William Lyon Homes (WLH) 10-K 22 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Feb. 14, 2018	Jun. 30, 2017
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Trading Symbol	WLH
Entity Registrant Name	WILLIAM LYON HOMES
Entity Central Index Key	1,095,996
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Status	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 593
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		34,267,510
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		4,817,394

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 182,710	$ 42,612
Receivables	10,223	9,538
Escrow proceeds receivable	3,319	85
Real estate inventories - Note 5	1,699,850	1,771,998
Investment in unconsolidated joint ventures - Note 3	7,867	7,282
Goodwill — Note 6	66,902	66,902
Intangibles, net of accumulated amortization of $4,640 as of December 31, 2017 and 2016 — Note 7	6,700	6,700
Deferred income taxes — Note 11	47,915	75,751
Lease right-of-use assets	14,454	13,129
Other assets, net	21,164	17,283
Total assets	2,061,104	2,011,280
LIABILITIES AND EQUITY
Accounts payable	58,799	74,282
Accrued expenses	111,491	92,919
Notes payable — Note 8:
Notes payable	94,515	155,768
Long-term debt	1,030,184	1,080,650
Total liabilities	1,200,474	1,247,851
Commitments and contingencies — Note 15
William Lyon Homes stockholders’ equity — Note 13
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized and no shares issued and outstanding at December 31, 2017 and 2016	0	0
Additional paid-in capital	454,286	419,099
Retained earnings	325,794	277,659
Total William Lyon Homes stockholders’ equity	780,472	697,086
Noncontrolling interests — Note 2	80,158	66,343
Total equity	860,630	763,429
Total liabilities and equity	2,061,104	2,011,280
Common Class A
William Lyon Homes stockholders’ equity — Note 13
Common stock	344	290
Common Class B
William Lyon Homes stockholders’ equity — Note 13
Common stock	48	38
Subordinated amortizing notes due December 1, 2017
Notes payable — Note 8:
Long-term debt	0	7,225
5 3/4% Senior Notes due 2019
Notes payable — Note 8:
Long-term debt	149,362	148,826
8 1/2% Senior Notes due 2020
Notes payable — Note 8:
Long-term debt		422,817
7% Senior Notes due 2022
Notes payable — Note 8:
Long-term debt	346,740	346,014
5 7/8% Senior Notes due January 31, 2025
Notes payable — Note 8:
Long-term debt	439,567
Revolving Credit Facility
Notes payable — Note 8:
Notes payable	0	29,000
Seller Financing
Notes payable — Note 8:
Notes payable	589	24,692
Joint Venture Notes Payable
Notes payable — Note 8:
Notes payable	93,926	102,076
Revolving Credit Facility | Revolving Credit Facility
Notes payable — Note 8:
Notes payable	$ 0	$ 29,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 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 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)	34,267,510	28,909,781
Common stock, shares outstanding (in shares)	33,135,650	27,907,724
Common 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)	4,817,394	3,813,884
Common stock, shares outstanding (in shares)	4,817,394	3,813,884
5 3/4% Senior Notes due 2019
Debt instrument interest rate	5.75%	5.75%
8 1/2% Senior Notes due 2020
Debt instrument interest rate	8.50%	8.50%
7% Senior Notes due 2022
Debt instrument interest rate	7.00%	7.00%
5 7/8% Senior Notes due January 31, 2025
Debt instrument interest rate	5.875%	5.875%

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating revenue
Home sales									$ 1,795,074	$ 1,402,203	$ 1,078,928
Construction services — Note 1									1,454	3,837	25,124
Operating revenue	$ 623,283	$ 490,304	$ 422,633	$ 258,854	$ 473,221	$ 342,628	$ 325,059	$ 261,295	1,796,528	1,406,040	1,104,052
Operating costs
Cost of sales — homes									(1,478,549)	(1,162,337)	(878,995)
Construction services — Note 1									(1,317)	(3,485)	(21,181)
Sales and marketing									(86,226)	(72,509)	(61,539)
General and administrative									(90,206)	(73,398)	(59,161)
Amortization of intangible assets — Note 7									0	0	(957)
Other									(2,274)	(343)	(1,972)
Operating costs									(1,658,572)	(1,312,072)	(1,023,805)
Operating income									137,956	93,968	80,247
Equity in income of unconsolidated joint ventures									3,661	5,606	3,239
Other income, net									895	3,243	3,581
Income before extinguishment of debt									142,512	102,817	87,067
Loss on extinguishment of debt									(21,828)	0	0
Income before provision for income taxes									120,684	102,817	87,067
Provision for income taxes — Note 11									(62,933)	(34,850)	(26,806)
Net income	16,736	30,060	20,251	(9,296)	26,426	16,514	15,086	9,941	57,751	67,967	60,261
Less: Net income attributable to noncontrolling interests									(9,616)	(8,271)	(2,925)
Net income available to common stockholders	$ 11,763	$ 27,418	$ 18,954	$ (10,000)	$ 23,052	$ 13,069	$ 14,561	$ 9,014	$ 48,135	$ 59,696	$ 57,336
Income per common share:
Basic (in USD per share)	$ 0.32	$ 0.74	$ 0.51	$ (0.27)	$ 0.63	$ 0.36	$ 0.40	$ 0.25	$ 1.30	$ 1.62	$ 1.57
Diluted (in USD per share)	$ 0.30	$ 0.71	$ 0.49	$ (0.27)	$ 0.60	$ 0.34	$ 0.38	$ 0.24	$ 1.24	$ 1.55	$ 1.48
Weighted average common shares outstanding:
Basic (in shares)									37,040,137	36,764,799	36,546,227
Diluted (in shares)									38,663,667	38,474,900	38,767,556

Consolidated Statements Of Equi

Consolidated Statements Of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Non-Controlling Interest	Common Class B	Common Class BCommon Stock	Common Class BAdditional Paid-In Capital
Balance, beginning (in shares) at Dec. 31, 2014		31,887,000
Balance, beginning at Dec. 31, 2014	$ 597,146	$ 319	$ 408,969	$ 160,627	$ 27,231
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	60,261			57,336	2,925
Cash contributions from members of consolidated entities	19,850				19,850
Cash distributions to members of consolidated entities	$ (10,632)				(10,632)
Exercise of stock options (in shares)	47,925	48,000
Exercise of stock options	$ 106		106
Shares remitted to Company to satisfy employee personal income tax liabilities resulting from share based compensation plans (in shares)		(88,000)
Shares remitted to Company to satisfy employee personal income tax liabilities resulting from share based compensation plans	(1,832)	$ (1)	(1,831)
Stock based compensation (in shares)		331,000
Stock based compensation	6,570	$ 4	6,566
Balance, ending (in shares) at Dec. 31, 2015		32,178,000
Balance, ending at Dec. 31, 2015	671,469	$ 322	413,810	217,963	39,374
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	67,967			59,696	8,271
Cash contributions from members of consolidated entities	38,334				38,334
Cash distributions to members of consolidated entities	$ (19,636)				(19,636)
Exercise of stock options (in shares)	15,000
Shares remitted to Company to satisfy employee personal income tax liabilities resulting from share based compensation plans (in shares)		(82,000)
Shares remitted to Company to satisfy employee personal income tax liabilities resulting from share based compensation plans	$ (942)	$ (1)	(941)
Stock based compensation (in shares)		628,000
Stock based compensation	6,419	$ 7	6,412
Reversal of excess income tax benefit from stock based awards	(182)		(182)
Balance, ending (in shares) at Dec. 31, 2016		32,724,000
Balance, ending at Dec. 31, 2016	763,429	$ 328	419,099	277,659	66,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57,751			48,135	9,616
Cash contributions from members of consolidated entities	66,712				66,712
Cash distributions to members of consolidated entities	$ (62,513)				(62,513)
Exercise of stock options (in shares)	3,535
Shares remitted to Company to satisfy employee personal income tax liabilities resulting from share based compensation plans (in shares)		(79,000)
Shares remitted to Company to satisfy employee personal income tax liabilities resulting from share based compensation plans	$ (1,544)	$ (1)	(1,543)
Stock based compensation (in shares)		461,000
Stock based compensation	$ 10,062	$ 5	10,057
Repurchases of common stock (in shares)	(138,227)	(138,000)
Repurchases of common stock	$ (3,112)	$ (1)	(3,111)
Issuance of stock (in shares)		5,113,000					1,004,000
Issuance of stock	(63)	$ 51	(114)			$ 29,908	$ 10	$ 29,898
Balance, ending (in shares) at Dec. 31, 2017		39,085,000
Balance, ending at Dec. 31, 2017	$ 860,630	$ 392	$ 454,286	$ 325,794	$ 80,158

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities:
Net income	$ 57,751	$ 67,967	$ 60,261
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,962	2,006	2,663
Stock based compensation expense	10,062	6,419	6,570
Equity in income of unconsolidated joint ventures	(3,661)	(5,606)	(3,239)
Distributions from unconsolidated joint ventures	3,085	3,725	1,075
Net change in deferred income taxes	27,836	3,975	8,313
Loss on extinguishment of debt	21,828	0	0
Net changes in operating assets and liabilities:
Restricted cash	0	504	0
Receivables	(694)	(876)	6,663
Escrow proceeds receivable	(3,234)	2,956	(126)
Real estate inventories — owned	52,913	(69,598)	(264,868)
Other assets, net	(2,158)	2,367	758
Accounts payable	(15,483)	(1,599)	24,067
Accrued expenses	17,247	9,466	(15,045)
Net cash provided by (used in) operating activities	167,454	21,706	(172,908)
Investing activities:
Investment in and advances to unconsolidated joint ventures	0	0	(1,000)
Proceeds from repayment of notes receivable	0	6,188	0
Purchases of property and equipment	(4,300)	(1,029)	(4,800)
Net cash (used in) provided by investing activities	(4,300)	5,159	(5,800)
Financing activities:
Proceeds from borrowings on notes payable	134,061	139,783	119,663
Principal payments on notes payable	(142,211)	(147,887)	(58,217)
Proceeds from borrowings on revolver	346,121	258,000	229,000
Payments on revolver	(375,121)	(294,000)	(164,000)
Principal payments on subordinated amortizing notes	(7,225)	(6,841)	(6,651)
Proceeds from stock options exercised	0	0	106
Proceeds from issuance of Class B Shares	29,908	0	0
Costs related to settlement of TEUs	(63)	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	(1,544)	(942)	(1,832)
Payments to repurchase common stock	(3,112)	0	0
Excess income tax benefit from stock based awards	0	(182)	0
Payment of deferred loan costs	(9,892)	(1,085)	(2,147)
Cash contributions from members of consolidated entities	66,712	38,334	19,850
Cash distributions to members of consolidated entities	(62,513)	(19,636)	(10,632)
Net cash (used in) provided by financing activities	(23,056)	(34,456)	176,140
Net increase (decrease) in cash and cash equivalents	140,098	(7,591)	(2,568)
Cash and cash equivalents — beginning of period	42,612	50,203	52,771
Cash and cash equivalents — end of period	182,710	42,612	50,203
Supplemental disclosures:
Cash paid for taxes	35,761	16,540	24,955
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	5,925	1,353	3,600
Notes payable issued in conjunction with land acquisitions	0	24,692	0
7% Senior Notes due 2022
Financing activities:
Proceeds from issuance of Senior Notes	0	0	51,000
8 1/2% Senior Notes due 2020
Financing activities:
Redemption Premium	(19,645)	0	0
Principal payments of Senior Notes	(425,000)	0	0
5 7/8% Senior Notes due January 31, 2025
Financing activities:
Proceeds from issuance of Senior Notes	$ 446,468	$ 0	$ 0

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Parenthetical)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
5 7/8% Senior Notes due January 31, 2025
Debt instrument interest rate	5.875%	5.875%	5.875%
7% Senior Notes due 2022
Debt instrument interest rate	7.00%	7.00%	7.00%
8 1/2% Senior Notes due 2020
Debt instrument interest rate	8.50%	8.50%	8.50%

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 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”), are primarily engaged in designing, constructing and selling single family detached and attached homes in California, Arizona, Nevada, Colorado (currently, under the Village Homes brand), Washington and Oregon (together, currently under the Polygon Northwest Homes 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 December 31, 2017 and 2016 and revenues and expenses for the years ended December 31, 2017 , 2016 , and 2015 . 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, accounting for variable interest entities, valuation of deferred tax assets, and the fair value of assets acquired and liabilities assumed in connection with acquisition accounting. The 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 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. 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 accumulated 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. For the years ended December 31, 2017 , 2016 and 2015 , the Company had four , five , and one land parcel sales, respectively, that resulted in a $0.8 million gain, $3.6 million gain and $0.8 million gain, respectively. The Company accounts for its real estate inventories under FASB ASC 360 Property, Plant, & Equipment (“ASC 360”). ASC 360 requires impairment losses to be recorded on real estate inventories when indicators of impairment are present and the undiscounted cash flows estimated to be generated by real estate inventories are less than the carrying amount of such assets. Indicators of impairment include a decrease in demand for housing due to softening market conditions, competitive pricing pressures, which reduce the average sales price of homes including an increase in sales incentives offered to buyers, slowing sales absorption rates (calculated as net new home orders divided by average sales locations for a given period), decreases in home values in the markets in which the Company operates, significant decreases in gross margins and a decrease in project cash flows for a particular project. For land, construction in progress and completed inventory, including model homes, the Company estimates expected cash flows at the project level by maintaining current budgets using recent historical information and current market assumptions. The Company updates project budgets and cash flows of each real estate project on an as needed basis to determine whether the estimated remaining undiscounted future cash flows of the project are more or less than the carrying amount (net book value) of the asset. If the undiscounted cash flows are more than the net book value of the project, then there is no impairment. If the undiscounted cash flows are less than the net book value of the asset, then the asset is deemed to be impaired and is written-down to its fair value. Fair value represents the amount at which an asset could be bought or sold in a current transaction between willing parties (i.e., other than a forced or liquidation sale). Management determines the estimated fair value of each project by determining the present value of estimated future cash flows at discount rates that are commensurate with the risk of each project and each domain, market or sub-market or may use recent appraisals if they more accurately reflect fair value. The estimation process involved in determining if assets have been impaired and in the determination of fair value is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. Estimates of revenues and costs are supported by the Company’s budgeting process, and are based on recent sales in backlog, pricing required to get the desired pace of sales, pricing of competitive projects, incentives offered by competitors and current estimates of costs of development and construction or current appraisals. The assumptions and judgments used by the Company in the estimation process to determine the future undiscounted cash flows of a project and its fair value are inherently uncertain and require a substantial degree of judgment. The realization of the Company’s real estate inventories is dependent upon future uncertain events and market conditions. Due to the subjective nature of the estimates and assumptions used in determining the future cash flows of a project, actual results could differ materially from current estimates. Management assesses land deposits for impairment when estimated land values are deemed to be less than the agreed upon contract price. The Company considers changes in market conditions, the timing of land purchases, the ability to renegotiate with land sellers, the terms of the land option contracts in question, the availability and best use of capital, and other factors. The Company records abandoned land deposits and related pre-acquisition costs in cost of sales-lots, land and other in the consolidated statements of operations in the period that it is abandoned. 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 operating segment, 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 periodically assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. Changes in the Company’s warranty liability for the years ended December 31, 2017 , 2016 , and 2015 are as follows (in thousands): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Warranty liability, beginning of period $ 14,173 $ 18,117 $ 18,155 Warranty provision during period 9,822 8,237 7,423 Warranty payments, net of insurance recoveries during period (10,497 ) (12,334 ) (8,555 ) Warranty charges related to construction services projects 145 153 1,094 Warranty liability, end of period $ 13,643 $ 14,173 $ 18,117 Interest incurred under the Company’s debt obligations, as more fully discussed in Note 8, is capitalized to qualifying real estate projects under development. Any additional interest charges related to real estate projects not under development are expensed in the period incurred. Interest activity for the years ended December 31, 2017 , 2016 , and 2015 are as follows (in thousands): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Interest incurred $ 73,729 $ 83,218 $ 76,221 Less: Interest capitalized (73,729 ) (83,218 ) (76,221 ) Interest expense, net of amounts capitalized $ — $ — $ — Cash paid for interest $ 62,679 $ 79,734 $ 72,254 Construction Services The Company accounts for construction management agreements using the Percentage of Completion Method in accordance with FASB 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. For the year ended December 31, 2017 , the Company recorded nominal compensation from such agreements. For the years ended December 31, 2016 and 2015 , the Company recorded additional compensation of $0.2 million and $1.9 million , respectively. Financial Instruments Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash investments, receivables, escrow proceeds receivable, our indebtedness, and deposits. The Company typically places its cash investments 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 15. 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 December 31, 2017 and 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. Goodwill In accordance with the provisions of ASC 350, Intangibles, Goodwill and Other , goodwill is tested for impairment on an annual basis, or more frequently if events or circumstances indicate that goodwill may be impaired. The impairment test is performed at the reporting unit level, and an impairment loss is recognized to the extent that the carrying amount of goodwill exceeds the fair value. The Company has determined that we have six reporting segments, as discussed in Note 4, and will perform an annual goodwill impairment analysis during the fourth quarter of each fiscal year. Intangible Assets 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 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 The Company computes income per common share in accordance with FASB ASC Topic 260, Earnings per Share , which requires 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 income between the holders of common stock and a company’s participating security holders. Basic 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 outstanding. 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 would be provided to reduce net deferred tax assets if it were determined that it is more likely than not to be realized. 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. In addition, the Company has elected to recognize interest and penalties related to uncertain tax positions in the income tax provision. Comprehensive Income or Loss The Company had no other transactions or activity, other than net income or loss, that would be considered as part of comprehensive income or loss. 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. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts . The Company has evaluated the impact of adopting the new standard and determined that there will not be a significant impact to its current revenue recognition patterns. The adoption of ASU 2014-09 will primarily have an impact on our accounting policies related to the Company's accounting for certain capitalized marketing costs currently recorded in Real estate inventories. With the adoption of ASU 2014-09, the Company will no longer record certain costs related to model homes and sales offices within Real estate inventories, and will instead record them as property plant and equipment. The amortization of these costs will be the same under ASU 2014-09 as under current generally accepted accounting principles, resulting in no adjustment to the the Company's retained earnings upon adoption. ASU 2014-09 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. The Company has adopted the guidance effective January 1, 2018 using a cumulative effect transition method. As a result of the Company's analysis, it will not record an adjustment to retained earnings on January 1, 2018. 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 does not anticipate that the adoption of ASU 2016-15 will have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)" (“ASU 2016-18”). ASU 2016-18 requires restricted cash to be included with cash and cash equivalents when reconciling the beginning and ending amounts on the statement of cash flows. ASU 2016-18 is effective for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted. The Company does not anticipate that the adoption of ASU 2016-18 will have a material impact on its consolidated financial statements. Change in Accounting Principle During the second quarter ended June 30, 2017, the Company adopted the provisions of Accounting Standards Update ("ASU") No. 2016-02, " Leases (Topic 842) " ("ASU 2016-02"), which amends the existing standards for lease accounting, 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 ("ROU") model 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. Effective April 1, 2017, the Company adopted the new standard with a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The adoption is accounted for as a change in accounting principle in conformity with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 250, “ Accounting Changes and Error Corrections ”. As a result of the adoption, the most significant changes related to (1) the recognition of new ROU assets and lease liabilities on the balance sheet for office, real estate and equipment operating leases; and (2) the derecognition of previous assets and liabilities for a sale-leaseback transaction that did not qualify for sale accounting under the previous standards. The Company elected all of the standard's available practical expedients on adoption, including the package of practical expedients and use of hindsight expedient. Consequently, the Company: – Recognized lease related liabilities within Accrued expenses of $15.6 million as of June 30, 2017, 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. The balance sheet as of December 31, 2016 was adjusted using the modified retrospective transition approach which resulted in the following adjusted balances (in thousands): December 31, Lease adoption adjustments December 31, (as adjusted) Lease right-of-use assets — $ 13,129 $ 13,129 Total assets 1,998,151 13,129 2,011,280 Accrued expenses 79,790 13,129 92,919 Total liabilities and equity 1,998,151 13,129 2,011,280 The Company's existing material leases were all considered operating leases under the new leasing standard and as a result, no adjustment to previously reported lease expense was incurred for prior periods presented. – Derecognized obligations of $19.8 million relating to cash received from a sale-leaseback transaction that was previously classified within Accrued expenses, which occurred in the first quarter of 2017. Refer to Note 15 for more details regarding leases as of December 31, 2017 and its comparative period. Reclassifications Certain balances on the financial statements and certain amounts presented in the notes have been reclassified in order to conform to current year presentation.

Variable Interest Entities and

Variable Interest Entities and Noncontrolling Interests	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Variable Interest Entities and Noncontrolling Interests	Variable Interest Entities and Noncontrolling Interests The Company accounts for variable interest entities in accordance with ASC 810, Consolidation (“ASC 810”). Under ASC 810, a variable interest entity (“VIE”) is created when: (a) the equity investment at risk in the entity is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by other parties, including the equity holders; (b) the entity’s equity holders as a group either (i) lack the direct or indirect ability to make decisions about the entity, (ii) are not obligated to absorb expected losses of the entity or (iii) do not have the right to receive expected residual returns of the entity; or (c) the entity’s equity holders have voting rights that are not proportionate to their economic interests, and the activities of the entity involve or are conducted on behalf of the equity holder with disproportionately few voting rights. If an entity is deemed to be a VIE pursuant to ASC 810, the enterprise that has both (i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb the expected losses of the entity or right to receive benefits from the entity that could be potentially significant to the VIE is considered the primary beneficiary and must consolidate the VIE. In accordance with ASC 810, we perform ongoing reassessments of whether an enterprise is the primary beneficiary of a VIE. Joint Ventures As of December 31, 2017 and 2016 , the Company had thirteen and eleven joint ventures, respectively, which were deemed to be VIEs under ASC 810 for which the Company is considered the primary beneficiary. The Company manages the joint ventures, by using its sales, development and operations teams and has significant control over these projects and therefore the power to direct the activities that most significantly impact the joint venture’s performance, in addition to being obligated to absorb expected losses or receive benefits from the joint venture, and therefore the Company is deemed to be the primary beneficiary of these VIEs. These joint ventures are each engaged in homebuilding and land development activities. Certain of these joint ventures have not obtained construction financing from outside lenders, but are financing their activities through equity contributions from each of the joint venture partners. The Company has no rights and limited obligations with respect to the liabilities of the VIEs, and none of the Company’s assets serve as collateral for the creditors of these VIEs. The assets of the joint ventures are the sole collateral for the liabilities of the joint ventures and as such, the creditors and equity investors of these joint ventures have no recourse to assets of the Company held outside of these joint ventures. The liabilities of each VIE are restricted to the assets of each VIE. Additionally, the creditors of the Company have no access to the assets of the VIEs. Income allocations and cash distributions to the Company are based on predetermined formulas between the Company and their joint venture partners as specified in the applicable partnership or operating agreements. The Company generally receives, after partners’ priority returns and return of partners’ capital, approximately 50% of the profits and cash flows from the joint ventures. As of December 31, 2017 , the assets of the consolidated VIEs totaled $219.6 million , of which $10.7 million was cash and $230.8 million was real estate inventories. The liabilities of the consolidated VIEs totaled $99.4 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 $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	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures The table set forth below has been derived from the summarized financial information of our unconsolidated mortgage joint ventures and summarizes their combined statements of operations that we accounted for under the equity method (in thousands): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Revenues $ 20,003 $ 21,156 $ 12,314 Cost of sales (11,913 ) (10,407 ) (5,842 ) Income of unconsolidated joint ventures $ 8,090 $ 10,749 $ 6,472 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 years ended December 31, 2017 , 2016 and 2015 , the Company recorded income of $ 3.7 million , $ 5.6 million and $3.2 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 years ended December 31, 2017 , 2016 , and 2015 , 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 has been derived from the summarized financial information of our unconsolidated mortgage joint ventures and summarizes their combined balance sheets that we accounted for under the equity method (in thousands): December 31, 2017 2016 Assets Cash $ 12,802 $ 10,208 Loans held for sale 17,106 18,791 Accounts receivable 2,791 764 Other assets 128 56 Total Assets $ 32,827 $ 29,819 Liabilities and Equity Accounts payable $ 779 $ 694 Accrued expenses 1,532 1,026 Credit lines payable 18,312 17,748 Other liabilities 31 17 Members equity 12,173 10,334 Total Liabilities and Equity $ 32,827 $ 29,819

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information The Company operates one principal homebuilding business. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. 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; 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): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Operating revenue: California (1) $ 682,896 $ 494,189 $ 401,934 Arizona 158,534 125,951 69,510 Nevada 176,354 191,711 130,845 Colorado 124,456 128,530 107,014 Washington 333,667 154,600 181,258 Oregon 320,621 311,059 213,491 Total operating revenue $ 1,796,528 $ 1,406,040 $ 1,104,052 (1) Operating revenue in the California segment includes construction services revenue. Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Income before provision from income taxes: California $ 88,422 $ 47,692 $ 46,752 Arizona 14,832 12,004 5,743 Nevada 15,672 19,182 13,022 Colorado 7,156 6,978 3,291 Washington 30,008 9,528 18,652 Oregon 35,862 41,617 24,787 Corporate (49,440 ) (34,184 ) (25,180 ) Income before extinguishment of debt $ 142,512 $ 102,817 $ 87,067 Corporate - Loss on extinguishment of debt (21,828 ) — — Income before provision for income taxes $ 120,684 $ 102,817 $ 87,067 December 31, December 31, 2017 2016 Total assets: California $ 631,649 $ 716,955 Arizona 170,634 191,581 Nevada 211,202 189,248 Colorado 149,183 124,580 Washington 286,442 343,973 Oregon 288,981 238,766 Corporate (1) 323,013 206,177 Total assets $ 2,061,104 $ 2,011,280 (1) Comprised primarily of cash and cash equivalents, receivables, deferred income taxes, and other assets.

Real Estate Inventories

Real Estate Inventories	12 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories consist of the following (in thousands): December 31, 2017 2016 Real estate inventories: Land deposits $ 51,833 $ 50,429 Land and land under development 904,410 1,069,001 Homes completed and under construction 646,198 545,310 Model homes 97,409 107,258 Total $ 1,699,850 $ 1,771,998 The Company accounts for its real estate inventories under ASC 360, which requires impairment losses to be recorded on real estate inventories when indicators of impairment are present and the undiscounted cash flows estimated to be generated by real estate inventories are less than the carrying amount of such assets. During the years ended December 31, 2017 , 2016 , and 2015 , the Company did not record any impairments to the value of its real estate inventories.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill As of December 31, 2017 and 2016 , the Company had Goodwill of $66.9 million . Goodwill by operating segment as of December 31, 2017 and 2016 is as follows (in thousands): December 31, 2017 2016 California $ 6,801 $ 6,801 Arizona 5,951 5,951 Nevada 1,457 1,457 Colorado — — Washington 31,200 31,200 Oregon 21,493 21,493 Total $ 66,902 $ 66,902

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The carrying value and accumulated amortization of intangible assets at December 31, 2017 and December 31, 2016 , by major intangible asset category, is as follows (in thousands): December 31, 2017 December 31, 2016 Carrying Value Accumulated Amortization Net Carrying Amount Carrying Value Accumulated Amortization Net Carrying Amount Brand Name - Polygon Northwest Homes $ 6,700 $ — $ 6,700 $ 6,700 $ — $ 6,700 The Company evaluates indefinite lived intangible assets at least annually, or more frequently if events or circumstances exist that may indicate that the asset is impaired or that its life is finite. As of December 31, 2017 and December 31, 2016 , the Company has fully amortized the value of all of the intangible assets it held with finite lives.

Senior Notes, Secured, and Subo

Senior Notes, Secured, and Subordinated Indebtedness	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Senior Notes, Secured, and Subordinated Indebtedness	Senior Notes, Secured, and Subordinated Indebtedness The Company's senior notes, secured, and subordinated indebtedness consists of the following (in thousands): December 31, 2017 2016 Notes payable: Revolving credit facility $ — $ 29,000 Seller financing 589 24,692 Joint venture notes payable 93,926 102,076 Total notes payable $ 94,515 $ 155,768 Subordinated amortizing notes — 7,225 Senior notes 5 3 / 4 % Senior Notes due April 15, 2019 $ 149,362 $ 148,826 8 1 / 2 % Senior Notes due November 15, 2020 — 422,817 7% Senior Notes due August 15, 2022 346,740 346,014 5 7 / 8 % Senior Notes due January 31, 2025 439,567 — Total Debt $ 1,030,184 $ 1,080,650 The maturities of the Company's Notes payable, 5 3 / 4 % Senior Notes, 7% Senior Notes, and 5 7 / 8 % Senior Notes are as follows as of December 31, 2017 (in thousands): Year Ended December 31, 2018 $ 32,213 2019 178,866 2020 — 2021 33,436 2022 350,000 Thereafter 450,000 $ 1,044,515 Maturities above exclude premium on the 7% Senior Notes of $0.7 million , discount on the 5 7 / 8 % Senior Notes of $3.2 million , and deferred loan costs on the 5 3 / 4 %, 7%, and 5 7 / 8 % Senior Notes in aggregate of $11.8 million as of December 31, 2017 . Notes Payable Revolving Credit Facility 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. Effective as of November 28, 2017, California Lyon increased the size of the commitment under its revolving credit facility by $25.0 million to an aggregate total of $170.0 million , through exercise of the facility’s accordion feature and entry into a new lender supplement as of such date. 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, remained at 62.5% from December 31, 2016 through and including June 29, 2017, and was scheduled to further decrease to 60% on the last day of the second quarter of 2017 and to remain at 60% thereafter. The Second Amended Facility did not revise any of our other financial covenants thereunder. On June 16, 2017, California Lyon, Parent and the lenders party thereto entered into an amendment to the Second Amended Facility, which amended the maximum leverage ratio to further extend the timing of the gradual step-downs, such that the leverage ratio remained at 62.5% through and including December 30, 2017, and decreased to 60% on the last day of the 2017 fiscal year and will remain at 60% thereafter. The amendment did not revise any of our other financial covenants thereunder. 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 decreased to 60% effective as of December 31, 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 December 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 December 31, 2017 , the commitment fee on the unused portion of the Second Facility accrues at an annual rate of 0.50% . As of December 31, 2017 , the Company had a letter of credit for $7.8 million but no outstanding balance against the Second Amended Facility. As of December 31, 2016 , the Company had $29.0 million outstanding against the Second Amended Facility at an effective rate of 4.75% and a letter of credit for $8.0 million . Seller Financing At December 31, 2017 , the Company had $0.6 million of notes payable outstanding related to one land acquisition for which seller financing was provided. The note bears interest at a rate of 7% per annum, is secured by the underlying land, and matures in June 2018. During the year ended December 31, 2017 , the Company paid in full a note payable outstanding related to a land acquisition for which seller financing was provided. The note bore interest at a rate of 7% per annum, was secured by the underlying land, and was paid upon maturity in August 2017. This note was entered into with a related party, which is described in more detail in Note 10. Joint Venture 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 December 31, 2017 (in millions): Issuance Date Facility Size Outstanding Maturity Current Rate March, 2016 $ 33.4 $ 13.8 (4) September, 2018 4.47 % (1) January, 2016 35.0 28.9 February, 2019 4.82 % (2) November, 2015 42.5 15.7 (4) May, 2018 5.50 % (1) November, 2014 7.0 2.1 (4) February, 2018 5.00 % (3) March, 2014 26.0 — (6) April, 2018 4.53 % (1) July, 2017 66.2 33.4 February, 2021 4.51 % (5) $ 210.1 $ 93.9 (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) The Company anticipates paying the borrowings in full upon the maturity date from proceeds from homes closed in the respective project. (5) Loan bears interest at the greatest of the prime rate, federal funds effective rate +1.0% , or LIBOR +1.0% . (6) The balance on this borrowing was paid in full prior to the maturity date, along with all accrued interest to date. The joint venture notes payable contain certain financial maintenance covenants. The Company was in compliance with all such covenants as of December 31, 2017 . Subordinated Amortizing Notes On November 21, 2014, in order to pay down approximately $111.2 million borrowed under the one-year senior unsecured facility entered into in conjunction with the acquisition of Polygon, 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”). Each amortizing note had an initial principal amount of $18.01 , bore interest at the annual rate of 5.50% and had 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 paid 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 constituted a payment of interest and a partial repayment of principal. On November 27, 2017, the Company issued 670,811 shares of Class A Common Stock to certain holders who elected for early settlement of their purchase contracts. On December 1, 2017 (the "mandatory settlement date"), the Company issued the balance to the remaining holders, for an aggregate issuance of 5,113,473 shares of Class A Common Stock, which reflected the minimum number of shares of Class A Common Stock, or 4.4465 shares per each of the previously outstanding 1,150,000 tangible equity units that were issuable by the Company under the purchase contracts (as adjusted for fractional shares). As of December 31, 2017 , the Company paid off the outstanding balance of the amortizing 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, the Company exchanged 100% of the 5.75% Notes for notes that are freely transferable and registered under the Securities Act of 1933, as amended (the "Securities Act"). As of December 31, 2017 , the outstanding principal amount of the 5.75% Notes was $150 million , excluding deferred loan costs of $0.6 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 by certain of Parent’s 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 $350 million in aggregate principal amount of 7.00% Notes and $450 million in aggregate principal amount of 5.875% Notes, 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. On or after April 15, 2016 , California Lyon may redeem all or a portion of the 5.75% Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest to the applicable redemption date, if redeemed during the period beginning on each of the dates indicated below: Year Percentage April 15, 2016 104.313 % October 15, 2016 102.875 % April 15, 2017 101.438 % April 15, 2018 and thereafter 100.000 % 8 1/2% Senior Notes Due 2020 On November 8, 2012, William Lyon Homes, Inc., a California corporation and wholly-owned subsidiary of the Company (“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, the Company 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 , in a private placement, resulting in net proceeds of approximately $104.7 million . In February 2014, the Company exchanged 100% of the additional 8.5% Notes for notes that are freely transferable and registered under the Securities Act. On January 31, 2017, California Lyon completed the sale to certain purchasers of $450.0 million in aggregate principal amount of 5.875% Senior Notes due 2025 in a private placement with registration rights. Parent, through California Lyon, used the net proceeds from the 5.875% Notes, 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 December 31, 2017 . The Company incurred certain costs related to the early extinguishment of debt of the 8.5% Notes during the period ended December 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 Acquisition, Escrow Issuer merged with and into California Lyon, and California Lyon assumed the obligations of the Escrow Issuer under 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, the Company 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, the Company exchanged 100% of the additional 7.00% Notes for notes that are freely transferable and registered under the Securities Act. As of December 31, 2017 , the outstanding amount of the notes was $350 million , excluding unamortized premium of $0.7 million and deferred loan costs of $4.0 million . The 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% Notes and $450 million in aggregate principal amount of 5.875% Notes, each as described above. 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. On or after August 15, 2017 , California Lyon may redeem all or a portion of the 7.00% Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest to the applicable redemption date, if redeemed during the period beginning on each of the dates indicated below: Year Percentage August 15, 2017 103.500 % August 15, 2018 101.750 % August 15, 2019 and thereafter 100.000 % Prior to August 15, 2017, the 7.00% 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. 5 7/8% 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 December 31, 2017 . In May 2017, the Company exchanged 100% of the 5.875% Notes for notes that are freely transferable and registered under the Securities Act. As of December 31, 2017 , the outstanding principal amount of the 5.875% Notes was $450 million , excluding unamortized discount of $3.2 million and deferred loan costs of $7.2 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 Note 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 December 31, 2017 . GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS The following consolidating financial information includes: (1) Consolidating balance sheets as of December 31, 2017 and 2016 ; consolidating statements of operations and cash flows for the years ended December 31, 2017 , 2016 and 2015 , 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 William Lyon Homes, Inc. and its guarantor and non-guarantor subsidiaries. Delaware Lyons 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 December 31, 2017 and 2016 , and for the years ended December 31, 2017 2016 , and 2015 . The consolidating balance sheet as of December 31, 2016 was adjusted to reflect the adoption of ASU 2016-02 (see Note 1). CONSOLIDATING BALANCE SHEET December 31, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company ASSETS Cash and cash equivalents $ — $ 171,434 $ 156 $ 11,120 $ — $ 182,710 Receivables — 4,647 2,252 3,324 — 10,223 Escrow proceeds receivable — 1,594 1,725 — — 3,319 Real estate inventories — 831,007 630,384 238,459 — 1,699,850 Investment in unconsolidated joint ventures — 7,717 150 — — 7,867 Goodwill — 14,209 52,693 — — 66,902 Intangibles, net — — 6,700 — — 6,700 Deferred income taxes, net — 47,915 — — — 47,915 Lease right-of-use assets — 14,454 — — — 14,454 Other assets, net — 18,167 2,504 493 — 21,164 Investments in subsidiaries 780,472 (16,544 ) (494,201 ) — (269,727 ) — Intercompany receivables — — 269,831 — (269,831 ) — Total assets $ 780,472 $ 1,094,600 $ 472,194 $ 253,396 $ (539,558 ) $ 2,061,104 LIABILITIES AND EQUITY Accounts payable $ — $ 40,075 $ 13,007 $ 5,717 $ — $ 58,799 Accrued expenses — 108,407 2,988 96 — 111,491 Notes payable — 589 — 93,926 — 94,515 5 3 / 4 % Senior Notes — 149,362 — — — 149,362 7% Senior Notes — 346,740 — — — 346,740 5 7 / 8 % Senior Notes — 439,567 — — — 439,567 Intercompany payables — 179,788 — 90,043 (269,831 ) — Total liabilities — 1,264,528 15,995 189,782 (269,831 ) 1,200,474 Equity William Lyon Homes stockholders’ equity 780,472 (169,928 ) 456,199 (16,544 ) (269,727 ) 780,472 Noncontrolling interests — — — 80,158 — 80,158 Total liabilities and equity $ 780,472 $ 1,094,600 $ 472,194 $ 253,396 $ (539,558 ) $ 2,061,104 CONSOLIDATING BALANCE SHEET December 31, 2016 (as adjusted) (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company 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 Lease right-of-use assets — 13,129 — — — 13,129 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 $ 1,052,136 $ 388,758 $ 225,860 $ (352,560 ) $ 2,011,280 LIABILITIES AND EQUITY Accounts payable $ — $ 52,380 $ 16,416 $ 5,486 $ — $ 74,282 Accrued expenses — 88,187 4,634 98 — 92,919 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 — 1,293,429 24,029 183,253 (252,860 ) 1,247,851 Equity William Lyon Homes stockholders’ equity 697,086 (241,291 ) 364,727 (23,736 ) (99,700 ) 697,086 Noncontrolling interests — — — 66,343 — 66,343 Total liabilities and equity $ 697,086 $ 1,052,138 $ 388,756 $ 225,860 $ (352,560 ) $ 2,011,280 CONSOLIDATING STATEMENT OF OPERATIONS Year Ended December 31, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 748,396 $ 844,611 $ 202,067 $ — $ 1,795,074 Construction services — 1,454 — — — 1,454 Management fees — (5,741 ) — — 5,741 — — 744,109 844,611 202,067 5,741 1,796,528 Operating costs Cost of sales — (596,970 ) (700,878 ) (174,960 ) (5,741 ) (1,478,549 ) Construction services — (1,317 ) — — — (1,317 ) Sales and marketing — (30,637 ) (44,849 ) (10,740 ) — (86,226 ) General and administrative — (73,748 ) (16,457 ) (1 ) — (90,206 ) Other — (2,560 ) 308 (22 ) — (2,274 ) — (705,232 ) (761,876 ) (185,723 ) (5,741 ) (1,658,572 ) Income (loss) from subsidiaries 48,135 20,382 — — (68,517 ) — Operating income 48,135 59,259 82,735 16,344 (68,517 ) 137,956 Equity in income of unconsolidated joint ventures — 2,135 1,526 — — 3,661 Other income (expense), net — 2,029 264 (1,398 ) — 895 Income (loss) before loss on extinguishment of debt 48,135 63,423 84,525 14,946 (68,517 ) 142,512 Loss on extinguishment of debt — (21,828 ) — — — (21,828 ) Income (loss) before provision for income taxes 48,135 41,595 84,525 14,946 (68,517 ) 120,684 Provision for income taxes (62,933 ) — — — (62,933 ) Net income (loss) 48,135 (21,338 ) 84,525 14,946 (68,517 ) 57,751 Less: Net income attributable to noncontrolling interests — — — (9,616 ) — (9,616 ) Net income (loss) available to common stockholders $ 48,135 $ (21,338 ) $ 84,525 $ 5,330 $ (68,517 ) $ 48,135 CONSOLIDATING STATEMENT OF OPERATIONS Year Ended December 31, 2016 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 573,191 $ 680,138 $ 148,874 $ — $ 1,402,203 Construction services — 3,837 — — — 3,837 Management fees — (4,362 ) — — 4,362 — — 572,666 680,138 148,874 4,362 1,406,040 Operating costs Cost of sales — (462,153 ) (564,596 ) (131,226 ) (4,362 ) (1,162,337 ) Construction services — (3,485 ) — — — (3,485 ) Sales and marketing — (27,329 ) (36,170 ) (9,010 ) — (72,509 ) General and administrative — (60,141 ) (13,256 ) (1 ) — (73,398 ) Other — (442 ) 100 (1 ) — (343 ) — (553,550 ) (613,922 ) (140,238 ) (4,362 ) (1,312,072 ) Income (loss) from subsidiaries 59,696 8,331 — — (68,027 ) — Operating income 59,696 27,447 66,216 8,636 (68,027 ) 93,968 Equity in income of unconsolidated joint ventures — 4,369 1,237 — — 5,606 Other income (expense), net — 4,640 (34 ) (1,363 ) — 3,243 Income (loss) before provision for income taxes 59,696 36,456 67,419 7,273 (68,027 ) 102,817 Provision for income taxes — (34,850 ) — — — (34,850 ) Net income (loss) 59,696 1,606 67,419 7,273 (68,027 ) 67,967 Less: Net income attributable to noncontrolling interests — — — (8,271 ) — (8,271 ) Net income (loss) available to common stockholders $ 59,696 $ 1,606 $ 67,419 $ (998 ) $ (68,027 ) $ 59,696 CONSOLIDATING STATEMENT OF OPERATIONS Year Ended December 31, 2015 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 459,990 $ 568,774 $ 50,164 $ — $ 1,078,928 Construction services — 25,124 — — — 25,124 Management fees — (1,506 ) — — 1,506 — — 483,608 568,774 50,164 1,506 1,104,052 Operating costs Cost of sales — (358,793 ) (475,043 ) (43,653 ) (1,506 ) (878,995 ) Construction services — (21,181 ) — — — (21,181 ) Sales and marketing — (26,626 ) (31,231 ) (3,682 ) — (61,539 ) General and administrative — (47,385 ) (11,776 ) — — (59,161 ) Amortization of intangible assets — (957 ) — — — (957 ) Other — (3,477 ) 1,505 — — (1,972 ) — (458,419 ) (516,545 ) (47,335 ) (1,506 ) (1,023,805 ) Income (loss) from subsidiaries 57,336 (2,395 ) — — (54,941 ) — Operating income 57,336 22,794 52,229 2,829 (54,941 ) 80,247 Income from unconsolidated joint ventures — 1,912 1,327 — — 3,239 Other income (expense), net — 7,911 4,793 (9,123 ) — 3,581 In

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 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 December 31, 2017 and 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 of floating interest rate terms and/or the outstanding balance 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—The 5 3 / 4 % Senior Notes are traded over the counter and their fair value was based upon published quotes; • 8 1 / 2 % Senior Notes—The 8 1 / 2 % Senior Notes are traded over the counter and their fair value was based upon published quotes; • 7% Senior Notes—The 7% Senior Notes are traded over the counter and their fair value was based upon published quotes; • 5 7 / 8 % Senior Notes—The 5 7 / 8 % Senior Notes are traded over the counter and their fair value was based upon published quotes; The following table excludes cash and cash equivalents, 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): December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 94,515 $ 94,515 $ 155,768 $ 155,768 Subordinated amortizing notes — — 7,225 7,478 5 3 / 4 % Senior Notes due 2019 149,362 151,500 148,826 151,125 8 1 / 2 % Senior Notes due 2020 — — 422,817 444,125 7% Senior Notes due 2022 346,740 362,250 346,014 363,125 5 7 / 8 % Senior Notes due 2025 439,567 459,000 — — 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 utilized Level 3 inputs to determine the fair value of its Notes Payable, and Level 2 inputs 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	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Pursuant to the preemptive rights granted under the Company’s Third Amended and Restated Certificate of Incorporation, upon the issuances of the shares of Class A Common Stock underlying the TEUs (see Note 8), Lyon Shareholder 2012, LLC, a Delaware limited liability company, and the sole holder (the “Class B Holder”) of the Company’s Class B Common Stock, had the right to purchase up to the number of additional shares of Class B Common Stock needed to maintain its voting power at the time of such issuances of Class A Common Stock. On December 14, 2017, in connection with the exercise of such preemptive rights by the Class B Holder, the Company entered into a stock purchase agreement (the “Purchase Agreement”) with the Class B Holder. The Purchase Agreement provided for the purchase by the Class B Holder from the Company of 1,003,510 newly issued shares of Class B Common Stock, subject to the terms and conditions specified therein, which shares were issued and sold to the Class B Holder, and are beneficially owned by William H. Lyon, the Company’s Executive Chairman and Chairman of the Board of Directors. The aggregate consideration received by the Company for the Class B Common Stock was $29.9 million . Refer to Note 13 for further details regarding the transaction. The Company has entered into a Purchase and Sale Agreement (the “PSA”) with an entity (“Seller”) managed by an affiliate of Paulson & Co., Inc. (“Paulson”), which provides for the consummation of a transaction, subject to closing conditions specified therein, pursuant to which the Company may purchase certain real property from the Seller located in Oceanside, California, for a proposed residential homebuilding development. The PSA provides for an aggregate deposit amount of $1.2 million (the “Deposit”), which Deposit was paid and became non-refundable in December 2017. WLH Recovery Acquisition LLC, which is affiliated with, and managed by affiliates of, Paulson, previously held over 5% of Parent’s outstanding Class A common stock, which stock was sold in its entirety in September 2017. One of the members of Parent’s board of directors currently serves as Portfolio Manager for the Paulson Real Estate Funds, which are affiliates of Paulson, and is a Partner in Paulson. The Company believes that the transaction is on terms no less favorable than it would have agreed to with unrelated third parties. In December 2016, the Company sold an unentitled remnant parcel of land located in Portland, Oregon for an overall purchase price of approximately $550,000 in cash to the Division President of our Oregon division. The purchase price was supported by an unaffiliated third party appraisal received by the Company, and the Company believes that the transaction was on terms no less favorable than it would have agreed to with unrelated parties. 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. At the time of the transaction, WLH Recovery Acquisition LLC, which is affiliated with, and managed by affiliates of, Paulson, held 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 (see Note 8). 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. On September 3, 2009, Presley CMR, Inc., a California corporation (“Presley CMR”) and wholly owned subsidiary of California Lyon, entered into an Aircraft Purchase and Sale Agreement (“PSA”) with an affiliate of General William Lyon to sell an aircraft. The PSA provided for an aggregate purchase price for the Aircraft of $8.3 million , (which value was the appraised fair market value of the Aircraft), which consisted of: (i) cash in the amount of $2.1 million to be paid at closing and (ii) a promissory note from the affiliate in the amount of $6.2 million . The note was secured by the Aircraft and required semiannual interest payments to California Lyon of approximately $132,000 . The note provided for a maturity date in September 2016 . During the year ended December 31, 2016 , the promissory note was paid in full by the borrower prior to the September 2016 maturity date, along with all accrued interest to date. In October 2015, the Company acquired certain lots within the master planned community of Lake Las Vegas in Nevada for a cash purchase price of approximately $7.3 million, from an entity managed by an affiliate of Paulson. The Company believes that the transaction was on terms no less favorable than it would have agreed to with unrelated parties.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Since inception, the Company has operated solely within the United States. The following summarizes the provision from income taxes (in thousands): Year Ended December 31, Year Ended December 31, Year Ended December 31, 2017 2016 2015 Current Federal $ (25,974 ) $ (26,978 ) $ (15,296 ) State (9,122 ) (4,077 ) (3,350 ) Deferred Federal (26,663 ) (1,395 ) (5,259 ) State (1,174 ) (2,400 ) (2,901 ) $ (62,933 ) $ (34,850 ) $ (26,806 ) Income taxes differ from the amounts computed by applying the applicable federal statutory rates due to the following (in thousands): Year Ended December 31, Year Ended December 31, Year Ended December 31, 2017 2016 2015 Provision for federal income taxes at the statutory rate $ (42,240 ) $ (35,986 ) $ (30,473 ) (Increases)/decreases in tax resulting from: Provision for state income taxes, net of federal income tax benefits (6,692 ) (4,210 ) (4,063 ) Rate adjustment - new tax reform legislation (23,126 ) — — Change in valuation allowance — — 1,626 Domestic production activities deduction 2,868 2,481 2,087 Nondeductible items-other (94 ) (58 ) (52 ) Non-controlling interests 3,366 2,895 1,024 Change in RBIL estimate — — 1,771 Tax credits (160 ) 166 1,272 Stock based compensation 281 27 — Other, net 2,864 (165 ) 2 $ (62,933 ) $ (34,850 ) $ (26,806 ) On December 22, 2017, President Donald Trump signed into law “H.R.1” (the “Tax Cuts and Jobs Act”), which among other items reduces the federal corporate tax rate from 35% to 21% effective January 1, 2018. Also on December 22, 2017, the Securities & Exchange Commission Staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance for accounting for effects of the Tax Cuts and Jobs Act for which the accounting under ASC 740, “Income Taxes” (“ASC 740”) is incomplete. Under SAB 118, to the extent that accounting for certain income tax effects of the Tax Cuts and Jobs Act is incomplete but that the Company is able to determine a reasonable estimate, it must record a provisional estimate in its consolidated financial statements. If a reasonable estimate cannot be determined, ASC 740 should continue to be applied on the basis of the tax laws that were in effect prior to the passage of the Tax Cuts and Jobs Act. The Company recognized the income tax effects of the Tax Cuts and Jobs Act in accordance with SAB 118. As such, the Company’s financial results for the year ended December 31, 2017 reflect the income tax effects for which the accounting under ASC Topic 740 is complete and provisional amounts for those specific income tax effects of the 2017 Tax Act for which the accounting under ASC Topic 740 is incomplete but a reasonable estimate could be determined. The Company has recognized the tax impact related to the revaluation of deferred tax assets and liabilities, resulting in $23.1 million of additional income tax expense for the year ended December 31, 2017 . The Company has also recorded a provisional amount in relation to the treatment of AMT credits in its consolidated financial statements for the year ended December 31, 2017 . The Company did not identify any items for which the income tax effects of the Tax Cuts and Jobs Act have not been completed and a reasonable estimate could not be determined as of December 31, 2017 . The ultimate impact of AMT credits may differ from the provisional amount, possibly materially, due to, among other things, additional analysis, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Cuts and Jobs Act. The Company’s effective income tax rate was 52.1% , and 33.9% for the year ended December 31, 2017 and 2016 , respectively. The significant drivers of the effective tax rate are revaluation of deferred tax assets and liabilities discussed above, allocation of income to noncontrolling interests and the domestic production activities deduction. Temporary differences giving rise to deferred income taxes consist of the following (in thousands): December 31, 2017 2016 Deferred tax assets Impairment and other reserves $ 33,883 $ 53,806 Compensation deductible for tax purposes when paid 5,093 9,161 AMT credit carryover 1,384 1,384 Unused recognized built-in loss 10,706 18,651 Net operating loss 3,488 3,172 Effect of book/tax differences for general and administrative 4,508 6,427 Other 806 694 59,868 93,295 Deferred tax liabilities Effect of book/tax differences for joint ventures (1,343 ) (2,706 ) Effect of book/tax differences for capitalized interest (6,478 ) (11,103 ) Fixed assets and intangibles (1,850 ) (1,716 ) Goodwill and other intangibles (1,998 ) (1,541 ) Other (284 ) (478 ) (11,953 ) (17,544 ) Total deferred tax assets, net $ 47,915 $ 75,751 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 December 31, 2017 the Company had no valuation allowance recorded. As of December 31, 2012, the Company had generated significant deferred tax assets through its operations, but as a result of the Company's ongoing assessments had determined that it was not more likely than not that the Company would be able to utilize these assets. As a result, the Company had recorded a full valuation allowance against the $200.0 million deferred tax asset balance. During the quarter ended December 31, 2013, the Company determined that it would be able to utilize $95.6 million of its deferred tax assets, and recognized an income tax benefit in its results of operations in this amount. This conclusion was based upon the operating results of the Company, most notably three consecutive quarters of net income, reduced interest expense as a result of the 2012 restructure, and eight consecutive quarters of period over period growth in net new home orders, home closings, and dollar value of backlog, in addition to continued improving conditions in the single family home market. Since 2013, the Company's operating results have demonstrated consistent improvement with significant growth in revenues and net income, which has allowed it to realize approximately $20.0 million in deferred tax assets through December 31, 2017. The Company's analysis demonstrated that even under the stress tested forecasts of future results which considered the potential impact of the negative evidence noted above, the Company would continue to generate sufficient taxable income in future periods to realize the majority of its deferred tax assets. This fact, coupled with other positive evidence described above, significantly outweighed the negative evidence and based on this analysis management concluded, in accordance with ASC 740, that it was more likely than not that the majority of its deferred tax assets as of December 31, 2013 would be realized. At December 31, 2017 , the Company had no remaining federal net operating loss carryforwards and $49.9 million remaining state net operating loss carryforwards. State net operating loss carryforwards begin to expire in 2031. In addition, as of December 31, 2017 , the Company had unused federal and state built-in losses of $48.5 million and $7.5 million , respectively. The 5 year testing period for built-in losses expires in 2017 and the unused built-in loss carryforwards begin to expire at the end of 2032. The Company had AMT credit carryovers of $1.4 million at December 31, 2017 , which if not previously utilized are allowable as refundable credits under the Jobs and Tax Act through 2022. However, the refundability of the credit will be determined through additional guidance to properly interpret the interaction between Internal Revenue Code Section 383 with the Jobs and Tax Act. 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. As of December 31, 2017 and 2016 , the Company had no significant uncertain tax positions. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Due to the Company’s net operating losses incurred, the Company is subject to U.S. federal income tax examinations for calendar tax years ended 2012 and forward and subject to various state income tax examinations for calendar tax years ended 2008 and forward. The Company is currently under examination by the Internal Revenue Service for the 2013 and 2014 tax years and a California examination is pending for the 2014 tax year.

Income Per Common Share

Income Per Common Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Income Per Common Share	Income Per Common Share Basic and diluted income per common share for the years ended December 31, 2017 , 2016 , and 2015 were calculated as follows (in thousands, except number of shares and per share amounts): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Basic weighted average number of shares outstanding (1) 37,040,137 36,764,799 36,546,227 Effect of dilutive securities: Preferred shares, stock options, and warrants 1,623,530 815,171 1,326,399 Tangible Equity Units — 894,930 894,930 Diluted average shares outstanding 38,663,667 38,474,900 38,767,556 Net income available to common stockholders $ 48,135 $ 59,696 $ 57,336 Basic income per common share $ 1.30 $ 1.62 $ 1.57 Dilutive income per common share $ 1.24 $ 1.55 $ 1.48 Potentially antidilutive securities not included in the calculation of diluted income per common share (weighted average): Unvested stock options 240,000 240,000 180,000 (1) For the year ended December 31, 2017 , basic weighted average number of shares outstanding includes 5,113,475 shares of the Company’s Tangible Equity Units, of which 670,811 and 4,442,664 were settled and issued on November 27, 2017 and December 1, 2017, respectively. For the years ended December 31, 2016 and December 31, 2015 , basic weighted average number of shares outstanding included the minimum number of shares that were issuable under the Company’s Tangible Equity Units. As these periods were prior to the settlement of the TEUs, these calculations assumed 5,113,475 shares included from the respective issue dates of the Company’s Tangible Equity Units. See Note 8.

Equity

Equity	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Equity	Equity Common Stock Pursuant to the preemptive rights granted under the Company’s Third Amended and Restated Certificate of Incorporation, upon the issuances of the shares of Class A Common Stock underlying the TEUs (see Note 8), Lyon Shareholder 2012, LLC, a Delaware limited liability company and the sole holder of the Company’s Class B Common Stock, par value $0.01 per share, had the right to purchase up to the number of additional shares of Class B Common Stock needed to maintain its voting power at the time of such issuances of Class A Common Stock. On December 14, 2017, in connection with the exercise of such preemptive rights by the Class B Holder, the Company entered into a stock purchase agreement with the Class B Holder. The purchase agreement provided for the purchase by the Class B Holder from the Company of 1,003,510 newly issued shares of Class B Common Stock, subject to the terms and conditions specified therein, which reflects the maximum number of shares that could be purchased pursuant to such preemptive rights in connection with the settlement of the TEUs. Accordingly, the Company issued and sold to the Class B Holder 1,003,510 shares of Class B Common Stock. The aggregate consideration received by the Company for the Class B Common Stock was $29,908,028 , for an average purchase price of approximately $29.80 per share. Pursuant to the terms of the Certificate of Incorporation, each share of Class B Common Stock is convertible into a share of Class A Common Stock. Each share of Class B Common Stock will automatically convert into one share of Class A Common Stock if holders of a majority of the shares of Class B Common Stock then-outstanding vote in favor of such conversion. Further, if, at any time, any share of Class B Common Stock is not owned, beneficially or of record, by either General William Lyon or William H. Lyon, their siblings, spouses and lineal descendants (including by step-, adoptive and similar relationships), any entities wholly owned by one or more of the foregoing persons, or any trusts or other estate planning vehicles for the benefit of any of the foregoing, then such share of Class B Common Stock will automatically convert into one share of Class A Common Stock. A holder of Class B Common Stock may also elect at any time to convert any or all of their shares into Class A Common Stock at the rate of one share of Class A Common Stock for each share of Class B Common Stock. All of our outstanding shares of common stock have been validly issued and fully paid and are non-assessable. The rights of the holders of common stock will be subject to, and may be adversely affected by, the rights of the holders of preferred stock, of which there are no shares issued or outstanding as of December 31, 2017 or 2016 . Holders of our common stock have no preference, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe for any of our securities, with the exception of holders of our Class B Common Stock, which do have certain preemptive rights. The Company does not intend to declare or pay cash dividends in the foreseeable future. Any determination to pay dividends to holders of our common stock will be at the discretion of our board of directors. The payment of cash dividends is restricted under the terms of certain of the agreements governing our outstanding indebtedness, including the indentures governing our senior notes. Share Repurchase Program As announced on February 22, 2017, the Board of Directors of the Company has approved a stock repurchase program, authorizing the repurchase of up to an aggregate of $50 million of the Company's Class A common stock. The program allows the Company to repurchase shares of Class A common stock from time to time for cash in the open market or privately negotiated transactions or other transactions, as market and business conditions warrant and subject to applicable legal requirements. The stock repurchase program does not obligate the Company to repurchase any particular amount of common stock, and it could be modified, suspended or discontinued at any time. As of December 31, 2017 , the Company repurchased 138,227 shares, for an average purchase price of approximately $22.50 per share, and had $46.9 million remaining available for repurchase. Warrants The holders of Class B common stock hold warrants to purchase 1,907,551 shares of Class B common stock at an exercise price of $17.08 per share. The expiration date of the Class B Warrants is February 24, 2022 . The Warrants were assigned a value of $1.0 million in conjunction with the adoption of fresh start accounting and are recorded in additional paid-in capital. Tangible Equity Units On November 27, 2017, the Company issued 670,811 shares of Class A Common Stock to certain holders who elected for early settlement of their purchase contracts. On December 1, 2017 (the "mandatory settlement date"), the Company issued the balance to the remaining holders, for an aggregate issuance of 5,113,473 shares of Class A Common Stock, which reflected the minimum number of shares of Class A Common Stock, or 4.4465 shares per each of the previously outstanding 1,150,000 tangible equity units that were issuable by the Company under the purchase contracts (as adjusted for fractional shares). As of December 31, 2017 , the amortizing notes were settled in full. The net proceeds from the issuance of the TEUs were allocated between the purchase contract and amortizing note based on their relative fair values. As a result, $90.7 million was allocated to additional paid-in capital in connection with the issuance of the TEUs during 2014.

Stock Based Compensation

Stock Based Compensation	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock Based Compensation In 2012, the Company adopted the William Lyon Homes 2012 Equity Incentive Plan (the “Plan”). The Plan was approved by the Board of Directors and the Company’s stockholders, and is administered by the Compensation Committee of the Board. The provisions of the Plan allow for a variety of stock-based compensation awards, including stock options, stock appreciation rights, or SARs, restricted stock awards, restricted stock unit awards, deferred stock awards, deferred stock unit awards, dividend equivalent awards, stock payment awards and performance awards and other stock-based awards, to certain executives, directors, and non-executives of California Lyon. The Company believes that such awards provide a means of compensation to attract and retain qualified employees and better align the interests of our employees with those of our stockholders. Option awards are granted with an exercise price equal to the market price at the date of grant. During 2017, the Company amended the Plan to reflect a broad range of compensation and governance practices necessary to attract and retain the services key individuals essential to the Company’s long -term growth and success. Among other things, the amendment served to increase the aggregate number of shares of common stock available for issuance under the prior plan by 900,000 shares. Under the Plan, 4,535,363 shares of the Company’s Class A common stock have been reserved for issuance. In 2017 , the Company granted an aggregate of 813,586 restricted shares of Class A common stock, which consisted of 259,677 shares of time-based restricted stock and 553,909 shares of performance based restricted stock. In 2016 , and 2015 , the Company granted an aggregate of 857,460 restricted shares and 493,524 restricted shares, respectively, of Class A common stock. With respect to time-based restricted stock granted to employees during 2017 , 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, 45,111 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, and 6,434 of such shares have a vesting schedule pursuant to which one-half of the shares will vest on July 27th of each of 2018 and 2019, in each case subject to each grantee’s continued service through each vesting date, and 35,275 of such shares 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. The Company granted performance-based restricted stock awards to certain executive employees during each of 2017 , 2016 and 2015 . With respect to the performance based restricted stock awards granted during 2017 , 2016 and 2015 , the performance based restricted stock awards vests as follows: one-third of the shares of performance based restricted stock will vest on March 1 of each of the first, second, and third years following the grant date, and all but one of such grants were subject to the Company’s achievement of pre-established performance targets as of the end of the given fiscal year, and subject to each grantee's continued service through each vesting date. The remaining grant did not contain a pre-established performance target, but the earned shares for such award were determined by the exercise of the discretion of the Compensation Committee of Parent’s Board of Directors following the end of the 2014 fiscal year, which were determined to be at the target level. During 2017 , the Company achieved and recorded stock based compensation expense at 111% of its performance target. During 2016 , the Company achieved 96% of its performance target related to certain metrics, resulting in earned shares based on the term of the award agreements, but did not achieve its target level for another metric applicable to certain individuals. During 2015 , the Company achieved 92% of its performance targets. The Company uses the fair value method of accounting for stock options granted to employees which requires us to measure the cost of employee services received in exchange for the stock options, based on the grant date fair value of the award. The fair value of the awards is estimated using the Black-Scholes option-pricing model. The resulting cost is recognized on a straight line basis over the period during which an employee is required to provide service in exchange for the award, usually the vesting period. The fair value of each employee option awarded was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions. Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Expected dividend yield N/A N/A — Risk-free interest rate N/A N/A 1.71% Expected volatility N/A N/A 44% Expected life (in years) N/A N/A 6.75 The Black-Scholes option-pricing model requires inputs such as the expected dividend yield, risk-free interest rate, expected term and expected volatility. Further, the forfeiture rate also affects the amount of aggregate compensation. These inputs are subjective and generally require significant judgment. The risk-free interest rate that we use is based on the United States Treasury yield in effect at the time of grant for zero coupon United States Treasury notes with maturities approximating each grant’s expected life. Given our limited history with employee exercise patterns, we use the “simplified” method in estimating the expected term for our employee grants. The “simplified” method is calculated as the average of the time-to-vesting and the contractual life of the options. Our expected volatility was derived from the historical volatilities of our common stock and several unrelated public companies within the homebuilding industry, because we had insufficient trading history on our common stock at the time the grants were valued. When making the selections of our peer companies within the homebuilding industry to be used in the volatility calculation, we also considered the stage of development, size and financial leverage of potential comparable companies. We estimate our forfeiture rate based on an analysis of our actual forfeitures and will continue to evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover behavior and other factors. As of December 31, 2017 , the Company has 1,604,258 shares available for grant under the Plan. Summary of Stock Option Activity Stock option activity under the Plan for the years ended December 31, 2017 , 2016 , and 2015 was as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Options outstanding at beginning of year 596,313 $ 15.57 611,313 $ 15.40 419,238 $ 8.66 Granted (1) — N/A — N/A 240,000 $ 25.82 Exercised (3,535 ) $ 8.66 (15,000 ) $ 8.66 (47,925 ) $ 8.66 Canceled — N/A — N/A — N/A Options outstanding at end of year 592,778 $ 15.61 596,313 $ 15.57 611,313 $ 15.40 Options vested and expected to vest 592,778 $ 15.61 596,313 $ 15.57 611,313 $ 15.40 Options exercisable at end of year (2) 352,778 $ 8.66 356,313 $ 8.66 371,313 $ 8.66 Price range of options exercised $ 8.66 $ 8.66 $ 8.66 Price range of options outstanding $8.66-$25.82 $8.66-$25.82 $8.66-$25.82 (1) The weighted average grant date fair value of the stock options during December 31, 2015 was $12.01 . (2) No options vested during the years ended December 31, 2017 , 2016 or 2015 . The following table summarizes information about stock options granted to executives, directors, and non-executives that are outstanding and exercisable at December 31, 2017 : Outstanding Exercisable Exercise Price Number of Shares Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Number of Shares $ 8.66 352,778 4.75 $ 7,203,727 352,778 Summary of Restricted Shares Activity During the years ended December 31, 2017 , 2016 , and 2015 , the Company had the following activity relating to grants of time-based restricted common stock: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Number of Shares Weighted Avg Grant Date Fair Value Number of Shares Weighted Avg Grant Date Fair Value Number of Weighted Avg Grant Date Fair Value Non-vested shares at beginning of year 346,924 $ 16.91 225,687 $ 23.65 79,335 $ 24.84 Granted 259,677 18.14 291,368 14.14 208,715 23.11 Vested (181,812 ) 17.62 (126,073 ) 21.81 (55,571 ) 23.24 Canceled (1) (5,494 ) 16.23 (44,058 ) 19.06 (6,792 ) 24.28 Non-vested shares at end of year 419,295 $ 17.38 346,924 $ 16.91 225,687 $ 23.65 (1) Represents shares that were canceled as result of terminations of employment. During the years ended December 31, 2017 , 2016 , and 2015 the Company had the following activity relating to grants of performance based restricted common stock: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Number of Shares Weighted Avg Grant Date Fair Value Number of Weighted Avg Grant Date Fair Value Number of Weighted Avg Grant Date Fair Value Non-vested shares at beginning of year 655,133 $ 17.81 480,757 $ 24.18 506,846 $ 23.84 Granted 553,909 18.00 566,092 13.88 284,809 23.50 Vested (147,477 ) 21.49 (190,977 ) 20.58 (154,467 ) 19.58 Canceled (1) (349,000 ) 19.55 (200,739 ) 23.38 (156,431 ) 28.86 Non-vested shares at end of year 712,565 $ 17.01 655,133 $ 17.81 480,757 $ 24.18 (1) Represents shares that were canceled as a result of achievement of performance targets as outlined in the respective grant agreement at below the maximum levels, as well as a result of terminations of employment. In conjunction with the issuance of the equity grants in the years ended December 31, 2017 , 2016 and 2015 , the Company recorded stock based compensation expense of $10.1 million , $6.4 million , and $6.6 million , respectively, which is included in general and administrative expense in the consolidated statement of operations. As of December 31, 2017 , $8.8 million of total unrecognized stock based compensation expense is expected to be recognized as an expense by the Company in the future over a weighted average period of 1.0 years . The total value of restricted stock awards which fully vested during the years ended December 31, 2017 , 2016 and 2015 was $8.0 million , $5.1 million , and $6.0 million , respectively. For the years ended December 31, 2017 , 2016 and 2015 , the Company recognized an income tax benefit of $3.8 million , $4.1 million and $3.5 million related to stock based compensation, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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 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 December 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 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. In some jurisdictions in which the Company develops and constructs property, assessment district bonds are issued by municipalities to finance major infrastructure improvements. As a land owner benefited by these improvements, the Company is responsible for the assessments on its land. When properties are sold, the assessments are either prepaid or the buyers assume the responsibility for the related assessments. Assessment district bonds are recorded as liabilities in the Company’s consolidated balance sheet, if the amounts are fixed and determinable. As of December 31, 2017 and 2016 , the Company is not obligated under any assessment district bonds. The Company also had outstanding performance and surety bonds of $234.0 million at December 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 December 31, 2017 , the Company had $355.5 million of project commitments relating to the construction of projects. The Company has provided unsecured environmental indemnities to certain lenders, joint venture partners and land sellers. In each case, the Company has performed due diligence on the potential environmental risks including obtaining an independent environmental review from outside environmental consultants. These indemnities obligate the Company to reimburse the guaranteed parties for damages related to environmental matters. There is no term or damage limitation on these indemnities; however, if an environmental matter arises, the Company could have recourse against other previous owners. See Note 8 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 December 31, 2017 , the Company has made non-refundable deposits of $51.8 million . The Company is under no obligation to purchase the land, but would forfeit remaining deposits if the land were not purchased. The total purchase price under the purchase option agreements is $539.3 million as of December 31, 2017 . Lease Obligations As described more fully in Note 1, as of April 1, 2017, the Company adopted the provisions of ASU 2016-02 and recognized lease obligations and associated ROU assets for its existing non-cancelable leases. Lease obligations, as included in Accrued expenses on the consolidated balance sheets, were $14.5 million as of December 31, 2017 and $13.1 million as of December 31, 2016 . The Company has non-cancelable operating leases primarily associated with office facilities, real estate and office equipment, in addition to one related sublease for an office facility. The determination of which discount rate to use when measuring the lease obligation was deemed a significant judgment. Lease cost, as included in general and administrative expense in our consolidated statements of operations for the respective periods, and additional information regarding lease terms are as follows (dollars in thousands): Year Ended December 31, 2017 Year Ended December 31, 2016 Lease cost Operating lease cost $ 6,835 $ 3,890 Sublease income (117 ) (117 ) Total lease cost $ 6,718 $ 3,773 Other information Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 5,551 $ 3,270 Right-of-use assets obtained in exchange for new operating lease liabilities $ 5,925 $ 1,353 Weighted-average discount rate 6.6 % 6.6 % December 31, 2017 December 31, 2016 Weighted-average remaining lease term (in years) 3.58 5.16 The table below shows the future minimum payments under non-cancelable operating leases at December 31, 2017 (in thousands). Year Ending December 31, 2018 $ 6,998 2019 3,989 2020 2,635 2021 2,398 2022 1,342 Thereafter 440 Total $ 17,802

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Agreement to Acquire RSI Communities LLC On February 20, 2018, the Company announced it entered into a definitive agreement with RSI Communities LLC (“RSI Communities”), RS Equity Management LLC, the Class B Sellers of RSI Communities, and RS Equity Management LLC, as the sellers’ representative, to acquire RSI Communities, a Southern California and Texas based homebuilder, and three additional related real estate assets for an aggregate cash purchase price of approximately $460 million , subject to net asset value adjustments. The Company intends to fund the transaction with cash on hand, debt, and land banking proceeds. The transaction contains customary representations, warranties and covenants of the parties, and closing of the transaction is subject to customary closing conditions. The transaction is expected to close in the first quarter of fiscal year 2018. There can be no assurance that the proposed transaction will be completed, or if it is completed, that the expected benefits of the transaction will be realized. No other events have occurred subsequent to December 31, 2017 , that would require recognition or disclosure in the Company’s financial statements.

Unaudited Summarized Quarterly

Unaudited Summarized Quarterly Financial Information	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Unaudited Summarized Quarterly Financial Information	Unaudited Summarized Quarterly Financial Information Summarized unaudited quarterly financial information for the years ended December 31, 2017 and 2016 is as follows (in thousands except per share data): Three Months Ended March 31, June 30, September 30, December 31, Home sales $ 258,854 $ 422,633 $ 490,304 $ 623,283 Cost of sales (218,455 ) (353,057 ) (401,700 ) (505,337 ) Gross profit 40,399 69,576 88,604 117,946 Other income, costs and expenses, net (49,695 ) (49,325 ) (58,544 ) (101,210 ) Net (loss) income (9,296 ) 20,251 30,060 16,736 Net (loss) income available to common stockholders $ (10,000 ) $ 18,954 $ 27,418 $ 11,763 (Loss) Income per common share: Basic $ (0.27 ) $ 0.51 $ 0.74 $ 0.32 Diluted $ (0.27 ) $ 0.49 $ 0.71 $ 0.30 Three Months Ended March 31, June 30, September 30, December 31, Home sales $ 261,295 $ 325,059 $ 342,628 $ 473,221 Cost of sales (215,171 ) (268,638 ) (285,896 ) (392,632 ) Gross profit 46,124 56,421 56,732 80,589 Other income, costs and expenses, net (36,183 ) (41,335 ) (40,218 ) (54,163 ) Net income 9,941 15,086 16,514 26,426 Net income available to common stockholders $ 9,014 $ 14,561 $ 13,069 $ 23,052 Income per common share: Basic $ 0.25 $ 0.40 $ 0.36 $ 0.63 Diluted $ 0.24 $ 0.38 $ 0.34 $ 0.60

Basis of Presentation and Sig25

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
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 December 31, 2017 and 2016 and revenues and expenses for the years ended December 31, 2017 , 2016 , and 2015 . 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, accounting for variable interest entities, valuation of deferred tax assets, and the fair value of assets acquired and liabilities assumed in connection with acquisition accounting. The 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 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.
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 accumulated 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. For the years ended December 31, 2017 , 2016 and 2015 , the Company had four , five , and one land parcel sales, respectively, that resulted in a $0.8 million gain, $3.6 million gain and $0.8 million gain, respectively. The Company accounts for its real estate inventories under FASB ASC 360 Property, Plant, & Equipment (“ASC 360”). ASC 360 requires impairment losses to be recorded on real estate inventories when indicators of impairment are present and the undiscounted cash flows estimated to be generated by real estate inventories are less than the carrying amount of such assets. Indicators of impairment include a decrease in demand for housing due to softening market conditions, competitive pricing pressures, which reduce the average sales price of homes including an increase in sales incentives offered to buyers, slowing sales absorption rates (calculated as net new home orders divided by average sales locations for a given period), decreases in home values in the markets in which the Company operates, significant decreases in gross margins and a decrease in project cash flows for a particular project. For land, construction in progress and completed inventory, including model homes, the Company estimates expected cash flows at the project level by maintaining current budgets using recent historical information and current market assumptions. The Company updates project budgets and cash flows of each real estate project on an as needed basis to determine whether the estimated remaining undiscounted future cash flows of the project are more or less than the carrying amount (net book value) of the asset. If the undiscounted cash flows are more than the net book value of the project, then there is no impairment. If the undiscounted cash flows are less than the net book value of the asset, then the asset is deemed to be impaired and is written-down to its fair value. Fair value represents the amount at which an asset could be bought or sold in a current transaction between willing parties (i.e., other than a forced or liquidation sale). Management determines the estimated fair value of each project by determining the present value of estimated future cash flows at discount rates that are commensurate with the risk of each project and each domain, market or sub-market or may use recent appraisals if they more accurately reflect fair value. The estimation process involved in determining if assets have been impaired and in the determination of fair value is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. Estimates of revenues and costs are supported by the Company’s budgeting process, and are based on recent sales in backlog, pricing required to get the desired pace of sales, pricing of competitive projects, incentives offered by competitors and current estimates of costs of development and construction or current appraisals. The assumptions and judgments used by the Company in the estimation process to determine the future undiscounted cash flows of a project and its fair value are inherently uncertain and require a substantial degree of judgment. The realization of the Company’s real estate inventories is dependent upon future uncertain events and market conditions. Due to the subjective nature of the estimates and assumptions used in determining the future cash flows of a project, actual results could differ materially from current estimates. Management assesses land deposits for impairment when estimated land values are deemed to be less than the agreed upon contract price. The Company considers changes in market conditions, the timing of land purchases, the ability to renegotiate with land sellers, the terms of the land option contracts in question, the availability and best use of capital, and other factors. The Company records abandoned land deposits and related pre-acquisition costs in cost of sales-lots, land and other in the consolidated statements of operations in the period that it is abandoned. 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 operating segment, 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 periodically 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 FASB 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 Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash investments, receivables, escrow proceeds receivable, our indebtedness, and deposits. The Company typically places its cash investments 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 15.
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 December 31, 2017 and 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.
Goodwill	Goodwill In accordance with the provisions of ASC 350, Intangibles, Goodwill and Other , goodwill is tested for impairment on an annual basis, or more frequently if events or circumstances indicate that goodwill may be impaired. The impairment test is performed at the reporting unit level, and an impairment loss is recognized to the extent that the carrying amount of goodwill exceeds the fair value. The Company has determined that we have six reporting segments, as discussed in Note 4, and will perform an annual goodwill impairment analysis during the fourth quarter of each fiscal year.
Intangible Assets	Intangible Assets 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 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	Income per common share The Company computes income per common share in accordance with FASB ASC Topic 260, Earnings per Share , which requires 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 income between the holders of common stock and a company’s participating security holders. Basic 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 outstanding.
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 would be provided to reduce net deferred tax assets if it were determined that it is more likely than not to be realized. 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. In addition, the Company has elected to recognize interest and penalties related to uncertain tax positions in the income tax provision.
Comprehensive Income or Loss	Comprehensive Income or Loss The Company had no other transactions or activity, other than net income or loss, that would be considered as part of comprehensive income or loss.
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. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts . The Company has evaluated the impact of adopting the new standard and determined that there will not be a significant impact to its current revenue recognition patterns. The adoption of ASU 2014-09 will primarily have an impact on our accounting policies related to the Company's accounting for certain capitalized marketing costs currently recorded in Real estate inventories. With the adoption of ASU 2014-09, the Company will no longer record certain costs related to model homes and sales offices within Real estate inventories, and will instead record them as property plant and equipment. The amortization of these costs will be the same under ASU 2014-09 as under current generally accepted accounting principles, resulting in no adjustment to the the Company's retained earnings upon adoption. ASU 2014-09 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. The Company has adopted the guidance effective January 1, 2018 using a cumulative effect transition method. As a result of the Company's analysis, it will not record an adjustment to retained earnings on January 1, 2018. 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 does not anticipate that the adoption of ASU 2016-15 will have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)" (“ASU 2016-18”). ASU 2016-18 requires restricted cash to be included with cash and cash equivalents when reconciling the beginning and ending amounts on the statement of cash flows. ASU 2016-18 is effective for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted. The Company does not anticipate that the adoption of ASU 2016-18 will have a material impact on its consolidated financial statements. Change in Accounting Principle During the second quarter ended June 30, 2017, the Company adopted the provisions of Accounting Standards Update ("ASU") No. 2016-02, " Leases (Topic 842) " ("ASU 2016-02"), which amends the existing standards for lease accounting, 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 ("ROU") model 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. Effective April 1, 2017, the Company adopted the new standard with a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The adoption is accounted for as a change in accounting principle in conformity with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 250, “ Accounting Changes and Error Corrections ”. As a result of the adoption, the most significant changes related to (1) the recognition of new ROU assets and lease liabilities on the balance sheet for office, real estate and equipment operating leases; and (2) the derecognition of previous assets and liabilities for a sale-leaseback transaction that did not qualify for sale accounting under the previous standards. The Company elected all of the standard's available practical expedients on adoption, including the package of practical expedients and use of hindsight expedient.
Reclassifications	Reclassifications Certain balances on the financial statements and certain amounts presented in the notes have been reclassified in order to conform to current year presentation.

Basis of Presentation and Sig26

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Changes in Warranty Liability	Changes in the Company’s warranty liability for the years ended December 31, 2017 , 2016 , and 2015 are as follows (in thousands): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Warranty liability, beginning of period $ 14,173 $ 18,117 $ 18,155 Warranty provision during period 9,822 8,237 7,423 Warranty payments, net of insurance recoveries during period (10,497 ) (12,334 ) (8,555 ) Warranty charges related to construction services projects 145 153 1,094 Warranty liability, end of period $ 13,643 $ 14,173 $ 18,117
Summary of Interest Activity	Interest activity for the years ended December 31, 2017 , 2016 , and 2015 are as follows (in thousands): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Interest incurred $ 73,729 $ 83,218 $ 76,221 Less: Interest capitalized (73,729 ) (83,218 ) (76,221 ) Interest expense, net of amounts capitalized $ — $ — $ — Cash paid for interest $ 62,679 $ 79,734 $ 72,254
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The balance sheet as of December 31, 2016 was adjusted using the modified retrospective transition approach which resulted in the following adjusted balances (in thousands): December 31, Lease adoption adjustments December 31, (as adjusted) Lease right-of-use assets — $ 13,129 $ 13,129 Total assets 1,998,151 13,129 2,011,280 Accrued expenses 79,790 13,129 92,919 Total liabilities and equity 1,998,151 13,129 2,011,280

Investments in Unconsolidated27

Investments in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Summary of Unaudited Financials for Unconsolidated Joint Ventures	The table set forth below has been derived from the summarized financial information of our unconsolidated mortgage joint ventures and summarizes their combined statements of operations that we accounted for under the equity method (in thousands): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Revenues $ 20,003 $ 21,156 $ 12,314 Cost of sales (11,913 ) (10,407 ) (5,842 ) Income of unconsolidated joint ventures $ 8,090 $ 10,749 $ 6,472 The table set forth below has been derived from the summarized financial information of our unconsolidated mortgage joint ventures and summarizes their combined balance sheets that we accounted for under the equity method (in thousands): December 31, 2017 2016 Assets Cash $ 12,802 $ 10,208 Loans held for sale 17,106 18,791 Accounts receivable 2,791 764 Other assets 128 56 Total Assets $ 32,827 $ 29,819 Liabilities and Equity Accounts payable $ 779 $ 694 Accrued expenses 1,532 1,026 Credit lines payable 18,312 17,748 Other liabilities 31 17 Members equity 12,173 10,334 Total Liabilities and Equity $ 32,827 $ 29,819

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Summary of Segment Financial Information Relating to Operations	Segment financial information relating to the Company’s operations was as follows (in thousands): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Operating revenue: California (1) $ 682,896 $ 494,189 $ 401,934 Arizona 158,534 125,951 69,510 Nevada 176,354 191,711 130,845 Colorado 124,456 128,530 107,014 Washington 333,667 154,600 181,258 Oregon 320,621 311,059 213,491 Total operating revenue $ 1,796,528 $ 1,406,040 $ 1,104,052 (1) Operating revenue in the California segment includes construction services revenue. Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Income before provision from income taxes: California $ 88,422 $ 47,692 $ 46,752 Arizona 14,832 12,004 5,743 Nevada 15,672 19,182 13,022 Colorado 7,156 6,978 3,291 Washington 30,008 9,528 18,652 Oregon 35,862 41,617 24,787 Corporate (49,440 ) (34,184 ) (25,180 ) Income before extinguishment of debt $ 142,512 $ 102,817 $ 87,067 Corporate - Loss on extinguishment of debt (21,828 ) — — Income before provision for income taxes $ 120,684 $ 102,817 $ 87,067
Schedule of Homebuilding Assets	December 31, December 31, 2017 2016 Total assets: California $ 631,649 $ 716,955 Arizona 170,634 191,581 Nevada 211,202 189,248 Colorado 149,183 124,580 Washington 286,442 343,973 Oregon 288,981 238,766 Corporate (1) 323,013 206,177 Total assets $ 2,061,104 $ 2,011,280 (1) Comprised primarily of cash and cash equivalents, receivables, deferred income taxes, and other assets.

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	12 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
Summary of Real Estate Inventories	Real estate inventories consist of the following (in thousands): December 31, 2017 2016 Real estate inventories: Land deposits $ 51,833 $ 50,429 Land and land under development 904,410 1,069,001 Homes completed and under construction 646,198 545,310 Model homes 97,409 107,258 Total $ 1,699,850 $ 1,771,998

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill by Operating Segment	Goodwill by operating segment as of December 31, 2017 and 2016 is as follows (in thousands): December 31, 2017 2016 California $ 6,801 $ 6,801 Arizona 5,951 5,951 Nevada 1,457 1,457 Colorado — — Washington 31,200 31,200 Oregon 21,493 21,493 Total $ 66,902 $ 66,902

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Value and Accumulated Amortization of Intangible Assets	The carrying value and accumulated amortization of intangible assets at December 31, 2017 and December 31, 2016 , by major intangible asset category, is as follows (in thousands): December 31, 2017 December 31, 2016 Carrying Value Accumulated Amortization Net Carrying Amount Carrying Value Accumulated Amortization Net Carrying Amount Brand Name - Polygon Northwest Homes $ 6,700 $ — $ 6,700 $ 6,700 $ — $ 6,700

Senior Notes, Secured, and Su32

Senior Notes, Secured, and Subordinated Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Senior Notes, Secured, and Subordinated Indebtedness	The Company's senior notes, secured, and subordinated indebtedness consists of the following (in thousands): December 31, 2017 2016 Notes payable: Revolving credit facility $ — $ 29,000 Seller financing 589 24,692 Joint venture notes payable 93,926 102,076 Total notes payable $ 94,515 $ 155,768 Subordinated amortizing notes — 7,225 Senior notes 5 3 / 4 % Senior Notes due April 15, 2019 $ 149,362 $ 148,826 8 1 / 2 % Senior Notes due November 15, 2020 — 422,817 7% Senior Notes due August 15, 2022 346,740 346,014 5 7 / 8 % Senior Notes due January 31, 2025 439,567 — Total Debt $ 1,030,184 $ 1,080,650
Schedule of Maturities of Notes Payable, Senior Unsecured Credit Facility, Subordinated Amortizing Notes and Senior Notes	The maturities of the Company's Notes payable, 5 3 / 4 % Senior Notes, 7% Senior Notes, and 5 7 / 8 % Senior Notes are as follows as of December 31, 2017 (in thousands): Year Ended December 31, 2018 $ 32,213 2019 178,866 2020 — 2021 33,436 2022 350,000 Thereafter 450,000 $ 1,044,515
Schedule of Joint Venture Notes Payable	The issuance date, facility size, maturity date and interest rate are listed in the table below as of December 31, 2017 (in millions): Issuance Date Facility Size Outstanding Maturity Current Rate March, 2016 $ 33.4 $ 13.8 (4) September, 2018 4.47 % (1) January, 2016 35.0 28.9 February, 2019 4.82 % (2) November, 2015 42.5 15.7 (4) May, 2018 5.50 % (1) November, 2014 7.0 2.1 (4) February, 2018 5.00 % (3) March, 2014 26.0 — (6) April, 2018 4.53 % (1) July, 2017 66.2 33.4 February, 2021 4.51 % (5) $ 210.1 $ 93.9 (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) The Company anticipates paying the borrowings in full upon the maturity date from proceeds from homes closed in the respective project. (5) Loan bears interest at the greatest of the prime rate, federal funds effective rate +1.0% , or LIBOR +1.0% . (6) The balance on this borrowing was paid in full prior to the maturity date, along with all accrued interest to date.
Summary of Senior Notes Redemption Prices Percentage	On or after August 15, 2017 , California Lyon may redeem all or a portion of the 7.00% Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest to the applicable redemption date, if redeemed during the period beginning on each of the dates indicated below: Year Percentage August 15, 2017 103.500 % August 15, 2018 101.750 % August 15, 2019 and thereafter 100.000 % On or after April 15, 2016 , California Lyon may redeem all or a portion of the 5.75% Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest to the applicable redemption date, if redeemed during the period beginning on each of the dates indicated below: Year Percentage April 15, 2016 104.313 % October 15, 2016 102.875 % April 15, 2017 101.438 % April 15, 2018 and thereafter 100.000 % 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 %
Consolidating Balance Sheet	CONSOLIDATING BALANCE SHEET December 31, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company ASSETS Cash and cash equivalents $ — $ 171,434 $ 156 $ 11,120 $ — $ 182,710 Receivables — 4,647 2,252 3,324 — 10,223 Escrow proceeds receivable — 1,594 1,725 — — 3,319 Real estate inventories — 831,007 630,384 238,459 — 1,699,850 Investment in unconsolidated joint ventures — 7,717 150 — — 7,867 Goodwill — 14,209 52,693 — — 66,902 Intangibles, net — — 6,700 — — 6,700 Deferred income taxes, net — 47,915 — — — 47,915 Lease right-of-use assets — 14,454 — — — 14,454 Other assets, net — 18,167 2,504 493 — 21,164 Investments in subsidiaries 780,472 (16,544 ) (494,201 ) — (269,727 ) — Intercompany receivables — — 269,831 — (269,831 ) — Total assets $ 780,472 $ 1,094,600 $ 472,194 $ 253,396 $ (539,558 ) $ 2,061,104 LIABILITIES AND EQUITY Accounts payable $ — $ 40,075 $ 13,007 $ 5,717 $ — $ 58,799 Accrued expenses — 108,407 2,988 96 — 111,491 Notes payable — 589 — 93,926 — 94,515 5 3 / 4 % Senior Notes — 149,362 — — — 149,362 7% Senior Notes — 346,740 — — — 346,740 5 7 / 8 % Senior Notes — 439,567 — — — 439,567 Intercompany payables — 179,788 — 90,043 (269,831 ) — Total liabilities — 1,264,528 15,995 189,782 (269,831 ) 1,200,474 Equity William Lyon Homes stockholders’ equity 780,472 (169,928 ) 456,199 (16,544 ) (269,727 ) 780,472 Noncontrolling interests — — — 80,158 — 80,158 Total liabilities and equity $ 780,472 $ 1,094,600 $ 472,194 $ 253,396 $ (539,558 ) $ 2,061,104 CONSOLIDATING BALANCE SHEET December 31, 2016 (as adjusted) (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company 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 Lease right-of-use assets — 13,129 — — — 13,129 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 $ 1,052,136 $ 388,758 $ 225,860 $ (352,560 ) $ 2,011,280 LIABILITIES AND EQUITY Accounts payable $ — $ 52,380 $ 16,416 $ 5,486 $ — $ 74,282 Accrued expenses — 88,187 4,634 98 — 92,919 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 — 1,293,429 24,029 183,253 (252,860 ) 1,247,851 Equity William Lyon Homes stockholders’ equity 697,086 (241,291 ) 364,727 (23,736 ) (99,700 ) 697,086 Noncontrolling interests — — — 66,343 — 66,343 Total liabilities and equity $ 697,086 $ 1,052,138 $ 388,756 $ 225,860 $ (352,560 ) $ 2,011,280
Consolidating Statement of Operations	CONSOLIDATING STATEMENT OF OPERATIONS Year Ended December 31, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 748,396 $ 844,611 $ 202,067 $ — $ 1,795,074 Construction services — 1,454 — — — 1,454 Management fees — (5,741 ) — — 5,741 — — 744,109 844,611 202,067 5,741 1,796,528 Operating costs Cost of sales — (596,970 ) (700,878 ) (174,960 ) (5,741 ) (1,478,549 ) Construction services — (1,317 ) — — — (1,317 ) Sales and marketing — (30,637 ) (44,849 ) (10,740 ) — (86,226 ) General and administrative — (73,748 ) (16,457 ) (1 ) — (90,206 ) Other — (2,560 ) 308 (22 ) — (2,274 ) — (705,232 ) (761,876 ) (185,723 ) (5,741 ) (1,658,572 ) Income (loss) from subsidiaries 48,135 20,382 — — (68,517 ) — Operating income 48,135 59,259 82,735 16,344 (68,517 ) 137,956 Equity in income of unconsolidated joint ventures — 2,135 1,526 — — 3,661 Other income (expense), net — 2,029 264 (1,398 ) — 895 Income (loss) before loss on extinguishment of debt 48,135 63,423 84,525 14,946 (68,517 ) 142,512 Loss on extinguishment of debt — (21,828 ) — — — (21,828 ) Income (loss) before provision for income taxes 48,135 41,595 84,525 14,946 (68,517 ) 120,684 Provision for income taxes (62,933 ) — — — (62,933 ) Net income (loss) 48,135 (21,338 ) 84,525 14,946 (68,517 ) 57,751 Less: Net income attributable to noncontrolling interests — — — (9,616 ) — (9,616 ) Net income (loss) available to common stockholders $ 48,135 $ (21,338 ) $ 84,525 $ 5,330 $ (68,517 ) $ 48,135 CONSOLIDATING STATEMENT OF OPERATIONS Year Ended December 31, 2016 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 573,191 $ 680,138 $ 148,874 $ — $ 1,402,203 Construction services — 3,837 — — — 3,837 Management fees — (4,362 ) — — 4,362 — — 572,666 680,138 148,874 4,362 1,406,040 Operating costs Cost of sales — (462,153 ) (564,596 ) (131,226 ) (4,362 ) (1,162,337 ) Construction services — (3,485 ) — — — (3,485 ) Sales and marketing — (27,329 ) (36,170 ) (9,010 ) — (72,509 ) General and administrative — (60,141 ) (13,256 ) (1 ) — (73,398 ) Other — (442 ) 100 (1 ) — (343 ) — (553,550 ) (613,922 ) (140,238 ) (4,362 ) (1,312,072 ) Income (loss) from subsidiaries 59,696 8,331 — — (68,027 ) — Operating income 59,696 27,447 66,216 8,636 (68,027 ) 93,968 Equity in income of unconsolidated joint ventures — 4,369 1,237 — — 5,606 Other income (expense), net — 4,640 (34 ) (1,363 ) — 3,243 Income (loss) before provision for income taxes 59,696 36,456 67,419 7,273 (68,027 ) 102,817 Provision for income taxes — (34,850 ) — — — (34,850 ) Net income (loss) 59,696 1,606 67,419 7,273 (68,027 ) 67,967 Less: Net income attributable to noncontrolling interests — — — (8,271 ) — (8,271 ) Net income (loss) available to common stockholders $ 59,696 $ 1,606 $ 67,419 $ (998 ) $ (68,027 ) $ 59,696 CONSOLIDATING STATEMENT OF OPERATIONS Year Ended December 31, 2015 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 459,990 $ 568,774 $ 50,164 $ — $ 1,078,928 Construction services — 25,124 — — — 25,124 Management fees — (1,506 ) — — 1,506 — — 483,608 568,774 50,164 1,506 1,104,052 Operating costs Cost of sales — (358,793 ) (475,043 ) (43,653 ) (1,506 ) (878,995 ) Construction services — (21,181 ) — — — (21,181 ) Sales and marketing — (26,626 ) (31,231 ) (3,682 ) — (61,539 ) General and administrative — (47,385 ) (11,776 ) — — (59,161 ) Amortization of intangible assets — (957 ) — — — (957 ) Other — (3,477 ) 1,505 — — (1,972 ) — (458,419 ) (516,545 ) (47,335 ) (1,506 ) (1,023,805 ) Income (loss) from subsidiaries 57,336 (2,395 ) — — (54,941 ) — Operating income 57,336 22,794 52,229 2,829 (54,941 ) 80,247 Income from unconsolidated joint ventures — 1,912 1,327 — — 3,239 Other income (expense), net — 7,911 4,793 (9,123 ) — 3,581 Income before provision for income taxes 57,336 32,617 58,349 (6,294 ) (54,941 ) 87,067 Provision for income taxes — (26,806 ) — — — (26,806 ) Net income 57,336 5,811 58,349 (6,294 ) (54,941 ) 60,261 Less: Net income attributable to noncontrolling interests — — — (2,925 ) — (2,925 ) Net income available to common stockholders $ 57,336 $ 5,811 $ 58,349 $ (9,219 ) $ (54,941 ) $ 57,336
Consolidating Statement of Cash Flows	Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating activities Net cash (used in) provided by operating activities $ (35,251 ) $ 84,840 $ 89,914 $ (7,300 ) $ 35,251 $ 167,454 Investing activities Purchases of property and equipment — (3,668 ) (555 ) (77 ) — (4,300 ) Investments in subsidiaries — 13,190 (79,449 ) — 66,259 — Net cash provided by (used in) investing activities — 9,522 (80,004 ) (77 ) 66,259 (4,300 ) Financing activities Proceeds from borrowings on notes payable — — — 134,061 — 134,061 Principal payments on notes payable — — — (142,211 ) — (142,211 ) 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 — 346,121 — — — 346,121 Payments on revolver — (375,121 ) — — — (375,121 ) Principal payments on subordinated amortizing notes — (7,225 ) — — — (7,225 ) Proceeds from issuance of Class B Shares — 29,908 — — — 29,908 Costs related to settlement of TEUs — (63 ) — — — (63 ) Shares remitted to, or withheld by the Company for employee tax withholding — (1,544 ) — — — (1,544 ) Payments to repurchase common stock — (3,112 ) — — — (3,112 ) Payment of deferred loan costs — (9,892 ) — — — (9,892 ) Cash contributions from members of consolidated entities — — — 66,712 — 66,712 Cash distributions to members of consolidated entities — — — (62,513 ) — (62,513 ) Advances to affiliates — — 6,947 1,862 (8,809 ) — Intercompany receivables/payables 35,251 59,973 (16,973 ) 14,450 (92,701 ) — Net cash provided by (used in) financing activities 35,251 40,868 (10,026 ) 12,361 (101,510 ) (23,056 ) Net increase (decrease) in cash and cash equivalents — 135,230 (116 ) 4,984 — 140,098 Cash and cash equivalents at beginning of period — 36,204 272 6,136 — 42,612 Cash and cash equivalents at end of period $ — $ 171,434 $ 156 $ 11,120 $ — $ 182,710 CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 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 $ (5,295 ) $ 64,780 $ (778 ) $ (42,296 ) $ 5,295 $ 21,706 Investing activities Proceeds from repayment of notes receivable — 6,188 — — — 6,188 Purchases of property and equipment — (1,004 ) 85 (110 ) — (1,029 ) Investments in subsidiaries — (2,455 ) 12,104 — (9,649 ) — Net cash provided by (used in) investing activities — 2,729 12,189 (110 ) (9,649 ) 5,159 Financing activities Proceeds from borrowings on notes payable — 2,211 — 137,572 — 139,783 Principal payments on notes payable — (18,125 ) — (129,762 ) — (147,887 ) Proceeds from borrowings on revolver — 258,000 — — — 258,000 Payments on revolver — (294,000 ) — — — (294,000 ) Principal payments on Subordinated amortizing notes — (6,841 ) — — — (6,841 ) Purchase of common stock — (942 ) — — — (942 ) Excess income tax benefit from stock based awards — (182 ) — — — (182 ) Payments of deferred loan costs — (1,085 ) — — — (1,085 ) Noncontrolling interest contributions — — — 38,334 — 38,334 Noncontrolling interest distributions — — — (19,636 ) — (19,636 ) Advances to affiliates — — (252 ) 11,784 (11,532 ) — Intercompany receivables/payables 5,295 (14,672 ) (13,611 ) 7,102 15,886 — Net cash provided by (used in) financing activities 5,295 (75,636 ) (13,863 ) 45,394 4,354 (34,456 ) Net (decrease) increase in cash and cash equivalents — (8,127 ) (2,452 ) 2,988 — (7,591 ) Cash and cash equivalents at beginning of period — 44,331 2,724 3,148 — 50,203 Cash and cash equivalents at end of period $ — $ 36,204 $ 272 $ 6,136 $ — $ 42,612 CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2015 (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 $ (4,844 ) $ (123,099 ) $ 26,398 $ (76,207 ) $ 4,844 $ (172,908 ) Investing activities Investment in and advances to joint ventures — (1,000 ) — — — (1,000 ) Purchases of property and equipment — (4,918 ) 89 29 — (4,800 ) Investments in subsidiaries — (3,833 ) (12,584 ) — 16,417 — Net cash (used in) provided by investing activities — (9,751 ) (12,495 ) 29 16,417 (5,800 ) Financing activities Proceeds from borrowings on notes payable — 34,955 — 84,708 — 119,663 Principal payments on notes payable — (28,924 ) (162 ) (29,131 ) — (58,217 ) Proceeds from issuance of 7 % Senior Notes — 51,000 — — — 51,000 Proceeds from borrowings on revolver — 229,000 — — — 229,000 Payments on revolver — (164,000 ) — — — (164,000 ) Principal payments on Subordinated amortizing notes — (6,651 ) — — — (6,651 ) Proceeds from stock options exercised — 106 — — — 106 Purchase of common stock — (1,832 ) — — — (1,832 ) Payments of deferred loan costs — (2,147 ) — — — (2,147 ) Noncontrolling interest contributions — — — 19,850 — 19,850 Noncontrolling interest distributions — — — (10,632 ) — (10,632 ) Advances to affiliates — — (5,237 ) 10,658 (5,421 ) — Intercompany receivables/payables 4,844 17,212 (6,353 ) 137 (15,840 ) — Net cash provided by (used in) financing activities 4,844 128,719 (11,752 ) 75,590 (21,261 ) 176,140 Net (decrease) increase in cash and cash equivalents — (4,131 ) 2,151 (588 ) — (2,568 ) Cash and cash equivalents at beginning of period — 48,462 573 3,736 — 52,771 Cash and cash equivalents at end of period $ — $ 44,331 $ 2,724 $ 3,148 $ — $ 50,203

Fair Value of Financial Instr33

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 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): December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 94,515 $ 94,515 $ 155,768 $ 155,768 Subordinated amortizing notes — — 7,225 7,478 5 3 / 4 % Senior Notes due 2019 149,362 151,500 148,826 151,125 8 1 / 2 % Senior Notes due 2020 — — 422,817 444,125 7% Senior Notes due 2022 346,740 362,250 346,014 363,125 5 7 / 8 % Senior Notes due 2025 439,567 459,000 — —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Summary of (Provision) Benefit from Income Taxes	The following summarizes the provision from income taxes (in thousands): Year Ended December 31, Year Ended December 31, Year Ended December 31, 2017 2016 2015 Current Federal $ (25,974 ) $ (26,978 ) $ (15,296 ) State (9,122 ) (4,077 ) (3,350 ) Deferred Federal (26,663 ) (1,395 ) (5,259 ) State (1,174 ) (2,400 ) (2,901 ) $ (62,933 ) $ (34,850 ) $ (26,806 )
Schedule of Difference in Income Taxes from Amounts Computed by Applying Federal Statutory Rates	Income taxes differ from the amounts computed by applying the applicable federal statutory rates due to the following (in thousands): Year Ended December 31, Year Ended December 31, Year Ended December 31, 2017 2016 2015 Provision for federal income taxes at the statutory rate $ (42,240 ) $ (35,986 ) $ (30,473 ) (Increases)/decreases in tax resulting from: Provision for state income taxes, net of federal income tax benefits (6,692 ) (4,210 ) (4,063 ) Rate adjustment - new tax reform legislation (23,126 ) — — Change in valuation allowance — — 1,626 Domestic production activities deduction 2,868 2,481 2,087 Nondeductible items-other (94 ) (58 ) (52 ) Non-controlling interests 3,366 2,895 1,024 Change in RBIL estimate — — 1,771 Tax credits (160 ) 166 1,272 Stock based compensation 281 27 — Other, net 2,864 (165 ) 2 $ (62,933 ) $ (34,850 ) $ (26,806 )
Summary of Temporary Differences Giving Rise to Deferred Income Taxes	Temporary differences giving rise to deferred income taxes consist of the following (in thousands): December 31, 2017 2016 Deferred tax assets Impairment and other reserves $ 33,883 $ 53,806 Compensation deductible for tax purposes when paid 5,093 9,161 AMT credit carryover 1,384 1,384 Unused recognized built-in loss 10,706 18,651 Net operating loss 3,488 3,172 Effect of book/tax differences for general and administrative 4,508 6,427 Other 806 694 59,868 93,295 Deferred tax liabilities Effect of book/tax differences for joint ventures (1,343 ) (2,706 ) Effect of book/tax differences for capitalized interest (6,478 ) (11,103 ) Fixed assets and intangibles (1,850 ) (1,716 ) Goodwill and other intangibles (1,998 ) (1,541 ) Other (284 ) (478 ) (11,953 ) (17,544 ) Total deferred tax assets, net $ 47,915 $ 75,751

Income Per Common Share (Tables

Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Summary of Basic and Diluted (Loss) Income Per Common Share	Basic and diluted income per common share for the years ended December 31, 2017 , 2016 , and 2015 were calculated as follows (in thousands, except number of shares and per share amounts): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Basic weighted average number of shares outstanding (1) 37,040,137 36,764,799 36,546,227 Effect of dilutive securities: Preferred shares, stock options, and warrants 1,623,530 815,171 1,326,399 Tangible Equity Units — 894,930 894,930 Diluted average shares outstanding 38,663,667 38,474,900 38,767,556 Net income available to common stockholders $ 48,135 $ 59,696 $ 57,336 Basic income per common share $ 1.30 $ 1.62 $ 1.57 Dilutive income per common share $ 1.24 $ 1.55 $ 1.48 Potentially antidilutive securities not included in the calculation of diluted income per common share (weighted average): Unvested stock options 240,000 240,000 180,000 (1) For the year ended December 31, 2017 , basic weighted average number of shares outstanding includes 5,113,475 shares of the Company’s Tangible Equity Units, of which 670,811 and 4,442,664 were settled and issued on November 27, 2017 and December 1, 2017, respectively. For the years ended December 31, 2016 and December 31, 2015 , basic weighted average number of shares outstanding included the minimum number of shares that were issuable under the Company’s Tangible Equity Units. As these periods were prior to the settlement of the TEUs, these calculations assumed 5,113,475 shares included from the respective issue dates of the Company’s Tangible Equity Units. See Note 8.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Weighted-Average Assumptions for Fair Value of Employee Options Granted	The fair value of each employee option awarded was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions. Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Expected dividend yield N/A N/A — Risk-free interest rate N/A N/A 1.71% Expected volatility N/A N/A 44% Expected life (in years) N/A N/A 6.75
Summary of Stock Option Activity	Stock option activity under the Plan for the years ended December 31, 2017 , 2016 , and 2015 was as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Options outstanding at beginning of year 596,313 $ 15.57 611,313 $ 15.40 419,238 $ 8.66 Granted (1) — N/A — N/A 240,000 $ 25.82 Exercised (3,535 ) $ 8.66 (15,000 ) $ 8.66 (47,925 ) $ 8.66 Canceled — N/A — N/A — N/A Options outstanding at end of year 592,778 $ 15.61 596,313 $ 15.57 611,313 $ 15.40 Options vested and expected to vest 592,778 $ 15.61 596,313 $ 15.57 611,313 $ 15.40 Options exercisable at end of year (2) 352,778 $ 8.66 356,313 $ 8.66 371,313 $ 8.66 Price range of options exercised $ 8.66 $ 8.66 $ 8.66 Price range of options outstanding $8.66-$25.82 $8.66-$25.82 $8.66-$25.82 (1) The weighted average grant date fair value of the stock options during December 31, 2015 was $12.01 . (2) No options vested during the years ended December 31, 2017 , 2016 or 2015 .
Summary of Stock Options Outstanding and Exercisable	The following table summarizes information about stock options granted to executives, directors, and non-executives that are outstanding and exercisable at December 31, 2017 : Outstanding Exercisable Exercise Price Number of Shares Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Number of Shares $ 8.66 352,778 4.75 $ 7,203,727 352,778
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Restricted Shares Activity	During the years ended December 31, 2017 , 2016 , and 2015 , the Company had the following activity relating to grants of time-based restricted common stock: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Number of Shares Weighted Avg Grant Date Fair Value Number of Shares Weighted Avg Grant Date Fair Value Number of Weighted Avg Grant Date Fair Value Non-vested shares at beginning of year 346,924 $ 16.91 225,687 $ 23.65 79,335 $ 24.84 Granted 259,677 18.14 291,368 14.14 208,715 23.11 Vested (181,812 ) 17.62 (126,073 ) 21.81 (55,571 ) 23.24 Canceled (1) (5,494 ) 16.23 (44,058 ) 19.06 (6,792 ) 24.28 Non-vested shares at end of year 419,295 $ 17.38 346,924 $ 16.91 225,687 $ 23.65 (1) Represents shares that were canceled as result of terminations of employment.
Performance-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Restricted Shares Activity	During the years ended December 31, 2017 , 2016 , and 2015 the Company had the following activity relating to grants of performance based restricted common stock: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Number of Shares Weighted Avg Grant Date Fair Value Number of Weighted Avg Grant Date Fair Value Number of Weighted Avg Grant Date Fair Value Non-vested shares at beginning of year 655,133 $ 17.81 480,757 $ 24.18 506,846 $ 23.84 Granted 553,909 18.00 566,092 13.88 284,809 23.50 Vested (147,477 ) 21.49 (190,977 ) 20.58 (154,467 ) 19.58 Canceled (1) (349,000 ) 19.55 (200,739 ) 23.38 (156,431 ) 28.86 Non-vested shares at end of year 712,565 $ 17.01 655,133 $ 17.81 480,757 $ 24.18 (1) Represents shares that were canceled as a result of achievement of performance targets as outlined in the respective grant agreement at below the maximum levels, as well as a result of terminations of employment.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Lease, Cost	Lease cost, as included in general and administrative expense in our consolidated statements of operations for the respective periods, and additional information regarding lease terms are as follows (dollars in thousands): Year Ended December 31, 2017 Year Ended December 31, 2016 Lease cost Operating lease cost $ 6,835 $ 3,890 Sublease income (117 ) (117 ) Total lease cost $ 6,718 $ 3,773 Other information Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 5,551 $ 3,270 Right-of-use assets obtained in exchange for new operating lease liabilities $ 5,925 $ 1,353 Weighted-average discount rate 6.6 % 6.6 % December 31, 2017 December 31, 2016 Weighted-average remaining lease term (in years) 3.58 5.16
Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases	The table below shows the future minimum payments under non-cancelable operating leases at December 31, 2017 (in thousands). Year Ending December 31, 2018 $ 6,998 2019 3,989 2020 2,635 2021 2,398 2022 1,342 Thereafter 440 Total $ 17,802

Unaudited Summarized Quarterl38

Unaudited Summarized Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Summarized Unaudited Quarterly Financial Information	Summarized unaudited quarterly financial information for the years ended December 31, 2017 and 2016 is as follows (in thousands except per share data): Three Months Ended March 31, June 30, September 30, December 31, Home sales $ 258,854 $ 422,633 $ 490,304 $ 623,283 Cost of sales (218,455 ) (353,057 ) (401,700 ) (505,337 ) Gross profit 40,399 69,576 88,604 117,946 Other income, costs and expenses, net (49,695 ) (49,325 ) (58,544 ) (101,210 ) Net (loss) income (9,296 ) 20,251 30,060 16,736 Net (loss) income available to common stockholders $ (10,000 ) $ 18,954 $ 27,418 $ 11,763 (Loss) Income per common share: Basic $ (0.27 ) $ 0.51 $ 0.74 $ 0.32 Diluted $ (0.27 ) $ 0.49 $ 0.71 $ 0.30 Three Months Ended March 31, June 30, September 30, December 31, Home sales $ 261,295 $ 325,059 $ 342,628 $ 473,221 Cost of sales (215,171 ) (268,638 ) (285,896 ) (392,632 ) Gross profit 46,124 56,421 56,732 80,589 Other income, costs and expenses, net (36,183 ) (41,335 ) (40,218 ) (54,163 ) Net income 9,941 15,086 16,514 26,426 Net income available to common stockholders $ 9,014 $ 14,561 $ 13,069 $ 23,052 Income per common share: Basic $ 0.25 $ 0.40 $ 0.36 $ 0.63 Diluted $ 0.24 $ 0.38 $ 0.34 $ 0.60

Basis of Presentation and Sig39

Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)lot	Dec. 31, 2016USD ($)lot	Dec. 31, 2015USD ($)lot	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)
Class of Stock [Line Items]
Number of land parcels sold | lot	4	5	1
Gains on sales of land parcels	$ 0.8	$ 3.6	$ 0.8
Percentage of home sale price reserved	1.00%
Additional construction fee compensation		$ 0.2	$ 1.9
Operating lease liability				$ 15.6
Minimum
Class of Stock [Line Items]
Percentage of revenue generated by contractual services	3.00%
Maximum
Class of Stock [Line Items]
Percentage of revenue generated by contractual services	5.00%
Scenario, Adjustment
Class of Stock [Line Items]
Operating lease liability					$ (19.8)

Basis of Presentation and Sig40

Basis of Presentation and Significant Accounting Policies - Summary of Changes in Warranty Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liability, beginning of period	$ 14,173	$ 18,117	$ 18,155
Warranty provision during period	9,822	8,237	7,423
Warranty payments, net of insurance recoveries during period	(10,497)	(12,334)	(8,555)
Warranty charges related to construction services projects	145	153	1,094
Warranty liability, end of period	$ 13,643	$ 14,173	$ 18,117

Basis of Presentation and Sig41

Basis of Presentation and Significant Accounting Policies - Summary of Interest Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Interest incurred	$ 73,729	$ 83,218	$ 76,221
Less: Interest capitalized	(73,729)	(83,218)	(76,221)
Interest expense, net of amounts capitalized	0	0	0
Cash paid for interest	$ 62,679	$ 79,734	$ 72,254

Basis of Presentation and Sig42

Basis of Presentation and Significant Accounting Policies - Balance Sheet Adjustment (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease right-of-use assets	$ 14,454	$ 13,129
Total assets	2,061,104	2,011,280
Accrued expenses	111,491	92,919
Total liabilities and equity	$ 2,061,104	2,011,280
Previously reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease right-of-use assets		0
Total assets		1,998,151
Accrued expenses		79,790
Total liabilities and equity		1,998,151
Accounting Standards Update 2016-02 | Lease adoption adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease right-of-use assets		13,129
Total assets		13,129
Accrued expenses		13,129
Total liabilities and equity		$ 13,129

Variable Interest Entities an43

Variable Interest Entities and Noncontrolling Interests - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)joint_venture	Dec. 31, 2016USD ($)joint_venture
Noncontrolling Interest [Line Items]
Number of joint ventures | joint_venture	13	11
Percentage of profits and cash flows receivable from joint ventures	50.00%
Consolidated variable interest entities, assets	$ 219.6	$ 204.8
Consolidated variable interest entities, liabilities	99.4	107.3
Cash
Noncontrolling Interest [Line Items]
Consolidated variable interest entities, assets	10.7	5.8
Real Estate
Noncontrolling Interest [Line Items]
Consolidated variable interest entities, assets	$ 230.8	$ 200.7

Investments in Unconsolidated44

Investments in Unconsolidated Joint Ventures Investments in Unconsolidated Joint Ventures - Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Total operating revenue	$ 623,283	$ 490,304	$ 422,633	$ 258,854	$ 473,221	$ 342,628	$ 325,059	$ 261,295	$ 1,796,528	$ 1,406,040	$ 1,104,052
Cost of sales									(1,658,572)	(1,312,072)	(1,023,805)
Operating income									137,956	93,968	80,247
Other assets, net	21,164				17,283				21,164	17,283
Total assets	2,061,104				2,011,280				2,061,104	2,011,280
Accounts payable	58,799				74,282				58,799	74,282
Accrued expenses	111,491				92,919				111,491	92,919
Total liabilities and equity	2,061,104				2,011,280				2,061,104	2,011,280
Equity in income of unconsolidated joint ventures									3,661	5,606	3,239
Joint Ventures
Schedule of Equity Method Investments [Line Items]
Total operating revenue									20,003	21,156	12,314
Cost of sales									(11,913)	(10,407)	(5,842)
Operating income									8,090	10,749	$ 6,472
Cash	12,802				10,208				12,802	10,208
Loans held for sale	17,106				18,791				17,106	18,791
Accounts receivable	2,791				764				2,791	764
Other assets, net	128				56				128	56
Total assets	32,827				29,819				32,827	29,819
Accounts payable	779				694				779	694
Accrued expenses	1,532				1,026				1,532	1,026
Credit lines payable	18,312				17,748				18,312	17,748
Other liabilities	31				17				31	17
Members equity	12,173				10,334				12,173	10,334
Total liabilities and equity	$ 32,827				$ 29,819				$ 32,827	$ 29,819

Segment Information - Narrative

Segment Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2017businesssegment
Segment Reporting [Abstract]
Number of businesses | business	1
Number of reportable segments | segment	6

Segment Information - Summary o

Segment Information - Summary of Segment Financial Information Relating to Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating revenue:
Total operating revenue	$ 623,283	$ 490,304	$ 422,633	$ 258,854	$ 473,221	$ 342,628	$ 325,059	$ 261,295	$ 1,796,528	$ 1,406,040	$ 1,104,052
Income before provision from income taxes:
Income before extinguishment of debt									142,512	102,817	87,067
Corporate - Loss on extinguishment of debt									(21,828)	0	0
Income before provision for income taxes									120,684	102,817	87,067
California
Operating revenue:
Total operating revenue									682,896	494,189	401,934
Income before provision from income taxes:
Income before extinguishment of debt									88,422	47,692	46,752
Arizona
Operating revenue:
Total operating revenue									158,534	125,951	69,510
Income before provision from income taxes:
Income before extinguishment of debt									14,832	12,004	5,743
Nevada
Operating revenue:
Total operating revenue									176,354	191,711	130,845
Income before provision from income taxes:
Income before extinguishment of debt									15,672	19,182	13,022
Colorado
Operating revenue:
Total operating revenue									124,456	128,530	107,014
Income before provision from income taxes:
Income before extinguishment of debt									7,156	6,978	3,291
Washington
Operating revenue:
Total operating revenue									333,667	154,600	181,258
Income before provision from income taxes:
Income before extinguishment of debt									30,008	9,528	18,652
Oregon
Operating revenue:
Total operating revenue									320,621	311,059	213,491
Income before provision from income taxes:
Income before extinguishment of debt									35,862	41,617	24,787
Corporate
Income before provision from income taxes:
Income before extinguishment of debt									(49,440)	(34,184)	(25,180)
Corporate - Loss on extinguishment of debt									$ (21,828)	$ 0	$ 0

Segment Information - Schedule

Segment Information - Schedule of Homebuilding Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Total assets:
Total assets		$ 2,061,104	$ 2,011,280
California
Total assets:
Total assets		631,649	716,955
Arizona
Total assets:
Total assets		170,634	191,581
Nevada
Total assets:
Total assets		211,202	189,248
Colorado
Total assets:
Total assets		149,183	124,580
Washington
Total assets:
Total assets		286,442	343,973
Oregon
Total assets:
Total assets		288,981	238,766
Corporate
Total assets:
Total assets	[1]	$ 323,013	$ 206,177
[1]	Comprised primarily of cash and cash equivalents, receivables, deferred income taxes, and other assets.

Real Estate Inventories - Summa

Real Estate Inventories - Summary of Real Estate Inventories (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real estate inventories:
Land deposits	$ 51,833,000	$ 50,429,000
Land and land under development	904,410,000	1,069,001,000
Homes completed and under construction	646,198,000	545,310,000
Model homes	97,409,000	107,258,000
Total	1,699,850,000	1,771,998,000
Impairment loss on real estate assets	$ 0	$ 0	$ 0

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 66,902	$ 66,902

Goodwill - Schedule of Goodwill

Goodwill - Schedule of Goodwill by Operating Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Line Items]
Goodwill	$ 66,902	$ 66,902
California
Goodwill [Line Items]
Goodwill	6,801	6,801
Arizona
Goodwill [Line Items]
Goodwill	5,951	5,951
Nevada
Goodwill [Line Items]
Goodwill	1,457	1,457
Colorado
Goodwill [Line Items]
Goodwill	0	0
Washington
Goodwill [Line Items]
Goodwill	31,200	31,200
Oregon
Goodwill [Line Items]
Goodwill	$ 21,493	$ 21,493

Intangibles - Schedule of Carry

Intangibles - Schedule of Carrying Value and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (4,640)	$ (4,640)
Net Carrying Amount	6,700	6,700
Brand Name - Polygon Northwest Homes
Finite-Lived Intangible Assets [Line Items]
Carrying Value	6,700	6,700
Accumulated Amortization	0	0
Net Carrying Amount	$ 6,700	$ 6,700

Senior Notes, Secured, and Su52

Senior Notes, Secured, and Subordinated Indebtedness - Schedule of Senior Notes, Secured, and Subordinated Indebtedness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Jan. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 03, 2014	Aug. 11, 2014	Mar. 31, 2014	Oct. 24, 2013	Nov. 08, 2012
Notes payable:
Total notes payable	$ 94,515		$ 155,768
Long-term debt	1,030,184		1,080,650
Subordinated amortizing notes
Notes payable:
Long-term debt	0		7,225
Stated interest rate					5.50%
5 3/4% Senior Notes due 2019
Notes payable:
Long-term debt	$ 149,362		$ 148,826
Stated interest rate	5.75%		5.75%
8 1/2% Senior Notes due 2020
Notes payable:
Long-term debt			$ 422,817
Stated interest rate	8.50%		8.50%	8.50%
7% Senior Notes due 2022
Notes payable:
Long-term debt	$ 346,740		$ 346,014
Stated interest rate	7.00%		7.00%	7.00%
5 7/8% Senior Notes due January 31, 2025
Notes payable:
Long-term debt	$ 439,567
Stated interest rate	5.875%		5.875%	5.875%
Seller Financing
Notes payable:
Total notes payable	$ 589		$ 24,692
Stated interest rate	7.00%
Joint Venture Notes Payable
Notes payable:
Total notes payable	$ 93,926		102,076
Line of Credit
Notes payable:
Total notes payable	0		29,000
Senior Notes | 5 3/4% Senior Notes due 2019
Notes payable:
Long-term debt	$ 149,362		148,826
Stated interest rate	5.75%						5.75%
Debt instrument, maturity date	Apr. 15, 2019
Senior Notes | 8 1/2% Senior Notes due 2020
Notes payable:
Long-term debt	$ 0		422,817
Stated interest rate	8.50%							8.50%	8.50%
Debt instrument, maturity date	Nov. 15, 2020
Senior Notes | 7% Senior Notes due 2022
Notes payable:
Long-term debt	$ 346,740		346,014
Stated interest rate	7.00%					7.00%
Debt instrument, maturity date	Aug. 15, 2022
Senior Notes | 5 7/8% Senior Notes due January 31, 2025
Notes payable:
Long-term debt	$ 439,567		$ 0
Stated interest rate	5.875%	5.875%
Debt instrument, maturity date	Jan. 31, 2025

Senior Notes, Secured, and Su53

Senior Notes, Secured, and Subordinated Indebtedness - Schedule of Maturities of Notes Payable, Senior Unsecured Credit Facility, Subordinated Amortizing Notes and Senior Notes (Details) $ in Thousands	Dec. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 32,213
2,019	178,866
2,020	0
2,021	33,436
2,022	350,000
Thereafter	450,000
Total	$ 1,044,515

Senior Notes, Secured, and Su54

Senior Notes, Secured, and Subordinated Indebtedness - Narrative (Details)

Dec. 01, 2017shares

Nov. 27, 2017shares

Jan. 31, 2017USD ($)

Jul. 01, 2016USD ($)

Sep. 15, 2015USD ($)

Nov. 21, 2014USD ($)$ / sharesshares

Aug. 11, 2014USD ($)

Mar. 31, 2014USD ($)

Oct. 24, 2013USD ($)

Nov. 08, 2012USD ($)

May 31, 2017

Jan. 31, 2016

Jan. 31, 2015

Aug. 31, 2014

Feb. 28, 2014

Jul. 31, 2013

Dec. 31, 2017USD ($)land_acquisition

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 30, 2017

Nov. 28, 2017USD ($)

Aug. 31, 2017

Jun. 30, 2017

Jun. 29, 2017

Dec. 30, 2016

Dec. 03, 2014$ / noteshares

Debt Instrument [Line Items]

Letters of credit outstanding, amount

$ 7,800,000

Total notes payable

$ 94,515,000

$ 155,768,000

Number of Land Acquisitions Using Seller Financing | land_acquisition

1

Number of tangible equity units issued (in units) | shares

1,150,000

Conversion ratio, common stock to tangible equity units

4.4465

Repayments of credit facility

$ 375,121,000

$ 294,000,000

$ 164,000,000

Long-term debt, gross

$ 1,044,515,000

7% Senior Notes due 2022

Debt Instrument [Line Items]

Debt instrument interest rate

7.00%

7.00%

7.00%

5 7/8% Senior Notes due January 31, 2025

Debt Instrument [Line Items]

Debt instrument interest rate

5.875%

5.875%

5.875%

5 3/4% Senior Notes due 2019

Debt Instrument [Line Items]

Debt instrument interest rate

5.75%

5.75%

Note Payable With Related Party Due August 2017

Debt Instrument [Line Items]

Debt instrument interest rate

7.00%

Subordinated amortizing notes

Debt Instrument [Line Items]

Debt instrument interest rate

5.50%

Initial principal amount of each amortizing note | $ / note

18.01

Quarterly installment on each amortizing note | $ / note

1.6250

First installment payment per amortizing note | $ / note

1.8056

Senior Unsecured Facility

Debt Instrument [Line Items]

Repayments of Senior Debt

$ 111,200,000

8 1/2% Senior Notes due 2020

Debt Instrument [Line Items]

Repayments of Senior Debt

$ 425,000,000

$ 0

$ 0

Debt instrument interest rate

8.50%

8.50%

8.50%

Extinguishment of debt

$ 425,000,000

Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 170,000,000

Line of credit facility, increase in borrowing capacity

$ 25,000,000

Tangible net worth requirement

$ 451,000,000

Current rate

4.75%

Revolving Credit Facility | Revolving Credit Facility Agreement

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 130,000,000

Commitment fee

0.50%

Letters of credit outstanding, amount

$ 8,000,000

Revolving Credit Facility | Second Amended Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

145,000,000

Additional capacity under accordion feature

$ 200,000,000

Subjective acceleration clause, percentage of EBITDA, minimum

50.00%

Leverage ratio, maximum

60.00%

62.50%

62.50%

60.00%

65.00%

Interest coverage ratio, minimum

1.50

Interest coverage ratio, maximum liquidity used in calculation

$ 50,000,000

Letter of Credit | Second Amended Facility

Debt Instrument [Line Items]

Sublimit for letters of credit

$ 50,000,000

Seller Financing

Debt Instrument [Line Items]

Debt instrument interest rate

7.00%

Total notes payable

$ 589,000

$ 24,692,000

Senior Notes

Debt Instrument [Line Items]

Deferred loan costs

11,800,000

Senior Notes | 7% Senior Notes due 2022

Debt Instrument [Line Items]

Debt premium

700,000

Deferred loan costs

$ 4,000,000

Debt instrument interest rate

7.00%

7.00%

Principal amount

$ 50,000,000

$ 300,000,000

$ 350,000,000

Percentage of issuance price on face value

102.00%

100.00%

Maximum redemption percentage of aggregate principal amount

100.00%

100.00%

Proceeds from issuance of debt

$ 50,500,000

Senior Notes | 5 7/8% Senior Notes due January 31, 2025

Debt Instrument [Line Items]

Debt discount

$ 3,200,000

Debt instrument interest rate

5.875%

5.875%

Principal amount

$ 450,000,000

Percentage of issuance price on face value

99.215%

Maximum redemption percentage of aggregate principal amount

100.00%

Long-term debt, gross

$ 450,000,000

Debt issuance costs

7,200,000

Senior Notes | 5 3/4% Senior Notes due 2019

Debt Instrument [Line Items]

Deferred loan costs

$ 600,000

Debt instrument interest rate

5.75%

5.75%

Principal amount

$ 150,000,000

$ 150,000,000

Percentage of issuance price on face value

100.00%

Maximum redemption percentage of aggregate principal amount

100.00%

Long-term debt, gross

$ 150,000,000

Senior Notes | 8 1/2% Senior Notes due 2020

Debt Instrument [Line Items]

Debt instrument interest rate

8.50%

8.50%

8.50%

Principal amount

$ 100,000,000

$ 325,000,000

Percentage of issuance price on face value

106.50%

100.00%

Maximum redemption percentage of aggregate principal amount

100.00%

100.00%

Proceeds from issuance of debt

$ 104,700,000

Purchase of senior notes

$ 395,600,000

Extinguishment of senior note 8.5%

$ 21,800,000

Line of Credit

Debt Instrument [Line Items]

Leverage ratio, maximum

62.50%

62.50%

Total notes payable

0

$ 29,000,000

Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Total notes payable

0

29,000,000

Seller Financing

Debt Instrument [Line Items]

Total notes payable

$ 589,000

$ 24,692,000

Minimum | Senior Notes | 7% Senior Notes due 2022

Debt Instrument [Line Items]

Notice period for redemption of notes (in days)

30 days

Maximum | Senior Notes | 7% Senior Notes due 2022

Debt Instrument [Line Items]

Notice period for redemption of notes (in days)

60 days

William Lyon Homes

Debt Instrument [Line Items]

Ownership rate

100.00%

California Lyon | Senior Notes | 7% Senior Notes due 2022

Debt Instrument [Line Items]

Percentage of redemption price of principal amount

100.00%

California Lyon | Senior Notes | 5 7/8% Senior Notes due January 31, 2025

Debt Instrument [Line Items]

Maximum redemption percentage of aggregate principal amount

35.00%

Percent redemption price

105.875%

California Lyon | Minimum | Senior Notes | 5 3/4% Senior Notes due 2019

Debt Instrument [Line Items]

Notice period for redemption of notes (in days)

30 days

California Lyon | Maximum | Senior Notes | 5 3/4% Senior Notes due 2019

Debt Instrument [Line Items]

Notice period for redemption of notes (in days)

60 days

Tangible Equity Units

Debt Instrument [Line Items]

Number of tangible equity units issued (in units) | shares

1,000,000

150,000

Stated rate

6.50%

Conversion premium

17.50%

Price per unit (in USD per unit) | $ / shares

$ 100

Issuance of stock (in shares) | shares

4,442,664

670,811

Common Class A

Debt Instrument [Line Items]

Issuance of stock (in shares) | shares

5,113,473

670,811

Prior to January 31, 2020 | Senior Notes | 7% Senior Notes due 2022

Debt Instrument [Line Items]

Percent redemption price

100.00%

Prior to January 31, 2020 | Senior Notes | 5 7/8% Senior Notes due January 31, 2025

Debt Instrument [Line Items]

Percent redemption price

100.00%

Senior Notes, Secured, and Su55

Senior Notes, Secured, and Subordinated Indebtedness - Joint Venture Notes Payable (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Notes payable		$ 94,515	$ 155,768
Construction Loans
Debt Instrument [Line Items]
Notes payable		210,100
Outstanding		93,900
Construction Loans | March 2016 Construction Notes Payable
Debt Instrument [Line Items]
Notes payable		33,400
Outstanding	[1]	$ 13,800
Current rate	[2]	4.47%
Construction Loans | January 2016 Construction Notes Payable
Debt Instrument [Line Items]
Notes payable		$ 35,000
Outstanding		$ 28,900
Current rate	[3]	4.82%
Construction Loans | November 2015 Construction Notes Payable
Debt Instrument [Line Items]
Notes payable		$ 42,500
Outstanding	[1]	$ 15,700
Current rate	[2]	5.50%
Construction Loans | November 2014 Construction Notes Payable
Debt Instrument [Line Items]
Notes payable		$ 7,000
Outstanding	[1]	$ 2,100
Current rate	[4]	5.00%
Construction Loans | March 2014 Construction Notes Payable
Debt Instrument [Line Items]
Notes payable		$ 26,000
Outstanding	[5]	$ 0
Current rate	[2]	4.53%
Construction Loans | July 2017 Construction Notes Payable
Debt Instrument [Line Items]
Notes payable		$ 66,200
Outstanding		$ 33,400
Current rate	[6]	4.51%
London Interbank Offered Rate (LIBOR) | December 2013, March 2014, August 2015, November 2015 Construction Notes Payable [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
London Interbank Offered Rate (LIBOR) | January 2016 Construction Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
London Interbank Offered Rate (LIBOR) | July 2017 Construction Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Prime Rate | December 2013, March 2014, August 2015, November 2015 Construction Notes Payable [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Prime Rate | November 2014, April 2015, July 2015 Construction Notes Payable [Member] [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Prime Rate | July 2017 Construction Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
[1]	The Company anticipates paying the borrowings in full upon the maturity date from proceeds from homes closed in the respective project.
[2]	Loan bears interest at the Company's option of either LIBOR +3.0% or the prime rate +1.0%.
[3]	Loan bears interest at LIBOR +3.25%.
[4]	Loan bears interest at the prime rate +0.5%.
[5]	The balance on this borrowing was paid in full prior to the maturity date, along with all accrued interest to date.
[6]	Loan bears interest at the greatest of the prime rate, federal funds effective rate +1.0%, or LIBOR +1.0%.

Senior Notes, Secured, and Su56

Senior Notes, Secured, and Subordinated Indebtedness - Summary of Senior Notes Redemption Prices Percentage (Details) - Senior Notes	12 Months Ended
	Dec. 31, 2017
April 15, 2016 | 5 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Percent redemption price	104.313%
October 15, 2016 | 5 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Percent redemption price	102.875%
April 15, 2017 | 5 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Percent redemption price	101.438%
April 15, 2018 and thereafter | 5 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Percent redemption price	100.00%
August 15, 2017 | 7% Senior Notes due 2022
Debt Instrument [Line Items]
Percent redemption price	103.50%
August 2018 | 7% Senior Notes due 2022
Debt Instrument [Line Items]
Percent redemption price	101.75%
August 2019 and Thereafter | 7% Senior Notes due 2022
Debt Instrument [Line Items]
Percent redemption price	100.00%
August 2019 and Thereafter | 5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Percent redemption price	100.00%
January 2020 | 5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Percent redemption price	102.938%
January 2021 | 5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Percent redemption price	101.469%
January 31, 2022 | 5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Percent redemption price	100.734%
January 31, 2023 and thereafter | 5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Percent redemption price	100.00%

Senior Notes, Secured, and Su57

Senior Notes, Secured, and Subordinated Indebtedness - Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 182,710	$ 42,612	$ 50,203	$ 52,771
Receivables	10,223	9,538
Escrow proceeds receivable	3,319	85
Real estate inventories	1,699,850	1,771,998
Investment in unconsolidated joint ventures	7,867	7,282
Goodwill	66,902	66,902
Intangibles, net	6,700	6,700
Deferred income taxes, net	47,915	75,751
Lease right-of-use assets	14,454	13,129
Other assets, net	21,164	17,283
Investments in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	2,061,104	2,011,280
LIABILITIES AND EQUITY
Accounts payable	58,799	74,282
Accrued expenses	111,491	92,919
Notes payable	94,515	155,768
Long-term debt	1,030,184	1,080,650
Intercompany payables	0	0
Total liabilities	1,200,474	1,247,851
Equity
William Lyon Homes stockholders’ equity	780,472	697,086
Noncontrolling interests	80,158	66,343
Total liabilities and equity	2,061,104	2,011,280
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
Lease right-of-use assets	0	0
Other assets, net	0	0
Investments in subsidiaries	(269,727)	(99,700)
Intercompany receivables	(269,831)	(252,860)
Total assets	(539,558)	(352,560)
LIABILITIES AND EQUITY
Accounts payable	0	0
Accrued expenses	0	0
Notes payable	0	0
Intercompany payables	(269,831)	(252,860)
Total liabilities	(269,831)	(252,860)
Equity
William Lyon Homes stockholders’ equity	(269,727)	(99,700)
Noncontrolling interests	0	0
Total liabilities and equity	(539,558)	(352,560)
William Lyon Homes | Reportable Legal Entities
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
Lease right-of-use assets	0	0
Other assets, net	0	0
Investments in subsidiaries	780,472	697,086
Intercompany receivables	0	0
Total assets	780,472	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	780,472	697,086
Noncontrolling interests	0	0
Total liabilities and equity	780,472	697,086
California Lyon | Reportable Legal Entities
ASSETS
Cash and cash equivalents	171,434	36,204	44,331	48,462
Receivables	4,647	2,989
Escrow proceeds receivable	1,594	85
Real estate inventories	831,007	910,594
Investment in unconsolidated joint ventures	7,717	7,132
Goodwill	14,209	14,209
Intangibles, net	0	0
Deferred income taxes, net	47,915	75,751
Lease right-of-use assets	14,454	13,129
Other assets, net	18,167	15,779
Investments in subsidiaries	(16,544)	(23,736)
Intercompany receivables	0	0
Total assets	1,094,600	1,052,136
LIABILITIES AND EQUITY
Accounts payable	40,075	52,380
Accrued expenses	108,407	88,187
Notes payable	589	50,713
Intercompany payables	179,788	177,267
Total liabilities	1,264,528	1,293,429
Equity
William Lyon Homes stockholders’ equity	(169,928)	(241,291)
Noncontrolling interests	0	0
Total liabilities and equity	1,094,600	1,052,138
Guarantor Subsidiaries | Reportable Legal Entities
ASSETS
Cash and cash equivalents	156	272	2,724	573
Receivables	2,252	3,303
Escrow proceeds receivable	1,725	0
Real estate inventories	630,384	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
Lease right-of-use assets	0	0
Other assets, net	2,504	1,089
Investments in subsidiaries	(494,201)	(573,650)
Intercompany receivables	269,831	252,860
Total assets	472,194	388,758
LIABILITIES AND EQUITY
Accounts payable	13,007	16,416
Accrued expenses	2,988	4,634
Notes payable	0	2,979
Intercompany payables	0	0
Total liabilities	15,995	24,029
Equity
William Lyon Homes stockholders’ equity	456,199	364,727
Noncontrolling interests	0	0
Total liabilities and equity	472,194	388,756
Non-Guarantor Subsidiaries | Reportable Legal Entities
ASSETS
Cash and cash equivalents	11,120	6,136	$ 3,148	$ 3,736
Receivables	3,324	3,246
Escrow proceeds receivable	0	0
Real estate inventories	238,459	216,063
Investment in unconsolidated joint ventures	0	0
Goodwill	0	0
Intangibles, net	0	0
Deferred income taxes, net	0	0
Lease right-of-use assets	0	0
Other assets, net	493	415
Investments in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	253,396	225,860
LIABILITIES AND EQUITY
Accounts payable	5,717	5,486
Accrued expenses	96	98
Notes payable	93,926	102,076
Intercompany payables	90,043	75,593
Total liabilities	189,782	183,253
Equity
William Lyon Homes stockholders’ equity	(16,544)	(23,736)
Noncontrolling interests	80,158	66,343
Total liabilities and equity	253,396	225,860
Subordinated amortizing notes
LIABILITIES AND EQUITY
Long-term debt	0	7,225
Subordinated amortizing notes | Consolidation, Eliminations
LIABILITIES AND EQUITY
Long-term debt		0
Subordinated amortizing notes | William Lyon Homes | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt		0
Subordinated amortizing notes | California Lyon | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt		7,225
Subordinated amortizing notes | Guarantor Subsidiaries | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt		0
Subordinated amortizing notes | Non-Guarantor Subsidiaries | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt		0
5 3/4% Senior Notes due 2019
LIABILITIES AND EQUITY
Long-term debt	149,362	148,826
5 3/4% Senior Notes due 2019 | Consolidation, Eliminations
LIABILITIES AND EQUITY
Long-term debt	0	0
5 3/4% Senior Notes due 2019 | William Lyon Homes | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt	0	0
5 3/4% Senior Notes due 2019 | California Lyon | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt	149,362	148,826
5 3/4% Senior Notes due 2019 | Guarantor Subsidiaries | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt	0	0
5 3/4% Senior Notes due 2019 | Non-Guarantor Subsidiaries | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt	0	0
8 1/2% Senior Notes due 2020
LIABILITIES AND EQUITY
Long-term debt		422,817
8 1/2% Senior Notes due 2020 | Consolidation, Eliminations
LIABILITIES AND EQUITY
Long-term debt		0
8 1/2% Senior Notes due 2020 | William Lyon Homes | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt		0
8 1/2% Senior Notes due 2020 | California Lyon | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt		422,817
8 1/2% Senior Notes due 2020 | Guarantor Subsidiaries | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt		0
8 1/2% Senior Notes due 2020 | Non-Guarantor Subsidiaries | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt		0
7% Senior Notes due 2022
LIABILITIES AND EQUITY
Long-term debt	346,740	346,014
7% Senior Notes due 2022 | Consolidation, Eliminations
LIABILITIES AND EQUITY
Long-term debt	0	0
7% Senior Notes due 2022 | William Lyon Homes | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt	0	0
7% Senior Notes due 2022 | California Lyon | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt	346,740	346,014
7% Senior Notes due 2022 | Guarantor Subsidiaries | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt	0	0
7% Senior Notes due 2022 | Non-Guarantor Subsidiaries | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt	0	$ 0
5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Long-term debt	439,567
5 7/8% Senior Notes due January 31, 2025 | Consolidation, Eliminations
LIABILITIES AND EQUITY
Long-term debt	0
5 7/8% Senior Notes due January 31, 2025 | William Lyon Homes | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt	0
5 7/8% Senior Notes due January 31, 2025 | California Lyon | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt	439,567
5 7/8% Senior Notes due January 31, 2025 | Guarantor Subsidiaries | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt	0
5 7/8% Senior Notes due January 31, 2025 | Non-Guarantor Subsidiaries | Reportable Legal Entities
LIABILITIES AND EQUITY
Long-term debt	$ 0

Senior Notes, Secured, and Su58

Senior Notes, Secured, and Subordinated Indebtedness - Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating revenue
Sales									$ 1,795,074	$ 1,402,203	$ 1,078,928
Construction services									1,454	3,837	25,124
Management fees									0	0	0
Operating revenue	$ 623,283	$ 490,304	$ 422,633	$ 258,854	$ 473,221	$ 342,628	$ 325,059	$ 261,295	1,796,528	1,406,040	1,104,052
Operating costs
Cost of sales — homes									(1,478,549)	(1,162,337)	(878,995)
Construction services									(1,317)	(3,485)	(21,181)
Sales and marketing									(86,226)	(72,509)	(61,539)
General and administrative									(90,206)	(73,398)	(59,161)
Amortization of intangible assets									0	0	(957)
Other									(2,274)	(343)	(1,972)
Operating costs									(1,658,572)	(1,312,072)	(1,023,805)
Income (loss) from subsidiaries									0	0	0
Operating income									137,956	93,968	80,247
Equity in income of unconsolidated joint ventures									3,661	5,606	3,239
Other income (expense), net									895	3,243	3,581
Income before extinguishment of debt									142,512	102,817	87,067
Loss on extinguishment of debt									(21,828)	0	0
Income before provision for income taxes									120,684	102,817	87,067
Provision for income taxes									(62,933)	(34,850)	(26,806)
Net income	16,736	30,060	20,251	(9,296)	26,426	16,514	15,086	9,941	57,751	67,967	60,261
Less: Net income attributable to noncontrolling interests									(9,616)	(8,271)	(2,925)
Net income available to common stockholders	$ 11,763	$ 27,418	$ 18,954	$ (10,000)	$ 23,052	$ 13,069	$ 14,561	$ 9,014	48,135	59,696	57,336
Consolidation, Eliminations
Operating revenue
Sales									0	0	0
Construction services									0	0	0
Management fees									5,741	4,362	1,506
Operating revenue									5,741	4,362	1,506
Operating costs
Cost of sales — homes									(5,741)	(4,362)	(1,506)
Construction services									0	0	0
Sales and marketing									0	0	0
General and administrative									0	0	0
Amortization of intangible assets											0
Other									0	0	0
Operating costs									(5,741)	(4,362)	(1,506)
Income (loss) from subsidiaries									(68,517)	(68,027)	(54,941)
Operating income									(68,517)	(68,027)	(54,941)
Equity in income of unconsolidated joint ventures									0	0	0
Other income (expense), net									0	0	0
Income before extinguishment of debt									(68,517)
Loss on extinguishment of debt									0
Income before provision for income taxes									(68,517)	(68,027)	(54,941)
Provision for income taxes									0	0	0
Net income									(68,517)	(68,027)	(54,941)
Less: Net income attributable to noncontrolling interests									0	0	0
Net income available to common stockholders									(68,517)	(68,027)	(54,941)
William Lyon Homes | Reportable Legal Entities
Operating revenue
Sales									0	0	0
Construction services									0	0	0
Management fees									0	0	0
Operating revenue									0	0	0
Operating costs
Cost of sales — homes									0	0	0
Construction services									0	0	0
Sales and marketing									0	0	0
General and administrative									0	0	0
Amortization of intangible assets											0
Other									0	0	0
Operating costs									0	0	0
Income (loss) from subsidiaries									48,135	59,696	57,336
Operating income									48,135	59,696	57,336
Equity in income of unconsolidated joint ventures									0	0	0
Other income (expense), net									0	0	0
Income before extinguishment of debt									48,135
Loss on extinguishment of debt									0
Income before provision for income taxes									48,135	59,696	57,336
Provision for income taxes										0	0
Net income									48,135	59,696	57,336
Less: Net income attributable to noncontrolling interests									0	0	0
Net income available to common stockholders									48,135	59,696	57,336
California Lyon | Reportable Legal Entities
Operating revenue
Sales									748,396	573,191	459,990
Construction services									1,454	3,837	25,124
Management fees									(5,741)	(4,362)	(1,506)
Operating revenue									744,109	572,666	483,608
Operating costs
Cost of sales — homes									(596,970)	(462,153)	(358,793)
Construction services									(1,317)	(3,485)	(21,181)
Sales and marketing									(30,637)	(27,329)	(26,626)
General and administrative									(73,748)	(60,141)	(47,385)
Amortization of intangible assets											(957)
Other									(2,560)	(442)	(3,477)
Operating costs									(705,232)	(553,550)	(458,419)
Income (loss) from subsidiaries									20,382	8,331	(2,395)
Operating income									59,259	27,447	22,794
Equity in income of unconsolidated joint ventures									2,135	4,369	1,912
Other income (expense), net									2,029	4,640	7,911
Income before extinguishment of debt									63,423
Loss on extinguishment of debt									(21,828)
Income before provision for income taxes									41,595	36,456	32,617
Provision for income taxes									(62,933)	(34,850)	(26,806)
Net income									(21,338)	1,606	5,811
Less: Net income attributable to noncontrolling interests									0	0	0
Net income available to common stockholders									(21,338)	1,606	5,811
Guarantor Subsidiaries | Reportable Legal Entities
Operating revenue
Sales									844,611	680,138	568,774
Construction services									0	0	0
Management fees									0	0	0
Operating revenue									844,611	680,138	568,774
Operating costs
Cost of sales — homes									(700,878)	(564,596)	(475,043)
Construction services									0	0	0
Sales and marketing									(44,849)	(36,170)	(31,231)
General and administrative									(16,457)	(13,256)	(11,776)
Amortization of intangible assets											0
Other									308	100	1,505
Operating costs									(761,876)	(613,922)	(516,545)
Income (loss) from subsidiaries									0	0	0
Operating income									82,735	66,216	52,229
Equity in income of unconsolidated joint ventures									1,526	1,237	1,327
Other income (expense), net									264	(34)	4,793
Income before extinguishment of debt									84,525
Loss on extinguishment of debt									0
Income before provision for income taxes									84,525	67,419	58,349
Provision for income taxes									0	0	0
Net income									84,525	67,419	58,349
Less: Net income attributable to noncontrolling interests									0	0	0
Net income available to common stockholders									84,525	67,419	58,349
Non-Guarantor Subsidiaries | Reportable Legal Entities
Operating revenue
Sales									202,067	148,874	50,164
Construction services									0	0	0
Management fees									0	0	0
Operating revenue									202,067	148,874	50,164
Operating costs
Cost of sales — homes									(174,960)	(131,226)	(43,653)
Construction services									0	0	0
Sales and marketing									(10,740)	(9,010)	(3,682)
General and administrative									(1)	(1)	0
Amortization of intangible assets											0
Other									(22)	(1)	0
Operating costs									(185,723)	(140,238)	(47,335)
Income (loss) from subsidiaries									0	0	0
Operating income									16,344	8,636	2,829
Equity in income of unconsolidated joint ventures									0	0	0
Other income (expense), net									(1,398)	(1,363)	(9,123)
Income before extinguishment of debt									14,946
Loss on extinguishment of debt									0
Income before provision for income taxes									14,946	7,273	(6,294)
Provision for income taxes									0	0	0
Net income									14,946	7,273	(6,294)
Less: Net income attributable to noncontrolling interests									(9,616)	(8,271)	(2,925)
Net income available to common stockholders									$ 5,330	$ (998)	$ (9,219)

Senior Notes, Secured, and Su59

Senior Notes, Secured, and Subordinated Indebtedness - Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities:
Net cash (used in) provided by operating activities	$ 167,454	$ 21,706	$ (172,908)
Investing activities:
Investment in and advances to joint ventures	0	0	(1,000)
Proceeds from repayment of notes receivable	0	6,188	0
Purchases of property and equipment	(4,300)	(1,029)	(4,800)
Investments in subsidiaries	0	0	0
Net cash (used in) provided by investing activities	(4,300)	5,159	(5,800)
Financing activities:
Proceeds from borrowings on notes payable	134,061	139,783	119,663
Principal payments on notes payable	(142,211)	(147,887)	(58,217)
Proceeds from borrowings on revolver	346,121	258,000	229,000
Payments on revolver	(375,121)	(294,000)	(164,000)
Principal payments on subordinated amortizing notes	(7,225)	(6,841)	(6,651)
Proceeds from stock options exercised	0	0	106
Proceeds from issuance of Class B Shares	29,908	0	0
Costs related to settlement of TEUs	(63)	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	(1,544)	(942)	(1,832)
Excess income tax benefit from stock based awards	0	(182)	0
Payments to repurchase common stock	(3,112)	0	0
Payment of deferred loan costs	(9,892)	(1,085)	(2,147)
Noncontrolling interest contributions	66,712	38,334	19,850
Noncontrolling interest distributions	(62,513)	(19,636)	(10,632)
Advances to affiliates	0	0	0
Intercompany receivables/payables	0	0	0
Net cash (used in) provided by financing activities	(23,056)	(34,456)	176,140
Net (decrease) increase in cash and cash equivalents	140,098	(7,591)	(2,568)
Cash and cash equivalents — beginning of period	42,612	50,203	52,771
Cash and cash equivalents — end of period	182,710	42,612	50,203
8 1/2% Senior Notes due 2020
Financing activities:
Redemption Premium	(19,645)	0	0
Principal payments of Senior Notes	(425,000)	0	0
7% Senior Notes due 2022
Financing activities:
Proceeds from issuance of Senior Notes	0	0	51,000
5 7/8% Senior Notes due January 31, 2025
Financing activities:
Proceeds from issuance of Senior Notes	446,468	0	0
Reportable Legal Entities | William Lyon Homes
Operating activities:
Net cash (used in) provided by operating activities	(35,251)	(5,295)	(4,844)
Investing activities:
Investment in and advances to joint ventures			0
Proceeds from repayment of notes receivable		0
Purchases of property and equipment	0	0	0
Investments in subsidiaries	0	0	0
Net cash (used in) provided by investing activities	0	0	0
Financing activities:
Proceeds from borrowings on notes payable	0	0	0
Principal payments on notes payable	0	0	0
Proceeds from borrowings on revolver	0	0	0
Payments on revolver	0	0	0
Principal payments on subordinated amortizing notes	0	0	0
Proceeds from stock options exercised			0
Proceeds from issuance of Class B Shares	0
Costs related to settlement of TEUs	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0	0
Excess income tax benefit from stock based awards		0
Payments to repurchase common stock	0
Payment of deferred loan costs	0	0	0
Noncontrolling interest contributions	0	0	0
Noncontrolling interest distributions	0	0	0
Advances to affiliates	0	0	0
Intercompany receivables/payables	35,251	5,295	4,844
Net cash (used in) provided by financing activities	35,251	5,295	4,844
Net (decrease) increase in cash and cash equivalents	0	0	0
Cash and cash equivalents — beginning of period	0	0	0
Cash and cash equivalents — end of period	0	0	0
Reportable Legal Entities | California Lyon
Operating activities:
Net cash (used in) provided by operating activities	84,840	64,780	(123,099)
Investing activities:
Investment in and advances to joint ventures			(1,000)
Proceeds from repayment of notes receivable		6,188
Purchases of property and equipment	(3,668)	(1,004)	(4,918)
Investments in subsidiaries	13,190	(2,455)	(3,833)
Net cash (used in) provided by investing activities	9,522	2,729	(9,751)
Financing activities:
Proceeds from borrowings on notes payable	0	2,211	34,955
Principal payments on notes payable	0	(18,125)	(28,924)
Proceeds from borrowings on revolver	346,121	258,000	229,000
Payments on revolver	(375,121)	(294,000)	(164,000)
Principal payments on subordinated amortizing notes	(7,225)	(6,841)	(6,651)
Proceeds from stock options exercised			106
Proceeds from issuance of Class B Shares	29,908
Costs related to settlement of TEUs	(63)
Shares remitted to, or withheld by the Company for employee tax withholding	(1,544)	(942)	(1,832)
Excess income tax benefit from stock based awards		(182)
Payments to repurchase common stock	(3,112)
Payment of deferred loan costs	(9,892)	(1,085)	(2,147)
Noncontrolling interest contributions	0	0	0
Noncontrolling interest distributions	0	0	0
Advances to affiliates	0	0	0
Intercompany receivables/payables	59,973	(14,672)	17,212
Net cash (used in) provided by financing activities	40,868	(75,636)	128,719
Net (decrease) increase in cash and cash equivalents	135,230	(8,127)	(4,131)
Cash and cash equivalents — beginning of period	36,204	44,331	48,462
Cash and cash equivalents — end of period	171,434	36,204	44,331
Reportable Legal Entities | Guarantor Subsidiaries
Operating activities:
Net cash (used in) provided by operating activities	89,914	(778)	26,398
Investing activities:
Investment in and advances to joint ventures			0
Proceeds from repayment of notes receivable		0
Purchases of property and equipment	(555)	85	89
Investments in subsidiaries	(79,449)	12,104	(12,584)
Net cash (used in) provided by investing activities	(80,004)	12,189	(12,495)
Financing activities:
Proceeds from borrowings on notes payable	0	0	0
Principal payments on notes payable	0	0	(162)
Proceeds from borrowings on revolver	0	0	0
Payments on revolver	0	0	0
Principal payments on subordinated amortizing notes	0	0	0
Proceeds from stock options exercised			0
Proceeds from issuance of Class B Shares	0
Costs related to settlement of TEUs	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0	0
Excess income tax benefit from stock based awards		0
Payments to repurchase common stock	0
Payment of deferred loan costs	0	0	0
Noncontrolling interest contributions	0	0	0
Noncontrolling interest distributions	0	0	0
Advances to affiliates	6,947	(252)	(5,237)
Intercompany receivables/payables	(16,973)	(13,611)	(6,353)
Net cash (used in) provided by financing activities	(10,026)	(13,863)	(11,752)
Net (decrease) increase in cash and cash equivalents	(116)	(2,452)	2,151
Cash and cash equivalents — beginning of period	272	2,724	573
Cash and cash equivalents — end of period	156	272	2,724
Reportable Legal Entities | Non-Guarantor Subsidiaries
Operating activities:
Net cash (used in) provided by operating activities	(7,300)	(42,296)	(76,207)
Investing activities:
Investment in and advances to joint ventures			0
Proceeds from repayment of notes receivable		0
Purchases of property and equipment	(77)	(110)	29
Investments in subsidiaries	0	0	0
Net cash (used in) provided by investing activities	(77)	(110)	29
Financing activities:
Proceeds from borrowings on notes payable	134,061	137,572	84,708
Principal payments on notes payable	(142,211)	(129,762)	(29,131)
Proceeds from borrowings on revolver	0	0	0
Payments on revolver	0	0	0
Principal payments on subordinated amortizing notes	0	0	0
Proceeds from stock options exercised			0
Proceeds from issuance of Class B Shares	0
Costs related to settlement of TEUs	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0	0
Excess income tax benefit from stock based awards		0
Payments to repurchase common stock	0
Payment of deferred loan costs	0	0	0
Noncontrolling interest contributions	66,712	38,334	19,850
Noncontrolling interest distributions	(62,513)	(19,636)	(10,632)
Advances to affiliates	1,862	11,784	10,658
Intercompany receivables/payables	14,450	7,102	137
Net cash (used in) provided by financing activities	12,361	45,394	75,590
Net (decrease) increase in cash and cash equivalents	4,984	2,988	(588)
Cash and cash equivalents — beginning of period	6,136	3,148	3,736
Cash and cash equivalents — end of period	11,120	6,136	3,148
Reportable Legal Entities | 8 1/2% Senior Notes due 2020 | William Lyon Homes
Financing activities:
Redemption Premium	0
Principal payments of Senior Notes	0
Reportable Legal Entities | 8 1/2% Senior Notes due 2020 | California Lyon
Financing activities:
Redemption Premium	(19,645)
Principal payments of Senior Notes	(425,000)
Reportable Legal Entities | 8 1/2% Senior Notes due 2020 | Guarantor Subsidiaries
Financing activities:
Redemption Premium	0
Principal payments of Senior Notes	0
Reportable Legal Entities | 8 1/2% Senior Notes due 2020 | Non-Guarantor Subsidiaries
Financing activities:
Redemption Premium	0
Principal payments of Senior Notes	0
Reportable Legal Entities | 7% Senior Notes due 2022 | William Lyon Homes
Financing activities:
Proceeds from issuance of Senior Notes			0
Reportable Legal Entities | 7% Senior Notes due 2022 | California Lyon
Financing activities:
Proceeds from issuance of Senior Notes			51,000
Reportable Legal Entities | 7% Senior Notes due 2022 | Guarantor Subsidiaries
Financing activities:
Proceeds from issuance of Senior Notes			0
Reportable Legal Entities | 7% Senior Notes due 2022 | Non-Guarantor Subsidiaries
Financing activities:
Proceeds from issuance of Senior Notes			0
Reportable Legal Entities | 5 7/8% Senior Notes due January 31, 2025 | William Lyon Homes
Financing activities:
Proceeds from issuance of Senior Notes	0
Reportable Legal Entities | 5 7/8% Senior Notes due January 31, 2025 | California Lyon
Financing activities:
Proceeds from issuance of Senior Notes	446,468
Reportable Legal Entities | 5 7/8% Senior Notes due January 31, 2025 | Guarantor Subsidiaries
Financing activities:
Proceeds from issuance of Senior Notes	0
Reportable Legal Entities | 5 7/8% Senior Notes due January 31, 2025 | Non-Guarantor Subsidiaries
Financing activities:
Proceeds from issuance of Senior Notes	0
Consolidation, Eliminations
Operating activities:
Net cash (used in) provided by operating activities	35,251	5,295	4,844
Investing activities:
Investment in and advances to joint ventures			0
Proceeds from repayment of notes receivable		0
Purchases of property and equipment	0	0	0
Investments in subsidiaries	66,259	(9,649)	16,417
Net cash (used in) provided by investing activities	66,259	(9,649)	16,417
Financing activities:
Proceeds from borrowings on notes payable	0	0	0
Principal payments on notes payable	0	0	0
Proceeds from borrowings on revolver	0	0	0
Payments on revolver	0	0	0
Principal payments on subordinated amortizing notes	0	0	0
Proceeds from stock options exercised			0
Proceeds from issuance of Class B Shares	0
Costs related to settlement of TEUs	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0	0
Excess income tax benefit from stock based awards		0
Payments to repurchase common stock	0
Payment of deferred loan costs	0	0	0
Noncontrolling interest contributions	0	0	0
Noncontrolling interest distributions	0	0	0
Advances to affiliates	(8,809)	(11,532)	(5,421)
Intercompany receivables/payables	(92,701)	15,886	(15,840)
Net cash (used in) provided by financing activities	(101,510)	4,354	(21,261)
Net (decrease) increase in cash and cash equivalents	0	0	0
Cash and cash equivalents — beginning of period	0	0	0
Cash and cash equivalents — end of period	0	$ 0	0
Consolidation, Eliminations | 8 1/2% Senior Notes due 2020
Financing activities:
Redemption Premium	0
Principal payments of Senior Notes	0
Consolidation, Eliminations | 7% Senior Notes due 2022
Financing activities:
Proceeds from issuance of Senior Notes			$ 0
Consolidation, Eliminations | 5 7/8% Senior Notes due January 31, 2025
Financing activities:
Proceeds from issuance of Senior Notes	$ 0

Fair Value of Financial Instr60

Fair Value of Financial Instruments - Schedule of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jan. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 03, 2014	Aug. 11, 2014	Mar. 31, 2014	Oct. 24, 2013	Nov. 08, 2012
Financial liabilities:
Notes payable	$ 94,515		$ 155,768
Long-term debt	1,030,184		1,080,650
Notes payable, fair value	94,515		155,768
Subordinated amortizing notes
Financial liabilities:
Long-term debt	0		7,225
Long-term debt, fair value	0		7,478
Stated interest rate					5.50%
5 3/4% Senior Notes due 2019
Financial liabilities:
Long-term debt	$ 149,362		$ 148,826
Stated interest rate	5.75%		5.75%
8 1/2% Senior Notes due 2020
Financial liabilities:
Long-term debt			$ 422,817
Stated interest rate	8.50%		8.50%	8.50%
7% Senior Notes due 2022
Financial liabilities:
Long-term debt	$ 346,740		$ 346,014
Stated interest rate	7.00%		7.00%	7.00%
5 7/8% Senior Notes due January 31, 2025
Financial liabilities:
Long-term debt	$ 439,567
Stated interest rate	5.875%		5.875%	5.875%
Senior Notes | 5 3/4% Senior Notes due 2019
Financial liabilities:
Long-term debt	$ 149,362		$ 148,826
Long-term debt, fair value	$ 151,500		151,125
Stated interest rate	5.75%						5.75%
Senior Notes | 8 1/2% Senior Notes due 2020
Financial liabilities:
Long-term debt	$ 0		422,817
Long-term debt, fair value	$ 0		444,125
Stated interest rate	8.50%							8.50%	8.50%
Senior Notes | 7% Senior Notes due 2022
Financial liabilities:
Long-term debt	$ 346,740		346,014
Long-term debt, fair value	$ 362,250		363,125
Stated interest rate	7.00%					7.00%
Senior Notes | 5 7/8% Senior Notes due January 31, 2025
Financial liabilities:
Long-term debt	$ 439,567		0
Long-term debt, fair value	$ 459,000		$ 0
Stated interest rate	5.875%	5.875%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	Dec. 14, 2017	Aug. 31, 2017	Sep. 03, 2009	Aug. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Issuance of stock					$ (63,000)
Related party land sale to employee						$ 550,000
Aggregate purchase price of aircraft			$ 8,300,000
Cash paid on sale of aircraft			2,100,000
Promissory note from the affiliate			6,200,000
Semiannual interest payments receivable			$ 132,000
Affiliated Entity
Related Party Transaction [Line Items]
Non refundable deposit for PSA					1,200,000
Cash purchase price of certain lots at a master planned community				$ 9,300,000
Paulson & Co. Inc. | Investor
Related Party Transaction [Line Items]
Ownership percentage in company, related party		5.00%		5.00%
Seller Financing
Related Party Transaction [Line Items]
Notes payable, related parties				$ 3,000,000
Common Class B
Related Party Transaction [Line Items]
Issuance of stock (in shares)	1,003,510
Issuance of stock	$ 29,908,028				$ 29,908,000

Income Taxes - Summary of (Prov

Income Taxes - Summary of (Provision) Benefit from Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current
Federal	$ (25,974)	$ (26,978)	$ (15,296)
State	(9,122)	(4,077)	(3,350)
Deferred
Federal	(26,663)	(1,395)	(5,259)
State	(1,174)	(2,400)	(2,901)
(Provision) benefit from income taxes	$ (62,933)	$ (34,850)	$ (26,806)

Income Taxes - Schedule of Diff

Income Taxes - Schedule of Difference in Income Taxes from Amounts Computed by Applying Federal Statutory Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Provision for federal income taxes at the statutory rate	$ (42,240)	$ (35,986)	$ (30,473)
(Increases)/decreases in tax resulting from:
Provision for state income taxes, net of federal income tax benefits	(6,692)	(4,210)	(4,063)
Rate adjustment - new tax reform legislation	(23,126)	0	0
Change in valuation allowance	0	0	1,626
Domestic production activities deduction	2,868	2,481	2,087
Nondeductible items-other	(94)	(58)	(52)
Non-controlling interests	3,366	2,895	1,024
Change in RBIL estimate	0	0	1,771
Tax credits	(160)	166	1,272
Stock based compensation	281	27	0
Other, net	2,864	(165)	2
(Provision) benefit from income taxes	$ (62,933)	$ (34,850)	$ (26,806)

Income Taxes - Summary of Tempo

Income Taxes - Summary of Temporary Differences Giving Rise to Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets
Impairment and other reserves	$ 33,883	$ 53,806
Compensation deductible for tax purposes when paid	5,093	9,161
AMT credit carryover	1,384	1,384
Unused recognized built-in loss	10,706	18,651
Net operating loss	3,488	3,172
Effect of book/tax differences for general and administrative	4,508	6,427
Other	806	694
Deferred tax assets	59,868	93,295
Deferred tax liabilities
Effect of book/tax differences for joint ventures	(1,343)	(2,706)
Effect of book/tax differences for capitalized interest	(6,478)	(11,103)
Fixed assets and intangibles	(1,850)	(1,716)
Goodwill and other intangibles	(1,998)	(1,541)
Other	(284)	(478)
Deferred tax liabilities	(11,953)	(17,544)
Total deferred tax assets, net	$ 47,915	$ 75,751

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended		48 Months Ended
	Dec. 31, 2013	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2012
Income Tax Disclosure [Line Items]
Tax Cuts and Jobs Act of 2017, income tax expense		$ 23,100,000
Effective income tax rate		52.10%	33.90%
Valuation allowance		$ 0		$ 0
Deferred tax asset balance					$ 200,000,000
Deferred tax benefit	$ 95,600,000			20,000,000
AMT credit carryover		1,384,000	$ 1,384,000	1,384,000
Federal
Income Tax Disclosure [Line Items]
Net operating loss carryforwards		0		0
Unused built-in losses		48,500,000		48,500,000
State
Income Tax Disclosure [Line Items]
Net operating loss carryforwards		49,900,000		49,900,000
Unused built-in losses		$ 7,500,000		$ 7,500,000

Income Per Common Share - Summa

Income Per Common Share - Summary of Basic and Diluted (Loss) Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 01, 2017	Nov. 27, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Basic weighted average number of shares outstanding (in shares)											37,040,137	36,764,799	36,546,227
Effect of dilutive securities:
Diluted average shares outstanding (in shares)											38,663,667	38,474,900	38,767,556
Net income available to common stockholders			$ 11,763	$ 27,418	$ 18,954	$ (10,000)	$ 23,052	$ 13,069	$ 14,561	$ 9,014	$ 48,135	$ 59,696	$ 57,336
Basic income per common share (in USD per share)			$ 0.32	$ 0.74	$ 0.51	$ (0.27)	$ 0.63	$ 0.36	$ 0.40	$ 0.25	$ 1.30	$ 1.62	$ 1.57
Diluted income per common share (in USD per share)			$ 0.30	$ 0.71	$ 0.49	$ (0.27)	$ 0.60	$ 0.34	$ 0.38	$ 0.24	$ 1.24	$ 1.55	$ 1.48
Potentially antidilutive securities not included in the calculation of diluted income per common share (weighted average):
Number of equity units	5,113,475		5,113,475								5,113,475
Unvested stock options
Potentially antidilutive securities not included in the calculation of diluted income per common share (weighted average):
Potentially antidilutive securities note included in the calculation of diluted loss per common share (in shares)											240,000	240,000	180,000
Preferred shares, stock options, and warrants
Effect of dilutive securities:
Dilutive securities (in shares)											1,623,530	815,171	1,326,399
Tangible Equity Units
Effect of dilutive securities:
Dilutive securities (in shares)											0	894,930	894,930
Potentially antidilutive securities not included in the calculation of diluted income per common share (weighted average):
Issuance of stock (in shares)	4,442,664	670,811

Equity - Narrative (Details)

Equity - Narrative (Details)	Dec. 14, 2017USD ($)$ / sharesshares	Dec. 01, 2017shares	Nov. 27, 2017shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2014USD ($)	Feb. 22, 2017USD ($)	Dec. 31, 2016$ / shares
Class of Stock [Line Items]
Issuance of stock | $				$ (63,000)
Stock repurchase program, authorized amount | $						$ 50,000,000
Repurchases of common stock (in shares) | shares				138,227
Average cost of repurchased share (in dollars per share) | $ / shares				$ 22.50
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares) | shares				46,900,000
Conversion ratio, common stock to tangible equity units			4.4465
Number of tangible equity units issued (in units) | shares			1,150,000
Number of equity units | shares		5,113,475		5,113,475
Common Class B
Class of Stock [Line Items]
Common stock, par value (in USD per share) | $ / shares				$ 0.01			$ 0.01
Issuance of stock (in shares) | shares	1,003,510
Issuance of stock | $	$ 29,908,028			$ 29,908,000
Price per share (in USD per share) | $ / shares	$ 29.80
Common stock, shares issued to purchase warrants (in shares) | shares				1,907,551
Warrants to purchase common stock price per share (in USD per share) | $ / shares				$ 17.08
Warrants
Class of Stock [Line Items]
Adoption of fresh start accounting | $				$ 1,000,000
Common Class A
Class of Stock [Line Items]
Common stock, par value (in USD per share) | $ / shares				$ 0.01			$ 0.01
Issuance of stock (in shares) | shares		5,113,473	670,811
Additional Paid-In Capital
Class of Stock [Line Items]
Issuance of stock | $				$ (114,000)
Issuance of TEUs net of offering costs | $					$ 90,700,000
Additional Paid-In Capital | Common Class B
Class of Stock [Line Items]
Issuance of stock | $				$ 29,898,000

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized (in shares)	900,000
Performance target, percent achieved	111.00%	96.00%	92.00%
Shares available for grant (in shares)	1,604,258
Stock based compensation expense	$ 10,062	$ 6,419	$ 6,570
Total unrecognized stock based compensation expense	$ 8,800
Unrecognized stock based compensation expense, weighted average recognition period	1 year 14 days
Total value of restricted stock awards vested	$ 8,000	5,100	6,000
Recognized tax benefit	$ 3,800	$ 4,100	$ 3,500
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)	4,535,363
Restricted shares granted (in shares)	813,586	857,460	493,524
Time Based Restricted Stock | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	259,677
Performance-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	553,909	566,092	284,809
Vesting percentage	33.33%
Performance-Based Restricted Stock | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	553,909
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	259,677	291,368	208,715
Other Employee | Three Year Vesting Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	172,857
Other Employee | Two Year Vesting Restricted Stock, March Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	45,111
Other Employee | Two Year Vesting Restricted Stock, July Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	6,434
Non Employee Director | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	35,275
Tranche One | Other Employee | Three Year Vesting Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Tranche One | Other Employee | Two Year Vesting Restricted Stock, March Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Tranche One | Other Employee | Two Year Vesting Restricted Stock, July Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Tranche Two | Other Employee | Three Year Vesting Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Tranche Two | Other Employee | Two Year Vesting Restricted Stock, March Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Tranche Two | Other Employee | Two Year Vesting Restricted Stock, July Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Tranche Three | Other Employee | Three Year Vesting Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Weighted-Average Assumptions for Fair Value of Employee Options Granted (Details)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected dividend yield	0.00%
Risk-free interest rate	1.71%
Expected volatility	44.00%
Expected life (in years)	6 years 9 months

Stock Based Compensation - Su70

Stock Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Options
Options outstanding at beginning of year (in shares)		596,313	611,313	419,238
Granted (in shares)	[1]	0	0	240,000
Exercised (in shares)		(3,535)	(15,000)	(47,925)
Canceled (in shares)		0	0	0
Options outstanding at end of year (in shares)		592,778	596,313	611,313
Options vested and expected to vest (in shares)		592,778	596,313	611,313
Options exercisable at end of year (in shares)	[2]	352,778	356,313	371,313
Price range of options exercised (in USD per share)		$ 8.66	$ 8.66	$ 8.66
Weighted Average Exercise Price
Weighted Average Exercise Price, Options outstanding at beginning of year (in USD per share)		15.57	15.40	8.66
Weighted Average Exercise Prices, Granted (in USD per share)				25.82
Weighted Average Exercise Price, Exercised (in USD per share)		8.66	8.66	8.66
Weighted Average Exercise Price, Options outstanding at end of year (in USD per share)		15.61	15.57	15.40
Weighted Average Exercise Price, Options vested and expected to vest (in USD per share)		15.61	15.57	15.40
Weighted Average Exercise Price, Options exercisable at end of year (in USD per share)	[2]	$ 8.66	$ 8.66	8.66
Weighted average grant date fair value of stock options (in USD per share)				$ 12.01
Options vested		$ 0	$ 0	$ 0
Minimum
Options
Price range of options outstanding (in USD per share)		$ 8.66	$ 8.66	$ 8.66
Maximum
Options
Price range of options outstanding (in USD per share)		$ 25.82	$ 25.82	$ 25.82
[1]	The weighted average grant date fair value of the stock options during December 31, 2015 was $12.01
[2]	No options vested during the years ended December 31, 2017, 2016 or 2015.

Stock Based Compensation - Su71

Stock Based Compensation - Summary of Stock Options Outstanding and Exercisable (Details) - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)		592,778	596,313	611,313	419,238
Options exercisable at end of year (in shares)	[1]	352,778	356,313	371,313
Granted in Prior Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price (in USD per share)		$ 8.66
Number of Shares (in shares)		352,778
Weighted Average Remaining Contractual Term (in years)		4 years 9 months
Aggregate Intrinsic Value		$ 7,203,727
Options exercisable at end of year (in shares)		352,778
[1]	No options vested during the years ended December 31, 2017, 2016 or 2015.

Stock Based Compensation - Su72

Stock Based Compensation - Summary of Restricted Shares Activity (Details) - $ / shares		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock
Number of Shares
Non-vested shares at beginning of year (in shares)		346,924	225,687	79,335
Granted (in shares)		259,677	291,368	208,715
Vested (in shares)		(181,812)	(126,073)	(55,571)
Canceled (in shares)	[1]	(5,494)	(44,058)	(6,792)
Non-vested shares at end of year (in shares)		419,295	346,924	225,687
Weighted Avg Grant Date Fair Value
Weighted Average Grant Date Fair Value, Non-vested shares at beginning of year (in USD per share)		$ 16.91	$ 23.65	$ 24.84
Weighted Average Grant Date Fair Value, Granted (in USD per share)		18.14	14.14	23.11
Weighted Average Grant Date Fair Value, Vested (in USD per share)		17.62	21.81	23.24
Weighted Average Grant Date Fair Value, Canceled (in USD per share)	[1]	16.23	19.06	24.28
Weighted Average Grant Date Fair Value, Non-vested shares at end of year (in USD per share)		$ 17.38	$ 16.91	$ 23.65
Performance-Based Restricted Stock
Number of Shares
Non-vested shares at beginning of year (in shares)		655,133	480,757	506,846
Granted (in shares)		553,909	566,092	284,809
Vested (in shares)		(147,477)	(190,977)	(154,467)
Canceled (in shares)	[2]	(349,000)	(200,739)	(156,431)
Non-vested shares at end of year (in shares)		712,565	655,133	480,757
Weighted Avg Grant Date Fair Value
Weighted Average Grant Date Fair Value, Non-vested shares at beginning of year (in USD per share)		$ 17.81	$ 24.18	$ 23.84
Weighted Average Grant Date Fair Value, Granted (in USD per share)		18	13.88	23.50
Weighted Average Grant Date Fair Value, Vested (in USD per share)		21.49	20.58	19.58
Weighted Average Grant Date Fair Value, Canceled (in USD per share)	[2]	19.55	23.38	28.86
Weighted Average Grant Date Fair Value, Non-vested shares at end of year (in USD per share)		$ 17.01	$ 17.81	$ 24.18
[1]	(1) Represents shares that were canceled as result of terminations of employment.
[2]	(1) Represents shares that were canceled as a result of achievement of performance targets as outlined in the respective grant agreement at below the maximum levels, as well as a result of terminations of employment.

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Outstanding performance and surety bonds	$ 234,000
Non-refundable deposits	51,800
Remaining purchase price of land	539,300
Lease right-of-use assets	14,454	$ 13,129
Project Construction Commitment
Loss Contingencies [Line Items]
Construction project commitments	$ 355,500

Commitments and Contingencies74

Commitments and Contingencies - Lease Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Lease, Cost [Abstract]
Operating lease cost	$ 6,835	$ 3,890
Sublease income	(117)	(117)
Total lease cost	6,718	3,773
Operating cash flows	5,551	3,270
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 5,925	$ 1,353	$ 3,600
Weighted-average discount rate	6.60%	6.60%
Weighted-average remaining lease term (in years)	3 years 6 months 29 days	5 years 1 month 28 days

Commitments and Contingencies75

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,018	$ 6,998
2,019	3,989
2,020	2,635
2,021	2,398
2,022	1,342
Thereafter	440
Total	$ 17,802

Subsequent Events Senior Notes

Subsequent Events Senior Notes Refinancing Transaction (Details) $ in Millions	Feb. 20, 2018USD ($)
RSI Communities | Subsequent Event
Subsequent Event [Line Items]
Purchase price	$ 460

Unaudited Summarized Quarterl77

Unaudited Summarized Quarterly Financial Information - Summarized Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Home sales	$ 623,283	$ 490,304	$ 422,633	$ 258,854	$ 473,221	$ 342,628	$ 325,059	$ 261,295	$ 1,796,528	$ 1,406,040	$ 1,104,052
Cost of sales	(505,337)	(401,700)	(353,057)	(218,455)	(392,632)	(285,896)	(268,638)	(215,171)
Gross profit	117,946	88,604	69,576	40,399	80,589	56,732	56,421	46,124
Other income, costs and expenses, net	(101,210)	(58,544)	(49,325)	(49,695)	(54,163)	(40,218)	(41,335)	(36,183)
Net income	16,736	30,060	20,251	(9,296)	26,426	16,514	15,086	9,941	57,751	67,967	60,261
Net income available to common stockholders	$ 11,763	$ 27,418	$ 18,954	$ (10,000)	$ 23,052	$ 13,069	$ 14,561	$ 9,014	$ 48,135	$ 59,696	$ 57,336
(Loss) Income per common share:
Basic (in USD per share)	$ 0.32	$ 0.74	$ 0.51	$ (0.27)	$ 0.63	$ 0.36	$ 0.40	$ 0.25	$ 1.30	$ 1.62	$ 1.57
Diluted (in USD per share)	$ 0.30	$ 0.71	$ 0.49	$ (0.27)	$ 0.60	$ 0.34	$ 0.38	$ 0.24	$ 1.24	$ 1.55	$ 1.48