William Lyon Homes (WLH) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 08, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	WLH
Entity Registrant Name	WILLIAM LYON HOMES
Entity Central Index Key	1,095,996
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Common stock, Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,121,757
Common stock, Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,813,884

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 39,508	$ 42,612
Receivables	9,002	9,538
Escrow proceeds receivable	1,697	85
Real estate inventories	1,793,633	1,771,998
Investment in joint ventures	7,326	7,282
Goodwill	66,902	66,902
Intangibles, net of accumulated amortization of $4,640 as of March 31, 2017 and December 31, 2016	6,700	6,700
Deferred income taxes, net	75,946	75,751
Other assets, net	17,882	17,283
Total Assets	2,018,596	1,998,151
LIABILITIES AND EQUITY
Accounts payable	72,749	74,282
Accrued expenses	71,798	79,790
Notes payable	186,277	155,768
Total senior notes	1,125,493	1,080,650
Total liabilities	1,270,040	1,234,722
Commitments and contingencies
Equity:
Preferred stock, par value $0.01 per share, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2017 and December 31, 2016	0	0
Additional paid-in capital	419,395	419,099
Retained earnings	267,659	277,659
Total William Lyon Homes stockholders’ equity	687,382	697,086
Noncontrolling interests	61,174	66,343
Total equity	748,556	763,429
Total liabilities and equity	2,018,596	1,998,151
Common stock, Class A, par value $0.01 per share; 150,000,000 shares authorized; 29,292,642 and 28,909,781 shares issued, 28,121,757 and 27,907,724 outstanding at March 31, 2017 and December 31, 2016, respectively
Equity:
Common stock	290	290
Common stock, Class B, par value $0.01 per share; 30,000,000 shares authorized; 3,813,884 shares issued and outstanding at March 31, 2017 and December 31, 2016
Equity:
Common stock	38	38
Senior unsecured loan facility
LIABILITIES AND EQUITY
Total senior notes	5,356	7,225
5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total senior notes	148,962	148,826
8 1/2% Senior Notes due November 15, 2020
LIABILITIES AND EQUITY
Total senior notes	0	422,817
7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total senior notes	346,200	346,014
Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
LIABILITIES AND EQUITY
Total senior notes	$ 438,698	$ 0

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Intangibles - Accumulated Amortization	$ 4,640	$ 4,640
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, Class A
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	29,292,642	28,909,781
Common stock, shares outstanding (in shares)	28,121,757	27,907,724
Common stock, Class B
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	3,813,884	3,813,884
Common stock, shares outstanding (in shares)	3,813,884	3,813,884
5 3/4% Senior Notes due April 15, 2019
Stated interest rate	5.75%	5.75%
8 1/2% Senior Notes due November 15, 2020
Stated interest rate	8.50%	8.50%
7% Senior Notes due August 15, 2022
Stated interest rate	7.00%	7.00%
Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
Stated interest rate	5.875%

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating revenue
Home sales	$ 258,854	$ 261,295
Construction services	0	3,130
Operating revenue	258,854	264,425
Operating costs
Cost of sales — homes	(218,455)	(215,171)
Construction services	0	(2,824)
Sales and marketing	(14,705)	(14,993)
General and administrative	(18,946)	(17,834)
Other	(440)	(323)
Total operating costs	(252,546)	(251,145)
Operating income (loss)	6,308	13,280
Equity in income of unconsolidated joint ventures	249	1,181
Other income, net	345	525
Income before extinguishment of debt	6,902	14,986
Loss on extinguishment of debt	(21,828)	0
Income (loss) before provision for income taxes	(14,926)	14,986
Provision for income taxes	5,630	(5,045)
Net income (loss)	(9,296)	9,941
Less: Net income attributable to noncontrolling interests	(704)	(927)
Net (loss) income available to common stockholders	$ (10,000)	$ 9,014
(Loss) income per common share:
Basic (in USD per share)	$ (0.27)	$ 0.25
Diluted (in USD per share)	$ (0.27)	$ 0.24
Weighted average common shares outstanding:
Basic (in shares)	36,908,320	36,651,846
Diluted (in shares)	36,908,320	38,303,861

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - 3 months ended Mar. 31, 2017 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Non-Controlling Interests
Beginning Balance at Dec. 31, 2016	$ 763,429	$ 328	$ 419,099	$ 277,659	$ 66,343
Beginning Balance (in shares) at Dec. 31, 2016		32,724
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(9,296)			(10,000)	704
Cash contributions from members of consolidated entities	1,467				1,467
Cash distributions to members of consolidated entities	(7,340)				(7,340)
Shares remitted to Company to satisfy employee tax obligations	(1,380)	$ 0	(1,380)
Shares remitted to Company to satisfy employee tax obligations (in shares)		(74)
Stock based compensation expense	1,676	$ 0	1,676
Stock based compensation expense (in shares)		457
Ending Balance at Mar. 31, 2017	$ 748,556	$ 328	$ 419,395	$ 267,659	$ 61,174
Ending Balance (in shares) at Mar. 31, 2017		33,107

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net (loss) income	$ (9,296)	$ 9,941
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	449	498
Net change in deferred income taxes	(195)	95
Stock based compensation expense	1,676	1,492
Equity in earnings of unconsolidated joint ventures	(249)	(1,181)
Distributions from unconsolidated joint ventures	359	324
Gain (Loss) on Extinguishment of Debt	21,828	0
Net changes in operating assets and liabilities:
Restricted cash	0	(1)
Receivables	382	2,382
Escrow proceeds receivable	(1,612)	17
Real estate inventories	(22,633)	(77,662)
Other assets	(1,447)	317
Accounts payable	(1,533)	2,973
Accrued expenses	(29,110)	1,269
Net cash used in operating activities	(41,381)	(59,536)
Investing activities
Collection of related party note receivable	0	6,188
Purchases of property and equipment	(2)	(526)
Net cash (used in) provided by investing activities	(2)	5,662
Financing activities
Proceeds from borrowings on notes payable	25,350	53,162
Principal payments on notes payable	(20,780)	(26,526)
Redemption premium of 8.5% Senior Notes	(19,645)	0
Principal payments of 8.5% Senior Notes	(425,000)	0
Proceeds from issuance of 7% senior notes	446,468	0
Proceeds from borrowings on Revolver	105,000	55,000
Payments on Revolver	(77,000)	(71,000)
Principal payments on subordinated amortizing notes	(1,869)	(1,676)
Payment of deferred loan costs	(6,840)	(197)
Shares remitted to, or withheld by the Company for employee tax withholding	(1,380)	(844)
Excess income tax benefit from stock based awards	0	(226)
Cash received for sale leaseback related financing obligation	19,848	0
Noncontrolling interest contributions	1,467	33,241
Noncontrolling interest distributions	(7,340)	(1,465)
Net cash provided by financing activities	38,279	39,469
Net decrease in cash and cash equivalents	(3,104)	(14,405)
Cash and cash equivalents — beginning of period	42,612	50,203
Cash and cash equivalents — end of period	39,508	35,798
Supplemental disclosures:
Cash paid during the period for income taxes	9,800	100
Supplemental disclosures of non-cash investing and financing activities:
Accrued deferred loan costs	$ 1,270	$ 0

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Operations William Lyon Homes, a Delaware corporation (“Parent” and together with its subsidiaries, the “Company”), is primarily engaged in designing, constructing, marketing and selling single-family detached and attached homes in California, Arizona, Nevada, Colorado, Washington (under the Polygon Northwest brand) and Oregon (under the Polygon Northwest brand). Basis of Presentation The preparation of the Company’s financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities as of March 31, 2017 and December 31, 2016 and revenues and expenses for the three month periods ended March 31, 2017 and 2016 . Accordingly, actual results could differ from those estimates. The significant accounting policies using estimates include real estate inventories and cost of sales, impairment of real estate inventories, warranty reserves, loss contingencies, sales and profit recognition, accounting for variable interest entities, business combinations, and valuation of deferred tax assets. The current economic environment increases the uncertainty inherent in these estimates and assumptions. The condensed consolidated financial statements include the accounts of the Company and all majority-owned and controlled subsidiaries and joint ventures, and certain joint ventures and other entities which have been determined to be variable interest entities ("VIEs") in which the Company is considered the primary beneficiary (see Note 2). The accounting policies of the joint ventures are substantially the same as those of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements were prepared from our books and records without audit and include all adjustments (consisting of only normal recurring accruals) necessary to present a fair statement of results for the interim periods presented. Readers of this quarterly report should refer to our audited consolidated financial statements as of and for the year ended December 31, 2016 , which are included in our 2016 Annual Report on Form 10-K, as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report. Real Estate Inventories Real estate inventories are carried at cost net of impairment losses, if any. Real estate inventories consist primarily of land deposits, land and land under development, homes completed and under construction, and model homes. All direct and indirect land costs, offsite and onsite improvements and applicable interest and other carrying charges are capitalized to real estate projects during periods when the project is under development. Land, offsite costs and all other common costs are allocated to land parcels benefited based upon relative fair values before construction. Onsite construction costs and related carrying charges (principally interest and property taxes) are allocated to the individual homes within a phase based upon the relative sales value of the homes. The Company relieves its real estate inventories through cost of sales for the estimated cost of homes sold. Selling expenses and other marketing costs are expensed in the period incurred. From time to time the Company sells land to third parties. The Company does not consider these sales to be core to its homebuilding business, and any gain or loss recognized on these transactions is recorded in other non-operating income. During the three months ended March 31, 2017 , the Company had a land parcel sale to a third party that did not result in any gain or loss. A provision for warranty costs relating to the Company’s limited warranty plans is included in cost of sales and accrued expenses at the time the sale of a home is recorded. The Company generally reserves a percent of the sales price of its homes, or a set amount per home closed depending on the operating division, against the possibility of future charges relating to its warranty programs and similar potential claims. Factors that affect the Company’s warranty liability include the number of homes under warranty, historical and anticipated rates of warranty claims, and cost per claim. The Company continually assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. Changes in the Company’s warranty liability for the three months ended March 31, 2017 and 2016 , are as follows (in thousands): Three Three Warranty liability, beginning of period $ 14,174 $ 18,117 Warranty provision during period 1,290 1,429 Warranty payments during period (2,829 ) (3,290 ) Warranty charges related to construction services projects 80 103 Warranty liability, end of period $ 12,715 $ 16,359 Interest incurred under the Company’s debt obligations, as more fully discussed in Note 6, is capitalized to qualifying real estate projects under development. Interest activity for the three months ended March 31, 2017 and 2016 are as follows (in thousands): Three Three Interest incurred $ 19,424 $ 20,261 Less: Interest capitalized 19,424 20,261 Interest expense, net of amounts capitalized $ — $ — Cash paid for interest $ 19,036 $ 14,911 Construction Services The Company accounts for construction management agreements using the Percentage of Completion Method in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 605 Revenue Recognition (“ASC 605”). Under ASC 605, the Company records revenues and expenses as a contracted project progresses, and based on the percentage of costs incurred to date compared to the total estimated costs of the contract. The Company entered into construction management agreements to build, sell and market homes in certain communities. For such services, the Company will receive fees (generally 3 to 5 percent of the sales price, as defined) and may, under certain circumstances, receive additional compensation if certain financial thresholds are achieved. Financial Instruments Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, restricted cash, receivables, and deposits. The Company typically places its cash and cash equivalents in investment grade short-term instruments. Deposits, included in other assets, are due from municipalities or utility companies and are generally collected from such entities through fees assessed to other developers. The Company is an issuer of, or subject to, financial instruments with off-balance sheet risk in the normal course of business which exposes it to credit risks. These financial instruments include letters of credit and obligations in connection with assessment district bonds. These off-balance sheet financial instruments are described in more detail in Note 12. Cash and Cash Equivalents Short-term investments with a maturity of three months or less when purchased are considered cash equivalents. The Company’s cash and cash equivalents balance exceeds federally insurable limits as of March 31, 2017 and December 31, 2016 . The Company monitors the cash balances in its operating accounts, however, these cash balances could be negatively impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. Deferred Loan Costs Deferred loan costs represent debt issuance costs and are primarily amortized to interest incurred using the straight line method which approximates the effective interest method. Goodwill In accordance with the provisions of ASC 350, Intangibles, Goodwill and Other , goodwill amounts are not amortized, but rather are analyzed for impairment at the reporting segment level. Goodwill is analyzed on an annual basis, or when indicators of impairment exist. We have determined that we have six reporting segments, as discussed in Note 4, and we perform an annual goodwill impairment analysis during the fourth quarter of each fiscal year. Intangibles Recorded intangible assets primarily relate to brand names of acquired entities, construction management contracts, homes in backlog, and joint venture management fee contracts recorded in conjunction with FASB ASC Topic 852, Reorganizations ("ASC 852"), or FASB ASC Topic 805, Business Combinations ("ASC 805"). All intangible assets with the exception of those relating to brand names were valued based on expected cash flows related to home closings, and the asset is amortized on a per unit basis, as homes under the contracts close. Our brand name intangible assets are deemed to have an indefinite useful life. (Loss) income per common share The Company computes (loss) income per common share in accordance with FASB ASC Topic 260, Earnings per Share , which requires (loss) income per common share for each class of stock to be calculated using the two-class method. The two-class method is an allocation of (loss) income between the holders of common stock and a company’s participating security holders. Basic (loss) income per common share is computed by dividing income or loss available to common stockholders by the weighted average number of shares of common stock outstanding. For purposes of determining diluted income per common share, basic income per common share is further adjusted to include the effect of potential dilutive common shares. Income Taxes Income taxes are accounted for under the provisions of Financial Accounting Standards Board ASC 740 , Income Taxes, using an asset and liability approach. Deferred income taxes reflect the net effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and operating loss and tax credit carryforwards measured by applying currently enacted tax laws. A valuation allowance is provided to reduce net deferred tax assets to an amount that is more likely than not to be realized. ASC 740 prescribes a recognition threshold and a measurement criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be considered “more-likely-than-not” to be sustained upon examination by taxing authorities. In addition, the Company has elected to recognize interest and penalties related to uncertain tax positions in the income tax provision. Impact of Recent Accounting Pronouncements Effective January 1, 2017, the Company adopted Accounting Standards Update ("ASU") No. 2016-09, “ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ” (“ASU 2016-09”), which simplified several aspects for the accounting for share-based payment transactions, including the income tax consequences and classification on the statement of cash flows. The Company did not have any previously unrecognized excess tax benefits. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements or notes to its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, " Revenue from Contracts with Customers (“ASU 2014-09”), which clarifies existing accounting literature relating to how and when revenue is recognized by an entity. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. In doing so, an entity will need to exercise a greater degree of judgment and make more estimates than under the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts . ASU 2014-09 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017, and is to be applied either retrospectively or using the cumulative effect transition method, with early adoption not permitted. The Company does not anticipate that the adoption of ASU 2014-09 will have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, " Leases (Topic 842) " ("ASU 2016-02"), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and disclose key information about leasing arrangements. The new standard establishes a right-of-use model ("ROU") that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard is effective for the Company on January 1, 2019, with early adoption permitted. The Company expects to early adopt the new standard in the quarter ended June 30, 2017. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. While the Company continues to assess the effects of adoption, the Company currently believes the most significant changes relate to (1) the recognition of new ROU assets and lease liabilities on the balance sheet for real estate and office and equipment operating leases; and (2) the derecognition of existing assets and liabilities for a sale-leaseback transaction that currently does not qualify for sale accounting. The Company does not expect a significant change in leasing activity between now and adoption. The Company expects to elect all of the standard's available practical expedients on adoption. Consequently, on adoption, the Company expects to: – Recognize additional operating liabilities ranging from $16 million to $18 million with corresponding ROU assets of the same amount based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases; and – Derecognize existing obligations ranging from $19 million to $20 million relating to cash received from a sale-leaseback transaction that is currently classified within accrued expenses. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the potential impact the adoption of ASU 2016-15 will have on its consolidated financial statements.

Variable Interest Entities and

Variable Interest Entities and Noncontrolling Interests	3 Months Ended
	Mar. 31, 2017
Noncontrolling Interest [Abstract]
Variable Interest Entities and Noncontrolling Interests	Variable Interest Entities and Noncontrolling Interests As of March 31, 2017 and December 31, 2016 , the Company was party to eleven joint ventures for the purpose of land development and homebuilding activities which we have determined to be VIEs. The Company, as the managing member, has the power to direct the activities of the VIEs since it manages the daily operations and has exposure to the risks and rewards of the VIEs, based upon the allocation of income and loss per the respective joint venture agreements. Therefore, the Company is the primary beneficiary of the joint ventures, and the VIEs were consolidated as of March 31, 2017 and December 31, 2016 . As of March 31, 2017 , the assets of the consolidated VIEs totaled $204.0 million , of which $3.7 million was cash and cash equivalents and $207.8 million was real estate inventories. The liabilities of the consolidated VIEs totaled $111.1 million , primarily comprised of notes payable, accounts payable and accrued liabilities. As of December 31, 2016 , the assets of the consolidated VIEs totaled $204.8 million , of which $5.8 million was cash and cash equivalents and $200.7 million was real estate inventories. The liabilities of the consolidated VIEs totaled $107.3 million , primarily comprised of notes payable, accounts payable and accrued liabilities.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures The table set forth below summarizes the combined unaudited statements of operations for our unconsolidated mortgage joint ventures that we accounted for under the equity method (in thousands): Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Revenues $ 3,389 $ 3,967 Cost of sales (2,110 ) (1,925 ) Income of unconsolidated joint ventures $ 1,279 $ 2,042 Income from unconsolidated joint ventures reflected in the accompanying consolidated statements of operations represents our share of the income of our unconsolidated mortgage joint ventures, which is allocated based on the provisions of the underlying joint venture operating agreements less any additional impairments recorded against our investments in joint ventures which we do not deem recoverable. For the three months ended March 31, 2017 , and 2016 , the Company recorded income of $0.2 million and $1.2 million , respectively, from its unconsolidated joint ventures. This income was primarily attributable to our share of income related to mortgages that were generated and issued to qualifying home buyers during the periods. During the three months ended March 31, 2017 , and 2016 , all of our unconsolidated joint ventures were reviewed for impairment. Based on the impairment review, no investments in joint ventures were determined to be impaired. The table set forth below summarizes the combined unaudited balance sheets for our unconsolidated joint ventures that we accounted for under the equity method (in thousands): March 31, 2017 December 31, 2016 Assets Cash $ 10,747 $ 10,208 Loans held for sale 16,274 18,791 Accounts receivable 1,028 764 Other assets 79 56 Total Assets $ 28,128 $ 29,819 Liabilities and Equity Accounts payable $ 493 $ 694 Accrued expenses 929 1,026 Credit lines payable 15,581 17,748 Other liabilities 33 17 Members equity 11,092 10,334 Total Liabilities and Equity $ 28,128 $ 29,819

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information The Company operates one principal homebuilding business. In accordance with FASB ASC Topic 280, Segment Reporting ("ASC 280"), the Company has determined that each of its operating divisions is an operating segment. The Company’s President and Chief Executive Officer has been identified as the chief operating decision maker. The Company’s chief operating decision maker directs the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company’s homebuilding operations design, construct and sell a wide range of homes designed to meet the specific needs in each of its markets. As such, in accordance with the aggregation criteria defined by FASB ASC Topic 280, Segment Reporting (“ASC 280”), the Company’s homebuilding operating segments have been grouped into six reportable segments: California , consisting of operating divisions in i ) Southern California, consisting of operations in Orange, Los Angeles, Riverside and San Bernardino counties; and ii ) Northern California, consisting of operations in Alameda, Contra Costa, San Joaquin, and Santa Clara counties. Arizona , consisting of operations in the Phoenix, Arizona metropolitan area. Nevada , consisting of operations in the Las Vegas, Nevada metropolitan area. Colorado , consisting of operations in the Denver, Colorado metropolitan area. Washington , consisting of operations in the Seattle, Washington metropolitan area. Oregon , consisting of operations in the Portland, Oregon metropolitan area. Corporate develops and implements strategic initiatives and supports the Company’s operating segments by centralizing key administrative functions such as finance and treasury, information technology, risk management and litigation and human resources. Segment financial information relating to the Company’s operations was as follows (in thousands): Three Three Operating revenue: California (1) $ 81,967 $ 95,884 Arizona 26,716 21,047 Nevada 30,548 30,741 Colorado 21,330 26,393 Washington 43,474 32,901 Oregon 54,819 57,459 Total operating revenue $ 258,854 $ 264,425 (1) Operating revenue in the California segment includes construction services revenue. Three Three (Loss) income before benefit from (provision for) income taxes: California $ 6,327 $ 9,923 Arizona 2,298 1,499 Nevada 2,192 2,558 Colorado 296 429 Washington 314 1,423 Oregon 4,481 6,958 Corporate (30,834 ) (7,804 ) (Loss) income before benefit from (provision for) income taxes $ (14,926 ) $ 14,986 March 31, 2017 December 31, 2016 Homebuilding assets: California $ 729,361 $ 716,955 Arizona 194,716 191,581 Nevada 192,870 189,248 Colorado 134,022 124,580 Washington 320,027 343,973 Oregon 253,734 238,766 Corporate (1) 193,866 193,048 Total homebuilding assets $ 2,018,596 $ 1,998,151 (1) Comprised primarily of cash and cash equivalents, deferred income taxes, receivables, and other assets.

Real Estate Inventories

Real Estate Inventories	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories consist of the following (in thousands): March 31, 2017 December 31, 2016 Real estate inventories: Land deposits $ 55,069 $ 50,429 Land and land under development 921,464 1,069,001 Homes completed and under construction 721,718 545,310 Model homes 95,382 107,258 Total $ 1,793,633 $ 1,771,998

Senior Notes, Secured, and Unse

Senior Notes, Secured, and Unsecured Indebtedness	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Senior Notes, Secured, and Unsecured Indebtedness	Senior Notes, Secured, and Unsecured Indebtedness Senior notes, secured, and unsecured indebtedness consist of the following (in thousands): March 31, 2017 December 31, 2016 Notes payable: Construction notes payable $ 106,646 $ 102,076 Seller financing 22,631 24,692 Revolving line of credit 57,000 29,000 Total notes payable 186,277 155,768 Subordinated amortizing notes 5,356 7,225 Senior notes: 5 3 / 4 % Senior Notes due April 15, 2019 148,962 148,826 8 1 / 2 % Senior Notes due November 15, 2020 — 422,817 7% Senior Notes due August 15, 2022 346,200 346,014 5 7 / 8 % Senior Notes due January 31, 2025 438,698 — Total senior notes 933,860 917,657 Total notes payable and senior notes $ 1,125,493 $ 1,080,650 As of March 31, 2017 , the maturities of the Notes payable, Subordinated amortizing notes, 5 3 / 4 % Senior Notes, 7% Senior Notes, and 5 7 / 8 % Senior Notes are as follows (in thousands): Year Ending December 31, 2017 $ 55,644 2018 62,347 2019 223,642 2020 — 2021 — Thereafter 800,000 $ 1,141,633 Maturities above exclude premium on the 7% Senior Notes of $0.8 million , discount on the 5 7 / 8 % Senior Notes of $3.5 million , and deferred loan costs on the 5 3 / 4 %, 7%, and 5 7 / 8 % Senior Notes of $13.5 million as of March 31, 2017 . Notes Payable Construction Notes Payable The Company and certain of its consolidated joint ventures have entered into construction notes payable agreements. These loans will be repaid with proceeds from closings and are secured by the underlying projects. The issuance date, facility size, maturity date and interest rate are listed in the table below as of March 31, 2017 (in millions): Issuance Date Facility Size Outstanding Maturity Current Rate March, 2016 $ 33.4 $ 19.4 September, 2018 3.89 % (1) January, 2016 35.0 24.1 February, 2019 4.23 % (2) November, 2015 42.5 21.0 (6) November, 2017 5.00 % (1) August, 2015 (4) 14.2 — (5) August, 2017 4.50 % (1) August, 2015 (4) 37.5 — (5) August, 2017 4.75 % (1) July, 2015 22.5 12.5 July, 2018 4.50 % (3) April, 2015 18.5 — (5) October, 2017 4.50 % (3) November, 2014 24.0 9.1 (6) November, 2017 4.50 % (3) November, 2014 22.0 9.7 (6) November, 2017 4.50 % (3) March, 2014 26.0 10.8 April, 2018 3.98 % (1) $ 275.6 $ 106.6 (1) Loan bears interest at the Company's option of either LIBOR +3.0% or the prime rate +1.0% . (2) Loan bears interest at LIBOR +3.25% . (3) Loan bears interest at the prime rate +0.5% . (4) Loan relates to a project that is wholly-owned by the Company. (5) The balance on this borrowing was paid in full prior to the maturity date, along with all accrued interest to date. (6) The Company anticipates paying the borrowings in full upon the maturity date from proceeds from homes closed in each respective project. The construction notes payable contain certain financial maintenance covenants. The Company was in compliance with all such covenants as of March 31, 2017 . Seller Financing At March 31, 2017 , the Company had $22.6 million of notes payable outstanding related to two land acquisitions for which seller financing was provided. The first note of approximately $3.0 million bears interest at a rate of 7% per annum, is secured by the underlying land, and matures in August 2017. This note was entered into with a related party. Refer to Note 8 for more details regarding the related party transaction. The second note of $19.6 million bears interest at a rate of 7% per annum, is secured by the underlying land, and matures in June 2018 . Revolving Line of Credit On July 1, 2016 , California Lyon and Parent entered into an amendment and restatement agreement pursuant to which its existing credit agreement providing for a revolving credit facility, as previously amended and restated on March 27, 2015 as described below, was further amended and restated in its entirety (the "Second Amended Facility"). The Second Amended Facility amends and restates the Company’s previous $130.0 million revolving credit facility and provides for total lending commitments of $145.0 million . In addition, the Second Amended Facility has an uncommitted accordion feature under which the Company may increase the total principal amount up to a maximum aggregate of $200.0 million under certain circumstances, as well as a sublimit of $50.0 million for letters of credit. The Second Amended Facility, among other things, also amended the maturity date of the previous facility to July 1, 2019 , provided that the Second Amended Facility will terminate on January 14, 2019 (the “Springing Termination Date”) if, on the Springing Termination Date, the aggregate outstanding principal amount of California Lyon’s 5.75% senior notes due 2019 is equal to or greater than the sum of (a) 50% of the Consolidated EBITDA (as defined in the Second Amended Facility) of California Lyon, Parent, certain of the Parent’s direct and indirect wholly owned subsidiaries (together with California Lyon and Parent, the “Loan Parties”) and their Restricted Subsidiaries (as defined in the Second Amended Facility) for the four-quarter period ending September 30, 2018 , plus (b) the Liquidity (as defined in the Second Amended Facility) of the Loan Parties and their consolidated subsidiaries on the Springing Termination Date. Further, the Second Amended Facility amended the maximum leverage ratio covenant to extend the timing of the gradual step-downs. Specifically, pursuant to the Second Amended Facility, the maximum leverage ratio remained at 65% from June 30, 2016 through and including December 30, 2016, decreased to 62.5% on the last day of the 2016 fiscal year, will remain at 62.5% from December 31, 2016 through and including June 29, 2017, and will further decrease to 60% on the last day of the second quarter of 2017 and remain at 60% thereafter. The Second Amended Facility did not revise any of our other financial covenants thereunder. Prior to the entry into the Second Amended Facility as described above, on March 27, 201 5, California Lyon and Parent entered into an amendment and restatement agreement which amended and restated the Company's previous $100 million revolving credit facility and provided for total lending commitments of $130.0 million , an uncommitted accordion feature under which the Company could increase the total principal amount up to a maximum aggregate of $200.0 million under certain circumstances (up from a maximum aggregate of $125.0 million under the previous facility), as well as a sublimit of $50.0 million for letters of credit, and extended the maturity date of the previous facility by one year to August 7, 2017 . The Second Amended Facility contains certain financial maintenance covenants, including (a) a minimum tangible net worth requirement of $451.0 million (which is subject to increase over time based on subsequent earnings and proceeds from equity offerings, as well as deferred tax assets to the extent included on the Company's financial statements), (b) a maximum leverage covenant that prohibits the leverage ratio (as defined therein) from exceeding 65% , which maximum leverage ratio decreased to 62.5% effective as of December 31, 2016, and further decreases to 60% effective as of June 30, 2017, and (c) a covenant requiring us to maintain either (i) an interest coverage ratio (EBITDA to interest incurred, as defined therein) of at least 1.50 to 1.00 or (ii) liquidity (as defined therein) of an amount not less than the greater of our consolidated interest incurred during the trailing 12 months and $50.0 million . Our compliance with these financial covenants is measured by calculations and metrics that are specifically defined or described by the terms of the Second Amended Facility and can differ in certain respects from comparable GAAP or other commonly used terms. The Second Amended Facility contains customary events of default, subject to cure periods in certain circumstances, including: nonpayment of principal, interest and fees or other amounts; violation of covenants; inaccuracy of representations and warranties; cross default to certain other indebtedness; unpaid judgments; and certain bankruptcy and other insolvency events. The occurrence of any event of default could result in the termination of the commitments under the Second Amended Facility and permit the lenders to accelerate payment on outstanding borrowings under the Second Amended Facility and require cash collateralization of outstanding letters of credit. If a change in control (as defined in the Second Amended Facility) occurs, the lenders may terminate the commitments under the Second Amended Facility and require that the Company repay outstanding borrowings under the Second Amended Facility and cash collateralize outstanding letters of credit. Interest rates on borrowings generally will be based on either LIBOR or a base rate, plus the applicable spread. In January 2017, the Company entered into an amendment which modifies the definition of Tangible Net Worth for purposes of calculating the Leverage Ratio covenant under the Second Amended Facility, so as to exclude any reduction in Tangible Net Worth (as defined therein) that occurs as a result of the costs related to payment of any call premium or any other costs associated with the refinancing transaction and the redemption of outstanding 8.5% Notes. The Company was in compliance with all covenants under the Second Amended Facility as of March 31, 2017 . Borrowings under the Second Amended Facility, the availability of which is subject to a borrowing base formula, are required to be guaranteed by the Parent and certain of the Parent's wholly-owned subsidiaries, are secured by a pledge of all equity interests held by such guarantors, and may be used for general corporate purposes. Interest rates on borrowings generally will be based on either LIBOR or a base rate, plus the applicable spread. As of March 31, 2017 , the commitment fee on the unused portion of the Second Facility accrues at an annual rate of 0.50 %. As of March 31, 2017 and December 31, 2016 , the Company had $57.0 million and $29.0 million outstanding against the Second Amended Facility, respectively, at effective rates of 4.45% and 4.75% , respectively as well as a letter of credit for $8.0 million outstanding at both dates. Subordinated Amortizing Notes On November 21, 2014, in order to pay down amounts borrowed under the senior unsecured bridge loan facility entered into in conjunction with the Polygon Acquisition, the Company completed its public offering and sale of 1,000,000 6.50% tangible equity units (“TEUs”, or "Units"), sold for a stated amount of $100 per Unit, featuring a 17.5% conversion premium. On December 3, 2014, the Company sold an additional 150,000 TEUs pursuant to an over-allotment option granted to the underwriters. Each TEU is a unit composed of two parts: • a prepaid stock purchase contract (a “purchase contract”); and • a senior subordinated amortizing note (an “amortizing note”). Unless settled earlier at the holder’s option, each purchase contract will automatically settle on December 1, 2017 (the "mandatory settlement date"), and the Company will deliver not more than 5.2247 shares of Class A Common Stock and not less than 4.4465 shares of Class A Common Stock on the mandatory settlement date, subject to adjustment, based upon the applicable settlement rate and applicable market value of Class A Common Stock. Each amortizing note had an initial principal amount of $18.01 , bears interest at the annual rate of 5.50% and has a final installment payment date of December 1, 2017. On each March 1, June 1, September 1 and December 1, commencing on March 1, 2015, William Lyon Homes will pay equal quarterly installments of $1.6250 on each amortizing note (except for the March 1, 2015 installment payment, which was $1.8056 per amortizing note). Each installment will constitute a payment of interest and a partial repayment of principal. The amortizing notes rank equally in right of payment to all of the Company's existing and future senior indebtedness, other than borrowings under the Amended Facility and the Company's secured project level financing, which will be senior in right of payment to the obligations under the amortizing notes, in each case to the extent of the value of the assets securing such indebtedness. Each TEU may be separated into its constituent purchase contract and amortizing note on any business day during the period beginning on, and including, the business day immediately succeeding the date of initial issuance of the Units to, but excluding, the third scheduled trading day immediately preceding the mandatory settlement date. Prior to separation, the purchase contracts and amortizing notes may only be purchased and transferred together as Units. The net proceeds received from the TEU issuance were allocated between the amortizing note and the purchase contract under the relative fair value method, with amounts allocated to the purchase contract classified as additional paid-in capital. As of March 31, 2017 and December 31, 2016 , the amortizing notes had an unamortized carrying value of $5.4 million and $7.2 million , respectively. Senior Notes 5 3 / 4 % Senior Notes Due 2019 On March 31, 2014, California Lyon completed its private placement with registration rights of 5.75% Senior Notes due 2019 (the " 5.75% Notes"), in an aggregate principal amount of $150 million . The 5.75% Notes were issued at 100% of their aggregate principal amount. In August 2014, we exchanged 100% of the initial 5.75% Notes for notes that are freely transferable and registered under the Securities Act of 1933, as amended (the “Securities Act”). As of March 31, 2017 , the outstanding principal amount of the 5.75% Notes was $150 million , excluding deferred loan costs of $1.0 million . The 5.75% Notes bear interest at a rate of 5.75% per annum, payable semiannually in arrears on April 15 and October 15, and mature on April 15, 2019 . The 5.75% Notes are unconditionally guaranteed on a joint and several unsecured basis by Parent and certain of its existing and future restricted subsidiaries. The 5.75% Notes and the related guarantees are California Lyon’s and the guarantors’ unsecured senior obligations and rank equally in right of payment with all of California Lyon’s and the guarantors’ existing and future unsecured senior debt, including California Lyon’s $450 million in aggregate principal amount of 5.875% Senior Notes due 2020 and $350 million in aggregate principal amount of 7.00% Notes due 2019, each as described below. The 5.75% Notes rank senior in right of payment to all of California Lyon’s and the guarantors’ future subordinated debt. The 5.75% Notes and the guarantees are and will be effectively junior to California Lyon’s and the guarantors’ existing and future secured debt to the extent of the value of the collateral securing such debt. 8 1 / 2 % Senior Notes Due 2020 On November 8, 2012, California Lyon completed its private placement with registration rights of 8.5% Senior Notes due 2020, (the "initial 8.5% notes"), in an aggregate principal amount of $325 million . The initial 8.5% Notes were issued at 100% of their aggregate principal amount. In July 2013, we exchanged 100% of the initial 8.5% Notes for notes that are freely transferable and registered under the Securities Act. On October 24, 2013, California Lyon completed its private placement with registration rights of an additional $100.0 million in aggregate principal amount of its 8.5% Senior Notes due 2020 (the “additional 8.5% Notes”, and together with the initial 8.5% notes, the " 8.5% Notes" ) at an issue price of 106.5% of their aggregate principal amount, plus accrued interest from and including May 15, 2013, resulting in net proceeds of approximately $104.7 million . In February 2014, we exchanged 100% of the additional 8.5% Notes for notes that are freely transferable and registered under the Securities Act. During the three months ended March 31, 2017 , Parent, through California Lyon, used the net proceeds from its private placement with registration rights of 5.875% Senior Notes due 2025, as further described below, to purchase $395.6 million of the outstanding aggregate principal amount of the 8.5% Notes, pursuant to a cash tender offer and consent solicitation. Subsequently, the Company used the remaining proceeds, together with cash on hand, for the retirement of the remaining outstanding 8.5% Notes, such that the entire aggregate $425 million of previously outstanding 8.5% Notes are retired and extinguished as of March 31, 2017 . The Company incurred certain costs related to the early extinguishment of debt of the 8.5% Notes during the three months ended March 31, 2017 in an amount of $21.8 million , which is included in the Consolidated Statement of Operations as Loss on extinguishment of debt. 7% Senior Notes Due 2022 On August 11, 2014, WLH PNW Finance Corp. (“Escrow Issuer”), completed its private placement with registration rights of 7.00% Senior Notes due 2022 (the “initial 7.00% Notes”), in an aggregate principal amount of $300 million . The initial 7.00% Notes were issued at 100% of their aggregate principal amount. On August 12, 2014 , in connection with the consummation of the Polygon Acquisition, Escrow Issuer merged with and into California Lyon, and California Lyon assumed the obligations of the Escrow Issuer under the initial 7.00% Notes and the related indenture by operation of law (the “Escrow Merger”). Following the Escrow Merger, California Lyon is the obligor under the initial 7.00% Notes. In January 2015, we exchanged 100% of the initial 7.00% Notes for notes that are freely transferable and registered under the Securities Act. On September 15, 2015, California Lyon completed its private placement with registration rights of an additional $50.0 million in aggregate principal amount of its 7.00% Senior Notes due 2022 (the “additional 7.00% Notes”, and together with the initial 7.00% Notes, the " 7.00% Notes") at an issue price of 102.0% of their principal amount, plus accrued interest from August 15, 2015, resulting in net proceeds of approximately $50.5 million . In January 2016, we exchanged 100% of the additional 7.00% Notes for notes that are freely transferable and registered under the Securities Act. As of March 31, 2017 the outstanding amount of the 7.00% Notes was $350 million , excluding unamortized premium of $0.8 million and deferred loan costs of $4.6 million . The 7.00% Notes bear interest at a rate of 7.00% per annum, payable semiannually in arrears on February 15 and August 15, and mature on August 15, 2022 . The 7.00% Notes are unconditionally guaranteed on a joint and several unsecured basis by Parent and certain of its existing and future restricted subsidiaries. The 7.00% Notes and the related guarantees are California Lyon’s and the guarantors’ unsecured senior obligations and rank equally in right of payment with all of California Lyon’s and the guarantors’ existing and future unsecured senior debt, including California Lyon’s $150 million in aggregate principal amount of 5.75% Senior Notes due 2019, as described above, and $450 million in aggregate principal amount of 5.875% Senior Notes due 2020, as described below. The 7.00% Notes rank senior in right of payment to all of California Lyon’s and the guarantors’ future subordinated debt. The 7.00% Notes and the guarantees are and will be effectively junior to California Lyon’s and the guarantors’ existing and future secured debt to the extent of the value of the collateral securing such debt. 5.875% Senior Notes Due 2025 On January 31, 2017, California Lyon completed its private placement with registration rights of 5.875% Senior Notes due 2025 (the "5.875% Notes"), in an aggregate principal amount of $450 million . The 5.875% Notes were issued at 99.215% of their aggregate principal amount. Parent, through California Lyon, used the net proceeds from the 5.875% Notes offering to purchase the outstanding aggregate principal amount of the 8.5% Notes such that the entire aggregate $425 million of previously outstanding 8.5% Notes are retired and extinguished as of March 31, 2017 . As of March 31, 2017 , the outstanding principal amount of the 5.875% Notes was $450 million , excluding unamortized discount of $3.5 million and deferred loan costs of $7.8 million . The 5.875% Notes bear interest at a rate of 5.875% per annum, payable semiannually in arrears on January 31 and July 31, and mature on January 31, 2025. The 5.875% Notes are unconditionally guaranteed on a joint and several unsecured basis by Parent and certain of its existing and future restricted subsidiaries. The 5.875% Notes and the related guarantees are California Lyon’s and the guarantors’ unsecured senior obligations and rank equally in right of payment with all of California Lyon’s and the guarantors’ existing and future unsecured senior debt, including California Lyon’s $150 million in aggregate principal amount of 5.75% Senior Notes due 2019 and $350 million in aggregate principal amount of 7.00% Senior Notes due 2022, each as described above. The 5.875% Notes rank senior in right of payment to all of California Lyon’s and the guarantors’ future subordinated debt. The 5.875% Notes and the guarantees are and will be effectively junior to California Lyon’s and the guarantors’ existing and future secured debt to the extent of the value of the collateral securing such debt. On or after January 31, 2020, California Lyon may redeem all or a portion of the 5.875% Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount), set forth below plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on each of the dates indicated below: Year Percentage January 31, 2020 102.938 % January 31, 2021 101.469 % January 31, 2022 100.734 % January 31, 2023 and thereafter 100.000 % Prior to January 31, 2020, the 5.875% Notes may be redeemed in whole or in part at a redemption price equal to 100% of the principal amount plus a "make-whole" premium, and accrued and unpaid interest to, the redemption date. In addition, any time prior to January 31, 2020, California Lyon may, at its option on one or more occasions, redeem the 5.875% Notes in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the 5.875% Notes issued prior to such date at a redemption price (expressed as a percentage of principal amount) of 105.875% , plus accrued and unpaid interest to the redemption date, with an amount equal to the net cash proceeds from one or more equity offerings. Senior Notes Covenant Compliance The indentures governing the 5.75% Notes, the 7.00% Notes, and the 5.875% Notes contain covenants that limit the ability of Parent, California Lyon, and their restricted subsidiaries to, among other things: (i) incur or guarantee certain additional indebtedness; (ii) pay dividends, distributions, or repurchase equity or make payments in respect of subordinated indebtedness; (iii) make certain investments; (iv) sell assets; (v) incur liens; (vi) enter into agreements restricting the ability of the Company’s restricted subsidiaries to pay dividends or transfer assets; (vii) enter into transactions with affiliates; (viii) create unrestricted subsidiaries; and (viii) consolidate, merge or sell all or substantially all of its assets. These covenants are subject to a number of important exceptions and qualifications as described in the indentures. The Company was in compliance with all such covenants as of March 31, 2017 . GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS The following consolidating financial information includes: (1) Consolidating balance sheets as of March 31, 2017 and December 31, 2016 ; consolidating statements of operations for the three months ended March 31, 2017 and 2016 ; and consolidating statements of cash flows for the three month periods ended March 31, 2017 and 2016 , of (a) William Lyon Homes, as the parent, or “Delaware Lyon”, (b) William Lyon Homes, Inc., as the subsidiary issuer, or “California Lyon”, (c) the guarantor subsidiaries, (d) the non-guarantor subsidiaries and (e) William Lyon Homes, Inc. on a consolidated basis; and (2) Elimination entries necessary to consolidate Delaware Lyon, with California Lyon and its guarantor and non-guarantor subsidiaries. Delaware Lyon owns 100% of all of its guarantor subsidiaries and all guarantees are full and unconditional, joint and several. As a result, in accordance with Rule 3-10 (d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of March 31, 2017 and December 31, 2016 , and for the three month periods ended March 31, 2017 and 2016 . CONDENSED CONSOLIDATING BALANCE SHEET (Unaudited) As of March 31, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company ASSETS Cash and cash equivalents $ — $ 34,945 $ 430 $ 4,133 $ — $ 39,508 Receivables — 2,931 2,825 3,246 — 9,002 Escrow proceeds receivable — 1,697 — — — 1,697 Real estate inventories — 936,552 633,810 223,271 — 1,793,633 Investment in unconsolidated joint ventures — 7,176 150 — — 7,326 Goodwill — 14,209 52,693 — — 66,902 Intangibles, net — — 6,700 — — 6,700 Deferred income taxes, net — 75,946 — — — 75,946 Other assets, net — 16,482 985 415 — 17,882 Investments in subsidiaries 687,382 (23,488 ) (555,352 ) — (108,542 ) — Intercompany receivables — — 255,682 — (255,682 ) — Total assets $ 687,382 $ 1,066,450 $ 397,923 $ 231,065 $ (364,224 ) $ 2,018,596 LIABILITIES AND EQUITY Accounts payable $ — $ 50,554 $ 17,500 $ 4,695 $ — $ 72,749 Accrued expenses — 66,914 4,774 110 — 71,798 Notes payable — 76,652 2,979 106,646 — 186,277 Subordinated amortizing notes — 5,356 — — — 5,356 8 1 / 2 % Senior Notes — — — — — — 5 3 / 4 % Senior Notes — 148,962 — — — 148,962 7% Senior Notes — 346,200 — — — 346,200 5 7 / 8 % Senior Notes — 438,698 — — — 438,698 Intercompany payables — 173,754 — 81,928 (255,682 ) — Total liabilities — 1,307,090 25,253 193,379 (255,682 ) 1,270,040 Equity William Lyon Homes stockholders’ equity (deficit) 687,382 (240,640 ) 372,670 (23,488 ) (108,542 ) 687,382 Noncontrolling interests — — — 61,174 — 61,174 Total liabilities and equity $ 687,382 $ 1,066,450 $ 397,923 $ 231,065 $ (364,224 ) $ 2,018,596 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016 (in thousands) Unconsolidated Delaware California Guarantor Non-Guarantor Eliminating Consolidated ASSETS Cash and cash equivalents $ — $ 36,204 $ 272 $ 6,136 $ — $ 42,612 Receivables — 2,989 3,303 3,246 — 9,538 Escrow proceeds receivable — 85 — — — 85 Real estate inventories — 910,594 645,341 216,063 — 1,771,998 Investment in unconsolidated joint ventures — 7,132 150 — — 7,282 Goodwill — 14,209 52,693 — — 66,902 Intangibles, net — — 6,700 — — 6,700 Deferred income taxes, net — 75,751 — — — 75,751 Other assets, net — 15,779 1,089 415 — 17,283 Investments in subsidiaries 697,086 (23,736 ) (573,650 ) — (99,700 ) — Intercompany receivables — — 252,860 — (252,860 ) — Total assets $ 697,086 $ 1,039,007 $ 388,758 $ 225,860 $ (352,560 ) $ 1,998,151 LIABILITIES AND EQUITY Accounts payable $ — $ 52,380 $ 16,416 $ 5,486 $ — $ 74,282 Accrued expenses — 75,058 4,634 98 — 79,790 Notes payable — 50,713 2,979 102,076 — 155,768 Subordinated amortizing notes — 7,225 — — — 7,225 5 3 / 4 % Senior Notes — 148,826 — — — 148,826 8 1 / 2 % Senior Notes — 422,817 — — — 422,817 7% Senior Notes — 346,014 — — — 346,014 Intercompany payables — 177,267 — 75,593 (252,860 ) — Total liabilities — 1,280,300 24,029 183,253 (252,860 ) 1,234,722 Equity William Lyon Homes stockholders’ equity (deficit) 697,086 (241,291 ) 364,727 (23,736 ) (99,700 ) 697,086 Noncontrolling interests — — — 66,343 — 66,343 Total liabilities and equity $ 697,086 $ 1,039,009 $ 388,756 $ 225,860 $ (352,560 ) $ 1,998,151 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) Three Months Ended March 31, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 122,128 $ 119,623 $ 17,103 $ — $ 258,854 Construction services — — — — — — Management fees — (513 ) — — 513 — — 121,615 119,623 17,103 513 258,854 Operating costs Cost of sales — (99,395 ) (103,461 ) (15,086 ) (513 ) (218,455 ) Construction services — — — — — — Sales and marketing — (6,523 ) (6,931 ) (1,251 ) — (14,705 ) General and administrative — (14,516 ) (4,429 ) (1 ) — (18,946 ) Other — (531 ) 91 — — (440 ) — (120,965 ) (114,730 ) (16,338 ) (513 ) (252,546 ) (Loss) income from subsidiaries (10,000 ) (239 ) — — 10,239 — Operating (loss) income (10,000 ) 411 4,893 765 10,239 6,308 Equity in income from unconsolidated joint ventures — 44 205 — — 249 Other income (expense), net — 645 — (300 ) — 345 (Loss) income before extinguishment of debt (10,000 ) 1,100 5,098 465 10,239 6,902 Loss on extinguishment of debt — (21,828 ) — — — (21,828 ) (Loss) income before benefit from income taxes (10,000 ) (20,728 ) 5,098 465 10,239 (14,926 ) Provision for income taxes — 5,630 — — — 5,630 Net (loss) income (10,000 ) (15,098 ) 5,098 465 10,239 (9,296 ) Less: Net income attributable to noncontrolling interests — — — (704 ) — (704 ) Net (loss) income available to common stockholders $ (10,000 ) $ (15,098 ) $ 5,098 $ (239 ) $ 10,239 $ (10,000 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) Three Months Ended March 31, 2016 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 100,824 $ 137,800 $ 22,671 $ — $ 261,295 Construction services — 3,130 — — — 3,130 Management fees — (680 ) — — 680 — — 103,274 137,800 22,671 680 264,425 Operating costs Cost of sales — (78,879 ) (115,560 ) (20,052 ) (680 ) (215,171 ) Construction services — (2,824 ) — — — (2,824 ) Sales and marketing — (5,950 ) (7,625 ) (1,418 ) — (14,993 ) General and administrative — (14,006 ) (3,828 ) — — (17,834 ) Other — (369 ) 46 — — (323 ) — (102,028 ) (126,967 ) (21,470 ) (680 ) (251,145 ) Income from subsidiaries 9,014 2,237 — — (11,251 ) — Operating income (loss) 9,014 3,483 10,833 1,201 (11,251 ) 13,280 Equity in income from unconsolidated joint ventures — 1,002 179 — — 1,181 Other income (expense), net — 773 (9 ) (239 ) — 525 Income (loss) before provision for income taxes 9,014 5,258 11,003 962 (11,251 ) 14,986 Provision for income taxes — (5,045 ) — — — (5,045 ) Net income (loss) 9,014 213 11,003 962 (11,251 ) 9,941 Less: Net income attributable to noncontrolling interests — — — (927 ) — (927 ) Net income (loss) available to common stockholders $ 9,014 $ 213 $ 11,003 $ 35 $ (11,251 ) $ 9,014 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating activities Net cash (used in) provided by operating activities $ (296 ) $ (52,448 ) $ 18,589 $ (7,522 ) $ 296 $ (41,381 ) Investing activities Purchases of property and equipment — (2 ) — — — (2 ) Investments in subsidiaries — (333 ) (18,452 ) — 18,785 — Net cash (used in) provided by investing activities — (335 ) (18,452 ) — 18,785 (2 ) Financing activities Proceeds from borrowings on notes payable — — — 25,350 — 25,350 Principal payments on notes payable — — — (20,780 ) — (20,780 ) Redemption premium of 8.5% Senior Notes — (19,645 ) — — — (19,645 ) Principal payments of 8.5% Senior Notes — (425,000 ) — — — (425,000 ) Proceeds from issuance of 5.875% Senior Notes — 446,468 — — — 446,468 Proceeds from borrowings on Revolver — 105,000 — — — 105,000 Payments on Revolver — (77,000 ) — — — (77,000 ) Principal payments on subordinated amortizing notes — (1,869 ) — — — (1,869 ) Payment of deferred loan costs — (6,840 ) — — — (6,840 ) Shares remitted to, or withheld by the Company for employee tax withholding — (1,380 ) — — — (1,380 ) Cash received for lease transaction — 19,848 — — — 19,848 Noncontrolling interest contributions — — — 1,467 — 1,467 Noncontrolling interest distributions — — — (7,340 ) — (7,340 ) Advances to affiliates — — 2,845 487 (3,332 ) — Intercompany receivables/payables 296 11,942 (2,824 ) 6,335 (15,749 ) — Net cash provided by (used in) financing activities 296 51,524 21 5,519 (19,081 ) 38,279 Net (decrease) increase in cash and cash equivalents — (1,259 ) 158 (2,003 ) — (3,104 ) Cash and cash equival

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 820”), the Company is required to disclose the estimated fair value of financial instruments. As of March 31, 2017 and December 31, 2016 , the Company used the following assumptions to estimate the fair value of each type of financial instrument for which it is practicable to estimate: • Notes payable—The carrying amount is a reasonable estimate of fair value of the notes payable because market rates are unchanged since inception and/or the outstanding balance at quarter end is expected to be repaid within one year. • Subordinated amortizing notes—The Subordinated amortizing notes are traded over the counter and their fair values were based upon quotes from industry sources. • 5 3 / 4 % Senior Notes due April 15, 2019 —The 5 3 / 4 % Senior Notes are traded over the counter and their fair values were based upon quotes from industry sources. • 8 1 / 2 % Senior Notes due November 15, 2020 —The 8 1 / 2 % Senior Notes are traded over the counter and their fair values were based upon quotes from industry sources. • 7% Senior Notes due August 15, 2022 —The 7% Senior Notes are traded over the counter and their fair values were based upon quotes from industry sources. • 5 7 / 8 Senior Notes due January 31, 2025 —The 5 7 / 8 % Senior Notes are traded over the counter and their fair values were based upon quotes from industry sources. The following table excludes cash and cash equivalents, restricted cash, receivables and accounts payable, which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. The estimated fair values of financial instruments are as follows (in thousands): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 186,277 $ 186,277 $ 155,768 $ 155,768 Subordinated amortizing notes $ 5,356 $ 5,450 $ 7,225 $ 7,478 5 3 / 4 % Senior Notes due 2019 $ 148,962 $ 151,500 $ 148,826 $ 151,125 8 1 / 2 % Senior Notes due 2020 — $ — $ 422,817 $ 444,125 7% Senior Notes due 2022 $ 346,200 $ 362,250 $ 346,014 $ 363,125 5 7 / 8 % Senior Notes due 2025 $ 438,698 $ 451,125 $ — $ — ASC 820 establishes a framework for measuring fair value, expands disclosures regarding fair value measurements and defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 requires the Company to maximize the use of observable market inputs, minimize the use of unobservable market inputs and disclose in the form of an outlined hierarchy the details of such fair value measurements. The Company used Level 3 to measure the fair value of its Notes payable, and Level 2 to measure the fair value of its Senior notes and Subordinated amortizing notes. ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. The three levels of the hierarchy are as follows: • Level 1—quoted prices for identical assets or liabilities in active markets; • Level 2—quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3—valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In August 2016 the Company acquired certain lots within a master planned community located in Aurora, Colorado, for an overall purchase price of approximately $9.3 million , from an entity managed by an affiliate of Paulson & Co., Inc. (“Paulson”). WLH Recovery Acquisition LLC, which is affiliated with, and managed by affiliates of, Paulson, holds over 5% of Parent’s outstanding Class A common stock. A portion of the acquisition price for the lots was paid in the form of a seller note with a principal amount of approximately $3.0 million . The Company believes that the transaction, including the terms of the seller note, was on terms no less favorable than it would have agreed to with unrelated parties.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Since inception, the Company has operated solely within the United States. The Company’s effective income tax rate was (37.7)% and 33.7% for the three months ended March 31, 2017 and 2016, respectively. The significant drivers of the effective tax rate are allocation of income to noncontrolling interests and the domestic production activities deduction. Management assesses its deferred tax assets to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. The Company is required to establish a valuation allowance for any portion of the asset that management concludes is more likely than not to be unrealizable. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company's assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies, and projected future taxable income in making this assessment. At March 31, 2017 , the Company had no valuation allowance recorded. At March 31, 2017 , the Company had no remaining federal net operating loss carryforwards and $56.2 million of remaining state net operating loss carryforwards. State net operating loss carryforwards begin to expire in 2031. In addition, as of March 31, 2017 , the Company had unused federal and state built-in losses of $52.1 million and $7.5 million , respectively. The five year testing period for built-in losses expires in 2017 and the unused built-in loss carryforwards begin to expire in 2032. The Company had AMT credit carryovers of $1.4 million at March 31, 2017 , which have an indefinite life. FASB ASC Topic 740 , Income Taxes (“ASC 740”), prescribes a recognition threshold and a measurement criterion for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be considered more likely than not to be sustained upon examination by taxing authorities. The Company records interest and penalties related to uncertain tax positions as a component of the provision for income taxes. The Company has no unrecognized tax benefits. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is subject to U.S. federal income tax examination for calendar tax years ended 2013 through 2016 and forward. The Company is subject to various state income tax examinations for calendar tax years ended 2009 through 2016 and forward.

Income Per Common Share

Income Per Common Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Income Per Common Share	ncome Per Common Share Basic and diluted (loss) income per common share for the three months ended March 31, 2017 and 2016 were calculated as follows (in thousands, except number of shares and per share amounts): Three Three Basic weighted average number of common shares outstanding 36,908,320 36,651,846 Effect of dilutive securities: Stock options, unvested common shares, and warrants — 757,085 Tangible equity units — 894,930 Diluted average shares outstanding 36,908,320 38,303,861 Net (loss) income available to common stockholders $ (10,000 ) $ 9,014 Basic (loss) income per common share $ (0.27 ) $ 0.25 Dilutive (loss) income per common share $ (0.27 ) $ 0.24 Antidilutive securities not included in the calculation of diluted (loss) income per common share (weighted average): Stock options, unvested common shares, and warrants 825,038 — Tangible equity units 463,635 — Unvested stock options 240,000 240,000 Warrants 1,907,551 1,907,551 Diluted loss per share for the three months ended March 31, 2017 is the same as basic loss per share as there is a net loss in the period and inclusion of potentially issuable shares is anti-dilutive. Therefore, the weighted-average number of shares outstanding used in the computation of diluted loss per share does not include the effect of the above anti-dilutive shares.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock Based Compensation We account for share-based awards in accordance with ASC Topic 718, Compensation-Stock Compensation , which requires the fair value of stock-based compensation awards to be amortized as an expense over the vesting period. Stock-based compensation awards are valued at the fair value on the date of grant. Compensation expense for awards with performance based conditions is recognized over the vesting period once achievement of the performance condition is deemed probable. During the three months ended March 31, 2017 , the Company granted 252,011 shares of time-based restricted stock and 553,909 shares of performance based restricted stock. On the Consolidated Balance Sheets and Statement of Equity, the Company considers unvested shares of restricted stock to be issued, but not outstanding. The Company recorded total stock based compensation expense during the three months ended March 31, 2017 and 2016 of $1.7 million and $1.5 million , respectively. Performance-Based Restricted Stock Awards With respect to the performance based restricted stock awards granted to certain employees during the three months ended March 31, 2017 , the actual number of such shares of restricted stock that will be earned (the “Earned Shares”) is subject to the Company’s achievement of pre-established performance targets as of the end of the 2017 fiscal year. For each of the aforementioned awards, one-third of the Earned Shares will vest on March 1st of each of 2018, 2019 and 2020, subject to each grantee’s continued service through each vesting date. Based on the probability assessment as of March 31, 2017 , management determined that the currently available data was not sufficient to support that the achievement of the performance targets is probable, and as such, no compensation expense has been recognized for these awards to date. Time-Based Restricted Stock Awards With respect to the restricted stock awards granted to certain employees and non-employee directors during the three months ended March 31, 2017 , representing 252,011 shares of restricted stock, 172,857 of such shares are subject to a vesting schedule pursuant to which one-third of the shares will vest on March 1st of each of 2018, 2019 and 2020, 43,879 of such shares are subject to a vesting schedule pursuant to which one-half of the shares will vest on March 1st of each of 2018 and 2019, in each case subject to each grantee’s continued service through each vesting date. With respect to the restricted stock awards granted to certain non-employee directors of the Company during the three months ended March 31, 2017 , representing 35,275 shares of restricted stock, the awards vest in equal quarterly installments on each of June 1, 2017, September 1, 2017, December 1, 2017 and March 1, 2018, subject to each grantee’s continued service on the board through each vesting date.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company’s commitments and contingent liabilities include the usual obligations incurred by real estate developers in the normal course of business. In the opinion of management, these matters will not have a material effect on the Company’s condensed consolidated financial position, results of operations or cash flows. The Company is a defendant in various lawsuits related to its normal business activities. We believe that the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of March 31, 2017 , it was not reasonably possible that an additional material loss had been incurred in an amount in excess of the estimated amounts already recognized on our condensed consolidated financial statements. We evaluate our accruals for litigation and regulatory proceedings, and as appropriate, adjust them to reflect (i) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments; (ii) the advice and analyses of counsel; and (iii) the assumptions and judgment of management. Similar factors and considerations are used in establishing new accruals for proceedings as to which losses have become probable and reasonably estimable at the time an evaluation is made. The outcome of any of these proceedings, including the defense and other litigation-related costs and expenses we may incur, however, is inherently uncertain and could differ significantly from the estimate reflected in a related accrual, if made. Therefore, it is possible that the ultimate outcome of any proceeding, if in excess of a related accrual or if no accrual had been made, could be material to our consolidated financial statements. We have non-cancelable operating leases primarily associated with our office facilities. Rent expense under cancelable and non-cancelable operating leases totaled $1.0 million and $1.0 million , respectively, in the three months ended March 31, 2017 and 2016 , and is included in general and administrative expense in our consolidated statements of operations for the respective periods. The table below shows the future minimum payments under non-cancelable operating leases at March 31, 2017 (in thousands). Year Ending December 31, 2017 $ 4,363 2018 5,765 2019 3,428 2020 2,515 2021 2,411 Thereafter 1,940 Total $ 20,421 The Company had outstanding performance and surety bonds of $204.9 million at March 31, 2017 , related principally to its obligations for site improvements at various projects. The Company does not believe that draws upon these bonds, if any, will have a material effect on the Company’s financial position, results of operations or cash flows. As of March 31, 2017 , the Company had $196.4 million of project commitments relating to the construction of projects. See Note 6 for additional information relating to the Company’s guarantee arrangements. The Company has entered into various purchase option agreements with third parties to acquire land. As of March 31, 2017 , the Company has made non-refundable deposits of $55.1 million . The Company is under no obligation to purchase the land, but would forfeit remaining deposits if the land were not purchased. The total remaining purchase price under the option agreements is $405.9 million as of March 31, 2017 .

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events No events have occurred subsequent to March 31, 2017 , that would require recognition or disclosure in the Company’s financial statements.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Operations	Operations William Lyon Homes, a Delaware corporation (“Parent” and together with its subsidiaries, the “Company”), is primarily engaged in designing, constructing, marketing and selling single-family detached and attached homes in California, Arizona, Nevada, Colorado, Washington (under the Polygon Northwest brand) and Oregon (under the Polygon Northwest brand).
Basis of Presentation	Basis of Presentation The preparation of the Company’s financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities as of March 31, 2017 and December 31, 2016 and revenues and expenses for the three month periods ended March 31, 2017 and 2016 . Accordingly, actual results could differ from those estimates. The significant accounting policies using estimates include real estate inventories and cost of sales, impairment of real estate inventories, warranty reserves, loss contingencies, sales and profit recognition, accounting for variable interest entities, business combinations, and valuation of deferred tax assets. The current economic environment increases the uncertainty inherent in these estimates and assumptions. The condensed consolidated financial statements include the accounts of the Company and all majority-owned and controlled subsidiaries and joint ventures, and certain joint ventures and other entities which have been determined to be variable interest entities ("VIEs") in which the Company is considered the primary beneficiary (see Note 2). The accounting policies of the joint ventures are substantially the same as those of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements were prepared from our books and records without audit and include all adjustments (consisting of only normal recurring accruals) necessary to present a fair statement of results for the interim periods presented. Readers of this quarterly report should refer to our audited consolidated financial statements as of and for the year ended December 31, 2016 , which are included in our 2016 Annual Report on Form 10-K, as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report.
Real Estate Inventories	Real Estate Inventories Real estate inventories are carried at cost net of impairment losses, if any. Real estate inventories consist primarily of land deposits, land and land under development, homes completed and under construction, and model homes. All direct and indirect land costs, offsite and onsite improvements and applicable interest and other carrying charges are capitalized to real estate projects during periods when the project is under development. Land, offsite costs and all other common costs are allocated to land parcels benefited based upon relative fair values before construction. Onsite construction costs and related carrying charges (principally interest and property taxes) are allocated to the individual homes within a phase based upon the relative sales value of the homes. The Company relieves its real estate inventories through cost of sales for the estimated cost of homes sold. Selling expenses and other marketing costs are expensed in the period incurred. From time to time the Company sells land to third parties. The Company does not consider these sales to be core to its homebuilding business, and any gain or loss recognized on these transactions is recorded in other non-operating income. During the three months ended March 31, 2017 , the Company had a land parcel sale to a third party that did not result in any gain or loss. A provision for warranty costs relating to the Company’s limited warranty plans is included in cost of sales and accrued expenses at the time the sale of a home is recorded. The Company generally reserves a percent of the sales price of its homes, or a set amount per home closed depending on the operating division, against the possibility of future charges relating to its warranty programs and similar potential claims. Factors that affect the Company’s warranty liability include the number of homes under warranty, historical and anticipated rates of warranty claims, and cost per claim. The Company continually assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary.
Construction Services	Construction Services The Company accounts for construction management agreements using the Percentage of Completion Method in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 605 Revenue Recognition (“ASC 605”). Under ASC 605, the Company records revenues and expenses as a contracted project progresses, and based on the percentage of costs incurred to date compared to the total estimated costs of the contract.
Financial Instruments	Financial Instruments Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, restricted cash, receivables, and deposits. The Company typically places its cash and cash equivalents in investment grade short-term instruments. Deposits, included in other assets, are due from municipalities or utility companies and are generally collected from such entities through fees assessed to other developers. The Company is an issuer of, or subject to, financial instruments with off-balance sheet risk in the normal course of business which exposes it to credit risks. These financial instruments include letters of credit and obligations in connection with assessment district bonds.
Cash and Cash Equivalents	Cash and Cash Equivalents Short-term investments with a maturity of three months or less when purchased are considered cash equivalents. The Company’s cash and cash equivalents balance exceeds federally insurable limits as of March 31, 2017 and December 31, 2016 . The Company monitors the cash balances in its operating accounts, however, these cash balances could be negatively impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets.
Restricted Cash
Deferred Loan Costs	Deferred Loan Costs Deferred loan costs represent debt issuance costs and are primarily amortized to interest incurred using the straight line method which approximates the effective interest method.
Goodwill	Goodwill In accordance with the provisions of ASC 350, Intangibles, Goodwill and Other , goodwill amounts are not amortized, but rather are analyzed for impairment at the reporting segment level. Goodwill is analyzed on an annual basis, or when indicators of impairment exist. We have determined that we have six reporting segments, as discussed in Note 4, and we perform an annual goodwill impairment analysis during the fourth quarter of each fiscal year.
Intangibles	Intangibles Recorded intangible assets primarily relate to brand names of acquired entities, construction management contracts, homes in backlog, and joint venture management fee contracts recorded in conjunction with FASB ASC Topic 852, Reorganizations ("ASC 852"), or FASB ASC Topic 805, Business Combinations ("ASC 805"). All intangible assets with the exception of those relating to brand names were valued based on expected cash flows related to home closings, and the asset is amortized on a per unit basis, as homes under the contracts close. Our brand name intangible assets are deemed to have an indefinite useful life.
Income per common share	ncome per common share The Company computes (loss) income per common share in accordance with FASB ASC Topic 260, Earnings per Share , which requires (loss) income per common share for each class of stock to be calculated using the two-class method. The two-class method is an allocation of (loss) income between the holders of common stock and a company’s participating security holders. Basic (loss) income per common share is computed by dividing income or loss available to common stockholders by the weighted average number of shares of common stock outstanding. For purposes of determining diluted income per common share, basic income per common share is further adjusted to include the effect of potential dilutive common shares.
Income Taxes	Income Taxes Income taxes are accounted for under the provisions of Financial Accounting Standards Board ASC 740 , Income Taxes, using an asset and liability approach. Deferred income taxes reflect the net effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and operating loss and tax credit carryforwards measured by applying currently enacted tax laws. A valuation allowance is provided to reduce net deferred tax assets to an amount that is more likely than not to be realized. ASC 740 prescribes a recognition threshold and a measurement criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be considered “more-likely-than-not” to be sustained upon examination by taxing authorities. In addition, the Company has elected to recognize interest and penalties related to uncertain tax positions in the income tax provision.
Impact of Recent Accounting Pronouncements	Impact of Recent Accounting Pronouncements Effective January 1, 2017, the Company adopted Accounting Standards Update ("ASU") No. 2016-09, “ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ” (“ASU 2016-09”), which simplified several aspects for the accounting for share-based payment transactions, including the income tax consequences and classification on the statement of cash flows. The Company did not have any previously unrecognized excess tax benefits. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements or notes to its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, " Revenue from Contracts with Customers (“ASU 2014-09”), which clarifies existing accounting literature relating to how and when revenue is recognized by an entity. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. In doing so, an entity will need to exercise a greater degree of judgment and make more estimates than under the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts . ASU 2014-09 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017, and is to be applied either retrospectively or using the cumulative effect transition method, with early adoption not permitted. The Company does not anticipate that the adoption of ASU 2014-09 will have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, " Leases (Topic 842) " ("ASU 2016-02"), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and disclose key information about leasing arrangements. The new standard establishes a right-of-use model ("ROU") that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard is effective for the Company on January 1, 2019, with early adoption permitted. The Company expects to early adopt the new standard in the quarter ended June 30, 2017. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. While the Company continues to assess the effects of adoption, the Company currently believes the most significant changes relate to (1) the recognition of new ROU assets and lease liabilities on the balance sheet for real estate and office and equipment operating leases; and (2) the derecognition of existing assets and liabilities for a sale-leaseback transaction that currently does not qualify for sale accounting. The Company does not expect a significant change in leasing activity between now and adoption. The Company expects to elect all of the standard's available practical expedients on adoption. Consequently, on adoption, the Company expects to: – Recognize additional operating liabilities ranging from $16 million to $18 million with corresponding ROU assets of the same amount based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases; and – Derecognize existing obligations ranging from $19 million to $20 million relating to cash received from a sale-leaseback transaction that is currently classified within accrued expenses.

Basis of Presentation and Sig21

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Changes in Warranty Liability	Changes in the Company’s warranty liability for the three months ended March 31, 2017 and 2016 , are as follows (in thousands): Three Three Warranty liability, beginning of period $ 14,174 $ 18,117 Warranty provision during period 1,290 1,429 Warranty payments during period (2,829 ) (3,290 ) Warranty charges related to construction services projects 80 103 Warranty liability, end of period $ 12,715 $ 16,359
Schedule of Interest Activity	Interest activity for the three months ended March 31, 2017 and 2016 are as follows (in thousands): Three Three Interest incurred $ 19,424 $ 20,261 Less: Interest capitalized 19,424 20,261 Interest expense, net of amounts capitalized $ — $ — Cash paid for interest $ 19,036 $ 14,911

Investments in Unconsolidated22

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Summary of Unaudited Financials for Unconsolidated Joint Ventures	The table set forth below summarizes the combined unaudited statements of operations for our unconsolidated mortgage joint ventures that we accounted for under the equity method (in thousands): Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Revenues $ 3,389 $ 3,967 Cost of sales (2,110 ) (1,925 ) Income of unconsolidated joint ventures $ 1,279 $ 2,042 The table set forth below summarizes the combined unaudited balance sheets for our unconsolidated joint ventures that we accounted for under the equity method (in thousands): March 31, 2017 December 31, 2016 Assets Cash $ 10,747 $ 10,208 Loans held for sale 16,274 18,791 Accounts receivable 1,028 764 Other assets 79 56 Total Assets $ 28,128 $ 29,819 Liabilities and Equity Accounts payable $ 493 $ 694 Accrued expenses 929 1,026 Credit lines payable 15,581 17,748 Other liabilities 33 17 Members equity 11,092 10,334 Total Liabilities and Equity $ 28,128 $ 29,819

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Financial Information Relating to Operations	Segment financial information relating to the Company’s operations was as follows (in thousands): Three Three Operating revenue: California (1) $ 81,967 $ 95,884 Arizona 26,716 21,047 Nevada 30,548 30,741 Colorado 21,330 26,393 Washington 43,474 32,901 Oregon 54,819 57,459 Total operating revenue $ 258,854 $ 264,425 (1) Operating revenue in the California segment includes construction services revenue. Three Three (Loss) income before benefit from (provision for) income taxes: California $ 6,327 $ 9,923 Arizona 2,298 1,499 Nevada 2,192 2,558 Colorado 296 429 Washington 314 1,423 Oregon 4,481 6,958 Corporate (30,834 ) (7,804 ) (Loss) income before benefit from (provision for) income taxes $ (14,926 ) $ 14,986
Schedule of Segment Homebuilding Assets	March 31, 2017 December 31, 2016 Homebuilding assets: California $ 729,361 $ 716,955 Arizona 194,716 191,581 Nevada 192,870 189,248 Colorado 134,022 124,580 Washington 320,027 343,973 Oregon 253,734 238,766 Corporate (1) 193,866 193,048 Total homebuilding assets $ 2,018,596 $ 1,998,151 (1) Comprised primarily of cash and cash equivalents, deferred income taxes, receivables, and other assets.

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Summary of Real Estate Inventories	Real estate inventories consist of the following (in thousands): March 31, 2017 December 31, 2016 Real estate inventories: Land deposits $ 55,069 $ 50,429 Land and land under development 921,464 1,069,001 Homes completed and under construction 721,718 545,310 Model homes 95,382 107,258 Total $ 1,793,633 $ 1,771,998

Senior Notes, Secured, and Un25

Senior Notes, Secured, and Unsecured Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt	Senior notes, secured, and unsecured indebtedness consist of the following (in thousands): March 31, 2017 December 31, 2016 Notes payable: Construction notes payable $ 106,646 $ 102,076 Seller financing 22,631 24,692 Revolving line of credit 57,000 29,000 Total notes payable 186,277 155,768 Subordinated amortizing notes 5,356 7,225 Senior notes: 5 3 / 4 % Senior Notes due April 15, 2019 148,962 148,826 8 1 / 2 % Senior Notes due November 15, 2020 — 422,817 7% Senior Notes due August 15, 2022 346,200 346,014 5 7 / 8 % Senior Notes due January 31, 2025 438,698 — Total senior notes 933,860 917,657 Total notes payable and senior notes $ 1,125,493 $ 1,080,650
Schedule of Maturities of Notes Payable and Senior Notes	The issuance date, facility size, maturity date and interest rate are listed in the table below as of March 31, 2017 (in millions): Issuance Date Facility Size Outstanding Maturity Current Rate March, 2016 $ 33.4 $ 19.4 September, 2018 3.89 % (1) January, 2016 35.0 24.1 February, 2019 4.23 % (2) November, 2015 42.5 21.0 (6) November, 2017 5.00 % (1) August, 2015 (4) 14.2 — (5) August, 2017 4.50 % (1) August, 2015 (4) 37.5 — (5) August, 2017 4.75 % (1) July, 2015 22.5 12.5 July, 2018 4.50 % (3) April, 2015 18.5 — (5) October, 2017 4.50 % (3) November, 2014 24.0 9.1 (6) November, 2017 4.50 % (3) November, 2014 22.0 9.7 (6) November, 2017 4.50 % (3) March, 2014 26.0 10.8 April, 2018 3.98 % (1) $ 275.6 $ 106.6 (1) Loan bears interest at the Company's option of either LIBOR +3.0% or the prime rate +1.0% . (2) Loan bears interest at LIBOR +3.25% . (3) Loan bears interest at the prime rate +0.5% . (4) Loan relates to a project that is wholly-owned by the Company. As of March 31, 2017 , the maturities of the Notes payable, Subordinated amortizing notes, 5 3 / 4 % Senior Notes, 7% Senior Notes, and 5 7 / 8 % Senior Notes are as follows (in thousands): Year Ending December 31, 2017 $ 55,644 2018 62,347 2019 223,642 2020 — 2021 — Thereafter 800,000 $ 1,141,633
Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET (Unaudited) As of March 31, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company ASSETS Cash and cash equivalents $ — $ 34,945 $ 430 $ 4,133 $ — $ 39,508 Receivables — 2,931 2,825 3,246 — 9,002 Escrow proceeds receivable — 1,697 — — — 1,697 Real estate inventories — 936,552 633,810 223,271 — 1,793,633 Investment in unconsolidated joint ventures — 7,176 150 — — 7,326 Goodwill — 14,209 52,693 — — 66,902 Intangibles, net — — 6,700 — — 6,700 Deferred income taxes, net — 75,946 — — — 75,946 Other assets, net — 16,482 985 415 — 17,882 Investments in subsidiaries 687,382 (23,488 ) (555,352 ) — (108,542 ) — Intercompany receivables — — 255,682 — (255,682 ) — Total assets $ 687,382 $ 1,066,450 $ 397,923 $ 231,065 $ (364,224 ) $ 2,018,596 LIABILITIES AND EQUITY Accounts payable $ — $ 50,554 $ 17,500 $ 4,695 $ — $ 72,749 Accrued expenses — 66,914 4,774 110 — 71,798 Notes payable — 76,652 2,979 106,646 — 186,277 Subordinated amortizing notes — 5,356 — — — 5,356 8 1 / 2 % Senior Notes — — — — — — 5 3 / 4 % Senior Notes — 148,962 — — — 148,962 7% Senior Notes — 346,200 — — — 346,200 5 7 / 8 % Senior Notes — 438,698 — — — 438,698 Intercompany payables — 173,754 — 81,928 (255,682 ) — Total liabilities — 1,307,090 25,253 193,379 (255,682 ) 1,270,040 Equity William Lyon Homes stockholders’ equity (deficit) 687,382 (240,640 ) 372,670 (23,488 ) (108,542 ) 687,382 Noncontrolling interests — — — 61,174 — 61,174 Total liabilities and equity $ 687,382 $ 1,066,450 $ 397,923 $ 231,065 $ (364,224 ) $ 2,018,596 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016 (in thousands) Unconsolidated Delaware California Guarantor Non-Guarantor Eliminating Consolidated ASSETS Cash and cash equivalents $ — $ 36,204 $ 272 $ 6,136 $ — $ 42,612 Receivables — 2,989 3,303 3,246 — 9,538 Escrow proceeds receivable — 85 — — — 85 Real estate inventories — 910,594 645,341 216,063 — 1,771,998 Investment in unconsolidated joint ventures — 7,132 150 — — 7,282 Goodwill — 14,209 52,693 — — 66,902 Intangibles, net — — 6,700 — — 6,700 Deferred income taxes, net — 75,751 — — — 75,751 Other assets, net — 15,779 1,089 415 — 17,283 Investments in subsidiaries 697,086 (23,736 ) (573,650 ) — (99,700 ) — Intercompany receivables — — 252,860 — (252,860 ) — Total assets $ 697,086 $ 1,039,007 $ 388,758 $ 225,860 $ (352,560 ) $ 1,998,151 LIABILITIES AND EQUITY Accounts payable $ — $ 52,380 $ 16,416 $ 5,486 $ — $ 74,282 Accrued expenses — 75,058 4,634 98 — 79,790 Notes payable — 50,713 2,979 102,076 — 155,768 Subordinated amortizing notes — 7,225 — — — 7,225 5 3 / 4 % Senior Notes — 148,826 — — — 148,826 8 1 / 2 % Senior Notes — 422,817 — — — 422,817 7% Senior Notes — 346,014 — — — 346,014 Intercompany payables — 177,267 — 75,593 (252,860 ) — Total liabilities — 1,280,300 24,029 183,253 (252,860 ) 1,234,722 Equity William Lyon Homes stockholders’ equity (deficit) 697,086 (241,291 ) 364,727 (23,736 ) (99,700 ) 697,086 Noncontrolling interests — — — 66,343 — 66,343 Total liabilities and equity $ 697,086 $ 1,039,009 $ 388,756 $ 225,860 $ (352,560 ) $ 1,998,151
Condensed Consolidating Statement of Operations	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) Three Months Ended March 31, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 122,128 $ 119,623 $ 17,103 $ — $ 258,854 Construction services — — — — — — Management fees — (513 ) — — 513 — — 121,615 119,623 17,103 513 258,854 Operating costs Cost of sales — (99,395 ) (103,461 ) (15,086 ) (513 ) (218,455 ) Construction services — — — — — — Sales and marketing — (6,523 ) (6,931 ) (1,251 ) — (14,705 ) General and administrative — (14,516 ) (4,429 ) (1 ) — (18,946 ) Other — (531 ) 91 — — (440 ) — (120,965 ) (114,730 ) (16,338 ) (513 ) (252,546 ) (Loss) income from subsidiaries (10,000 ) (239 ) — — 10,239 — Operating (loss) income (10,000 ) 411 4,893 765 10,239 6,308 Equity in income from unconsolidated joint ventures — 44 205 — — 249 Other income (expense), net — 645 — (300 ) — 345 (Loss) income before extinguishment of debt (10,000 ) 1,100 5,098 465 10,239 6,902 Loss on extinguishment of debt — (21,828 ) — — — (21,828 ) (Loss) income before benefit from income taxes (10,000 ) (20,728 ) 5,098 465 10,239 (14,926 ) Provision for income taxes — 5,630 — — — 5,630 Net (loss) income (10,000 ) (15,098 ) 5,098 465 10,239 (9,296 ) Less: Net income attributable to noncontrolling interests — — — (704 ) — (704 ) Net (loss) income available to common stockholders $ (10,000 ) $ (15,098 ) $ 5,098 $ (239 ) $ 10,239 $ (10,000 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) Three Months Ended March 31, 2016 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 100,824 $ 137,800 $ 22,671 $ — $ 261,295 Construction services — 3,130 — — — 3,130 Management fees — (680 ) — — 680 — — 103,274 137,800 22,671 680 264,425 Operating costs Cost of sales — (78,879 ) (115,560 ) (20,052 ) (680 ) (215,171 ) Construction services — (2,824 ) — — — (2,824 ) Sales and marketing — (5,950 ) (7,625 ) (1,418 ) — (14,993 ) General and administrative — (14,006 ) (3,828 ) — — (17,834 ) Other — (369 ) 46 — — (323 ) — (102,028 ) (126,967 ) (21,470 ) (680 ) (251,145 ) Income from subsidiaries 9,014 2,237 — — (11,251 ) — Operating income (loss) 9,014 3,483 10,833 1,201 (11,251 ) 13,280 Equity in income from unconsolidated joint ventures — 1,002 179 — — 1,181 Other income (expense), net — 773 (9 ) (239 ) — 525 Income (loss) before provision for income taxes 9,014 5,258 11,003 962 (11,251 ) 14,986 Provision for income taxes — (5,045 ) — — — (5,045 ) Net income (loss) 9,014 213 11,003 962 (11,251 ) 9,941 Less: Net income attributable to noncontrolling interests — — — (927 ) — (927 ) Net income (loss) available to common stockholders $ 9,014 $ 213 $ 11,003 $ 35 $ (11,251 ) $ 9,014
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating activities Net cash (used in) provided by operating activities $ (296 ) $ (52,448 ) $ 18,589 $ (7,522 ) $ 296 $ (41,381 ) Investing activities Purchases of property and equipment — (2 ) — — — (2 ) Investments in subsidiaries — (333 ) (18,452 ) — 18,785 — Net cash (used in) provided by investing activities — (335 ) (18,452 ) — 18,785 (2 ) Financing activities Proceeds from borrowings on notes payable — — — 25,350 — 25,350 Principal payments on notes payable — — — (20,780 ) — (20,780 ) Redemption premium of 8.5% Senior Notes — (19,645 ) — — — (19,645 ) Principal payments of 8.5% Senior Notes — (425,000 ) — — — (425,000 ) Proceeds from issuance of 5.875% Senior Notes — 446,468 — — — 446,468 Proceeds from borrowings on Revolver — 105,000 — — — 105,000 Payments on Revolver — (77,000 ) — — — (77,000 ) Principal payments on subordinated amortizing notes — (1,869 ) — — — (1,869 ) Payment of deferred loan costs — (6,840 ) — — — (6,840 ) Shares remitted to, or withheld by the Company for employee tax withholding — (1,380 ) — — — (1,380 ) Cash received for lease transaction — 19,848 — — — 19,848 Noncontrolling interest contributions — — — 1,467 — 1,467 Noncontrolling interest distributions — — — (7,340 ) — (7,340 ) Advances to affiliates — — 2,845 487 (3,332 ) — Intercompany receivables/payables 296 11,942 (2,824 ) 6,335 (15,749 ) — Net cash provided by (used in) financing activities 296 51,524 21 5,519 (19,081 ) 38,279 Net (decrease) increase in cash and cash equivalents — (1,259 ) 158 (2,003 ) — (3,104 ) Cash and cash equivalents - beginning of period — 36,204 272 6,136 — 42,612 Cash and cash equivalents - end of period $ — $ 34,945 $ 430 $ 4,133 $ — $ 39,508 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2016 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating activities Net cash (used in) provided by operating activities $ (422 ) $ 41,317 $ (32,162 ) $ (68,691 ) $ 422 $ (59,536 ) Investing activities Collection of related party note receivable — 6,188 — — — 6,188 Purchases of property and equipment — (548 ) 25 (3 ) — (526 ) Investments in subsidiaries — (6,427 ) 36,370 — (29,943 ) — Net cash (used in) provided by investing activities — (787 ) 36,395 (3 ) (29,943 ) 5,662 Financing activities Proceeds from borrowings on notes payable — 57 — 53,105 — 53,162 Principal payments on notes payable — (2,771 ) — (23,755 ) — (26,526 ) Proceeds from borrowings on Revolver — 55,000 — — — 55,000 Payments on revolver — (71,000 ) — — — (71,000 ) Principal payments on subordinated amortizing notes — (1,676 ) — — — (1,676 ) Payment of deferred loan costs — (197 ) — — — (197 ) Shares remitted to or withheld by Company for employee tax withholding — (844 ) — — — (844 ) Excess income tax benefit from stock based awards — (226 ) — — — (226 ) Noncontrolling interest contributions — — — 33,241 — 33,241 Noncontrolling interest distributions — — — (1,465 ) — (1,465 ) Advances to affiliates — — (4,483 ) 8,629 (4,146 ) — Intercompany receivables/payables 422 (33,027 ) (2,279 ) 1,217 33,667 — Net cash provided by (used in) financing activities 422 (54,684 ) (6,762 ) 70,972 29,521 39,469 Net (decrease) increase in cash and cash equivalents — (14,154 ) (2,529 ) 2,278 — (14,405 ) Cash and cash equivalents - beginning of period — 44,332 2,723 3,148 — 50,203 Cash and cash equivalents - end of period $ — $ 30,178 $ 194 $ 5,426 $ — $ 35,798

Fair Value of Financial Instr26

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Values of Financial Instruments	The estimated fair values of financial instruments are as follows (in thousands): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 186,277 $ 186,277 $ 155,768 $ 155,768 Subordinated amortizing notes $ 5,356 $ 5,450 $ 7,225 $ 7,478 5 3 / 4 % Senior Notes due 2019 $ 148,962 $ 151,500 $ 148,826 $ 151,125 8 1 / 2 % Senior Notes due 2020 — $ — $ 422,817 $ 444,125 7% Senior Notes due 2022 $ 346,200 $ 362,250 $ 346,014 $ 363,125 5 7 / 8 % Senior Notes due 2025 $ 438,698 $ 451,125 $ — $ —

Income Per Common Share (Tables

Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Income Per Common Share Calculation	Basic and diluted (loss) income per common share for the three months ended March 31, 2017 and 2016 were calculated as follows (in thousands, except number of shares and per share amounts): Three Three Basic weighted average number of common shares outstanding 36,908,320 36,651,846 Effect of dilutive securities: Stock options, unvested common shares, and warrants — 757,085 Tangible equity units — 894,930 Diluted average shares outstanding 36,908,320 38,303,861 Net (loss) income available to common stockholders $ (10,000 ) $ 9,014 Basic (loss) income per common share $ (0.27 ) $ 0.25 Dilutive (loss) income per common share $ (0.27 ) $ 0.24 Antidilutive securities not included in the calculation of diluted (loss) income per common share (weighted average): Stock options, unvested common shares, and warrants 825,038 — Tangible equity units 463,635 — Unvested stock options 240,000 240,000 Warrants 1,907,551 1,907,551 Diluted loss per share for the three months ended March 31, 2017 is the same as basic loss per share as there is a net loss in the period and inclusion of potentially issuable shares is anti-dilutive. Therefore, the weighted-average number of shares outstanding used in the computation of diluted loss per share does not include the effect of the above anti-dilutive shares.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases	The table below shows the future minimum payments under non-cancelable operating leases at March 31, 2017 (in thousands). Year Ending December 31, 2017 $ 4,363 2018 5,765 2019 3,428 2020 2,515 2021 2,411 Thereafter 1,940 Total $ 20,421

Basis of Presentation and Sig29

Basis of Presentation and Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2017segment
Significant Accounting Policies [Line Items]
Number of reportable segments	6
Minimum
Significant Accounting Policies [Line Items]
Percentage of sales price fee from construction management agreements	3.00%
Maximum
Significant Accounting Policies [Line Items]
Percentage of sales price fee from construction management agreements	5.00%

Basis of Presentation and Sig30

Basis of Presentation and Significant Accounting Policies - Summary of Changes in Warranty Liability (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liability, beginning of period	$ 14,174	$ 18,117
Warranty provision during period	1,290	1,429
Warranty payments during period	(2,829)	(3,290)
Warranty charges related to construction services projects	80	103
Warranty liability, end of period	$ 12,715	$ 16,359

Basis of Presentation and Sig31

Basis of Presentation and Significant Accounting Policies - Schedule of Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounting Policies [Abstract]
Interest incurred	$ 19,424	$ 20,261
Less: Interest capitalized	19,424	20,261
Interest expense, net of amounts capitalized	0	0
Cash paid for interest	$ 19,036	$ 14,911

Variable Interest Entities an32

Variable Interest Entities and Noncontrolling Interests - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)joint_venture	Dec. 31, 2016USD ($)
Noncontrolling Interest [Line Items]
Number of joint ventures | joint_venture	11
Consolidated variable interest entities, assets	$ 204	$ 204.8
Consolidated variable interest entities, liabilities	111.1	107.3
Cash
Noncontrolling Interest [Line Items]
Consolidated variable interest entities, assets	3.7	5.8
Real estate
Noncontrolling Interest [Line Items]
Consolidated variable interest entities, assets	$ 207.8	$ 200.7

Investments in Unconsolidated33

Investments in Unconsolidated Joint Ventures - Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Revenues	$ 258,854	$ 264,425
Cost of sales	(252,546)	(251,145)
Operating income (loss)	6,308	13,280
Unconsolidated joint venture income	249	1,181
Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenues	3,389	3,967
Cost of sales	(2,110)	(1,925)
Operating income (loss)	$ 1,279	$ 2,042

Investments in Unconsolidated34

Investments in Unconsolidated Joint Ventures - Financial Position (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Other assets	$ 17,882	$ 17,283
Total Assets	2,018,596	1,998,151
LIABILITIES AND EQUITY
Accounts payable	72,749	74,282
Accrued expenses	71,798	79,790
Total liabilities and equity	2,018,596	1,998,151
Joint Ventures
ASSETS
Cash	10,747	10,208
Loans held for sale	16,274	18,791
Accounts receivable	1,028	764
Other assets	79	56
Total Assets	28,128	29,819
LIABILITIES AND EQUITY
Accounts payable	493	694
Accrued expenses	929	1,026
Credit lines payable	15,581	17,748
Other liabilities	33	17
Members equity	11,092	10,334
Total liabilities and equity	$ 28,128	$ 29,819

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2017segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	6

Segment Information - Schedule

Segment Information - Schedule of Segment Financial Information Relating to Operations (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Operating revenue
Total operating revenue		$ 258,854	$ 264,425
(Loss) income before benefit from (provision for) income taxes:
(Loss) income before benefit from (provision for) income taxes		(14,926)	14,986
Corporate
(Loss) income before benefit from (provision for) income taxes:
(Loss) income before benefit from (provision for) income taxes		(30,834)	(7,804)
California
Operating revenue
Total operating revenue	[1]	81,967	95,884
California | Reportable Operating Segments
(Loss) income before benefit from (provision for) income taxes:
(Loss) income before benefit from (provision for) income taxes		6,327	9,923
Arizona
Operating revenue
Total operating revenue		26,716	21,047
Arizona | Reportable Operating Segments
(Loss) income before benefit from (provision for) income taxes:
(Loss) income before benefit from (provision for) income taxes		2,298	1,499
Nevada
Operating revenue
Total operating revenue		30,548	30,741
Nevada | Reportable Operating Segments
(Loss) income before benefit from (provision for) income taxes:
(Loss) income before benefit from (provision for) income taxes		2,192	2,558
Colorado
Operating revenue
Total operating revenue		21,330	26,393
Colorado | Reportable Operating Segments
(Loss) income before benefit from (provision for) income taxes:
(Loss) income before benefit from (provision for) income taxes		296	429
Washington
Operating revenue
Total operating revenue		43,474	32,901
Washington | Reportable Operating Segments
(Loss) income before benefit from (provision for) income taxes:
(Loss) income before benefit from (provision for) income taxes		314	1,423
Oregon
Operating revenue
Total operating revenue		54,819	57,459
Oregon | Reportable Operating Segments
(Loss) income before benefit from (provision for) income taxes:
(Loss) income before benefit from (provision for) income taxes		$ 4,481	$ 6,958
[1]	Operating revenue in the California segment includes construction services revenue.

Segment Information - Schedul37

Segment Information - Schedule of Segment Homebuilding Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Homebuilding assets:
Total homebuilding assets	$ 2,018,596	$ 1,998,151
Corporate
Homebuilding assets:
Total homebuilding assets	193,866	193,048
California | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	729,361	716,955
Arizona | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	194,716	191,581
Nevada | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	192,870	189,248
Colorado | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	134,022	124,580
Washington | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	320,027	343,973
Oregon | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	$ 253,734	$ 238,766

Real Estate Inventories - Summa

Real Estate Inventories - Summary of Real Estate Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate inventories:
Land deposits	$ 55,069	$ 50,429
Land and land under development	921,464	1,069,001
Homes completed and under construction	721,718	545,310
Model homes	95,382	107,258
Total	$ 1,793,633	$ 1,771,998

Senior Notes, Secured, and Un39

Senior Notes, Secured, and Unsecured Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jan. 31, 2017	Dec. 31, 2016	Nov. 21, 2014	Aug. 11, 2014	Mar. 31, 2014	Nov. 08, 2012
Debt Instrument [Line Items]
Total notes payable	$ 186,277		$ 155,768
Total debt	1,125,493		1,080,650
Subordinated amortizing notes
Debt Instrument [Line Items]
Total debt	5,356		7,225
Stated interest rate				5.50%
5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Total debt	$ 148,962		$ 148,826
Stated interest rate	5.75%		5.75%
8 1/2% Senior Notes due November 15, 2020
Debt Instrument [Line Items]
Total debt	$ 0		$ 422,817
Stated interest rate	8.50%		8.50%
7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Total debt	$ 346,200		$ 346,014
Stated interest rate	7.00%		7.00%
Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Total debt	$ 438,698		$ 0
Stated interest rate	5.875%
Construction notes payable
Debt Instrument [Line Items]
Total notes payable	$ 106,646		102,076
Seller financing
Debt Instrument [Line Items]
Total notes payable	22,631		24,692
Seller financing | Note Payable Maturing in June 2018
Debt Instrument [Line Items]
Total notes payable	$ 19,600
Stated interest rate	7.00%
Senior notes
Debt Instrument [Line Items]
Total debt	$ 933,860		917,657
Senior notes | 5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Total debt	$ 148,962		$ 148,826
Stated interest rate	5.75%		5.75%			5.75%
Senior notes | 8 1/2% Senior Notes due November 15, 2020
Debt Instrument [Line Items]
Total debt	$ 0		$ 422,817
Stated interest rate	8.50%		8.50%				8.50%
Senior notes | 7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Total debt	$ 346,200		$ 346,014
Stated interest rate	7.00%		7.00%		7.00%
Senior notes | Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Total debt	$ 438,698		$ 0
Stated interest rate	5.875%	5.875%

Senior Notes, Secured, and Un40

Senior Notes, Secured, and Unsecured Indebtedness - Schedule of Maturities of Notes Payable, Senior Unsecured Facility, 5 3/4% and 8 1/2% Senior Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt	$ 1,125,493	$ 1,080,650
Senior Notes and Subordinated Amortizing Notes
Debt Instrument [Line Items]
2,016	55,644
2,017	62,347
2,018	223,642
2,019	0
2,020	0
Thereafter	800,000
Total debt	$ 1,141,633

Senior Notes, Secured, and Un41

Senior Notes, Secured, and Unsecured Indebtedness - Narrative (Details) $ in Thousands	Sep. 30, 2016land_acquisition	Mar. 31, 2017USD ($)	Jan. 31, 2017	Dec. 31, 2016USD ($)	Aug. 11, 2014	Mar. 31, 2014	Nov. 08, 2012
Debt Instrument [Line Items]
Deferred loan costs		$ 13,500
Notes payable		$ 186,277		$ 155,768
Number of land acquisitions using seller financing | land_acquisition	2
8 1/2% Senior Notes due November 15, 2020
Debt Instrument [Line Items]
Stated interest rate		8.50%		8.50%
7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Stated interest rate		7.00%		7.00%
5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Stated interest rate		5.75%		5.75%
Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Stated interest rate		5.875%
Senior notes | 8 1/2% Senior Notes due November 15, 2020
Debt Instrument [Line Items]
Stated interest rate		8.50%		8.50%			8.50%
Senior notes | 7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Stated interest rate		7.00%		7.00%	7.00%
Unamortized premium		$ 800
Deferred loan costs		$ 4,600
Senior notes | 5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Stated interest rate		5.75%		5.75%		5.75%
Deferred loan costs		$ 1,000
Senior notes | Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Stated interest rate		5.875%	5.875%
Deferred loan costs		$ 7,800
Seller financing
Debt Instrument [Line Items]
Notes payable		$ 22,631		$ 24,692
Seller financing | Note Payable Maturing in August 2017
Debt Instrument [Line Items]
Stated interest rate		7.00%
Notes payable		$ 3,000
Seller financing | Note Payable Maturing in June 2018
Debt Instrument [Line Items]
Stated interest rate		7.00%
Notes payable		$ 19,600

Senior Notes, Secured, and Un42

Senior Notes, Secured, and Unsecured Indebtedness - Schedule of Maturities of Construction Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total notes payable	$ 186,277	$ 155,768
Construction Loans
Debt Instrument [Line Items]
Total notes payable	275,600
Outstanding	106,600
Construction Loans | March 2016 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	33,400
Outstanding	$ 19,400
Current Rate	3.89%
Construction Loans | January 2016 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 35,000
Outstanding	$ 24,100
Current Rate	4.23%
Construction Loans | November 2015 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 42,500
Outstanding	$ 21,000
Current Rate	5.00%
Construction Loans | August 2015 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 14,200
Outstanding	$ 0
Current Rate	4.50%
Construction Loans | August 2015 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 37,500
Outstanding	$ 0
Current Rate	4.75%
Construction Loans | July 2015 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 22,500
Outstanding	$ 12,500
Current Rate	4.50%
Construction Loans | April 2015 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 18,500
Outstanding	$ 0
Current Rate	4.50%
Construction Loans | November 2014 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 24,000
Outstanding	$ 9,100
Current Rate	4.50%
Construction Loans | November 2014 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 22,000
Outstanding	$ 9,700
Current Rate	4.50%
Construction Loans | March 2014 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 26,000
Outstanding	$ 10,800
Current Rate	3.98%

Senior Notes, Secured, and Un43

Senior Notes, Secured, and Unsecured Indebtedness - Schedule of Maturities of Construction Notes Payable (Footnote) (Details)	3 Months Ended
	Mar. 31, 2017
Construction Notes Payable, March 2014, August 2015, November 2015, March 2016 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Construction Notes Payable, March 2014, August 2015, November 2015, March 2016 | Prime rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Construction Notes Payable, January 2016 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Construction Notes Payable, November 2014, April 2015, July 2015 | Prime rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%

Senior Notes, Secured, and Un44

Senior Notes, Secured, and Unsecured Indebtedness - Revolving Line of Credit - Narrative (Details) - USD ($)	Jul. 01, 2016	Jun. 30, 2016	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Mar. 27, 2015	Mar. 31, 2014
Debt Instrument [Line Items]
Notes payable				$ 186,277,000	$ 155,768,000
5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Stated interest rate				5.75%	5.75%
Revolving Credit Facility
Debt Instrument [Line Items]
Effective rate				4.45%	4.75%
Revolving Credit Facility | Amended Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 130,000,000				$ 130,000,000
Additional capacity under accordion feature						200,000,000
Commitment fee percentage		50.00%
Revolving Credit Facility | Second Amended Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 145,000,000
Additional capacity under accordion feature	$ 200,000,000
Debt Instrument, Covenant, Tangible Net Worth, Minimum				$ 451,000,000
Debt instrument, subjective acceleration clause, percentage of EBITDA, minimum	50.00%
Debt Instrument, Covenant, Leverage Ratio, Maximum				65.00%	62.50%
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum				1.50
Debt Instrument, Covenant, Interest Coverage Ratio, Maximum Liquidity Used in Calculation				$ 50,000,000
Revolving Credit Facility | Original Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						100,000,000
Additional capacity under accordion feature						125,000,000
Letter of Credit
Debt Instrument [Line Items]
Outstanding letter of credit				$ 8,000,000
Letter of Credit | Amended Facility
Debt Instrument [Line Items]
Minimum borrowing capacity						$ 50,000,000
Outstanding letter of credit					$ 8,000,000
Letter of Credit | Second Amended Facility
Debt Instrument [Line Items]
Minimum borrowing capacity	$ 50,000,000
Senior Notes | 5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Stated interest rate				5.75%	5.75%		5.75%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable				$ 57,000,000	$ 29,000,000
Scenario, Forecast | Revolving Credit Facility | Second Amended Facility
Debt Instrument [Line Items]
Debt Instrument, Covenant, Leverage Ratio, Maximum			60.00%

Senior Notes, Secured, and Un45

Senior Notes, Secured, and Unsecured Indebtedness - Subordinated Amortizing Notes - Narrative (Details) $ / shares in Units, $ in Thousands	Nov. 21, 2014$ / shares$ / noteshares	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 03, 2014shares
Debt Instrument [Line Items]
Total debt | $		$ 1,125,493	$ 1,080,650
Subordinated amortizing notes
Debt Instrument [Line Items]
Initial principal amount | $ / note	18.01
Stated interest rate	5.50%
Quarterly installments amount per amortizing note (in USD per note) | $ / note	1.6250
Installment payment amount per amortizing note (in USD per note) | $ / note	1.8056
Total debt | $		5,356	7,225
Senior unsecured loan facility
Debt Instrument [Line Items]
Total debt | $		$ 5,356	$ 7,225
Maximum | Common stock, Class A
Debt Instrument [Line Items]
Shares delivered on mandatory settlement date (in shares) | shares	5.2247
Minimum | Common stock, Class A
Debt Instrument [Line Items]
Shares delivered on mandatory settlement date (in shares) | shares	4.4465
Tangible Equity Units
Debt Instrument [Line Items]
Number of TEUs sold (in shares) | shares	1,000,000			150,000
Stated rate	6.50%
Share price (in USD per share) | $ / shares	$ 100
Percent conversion premium	17.50%

Senior Notes, Secured, and Un46

Senior Notes, Secured, and Unsecured Indebtedness - Senior Notes - Narrative (Details) - USD ($)	Jan. 31, 2017	Sep. 15, 2015	Aug. 11, 2014	Mar. 31, 2014	Oct. 24, 2013	Nov. 08, 2012	Jan. 31, 2016	Jan. 31, 2015	Aug. 31, 2014	Feb. 28, 2014	Jul. 31, 2013	Mar. 31, 2017	Mar. 31, 2016	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2025	Dec. 31, 2016
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt												$ (21,828,000)	$ 0
Deferred loan costs												$ 13,500,000
7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Stated interest rate												7.00%						7.00%
5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Stated interest rate												5.75%						5.75%
Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Stated interest rate												5.875%
8 1/2% Senior Notes due November 15, 2020
Debt Instrument [Line Items]
Stated interest rate												8.50%						8.50%
Senior notes | 7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Stated interest rate			7.00%									7.00%						7.00%
Principal amount		$ 50,000,000	$ 300,000,000									$ 350,000,000
Percentage of principal amount		102.00%	100.00%
Percent exchanged								100.00%
Deferred loan costs												4,600,000
Net proceeds from issuance of debt		$ 50,500,000
Expected percent exchanged							100.00%
Outstanding amount												350,000,000
Unamortized premium												$ 800,000
Senior notes | 5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Stated interest rate				5.75%								5.75%						5.75%
Principal amount				$ 150,000,000								$ 150,000,000
Percentage of principal amount				100.00%
Percent exchanged									100.00%
Deferred loan costs												$ 1,000,000
Maturity date												Apr. 15, 2019
Senior notes | Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Stated interest rate	5.875%											5.875%
Principal amount	$ 450,000,000											$ 450,000,000
Percentage of principal amount	99.215%
Deferred loan costs												7,800,000
Debt Instrument, Unamortized Discount												$ (3,500,000)
Senior notes | 8 1/2% Senior Notes due November 15, 2020
Debt Instrument [Line Items]
Stated interest rate						8.50%						8.50%						8.50%
Debt Instrument, Repurchase Amount	$ 395,600,000
Principal amount					$ 100,000,000	$ 325,000,000
Percentage of principal amount					106.50%	100.00%
Percent exchanged										100.00%	100.00%
Net proceeds from issuance of debt					$ 104,700,000
Outstanding amount												$ 425,000,000
California Lyon | Senior notes | Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
Debt Instrument [Line Items]
Senior Notes Redemption Price Percentage												100.00%
Debt Instrument, Redemption Price, Percentage												105.875%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed												35.00%
Scenario, Forecast | November Two Thousand Sixteen [Member] | Senior notes | 7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Senior Notes Redemption Price Percentage														100.734%	101.469%	102.938%	100.00%

Senior Notes, Secured, and Un47

Senior Notes, Secured, and Unsecured Indebtedness - Guarantor and Non-Guarantor Financial Statements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Debt Instrument [Line Items]
Proceeds from issuance of 7% senior notes	$ 446,468	$ 0
Parent
Debt Instrument [Line Items]
Ownership percentage	100.00%
7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Proceeds from issuance of 7% senior notes	$ 446,468
Reporting Entities | 7% Senior Notes due August 15, 2022 | California Lyon
Debt Instrument [Line Items]
Proceeds from issuance of 7% senior notes	$ 446,468

Senior Notes, Secured, and Un48

Senior Notes, Secured, and Unsecured Indebtedness - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jan. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Nov. 21, 2014	Aug. 11, 2014	Mar. 31, 2014	Nov. 08, 2012
ASSETS
Cash and cash equivalents	$ 39,508		$ 42,612	$ 35,798	$ 50,203
Receivables	9,002		9,538
Escrow proceeds receivable	1,697		85
Real estate inventories	1,793,633		1,771,998
Investment in unconsolidated joint ventures	7,326		7,282
Goodwill	66,902		66,902
Intangibles, net	6,700		6,700
Deferred income taxes, net	75,946		75,751
Other assets, net	17,882		17,283
Investments in subsidiaries	0		0
Intercompany receivables	0		0
Total Assets	2,018,596		1,998,151
LIABILITIES AND EQUITY
Accounts payable	72,749		74,282
Accrued expenses	71,798		79,790
Notes payable	186,277		155,768
Total debt	1,125,493		1,080,650
Intercompany payables	0		0
Total liabilities	1,270,040		1,234,722
Equity
William Lyon Homes stockholders’ equity (deficit)	687,382		697,086
Noncontrolling interests	61,174		66,343
Total liabilities and equity	2,018,596		1,998,151
Subordinated amortizing notes
LIABILITIES AND EQUITY
Total debt	5,356		7,225
Equity
Stated interest rate						5.50%
5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt	$ 148,962		$ 148,826
Equity
Stated interest rate	5.75%		5.75%
8 1/2% Senior Notes due November 15, 2020
LIABILITIES AND EQUITY
Total debt	$ 0		$ 422,817
Equity
Stated interest rate	8.50%		8.50%
7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	$ 346,200		$ 346,014
Equity
Stated interest rate	7.00%		7.00%
Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
LIABILITIES AND EQUITY
Total debt	$ 438,698		$ 0
Equity
Stated interest rate	5.875%
Reporting Entities | Delaware Lyon
ASSETS
Cash and cash equivalents	$ 0		0	0	0
Receivables	0		0
Escrow proceeds receivable	0		0
Real estate inventories	0		0
Investment in unconsolidated joint ventures	0		0
Goodwill	0		0
Intangibles, net	0		0
Deferred income taxes, net	0		0
Other assets, net	0		0
Investments in subsidiaries	687,382		697,086
Intercompany receivables	0		0
Total Assets	687,382		697,086
LIABILITIES AND EQUITY
Accounts payable	0		0
Accrued expenses	0		0
Notes payable	0		0
Intercompany payables	0		0
Total liabilities	0		0
Equity
William Lyon Homes stockholders’ equity (deficit)	687,382		697,086
Noncontrolling interests	0		0
Total liabilities and equity	687,382		697,086
Reporting Entities | Delaware Lyon | Subordinated amortizing notes
LIABILITIES AND EQUITY
Total debt	0		0
Reporting Entities | Delaware Lyon | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt			0
Reporting Entities | Delaware Lyon | 8 1/2% Senior Notes due November 15, 2020
LIABILITIES AND EQUITY
Total debt	0		0
Reporting Entities | Delaware Lyon | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	0		0
Reporting Entities | Delaware Lyon | Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
LIABILITIES AND EQUITY
Total debt	0
Reporting Entities | California Lyon
ASSETS
Cash and cash equivalents	34,945		36,204	30,178	44,332
Receivables	2,931		2,989
Escrow proceeds receivable	1,697		85
Real estate inventories	936,552		910,594
Investment in unconsolidated joint ventures	7,176		7,132
Goodwill	14,209		14,209
Intangibles, net	0		0
Deferred income taxes, net	75,946		75,751
Other assets, net	16,482		15,779
Investments in subsidiaries	(23,488)		(23,736)
Intercompany receivables	0		0
Total Assets	1,066,450		1,039,007
LIABILITIES AND EQUITY
Accounts payable	50,554		52,380
Accrued expenses	66,914		75,058
Notes payable	76,652		50,713
Intercompany payables	173,754		177,267
Total liabilities	1,307,090		1,280,300
Equity
William Lyon Homes stockholders’ equity (deficit)	(240,640)		(241,291)
Noncontrolling interests	0		0
Total liabilities and equity	1,066,450		1,039,009
Reporting Entities | California Lyon | Subordinated amortizing notes
LIABILITIES AND EQUITY
Total debt	5,356		7,225
Reporting Entities | California Lyon | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt	148,962		148,826
Reporting Entities | California Lyon | 8 1/2% Senior Notes due November 15, 2020
LIABILITIES AND EQUITY
Total debt	0		422,817
Reporting Entities | California Lyon | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	346,200		346,014
Reporting Entities | California Lyon | Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
LIABILITIES AND EQUITY
Total debt	438,698
Reporting Entities | Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	430		272	194	2,723
Receivables	2,825		3,303
Escrow proceeds receivable	0		0
Real estate inventories	633,810		645,341
Investment in unconsolidated joint ventures	150		150
Goodwill	52,693		52,693
Intangibles, net	6,700		6,700
Deferred income taxes, net	0		0
Other assets, net	985		1,089
Investments in subsidiaries	(555,352)		(573,650)
Intercompany receivables	255,682		252,860
Total Assets	397,923		388,758
LIABILITIES AND EQUITY
Accounts payable	17,500		16,416
Accrued expenses	4,774		4,634
Notes payable	2,979		2,979
Intercompany payables	0		0
Total liabilities	25,253		24,029
Equity
William Lyon Homes stockholders’ equity (deficit)	372,670		364,727
Noncontrolling interests	0		0
Total liabilities and equity	397,923		388,756
Reporting Entities | Guarantor Subsidiaries | Subordinated amortizing notes
LIABILITIES AND EQUITY
Total debt	0		0
Reporting Entities | Guarantor Subsidiaries | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt	0		0
Reporting Entities | Guarantor Subsidiaries | 8 1/2% Senior Notes due November 15, 2020
LIABILITIES AND EQUITY
Total debt	0		0
Reporting Entities | Guarantor Subsidiaries | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	0		0
Reporting Entities | Guarantor Subsidiaries | Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
LIABILITIES AND EQUITY
Total debt	0
Reporting Entities | Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	4,133		6,136	5,426	3,148
Receivables	3,246		3,246
Escrow proceeds receivable	0		0
Real estate inventories	223,271		216,063
Investment in unconsolidated joint ventures	0		0
Goodwill	0		0
Intangibles, net	0		0
Deferred income taxes, net	0		0
Other assets, net	415		415
Investments in subsidiaries	0		0
Intercompany receivables	0		0
Total Assets	231,065		225,860
LIABILITIES AND EQUITY
Accounts payable	4,695		5,486
Accrued expenses	110		98
Notes payable	106,646		102,076
Intercompany payables	81,928		75,593
Total liabilities	193,379		183,253
Equity
William Lyon Homes stockholders’ equity (deficit)	(23,488)		(23,736)
Noncontrolling interests	61,174		66,343
Total liabilities and equity	231,065		225,860
Reporting Entities | Non-Guarantor Subsidiaries | Subordinated amortizing notes
LIABILITIES AND EQUITY
Total debt	0		0
Reporting Entities | Non-Guarantor Subsidiaries | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt	0		0
Reporting Entities | Non-Guarantor Subsidiaries | 8 1/2% Senior Notes due November 15, 2020
LIABILITIES AND EQUITY
Total debt	0		0
Reporting Entities | Non-Guarantor Subsidiaries | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	0		0
Reporting Entities | Non-Guarantor Subsidiaries | Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
LIABILITIES AND EQUITY
Total debt	0
Consolidation, Eliminations
ASSETS
Cash and cash equivalents	0		0	$ 0	$ 0
Receivables	0		0
Escrow proceeds receivable	0		0
Real estate inventories	0		0
Investment in unconsolidated joint ventures	0		0
Goodwill	0		0
Intangibles, net	0		0
Deferred income taxes, net	0		0
Other assets, net	0		0
Investments in subsidiaries	(108,542)		(99,700)
Intercompany receivables	(255,682)		(252,860)
Total Assets	(364,224)		(352,560)
LIABILITIES AND EQUITY
Accounts payable	0		0
Accrued expenses	0		0
Notes payable	0		0
Intercompany payables	(255,682)		(252,860)
Total liabilities	(255,682)		(252,860)
Equity
William Lyon Homes stockholders’ equity (deficit)	(108,542)		(99,700)
Noncontrolling interests	0		0
Total liabilities and equity	(364,224)		(352,560)
Consolidation, Eliminations | Subordinated amortizing notes
LIABILITIES AND EQUITY
Total debt	0		0
Consolidation, Eliminations | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt	0		0
Consolidation, Eliminations | 8 1/2% Senior Notes due November 15, 2020
LIABILITIES AND EQUITY
Total debt	0		0
Consolidation, Eliminations | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	0		0
Consolidation, Eliminations | Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
LIABILITIES AND EQUITY
Total debt	0
Senior Notes
LIABILITIES AND EQUITY
Total debt	933,860		917,657
Senior Notes | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt	$ 148,962		$ 148,826
Equity
Stated interest rate	5.75%		5.75%					5.75%
Senior Notes | 8 1/2% Senior Notes due November 15, 2020
LIABILITIES AND EQUITY
Total debt	$ 0		$ 422,817
Equity
Stated interest rate	8.50%		8.50%						8.50%
Senior Notes | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	$ 346,200		$ 346,014
Equity
Stated interest rate	7.00%		7.00%				7.00%
Senior Notes | Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
LIABILITIES AND EQUITY
Total debt	$ 438,698		$ 0
Equity
Stated interest rate	5.875%	5.875%

Senior Notes, Secured, and Un49

Senior Notes, Secured, and Unsecured Indebtedness - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating revenue
Sales	$ 258,854	$ 261,295
Construction services	0	3,130
Management fees	0	0
Operating revenue	258,854	264,425
Operating costs
Cost of sales — homes	(218,455)	(215,171)
Construction services	0	(2,824)
Sales and marketing	(14,705)	(14,993)
General and administrative	(18,946)	(17,834)
Other	(440)	(323)
Total operating costs	(252,546)	(251,145)
Income from subsidiaries	0	0
Operating income (loss)	6,308	13,280
Equity in income of unconsolidated joint ventures	249	1,181
Other income (expense), net	345	525
(Loss) income before extinguishment of debt	6,902	14,986
Loss on extinguishment of debt	(21,828)	0
Income (loss) before provision for income taxes	(14,926)	14,986
Provision for income taxes	5,630	(5,045)
Net income (loss)	(9,296)	9,941
Less: Net income attributable to noncontrolling interests	(704)	(927)
Net (loss) income available to common stockholders	(10,000)	9,014
Reporting Entities | Delaware Lyon
Operating revenue
Sales	0	0
Construction services	0	0
Management fees	0	0
Operating revenue	0	0
Operating costs
Cost of sales — homes	0	0
Construction services	0	0
Sales and marketing	0	0
General and administrative	0	0
Other	0	0
Total operating costs	0	0
Income from subsidiaries	(10,000)	9,014
Operating income (loss)	(10,000)	9,014
Equity in income of unconsolidated joint ventures	0	0
Other income (expense), net	0	0
(Loss) income before extinguishment of debt	(10,000)
Loss on extinguishment of debt	0
Income (loss) before provision for income taxes	(10,000)	9,014
Provision for income taxes	0	0
Net income (loss)	(10,000)	9,014
Less: Net income attributable to noncontrolling interests	0	0
Net (loss) income available to common stockholders	(10,000)	9,014
Reporting Entities | California Lyon
Operating revenue
Sales	122,128	100,824
Construction services	0	3,130
Management fees	(513)	(680)
Operating revenue	121,615	103,274
Operating costs
Cost of sales — homes	(99,395)	(78,879)
Construction services	0	(2,824)
Sales and marketing	(6,523)	(5,950)
General and administrative	(14,516)	(14,006)
Other	(531)	(369)
Total operating costs	(120,965)	(102,028)
Income from subsidiaries	(239)	2,237
Operating income (loss)	411	3,483
Equity in income of unconsolidated joint ventures	44	1,002
Other income (expense), net	645	773
(Loss) income before extinguishment of debt	1,100
Loss on extinguishment of debt	(21,828)
Income (loss) before provision for income taxes	(20,728)	5,258
Provision for income taxes	5,630	(5,045)
Net income (loss)	(15,098)	213
Less: Net income attributable to noncontrolling interests	0	0
Net (loss) income available to common stockholders	(15,098)	213
Reporting Entities | Guarantor Subsidiaries
Operating revenue
Sales	119,623	137,800
Construction services	0	0
Management fees	0	0
Operating revenue	119,623	137,800
Operating costs
Cost of sales — homes	(103,461)	(115,560)
Construction services	0	0
Sales and marketing	(6,931)	(7,625)
General and administrative	(4,429)	(3,828)
Other	91	46
Total operating costs	(114,730)	(126,967)
Income from subsidiaries	0	0
Operating income (loss)	4,893	10,833
Equity in income of unconsolidated joint ventures	205	179
Other income (expense), net	0	(9)
(Loss) income before extinguishment of debt	5,098
Loss on extinguishment of debt	0
Income (loss) before provision for income taxes	5,098	11,003
Provision for income taxes	0	0
Net income (loss)	5,098	11,003
Less: Net income attributable to noncontrolling interests	0	0
Net (loss) income available to common stockholders	5,098	11,003
Reporting Entities | Non-Guarantor Subsidiaries
Operating revenue
Sales	17,103	22,671
Construction services	0	0
Management fees	0	0
Operating revenue	17,103	22,671
Operating costs
Cost of sales — homes	(15,086)	(20,052)
Construction services	0	0
Sales and marketing	(1,251)	(1,418)
General and administrative	(1)	0
Other	0	0
Total operating costs	(16,338)	(21,470)
Income from subsidiaries	0	0
Operating income (loss)	765	1,201
Equity in income of unconsolidated joint ventures	0	0
Other income (expense), net	(300)	(239)
(Loss) income before extinguishment of debt	465
Loss on extinguishment of debt	0
Income (loss) before provision for income taxes	465	962
Provision for income taxes	0	0
Net income (loss)	465	962
Less: Net income attributable to noncontrolling interests	(704)	(927)
Net (loss) income available to common stockholders	(239)	35
Consolidation, Eliminations
Operating revenue
Sales	0	0
Construction services	0	0
Management fees	513	680
Operating revenue	513	680
Operating costs
Cost of sales — homes	(513)	(680)
Construction services	0	0
Sales and marketing	0	0
General and administrative	0	0
Other	0	0
Total operating costs	(513)	(680)
Income from subsidiaries	10,239	(11,251)
Operating income (loss)	10,239	(11,251)
Equity in income of unconsolidated joint ventures	0	0
Other income (expense), net	0	0
(Loss) income before extinguishment of debt	10,239
Loss on extinguishment of debt	0
Income (loss) before provision for income taxes	10,239	(11,251)
Provision for income taxes	0	0
Net income (loss)	10,239	(11,251)
Less: Net income attributable to noncontrolling interests	0	0
Net (loss) income available to common stockholders	$ 10,239	$ (11,251)

Senior Notes, Secured, and Un50

Senior Notes, Secured, and Unsecured Indebtedness - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net cash (used in) provided by operating activities	$ (41,381)	$ (59,536)
Investing activities
Collection of related party note receivable	0	6,188
Collection of related party note receivable		6,188
Purchases of property and equipment	(2)	(526)
Investments in subsidiaries	0	0
Net cash (used in) provided by investing activities	(2)	5,662
Financing activities
Proceeds from borrowings on notes payable	25,350	53,162
Principal payments on notes payable	(20,780)	(26,526)
Redemption premium of 8.5% Senior Notes	(19,645)	0
Principal payments of 8.5% Senior Notes	(425,000)	0
Proceeds from issuance of 7% senior notes	446,468	0
Proceeds from borrowings on Revolver	105,000	55,000
Payments on Revolver	(77,000)	(71,000)
Principal payments on subordinated amortizing notes	(1,869)	(1,676)
Payment of deferred loan costs	(6,840)	(197)
Shares remitted to, or withheld by the Company for employee tax withholding	(1,380)	(844)
Excess income tax benefit from stock based awards		226
Sale Leaseback Transaction, Net Proceeds, Financing Activities	19,848	0
Noncontrolling interest contributions	1,467	33,241
Noncontrolling interest distributions	(7,340)	(1,465)
Advances to affiliates	0	0
Intercompany receivables/payables	0	0
Net cash provided by financing activities	38,279	39,469
Net decrease in cash and cash equivalents	(3,104)	(14,405)
Cash and cash equivalents — beginning of period	42,612	50,203
Cash and cash equivalents — end of period	39,508	35,798
Reporting Entities | Delaware Lyon
Operating activities
Net cash (used in) provided by operating activities	(296)	(422)
Investing activities
Collection of related party note receivable		0
Purchases of property and equipment	0	0
Investments in subsidiaries	0	0
Net cash (used in) provided by investing activities	0	0
Financing activities
Proceeds from borrowings on notes payable	0	0
Principal payments on notes payable	0	0
Proceeds from borrowings on Revolver	0	0
Payments on Revolver	0	0
Principal payments on subordinated amortizing notes	0	0
Payment of deferred loan costs	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0
Excess income tax benefit from stock based awards		0
Sale Leaseback Transaction, Net Proceeds, Financing Activities	0
Noncontrolling interest contributions	0	0
Noncontrolling interest distributions	0	0
Advances to affiliates	0	0
Intercompany receivables/payables	296	422
Net cash provided by financing activities	296	422
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents — beginning of period	0	0
Cash and cash equivalents — end of period	0	0
Reporting Entities | California Lyon
Operating activities
Net cash (used in) provided by operating activities	(52,448)	41,317
Investing activities
Collection of related party note receivable		6,188
Purchases of property and equipment	(2)	(548)
Investments in subsidiaries	(333)	(6,427)
Net cash (used in) provided by investing activities	(335)	(787)
Financing activities
Proceeds from borrowings on notes payable	0	57
Principal payments on notes payable	0	(2,771)
Proceeds from borrowings on Revolver	105,000	55,000
Payments on Revolver	(77,000)	(71,000)
Principal payments on subordinated amortizing notes	(1,869)	(1,676)
Payment of deferred loan costs	(6,840)	(197)
Shares remitted to, or withheld by the Company for employee tax withholding	(1,380)	(844)
Excess income tax benefit from stock based awards		226
Sale Leaseback Transaction, Net Proceeds, Financing Activities	19,848
Noncontrolling interest contributions	0	0
Noncontrolling interest distributions	0	0
Advances to affiliates	0	0
Intercompany receivables/payables	11,942	(33,027)
Net cash provided by financing activities	51,524	(54,684)
Net decrease in cash and cash equivalents	(1,259)	(14,154)
Cash and cash equivalents — beginning of period	36,204	44,332
Cash and cash equivalents — end of period	34,945	30,178
Reporting Entities | Guarantor Subsidiaries
Operating activities
Net cash (used in) provided by operating activities	18,589	(32,162)
Investing activities
Collection of related party note receivable		0
Purchases of property and equipment	0	25
Investments in subsidiaries	(18,452)	36,370
Net cash (used in) provided by investing activities	(18,452)	36,395
Financing activities
Proceeds from borrowings on notes payable	0	0
Principal payments on notes payable	0	0
Proceeds from borrowings on Revolver	0	0
Payments on Revolver	0	0
Principal payments on subordinated amortizing notes	0	0
Payment of deferred loan costs	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0
Excess income tax benefit from stock based awards		0
Sale Leaseback Transaction, Net Proceeds, Financing Activities	0
Noncontrolling interest contributions	0	0
Noncontrolling interest distributions	0	0
Advances to affiliates	2,845	(4,483)
Intercompany receivables/payables	(2,824)	(2,279)
Net cash provided by financing activities	21	(6,762)
Net decrease in cash and cash equivalents	158	(2,529)
Cash and cash equivalents — beginning of period	272	2,723
Cash and cash equivalents — end of period	430	194
Reporting Entities | Non-Guarantor Subsidiaries
Operating activities
Net cash (used in) provided by operating activities	(7,522)	(68,691)
Investing activities
Collection of related party note receivable		0
Purchases of property and equipment	0	(3)
Investments in subsidiaries	0	0
Net cash (used in) provided by investing activities	0	(3)
Financing activities
Proceeds from borrowings on notes payable	25,350	53,105
Principal payments on notes payable	(20,780)	(23,755)
Proceeds from borrowings on Revolver	0	0
Payments on Revolver	0	0
Principal payments on subordinated amortizing notes	0	0
Payment of deferred loan costs	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0
Excess income tax benefit from stock based awards		0
Sale Leaseback Transaction, Net Proceeds, Financing Activities	0
Noncontrolling interest contributions	1,467	33,241
Noncontrolling interest distributions	(7,340)	(1,465)
Advances to affiliates	487	8,629
Intercompany receivables/payables	6,335	1,217
Net cash provided by financing activities	5,519	70,972
Net decrease in cash and cash equivalents	(2,003)	2,278
Cash and cash equivalents — beginning of period	6,136	3,148
Cash and cash equivalents — end of period	4,133	5,426
Consolidation, Eliminations
Operating activities
Net cash (used in) provided by operating activities	296	422
Investing activities
Collection of related party note receivable		0
Purchases of property and equipment	0	0
Investments in subsidiaries	18,785	(29,943)
Net cash (used in) provided by investing activities	18,785	(29,943)
Financing activities
Proceeds from borrowings on notes payable	0	0
Principal payments on notes payable	0	0
Proceeds from borrowings on Revolver	0	0
Payments on Revolver	0	0
Principal payments on subordinated amortizing notes	0	0
Payment of deferred loan costs	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0
Excess income tax benefit from stock based awards		0
Sale Leaseback Transaction, Net Proceeds, Financing Activities	0
Noncontrolling interest contributions	0	0
Noncontrolling interest distributions	0	0
Advances to affiliates	(3,332)	(4,146)
Intercompany receivables/payables	(15,749)	33,667
Net cash provided by financing activities	(19,081)	29,521
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents — beginning of period	0	0
Cash and cash equivalents — end of period	0	$ 0
7% Senior Notes due August 15, 2022
Financing activities
Proceeds from issuance of 7% senior notes	446,468
7% Senior Notes due August 15, 2022 | Reporting Entities | Delaware Lyon
Financing activities
Proceeds from issuance of 7% senior notes	0
7% Senior Notes due August 15, 2022 | Reporting Entities | California Lyon
Financing activities
Proceeds from issuance of 7% senior notes	446,468
7% Senior Notes due August 15, 2022 | Reporting Entities | Guarantor Subsidiaries
Financing activities
Proceeds from issuance of 7% senior notes	0
7% Senior Notes due August 15, 2022 | Reporting Entities | Non-Guarantor Subsidiaries
Financing activities
Proceeds from issuance of 7% senior notes	0
7% Senior Notes due August 15, 2022 | Consolidation, Eliminations
Financing activities
Proceeds from issuance of 7% senior notes	0
8 1/2% Senior Notes due November 15, 2020
Financing activities
Redemption premium of 8.5% Senior Notes	(19,645)
Principal payments of 8.5% Senior Notes	(425,000)
8 1/2% Senior Notes due November 15, 2020 | Reporting Entities | Delaware Lyon
Financing activities
Redemption premium of 8.5% Senior Notes	0
Principal payments of 8.5% Senior Notes	0
8 1/2% Senior Notes due November 15, 2020 | Reporting Entities | California Lyon
Financing activities
Redemption premium of 8.5% Senior Notes	(19,645)
Principal payments of 8.5% Senior Notes	(425,000)
8 1/2% Senior Notes due November 15, 2020 | Reporting Entities | Guarantor Subsidiaries
Financing activities
Redemption premium of 8.5% Senior Notes	0
Principal payments of 8.5% Senior Notes	0
8 1/2% Senior Notes due November 15, 2020 | Reporting Entities | Non-Guarantor Subsidiaries
Financing activities
Redemption premium of 8.5% Senior Notes	0
Principal payments of 8.5% Senior Notes	0
8 1/2% Senior Notes due November 15, 2020 | Consolidation, Eliminations
Financing activities
Redemption premium of 8.5% Senior Notes	0
Principal payments of 8.5% Senior Notes	$ 0

Fair Value of Financial Instr51

Fair Value of Financial Instruments - Schedule of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Financial liabilities:
Notes payable, fair value	$ 186,277	$ 155,768
Subordinated amortizing notes
Financial liabilities:
Long-term debt, fair value	5,450	7,478
5 3/4% Senior Notes due April 15, 2019
Financial liabilities:
Long-term debt, fair value	$ 151,500	$ 151,125
Stated interest rate	5.75%	5.75%
8 1/2% Senior Notes due November 15, 2020
Financial liabilities:
Long-term debt, fair value	$ 0	$ 444,125
Stated interest rate	8.50%	8.50%
7% Senior Notes due August 15, 2022
Financial liabilities:
Long-term debt, fair value	$ 362,250	$ 363,125
Stated interest rate	7.00%	7.00%
Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
Financial liabilities:
Long-term debt, fair value	$ 451,125	$ 0
Stated interest rate	5.875%
Carrying Amount
Financial liabilities:
Notes payable, fair value	$ 186,277	155,768
Carrying Amount | Subordinated amortizing notes
Financial liabilities:
Long-term debt, fair value	5,356	7,225
Carrying Amount | 5 3/4% Senior Notes due April 15, 2019
Financial liabilities:
Long-term debt, fair value	148,962	148,826
Carrying Amount | 8 1/2% Senior Notes due November 15, 2020
Financial liabilities:
Long-term debt, fair value	0	422,817
Carrying Amount | 7% Senior Notes due August 15, 2022
Financial liabilities:
Long-term debt, fair value	346,200	346,014
Carrying Amount | Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Five [Member]
Financial liabilities:
Long-term debt, fair value	$ 438,698	$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - Paulson & Co. Inc. - Investor $ in Millions	1 Months Ended
	Aug. 31, 2016USD ($)
Related Party Transaction [Line Items]
Purchase price of lots	$ 9.3
Related party stock ownership	5.00%
Notes payable, related parties	$ 3

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Taxes [Line Items]
Effective income tax rate	(37.70%)	33.70%
Valuation allowance	$ 0
Testing period	5 years
AMT credit carryovers	$ 1,400,000
Unrecognized tax benefits	0
Federal
Income Taxes [Line Items]
Operating loss carryforwards	0
Unused built-in losses	52,100,000
State
Income Taxes [Line Items]
Operating loss carryforwards	56,200,000
Unused built-in losses	$ 7,500,000

Income Per Common Share - Sched

Income Per Common Share - Schedule of Basic and Diluted Income Per Common Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average number of common shares outstanding (in shares)	36,908,320	36,651,846
Effect of dilutive securities:
Stock options, unvested common shares, and warrants (in shares)	0	757,085
Tangible equity units (in shares)	0	894,930
Diluted average shares outstanding (in shares)	36,908,320	38,303,861
Net (loss) income available to common stockholders	$ (10,000)	$ 9,014
Basic income per common share (in USD per share)	$ (0.27)	$ 0.25
Dilutive income per common share (in USD per share)	$ (0.27)	$ 0.24
Stock Options, Unvested Common Shares, and Warrants
Antidilutive securities not included in the calculation of diluted (loss) income per common share (weighted average):
Antidilutive securities (in shares)	825,038	0
Tangible Equity Units
Antidilutive securities not included in the calculation of diluted (loss) income per common share (weighted average):
Antidilutive securities (in shares)	463,635	0
Unvested Stock Options
Antidilutive securities not included in the calculation of diluted (loss) income per common share (weighted average):
Antidilutive securities (in shares)	240,000	240,000
Warrants
Antidilutive securities not included in the calculation of diluted (loss) income per common share (weighted average):
Antidilutive securities (in shares)	1,907,551	1,907,551

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 1,676	$ 1,492
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	252,011
Restricted stock | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	252,011
Restricted stock | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	35,275
Restricted stock | Share-based Compensation Award, Tranche One | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage	25.00%
Restricted stock | Share-based Compensation Award, Tranche Two | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage	25.00%
Restricted stock | Share-based Compensation Award, Tranche Three | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage	25.00%
Restricted stock | Share-based Compensation Award, Tranche Four | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage	25.00%
Three Year Vesting Restricted Stock | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	172,857
Three Year Vesting Restricted Stock | Share-based Compensation Award, Tranche One | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage	33.33%
Three Year Vesting Restricted Stock | Share-based Compensation Award, Tranche Two | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage	33.33%
Three Year Vesting Restricted Stock | Share-based Compensation Award, Tranche Three | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage	33.33%
Two Year Vesting Restricted Stock, March Schedule | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	43,879
Two Year Vesting Restricted Stock, March Schedule | Share-based Compensation Award, Tranche One | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage	50.00%
Two Year Vesting Restricted Stock, March Schedule | Share-based Compensation Award, Tranche Two | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage	50.00%
Performance Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	553,909
Performance Based Restricted Stock | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage	33.33%
Performance Based Restricted Stock | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage	33.33%
Performance Based Restricted Stock | Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage	33.33%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Loss Contingencies [Line Items]
Rent expense under cancelable and non-cancelable operating leases	$ 1	$ 1
Outstanding performance and surety bonds	204.9
Non-refundable deposits	55.1
Remaining purchase price of land	405.9
Project construction commitment
Loss Contingencies [Line Items]
Other commitment	$ 196.4

Commitments and Contingencies57

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2017USD ($)
Future Minimum Payments Under Non-cancelable Operating Leases
2,016	$ 4,362,500
2,017	5,765,300
2,018	3,428,300
2,019	2,514,600
2,020	2,410,500
Thereafter	1,940,000
Total	$ 20,421,200