur additional indebtedness, engage in certain asset sales, make certain types of restricted payments and create liens on assets of the Company or its restricted subsidiaries; these covenants are similar to existing covenants under our Senior Notes. In addition, the Credit Agreement requires that the Company’s inventory (as defined in the Credit Agreement) to be no less than $1.25 billion as of the last day of any fiscal quarter. The Credit Agreement also includes customary events of default, including, but not limited to, the failure to pay any interest, principal or fees when due, the failure to perform or the violation of any covenant or agreement, inaccurate or false representations or warranties, a default on other material indebtedness, insolvency or bankruptcy, a change of control and the occurrence of certain material judgments against the Company. As of March 31, 2016, we were in compliance with all such covenants.

Junior Subordinated Notes. Our unsecured junior subordinated notes (Junior Subordinated Notes) in the amount of $103.1 million mature on July 30, 2036. The Junior Subordinated Notes are redeemable at par and pay interest at a fixed rate of 7.987% for the first 10 years ending July 30, 2016. Thereafter, the securities have a floating interest rate as defined in the Junior Subordinated Notes Indenture; based on current interest rates, we expect the floating interest rate to be lower than our current fixed rate. The obligations relating to these notes are subordinated to the Facility and the Senior Notes. In January 2010, we modified the terms of $75.0 million of these notes and recorded them at their then estimated fair value. Over the remaining life of the Junior Subordinated Notes, we will increase their carrying value until this carrying value equals the face value of the notes. As of March 31, 2016, the unamortized accretion was $41.9 million and will be amortized over the remaining life of the notes. As of March 31, 2016, we were in compliance with all covenants under our Junior Subordinated Notes.

Cash Secured Loans. In March 2016, we redeemed the entire balance of our cash secured loan facilities using the cash that fully secured the borrowings under these facilities. This secured cash was reflected as restricted cash on our consolidated balance sheets.

Other Secured Notes Payable. We periodically acquire land through the issuance of notes payable. As of March 31, 2016 and September 30, 2015, we had outstanding secured notes payable of $16.5 million and $20.9 million, respectively, primarily related to these land acquisitions. The secured notes payable related to land acquisitions have varying expiration dates between 2016 and 2019 and have a weighted average fixed interest rate of 4.51% as of March 31, 2016. These notes are secured by the real estate to which they relate.

The agreements governing these secured notes payable contain various affirmative and negative covenants. There can be no assurance that we will be able to obtain any future waivers or amendments that may become necessary without significant additional cost or at all. In each instance, however, a covenant default can be cured by repayment of the indebtedness.

Contingencies

6 Months Ended

Mar. 31, 2016

Contingencies

Beazer Homes and certain of its subsidiaries have been and continue to be named as defendants in various construction defect claims, complaints and other legal actions. The Company is subject to the possibility of loss contingencies arising from its business. In determining loss contingencies, we consider the likelihood of loss, as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that a liability has been incurred and the amount of loss can be reasonably estimated.

Warranty Reserves. We currently provide a limited warranty (ranging from one to two years) covering workmanship and materials per our defined performance quality standards. In addition, we provide a limited warranty (generally ranging from a minimum of five years up to the period covered by the applicable statute of repose) covering only certain defined construction defects. We also provide a defined structural element warranty with single-family homes and townhomes in certain states.

Our homebuilding work is performed by subcontractors that typically must agree to indemnify us with regard to their work and provide us with certificates of insurance demonstrating that they have met our insurance requirements and that we are named as an additional insured under their policies. Therefore, many claims relating to workmanship and materials that result in warranty spending are the primary responsibility of these subcontractors. In addition, we maintain insurance coverage related to our construction efforts that can result in recoveries of warranty and construction defect costs above certain specified limits.

Our warranty reserves are included in other liabilities on our unaudited consolidated balance sheets and the provision for warranty accruals is included in home construction expenses in our unaudited consolidated statements of income. We record reserves covering anticipated warranty expense for each home we close. Management reviews the adequacy of warranty reserves each reporting period based on historical experience and management’s estimate of the costs to remediate the claims and adjusts these provisions accordingly. Our review includes a quarterly analysis of the historical data and trends in warranty expense by division. An analysis by division allows us to consider market specific factors such as our warranty experience, the number of home closings, the prices of homes, product mix and other data in estimating our warranty reserves. In addition, our analysis also contemplates the existence of any non-recurring or community-specific warranty-related matters that might not be included in our historical data and trends. While we adjust our estimated warranty liabilities each reporting period to the extent required as a result of our quarterly analyses, historical data and trends may not accurately predict actual warranty costs which could lead to a significant change in the reserve.

Changes in our warranty reserves are as follows for the periods presented:



	Three Months Ended						Six Months Ended
	March 31,						March 31,
(In thousands)	2016			2015			2016			2015
Balance at beginning of period	$	28,913		$	27,227		$	27,681		$	16,084
Accruals for warranties issued ^(a)	3,086			1,630			5,701			3,155
Changes in liability related to warranties existing in prior periods ^(b)	20,053			6,524			30,653			20,754
Payments made ^(b)	(11,149		)	(6,587		)	(23,132		)	(11,199		)
Balance at end of period	$	40,903		$	28,794		$	40,903		$	28,794

^(a) Accruals for warranties issued are a function of the number of home closings in the period, the average selling prices of the homes closed and the rates of accrual per home estimated as a percentage of the selling price of the home. The increase in the amount of accrual in the current three and six-month periods compared to the comparable prior-year periods is due to an increase in the number of closings and the sales prices of homes closed in the current periods, as well as increases in certain divisions' accrual rates.

^(b) Changes in liability related to warranties existing and payments made in both periods are higher than historical trends due to charges and subsequent payments related to water intrusion issues in certain of our communities located in Florida (refer to separate discussion below).

Florida and New Jersey Water Intrusion Issues

In the latter portion of fiscal 2014, we began to experience an increase in calls from homeowners reporting stucco and water intrusion issues in certain of our communities in Florida and one community in New Jersey. These issues continued to be reported to us in Florida throughout our fiscal 2015 and into our fiscal 2016. In New Jersey, while the calls were initially isolated to one community, we received calls from a second community with similar issues during the current fiscal year. Through March 31, 2016, we have cumulatively recorded $61.0 million in charges related to these issues, of which $59.2 million related to the communities in Florida and $1.8 million related to the two communities in New Jersey. Refer to discussion below for further detail.

Florida. The water intrusion issues in Florida (the Florida stucco issues) relate to stucco installation in multiple communities that first became known during our fiscal 2014. Other builders were also dealing with stucco issues, some of which received local media coverage. Throughout fiscal 2015, with many homeowners seeing an increased level of warranty-related activities occurring in their communities, the number of stucco and water-related warranty calls in Florida increased significantly. This led us to expand the scope of our inspections, including to homes and communities from which no warranty calls had been received. This enhanced review resulted in us determining that more homes and communities in Florida were likely to be adversely affected, leading to higher repair costs. Based on all of these activities and our resulting analysis, we recorded additional warranty expense of $26.3 million during the year ended September 30, 2015 related to the Florida stucco issues (of which $4.3 million and $17.9 million was recorded in the three and six months ended March 31, 2015, respectively), in addition to the $4.3 million recorded during fiscal 2014. As of September 30, 2015, the accrual to cover outstanding payments and potential repair costs for the impacted homes was $14.5 million, after considering the repair costs already paid.

During our fiscal 2016, we received additional homeowner calls beyond those anticipated based on our procedures and previous call history and increased our cost estimates, causing us to record additional warranty expense related to the Florida stucco issues of $19.6 million and $28.6 million during the three and six months ended March 31, 2016, respectively. Our cost estimates to repair homes discovered in more recent periods is considerably higher than initial estimates, as these homes require more extensive repairs. As of March 31, 2016, 680 homes have been identified as likely to require repairs (an increase of 148 homes to those that were anticipated to require repairs as of the end of our fiscal 2015), of which 279 homes have been repaired. We made payments related to the Florida stucco issues of $8.0 million and $16.8 million and during the three and six months ended March 31, 2016 (including payments on fully repaired homes, as well as payments on homes for which remediation is not yet complete), bringing the remaining accrual to $26.3 million as of March 31, 2016, which is included in our overall warranty liability detailed above. As of March 31, 2016, additional homes in the impacted communities remain under warranty but are not yet deemed likely to require repairs and have not been reserved for. The cost to repair these additional homes would be approximately $7.0 million if the current cost estimates were applied to these additional homes.

Our assessment of the Florida stucco issues is ongoing. As a result, we anticipate that the ultimate magnitude of our liability may change as additional information is obtained. Certain visual and other inspections of the homes that could be subject to defect often do not reveal the severity or extent of the defects, which can only be discovered once we receive a homeowner call and begin repairs. The current quarter charges were offset by additional insurance recoveries from our insurers; for a discussion of the amounts we have already recovered or anticipate recovering from our insurer, refer to “Insurance Recoveries” section below. In addition, we believe that we will also recover a portion of such repair costs from sources other than our own insurer, including the subcontractors involved with the construction of these homes and their insurers; however, no amounts related to subcontractor recoveries have been recorded in our unaudited consolidated financial statements as of March 31, 2016.

New Jersey. Initially, the water intrusion issues in New Jersey related to flashing and stone installation in one specific community, for which we recorded $0.6 million in charges during our fiscal 2014. During our fiscal 2016, we began to receive homeowner calls related to one additional community citing similar issues, causing us to inspect the homes within the community and record an additional reserve of $1.2 million during the first six months of the current fiscal year ($0.3 million during the current fiscal quarter), which is also included in our overall warranty liability as of March 31, 2016. Similar to the Florida stucco issues discussed above, the costs recorded during the current year period were fully offset by additional insurance recoveries from our third-party insurance, which is described below.

Insurance Recoveries

The Company has insurance policies that provide for the reimbursement of certain warranty costs incurred by us above a specified threshold for each period covered. We have surpassed these thresholds for certain policy years, particularly those that cover most of the homes impacted by the water intrusion issues discussed above. As such, we expect a substantial majority of additional costs incurred after the first quarter of our fiscal 2015 for warranty work on homes within these policy years to be reimbursed by our insurer.

Warranty expense beyond the thresholds set in our insurance policies was recorded related to homes impacted by the Florida stucco issues and the water intrusion issues in New Jersey, as well as other various warranty issues, resulting in our recognition of $19.8 million and $36.2 million in insurance recoveries during the three and six months ended March 31, 2016, respectively, that we deem probable of receiving. For the three and six months ended March 31, 2015, $5.7 million was recorded in insurance recoveries (with no amounts recorded during the first quarter of our fiscal 2015, as we had not yet reached the thresholds stipulated by our insurance contracts). Amounts recorded for anticipated insurance recoveries are reflected within our unaudited consolidated statements of income as a reduction of our home construction expenses, and associated amounts not yet received from our insurer were recorded on a gross basis (i.e. not net of any associated warranty expense) as a receivable within accounts receivable on our unaudited consolidated balance sheets.

As of March 31, 2016, we have cumulatively recorded $55.1 million in insurance recoveries related to exhausted insurance policy years. We have received multiple payments under these policies from our insurance provider during fiscal 2015 and during the six months ended March 31, 2016, reducing our insurance recovery receivable to $27.8 million as of March 31, 2016. The total recovery amount recorded during the current quarter of $19.8 million offsets the impact of the incremental expense recorded during the current quarter related to the Florida stucco issues and the water intrusion issues in New Jersey. For the six months ended March 31, 2016, while the recoveries of $36.2 million recorded offset the incremental expense recorded related to the water intrusion issues in New Jersey, the recoveries recorded related to the Florida stucco issues were $3.6 million greater than the underlying expense, as we began to recover more costs than initially anticipated. The remaining insurance recovery amount for the six months ended March 31, 2016 beyond the water intrusion issues in New Jersey and the Florida stucco issues related to expenditures for warranty issues that are individually immaterial but are also in excess of our insurance thresholds.

Amounts still to be recovered under our insurance policies will vary based on whether expected additional warranty costs are actually incurred for periods for which our threshold has already been met. As a result, we anticipate the balance of our established receivable for insurance recoveries to fluctuate for potential future reimbursements, as well as the amounts ultimately owed to us from our insurer.

Litigation

From time-to-time, we have received claims from institutions that have acquired mortgages originated by our subsidiary, Beazer Mortgage Corporation (BMC), demanding damages or indemnity arising from BMC's activities or that we repurchase such mortgages. BMC stopped originating mortgages in 2008. We have been able to resolve these claims at no cost or for amounts that are not material to our consolidated financial statements. We currently have no such claims outstanding. However, we cannot rule out the potential for additional mortgage loan repurchase or indemnity claims in the future from other investors. At this time, we do not believe that the exposure related to any such claims would be material to our consolidated financial condition, results of operations or cash flows. As of March 31, 2016, no liability has been recorded for any additional claims, as such exposure is not both probable and reasonably estimable.

In the normal course of business, we are subject to various lawsuits. We cannot predict or determine the timing or final outcome of these lawsuits or the effect that any adverse findings or determinations in pending lawsuits may have on us. In addition, an estimate of possible loss or range of loss, if any, cannot presently be made with respect to certain of these pending matters. An unfavorable determination in any of the pending lawsuits could result in the payment by us of substantial monetary damages, which may not be fully covered by insurance. Further, the legal costs associated with the lawsuits and the amount of time required to be spent by management and the Board of Directors on these matters, even if we are ultimately successful, could have a material adverse effect on our financial condition, results of operations or cash flows.

Other Matters

On July 1, 2009, we entered into a Deferred Prosecution Agreement and associated Bill of Information (the “DPA”) with the United States Attorney for the Western District of North Carolina and a separate but related agreement with the United States Department of Housing and Urban Development (the HUD Agreement) and the Civil Division of the United States Department of Justice. We have satisfied our obligations under the DPA and in July 2014 the United States District Court for the Western Division of North Carolina dismissed the Bill of Information. However, under these agreements, we are obligated to make payments equal to 4% of “adjusted EBITDA,” as defined in the agreements, until the earlier of (a) September 30, 2016 or (b) the date that a cumulative $48.0 million has been paid pursuant to the DPA and the HUD Agreement. As of March 31, 2016, we have paid a cumulative $28.1 million related to the DPA and the HUD Agreement. Additionally, we have a liability of $4.3 million recorded on our unaudited consolidated balance sheet as of March 31, 2016 related to the HUD Agreement, $1.1 million and $2.3 million of which was accrued for during the three and six months ended March 31, 2016, respectively.

We and certain of our subsidiaries have been named as defendants in various claims, complaints and other legal actions, most relating to construction defects, moisture intrusion and product liability. Certain of the liabilities resulting from these actions are covered in whole or in part by insurance. In our opinion, based on our current assessment, the ultimate resolution of these matters will not have a material adverse effect on our financial condition, results of operations or cash flows.

We have accrued $9.0 million and $12.6 million in other liabilities on our consolidated balance sheets related to litigation and other matters, excluding warranty, as of March 31, 2016 and September 30, 2015, respectively.

We had outstanding letters of credit and performance bonds of approximately $43.2 million and $213.7 million, respectively, as of March 31, 2016, related principally to our obligations to local governments to construct roads and other improvements in various developments. We have an immaterial amount of outstanding letters of credit relating to our land option contracts as of March 31, 2016.

Fair Value Measurements

6 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

As of the dates presented, we had assets on our consolidated balance sheets that were required to be measured at fair value on a recurring or non-recurring basis. We use a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value as follows:


•	Level 1 – Quoted prices in active markets for identical assets or liabilities;


•	Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly through corroboration with market data; and


•	Level 3 – Unobservable inputs that reflect our own estimates about the assumptions market participants would use in pricing the asset or liability.

Certain of our assets are required to be recorded at fair value on a recurring basis. The fair value of our deferred compensation plan assets is based on market-corroborated inputs (Level 2).

Certain of our assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value of these assets may not be recovered. We review our long-lived assets, including inventory, for recoverability when factors indicate impairment may exist, but no less than quarterly. Fair value on assets deemed to be impaired are determined based upon the type of asset being evaluated. The fair value of our investments in unconsolidated entities is determined primarily using a discounted cash flow model to value the underlying net assets of the respective entities.

Determining which hierarchical level an asset or liability falls within requires significant judgment. We evaluate our hierarchy disclosures each quarter.

The following table presents the period-end balances of our assets measured at fair value on a recurring basis, and the impairment-date fair value of certain assets measured at fair value on a non-recurring basis, for each hierarchy level. These balances represent only those assets whose carrying values were adjusted to fair value during the periods presented:



(In thousands)	Level 1		Level 2		Level 3			Total
Six Months Ended March 31, 2016
Deferred compensation plan assets ^(a)	$	—	$	804	$	—		$	804
Development projects in progress ^(b)	—		—		5,518		^(c)	5,518
Land held for sale ^(b)	—		—		16,213		^(d)	16,213
Six Months Ended March 31, 2015
Deferred compensation plan assets ^(a)	—		567		—			567

^(a)Measured at fair value on a recurring basis.

^(b)Measured at fair value on a non-recurring basis.

^(c)Amount includes the impairment-date fair value of the one community in our West segment that we impaired in the second quarter of our fiscal 2016. Refer to Note 5 for additional discussion.

^(d) Amount represents the impairment-date fair value of certain land held for sale assets that were impaired during the first quarter of our fiscal 2016.

The fair value of our cash and cash equivalents, restricted cash, accounts receivable, trade accounts payable, other liabilities, amounts due under the Facility (if outstanding) and other secured notes payable approximate their carrying amounts due to the short maturity of these assets and liabilities. When outstanding, obligations related to land not owned under option agreements approximate fair value.

The following table presents the carrying value and estimated fair value of certain of our other financial liabilities as of March 31, 2016 and September 30, 2015:



(In thousands)	As of March 31, 2016				As of September 30, 2015
	Carrying Amount ^(a)		Fair Value		Carrying Amount ^(a)		Fair Value
Senior Notes	$	1,246,309	$	1,130,957	$	1,427,240	$	1,412,173
Term Loan	137,987		137,987		—		—
Junior Subordinated Notes	58,837		58,837		57,803		57,803
	$	1,443,133	$	1,327,781	$	1,485,043	$	1,469,976

^(a)Carrying amounts are net of unamortized debt discounts or accretion.

The estimated fair value shown above for our publicly-held Senior Notes has been determined using quoted market rates (Level 2). Since there is no trading market for our Term Loan and Junior Subordinated Notes, the fair value of these instruments is estimated by discounting scheduled cash flows through maturity using a discount rate that is specific to the applicable loan agreement (Level 3). Judgment is required in developing such estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange.

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes	6 Months Ended
Income Taxes	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Provision. Our income tax provision for quarterly interim periods is based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent or unusual items. Our total income tax benefit, including discontinued operations, was $3.9 million and $3.4 million for the three and six months ended March 31, 2016, respectively, compared to tax expense of $0.1 million and a tax benefit of $0.6 million for the three and six months ended March 31, 2015, respectively. The change in our income tax benefit/expense was primarily driven by (1) the magnitude of the loss from continuing operations in the respective periods; (2) the Company completed the work necessary to claim an additional $1.4 million in tax credits, which were recorded in the current quarter but related to our fiscal 2015, as a result of the President signing the “Protecting Americans from Tax Hikes Act of 2015” on December 18, 2015; and (3) valuation allowance changes recorded during the previous fiscal year periods that are no longer recorded in the current fiscal year periods due to the release of a significant portion of our valuation allowance during the fourth quarter of our fiscal 2015 (see below). Deferred Tax Assets and Liabilities. The Company continues to evaluate its deferred tax assets each period to determine if a valuation allowance is required based on whether it “is more likely than not” that some portion of the deferred tax assets would not be realized. As of September 30, 2015 and again as of March 31, 2016, we concluded that it is more likely than not that a substantial portion of our deferred tax assets will be realized. As of March 31, 2016, our conclusions on the valuation allowance of $57.7 million and Section 382 limitations related to our deferred tax assets remain consistent with the determinations we made during the period ended September 30, 2015 and are based on similar company specific and industry factors to those discussed in our 2015 Annual Report (refer to Note 13 to the audited consolidated financial statements within our 2015 Annual Report). Miscellaneous Tax Matters. In the normal course of business, we are subject to audits by federal and state tax authorities regarding various tax liabilities. The statute of limitations for our major tax jurisdictions remains open for examination for fiscal years 2007 and subsequent years.

Stock-based Compensation

6 Months Ended

Mar. 31, 2016

Stock-based Compensation

Our total stock-based compensation expense is included in general and administrative expenses (G&A) in our unaudited consolidated statements of income. A summary of the expense related to stock-based compensation by award type is as follows for the periods presented:



	Three Months Ended March 31,						Six Months Ended March 31,
(In thousands)	2016			2015			2016			2015
Stock options expense	$	102		$	145		$	250		$	357
Restricted stock awards expense	1,929			1,404			3,538			2,574
Before tax stock-based compensation expense	2,031			1,549			3,788			2,931
Tax benefit	(991		)	—		^(a)	(1,848		)	—		^(a)
After tax stock-based compensation expense	$	1,040		$	1,549		$	1,940		$	2,931

^(a) Tax impact is zero due to the existence of a valuation allowance on our deferred tax assets in prior year periods.

During the six months ended March 31, 2016 and 2015, employees surrendered 137 shares and 9,899 shares, respectively, to us in payment of minimum tax obligations upon the vesting of stock awards under our stock incentive plans. We valued this stock at the market price on the date of surrender, for an aggregate value of approximately $14,673 and $185,000 for the six months ended March 31, 2016 and 2015, respectively.

Stock Options. The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option-pricing model (Black-Scholes Model). The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price. As of March 31, 2016, the intrinsic value of our stock options outstanding and the aggregate options exercisable were both zero. As of March 31, 2016 and September 30, 2015, there was $0.4 million and $0.5 million, respectively, of total unrecognized compensation cost related to nonvested stock options. The cost remaining as of March 31, 2016 is expected to be recognized over a weighted average period of 1.5 years.

During the six months ended March 31, 2016, we issued 40,600 stock options, each for one share of the Company's stock. These stock options vest ratably over three years from the date of grant. We used the following assumptions for stock options granted, which derived the fair value shown, for the period presented:



	Six Months Ended
	March 31, 2016
Expected life of options	4.3 years
Expected volatility	45.23		%
Expected dividends	—
Weighted average risk-free interest rate	1.70		%
Weighted average fair value	$	5.48

Activity related to stock options for the periods presented is as follows:



	Three Months Ended				Six Months Ended
	March 31, 2016				March 31, 2016
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Outstanding at beginning of period	684,507		$	17.19	643,907		$	18.13
Granted	—		—		40,600		14.24
Forfeited	(3,234	)	18.53		(3,234	)	18.53
Outstanding at end of period	681,273		$	17.89	681,273		$	17.89
Exercisable at end of period	589,582		$	18.04	589,582		$	18.04
Vested or expected to vest in the future	681,243		$	17.89	681,243		$	17.89

Restricted Stock Awards. The fair value of each restricted stock award with any market conditions is estimated on the date of grant using the Monte Carlo valuation method. The fair value of any restricted stock awards without market conditions is based on the market price of the Company's common stock on the date of grant. If applicable, the cash-settled component of any awards granted to employees is accounted for as a liability, which is adjusted to fair value each reporting period until vested.

As of March 31, 2016 and September 30, 2015, there was $15.1 million and $11.7 million, respectively, of total unrecognized compensation cost related to nonvested restricted stock awards. The cost remaining at March 31, 2016 is expected to be recognized over a weighted average period of 2.2 years.

During the six months ended March 31, 2016, we issued 231,624 shares of performance-based restricted stock (2016 Performance Shares) to our executive officers and certain other employees that also have market conditions. The 2016 Performance Shares are structured to be awarded based on the Company's performance under three pre-determined financial metrics at the end of the three-year performance period. After determining the number of shares earned based on the financial metrics, which can range from 0% to 175% of the targeted number of shares, the award will be subject to further upward or downward adjustment by as much as 20% based on the Company's relative total shareholder return (TSR) compared against the S&P Homebuilders Select Industry Index during the three-year performance period. The 2016 Performance Shares were valued using the Monte Carlo valuation model due to the existence of the TSR market condition and had an estimated fair value of $15.43 per share on the date of grant.

A Monte Carlo valuation model requires the following inputs: (1) the expected dividend yield on the underlying stock; (2) the expected price volatility of the underlying stock; (3) the risk-free interest rate for the period corresponding with the expected term of the award and (4) the fair value of the underlying stock. For the Company and each member of the peer group, the following inputs were used, as applicable, in the Monte Carlo valuation model to determine the fair value as of the grant date for the 2016 Performance Shares: 0% dividend yield for the Company, expected price volatility ranging from 29.9% to 151.2% and a risk-free interest rate of 1.21%. The methodology used to determine these assumptions is similar to the Black-Scholes Model; however, the expected term is determined by the model in the Monte Carlo simulation.

Any 2016 Performance Shares earned in excess of the target number of 231,624 may be settled in cash or additional shares at the discretion of the Compensation Committee of our Board of Directors. Any portion of these that do not vest at the end of the period will be forfeited.

During six months ended March 31, 2016, we also issued 259,819 shares of time-based restricted stock (Restricted Shares) to our directors, executive officers and certain other employees. The Restricted Shares granted to our non-employee directors vest on the first anniversary of the grant, while the Restricted Shares granted to our executive officers and other employees vest ratably over three years from the date of grant.

Activity relating to all restricted stock awards is as follows for the periods presented:



	Three Months Ended				Six Months Ended
	March 31, 2016				March 31, 2016
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Beginning of period	1,288,474		$	17.28	956,283		$	18.27
Granted	9,467		9.03		491,443		14.69
Vested	(6,736	)	15.80		(120,989	)	18.62
Forfeited	(9,543	)	16.42		(45,075	)	7.99
End of period	1,281,662		$	17.23	1,281,662		$	17.23

Other Liabilities Disclosure [Abstract]

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Earnings Per Share

6 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted income per share adjusts the basic income per share for the effects of any potentially dilutive instruments, only in periods in which the Company has net income and such effects are dilutive under the treasury stock method. Basic and diluted income (loss) per share is calculated using unrounded numbers.

The Company reported a net loss for the three and six months ended March 31, 2016 and 2015. Accordingly, all common stock equivalents were excluded during these periods from the computation of diluted loss per share because inclusion would have resulted in anti-dilution. For the three and six months ended March 31, 2016, 2.0 million and 1.9 million shares related to nonvested stock-based compensation awards were excluded from our calculation of diluted income per share as a result of their anti-dilutive effect. For the three and six months ended March 31, 2015, 1.7 million shares related to nonvested stock-based compensation awards and 5.3 million shares issuable upon the conversion of our previously outstanding Tangible Equity Unit (TEU) prepaid stock purchase contracts (PSPs) were similarly excluded.

Other Liabilities

6 Months Ended

Mar. 31, 2016

Other Liabilities

Other liabilities include the following as of March 31, 2016 and September 30, 2015:



(In thousands)	March 31, 2016		September 30, 2015
Accrued warranty expense	$	40,903	$	27,681
Accrued interest	27,539		31,632
Accrued bonuses and deferred comp	14,946		25,076
Customer deposits	14,160		13,757
Litigation accrual	9,008		12,607
Income tax liabilities	2,493		1,998
Other	32,979		36,215
Total Other Liabilities	$	142,028	$	148,966

Segment Information

6 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Information

We currently operate in 13 states that are grouped into three homebuilding segments based on geography. Revenues in our homebuilding segments are derived from the sale of homes that we construct and from land and lot sales. Our reportable segments have been determined on a basis that is used internally by management for evaluating segment performance and resource allocations. We have considered the applicable aggregation criteria, and have combined our homebuilding operations into three reportable segments as follows:

West: Arizona, California, Nevada and Texas

East: Delaware, Indiana, Maryland, New Jersey^(a), Tennessee and Virginia

Southeast: Florida, Georgia, North Carolina and South Carolina

^(a)During our fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, it is included in this listing because the segment information below continues to include New Jersey.

Management’s evaluation of segment performance is based on segment operating income. Operating income for our homebuilding segments is defined as homebuilding, land sale and other revenues less home construction, land development and land sale expense, commission expense, depreciation and amortization and certain G&A expenses that are incurred by or allocated to our homebuilding segments. The accounting policies of our segments are described in Note 2 to the consolidated financial statements within our 2015 Annual Report.

The following tables contain our revenue, operating income (loss) and depreciation and amortization by segment for the periods presented:



	Three Months Ended				Six Months Ended
	March 31,				March 31,
(In thousands)	2016		2015		2016		2015
Revenue
West	$	179,930	$	115,381	$	337,126	$	202,846
East	106,835		103,179		207,392		207,992
Southeast	98,842		80,799		185,538		154,285
Total revenue	$	385,607	$	299,359	$	730,056	$	565,123



	Three Months Ended						Six Months Ended
	March 31,						March 31,
(In thousands)	2016			2015			2016			2015
Operating income (loss)
West	$	18,927		$	10,599		$	35,713		$	17,382
East	8,333			5,744			12,480			13,113
Southeast ^(a)	7,738			7,051			18,395			818
Segment total	34,998			23,394			66,588			31,313
Corporate and unallocated ^(b)	(31,968		)	(16,958		)	(54,410		)	(34,367		)
Total operating income (loss)	$	3,030		$	6,436		$	12,178		$	(3,054	)



	Three Months Ended				Six Months Ended
	March 31,				March 31,
(In thousands)	2016		2015		2016		2015
Depreciation and amortization
West	$	1,332	$	1,265	$	2,550	$	2,032
East	634		526		1,431		1,194
Southeast	547		539		996		1,024
Segment total	2,513		2,330		4,977		4,250
Corporate and unallocated ^(b)	543		451		1,070		872
Depreciation and amortization - continuing operations	$	3,056	$	2,781	$	6,047	$	5,122

^(a) Operating income for our Southeast segment for the six months ended March 31, 2016 was impacted by unexpected warranty costs related to the Florida stucco issues, net of expected insurance recoveries. This impact was a credit of $3.6 million in the current year period, and expense of $13.6 million in the prior year period.

^(b) Corporate and unallocated operating loss includes amortization of capitalized interest, movement in capitalized indirects and expenses related to numerous shared services functions including information technology, treasury, corporate finance, legal, branding and other national marketing costs that benefit all segments, the cost of which is not allocated to the operating segments reported above. Corporate and unallocated depreciation and amortization represents depreciation and amortization related to assets held by corporate functions that benefit all segments.

The following table contains our capital expenditures by segment for the periods presented:



	Six Months Ended
	March 31,
(In thousands)	2016		2015
Capital Expenditures
West	$	2,906	$	2,659
East	1,273		2,067
Southeast	1,622		1,899
Corporate and unallocated	216		853
Total capital expenditures	$	6,017	$	7,478

The following table contains our asset balance by segment as of March 31, 2016 and September 30, 2015:



(In thousands)	March 31, 2016		September 30, 2015
Assets
West	$	857,178	$	843,564
East	412,276		436,346
Southeast	352,895		317,295
Corporate and unallocated ^(a)	711,392		823,998
Total assets	$	2,333,741	$	2,421,203

^(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirects and other items that are not allocated to the segments.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Supplemental Guarantor Information

6 Months Ended

Mar. 31, 2016

Supplemental Guarantor information

Supplemental Guarantor Information

As discussed in Note 7, our obligations to pay principal, premium, if any, and interest under certain debt issuances are guaranteed on a joint and several basis by substantially all of our subsidiaries. Certain of our immaterial subsidiaries do not guarantee our Senior Notes or the Facility. The guarantees are full and unconditional and the guarantor subsidiaries are 100% owned by Beazer Homes USA, Inc. The following unaudited financial information presents the line items of our unaudited consolidated financial statements separated by amounts related to the parent issuer, guarantor subsidiaries, non-guarantor subsidiaries and consolidating adjustments as of or for the periods presented.

Beazer Homes USA, Inc.

Unaudited Consolidating Balance Sheet Information

March 31, 2016

(In thousands)



	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	135,124	$	5,639	$	940	$	(6,770	)	$	134,933
Restricted cash	15,465		1,814		—		—			17,279
Accounts receivable (net of allowance of $872)	—		55,600		3		—			55,603
Income tax receivable	221		—		—		—			221
Owned inventory	—		1,750,652		—		—			1,750,652
Investments in unconsolidated entities	773		8,242		—		—			9,015
Deferred tax assets, net	329,644		—		—		—			329,644
Property and equipment, net	—		20,699		—		—			20,699
Investments in subsidiaries	673,454		—		—		(673,454		)	—
Intercompany	939,888		—		2,372		(942,260		)	—
Other assets	12,666		3,025		4		—			15,695
Total assets	$	2,107,235	$	1,845,671	$	3,319	$	(1,622,484	)	$	2,333,741
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	98,556	$	—	$	—		$	98,556
Other liabilities	28,178		113,400		450		—			142,028
Intercompany	2,372		946,658		—		(949,030		)	—
Total debt (net of discounts of $5,272)	1,443,133		16,472		—		—			1,459,605
Total liabilities	1,473,683		1,175,086		450		(949,030		)	1,700,189
Stockholders’ equity	633,552		670,585		2,869		(673,454		)	633,552
Total liabilities and stockholders’ equity	$	2,107,235	$	1,845,671	$	3,319	$	(1,622,484	)	$	2,333,741

Beazer Homes USA, Inc.

Unaudited Consolidating Balance Sheet Information

September 30, 2015

(In thousands)



	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	232,226	$	21,543	$	1,006	$	(3,192	)	$	251,583
Restricted cash	37,177		1,724		—		—			38,901
Accounts receivable (net of allowance of $1,052)	—		52,378		1		—			52,379
Income tax receivable	419		—		—		—			419
Owned inventory	—		1,697,590		—		—			1,697,590
Investments in unconsolidated entities	773		12,961		—		—			13,734
Deferred tax assets, net	325,373		—		—		—			325,373
Property and equipment, net	—		22,230		—		—			22,230
Investments in subsidiaries	649,701		—		—		(649,701		)	—
Intercompany	913,733		—		2,384		(916,117		)	—
Other assets	12,519		6,471		4		—			18,994
Total assets	$	2,171,921	$	1,814,897	$	3,395	$	(1,569,010	)	$	2,421,203
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	113,539	$	—	$	—		$	113,539
Other liabilities	31,703		116,718		545		—			148,966
Intercompany	2,384		916,925		—		(919,309		)	—
Total debt (net of discounts of $3,639)	1,507,411		20,864		—		—			1,528,275
Total liabilities	1,541,498		1,168,046		545		(919,309		)	1,790,780
Stockholders’ equity	630,423		646,851		2,850		(649,701		)	630,423
Total liabilities and stockholders’ equity	$	2,171,921	$	1,814,897	$	3,395	$	(1,569,010	)	$	2,421,203

Beazer Homes USA, Inc.

Unaudited Consolidating Statements of Income (Loss) and Unaudited Comprehensive Income (Loss)

(In thousands)



	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2016
Total revenue	$	—		$	385,607		$	28		$	(28	)	$	385,607
Home construction and land sales expenses	16,073			308,171			—			(28		)	324,216
Inventory impairments and abandonments	84			1,741			—			—			1,825
Gross (loss) profit	(16,157		)	75,695			28			—			59,566
Commissions	—			14,582			—			—			14,582
General and administrative expenses	—			38,867			31						38,898
Depreciation and amortization	—			3,056			—			—			3,056
Operating (loss) income	(16,157		)	19,190			(3		)	—			3,030
Equity in income (loss) of unconsolidated entities	—			(51		)	—			—			(51		)
Loss on extinguishment of debt	(1,631		)	—			—			—			(1,631		)
Other (expense) income, net	(6,633		)	76			(1		)	—			(6,558		)
(Loss) income before income taxes	(24,421		)	19,215			(4		)	—			(5,210		)
(Benefit from) provision for income taxes	(11,917		)	8,020			(1		)	—			(3,898		)
Equity in income of subsidiaries	11,192			—			—			(11,192		)	—
Income (loss) from continuing operations	(1,312		)	11,195			(3		)	(11,192		)	(1,312		)
Income (loss) from discontinued operations	—			81			(3		)	—			78
Equity in income of subsidiaries from discontinued operations	78			—			—			(78		)	—
Net income (loss) and comprehensive income (loss)	$	(1,234	)	$	11,276		$	(6	)	$	(11,270	)	$	(1,234	)
	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2015
Total revenue	$	—		$	299,359		$	33		$	(33	)	$	299,359
Home construction and land sales expenses	9,782			235,697			—			(33		)	245,446
Gross (loss) profit	(9,782		)	63,662			33			—			53,913
Commissions	—			11,969			—			—			11,969
General and administrative expenses	—			32,694			33			—			32,727
Depreciation and amortization	—			2,781			—			—			2,781
Operating (loss) income	(9,782		)	16,218			—			—			6,436
Equity in income of unconsolidated entities	—			82			—			—			82
Other expense, net	(7,695		)	(777		)	(1		)	—			(8,473		)
(Loss) income before income taxes	(17,477		)	15,523			(1		)	—			(1,955		)
(Benefit from) provision for income taxes	(6,456		)	6,561			—			—			105
Equity in income of subsidiaries	8,961			—			—			(8,961		)	—
(Loss) income from continuing operations	(2,060		)	8,962			(1		)	(8,961		)	(2,060		)
Income (loss) from discontinued operations	—			68			(4		)	—			64
Equity in income of subsidiaries from discontinued operations	64			—			—			(64		)	—
Net income (loss)	$	(1,996	)	$	9,030		$	(5	)	$	(9,025	)	$	(1,996	)
Change in unrealized loss related to available-for-sale securities	1,070			—			—			—			1,070
Comprehensive income (loss)	$	(926	)	$	9,030		$	(5	)	$	(9,025	)	$	(926	)




	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2016
Total revenue	$	—		$	730,056		$	101		$	(101	)	$	730,056
Home construction and land sales expenses	29,440			580,388			—			(101		)	609,727
Inventory impairments and abandonments	84			3,097			—			—			3,181
Gross (loss) profit	(29,524		)	146,571			101			—			117,148
Commissions	—			28,356			—			—			28,356
General and administrative expenses	—			70,509			58			—			70,567
Depreciation and amortization	—			6,047			—			—			6,047
Operating (loss) income	(29,524		)	41,659			43			—			12,178
Equity in income of unconsolidated entities	—			9			—			—			9
Loss on extinguishment of debt	(2,459		)	—			—			—			(2,459		)
Other (expense) income, net	(14,065		)	944			(2		)	—			(13,123		)
(Loss) income before income taxes	(46,048		)	42,612			41			—			(3,395		)
(Benefit from) provision for income taxes	(22,060		)	18,762			16			—			(3,282		)
Equity in income of subsidiaries	23,875			—			—			(23,875		)	—
(Loss) income from continuing operations	(113		)	23,850			25			(23,875		)	(113		)
Loss from discontinued operations	—			(116		)	(6		)	—			(122		)
Equity in loss of subsidiaries from discontinued operations	(122		)	—			—			122			—
Net income (loss) and comprehensive income (loss)	$	(235	)	$	23,734		$	19		$	(23,753	)	$	(235	)
	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2015
Total revenue	$	—		$	565,123		$	131		$	(131	)	$	565,123
Home construction and land sales expenses	17,976			458,147			—			(131		)	475,992
Gross (loss) profit	(17,976		)	106,976			131			—			89,131
Commissions	—			22,895			—			—			22,895
General and administrative expenses	—			64,108			60			—			64,168
Depreciation and amortization	—			5,122			—			—			5,122
Operating (loss) income	(17,976		)	14,851			71			—			(3,054		)
Equity in income of unconsolidated entities	—			224			—			—			224
Other (expense) income, net	(17,442		)	(463		)	(2		)	—			(17,907		)
(Loss) income before income taxes	(35,418		)	14,612			69			—			(20,737		)
(Benefit from) provision for income taxes	(13,083		)	12,467			25			—			(591		)
Equity in income of subsidiaries	2,189			—			—			(2,189		)	—
(Loss) income from continuing operations	(20,146		)	2,145			44			(2,189		)	(20,146		)
Loss from discontinued operations	—			(4,183		)	(7		)	—			(4,190		)
Equity in loss of subsidiaries and discontinued operations	(4,190		)	—			—			4,190			—
Net income (loss)	$	(24,336	)	$	(2,038	)	$	37		$	2,001		$	(24,336	)
Change in unrealized loss related to available-for-sale securities	1,276			—			—			—			1,276
Comprehensive income (loss)	$	(23,060	)	$	(2,038	)	$	37		$	2,001		$	(23,060	)

Beazer Homes USA, Inc.

Unaudited Condensed Consolidating Statements of Cash Flow

(In thousands)



	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2016
Net cash used in operating activities	$	(32,839	)	$	(26,968	)	$	(78	)	$	—		$	(59,885	)
Cash flows from investing activities:
Capital expenditures	—			(6,017		)	—			—			(6,017		)
Proceeds from sale of fixed assets	—			2,471			—			—			2,471
Investments in unconsolidated entities	—			(2,787		)	—			—			(2,787		)
Proceeds from sale of unconsolidated entities	—			1,141			—			—			1,141
Increases in restricted cash	(656		)	(1,114		)	—			—			(1,770		)
Decreases in restricted cash	22,368			1,024			—			—			23,392
Advances to/from subsidiaries	(17,322		)	—			—			17,322			—
Net cash (used in) provided by investing activities	4,390			(5,282		)	—			17,322			16,430
Cash flows from financing activities:
Repayment of debt	(203,679		)	(4,542		)	—			—			(208,221		)
Proceeds from issuance of new debt	137,900			—			—			—			137,900
Repayment of borrowings from credit facility	(25,000		)	—			—			—			(25,000		)
Borrowings from credit facility	25,000			—			—			—			25,000
Debt issuance costs	(2,451		)	—			—			—			(2,451		)
Advances to/from subsidiaries	—			20,888			12			(20,900		)	—
Other financing activities	(423		)	—			—			—			(423		)
Net cash (used in) provided by financing activities	(68,653		)	16,346			12			(20,900		)	(73,195		)
Decrease in cash and cash equivalents	(97,102		)	(15,904		)	(66		)	(3,578		)	(116,650		)
Cash and cash equivalents at beginning of period	232,226			21,543			1,006			(3,192		)	251,583
Cash and cash equivalents at end of period	$	135,124		$	5,639		$	940		$	(6,770	)	$	134,933
	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2015
Net cash used in operating activities	$	(31,274	)	$	(171,497	)	$	(145	)	$	—		$	(202,916	)
Cash flows from investing activities:
Capital expenditures	—			(7,478		)	—			—			(7,478		)
Investments in unconsolidated entities	—			(1,670		)	—			—			(1,670		)
Proceeds from sale of marketable securities and unconsolidated entities	—			24,211			—			—			24,211
Increases in restricted cash	(1,319		)	(1,168		)	—			—			(2,487		)
Decreases in restricted cash	21,601			658			—			—			22,259
Advances to/from subsidiaries	(145,846		)	—			—			145,846			—
Net cash (used in) provided by investing activities	(125,564		)	14,553			—			145,846			34,835
Cash flows from financing activities:
Repayment of debt	(8,702		)	(812		)	—			—			(9,514		)
Debt issuance costs	(126		)	—			—			—			(126		)
Dividends paid	500			—			(500		)	—			—
Advances to/from subsidiaries	—			147,759			12			(147,771		)	—
Other financing activities	(172		)	—			—			—			(172		)
Net cash (used in) provided by financing activities	(8,500		)	146,947			(488		)	(147,771		)	(9,812		)
Decrease in cash and cash equivalents	(165,338		)	(9,997		)	(633		)	(1,925		)	(177,893		)
Cash and cash equivalents at beginning of period	301,980			22,034			1,614			(1,474		)	324,154
Cash and cash equivalents at end of period	$	136,642		$	12,037		$	981		$	(3,399	)	$	146,261

Discontinued Operations

6 Months Ended

Mar. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

We continually review each of our markets in order to refine our overall investment strategy and to optimize capital and resource allocations in an effort to enhance our financial position and to increase shareholder value. This review entails an evaluation of both external market factors and our position in each market and over time has resulted in the decision to discontinue certain of our homebuilding operations.

We have classified the results of operations of our discontinued operations separately in the accompanying unaudited consolidated statements of income for all periods presented. There were no material assets or liabilities related to these discontinued operations as of March 31, 2016 or September 30, 2015. Discontinued operations were not segregated in the unaudited consolidated statements of cash flows. Therefore, amounts for certain captions in the unaudited consolidated statements of cash flows will not agree with the respective data in the unaudited consolidated statements of income. The results of our discontinued operations in the unaudited consolidated statements of income for the periods presented were as follows:



	Three Months Ended						Six Months Ended
	March 31,						March 31,
(In thousands)	2016			2015			2016			2015
Total revenue	$	—		$	280		$	—		$	280
Home construction and land sales expenses ^(a)	(56		)	105			252			4,056
Gross profit (loss)	56			175			(252		)	(3,776		)
General and administrative expenses	(55		)	114			(53		)	418
Operating income (loss)	111			61			(199		)	(4,194		)
Other income, net	—			1			—			1
Income (loss) from discontinued operations before income taxes	111			62			(199		)	(4,193		)
Expense (benefit) from income taxes	33			(2		)	(77		)	(3		)
Income (loss) from discontinued operations, net of tax	$	78		$	64		$	(122	)	$	(4,190	)

^(a) The six months ended March 31, 2015 included a $3.7 million expense related to the probable liability of a case regarding alleged past construction defects in our discontinued operations in Denver, Colorado.

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Supplemental Cash Flow Elements [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation. These unaudited consolidated financial statements present the consolidated financial position, income, comprehensive income and cash flows of the Company, including its subsidiaries. Intercompany balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Accordingly, actual results could differ from these estimates.
Inventory Valuation	Inventory Valuation. We assess our inventory assets no less than quarterly for recoverability in accordance with the policies described in Notes 2 and 5 to the audited consolidated financial statements within our 2015 Annual Report. Our homebuilding inventories that are accounted for as held for development (development projects in progress) include land and home construction assets grouped together as communities. Homebuilding inventories held for development are stated at cost (including direct construction costs, capitalized indirect costs, capitalized interest and real estate taxes) unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. For those communities that have been idled (land held for future development), all applicable interest and real estate taxes are expensed as incurred, and the inventory is stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. We record assets held for sale at the lower of the carrying value or fair value less costs to sell.
New Accounting Pronouncements	Recent Accounting Pronouncements. Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 requires entities to recognize revenue at an amount that the entity expects to be entitled to upon transferring control of goods or services to a customer, as opposed to when risks and rewards transfer to a customer under the existing revenue recognition guidance. In August 2015, the FASB issued ASU 2015-14 to defer the effective date of ASU 2014-09 for one year, which makes the guidance effective for the Company's first fiscal year beginning after December 15, 2017. Additionally, the FASB is permitting entities to early adopt the standard, which allows for either full retrospective or modified retrospective methods of adoption, for reporting periods beginning after December 15, 2016. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have been involved in industry-specific discussions with the FASB on the treatment of certain items. Presentation of Debt Issuance Costs. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU 2015-03 requires debt issuance costs to be presented on the balance sheet as a direct deduction from the related debt liability, similar to the presentation of debt discounts or premiums. Additionally, in August 2015, the FASB issued related guidance in ASU 2015-15 pertaining to debt issuance costs incurred in connection with line-of-credit arrangements, which states that an objection would not be made to an entity deferring such costs and continuing to present them as an asset until the costs are amortized ratably over the term of the line-of-credit agreement. In all cases, debt issuance costs will continue to be amortized to interest expense. ASU 2015-03 requires retrospective application to all prior periods presented in the financial statements. Upon transition, an entity is required to comply with the applicable disclosures for a change in accounting principle. The guidance within ASU 2015-03 will be effective for the Company's first fiscal year beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. We only expect our balance sheet presentation of debt issuance costs that are not related to line-of-credit agreements to change as a result of the adoption of this guidance. Leases. In February 2016, the FASB issued ASU 2016-02, Leases (ASU 2016-02). ASU 2016-02 requires lessees to record most leases on their balance sheets. The timing and classification of lease-related expenses for lessees will depend on whether a lease is determined to be a finance lease or an operating lease using updated criteria within ASU 2016-02. Operating leases will result in straight-line expense (similar to current operating leases), while finance leases will result in a front-loaded expense pattern (similar to current capital leases). Regardless of lease type, the lessee will recognize a right-of-use asset, representing the right to use the identified asset during the lease term, and a related lease liability, representing the present value of the lease payments over the lease term. Lessor accounting will be largely similar to that under the current lease accounting rules. The guidance within ASU 2016-02 will be effective for the Company's first fiscal year beginning after December 15, 2018, with early adoption permitted. ASU 2016-02 must be adopted using a modified retrospective approach, which requires application of the standard at the beginning of the earliest comparative period presented, with certain optional practical expedients. ASU 2016-02 also requires significantly enhanced disclosures around an entity's leases and the related accounting. We are currently evaluating the impact of ASU 2016-02 on our consolidated financial statements. Stock Compensation. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (ASU 2016-09). ASU 2016-09 simplifies several aspects of accounting for employee stock-based compensation transactions. First, ASU 2016-09 requires that all tax benefits and deficiencies related to share-based payments be recorded as income tax expense in the income statement, thereby eliminating the concept of the “APIC pool” contained in the current guidance. This change is required to be applied prospectively to all excess tax benefits (“windfalls”) and tax deficiencies (“shortfalls”) resulting from settlements after the date of the adoption of the ASU. Second, ASU 2016-09 permits entities to make an election to either estimate forfeitures or recognize them when they occur. If elected, the change to recognize forfeitures when they occur needs to be adopted using a modified retrospective approach, with a cumulative effect adjustment recorded to opening retained earnings. Third, ASU 2016-09 modifies the current exception to liability classification of an award when the employer withholds shares to meet tax withholding requirements. Finally, the classification of certain transactions related to share-based payments within the statement of cash flows is clarified within the ASU. The guidance within ASU 2016-09 will be effective for the Company's first fiscal year beginning after December 15, 2016. We are currently evaluating the impact of ASU 2016-09 on our consolidated financial statements.

Supplemental Cash Flow Information (Tables)

6 Months Ended

Mar. 31, 2016

Supplemental disclosure of non-cash activity

The following table presents supplemental disclosure of non-cash and cash activity for the periods presented:



	Six Months Ended
	March 31,
(In thousands)	2016		2015
Supplemental disclosure of non-cash activity:
Decrease in obligations related to land not owned under option agreements	$	—	$	(2,916	)
Non-cash land acquisitions ^(a)	8,265		12,904
Supplemental disclosure of cash activity:
Interest payments	60,998		59,702
Income tax payments	471		98
Tax refunds received	67		—

Investments in Marketable Securities and Unconsolidated Joint Ventures (Tables)

6 Months Ended

Mar. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments in unconsolidated joint ventures, total equity and outstanding borrowings

The following table presents our investment in these unconsolidated entities, as well as the total equity and outstanding borrowings of these unconsolidated entities as of March 31, 2016 and September 30, 2015:



(In thousands)	March 31, 2016		September 30, 2015
Beazer’s investment in unconsolidated entities	$	9,015	$	13,734
Total equity of unconsolidated entities	31,763		52,118
Total outstanding borrowings of unconsolidated entities	12,623		12,206

For the three and six months ended March 31, 2016 and 2015, there were no impairments related to our investments in these unconsolidated entities.

Our equity in income (loss) from unconsolidated entity activities is as follows for the periods presented:



	Three Months Ended					Six Months Ended
	March 31,					March 31,
(In thousands)	2016			2015		2016		2015
Equity in income (loss) of unconsolidated entities	$	(51	)	$	82	$	9	$	224

Inventory (Tables)

6 Months Ended

Mar. 31, 2016

Schedule of Total Owned Inventory, by Segment

Schedule of Inventory

The components of our owned inventory are as follows as of March 31, 2016 and September 30, 2015:



(In thousands)	March 31, 2016		September 30, 2015
Homes under construction	$	446,698	$	377,281
Development projects in progress	777,369		809,900
Land held for future development	260,222		270,990
Land held for sale	49,500		44,555
Capitalized interest	140,139		123,457
Model homes	76,724		71,407
Total owned inventory	$	1,750,652	$	1,697,590

Total owned inventory, by reportable segment, is presented by category in the table below as of March 31, 2016 and September 30, 2015:



(In thousands)	Projects in Progress ^(a)			Land Held for Future Development		Land Held for Sale		Total Owned Inventory
March 31, 2016
West Segment	$	618,115		$	219,323	$	4,816	$	842,254
East Segment	340,842			29,908		27,100		397,850
Southeast Segment	290,311			10,991		16,484		317,786
Corporate and unallocated	191,662		^(b)	—		1,100		192,762
Total	$	1,440,930		$	260,222	$	49,500	$	1,750,652
September 30, 2015
West Segment	$	583,210		$	230,778	$	6,941	$	820,929
East Segment	353,054			29,280		30,927		413,261
Southeast Segment	277,351			10,932		5,587		293,870
Corporate and unallocated	168,430		^(b)	—		1,100		169,530
Total	$	1,382,045		$	270,990	$	44,555	$	1,697,590

^(a)Projects in progress include homes under construction, development projects in progress, capitalized interest and model home categories from the preceding table.

^(b)Includes capitalized interest and indirect costs that are maintained within Corporate and unallocated.

Recoverability Schedule of Inventory Assets Held for Development, by Reportable Segment

The table below summarizes the results of our undiscounted cash flow analysis by reportable segment, where applicable, for the quarters ended March 31, 2016 and March 31, 2015:




($ in thousands)		Undiscounted Cash Flow Analyses Prepared
Segment ^(a)	# of Communities on Watch List^(b)	# of Communities	Pre-analysis Book Value (BV)		Aggregate Undiscounted Cash Flow as a % of BV ^(c)
Quarter Ended March 31, 2016
West	2	2	$	20,809	108.0	%
Corporate and unallocated ^(d)	—	—	1,105		N/A^(e)
Total	2	2	$	21,914
Quarter Ended March 31, 2015
West	1	—	$	—	—	%

^(a) We have elected to aggregate our disclosure at the reportable segment level because we believe this level of disclosure is most meaningful to the readers of our financial statements.

^(e) N/A - not applicable.

Schedule of Discounted Cash Flow Analysis

The following table presents, by reportable segment, details around the impairment charges taken on projects in progress for the three and six months ended March 31, 2016:



($ in thousands)
Segment	# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at Period End		# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at Period End
Quarter Ended March 31, 2016							Six Months Ended March 31, 2016
West	1	34	$	1,513	$	5,518	1	34	$	1,513	$	5,518
Corporate and unallocated ^(a)	—	—	312		—		—	—	312		—
Total	1	34	$	1,825	$	5,518	1	34	$	1,825	$	5,518

^(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.

Schedule of Inventory Impairments and Lot Option Abandonment Charges, by Reportable Homebuilding Segment

The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented:




	Three Months Ended March 31,				Six Months Ended March 31,
(In thousands)	2016		2015		2016		2015
Projects in Progress:
West	$	1,513	$	—	$	1,513	$	—
Corporate and unallocated	312		—		312		—
Total impairment charges on projects in progress	$	1,825	$	—	$	1,825	$	—
Land Held for Sale:
East	$	—	$	—	$	197	$	—
Southeast	—		—		371		—
Total impairment charges on land held for sale	$	—	$	—	$	568	$	—
Abandonments:
Southeast	$	—	$	—	$	788	$	—
Total impairment and abandonment charges	$	1,825	$	—	$	3,181	$	—

Summary of Interests in Lot Option Agreements

The following table provides a summary of our interests in lot option agreements as of March 31, 2016 and September 30, 2015:



(In thousands)	Deposits & Non-refundable Pre-acquisition Costs Incurred		Remaining Obligation
As of March 31, 2016
Unconsolidated lot option agreements	$	72,032	$	430,057
As of September 30, 2015
Unconsolidated lot option agreements	$	51,475	$	420,070

Interest (Tables)

6 Months Ended

Mar. 31, 2016

Real Estate Inventory, Capitalized Interest Costs

The following table presents certain information regarding interest for the periods presented:



	Three Months Ended March 31,						Six Months Ended March 31,
(In thousands)	2016			2015			2016			2015
Capitalized interest in inventory, beginning of period	$	132,462		$	99,868		$	123,457		$	87,619
Interest incurred	30,467			30,259			60,555			60,542
Capitalized interest impaired	(84		)	—			(84		)	—
Interest expense not qualified for capitalization and included as other expense ^(a)	(6,633		)	(7,695		)	(14,065		)	(17,442		)
Capitalized interest amortized to house construction and land sales expenses ^(b)	(16,073		)	(9,956		)	(29,724		)	(18,243		)
Capitalized interest in inventory, end of period	$	140,139		$	112,476		$	140,139		$	112,476

^(b)Capitalized interest amortized to house construction and land sale expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.

Borrowings (Tables)

6 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of long-term debt

As of March 31, 2016 and September 30, 2015, we had the following debt, net of discounts:



(In thousands)	Maturity Date	March 31, 2016			September 30, 2015
8 1/8% Senior Notes	June 2016	$	—		$	170,879
6 5/8% Senior Secured Notes	April 2018	300,000			300,000
9 1/8% Senior Notes	May 2019	225,175			235,000
5 3/4% Senior Notes	June 2019	324,393			325,000
7 1/2% Senior Notes	September 2021	200,000			200,000
7 1/4% Senior Notes	February 2023	200,000			200,000
Unamortized debt discounts		(3,259		)	(3,639		)
Total Senior Notes, net		$	1,246,309		$	1,427,240
Term Loan (net of unamortized discount of $2,013)	March 2018	137,987			—
Junior Subordinated Notes (net of unamortized accretion of $41,937 and $42,970, respectively)	July 2036	58,837			57,803
Cash Secured Loans	Not Applicable	—			22,368
Other Secured Notes payable	Various Dates	16,472			20,864
Total debt, net		$	1,459,605		$	1,528,275

Debt Instrument Redemption

The table below summarizes the redemption terms for our Senior Notes:



Senior Note Description	Issuance Date	Maturity Date	Redemption Terms
6 5/8% Senior Secured Notes	July 2012	April 2018	Callable at any time, in whole or in part, at a set redemption price; redemption price is currently equal to 103.313% of the principal amount and resets on July 15, 2016 to a redemption price equal to 101.656% of the principal amount
9 1/8% Senior Notes	November 2010	May 2019	Callable at any time prior to November 15, 2016, in whole or in part, at a redemption price equal to 102.281% of the principal amount; redeemable after November 15, 2016 at par
5 3/4% Senior Notes	April 2014	June 2019	Callable at any time before March 15, 2019, in whole or in part, at a redemption price equal to 100% of the principal amount, plus a customary make-whole premium
7 1/2% Senior Notes	February 2013	September 2021	Callable at any time prior to September 15, 2016, in whole or in part, at a redemption price equal to 100% of the principal amount, plus a customary make-whole premium; after September 15, 2016, callable at a redemption price equal to 105.625% of the principal amount; after September 15, 2017, callable at a redemption price equal to 103.75% of the principal amount; after September 15, 2018, callable at a redemption price equal to 101.875% of the principal amount
7 1/4% Senior Notes	September 2013	February 2023	Callable at any time prior to February 1, 2018, in whole or in part, at a redemption price equal to 100% of the principal amount, plus a customary make-whole premium; after February 1, 2018, callable at a redemption price equal to 103.625% of the principal amount; after February 1, 2019, callable at a redemption price equal to 102.41% of the principal amount; after February 1, 2020, callable at a redemption price equal to 101.208% of the principal amount

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Commitments and Contingencies Disclosure [Abstract]

Contingencies (Tables)

6 Months Ended

Mar. 31, 2016

Warranty reserves

Changes in our warranty reserves are as follows for the periods presented:



	Three Months Ended						Six Months Ended
	March 31,						March 31,
(In thousands)	2016			2015			2016			2015
Balance at beginning of period	$	28,913		$	27,227		$	27,681		$	16,084
Accruals for warranties issued ^(a)	3,086			1,630			5,701			3,155
Changes in liability related to warranties existing in prior periods ^(b)	20,053			6,524			30,653			20,754
Payments made ^(b)	(11,149		)	(6,587		)	(23,132		)	(11,199		)
Balance at end of period	$	40,903		$	28,794		$	40,903		$	28,794

Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of fair value assets measured on a recurring and non-recurring basis

These balances represent only those assets whose carrying values were adjusted to fair value during the periods presented:



(In thousands)	Level 1		Level 2		Level 3			Total
Six Months Ended March 31, 2016
Deferred compensation plan assets ^(a)	$	—	$	804	$	—		$	804
Development projects in progress ^(b)	—		—		5,518		^(c)	5,518
Land held for sale ^(b)	—		—		16,213		^(d)	16,213
Six Months Ended March 31, 2015
Deferred compensation plan assets ^(a)	—		567		—			567

^(a)Measured at fair value on a recurring basis.

^(b)Measured at fair value on a non-recurring basis.

^(c)Amount includes the impairment-date fair value of the one community in our West segment that we impaired in the second quarter of our fiscal 2016. Refer to Note 5 for additional discussion.

^(d) Amount represents the impairment-date fair value of certain land held for sale assets that were impaired during the first quarter of our fiscal 2016.

Schedule of carrying values and estimated fair values of other financial assets and liabilities

The following table presents the carrying value and estimated fair value of certain of our other financial liabilities as of March 31, 2016 and September 30, 2015:



(In thousands)	As of March 31, 2016				As of September 30, 2015
	Carrying Amount ^(a)		Fair Value		Carrying Amount ^(a)		Fair Value
Senior Notes	$	1,246,309	$	1,130,957	$	1,427,240	$	1,412,173
Term Loan	137,987		137,987		—		—
Junior Subordinated Notes	58,837		58,837		57,803		57,803
	$	1,443,133	$	1,327,781	$	1,485,043	$	1,469,976

^(a)Carrying amounts are net of unamortized debt discounts or accretion.

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Stock-based compensation (Tables)

6 Months Ended

Mar. 31, 2016

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs

A summary of the expense related to stock-based compensation by award type is as follows for the periods presented:



	Three Months Ended March 31,						Six Months Ended March 31,
(In thousands)	2016			2015			2016			2015
Stock options expense	$	102		$	145		$	250		$	357
Restricted stock awards expense	1,929			1,404			3,538			2,574
Before tax stock-based compensation expense	2,031			1,549			3,788			2,931
Tax benefit	(991		)	—		^(a)	(1,848		)	—		^(a)
After tax stock-based compensation expense	$	1,040		$	1,549		$	1,940		$	2,931

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

We used the following assumptions for stock options granted, which derived the fair value shown, for the period presented:



	Six Months Ended
	March 31, 2016
Expected life of options	4.3 years
Expected volatility	45.23		%
Expected dividends	—
Weighted average risk-free interest rate	1.70		%
Weighted average fair value	$	5.48

Schedule of stock options and SSARs outstanding, as well as related activity

Activity related to stock options for the periods presented is as follows:



	Three Months Ended				Six Months Ended
	March 31, 2016				March 31, 2016
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Outstanding at beginning of period	684,507		$	17.19	643,907		$	18.13
Granted	—		—		40,600		14.24
Forfeited	(3,234	)	18.53		(3,234	)	18.53
Outstanding at end of period	681,273		$	17.89	681,273		$	17.89
Exercisable at end of period	589,582		$	18.04	589,582		$	18.04
Vested or expected to vest in the future	681,243		$	17.89	681,243		$	17.89

Schedule of nonvested stock awards activity

Activity relating to all restricted stock awards is as follows for the periods presented:



	Three Months Ended				Six Months Ended
	March 31, 2016				March 31, 2016
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Beginning of period	1,288,474		$	17.28	956,283		$	18.27
Granted	9,467		9.03		491,443		14.69
Vested	(6,736	)	15.80		(120,989	)	18.62
Forfeited	(9,543	)	16.42		(45,075	)	7.99
End of period	1,281,662		$	17.23	1,281,662		$	17.23

Segment Information (Tables)

6 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Schedule of segment reporting information

The following tables contain our revenue, operating income (loss) and depreciation and amortization by segment for the periods presented:



	Three Months Ended				Six Months Ended
	March 31,				March 31,
(In thousands)	2016		2015		2016		2015
Revenue
West	$	179,930	$	115,381	$	337,126	$	202,846
East	106,835		103,179		207,392		207,992
Southeast	98,842		80,799		185,538		154,285
Total revenue	$	385,607	$	299,359	$	730,056	$	565,123



	Three Months Ended						Six Months Ended
	March 31,						March 31,
(In thousands)	2016			2015			2016			2015
Operating income (loss)
West	$	18,927		$	10,599		$	35,713		$	17,382
East	8,333			5,744			12,480			13,113
Southeast ^(a)	7,738			7,051			18,395			818
Segment total	34,998			23,394			66,588			31,313
Corporate and unallocated ^(b)	(31,968		)	(16,958		)	(54,410		)	(34,367		)
Total operating income (loss)	$	3,030		$	6,436		$	12,178		$	(3,054	)



	Three Months Ended				Six Months Ended
	March 31,				March 31,
(In thousands)	2016		2015		2016		2015
Depreciation and amortization
West	$	1,332	$	1,265	$	2,550	$	2,032
East	634		526		1,431		1,194
Southeast	547		539		996		1,024
Segment total	2,513		2,330		4,977		4,250
Corporate and unallocated ^(b)	543		451		1,070		872
Depreciation and amortization - continuing operations	$	3,056	$	2,781	$	6,047	$	5,122

The following table contains our capital expenditures by segment for the periods presented:



	Six Months Ended
	March 31,
(In thousands)	2016		2015
Capital Expenditures
West	$	2,906	$	2,659
East	1,273		2,067
Southeast	1,622		1,899
Corporate and unallocated	216		853
Total capital expenditures	$	6,017	$	7,478

The following table contains our asset balance by segment as of March 31, 2016 and September 30, 2015:



(In thousands)	March 31, 2016		September 30, 2015
Assets
West	$	857,178	$	843,564
East	412,276		436,346
Southeast	352,895		317,295
Corporate and unallocated ^(a)	711,392		823,998
Total assets	$	2,333,741	$	2,421,203

^(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirects and other items that are not allocated to the segments.

Supplemental Guarantor Information (Tables)

6 Months Ended

Mar. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Unaudited Consolidating Balance Sheet Information

Beazer Homes USA, Inc.

Unaudited Consolidating Balance Sheet Information

March 31, 2016

(In thousands)



	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	135,124	$	5,639	$	940	$	(6,770	)	$	134,933
Restricted cash	15,465		1,814		—		—			17,279
Accounts receivable (net of allowance of $872)	—		55,600		3		—			55,603
Income tax receivable	221		—		—		—			221
Owned inventory	—		1,750,652		—		—			1,750,652
Investments in unconsolidated entities	773		8,242		—		—			9,015
Deferred tax assets, net	329,644		—		—		—			329,644
Property and equipment, net	—		20,699		—		—			20,699
Investments in subsidiaries	673,454		—		—		(673,454		)	—
Intercompany	939,888		—		2,372		(942,260		)	—
Other assets	12,666		3,025		4		—			15,695
Total assets	$	2,107,235	$	1,845,671	$	3,319	$	(1,622,484	)	$	2,333,741
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	98,556	$	—	$	—		$	98,556
Other liabilities	28,178		113,400		450		—			142,028
Intercompany	2,372		946,658		—		(949,030		)	—
Total debt (net of discounts of $5,272)	1,443,133		16,472		—		—			1,459,605
Total liabilities	1,473,683		1,175,086		450		(949,030		)	1,700,189
Stockholders’ equity	633,552		670,585		2,869		(673,454		)	633,552
Total liabilities and stockholders’ equity	$	2,107,235	$	1,845,671	$	3,319	$	(1,622,484	)	$	2,333,741

Beazer Homes USA, Inc.

Unaudited Consolidating Balance Sheet Information

September 30, 2015

(In thousands)



	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	232,226	$	21,543	$	1,006	$	(3,192	)	$	251,583
Restricted cash	37,177		1,724		—		—			38,901
Accounts receivable (net of allowance of $1,052)	—		52,378		1		—			52,379
Income tax receivable	419		—		—		—			419
Owned inventory	—		1,697,590		—		—			1,697,590
Investments in unconsolidated entities	773		12,961		—		—			13,734
Deferred tax assets, net	325,373		—		—		—			325,373
Property and equipment, net	—		22,230		—		—			22,230
Investments in subsidiaries	649,701		—		—		(649,701		)	—
Intercompany	913,733		—		2,384		(916,117		)	—
Other assets	12,519		6,471		4		—			18,994
Total assets	$	2,171,921	$	1,814,897	$	3,395	$	(1,569,010	)	$	2,421,203
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	113,539	$	—	$	—		$	113,539
Other liabilities	31,703		116,718		545		—			148,966
Intercompany	2,384		916,925		—		(919,309		)	—
Total debt (net of discounts of $3,639)	1,507,411		20,864		—		—			1,528,275
Total liabilities	1,541,498		1,168,046		545		(919,309		)	1,790,780
Stockholders’ equity	630,423		646,851		2,850		(649,701		)	630,423
Total liabilities and stockholders’ equity	$	2,171,921	$	1,814,897	$	3,395	$	(1,569,010	)	$	2,421,203

Unaudited Consolidating Income Statement

Beazer Homes USA, Inc.

Unaudited Consolidating Statements of Income (Loss) and Unaudited Comprehensive Income (Loss)

(In thousands)



	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2016
Total revenue	$	—		$	385,607		$	28		$	(28	)	$	385,607
Home construction and land sales expenses	16,073			308,171			—			(28		)	324,216
Inventory impairments and abandonments	84			1,741			—			—			1,825
Gross (loss) profit	(16,157		)	75,695			28			—			59,566
Commissions	—			14,582			—			—			14,582
General and administrative expenses	—			38,867			31						38,898
Depreciation and amortization	—			3,056			—			—			3,056
Operating (loss) income	(16,157		)	19,190			(3		)	—			3,030
Equity in income (loss) of unconsolidated entities	—			(51		)	—			—			(51		)
Loss on extinguishment of debt	(1,631		)	—			—			—			(1,631		)
Other (expense) income, net	(6,633		)	76			(1		)	—			(6,558		)
(Loss) income before income taxes	(24,421		)	19,215			(4		)	—			(5,210		)
(Benefit from) provision for income taxes	(11,917		)	8,020			(1		)	—			(3,898		)
Equity in income of subsidiaries	11,192			—			—			(11,192		)	—
Income (loss) from continuing operations	(1,312		)	11,195			(3		)	(11,192		)	(1,312		)
Income (loss) from discontinued operations	—			81			(3		)	—			78
Equity in income of subsidiaries from discontinued operations	78			—			—			(78		)	—
Net income (loss) and comprehensive income (loss)	$	(1,234	)	$	11,276		$	(6	)	$	(11,270	)	$	(1,234	)
	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2015
Total revenue	$	—		$	299,359		$	33		$	(33	)	$	299,359
Home construction and land sales expenses	9,782			235,697			—			(33		)	245,446
Gross (loss) profit	(9,782		)	63,662			33			—			53,913
Commissions	—			11,969			—			—			11,969
General and administrative expenses	—			32,694			33			—			32,727
Depreciation and amortization	—			2,781			—			—			2,781
Operating (loss) income	(9,782		)	16,218			—			—			6,436
Equity in income of unconsolidated entities	—			82			—			—			82
Other expense, net	(7,695		)	(777		)	(1		)	—			(8,473		)
(Loss) income before income taxes	(17,477		)	15,523			(1		)	—			(1,955		)
(Benefit from) provision for income taxes	(6,456		)	6,561			—			—			105
Equity in income of subsidiaries	8,961			—			—			(8,961		)	—
(Loss) income from continuing operations	(2,060		)	8,962			(1		)	(8,961		)	(2,060		)
Income (loss) from discontinued operations	—			68			(4		)	—			64
Equity in income of subsidiaries from discontinued operations	64			—			—			(64		)	—
Net income (loss)	$	(1,996	)	$	9,030		$	(5	)	$	(9,025	)	$	(1,996	)
Change in unrealized loss related to available-for-sale securities	1,070			—			—			—			1,070
Comprehensive income (loss)	$	(926	)	$	9,030		$	(5	)	$	(9,025	)	$	(926	)




	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2016
Total revenue	$	—		$	730,056		$	101		$	(101	)	$	730,056
Home construction and land sales expenses	29,440			580,388			—			(101		)	609,727
Inventory impairments and abandonments	84			3,097			—			—			3,181
Gross (loss) profit	(29,524		)	146,571			101			—			117,148
Commissions	—			28,356			—			—			28,356
General and administrative expenses	—			70,509			58			—			70,567
Depreciation and amortization	—			6,047			—			—			6,047
Operating (loss) income	(29,524		)	41,659			43			—			12,178
Equity in income of unconsolidated entities	—			9			—			—			9
Loss on extinguishment of debt	(2,459		)	—			—			—			(2,459		)
Other (expense) income, net	(14,065		)	944			(2		)	—			(13,123		)
(Loss) income before income taxes	(46,048		)	42,612			41			—			(3,395		)
(Benefit from) provision for income taxes	(22,060		)	18,762			16			—			(3,282		)
Equity in income of subsidiaries	23,875			—			—			(23,875		)	—
(Loss) income from continuing operations	(113		)	23,850			25			(23,875		)	(113		)
Loss from discontinued operations	—			(116		)	(6		)	—			(122		)
Equity in loss of subsidiaries from discontinued operations	(122		)	—			—			122			—
Net income (loss) and comprehensive income (loss)	$	(235	)	$	23,734		$	19		$	(23,753	)	$	(235	)
	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2015
Total revenue	$	—		$	565,123		$	131		$	(131	)	$	565,123
Home construction and land sales expenses	17,976			458,147			—			(131		)	475,992
Gross (loss) profit	(17,976		)	106,976			131			—			89,131
Commissions	—			22,895			—			—			22,895
General and administrative expenses	—			64,108			60			—			64,168
Depreciation and amortization	—			5,122			—			—			5,122
Operating (loss) income	(17,976		)	14,851			71			—			(3,054		)
Equity in income of unconsolidated entities	—			224			—			—			224
Other (expense) income, net	(17,442		)	(463		)	(2		)	—			(17,907		)
(Loss) income before income taxes	(35,418		)	14,612			69			—			(20,737		)
(Benefit from) provision for income taxes	(13,083		)	12,467			25			—			(591		)
Equity in income of subsidiaries	2,189			—			—			(2,189		)	—
(Loss) income from continuing operations	(20,146		)	2,145			44			(2,189		)	(20,146		)
Loss from discontinued operations	—			(4,183		)	(7		)	—			(4,190		)
Equity in loss of subsidiaries and discontinued operations	(4,190		)	—			—			4,190			—
Net income (loss)	$	(24,336	)	$	(2,038	)	$	37		$	2,001		$	(24,336	)
Change in unrealized loss related to available-for-sale securities	1,276			—			—			—			1,276
Comprehensive income (loss)	$	(23,060	)	$	(2,038	)	$	37		$	2,001		$	(23,060	)

Unaudited Consolidating Statements of Cash Flow

Beazer Homes USA, Inc.

Unaudited Condensed Consolidating Statements of Cash Flow

(In thousands)



	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2016
Net cash used in operating activities	$	(32,839	)	$	(26,968	)	$	(78	)	$	—		$	(59,885	)
Cash flows from investing activities:
Capital expenditures	—			(6,017		)	—			—			(6,017		)
Proceeds from sale of fixed assets	—			2,471			—			—			2,471
Investments in unconsolidated entities	—			(2,787		)	—			—			(2,787		)
Proceeds from sale of unconsolidated entities	—			1,141			—			—			1,141
Increases in restricted cash	(656		)	(1,114		)	—			—			(1,770		)
Decreases in restricted cash	22,368			1,024			—			—			23,392
Advances to/from subsidiaries	(17,322		)	—			—			17,322			—
Net cash (used in) provided by investing activities	4,390			(5,282		)	—			17,322			16,430
Cash flows from financing activities:
Repayment of debt	(203,679		)	(4,542		)	—			—			(208,221		)
Proceeds from issuance of new debt	137,900			—			—			—			137,900
Repayment of borrowings from credit facility	(25,000		)	—			—			—			(25,000		)
Borrowings from credit facility	25,000			—			—			—			25,000
Debt issuance costs	(2,451		)	—			—			—			(2,451		)
Advances to/from subsidiaries	—			20,888			12			(20,900		)	—
Other financing activities	(423		)	—			—			—			(423		)
Net cash (used in) provided by financing activities	(68,653		)	16,346			12			(20,900		)	(73,195		)
Decrease in cash and cash equivalents	(97,102		)	(15,904		)	(66		)	(3,578		)	(116,650		)
Cash and cash equivalents at beginning of period	232,226			21,543			1,006			(3,192		)	251,583
Cash and cash equivalents at end of period	$	135,124		$	5,639		$	940		$	(6,770	)	$	134,933
	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2015
Net cash used in operating activities	$	(31,274	)	$	(171,497	)	$	(145	)	$	—		$	(202,916	)
Cash flows from investing activities:
Capital expenditures	—			(7,478		)	—			—			(7,478		)
Investments in unconsolidated entities	—			(1,670		)	—			—			(1,670		)
Proceeds from sale of marketable securities and unconsolidated entities	—			24,211			—			—			24,211
Increases in restricted cash	(1,319		)	(1,168		)	—			—			(2,487		)
Decreases in restricted cash	21,601			658			—			—			22,259
Advances to/from subsidiaries	(145,846		)	—			—			145,846			—
Net cash (used in) provided by investing activities	(125,564		)	14,553			—			145,846			34,835
Cash flows from financing activities:
Repayment of debt	(8,702		)	(812		)	—			—			(9,514		)
Debt issuance costs	(126		)	—			—			—			(126		)
Dividends paid	500			—			(500		)	—			—
Advances to/from subsidiaries	—			147,759			12			(147,771		)	—
Other financing activities	(172		)	—			—			—			(172		)
Net cash (used in) provided by financing activities	(8,500		)	146,947			(488		)	(147,771		)	(9,812		)
Decrease in cash and cash equivalents	(165,338		)	(9,997		)	(633		)	(1,925		)	(177,893		)
Cash and cash equivalents at beginning of period	301,980			22,034			1,614			(1,474		)	324,154
Cash and cash equivalents at end of period	$	136,642		$	12,037		$	981		$	(3,399	)	$	146,261

Discontinued Operations (Tables)

6 Months Ended

Mar. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Results of Discontinued Operations

The results of our discontinued operations in the unaudited consolidated statements of income for the periods presented were as follows:



	Three Months Ended						Six Months Ended
	March 31,						March 31,
(In thousands)	2016			2015			2016			2015
Total revenue	$	—		$	280		$	—		$	280
Home construction and land sales expenses ^(a)	(56		)	105			252			4,056
Gross profit (loss)	56			175			(252		)	(3,776		)
General and administrative expenses	(55		)	114			(53		)	418
Operating income (loss)	111			61			(199		)	(4,194		)
Other income, net	—			1			—			1
Income (loss) from discontinued operations before income taxes	111			62			(199		)	(4,193		)
Expense (benefit) from income taxes	33			(2		)	(77		)	(3		)
Income (loss) from discontinued operations, net of tax	$	78		$	64		$	(122	)	$	(4,190	)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

Description of Business (Details)	Mar. 31, 2016 segment state
Description of Business [Abstract]
Number of states in which home building segments operate \| state	13
Number of regions in which entity operates \| segment	3

Supplemental Cash Flow Information Supplemental Disclosure of Non-cash Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental disclosure of non-cash activity:
Decrease in obligations related to land not owned under option agreements	$ 0	$ (2,916)
Land acquisitions for debt	8,265	12,904
Supplemental disclosure of cash activity:
Interest payments	60,998	59,702
Income tax payments	471	98
Tax refunds received	$ 67	0
Non-cash seller financing		7,800
Non-cash Land Acquisitions, Lot Takedown Costs		$ 5,100

Investments in Marketable Securities and Unconsolidated Entities - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2015	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Gain (Loss) on Sale of Investments					$ (1,800,000)	$ (500,000)
Change in unrealized loss related to available-for-sale securities	$ 0	$ 1,070,000	$ 0	$ 1,276,000
Equity Method Investments, Impairment Of Unconsolidated Entity Investments, Continuing Operations	0	$ 0	0	$ 0
Financial Guarantee
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Current Carrying Value	0		0			0
Inspirada
Schedule of Equity Method Investments [Line Items]
Settlement of unconsolidated entity debt obligation						$ 3,300,000
Joint Venture Obligation	$ 1,100,000		$ 1,100,000

Investments in Marketable Securities and Unconsolidated Entities - Outstanding Borrowings of Unconsolidated Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 9,015	$ 13,734
Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	9,015	13,734
Total equity of unconsolidated entities	31,763	52,118
Total outstanding borrowings of unconsolidated entities	$ 12,623	$ 12,206

Investments in Marketable Securities and Unconsolidated Entities - Income (Loss), Impairments From, and Equity In Investments In Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity in income (loss) of unconsolidated entities	$ (51)	$ 82	$ 9	$ 224

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014
Real Estate [Abstract]
Homes under construction	$ 446,698		$ 377,281
Development projects in progress	777,369		809,900
Land held for future development	260,222		270,990
Land held for sale	49,500		44,555
Capitalized interest	140,139	$ 132,462	123,457	$ 112,476	$ 99,868	$ 87,619
Model homes	76,724		71,407
Total owned inventory	$ 1,750,652		$ 1,697,590

Inventory - Total Owned Inventory by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Projects in Progress	$ 1,440,930	$ 1,382,045
Land held for future development	260,222	270,990
Land held for sale	49,500	44,555
Total owned inventory	1,750,652	1,697,590
West Segment
Segment Reporting Information [Line Items]
Projects in Progress	618,115	583,210
Land held for future development	219,323	230,778
Land held for sale	4,816	6,941
Total owned inventory	842,254	820,929
East Segment
Segment Reporting Information [Line Items]
Projects in Progress	340,842	353,054
Land held for future development	29,908	29,280
Land held for sale	27,100	30,927
Total owned inventory	397,850	413,261
Southeast Segment
Segment Reporting Information [Line Items]
Projects in Progress	290,311	277,351
Land held for future development	10,991	10,932
Land held for sale	16,484	5,587
Total owned inventory	317,786	293,870
Corporate and unallocated
Segment Reporting Information [Line Items]
Projects in Progress	191,662	168,430
Land held for future development	0	0
Land held for sale	1,100	1,100
Total owned inventory	$ 192,762	$ 169,530

Inventory - Recoverability Schedule of Inventory Assets Held for Development, by Reportable Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) Community	Mar. 31, 2015 USD ($) property Community
Real Estate Properties [Line Items]
Number of Communities on Watch List	2	2
Undiscounted Cash Flow Analysis Prepared for Number of Communities	2	2
Undiscounted Cash Flow Analysis, Pre-analysis Book Value \| $	$ 21,914
West Segment
Real Estate Properties [Line Items]
Number of Communities on Watch List	2	1
Undiscounted Cash Flow Analysis Prepared for Number of Communities	2	0
Undiscounted Cash Flow Analysis, Pre-analysis Book Value \| $	$ 20,809	$ 0
Undiscounted Cash Flow Analysis, Aggregate Undiscounted Cash Flow, Percentage of Book Value	108.00%	0.00%
Corporate and unallocated
Real Estate Properties [Line Items]
Number of Communities on Watch List	0
Undiscounted Cash Flow Analysis Prepared for Number of Communities	0
Undiscounted Cash Flow Analysis, Pre-analysis Book Value \| $	$ 1,105

Inventory - Schedule of Discounted Cash Flow Analysis (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016 USD ($) lot Community	Mar. 31, 2015 property	Mar. 31, 2016 USD ($) lot Community
Real Estate, Write-down or Reserve [Line Items]
Discounted Cash Flow Analyses, Number of Impaired Communities	1	1	1
Number of Lots Impaired \| lot	34		34
Impairment Charge	$ 1,825		$ 1,825
Estimated Fair Value of Impaired Inventory at Period End	$ 5,518		$ 5,518
West Segment
Real Estate, Write-down or Reserve [Line Items]
Discounted Cash Flow Analyses, Number of Impaired Communities \| Community	1		1
Number of Lots Impaired \| lot	34		34
Impairment Charge	$ 1,513		$ 1,513
Estimated Fair Value of Impaired Inventory at Period End	$ 5,518		$ 5,518
Corporate and unallocated
Real Estate, Write-down or Reserve [Line Items]
Discounted Cash Flow Analyses, Number of Impaired Communities \| Community	0		0
Number of Lots Impaired \| lot	0		0
Impairment Charge	$ 312		$ 312
Estimated Fair Value of Impaired Inventory at Period End	$ 0		$ 0

Inventory - Impairments and Lot Option Abandonment Charges, by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Real Estate, Write-down or Reserve [Line Items]
Inventory Impairment and Abandonment	$ 1,825	$ 0	$ 3,181	$ 0
Continuing Operations
Real Estate, Write-down or Reserve [Line Items]
Impairment of Inventory, Projects in Progress	1,825	0	1,825	0
Land Held for Sale	0	0	568	0
Continuing Operations \| West Segment
Real Estate, Write-down or Reserve [Line Items]
Impairment of Inventory, Projects in Progress	1,513	0	1,513	0
Continuing Operations \| East Segment
Real Estate, Write-down or Reserve [Line Items]
Land Held for Sale	0	0	197	0
Continuing Operations \| Southeast Segment
Real Estate, Write-down or Reserve [Line Items]
Land Held for Sale	0	0	371	0
Abandonments:	0	0	788	0
Continuing Operations \| Unallocated
Real Estate, Write-down or Reserve [Line Items]
Impairment of Inventory, Projects in Progress	$ 312	$ 0	$ 312	$ 0

Inventory - Summary of Interests in Lot Option Agreements (Details) - Unconsolidated lot option agreements - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Real Estate Properties [Line Items]
Deposits and non-refundable preacquisition costs incurred	$ 72,032	$ 51,475
Remaining obligations	$ 430,057	$ 420,070

Inventory - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Inventory - Narrative (Details) $ in Thousands	Mar. 31, 2016 USD ($) home lot Community	Mar. 31, 2015 USD ($) property	Mar. 31, 2016 USD ($) home lot Community	Mar. 31, 2015 USD ($)	Sep. 30, 2015 USD ($) home
Real Estate Properties [Line Items]
Threshold Number of Homes Below a Minimum Threshold of Profitability \| home			10
Discounted Cash Flow Analyses, Number of Lots Impaired \| lot	34		34
Number of substantially completed homes unsold \| home	117		117		128
Total value of substantially completed homes	$ 33,100		$ 33,100		$ 40,100
Number of Communities on Watch List	2	2
Undiscounted Cash Flow Analysis Prepared for Number of Communities	2	2
Impairment Charge	$ 1,825		1,825
Inventory Impairment and Abandonment	$ 1,825	$ 0	$ 3,181	$ 0
Discounted Cash Flow Analyses, Number of Impaired Communities	1	1	1

Interest - Schedule of Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in inventory, beginning of period	$ 132,462	$ 99,868	$ 123,457	$ 87,619
Interest incurred	30,467	30,259	60,555	60,542
Capitalized interest impaired	(84)	0	(84)	0
Interest expense not qualified for capitalization and included as other expense (a)	(6,633)	(7,695)	(14,065)	(17,442)
Capitalized interest amortized to house construction and land sales expenses (b)	(16,073)	(9,956)	(29,724)	(18,243)
Capitalized interest in inventory, end of period	$ 140,139	$ 112,476	$ 140,139	$ 112,476

Borrowings - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Debt Instrument [Line Items]
Unamortized debt discounts	$ (5,272)	$ (3,639)
Notes Payable	1,459,605	1,528,275
Total debt, net	1,459,605	1,528,275
Senior Notes
Debt Instrument [Line Items]
Unamortized debt discounts	(3,259)	(3,639)
Notes Payable	$ 1,246,309	$ 1,427,240
Senior Notes \| 8 1/8% Senior Notes Maturing June 2016
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	8.125%	8.125%
Notes Payable	$ 0	$ 170,879
Senior Notes \| 6 5/8% Senior Secured Notes April 2018
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	6.625%	6.625%
Notes Payable	$ 300,000	$ 300,000
Senior Notes \| 9 1/8% Senior Notes Maturing May 2019
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	9.125%	9.125%
Notes Payable	$ 225,175	$ 235,000
Senior Notes \| 5 3/4% Senior Notes Maturing June 2019
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	5.75%	5.75%
Notes Payable	$ 324,393	$ 325,000
Senior Notes \| 7 1/2% Senior Notes Maturing September 2021
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	7.50%	7.50%
Notes Payable	$ 200,000	$ 200,000
Senior Notes \| 7 1/4% Senior Notes Maturing February 2023
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	7.25%	7.25%
Notes Payable	$ 200,000	$ 200,000
Term Loan
Debt Instrument [Line Items]
Unamortized debt discounts	(2,013)
Notes Payable	$ 137,987	0
Junior Subordinated Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	7.987%
Unamortized debt discounts	$ (41,900)	(43,000)
Notes Payable	58,837	57,803
Cash Secured Loan
Debt Instrument [Line Items]
Notes Payable	0	22,368
Other Secured Notes Payable
Debt Instrument [Line Items]
Notes Payable	$ 16,472	$ 20,864

Borrowings - Narrative (Details)	3 Months Ended		6 Months Ended
Borrowings - Narrative (Details)	Mar. 31, 2016 USD ($) lender	Mar. 31, 2015 USD ($)	Mar. 31, 2016 USD ($) lender	Mar. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jan. 15, 2010 USD ($)
Line of Credit Facility [Abstract]
Amount of available borrowings under the Secured Revolving Credit Facility	$ 116,100,000		$ 116,100,000
Senior Notes [Abstract]
Loss on extinguishment of debt	1,631,000	$ 0	2,459,000	$ 0
Junior Subordinated Notes [Abstract]
Unamortized accretion	5,272,000		5,272,000		$ 3,639,000
Secured Debt [Abstract]
Notes Payable	1,459,605,000		1,459,605,000		1,528,275,000
Senior Notes
Junior Subordinated Notes [Abstract]
Unamortized accretion	3,259,000		3,259,000		3,639,000
Secured Debt [Abstract]
Notes Payable	1,246,309,000		$ 1,246,309,000		$ 1,427,240,000
Senior Notes \| 8 1/8% Senior Notes Maturing June 2016
Senior Notes [Abstract]
Call price and make-whole premiums provided for by 2018 Notes	$ 600,000
Stated interest rate on debt instrument (percent)	8.125%		8.125%		8.125%
Secured Debt [Abstract]
Notes Payable	$ 0		$ 0		$ 170,879,000
Senior Notes \| 6 5/8% Senior Secured Notes April 2018
Senior Notes [Abstract]
Stated interest rate on debt instrument (percent)	6.625%		6.625%		6.625%
Secured Debt [Abstract]
Notes Payable	$ 300,000,000		$ 300,000,000		$ 300,000,000
Senior Notes \| 9 1/8% Senior Notes Maturing May 2019
Senior Notes [Abstract]
Call price and make-whole premiums provided for by 2018 Notes	$ 9,800,000
Stated interest rate on debt instrument (percent)	9.125%		9.125%		9.125%
Secured Debt [Abstract]
Notes Payable	$ 225,175,000		$ 225,175,000		$ 235,000,000
Term Loan
Senior Notes [Abstract]
Minimum Inventory Required	1,250,000,000		1,250,000,000
Other Long-term Debt [Abstract]
Aggregate principal amount of debt	$ 140,000,000		140,000,000
Debt Instrument, Term	2 years
Debt Instrument, Periodic Payment, Principal	$ 17,500,000
Junior Subordinated Notes [Abstract]
Unamortized accretion	2,013,000		2,013,000
Secured Debt [Abstract]
Notes Payable	$ 137,987,000		$ 137,987,000		0
Term Loan \| London Interbank Offered Rate (LIBOR)
Senior Notes [Abstract]
Stated interest rate on debt instrument (percent)	55000.00%		55000.00%
Junior Subordinated Notes
Senior Notes [Abstract]
Stated interest rate on debt instrument (percent)	7.987%		7.987%
Other Long-term Debt [Abstract]
Aggregate principal amount of debt	$ 103,100,000		$ 103,100,000			$ 75,000,000
Junior Subordinated Notes [Abstract]
Effective period of debt instrument interest rate			10 years
Unamortized accretion	41,900,000		$ 41,900,000		43,000,000
Secured Debt [Abstract]
Notes Payable	58,837,000		58,837,000		57,803,000
Cash Secured Loan
Secured Debt [Abstract]
Notes Payable	0		0		22,368,000
Other Secured Notes Payable
Secured Debt [Abstract]
Notes Payable	$ 16,472,000		$ 16,472,000		20,864,000
Weighted average fixed interest rate of debt (percent)	4.51%		4.51%
Revolving Credit Facility
Line of Credit Facility [Abstract]
Credit facility borrowing capacity	$ 145,000,000		$ 145,000,000		130,000,000
Inventory assets pledged as collateral	1,000,000,000		1,000,000,000
Letters of credit secured using cash collateral	28,900,000		28,900,000
Long-term Line of Credit	0		0		0
Letter of Credit, Cash Secured
Line of Credit Facility [Abstract]
Letters of credit secured using cash collateral	$ 14,300,000		$ 14,300,000		$ 14,400,000
Number of Lenders Extending Credit Facility
Line of Credit Facility [Abstract]
Line of Credit Facility, Number of Lenders \| lender	3		3

Borrowings - Debt Redemption (Details) - Senior Notes	6 Months Ended
Borrowings - Debt Redemption (Details) - Senior Notes	Mar. 31, 2016	Sep. 30, 2015
8 1/8% Senior Notes Maturing June 2016
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	8.125%	8.125%
6 5/8% Senior Secured Notes April 2018
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	6.625%	6.625%
6 5/8% Senior Secured Notes April 2018 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	103.313%
6 5/8% Senior Secured Notes April 2018 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.656%
9 1/8% Senior Notes Maturing May 2019
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	9.125%	9.125%
9 1/8% Senior Notes Maturing May 2019 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	102.281%
9 1/8% Senior Notes Maturing May 2019 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
5 3/4% Senior Notes Maturing June 2019
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	5.75%	5.75%
Debt Instrument, Redemption Price, Percentage	100.00%
7 1/2% Senior Notes Maturing September 2021
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	7.50%	7.50%
7 1/2% Senior Notes Maturing September 2021 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
7 1/2% Senior Notes Maturing September 2021 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	105.625%
7 1/2% Senior Notes Maturing September 2021 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	103.75%
7 1/2% Senior Notes Maturing September 2021 \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.875%
7 1/4% Senior Notes Maturing February 2023
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	7.25%	7.25%
7 1/4% Senior Notes Maturing February 2023 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
7 1/4% Senior Notes Maturing February 2023 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	103.625%
7 1/4% Senior Notes Maturing February 2023 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	102.41%
7 1/4% Senior Notes Maturing February 2023 \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.208%

Contingencies - Warranty (Details)	3 Months Ended		6 Months Ended		12 Months Ended		21 Months Ended
Contingencies - Warranty (Details)	Mar. 31, 2016 USD ($) home	Mar. 31, 2015 USD ($)	Mar. 31, 2016 USD ($) home	Mar. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($) Community	Mar. 31, 2016 USD ($) home
Loss Contingencies [Line Items]
Standard product warranty length, minimum			1 year
Standard product warranty length, maximum			2 years
Limited product warranty length			5 years
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 28,913,000	$ 27,227,000	$ 27,681,000	$ 16,084,000	$ 16,084,000
Accruals for warranties issued	3,086,000	1,630,000	5,701,000	3,155,000
Changes in liability related to warranties existing in prior periods	20,053,000	6,524,000	30,653,000	20,754,000
Payments made	(11,149,000)	(6,587,000)	(23,132,000)	(11,199,000)
Balance at end of period	40,903,000	28,794,000	40,903,000	28,794,000	27,681,000	$ 16,084,000	$ 40,903,000
Insurance Recoveries	19,800,000		36,200,000	5,700,000			55,100,000
InsuranceReceivableNet	27,800,000		27,800,000				27,800,000
Excess Insurance Recovery			3,600,000
Specific Warranty Issue
Movement in Standard Product Warranty Accrual [Roll Forward]
Product warranty expense							61,000,000
Specific Warranty Issue \| FLORIDA
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period			14,500,000
Balance at end of period	26,300,000		26,300,000		14,500,000		26,300,000
Product warranty expense	$ 19,600,000	$ 4,300,000	$ 28,600,000	$ 17,900,000	$ 26,300,000	4,300,000	$ 59,200,000
Homes likely to require more than minor repairs \| home	680		680				680
Movement on Number of Homes Likely to be Repaired \| home	148
Homes Have Been Repaired \| home	279		279				279
Product warranty accrual, payments	$ 8,000,000		$ 16,800,000
Estimated Remaining Warranty Costs	7,000,000		7,000,000				$ 7,000,000
Specific Warranty Issue \| NEW JERSEY
Movement in Standard Product Warranty Accrual [Roll Forward]
Product warranty expense	$ 300,000		$ 1,200,000			$ 600,000	$ 1,800,000
Number of Communities With Water Intrusion Issues			2			1

Contingencies - Litigation and Other Matters (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Sep. 30, 2015
DPA And HUD
Loss Contingencies [Line Items]
Company's liability under Deferred Prosecution Agreement (percent)	4.00%	4.00%
Maximum liability under the DPA and other settlement agreements	$ 48.0	$ 48.0
Portion of liability under DPA that has been paid as of balance sheet date		28.1
bzh_DeferredProsecutionAgreementAccrual	4.3	4.3
Loss Contingency Accrual, Provision	1.1	2.3
Legal Reserve
Loss Contingencies [Line Items]
Accrued amounts for litigation and other contingent liabilities	9.0	9.0	$ 12.6
Performance Bonds
Loss Contingencies [Line Items]
Letters of credit secured using cash collateral	43.2	43.2
Pledged Assets Separately Reported, Securities Pledged for Other Debt Obligations, at Fair Value	$ 213.7	$ 213.7

Fair Value Measurements - Fair Value Assets Measured on a Non-recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory Real Estate Land And Land Development Costs, Fair Value Disclosure	$ 5,518
Land held for sale	16,213
Fair Value, Measurements, Nonrecurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory Real Estate Land And Land Development Costs, Fair Value Disclosure	0
Land held for sale	0
Fair Value, Measurements, Nonrecurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory Real Estate Land And Land Development Costs, Fair Value Disclosure	0
Land held for sale	0
Fair Value, Measurements, Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory Real Estate Land And Land Development Costs, Fair Value Disclosure	5,518
Land held for sale	16,213
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Plan Assets	804	$ 567
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Plan Assets	0	0
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Plan Assets	804	567
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Plan Assets	$ 0	$ 0

Fair Value Measurements - Carrying Values and Estimated Fair Values of Other Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying values and estimated fair values of other financial assets and liabilities	$ 1,443,133	$ 1,485,043
Carrying Amount \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	1,246,309	1,427,240
Carrying Amount \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term Loan, Net	137,987	0
Junior Subordinated Notes	58,837	57,803
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying values and estimated fair values of other financial assets and liabilities	1,327,781	1,469,976
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	1,130,957	1,412,173
Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term Loan, Net	137,987	0
Junior Subordinated Notes	$ 58,837	$ 57,803

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Total Tax Expense	$ (3,865)		$ (3,359)
Expense (benefit) from income taxes	(3,898)	$ 105	(3,282)	$ (591)
Income Tax Credits and Adjustments	1,400
Deferred Tax Assets, Valuation Allowance	$ 57,700		$ 57,700

Stock-based Compensation - Schedule of Compensation Cost for Share-based Payment Arrangement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 2,031	$ 1,549	$ 3,788	$ 2,931
Tax Benefit	(991)	0	(1,848)	0
After Tax Share-based Compensation Expense	1,040	1,549	1,940	2,931
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	102	145	250	357
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 1,929	$ 1,404	$ 3,538	$ 2,574

- Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
- Narrative (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares surrendered by employees (shares)		137	9,899
Payments Related to Tax Withholding for Share-based Compensation		$ 14,673	$ 185,000
Aggregate intrinsic value of exercisable stock options	$ 0	0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of stock options outstanding	0	0
Unrecognized compensation costs related to non-vested stock options award	$ 400,000	$ 400,000		$ 500,000
Weighted average period to recognize remaining cost		1 year 6 months 1 day
Expected dividend	0.00%
Risk free interest rate	1.70%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of performance-based restricted stock issued (shares)	259,819
Restricted Stock \| 2016 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of performance-based restricted stock issued (shares)		231,624
Award vesting period		3 years
Granted (in dollars per share)		$ 15.43
Expected dividend		0.00%
Expected volatility rate range minimum (percent)		29.90%
Expected volatility rate range maximum (percent)		151.20%
Risk free interest rate		1.21%
Restricted Stock \| 2016 Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Payout Percent	0.00%
Restricted Stock \| 2016 Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Payout Percent	175.00%
Nonvested Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested stock awards	$ 15,100,000	$ 15,100,000		$ 11,700,000
Weighted average period to recognize remaining cost		2 years 2 months 21 days
Total Shareholder Return Performance Share \| 2016 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Payout Percent	20.00%

Stock-based Compensation - Schedule of Share-based Payment Arrangement, Stock Options, Valuation (Details) - Stock Options	3 Months Ended
	Mar. 31, 2016 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options	4 years 3 months 22 days
Expected volatility rate	45.23%
Expected dividend	0.00%
Risk free interest rate	1.70%
Weighted average grant date fair value	$ 5.48

Stock-based Compensation - Stock options outstanding (Details) - Stock Options	3 Months Ended	6 Months Ended
	Mar. 31, 2016 $ / shares shares	Mar. 31, 2016 $ / shares shares
Shares
Shares outstanding at beginning of period \| shares	684,507	643,907
Granted \| shares	0	40,600
Forfeited \| shares	(3,234)	(3,234)
Shares outstanding at end of period \| shares	681,273	681,273
Exercisable at end of period \| shares	589,582	589,582
Vested or expected to vest in the future \| shares	681,243	681,243
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 17.19	$ 18.13
Granted (in dollars per share) \| $ / shares	0.00	14.24
Forfeited (in dollars per share) \| $ / shares	18.53	18.53
Outstanding at end of period (in dollars per share) \| $ / shares	17.89	17.89
Exercisable at end of period (in dollars per share) \| $ / shares	18.04	18.04
Vested or expected to vest in the future (in dollars per share) \| $ / shares	$ 17.89	$ 17.89

Stock-based Compensation - Nonvested Stock Awards (Details) - Nonvested Stock Awards and Performance Shares [Member] - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2016
Shares
Beginning of period	1,288,474	956,283
Granted	9,467	491,443
Vested	(6,736)	(120,989)
Forfeited	(9,543)	(45,075)
End of period	1,281,662	1,281,662
Weighted Average Grant Date Fair Value
Beginning of period (in dollars per share)	$ 17.28	$ 18.27
Granted (in dollars per share)	9.03	14.69
Vested (in dollars per share)	15.80	18.62
Forfeited (in dollars per share)	16.42	7.99
End of period (in dollars per share)	$ 17.23	$ 17.23

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Senior Notes \| Tangible Equity Units
Earnings Per Share [Line Items]
Shares of common stock issuable upon conversion				5.3
Nonvested Stock Awards
Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2.0	1.7	1.9	1.7

Other Liabilities Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014
Other Liabilities Disclosure [Abstract]
Accrued warranty expenses	$ 40,903	$ 28,913	$ 27,681	$ 28,794	$ 27,227	$ 16,084
Accrued interest	27,539		31,632
Customer deposits	14,160		13,757
Accrued and deferred compensation	14,946		25,076
Estimated Litigation Liability	9,008		12,607
Income tax liabilities	2,493		1,998
Other	32,979		36,215
Total	$ 142,028		$ 148,966

Segment Information (Details)
$ in Thousands

3 Months Ended

6 Months Ended

Mar. 31, 2016

USD ($)

segment

state

Sep. 30, 2015

USD ($)

region

Mar. 31, 2015

USD ($)

Mar. 31, 2016

USD ($)

segment

state

Mar. 31, 2015

USD ($)

Number of states in which home building segments operate | state

Number of regions in which entity operates | segment

Number of homebuilding segments | region

$ 385,607

$ 299,359

$ 730,056

$ 565,123

3,030

6,436

12,178

(3,054)

Excess Insurance Recovery

3,056

2,781

6,047

5,122

3,600

Total Capital Expenditure, cash and noncash

6,017

7,478

6,017

7,478

2,333,741

$ 2,421,203

2,333,741

Operating Segments

34,998

23,394

66,588

31,313

2,513

2,330

4,977

4,250

West Segment

179,930

115,381

337,126

202,846

18,927

10,599

35,713

17,382

1,332

1,265

2,550

2,032

2,906

2,659

857,178

843,564

857,178

East Segment

106,835

103,179

207,392

207,992

8,333

5,744

12,480

13,113

634

526

1,431

1,194

1,273

2,067

412,276

436,346

412,276

Southeast Segment

98,842

80,799

185,538

154,285

7,738

7,051

18,395

818

547

539

996

1,024

1,622

1,899

Corporate and unallocated

352,895

317,295

352,895

(31,968)

(16,958)

(54,410)

(34,367)

543

$ 451

1,070

872

216

853

FLORIDA | Specific Warranty Issue

^[1]

$ 711,392

$ 823,998

$ 711,392