William Lyon Homes (WLH) 10-Q 3 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	WLH
Entity Registrant Name	WILLIAM LYON HOMES
Entity Central Index Key	1,095,996
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Common stock, Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		33,159,509
Common stock, Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,817,394

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents — Note 1	$ 49,171	$ 182,710
Receivables	14,237	10,223
Escrow proceeds receivable	3,797	3,319
Real estate inventories	2,331,568	1,699,850
Not owned	247,049	0
Investment in unconsolidated joint ventures — Note 4	5,695	7,867
Goodwill	118,877	66,902
Intangibles, net of accumulated amortization of $4,640 as of June 30, 2018 and December 31, 2017	6,700	6,700
Deferred income taxes	46,445	47,915
Lease right-of-use assets	16,818	14,454
Other assets, net	37,890	21,164
Total assets	2,878,247	2,061,104
LIABILITIES AND EQUITY
Accounts payable	89,049	58,799
Accrued expenses	122,410	111,491
Liabilities from inventories not owned	247,049	0
Notes payable — Note 7:
Notes payable	308,072	94,515
Total senior notes	1,438,784	1,030,184
Total liabilities	1,897,292	1,200,474
Commitments and contingencies
Equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized and no shares issued and outstanding at June 30, 2018 and December 31, 2017	0	0
Additional paid-in capital	448,656	454,286
Retained earnings	356,577	325,794
Total William Lyon Homes stockholders’ equity	805,625	780,472
Noncontrolling interests	175,330	80,158
Total equity	980,955	860,630
Total liabilities and equity	2,878,247	2,061,104
Common stock, Class A, par value $0.01 per share; 150,000,000 shares authorized; 34,407,540 and 34,267,510 shares issued, 33,159,509 and 33,135,650 shares outstanding at June 30, 2018 and December 31, 2017, respectively
Equity:
Common stock	344	344
Common stock, Class B, par value $0.01 per share; 30,000,000 shares authorized; 4,817,394 shares issued and outstanding at June 30, 2018 and December 31, 2017
Equity:
Common stock	48	48
5 3/4% Senior Notes due April 15, 2019
Notes payable — Note 7:
Total senior notes	0	149,362
7% Senior Notes due August 15, 2022
Notes payable — Note 7:
Total senior notes	347,107	346,740
6% Senior Notes due September 1, 2023
Notes payable — Note 7:
Total senior notes	343,354	0
5 7/8% Senior Notes due January 31, 2025
Notes payable — Note 7:
Total senior notes	440,251	439,567
Seller financing
Notes payable — Note 7:
Notes payable	0	589
Construction notes payable
Notes payable — Note 7:
Notes payable	1,510	0
Joint venture notes payable
Notes payable — Note 7:
Notes payable	161,562	93,926
Revolving Credit Facility | Revolving credit facility
Notes payable — Note 7:
Notes payable	$ 145,000	$ 0

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Intangibles - Accumulated Amortization	$ 4,640	$ 4,640
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, Class A
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	34,407,540	34,267,510
Common stock, shares outstanding (in shares)	33,159,509	33,135,650
Common stock, Class B
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	4,817,394	4,817,394
Common stock, shares outstanding (in shares)	4,817,394	4,817,394
5 3/4% Senior Notes due April 15, 2019
Stated interest rate	5.75%	5.75%
7% Senior Notes due August 15, 2022
Stated interest rate	7.00%	7.00%
5 7/8% Senior Notes due January 31, 2025
Stated interest rate	5.875%	5.875%
6% Senior Notes due September 1, 2023
Stated interest rate	6.00%

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating revenue	$ 519,452	$ 422,692	$ 892,820	$ 681,546
Operating costs
Sales and marketing	(28,848)	(21,284)	(51,541)	(35,989)
General and administrative	(28,507)	(19,550)	(53,028)	(38,496)
Transaction expenses	(777)	0	(3,907)	0
Other	(621)	(560)	(919)	(1,000)
Total operating costs	(485,284)	(394,457)	(844,217)	(647,003)
Operating income (loss)	34,168	28,235	48,603	34,543
Equity in income of unconsolidated joint ventures	533	1,213	1,465	1,462
Other income, net	311	8	346	353
Income before extinguishment of debt	35,012	29,456	50,414	36,358
Loss on extinguishment of debt	0	0	0	(21,828)
Income (loss) before provision for income taxes	35,012	29,456	50,414	14,530
Provision for income taxes	(7,776)	(9,205)	(10,590)	(3,575)
Net income (loss)	27,236	20,251	39,824	10,955
Less: Net income attributable to noncontrolling interests	(4,781)	(1,297)	(9,041)	(2,001)
Net income available to common stockholders	$ 22,455	$ 18,954	$ 30,783	$ 8,954
Income per common share:
Basic (in USD per share)	$ 0.59	$ 0.51	$ 0.81	$ 0.24
Diluted (in USD per share)	$ 0.57	$ 0.49	$ 0.77	$ 0.23
Weighted average common shares outstanding:
Basic (in shares)	38,017,211	37,051,967	37,974,471	36,980,540
Diluted (in shares)	39,688,271	38,298,624	39,772,437	38,231,201
Home sales
Operating revenue	$ 518,432	$ 422,633	$ 890,817	$ 681,487
Operating costs
Cost of goods and services sold	425,572	353,057	732,880	571,512
Construction services
Operating revenue	1,020	59	2,003	59
Operating costs
Cost of goods and services sold	$ 959	$ 6	$ 1,942	$ 6

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Jun. 30, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Non-Controlling Interests
Beginning Balance at Dec. 31, 2017	$ 860,630	$ 392	$ 454,286	$ 325,794	$ 80,158
Beginning Balance (in shares) at Dec. 31, 2017		39,085
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,824			30,783	9,041
Cash contributions from members of consolidated entities	120,102				120,102
Cash distributions to members of consolidated entities	(33,971)				(33,971)
Repurchases of common stock	(6,121)	$ (3)	(6,118)
Repurchases of common stock (in shares)		(253)
Shares remitted to Company to satisfy employee tax obligations	(4,696)	$ (2)	(4,694)
Shares remitted to Company to satisfy employee tax obligations (in shares)		(186)
Stock based compensation expense	5,187	$ 5	5,182
Stock based compensation expense (in shares)		579
Ending Balance at Jun. 30, 2018	$ 980,955	$ 392	$ 448,656	$ 356,577	$ 175,330
Ending Balance (in shares) at Jun. 30, 2018		39,225

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities
Net income	$ 39,824	$ 10,955
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	3,972	891
Net change in deferred income taxes	1,470	471
Stock based compensation expense	5,187	3,215
Equity in earnings of unconsolidated joint ventures	(1,465)	(1,462)
Distributions from unconsolidated joint ventures	3,815	702
Loss on extinguishment of debt	0	21,828
Net changes in operating assets and liabilities:
Receivables	(2,441)	1,042
Escrow proceeds receivable	(478)	46
Real estate inventories	(198,518)	(92,306)
Other assets	(1,693)	(2,939)
Accounts payable	20,935	4,510
Accrued expenses	(558)	(13,765)
Net cash used in operating activities	(129,950)	(66,812)
Investing activities
Cash paid for acquisitions, net of cash acquired	475,221	0
Purchases of property and equipment	(6,183)	(234)
Net cash used in investing activities	(481,404)	(234)
Financing activities
Proceeds from borrowings on notes payable	120,739	49,478
Principal payments on notes payable	(53,898)	(53,143)
Proceeds from borrowings on Revolver	255,000	190,000
Payments on Revolver	(110,000)	(154,000)
Principal payments on subordinated amortizing notes	0	(3,737)
Payment of deferred loan costs	(9,340)	(9,666)
Shares remitted to, or withheld by the Company for employee tax withholding	(4,696)	(1,380)
Payments to repurchase common stock	(6,121)	0
Noncontrolling interest contributions	120,102	51,291
Noncontrolling interest distributions	(33,971)	(13,659)
Net cash provided by financing activities	477,815	57,007
Net decrease in cash and cash equivalents	(133,539)	(10,039)
Cash and cash equivalents — beginning of period	182,710	42,612
Cash and cash equivalents — end of period	49,171	32,573
Supplemental disclosures:
Cash paid during the period for income taxes	21,298	16,930
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	5,387	5,058
Accrued deferred loan costs	869	0
Inventory reclassified to Other assets upon adoption of ASC 606	5,365	0
Non-cash additions to Real estate inventories - not owned and Liabilities from inventories not owned	52,776	0
8 1/2% Senior Notes due November 15, 2020
Financing activities
Redemption premium of 8.5% Senior Notes	0	(19,645)
Principal payments of 8.5% Senior Notes	0	(425,000)
5 3/4% Senior Notes due April 15, 2019
Financing activities
Principal payments of 8.5% Senior Notes	(150,000)	0
5 7/8% Senior Notes due January 31, 2025
Financing activities
Proceeds from issuance of 7% senior notes	0	446,468
6% Senior Notes due September 1, 2023
Financing activities
Proceeds from issuance of 7% senior notes	$ 350,000	$ 0

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Operations William Lyon Homes, a Delaware corporation (“Parent” and together with its subsidiaries, the “Company”), is primarily engaged in designing, constructing, marketing and selling single-family detached and attached homes in California, Arizona, Nevada, Colorado, Washington (under the Polygon Northwest brand), Oregon (under the Polygon Northwest brand) and Texas. 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 June 30, 2018 and December 31, 2017 and revenues and expenses for the three and six month periods ended June 30, 2018 and 2017 . 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, business combinations, and valuation of deferred tax assets. The current economic environment increases the uncertainty inherent in these estimates and assumptions. The condensed consolidated financial statements include the accounts of the Company and all majority-owned and controlled subsidiaries and joint ventures, and certain joint ventures and other entities which have been determined to be variable interest entities ("VIEs") in which the Company is considered the primary beneficiary (see Note 3). The accounting policies of the joint ventures are substantially the same as those of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements were prepared from our books and records without audit and include all adjustments (consisting of only normal recurring accruals) necessary to present a fair statement of results for the interim periods presented. Readers of this quarterly report should refer to our audited consolidated financial statements as of and for the year ended December 31, 2017 , which are included in our 2017 Annual Report on Form 10-K, as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report. Also, refer to the discussion under Revenue Recognition and Change in Accounting Principle below regarding the adoption of the new standard for revenue recognition. Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2014-09, " Revenue from Contracts with Customers (“ASU 2014-09” or “ASC 606”). Refer to Change in Accounting Principle below for further details regarding the adoption. Home Sales Prior to January 1, 2018, under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 605, " Revenue Recognition" ("ASC 605"), revenue was recorded when a sale was consummated, the buyer’s initial and continuing investments were adequate, any receivables were not subject to future subordination, and the usual risks and rewards of ownership had transferred to the buyer. Effective January 1, 2018, upon adoption of ASC 606, revenue is recorded upon the close of escrow, at which point home sales are considered in the scope of a contract. Accordingly, the Company does not record homebuilding revenue for performance obligations that are unsatisfied or partially unsatisfied. No revenue was recorded in the 2018 period that did not result from current period performance. Construction Services The Company accounted for construction management agreements using the Percentage of Completion Method in accordance with ASC 605 (prior to January 1, 2018) and ASC 606 (subsequent to January 1, 2018). Under ASC 605 and ASC 606, 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. Real Estate Inventories Real estate inventories are carried at cost net of impairment losses, if any. Real estate inventories consist primarily of land deposits, land and land under development, homes completed and under construction, and model homes. All direct and indirect land costs, offsite and onsite improvements and applicable interest and other carrying charges are capitalized to real estate projects during periods when the project is under development. Land, offsite costs and all other common costs are allocated to land parcels benefited based upon relative fair values before construction. Onsite construction costs and related carrying charges (principally interest and property taxes) are allocated to the individual homes within a phase based upon the relative sales value of the homes. The Company relieves its real estate inventories through cost of sales for the estimated cost of homes sold. Selling expenses and other marketing costs are expensed in the period incurred. From time to time the Company sells land to third parties. The Company does not consider these sales to be core to its homebuilding business, and any gain or loss recognized on these transactions is recorded in other non-operating income. During the three months ended June 30, 2018 , the Company had two land parcel sales that resulted in a negligible gain for the period then ended. During the six months ended June 30, 2018 , the Company had three land parcel sales that resulted in a negligible loss for the period then ended. During the three months ended June 30, 2017 , the Company had no land parcel sales and during the six months ended June 30, 2017 , the Company had one land parcel sale to a third party that did not result in any gain or loss. A provision for warranty costs relating to the Company’s limited warranty plans is included in cost of sales and accrued expenses at the time the sale of a home is recorded. The Company generally reserves a percent of the sales price of its homes, or a set amount per home closed depending on the operating division, against the possibility of future charges relating to its warranty programs and similar potential claims. Factors that affect the Company’s warranty liability include the number of homes under warranty, historical and anticipated rates of warranty claims, and cost per claim. The Company continually assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. Changes in the Company’s warranty liability for the six months ended June 30, 2018 and 2017 , are as follows (in thousands): Six Six Warranty liability, beginning of period $ 13,643 $ 14,173 Warranty provision during period (1) 3,913 3,954 Warranty payments, net of insurance recoveries during period (6,121 ) (6,006 ) Warranty charges related to construction services projects 16 85 Warranty liability, end of period $ 11,451 $ 12,206 (1) In connection with the RSI Acquisition (see Note 2), the Company assumed warranty liability of $0.6 million for units closed prior to the RSI Acquisition date and for which has been included in this line item for purposes of this table. Interest incurred under the Company’s debt obligations, as more fully discussed in Note 7, is capitalized to qualifying real estate projects under development. Interest activity for the three and six months ended June 30, 2018 and 2017 are as follows (in thousands): Three Three Six Six Interest incurred $ 22,808 $ 18,822 $ 42,066 $ 38,246 Less: Interest capitalized 22,808 18,822 42,066 38,246 Interest expense, net of amounts capitalized $ — $ — $ — $ — Cash paid for interest $ 1,611 $ 8,122 $ 33,101 $ 27,158 Financial Instruments Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, receivables, and deposits. The Company typically places its cash and cash equivalents in investment grade short-term instruments. Deposits, included in other assets, are due from municipalities or utility companies and are generally collected from such entities through fees assessed to other developers. The Company is an issuer of, or subject to, financial instruments, including letters of credit, with off-balance sheet risk in the normal course of business which exposes it to credit risks. These off-balance sheet financial instruments are described in more detail in Note 13. 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 June 30, 2018 and December 31, 2017 . The Company monitors the cash balances in its operating accounts, however, these cash balances could be negatively impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. Deferred Loan Costs Deferred loan costs represent debt issuance costs and are primarily amortized to interest incurred using the straight line method which approximates the effective interest method. Goodwill In accordance with the provisions of ASC 350, Intangibles, Goodwill and Other , goodwill amounts are not amortized, but rather are analyzed for impairment at the reporting segment level. Goodwill is analyzed on an annual basis, or when indicators of impairment exist. We have determined that we have seven reporting segments, as discussed in Note 5, and we perform an annual goodwill impairment analysis during the fourth quarter of each fiscal year. Intangibles Recorded intangible assets primarily relate to brand names of acquired entities, construction management contracts, homes in backlog, and joint venture management fee contracts recorded in conjunction with FASB ASC Topic 852, Reorganizations ("ASC 852"), or FASB ASC Topic 805, Business Combinations ("ASC 805"). All intangible assets with the exception of those relating to brand names were valued based on expected cash flows related to home closings, and the asset is amortized on a per unit basis, as homes under the contracts close. Our brand name intangible assets are deemed to have an indefinite useful life. 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. Income Taxes Income taxes are accounted for under the provisions of Financial Accounting Standards Board ASC 740 , Income Taxes, using an asset and liability approach. Deferred income taxes reflect the net effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and operating loss and tax credit carryforwards measured by applying currently enacted tax laws. A valuation allowance is provided to reduce net deferred tax assets to an amount that is more likely than not to be realized. ASC 740 prescribes a recognition threshold and a measurement criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be considered “more-likely-than-not” to be sustained upon examination by taxing authorities. In addition, the Company has elected to recognize interest and penalties related to uncertain tax positions in the income tax provision. Impact of Recent Accounting Pronouncements Effective January 1, 2018, the Company adopted Accounting Standards Update ("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. 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. Effective January 1, 2018, the Company adopted 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. 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. Change in Accounting Principle The Company adopted ASC 606 with a date of initial application of January 1, 2018. The Company applied ASC 606 using the cumulative effect method - i.e. by recognizing the cumulative effect of initially applying ASC 606 as an adjustment to the opening balance of equity at January 1, 2018. Therefore, the comparative information has not been adjusted and continues to be reported under ASC 605. ASC 606 replaced the guidance for costs incurred to sell real estate with new guidance codified under ASC 340-40, “Other Assets and Deferred Costs - Contracts with Customers” . The Company previously capitalized certain marketing costs related to model homes and sales offices within Real estate inventories in the balance sheet; however, effective January 1, 2018, the Company capitalized these costs within Other Assets. The method of amortization of these costs is the same under ASC 606 as per the previous guidance, resulting in no adjustment to the Company's retained earnings or equity for the comparative period. However, under ASC 606, amortization is included in Sales and marketing expense, whereas amortization was previously recorded in Cost of sales - homes in the statement of operations. The adoption of ASC 606 did not have an impact on the amount or timing of the Company's homebuilding revenues. As of and for the three and six months ended June 30, 2018 , the adoption of ASC 606 did not have a material impact on the Company's balance sheet, net income, stockholders' equity or statement of cash flows.

Acquisition of RSI Communities

Acquisition of RSI Communities Acquisition of RSI Communities	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Acquisition of RSI Communities	Acquisition of RSI Communities On March 9, 2018 , the Company completed its acquisition of RSI Communities, a Southern California- and Texas-based homebuilder, pursuant to the Purchase and Sale Agreement (the “Purchase Agreement”) dated February 19, 2018 among California Lyon, RSI Communities, RS Equity Management L.L.C., Class B Sellers of RSI Communities, and RS Equity Management L.L.C. as the sellers’ representative, and its acquisition of three additional related real estate assets (the “Legacy Assets”) pursuant to each of the separate asset purchase agreements with each of RG Onion Creek, LLC, RSI Trails at Leander LLC and RSI Prado LLC (collectively referred to herein as "RSI Communities"), for an aggregate cash purchase price of $460.0 million , and an additional approximately $15.2 million at closing pursuant to initial working capital adjustments, a portion of which remains subject to final adjustment in accordance with the terms of the Purchase Agreement (collectively, the "RSI Acquisition") . Part of the acquired entities specific to the Southern California region now operate under the Company’s existing California segment. The remaining acquired entities now operate as a new segment of the Company in Texas, with core markets of Austin and San Antonio. The Company financed the RSI Acquisition with a combination of proceeds from its issuance of $350 million in aggregate principal amount of 6.00% senior notes due 2023, cash on hand, and approximately $194.3 million of aggregate proceeds from a land banking arrangement with respect to land parcels in various stages of development. As a result of the RSI Acquisition, the entities comprising the business of RSI Communities became wholly-owned direct or indirect subsidiaries of the Company, and its results are included in our condensed consolidated financial statements and related disclosures from the date of the RSI Acquisition. For the period from March 9, 2018 through June 30, 2018 , home deliveries from RSI operations were 360 units. In addition, operating revenue and income before provision for income taxes for the same period were $111.5 million and $1.0 million , respectively. The RSI Acquisition was accounted for as a business combination in accordance with ASC 805. Under ASC 805, the Company recorded the acquired assets and assumed liabilities of RSI Communities at their estimated fair values, with the excess allocated to Goodwill, as shown below. Goodwill represents the value the Company expects to achieve through the operational synergies and the expansion of the Company into new markets. The Company estimates that the entire $52.0 million of goodwill resulting from the RSI Acquisition will be tax deductible. Goodwill will be allocated to the California and Texas operating segments (see Note 5). A reconciliation of the consideration transferred as of the acquisition date is as follows: Net proceeds received from RSI inventory involved in land banking transactions $ 194,131 Issuance of 6.00% Senior Notes due September 1, 2023 190,437 Cash on hand 90,653 475,221 As of June 30, 2018 , the Company had not completed its final estimate of the fair value of the net assets of RSI Communities. As such, the estimates used as of June 30, 2018 are subject to change. The following table summarizes the preliminary amounts for acquired assets and liabilities recorded at their fair values as of the acquisition date (in thousands): Assets Acquired Real estate inventories $ 436,578 Goodwill 51,975 Other 6,532 Total Assets $ 495,085 Liabilities Assumed Accounts payable $ 9,315 Accrued expenses 8,244 Notes payable 2,305 Total liabilities 19,864 Net assets acquired $ 475,221 The Company determined the fair value of real estate inventories on a project level basis using a combination of discounted cash flow models, and market comparable land transactions, where available. These methods are significantly impacted by estimates relating to i) expected selling prices, ii) anticipated sales pace, iii) cost to complete estimates, iv) highest and best use of projects prior to acquisition, and v) comparable land values. These estimates were developed and used at the individual project level, and may vary significantly between projects. Other assets, accounts payable, accrued expenses and notes payable were generally stated at historical value due to the short-term nature of these liabilities. The Company recorded $0.8 million and $3.1 million in acquisition related costs for the three and six months ended June 30, 2018 , respectively, which are included in the Condensed Consolidated Statement of Operations in Transaction expenses. Such costs were expensed as incurred in accordance with ASC 805. Supplemental Pro Forma Information The following table presents unaudited pro forma amounts for the three and six months ended June 30, 2018 and June 30, 2017 as if the RSI Acquisition, had been completed as of January 1, 2017 (amounts in thousands, except per share data): Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Operating revenues $ 519,452 $ 435,213 $ 933,255 $ 705,691 Net income available to common stockholders $ 22,455 $ 18,038 $ 30,587 $ 7,727 Income per share - basic $ 0.59 $ 0.49 $ 0.81 $ 0.21 Income per share - diluted $ 0.57 $ 0.47 $ 0.77 $ 0.20 The unaudited pro forma operating results have been determined after adjusting the unaudited operating results of RSI Communities, excluding the Legacy Assets, but including acquisition costs, to reflect the estimated purchase accounting and other acquisition adjustments. The unaudited pro forma results presented above do not reflect any cost savings, operating synergies or revenue enhancements that the combined company may achieve as a result of the acquired entity, the costs to combine the operations of the Company and the acquired entity or the costs necessary to achieve any of the foregoing cost savings, operating synergies or revenue enhancements. As such, the unaudited pro forma amounts are for comparative purposes only and may not necessarily reflect the results of operations which would have resulted had the acquisition been completed at the beginning of the applicable period or indicative of the results that will be attained in the future.

Variable Interest Entities and

Variable Interest Entities and Noncontrolling Interests	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Variable Interest Entities and Noncontrolling Interests	Variable Interest Entities and Noncontrolling Interests As of June 30, 2018 and December 31, 2017 , the Company was party to twenty-one and thirteen joint ventures, respectively, for the purpose of land development and homebuilding activities which we have determined to be VIEs. The Company, as the managing member, has the power to direct the activities of the VIEs since it manages the daily operations and has exposure to the risks and rewards of the VIEs, based upon the allocation of income and loss per the respective joint venture agreements. Therefore, the Company is the primary beneficiary of the joint ventures, and the VIEs were consolidated as of June 30, 2018 and December 31, 2017 . As of June 30, 2018 , the assets of the consolidated VIEs totaled $464.5 million , of which $12.7 million was cash and cash equivalents and $448.7 million was owned real estate inventories. The liabilities of the consolidated VIEs totaled $209.4 million , primarily comprised of notes payable, accounts payable and accrued liabilities. As of December 31, 2017 , the assets of the consolidated VIEs totaled $244.7 million , of which $10.7 million was cash and cash equivalents and $230.8 million was owned real estate inventories. The liabilities of the consolidated VIEs totaled $124.5 million , primarily comprised of notes payable, accounts payable and accrued liabilities.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures The table set forth below summarizes the combined unaudited statements of operations for our unconsolidated mortgage joint ventures that we accounted for under the equity method (in thousands): Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Revenues $ 4,179 $ 5,073 $ 7,888 $ 8,462 Cost of sales (3,009 ) (3,045 ) (4,927 ) (5,155 ) Income of unconsolidated joint ventures $ 1,170 $ 2,028 $ 2,961 $ 3,307 Income from unconsolidated joint ventures reflected in the accompanying consolidated statements of operations represents our share of the income of our unconsolidated mortgage joint ventures, which is allocated based on the provisions of the underlying joint venture operating agreements less any additional impairments recorded against our investments in joint ventures which we do not deem recoverable. For the three and six months ended June 30, 2018 , and 2017 , the Company recorded income of $0.5 million and $1.5 million and $1.2 million and $1.5 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. The table set forth below summarizes the combined unaudited balance sheets for our unconsolidated joint ventures that we accounted for under the equity method (in thousands): June 30, 2018 December 31, 2017 Assets Cash $ 7,632 $ 12,802 Loans held for sale 21,411 17,106 Accounts receivable 578 2,791 Other assets 102 128 Total Assets $ 29,723 $ 32,827 Liabilities and Equity Accounts payable $ 422 $ 779 Accrued expenses 979 1,532 Credit lines payable 20,261 18,312 Other liabilities 234 31 Members equity 7,827 12,173 Total Liabilities and Equity $ 29,723 $ 32,827

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information The Company operates one principal homebuilding business. In accordance with FASB ASC Topic 280, Segment Reporting ("ASC 280"), the Company has determined that each of its operating divisions is an operating segment. The Company’s President and Chief Executive Officer has been identified as the chief operating decision maker. The Company’s chief operating decision maker directs the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company’s homebuilding operations design, construct and sell a wide range of homes designed to meet the specific needs in each of its markets. In accordance with ASC 280, prior to the acquisition of RSI Communities (see Note 2), the Company's homebuilding operations had been grouped into six operating segments. During the six months ended June 30, 2018 , the Company added one additional operating segment, Texas as a result of the RSI Acquisition. As such, in accordance with the aggregation criteria defined by ASC 280, the Company’s homebuilding operating segments have been grouped into seven reportable segments: California , consisting of operations in Orange, Los Angeles, San Diego, Alameda, Contra Costa, Santa Clara, Riverside and San Bernardino 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. Texas , consisting of operations in the Austin, Texas and San Antonio, Texas metropolitan areas. Corporate develops and implements strategic initiatives and supports the Company’s operating segments by centralizing key administrative functions such as finance and treasury, information technology, risk management and litigation and human resources. Segment financial information relating to the Company’s operations was as follows (in thousands): Three Three Six Six Operating revenue: California (1) $ 174,453 $ 149,350 $ 309,265 $ 231,317 Arizona 38,764 52,372 70,803 79,088 Nevada 46,213 29,934 95,389 60,482 Colorado 62,437 31,008 102,500 52,338 Washington (1) 85,490 70,261 141,141 113,735 Oregon 66,221 89,767 113,074 144,586 Texas 45,874 — 60,648 — Total operating revenue $ 519,452 $ 422,692 $ 892,820 $ 681,546 (1) Operating revenue in the California and Washington segments include construction services revenue. Three Three Six Six Income before provision for income taxes: California $ 13,773 $ 16,430 $ 25,192 $ 22,757 Arizona 4,873 5,416 7,360 7,714 Nevada 6,402 1,247 11,241 3,439 Colorado 5,617 1,254 8,781 1,550 Washington 11,238 3,771 15,749 4,085 Oregon 7,126 10,658 10,763 15,139 Texas 325 — 759 — Corporate (14,342 ) (9,320 ) (29,431 ) (18,326 ) Income before extinguishment of debt $ 35,012 $ 29,456 $ 50,414 $ 36,358 Corporate - Loss on extinguishment of debt — — — (21,828 ) Income before provision for income taxes $ 35,012 $ 29,456 $ 50,414 $ 14,530 June 30, 2018 December 31, 2017 Homebuilding assets: California $ 1,093,140 $ 631,649 Arizona 174,975 170,634 Nevada 204,563 211,202 Colorado 155,197 149,183 Washington 308,728 286,442 Oregon 384,012 288,981 Texas 331,150 — Corporate (1) 226,482 323,013 Total homebuilding assets $ 2,878,247 $ 2,061,104 (1) Comprised primarily of cash and cash equivalents, deferred income taxes, receivables, lease right-of-use assets, and other assets.

Real Estate Inventories

Real Estate Inventories	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories consist of the following (in thousands): June 30, 2018 December 31, 2017 Real estate inventories: Land deposits $ 95,741 $ 51,833 Land and land under development 1,210,955 904,410 Homes completed and under construction 930,943 646,198 Model homes 93,929 97,409 Total $ 2,331,568 $ 1,699,850 Real estate inventories not owned (1): Other land options contracts — land banking arrangement $ 247,049 $ — (1) Represents the consolidation of a land banking arrangement. Although the Company is not obligated to purchase the lots, based on certain factors, the Company has determined that it is economically compelled to purchase the lots in the land banking arrangement and thus, has consolidated the assets and liabilities associated with this land bank. Amounts are net of deposits.

Senior Notes, Secured, and Unse

Senior Notes, Secured, and Unsecured Indebtedness	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Senior Notes, Secured, and Unsecured Indebtedness	Senior Notes, Secured, and Unsecured Indebtedness Senior notes, secured, and unsecured indebtedness consist of the following (in thousands): June 30, 2018 December 31, 2017 Notes payable: Revolving credit facility $ 145,000 $ — Seller financing — 589 Construction notes payable 1,510 — Joint venture notes payable 161,562 93,926 Total notes payable 308,072 94,515 Senior notes: 5 3 / 4 % Senior Notes due April 15, 2019 — 149,362 7% Senior Notes due August 15, 2022 347,107 346,740 6% Senior Notes due September 1, 2023 343,354 — 5 7 / 8 % Senior Notes due January 31, 2025 440,251 439,567 Total senior notes 1,130,712 935,669 Total notes payable and senior notes $ 1,438,784 $ 1,030,184 As of June 30, 2018 , the maturities of the Notes payable, 7% Senior Notes, 6% Senior Notes, and 5 7 / 8 % Senior Notes are as follows (in thousands): Year Ending December 31, Remaining in 2018 $ 2,729 2019 42,754 2020 3,678 2021 258,911 2022 350,000 Thereafter 800,000 $ 1,458,072 Maturities above exclude premium on the 7% Senior Notes of $0.7 million and discount on the 5 7 / 8 % Senior Notes of $3.0 million , and deferred loan costs on the 7%, 6%, and 5 7 / 8 % Senior Notes of $16.9 million as of June 30, 2018 . Notes Payable Revolving Credit Facility On May 21, 2018 , California Lyon and Parent entered into a new credit agreement providing for an unsecured revolving credit facility of up to $325.0 million (the “New Facility”) with the lenders party thereto, which New Facility replaces the Company’s previous $170.0 million revolving credit facility, as described below. The New Facility will mature on May 21, 2021 , unless terminated earlier pursuant to the terms of the New Facility. The New Facility contains an uncommitted accordion feature under which its aggregate principal amount can be increased to up to $500.0 million under certain circumstances, as well as a sublimit of $50.0 million for letters of credit. The New Facility contains certain financial maintenance covenants, including (a) a minimum tangible net worth requirement of $556.4 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% as of June 30, 2018, further decreases to 60% effective as of December 31, 2018, and will remain at 60% thereafter, 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 New Facility and can differ in certain respects from comparable GAAP or other commonly used terms. The New Facility also 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 New Facility and permit the Lenders to accelerate payment on outstanding borrowings under the New Facility and require cash collateralization of outstanding letters of credit. If a change of control (as defined in the New Facility) occurs, the Lenders may terminate the commitments under the New Facility and require that the Borrower repay outstanding borrowings under the New 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. The Company was in compliance with all covenants under the New Facility as of June 30, 2018 . Borrowings under the New 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 (such subsidiaries, the “Guarantors”), and may be used for general corporate purposes. As of June 30, 2018 , the commitment fee on the unused portion of the New Facility accrues at an annual rate of 0.50% . As of June 30, 2018 , the Company had $145.0 million outstanding against the New Facility at an effective rate of 5.1% , as well as a letter of credit for $8.4 million . On July 1, 2016 , California Lyon and Parent had entered into an amendment and restatement agreement pursuant to which its then existing credit agreement providing for a revolving credit facility was amended and restated in its entirety (the "Second Amended Facility"). As described above, the Second Amended Facility was replaced by the New Facility on May 21, 2018 . Previously, the Second Amended Facility had amended and restated the Company’s previous $130.0 million revolving credit facility and had provided for total lending commitments of $145.0 million , which had been scheduled to terminate on January 14, 2019 based on certain conditions, prior to the execution of the New Facility. In addition, the Second Amended Facility previously had an uncommitted accordion feature under which the Company could have increased 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. On November 28, 2017, California Lyon increased the size of the commitment under its Second Amended 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. Pursuant to the Second Amended Facility, the maximum leverage ratio was 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. On June 16, 2017, California Lyon, Parent and the lenders party thereto had entered into a second amendment to the Second Amended Facility, which amended the maximum leverage ratio to 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 was scheduled to remain at 60% thereafter. On March 9, 2018, California Lyon, Parent and the lenders party thereto entered into a third amendment to the Second Amended Facility, which temporarily increased the maximum leverage ratio, such that the leverage ratio remained at 60% through and including March 30, 2018, and was scheduled to increase to 70% on March 31, 2018 through and including June 29, 2018. The Second Amended Facility previously contained certain financial maintenance covenants. The Company was in compliance with all covenants under the Second Amended Facility through its date of termination and replacement with the New Facility on May 21, 2018 . Borrowings under the previous Second Amended Facility were required to be guaranteed by the Parent and certain of the Parent's wholly-owned subsidiaries, were secured by a pledge of all equity interests held by such guarantors, and may have been used for general corporate purposes. Interest rates on borrowings generally were based on either LIBOR or a base rate, plus the applicable spread. Through the date of termination of the Second Amended Facility, the commitment fee on the unused portion of the Second Amended Facility accrued at an annual rate of 0.50 %. As of June 30, 2018 , the Company had terminated the Second Amended Facility by entering into the New Facility. As of December 31, 2017 , the Company had a letter of credit for $7.8 million but no outstanding balance against the previous Second Amended Facility. Seller Financing During the six months ended June 30, 2018 , the Company paid in full prior to maturity, along with all accrued interest to date, 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 and was secured by the underlying land. Notes Payable The Company and certain of its consolidated joint ventures have entered into 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 of the joint ventures notes payable are listed in the table below as of June 30, 2018 (in millions): Issuance Date Facility Size Outstanding Maturity Current Rate May, 2018 $ 70.0 $ 68.3 May, 2021 4.98 % (5) May, 2018 13.3 3.7 June, 2020 4.99 % (6) July, 2017 66.2 45.6 February, 2021 5.13 % (5) January, 2016 35.0 26.5 February, 2019 5.34 % (2) November, 2015 42.5 16.2 May, 2019 6.00 % (1) November, 2014 1.3 0.1 (4) August, 2018 5.50 % (3) March, 2014 4.0 1.2 (4) October, 2018 5.07 % (1) $ 232.3 $ 161.6 (1) Loan bears interest at the Company's option of either LIBOR +3.0% or the prime rate +1.0% . (2) Loan bears interest at LIBOR +3.25% . (3) Loan bears interest at the prime rate +0.5% . (4) 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) Loan bears interest at LIBOR +2.90% . In addition to the above, the Company had $1.5 million of construction notes payable outstanding related to projects that are wholly-owned by the Company. The notes payable contain certain financial maintenance covenants. The Company was in compliance with all such covenants as of June 30, 2018 . Senior Notes 5 3 / 4 % Senior Notes Due 2019 On March 31, 2014, California Lyon completed its private placement with registration rights of 5.75% Senior Notes due 2019 (the " 5.75% Notes"), in an aggregate principal amount of $150 million . The 5.75% Notes were issued at 100% of their aggregate principal amount. In August 2014, we exchanged 100% of the initial 5.75% Notes for notes that are freely transferable and registered under the Securities Act of 1933, as amended (the “Securities Act”). During the six months ended June 30, 2018 , Parent, through California Lyon, used the net proceeds from the offering of 6.00% Senior Notes due 2023, as further described below, (i) together with cash generated from certain land banking arrangements, and cash on hand, to finance the RSI Acquisition and to pay related fees and expenses and (ii) to repay all of California Lyon's $150 million in aggregate principal amount of 5.75% Notes such that the 5.75% Notes were satisfied and discharged prior to June 30, 2018 . 8 1 / 2 % Senior Notes Due 2020 During the six months ended June 30, 2017 , Parent, through California Lyon, used the net proceeds from its private placement with registration rights of 5.875% Senior Notes due 2025, as further described below, to purchase $395.6 million of the outstanding aggregate principal amount of the Company's 8.5% Senior Notes due 2020 (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 six months ended June 30, 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 of Polygon Northwest Homes, Escrow Issuer merged with and into California Lyon, and California Lyon assumed the obligations of the Escrow Issuer under the initial 7.00% Notes and the related indenture by operation of law (the “Escrow Merger”). Following the Escrow Merger, California Lyon is the obligor under the initial 7.00% Notes. In January 2015, we exchanged 100% of the initial 7.00% Notes for notes that are freely transferable and registered under the Securities Act. On September 15, 2015, California Lyon completed its private placement with registration rights of an additional $50.0 million in aggregate principal amount of its 7.00% Senior Notes due 2022 (the “additional 7.00% Notes”, and together with the initial 7.00% Notes, the " 7.00% Notes") at an issue price of 102.0% of their principal amount, plus accrued interest from August 15, 2015, resulting in net proceeds of approximately $50.5 million . In January 2016, we exchanged 100% of the additional 7.00% Notes for notes that are freely transferable and registered under the Securities Act. As of June 30, 2018 , the outstanding amount of the 7.00% Notes was $350 million , excluding unamortized premium of $0.7 million and deferred loan costs of $3.5 million . The 7.00% Notes bear interest at a rate of 7.00% per annum, payable semiannually in arrears on February 15 and August 15, and mature on August 15, 2022 . The 7.00% Notes are unconditionally guaranteed on a joint and several unsecured basis by Parent and certain of its existing and future restricted subsidiaries. The 7.00% Notes and the related guarantees are California Lyon’s and the guarantors’ unsecured senior obligations and rank equally in right of payment with all of California Lyon’s and the guarantors’ existing and future unsecured senior debt, including California Lyon’s $350 million in aggregate principal amount of 6.00% Senior Notes due 2023 and $450 million in aggregate principal amount of 5.875% Senior Notes due 2025, each as described below. The 7.00% Notes rank senior in right of payment to all of California Lyon’s and the guarantors’ future subordinated debt. The 7.00% Notes and the guarantees are and will be effectively junior to California Lyon’s and the guarantors’ existing and future secured debt to the extent of the value of the collateral securing such debt. 6% Senior Notes Due 2023 On March 9, 2018 , California Lyon completed its private placement with registration rights of 6.00% Senior Notes due 2023 (the " 6.00% Notes"), in an aggregate principal amount of $350 million . The 6.00% Notes were issued at 100% of their aggregate principal amount. Parent, through California Lyon, used the net proceeds from the 6.00% Notes offering to (i) together with cash generated from certain land banking arrangements, and cash on hand, to finance the RSI Acquisition and to pay related fees and expenses and (ii) to repay all of California Lyon's $150 million of the outstanding aggregate principal amount of the 5.75% Notes. As of June 30, 2018 , the outstanding principal amount of the 6.00% Notes was $350 million , excluding deferred loan costs of $6.6 million . The 6.00% Notes bear interest at a rate of 6.00% per annum, payable semiannually in arrears on March 1 and September 1, and mature on September 1, 2023. The 6.00% Notes are unconditionally guaranteed on a joint and several unsecured basis by Parent and certain of its existing and future restricted subsidiaries. The 6.00% 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 $350 million in aggregate principal amount of 7.00% Senior Notes due 2022, as described above and $450 million in aggregate principal amount of 5.875% Senior Notes due 2025, as described below. The 6.00% Notes rank senior in right of payment to all of California Lyon’s and the guarantors’ future subordinated debt. The 6.00% 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 September 1, 2020, California Lyon may redeem all or a portion of the 6.00% Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount on the redemption date) set forth below plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date, if redeemed during the 12-month period commencing on each of the dates as set forth below: Year Percentage September 1, 2020 103.00 % September 1, 2021 101.50 % September 1, 2022 100.00 % Prior to September 1, 2020, the 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, if any, to, but not including, the redemption date. In addition, any time prior to September 1, 2020, California Lyon may, at its option on one or more occasions, redeem Notes (including any additional notes that may be issued in the future under the 2023 Notes Indenture) in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the Notes (including any additional notes that may be issued in the future under the 2023 Notes Indenture) issued prior to such date at a redemption price (expressed as a percentage of principal amount) of 106.00% , plus accrued and unpaid interest, if any, to, but not including, the redemption date, with an amount equal to the net cash proceeds from one or more equity offerings. 5.875% Senior Notes Due 2025 On January 31, 2017, California Lyon completed its private placement with registration rights of 5.875% Senior Notes due 2025 (the " 5.875% Notes"), in an aggregate principal amount of $450 million . The 5.875% Notes were issued at 99.215% of their aggregate principal amount. Parent, through California Lyon, used the net proceeds from the 5.875% Notes offering to purchase the outstanding aggregate principal amount of the 8.5% Notes such that the entire aggregate $425 million of previously outstanding 8.5% Notes are retired and extinguished as of June 30, 2018 . 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 June 30, 2018 , the outstanding principal amount of the 5.875% Notes was $450 million , excluding unamortized discount of $3.0 million and deferred loan costs of $6.7 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 $350 million in aggregate principal amount of 7.00% Senior Notes due 2022 and $350 million in aggregate principal amount of 6.00% Senior Notes due 2023, 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. Senior Notes Covenant Compliance The indentures governing the 7.00% Notes, the 6.00% 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 June 30, 2018 . GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS The following consolidating financial information includes: (1) Consolidating balance sheets as of June 30, 2018 and December 31, 2017 ; consolidating statements of operations for the three and six months ended June 30, 2018 and 2017 ; and consolidating statements of cash flows for the six month periods ended June 30, 2018 and 2017 , of (a) William Lyon Homes, as the parent, or “Delaware Lyon”, (b) William Lyon Homes, Inc., as the subsidiary issuer, or “California Lyon”, (c) the guarantor subsidiaries, (d) the non-guarantor subsidiaries and (e) William Lyon Homes, Inc. on a consolidated basis; and (2) Elimination entries necessary to consolidate Delaware Lyon, with California Lyon and its guarantor and non-guarantor subsidiaries. Delaware Lyon owns 100% of all of its guarantor subsidiaries and all guarantees are full and unconditional, joint and several. As a result, in accordance with Rule 3-10 (d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of June 30, 2018 and December 31, 2017 , and for the three and six month periods ended June 30, 2018 and 2017 . CONDENSED CONSOLIDATING BALANCE SHEET (Unaudited) As of June 30, 2018 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company ASSETS Cash and cash equivalents $ — $ 30,019 $ 6,092 $ 13,060 $ — $ 49,171 Receivables — 7,229 3,708 3,300 — 14,237 Escrow proceeds receivable — — 3,797 — — 3,797 Real estate inventories Owned — 807,335 1,065,942 458,291 — 2,331,568 Not owned — — 247,049 — — 247,049 Investment in unconsolidated joint ventures — 5,545 150 — — 5,695 Goodwill — 14,209 104,668 — — 118,877 Intangibles, net — — 6,700 — — 6,700 Deferred income taxes, net — 46,445 — — — 46,445 Lease right-of-use assets — 16,818 — — — 16,818 Other assets, net — 26,083 11,354 453 — 37,890 Investments in subsidiaries 805,625 22,370 (896,859 ) — 68,864 — Intercompany receivables — — 281,107 — (281,107 ) — Total assets $ 805,625 $ 976,053 $ 833,708 $ 475,104 $ (212,243 ) $ 2,878,247 LIABILITIES AND EQUITY Accounts payable $ — $ 55,935 $ 23,034 $ 10,080 $ — $ 89,049 Accrued expenses — 95,339 26,964 107 — 122,410 Liabilities from inventories not owned — — 247,049 — — 247,049 Notes payable — 145,000 1,510 161,562 — 308,072 7% Senior Notes — 347,107 — — — 347,107 6% Senior Notes — 343,354 — — — 343,354 5 7 / 8 % Senior Notes — 440,251 — — — 440,251 Intercompany payables — 175,452 — 105,655 (281,107 ) — Total liabilities — 1,602,438 298,557 277,404 (281,107 ) 1,897,292 Equity William Lyon Homes stockholders’ equity (deficit) 805,625 (626,385 ) 535,151 22,370 68,864 805,625 Noncontrolling interests — — — 175,330 — 175,330 Total liabilities and equity $ 805,625 $ 976,053 $ 833,708 $ 475,104 $ (212,243 ) $ 2,878,247 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2017 (in thousands) Unconsolidated Delaware California Guarantor Non-Guarantor Eliminating Consolidated 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 (deficit) 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 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) Three Months Ended June 30, 2018 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 150,150 $ 316,052 $ 52,230 $ — $ 518,432 Construction services — — 1,020 — — 1,020 Management fees — (1,629 ) — — 1,629 — — 148,521 317,072 52,230 1,629 519,452 Operating costs Cost of sales — (117,283 ) (264,132 ) (42,528 ) (1,629 ) (425,572 ) Construction services — — (959 ) — — (959 ) Sales and marketing — (7,700 ) (17,663 ) (3,485 ) — (28,848 ) General and administrative — (19,315 ) (9,192 ) — — (28,507 ) Transaction expenses — (777 ) — — — (777 ) Other — (680 ) 38 21 — (621 ) — (145,755 ) (291,908 ) (45,992 ) (1,629 ) (485,284 ) Income from subsidiaries 22,455 5,515 — — (27,970 ) — Operating income 22,455 8,281 25,164 6,238 (27,970 ) 34,168 Equity in income from unconsolidated joint ventures — 289 244 — — 533 Other income (expense), net — 712 (5 ) (396 ) — 311 Income before provision for income taxes 22,455 9,282 25,403 5,842 (27,970 ) 35,012 Provision for income taxes — (7,776 ) — — — (7,776 ) Net income 22,455 1,506 25,403 5,842 (27,970 ) 27,236 Less: Net income attributable to noncontrolling interests — — — (4,781 ) — (4,781 ) Net income available to common stockholders $ 22,455 $ 1,506 $ 25,403 $ 1,061 $ (27,970 ) $ 22,455 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) Three Months Ended June 30, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 171,561 $ 198,172 $ 52,900 $ — $ 422,633 Construction services — 59 — — — 59 Management fees — (1,089 ) — — 1,089 — — 170,531 198,172 52,900 1,089 422,692 Operating costs Cost of sales — (143,633 ) (161,092 ) (47,243 ) (1,089 ) (353,057 ) Construction services — (6 ) — — — (6 ) Sales and marketing — (7,052 ) (10,789 ) (3,443 ) — (21,284 ) General and administrative — (15,598 ) (3,952 ) — — (19,550 ) Other — (620 ) 55 5 — (560 ) — (166,909 ) (175,778 ) (50,681 ) (1,089 ) (394,457 ) Income from subsidiaries 18,954 7,405 — — (26,359 ) — Operating income 18,954 11,027 22,394 2,219 (26,359 ) 28,235 Equity in income from unconsolidated joint ventures — 880 333 — — 1,213 Other income (expense), net — 380 (6 ) (366 ) — 8 Income before provision for income taxes 18,954 12,287 22,721 1,853 (26,359 ) 29,456 Provision for income taxes — (9,205 ) — — — (9,205 ) Net income 18,954 3,082 22,721 1,853 (26,359 ) 20,251 Less: Net income attributable to noncontrolling interests — — — (1,297 ) — (1,297 ) Net income available to common stockholders $ 18,954 $ 3,082 $ 22,721 $ 556 $ (26,359 ) $ 18,954 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) Six Months Ended June 30, 2018 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 285,323 $ 498,996 $ 106,498 $ — $ 890,817 Construction services — — 2,003 — — 2,003 Management fees — (3,379 ) — — 3,379 — — 281,944 500,999 106,498 3,379 892,820 Operating costs Cost of sales — (227,528 ) (414,634 ) (87,339 ) (3,379 ) (732,880 ) Construction services — — (1,942 ) — — (1,942 ) Sales and marketing — (16,083 ) (28,446 ) (7,012 ) — (51,541 ) General and administrative — (37,868 ) (15,158 ) (2 ) — (53,028 ) Transaction expenses — (3,907 ) — — — (3,907 ) Other — (1,033 ) 84 30 — (919 ) — (286,419 ) (460,096 ) (94,323 ) (3,379 ) (844,217 ) Income from subsidiaries 30,783 13,622 — — (44,405 ) — Operating income 30,783 9,147 40,903 12,175 (44,405 ) 48,603 Equity in income from unconsolidated joint ventures — 964 501 — — 1,465 Other income (expense), net — 1,021 51 (726 ) — 346 Income before provision for income taxes 30,783 11,132 41,455 11,449 (44,405 ) 50,414 Provision for income taxes — (10,590 ) — — — (10,590 ) Net income 30,783 542 41,455 11,449 (44,405 ) 39,824 Less: Net income attributable to noncontrolling interests — — — (9,041 ) — (9,041 ) Net income available to common stockholders $ 30,783 $ 542 $ 41,455 $ 2,408 $ (44,405 ) $ 30,783 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) Six Months Ended June 30, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 293,689 $ 317,795 $ 70,003 $ — $ 681,487 Construction services — 59 — — — 59 Management fees — (1,602 ) — — 1,602 — — 292,146 317,795 70,003 1,602 681,546 Operating costs Cost of sales — (243,028 ) (264,553 ) (62,329 ) (1,602 ) (571,512 ) Construction services — (6 ) — — — (6 ) Sales and marketing — (13,575 ) (17,720 ) (4,694 ) — (35,989 ) General and administrative — (30,114 ) (8,381 ) (1 ) — (38,496 ) Other — (1,151 ) 146 5 — (1,000 ) — (287,874 ) (290,508 ) (67,019 ) (1,602 ) (647,003 ) Income from subsidiaries 8,954 7,166 — — (16,120 ) — Operating income 8,954 11,438 27,287 2,984 (16,120 ) 34,543 Equity in income from unconsolidated joint ventures — 924 538 — — 1,462 Other income (expense), net — 1,025 (6 ) (666 ) — 353 Income before extinguishment of debt 8,954 13,387 27,819 2,318 (16,120 ) 36,358 Loss on extinguishment of debt — (21,828 ) — — — (21,828 ) Income (loss) before benefit from income taxes 8,954 (8,441 ) 27,819 2,318 (16,120 ) 14,530 Provision for income taxes — (3,575 ) — — — (3,575 ) Net income 8,954 (12,016 ) 27,819 2,318 (16,120 ) 10,955 Less: Net income attributable to noncontrolling interests — — — (2,001 ) — (2,001 ) Net income (loss) available to common stockholders $ 8,954 $ (12,016 ) $ 27,819 $ 317 $ (16,120 ) $ 8,954 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) Six Months Ended June 30, 2018 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating activities Net cash provided by (used in) operating activities $ 5,630 $ 24,688 $ 57,426 $ (203,957 ) $ (13,737 ) $ (129,950 ) Investing activities Cash paid for acquisitions, net of cash acquired — — (475,221 ) — — (475,221 ) Purchases of property and equipment — (1,844 ) (4,351 ) 12 — (6,183 ) Investments in subsidiaries — (33,399 ) 402,658 — (369,259 ) — Net cash (used in) provided by investing activities — (35,243 ) (76,914 ) 12 (369,259 ) (481,404 ) Financing activities Proceeds from borrowings on notes payable — — 145 120,594 — 120,739 Principal payments on notes payable — — (940 ) (52,958 ) — (53,898 ) Principal payments on 5.75% Senior Notes — (150,000 ) — — — (150,000 ) Proceeds from issuance of 6.0% Senior Notes — 350,000 — — — 350,000 Proceeds from borrowings on Revolver — 255,000 — — — 255,000 Payments on Revolver — (110,000 ) — — — (110,000 ) Payment of deferred loan costs — (9,340 ) — — — (9,340 ) Shares remitted to, or withheld by the

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and December 31, 2017 , 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. • 5 3 / 4 % Senior Notes due April 15, 2019 —The 5 3 / 4 % Senior Notes are traded over the counter and their fair values were based upon quotes from industry sources. • 7% Senior Notes due August 15, 2022 —The 7% Senior Notes are traded over the counter and their fair values were based upon quotes from industry sources. • 6% Senior Notes due September 1, 2023 —The 6% Senior Notes are traded over the counter and their fair values were based upon quotes from industry sources. • 5 7 / 8 Senior Notes due January 31, 2025 —The 5 7 / 8 % Senior Notes are traded over the counter and their fair values were based upon quotes from industry sources. The following table excludes cash and cash equivalents, 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): June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 308,072 $ 308,072 $ 94,515 $ 94,515 5 3 / 4 % Senior Notes due 2019 — — 149,362 151,500 7% Senior Notes due 2022 347,107 355,705 346,740 362,250 6% Senior Notes due 2023 343,354 343,875 — — 5 7 / 8 % Senior Notes due 2025 440,251 423,000 439,567 459,000 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 used Level 3 to measure the fair value of its Notes payable, and Level 2 to measure the fair value of its Senior 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	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In November 2017, the Company entered into a Purchase and Sale Agreement (the “Oceanside PSA”) with an entity (“Oceanside Seller”) managed by an affiliate of Paulson & Co., Inc. (“Paulson”), which provides for the purchase of certain real property from the Seller located in Oceanside, California for a proposed residential homebuilding development (the “St. Cloud Transaction”). The PSA provides for an overall purchase price of $22.8 million , including an aggregate deposit amount of $1.2 million (the “Deposit”), which Deposit was paid and became non-refundable in December 2017. The balance of the purchase price was paid in connection with closing of the St. Cloud Transaction in March 2018. 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 former members of Parent’s board of directors, whose term on the board expired as of May 24, 2018, had served 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 St. Cloud Transaction was on terms no less favorable than it would have agreed to with unrelated third parties.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Since inception, the Company has operated solely within the United States. The Company’s effective income tax rate was 22.2% and 21.0% and 31.3% and 24.6% for the three and six months ended June 30, 2018 and 2017 , respectively. The significant drivers of the effective tax rate are allocation of income to noncontrolling interests for the three and six months June 30, 2018 , and noncontrolling interests and the domestic activities deduction for the three and six months ended June 30, 2017 . 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 June 30, 2018 , the Company had no valuation allowance recorded. At June 30, 2018 , the Company had no remaining federal net operating loss carryforwards and $49.9 million of remaining state net operating loss carryforwards. State net operating loss carryforwards begin to expire in 2031. In addition, as of June 30, 2018 , the Company had unused federal and state built-in losses of $48.5 million and $7.5 million , respectively. The five year testing period for built-in losses expired in 2017 and the unused built-in loss carryforwards begin to expire in 2032. The Company had AMT credit carryovers of $1.4 million at June 30, 2018 , which if not previously utilized are allowable as refundable credits under the Tax Cuts and Job Act through 2022. In accordance with Securities & Exchange Commission Staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), based on the information available as of December 31, 2017 , the Company recorded income tax expense of $23.1 million as a result of the Tax Cuts and Job Act ("Tax Act") due to the reduction of the Company's deferred tax assets as a result of the lower tax rate. FASB ASC Topic 740 , Income Taxes (“ASC 740”), prescribes a recognition threshold and a measurement criterion for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be considered more likely than not to be sustained upon examination by taxing authorities. The Company records interest and penalties related to uncertain tax positions as a component of the provision for income taxes. The Company has no unrecognized tax benefits. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is subject to U.S. federal income tax examination for calendar tax years ended 2012 and forward. The Company is 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 under examination by California for the 2014 tax year.

Income Per Common Share

Income Per Common Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Income Per Common Share	Income Per Common Share Basic and diluted income per common share for the three and six months ended June 30, 2018 and 2017 were calculated as follows (in thousands, except number of shares and per share amounts): Three Three Six Six Basic weighted average number of common shares outstanding 38,017,211 37,051,967 37,974,471 36,980,540 Effect of dilutive securities: Stock options, unvested common shares, and warrants 1,671,060 1,246,657 1,797,966 1,250,661 Diluted average shares outstanding 39,688,271 38,298,624 39,772,437 38,231,201 Net income available to common stockholders $ 22,455 $ 18,954 $ 30,783 $ 8,954 Basic income per common share $ 0.59 $ 0.51 $ 0.81 $ 0.24 Dilutive income per common share $ 0.57 $ 0.49 $ 0.77 $ 0.23 Antidilutive securities not included in the calculation of diluted income per common share (weighted average): Tangible equity units — 894,930 — 894,930 Unvested stock options — 240,000 — 240,000

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock Based Compensation We account for share-based awards in accordance with ASC Topic 718, Compensation-Stock Compensation , which requires the fair value of stock-based compensation awards to be amortized as an expense over the vesting period. Stock-based compensation awards are valued at the fair value on the date of grant. Compensation expense for awards with performance based conditions is recognized over the vesting period once achievement of the performance condition is deemed probable. During the three and six months ended June 30, 2018 , the Company granted 4,292 and 241,573 shares of time-based restricted stock, respectively. During the three and six months ended June 30, 2018 , the Company granted no shares and 426,075 shares, respectively, of performance based restricted stock. On the Consolidated Balance Sheets and Statement of Equity, the Company considers unvested shares of restricted stock to be issued, but not outstanding. The Company recorded total stock based compensation expense during the three and six months ended June 30, 2018 and 2017 of $2.0 million and $5.2 million and $1.5 million and $3.2 million , respectively. Performance-Based Restricted Stock Awards With respect to the performance based restricted stock awards granted to certain employees during the six months ended June 30, 2018 , the actual number of such shares of restricted stock that will be earned (the “Earned Shares”) is subject to the Company’s achievement of pre-established performance targets as of the end of the 2018 fiscal year. Of the aforementioned awards, 373,432 of such Earned Shares vest in three equal annual installments on March 1st of each of 2019, 2020 and 2021, subject to each grantee’s continued service through each vesting date. The remaining 52,643 of such Earned Shares vest in three equal annual installments on each anniversary of the grant date, subject to each grantee’s continued service through each vesting date. Based on the probability assessment as of June 30, 2018 , management determined that the currently available data was not sufficient to support that the achievement of the performance targets is probable, and as such, no compensation expense has been recognized for these awards to date. Time-Based Restricted Stock Awards With respect to the restricted stock awards granted to certain employees and non-employee directors during the three and six months ended June 30, 2018 , 116,484 of such shares vest in three equal annual installments on March 1st of each of 2019, 2020 and 2021, 4,767 of such shares vest in two equal annual installments on March 1st of each of 2019 and 2020, 26,321 of such shares vest in three equal annual installments on each anniversary of the grant date, 35,756 of such shares vest in two equal annual installments on each anniversary of the grant date, and 36,317 of such shares vest in one installment on the second anniversary of the grant date, in each case subject to each grantee’s continued service through each vesting date, and 21,928 of such shares vest in four equal quarterly installments on each three-month period beginning June 1st of 2018, subject to each grantee’s continued service on the board through each vesting date.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company’s commitments and contingent liabilities include the usual obligations incurred by real estate developers in the normal course of business. In the opinion of management, these matters will not have a material effect on the Company’s condensed consolidated financial position, results of operations or cash flows. The Company is a defendant in various lawsuits related to its normal business activities. We believe that the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of June 30, 2018 , it was not reasonably possible that an additional material loss had been incurred in an amount in excess of the estimated amounts already recognized on our condensed consolidated financial statements. We evaluate our accruals for litigation and regulatory proceedings, and as appropriate, adjust them to reflect (i) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments; (ii) the advice and analyses of counsel; and (iii) the assumptions and judgment of management. Similar factors and considerations are used in establishing new accruals for proceedings as to which losses have become probable and reasonably estimable at the time an evaluation is made. The outcome of any of these proceedings, including the defense and other litigation-related costs and expenses we may incur, however, is inherently uncertain and could differ significantly from the estimate reflected in a related accrual, if made. Therefore, it is possible that the ultimate outcome of any proceeding, if in excess of a related accrual or if no accrual had been made, could be material to our consolidated financial statements. The Company had outstanding performance and surety bonds of $266.0 million at June 30, 2018 , 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 June 30, 2018 , the Company had $474.7 million of project commitments relating to the construction of projects. See Note 7 for additional information relating to the Company’s guarantee arrangements. In addition to the land bank agreement discussed below, the Company has entered into various purchase option agreements with third parties to acquire land. As of June 30, 2018 , the Company has made non-refundable deposits of $95.7 million . The Company is under no obligation to purchase the land, but would forfeit remaining deposits if the land were not purchased. The total remaining purchase price under the option agreements is $936.2 million as of June 30, 2018 . Land Banking Arrangements The Company enters into purchase agreements with various land sellers. As a method of acquiring land in staged takedowns, thereby minimizing the use of funds from the Company’s available cash or other corporate financing sources and limiting the Company’s risk, the Company transfers the Company’s right in such purchase agreements to entities owned by third parties (“land banking arrangements”). These entities use equity contributions and/or incur debt to finance the acquisition and development of the land. The entities grant the Company an option to acquire lots in staged takedowns. In consideration for this option, the Company makes a non-refundable deposit of 15% to 25% of the total purchase price. The Company is under no obligation to purchase the balance of the lots, but would forfeit any existing deposits and could be subject to penalties if the lots were not purchased. The Company does not have legal title to these entities or their assets and has not guaranteed their liabilities. These land banking arrangements help the Company manage the financial and market risk associated with land holdings. As discussed above, with exception of the arrangement discussed below, these amounts are included in the total remaining purchase price mentioned above. The Company participated in one land banking arrangement during the six months ended June 30, 2018 , which was not a VIE in accordance with ASC 810, but which is consolidated in accordance with FASB ASC Topic 470, Debt (“ASC 470”). Under the provisions of ASC 470, the Company had determined it is economically compelled, based on certain factors, to purchase the land in the land banking arrangement. Therefore, the Company has recorded the remaining purchase price of the land of $247.0 million as of June 30, 2018 , which was included in Real estate inventories not owned and Liabilities from inventories not owned in the accompanying balance sheet. Summary information with respect to the Company’s consolidated land banking arrangements is as follows as of the period presented (dollars in thousands): June 30, 2018 Total number of land banking projects consolidated 1 Total number of lots 3,181 Total purchase price $ 316,452 Balance of lots still under option and not purchased: Number of lots 2,864 Purchase price $ 284,165 Forfeited deposits if lots are not purchased $ 37,116 Lease Obligations Lease obligations, as included in Accrued expenses on the consolidated balance sheets, were $16.8 million as of June 30, 2018 and $14.5 million as of December 31, 2017 . 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): Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Six Six Lease cost Operating lease cost $ 2,044 $ 1,718 $ 4,053 $ 2,713 Sublease income (29 ) (29 ) (58 ) (58 ) Total lease cost $ 2,015 $ 1,689 $ 3,995 $ 2,655 Other information Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 1,779 $ 1,371 $ 3,546 $ 2,258 Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,691 $ 410 $ 5,387 $ 5,058 Weighted-average discount rate 6.5 % 6.6 % 6.5 % 6.6 % June 30, 2018 December 31, 2017 Weighted-average remaining lease term (in years) 4.08 3.58 The table below shows the future minimum payments under non-cancelable operating leases at June 30, 2018 (in thousands). Year Ending December 31, Remaining in 2018 $ 4,014 2019 5,756 2020 4,779 2021 4,464 2022 3,191 Thereafter 3,871 Total $ 26,075

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events No events have occurred subsequent to June 30, 2018 , that would require recognition or disclosure in the Company’s financial statements.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Operations	Operations William Lyon Homes, a Delaware corporation (“Parent” and together with its subsidiaries, the “Company”), is primarily engaged in designing, constructing, marketing and selling single-family detached and attached homes in California, Arizona, Nevada, Colorado, Washington (under the Polygon Northwest brand), Oregon (under the Polygon Northwest brand) and Texas.
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 June 30, 2018 and December 31, 2017 and revenues and expenses for the three and six month periods ended June 30, 2018 and 2017 . 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, business combinations, and valuation of deferred tax assets. The current economic environment increases the uncertainty inherent in these estimates and assumptions. The condensed consolidated financial statements include the accounts of the Company and all majority-owned and controlled subsidiaries and joint ventures, and certain joint ventures and other entities which have been determined to be variable interest entities ("VIEs") in which the Company is considered the primary beneficiary (see Note 3). The accounting policies of the joint ventures are substantially the same as those of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements were prepared from our books and records without audit and include all adjustments (consisting of only normal recurring accruals) necessary to present a fair statement of results for the interim periods presented. Readers of this quarterly report should refer to our audited consolidated financial statements as of and for the year ended December 31, 2017 , which are included in our 2017 Annual Report on Form 10-K, as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report. Also, refer to the discussion under Revenue Recognition and Change in Accounting Principle below regarding the adoption of the new standard for revenue recognition.
Revenue Recognition	Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2014-09, " Revenue from Contracts with Customers (“ASU 2014-09” or “ASC 606”). Refer to Change in Accounting Principle below for further details regarding the adoption. Home Sales Prior to January 1, 2018, under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 605, " Revenue Recognition" ("ASC 605"), revenue was recorded when a sale was consummated, the buyer’s initial and continuing investments were adequate, any receivables were not subject to future subordination, and the usual risks and rewards of ownership had transferred to the buyer. Effective January 1, 2018, upon adoption of ASC 606, revenue is recorded upon the close of escrow, at which point home sales are considered in the scope of a contract. Accordingly, the Company does not record homebuilding revenue for performance obligations that are unsatisfied or partially unsatisfied. No revenue was recorded in the 2018 period that did not result from current period performance. Construction Services The Company accounted for construction management agreements using the Percentage of Completion Method in accordance with ASC 605 (prior to January 1, 2018) and ASC 606 (subsequent to January 1, 2018). Under ASC 605 and ASC 606, 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.
Real Estate Inventories	Real Estate Inventories Real estate inventories are carried at cost net of impairment losses, if any. Real estate inventories consist primarily of land deposits, land and land under development, homes completed and under construction, and model homes. All direct and indirect land costs, offsite and onsite improvements and applicable interest and other carrying charges are capitalized to real estate projects during periods when the project is under development. Land, offsite costs and all other common costs are allocated to land parcels benefited based upon relative fair values before construction. Onsite construction costs and related carrying charges (principally interest and property taxes) are allocated to the individual homes within a phase based upon the relative sales value of the homes. The Company relieves its real estate inventories through cost of sales for the estimated cost of homes sold. Selling expenses and other marketing costs are expensed in the period incurred. From time to time the Company sells land to third parties. The Company does not consider these sales to be core to its homebuilding business, and any gain or loss recognized on these transactions is recorded in other non-operating income. During the three months ended June 30, 2018 , the Company had two land parcel sales that resulted in a negligible gain for the period then ended. During the six months ended June 30, 2018 , the Company had three land parcel sales that resulted in a negligible loss for the period then ended. During the three months ended June 30, 2017 , the Company had no land parcel sales and during the six months ended June 30, 2017 , the Company had one land parcel sale to a third party that did not result in any gain or loss. A provision for warranty costs relating to the Company’s limited warranty plans is included in cost of sales and accrued expenses at the time the sale of a home is recorded. The Company generally reserves a percent of the sales price of its homes, or a set amount per home closed depending on the operating division, against the possibility of future charges relating to its warranty programs and similar potential claims. Factors that affect the Company’s warranty liability include the number of homes under warranty, historical and anticipated rates of warranty claims, and cost per claim. The Company continually assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary.
Construction Services
Financial Instruments	Financial Instruments Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, receivables, and deposits. The Company typically places its cash and cash equivalents in investment grade short-term instruments. Deposits, included in other assets, are due from municipalities or utility companies and are generally collected from such entities through fees assessed to other developers. The Company is an issuer of, or subject to, financial instruments, including letters of credit, with off-balance sheet risk in the normal course of business which exposes it to credit risks.
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 June 30, 2018 and December 31, 2017 . 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.
Deferred Loan Costs	Deferred Loan Costs Deferred loan costs represent debt issuance costs and are primarily amortized to interest incurred using the straight line method which approximates the effective interest method.
Goodwill	Goodwill In accordance with the provisions of ASC 350, Intangibles, Goodwill and Other , goodwill amounts are not amortized, but rather are analyzed for impairment at the reporting segment level. Goodwill is analyzed on an annual basis, or when indicators of impairment exist. We have determined that we have seven reporting segments, as discussed in Note 5, and we perform an annual goodwill impairment analysis during the fourth quarter of each fiscal year.
Intangibles	Intangibles Recorded intangible assets primarily relate to brand names of acquired entities, construction management contracts, homes in backlog, and joint venture management fee contracts recorded in conjunction with FASB ASC Topic 852, Reorganizations ("ASC 852"), or FASB ASC Topic 805, Business Combinations ("ASC 805"). All intangible assets with the exception of those relating to brand names were valued based on expected cash flows related to home closings, and the asset is amortized on a per unit basis, as homes under the contracts close. Our brand name intangible assets are deemed to have an indefinite useful life.
Income per common share	ncome per common share The Company computes 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.
Income Taxes	Income Taxes Income taxes are accounted for under the provisions of Financial Accounting Standards Board ASC 740 , Income Taxes, using an asset and liability approach. Deferred income taxes reflect the net effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and operating loss and tax credit carryforwards measured by applying currently enacted tax laws. A valuation allowance is provided to reduce net deferred tax assets to an amount that is more likely than not to be realized. ASC 740 prescribes a recognition threshold and a measurement criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be considered “more-likely-than-not” to be sustained upon examination by taxing authorities. In addition, the Company has elected to recognize interest and penalties related to uncertain tax positions in the income tax provision.
Impact of Recent Accounting Pronouncements	Impact of Recent Accounting Pronouncements Effective January 1, 2018, the Company adopted Accounting Standards Update ("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.

Basis of Presentation and Sig22

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Changes in Warranty Liability	Changes in the Company’s warranty liability for the six months ended June 30, 2018 and 2017 , are as follows (in thousands): Six Six Warranty liability, beginning of period $ 13,643 $ 14,173 Warranty provision during period (1) 3,913 3,954 Warranty payments, net of insurance recoveries during period (6,121 ) (6,006 ) Warranty charges related to construction services projects 16 85 Warranty liability, end of period $ 11,451 $ 12,206 (1) In connection with the RSI Acquisition (see Note 2), the Company assumed warranty liability of $0.6 million for units closed prior to the RSI Acquisition date and for which has been included in this line item for purposes of this table.
Schedule of Interest Activity	Interest activity for the three and six months ended June 30, 2018 and 2017 are as follows (in thousands): Three Three Six Six Interest incurred $ 22,808 $ 18,822 $ 42,066 $ 38,246 Less: Interest capitalized 22,808 18,822 42,066 38,246 Interest expense, net of amounts capitalized $ — $ — $ — $ — Cash paid for interest $ 1,611 $ 8,122 $ 33,101 $ 27,158

Acquisition of RSI Communitie23

Acquisition of RSI Communities (Tables)	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Schedule of Reconciliation of Consideration Transferred as of Acquisition Date	A reconciliation of the consideration transferred as of the acquisition date is as follows: Net proceeds received from RSI inventory involved in land banking transactions $ 194,131 Issuance of 6.00% Senior Notes due September 1, 2023 190,437 Cash on hand 90,653 475,221
Summary of Preliminary Amounts for Acquired Assets and Liabilities Recorded at Fair Value	The following table summarizes the preliminary amounts for acquired assets and liabilities recorded at their fair values as of the acquisition date (in thousands): Assets Acquired Real estate inventories $ 436,578 Goodwill 51,975 Other 6,532 Total Assets $ 495,085 Liabilities Assumed Accounts payable $ 9,315 Accrued expenses 8,244 Notes payable 2,305 Total liabilities 19,864 Net assets acquired $ 475,221
Summary of Unaudited Pro Forma Amounts of Polygon Northwest Homes Acquisition	The following table presents unaudited pro forma amounts for the three and six months ended June 30, 2018 and June 30, 2017 as if the RSI Acquisition, had been completed as of January 1, 2017 (amounts in thousands, except per share data): Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Operating revenues $ 519,452 $ 435,213 $ 933,255 $ 705,691 Net income available to common stockholders $ 22,455 $ 18,038 $ 30,587 $ 7,727 Income per share - basic $ 0.59 $ 0.49 $ 0.81 $ 0.21 Income per share - diluted $ 0.57 $ 0.47 $ 0.77 $ 0.20

Investments in Unconsolidated24

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Summary of Unaudited Financials for Unconsolidated Joint Ventures	The table set forth below summarizes the combined unaudited balance sheets for our unconsolidated joint ventures that we accounted for under the equity method (in thousands): June 30, 2018 December 31, 2017 Assets Cash $ 7,632 $ 12,802 Loans held for sale 21,411 17,106 Accounts receivable 578 2,791 Other assets 102 128 Total Assets $ 29,723 $ 32,827 Liabilities and Equity Accounts payable $ 422 $ 779 Accrued expenses 979 1,532 Credit lines payable 20,261 18,312 Other liabilities 234 31 Members equity 7,827 12,173 Total Liabilities and Equity $ 29,723 $ 32,827 The table set forth below summarizes the combined unaudited statements of operations for our unconsolidated mortgage joint ventures that we accounted for under the equity method (in thousands): Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Revenues $ 4,179 $ 5,073 $ 7,888 $ 8,462 Cost of sales (3,009 ) (3,045 ) (4,927 ) (5,155 ) Income of unconsolidated joint ventures $ 1,170 $ 2,028 $ 2,961 $ 3,307

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of Segment Financial Information Relating to Operations	Segment financial information relating to the Company’s operations was as follows (in thousands): Three Three Six Six Operating revenue: California (1) $ 174,453 $ 149,350 $ 309,265 $ 231,317 Arizona 38,764 52,372 70,803 79,088 Nevada 46,213 29,934 95,389 60,482 Colorado 62,437 31,008 102,500 52,338 Washington (1) 85,490 70,261 141,141 113,735 Oregon 66,221 89,767 113,074 144,586 Texas 45,874 — 60,648 — Total operating revenue $ 519,452 $ 422,692 $ 892,820 $ 681,546 (1) Operating revenue in the California and Washington segments include construction services revenue. Three Three Six Six Income before provision for income taxes: California $ 13,773 $ 16,430 $ 25,192 $ 22,757 Arizona 4,873 5,416 7,360 7,714 Nevada 6,402 1,247 11,241 3,439 Colorado 5,617 1,254 8,781 1,550 Washington 11,238 3,771 15,749 4,085 Oregon 7,126 10,658 10,763 15,139 Texas 325 — 759 — Corporate (14,342 ) (9,320 ) (29,431 ) (18,326 ) Income before extinguishment of debt $ 35,012 $ 29,456 $ 50,414 $ 36,358 Corporate - Loss on extinguishment of debt — — — (21,828 ) Income before provision for income taxes $ 35,012 $ 29,456 $ 50,414 $ 14,530
Schedule of Segment Homebuilding Assets	June 30, 2018 December 31, 2017 Homebuilding assets: California $ 1,093,140 $ 631,649 Arizona 174,975 170,634 Nevada 204,563 211,202 Colorado 155,197 149,183 Washington 308,728 286,442 Oregon 384,012 288,981 Texas 331,150 — Corporate (1) 226,482 323,013 Total homebuilding assets $ 2,878,247 $ 2,061,104 (1) Comprised primarily of cash and cash equivalents, deferred income taxes, receivables, lease right-of-use assets, and other assets.

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Summary of Real Estate Inventories	Real estate inventories consist of the following (in thousands): June 30, 2018 December 31, 2017 Real estate inventories: Land deposits $ 95,741 $ 51,833 Land and land under development 1,210,955 904,410 Homes completed and under construction 930,943 646,198 Model homes 93,929 97,409 Total $ 2,331,568 $ 1,699,850 Real estate inventories not owned (1): Other land options contracts — land banking arrangement $ 247,049 $ — (1) Represents the consolidation of a land banking arrangement. Although the Company is not obligated to purchase the lots, based on certain factors, the Company has determined that it is economically compelled to purchase the lots in the land banking arrangement and thus, has consolidated the assets and liabilities associated with this land bank. Amounts are net of deposits.

Senior Notes, Secured, and Un27

Senior Notes, Secured, and Unsecured Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt	Senior notes, secured, and unsecured indebtedness consist of the following (in thousands): June 30, 2018 December 31, 2017 Notes payable: Revolving credit facility $ 145,000 $ — Seller financing — 589 Construction notes payable 1,510 — Joint venture notes payable 161,562 93,926 Total notes payable 308,072 94,515 Senior notes: 5 3 / 4 % Senior Notes due April 15, 2019 — 149,362 7% Senior Notes due August 15, 2022 347,107 346,740 6% Senior Notes due September 1, 2023 343,354 — 5 7 / 8 % Senior Notes due January 31, 2025 440,251 439,567 Total senior notes 1,130,712 935,669 Total notes payable and senior notes $ 1,438,784 $ 1,030,184
Schedule of Maturities of Notes Payable and Senior Notes	The issuance date, facility size, maturity date and interest rate of the joint ventures notes payable are listed in the table below as of June 30, 2018 (in millions): Issuance Date Facility Size Outstanding Maturity Current Rate May, 2018 $ 70.0 $ 68.3 May, 2021 4.98 % (5) May, 2018 13.3 3.7 June, 2020 4.99 % (6) July, 2017 66.2 45.6 February, 2021 5.13 % (5) January, 2016 35.0 26.5 February, 2019 5.34 % (2) November, 2015 42.5 16.2 May, 2019 6.00 % (1) November, 2014 1.3 0.1 (4) August, 2018 5.50 % (3) March, 2014 4.0 1.2 (4) October, 2018 5.07 % (1) $ 232.3 $ 161.6 (1) Loan bears interest at the Company's option of either LIBOR +3.0% or the prime rate +1.0% . (2) Loan bears interest at LIBOR +3.25% . (3) Loan bears interest at the prime rate +0.5% . (4) 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) Loan bears interest at LIBOR +2.90% . As of June 30, 2018 , the maturities of the Notes payable, 7% Senior Notes, 6% Senior Notes, and 5 7 / 8 % Senior Notes are as follows (in thousands): Year Ending December 31, Remaining in 2018 $ 2,729 2019 42,754 2020 3,678 2021 258,911 2022 350,000 Thereafter 800,000 $ 1,458,072
Debt Instrument Redemption	On or after September 1, 2020, California Lyon may redeem all or a portion of the 6.00% Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount on the redemption date) set forth below plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date, if redeemed during the 12-month period commencing on each of the dates as set forth below: Year Percentage September 1, 2020 103.00 % September 1, 2021 101.50 % September 1, 2022 100.00 %
Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET (Unaudited) As of June 30, 2018 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company ASSETS Cash and cash equivalents $ — $ 30,019 $ 6,092 $ 13,060 $ — $ 49,171 Receivables — 7,229 3,708 3,300 — 14,237 Escrow proceeds receivable — — 3,797 — — 3,797 Real estate inventories Owned — 807,335 1,065,942 458,291 — 2,331,568 Not owned — — 247,049 — — 247,049 Investment in unconsolidated joint ventures — 5,545 150 — — 5,695 Goodwill — 14,209 104,668 — — 118,877 Intangibles, net — — 6,700 — — 6,700 Deferred income taxes, net — 46,445 — — — 46,445 Lease right-of-use assets — 16,818 — — — 16,818 Other assets, net — 26,083 11,354 453 — 37,890 Investments in subsidiaries 805,625 22,370 (896,859 ) — 68,864 — Intercompany receivables — — 281,107 — (281,107 ) — Total assets $ 805,625 $ 976,053 $ 833,708 $ 475,104 $ (212,243 ) $ 2,878,247 LIABILITIES AND EQUITY Accounts payable $ — $ 55,935 $ 23,034 $ 10,080 $ — $ 89,049 Accrued expenses — 95,339 26,964 107 — 122,410 Liabilities from inventories not owned — — 247,049 — — 247,049 Notes payable — 145,000 1,510 161,562 — 308,072 7% Senior Notes — 347,107 — — — 347,107 6% Senior Notes — 343,354 — — — 343,354 5 7 / 8 % Senior Notes — 440,251 — — — 440,251 Intercompany payables — 175,452 — 105,655 (281,107 ) — Total liabilities — 1,602,438 298,557 277,404 (281,107 ) 1,897,292 Equity William Lyon Homes stockholders’ equity (deficit) 805,625 (626,385 ) 535,151 22,370 68,864 805,625 Noncontrolling interests — — — 175,330 — 175,330 Total liabilities and equity $ 805,625 $ 976,053 $ 833,708 $ 475,104 $ (212,243 ) $ 2,878,247 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2017 (in thousands) Unconsolidated Delaware California Guarantor Non-Guarantor Eliminating Consolidated 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 (deficit) 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
Condensed Consolidating Statement of Operations
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) Six Months Ended June 30, 2018 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating activities Net cash provided by (used in) operating activities $ 5,630 $ 24,688 $ 57,426 $ (203,957 ) $ (13,737 ) $ (129,950 ) Investing activities Cash paid for acquisitions, net of cash acquired — — (475,221 ) — — (475,221 ) Purchases of property and equipment — (1,844 ) (4,351 ) 12 — (6,183 ) Investments in subsidiaries — (33,399 ) 402,658 — (369,259 ) — Net cash (used in) provided by investing activities — (35,243 ) (76,914 ) 12 (369,259 ) (481,404 ) Financing activities Proceeds from borrowings on notes payable — — 145 120,594 — 120,739 Principal payments on notes payable — — (940 ) (52,958 ) — (53,898 ) Principal payments on 5.75% Senior Notes — (150,000 ) — — — (150,000 ) Proceeds from issuance of 6.0% Senior Notes — 350,000 — — — 350,000 Proceeds from borrowings on Revolver — 255,000 — — — 255,000 Payments on Revolver — (110,000 ) — — — (110,000 ) Payment of deferred loan costs — (9,340 ) — — — (9,340 ) Shares remitted to, or withheld by the Company for employee tax withholding — (4,696 ) — — — (4,696 ) Payments to repurchase common stock — (6,121 ) — — — (6,121 ) Noncontrolling interest contributions — — — 120,102 — 120,102 Noncontrolling interest distributions — — — (33,971 ) — (33,971 ) Advances to affiliates — — 37,497 36,506 (74,003 ) — Intercompany receivables/payables (5,630 ) (455,703 ) (11,278 ) 15,612 456,999 — Net cash (used in) provided by financing activities (5,630 ) (130,860 ) 25,424 205,885 382,996 477,815 Net (decrease) increase in cash and cash equivalents — (141,415 ) 5,936 1,940 — (133,539 ) Cash and cash equivalents - beginning of period — 171,434 156 11,120 — 182,710 Cash and cash equivalents - end of period $ — $ 30,019 $ 6,092 $ 13,060 $ — $ 49,171 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) Six Months Ended June 30, 2017 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating activities Net cash (used in) provided by operating activities $ (1,835 ) $ (31,965 ) $ 26,508 $ (61,355 ) $ 1,835 $ (66,812 ) Investing activities Purchases of property and equipment — (173 ) 10 (71 ) — (234 ) Investments in subsidiaries — (6,537 ) (24,140 ) — 30,677 — Net cash (used in) provided by investing activities — (6,710 ) (24,130 ) (71 ) 30,677 (234 ) Financing activities Proceeds from borrowings on notes payable — — — 49,478 — 49,478 Principal payments on notes payable — — — (53,143 ) — (53,143 ) 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 — 190,000 — — — 190,000 Payments on revolver — (154,000 ) — — — (154,000 ) Principal payments on subordinated amortizing notes — (3,737 ) — — — (3,737 ) Payment of deferred loan costs — (9,666 ) — — — (9,666 ) Shares remitted to, or withheld by Company for employee tax withholding — (1,380 ) — — — (1,380 ) Noncontrolling interest contributions — — — 51,291 — 51,291 Noncontrolling interest distributions — — — (13,659 ) — (13,659 ) Advances to affiliates — — (17,823 ) 13,550 4,273 — Intercompany receivables/payables 1,835 7,774 15,314 11,862 (36,785 ) — Net cash provided by (used in) financing activities 1,835 30,814 (2,509 ) 59,379 (32,512 ) 57,007 Net decrease in cash and cash equivalents — (7,861 ) (131 ) (2,047 ) — (10,039 ) Cash and cash equivalents - beginning of period — 36,204 272 6,136 — 42,612 Cash and cash equivalents - end of period $ — $ 28,343 $ 141 $ 4,089 $ — $ 32,573

Fair Value of Financial Instr28

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Values of Financial Instruments	The estimated fair values of financial instruments are as follows (in thousands): June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 308,072 $ 308,072 $ 94,515 $ 94,515 5 3 / 4 % Senior Notes due 2019 — — 149,362 151,500 7% Senior Notes due 2022 347,107 355,705 346,740 362,250 6% Senior Notes due 2023 343,354 343,875 — — 5 7 / 8 % Senior Notes due 2025 440,251 423,000 439,567 459,000

Income Per Common Share (Tables

Income Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Income Per Common Share Calculation	Basic and diluted income per common share for the three and six months ended June 30, 2018 and 2017 were calculated as follows (in thousands, except number of shares and per share amounts): Three Three Six Six Basic weighted average number of common shares outstanding 38,017,211 37,051,967 37,974,471 36,980,540 Effect of dilutive securities: Stock options, unvested common shares, and warrants 1,671,060 1,246,657 1,797,966 1,250,661 Diluted average shares outstanding 39,688,271 38,298,624 39,772,437 38,231,201 Net income available to common stockholders $ 22,455 $ 18,954 $ 30,783 $ 8,954 Basic income per common share $ 0.59 $ 0.51 $ 0.81 $ 0.24 Dilutive income per common share $ 0.57 $ 0.49 $ 0.77 $ 0.23 Antidilutive securities not included in the calculation of diluted income per common share (weighted average): Tangible equity units — 894,930 — 894,930 Unvested stock options — 240,000 — 240,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Lease Costs	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): Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Six Six Lease cost Operating lease cost $ 2,044 $ 1,718 $ 4,053 $ 2,713 Sublease income (29 ) (29 ) (58 ) (58 ) Total lease cost $ 2,015 $ 1,689 $ 3,995 $ 2,655 Other information Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 1,779 $ 1,371 $ 3,546 $ 2,258 Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,691 $ 410 $ 5,387 $ 5,058 Weighted-average discount rate 6.5 % 6.6 % 6.5 % 6.6 % June 30, 2018 December 31, 2017 Weighted-average remaining lease term (in years) 4.08 3.58
Schedule of Future Minimum Rental Payments for Operating Leases	The table below shows the future minimum payments under non-cancelable operating leases at June 30, 2018 (in thousands). Year Ending December 31, Remaining in 2018 $ 4,014 2019 5,756 2020 4,779 2021 4,464 2022 3,191 Thereafter 3,871 Total $ 26,075

Basis of Presentation and Sig31

Basis of Presentation and Significant Accounting Policies - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)segment	Jun. 30, 2017USD ($)	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Operating revenue	$ 519,452,000	$ 422,692,000	$ 892,820,000	$ 681,546,000
Number of reportable segments | segment			7
Minimum
Significant Accounting Policies [Line Items]
Percentage of sales price fee from construction management agreements					300.00%
Maximum
Significant Accounting Policies [Line Items]
Percentage of sales price fee from construction management agreements					5.00%
Land
Significant Accounting Policies [Line Items]
Operating revenue	$ 0

Basis of Presentation and Sig32

Basis of Presentation and Significant Accounting Policies - Summary of Changes in Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liability, beginning of period	$ 13,643	$ 14,173
Warranty provision during period (1)	3,913	3,954
Warranty payments, net of insurance recoveries during period	(6,121)	(6,006)
Warranty charges related to construction services projects	16	85
Warranty liability, end of period	11,451	$ 12,206
RSI Communities
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty provision during period (1)	$ 600

Basis of Presentation and Sig33

Basis of Presentation and Significant Accounting Policies - Schedule of Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accounting Policies [Abstract]
Interest incurred	$ 22,808	$ 18,822	$ 42,066	$ 38,246
Less: Interest capitalized	22,808	18,822	42,066	38,246
Interest expense, net of amounts capitalized	0	0	0	0
Cash paid for interest	$ 1,611	$ 8,122	$ 33,101	$ 27,158

Acquisition of RSI Communitie34

Acquisition of RSI Communities - Narrative (Details)	Mar. 09, 2018USD ($)Property	Mar. 31, 2018USD ($)	Jun. 30, 2018USD ($)Property	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)Propertysegment	Jun. 30, 2017USD ($)	Mar. 08, 2018USD ($)
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs			$ 777,000	$ 0	$ 3,907,000	$ 0
Number Of Additional Real Estate Properties | Property	3
Number of operating segments as a result of acquired business | segment					1
Total operating revenue			519,452,000	422,692,000	$ 892,820,000	681,546,000
Provision for income taxes			$ (7,776,000)	$ (9,205,000)	$ (10,590,000)	$ (3,575,000)
6% Senior Notes due September 1, 2023
Business Acquisition [Line Items]
Stated interest rate			6.00%		6.00%
6% Senior Notes due September 1, 2023 | Senior notes
Business Acquisition [Line Items]
Principal amount							$ 350,000,000
Stated interest rate	6.00%		6.00%	8.50%	6.00%	8.50%	6.00%
Proceeds from land banking arrangements					$ 194,300,000
RSI Communities
Business Acquisition [Line Items]
Cash purchase price	$ 460,000,000
Working capital adjustments	15,200,000
Number of Units in Real Estate Property | Property			360		360
Total operating revenue		$ 111,500,000
Provision for income taxes		$ (1,000,000)
Goodwill, expected tax deductible amount	$ 52,000,000
RSI Communities | Selling, General and Administrative Expenses
Business Acquisition [Line Items]
Acquisition related costs			$ 3,100,000		$ 3,100,000

Acquisition of RSI Communitie35

Acquisition of RSI Communities - Schedule of Reconciliation of Consideration Transferred as of Acquisition Date (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Mar. 09, 2018	Mar. 08, 2018	Jun. 30, 2017
RSI Communities
Business Acquisition [Line Items]
Net proceeds received from RSI inventory involved in land banking transactions	$ 194,131
Issuance of 6.00% Senior Notes due September 1, 2023	(190,437)
Cash on hand	90,653
Total consideration transferred	$ 475,221
6% Senior Notes due September 1, 2023
Business Acquisition [Line Items]
Stated interest rate	6.00%
6% Senior Notes due September 1, 2023 | Senior notes
Business Acquisition [Line Items]
Stated interest rate	6.00%	6.00%	6.00%	8.50%

Acquisition of RSI Communitie36

Acquisition of RSI Communities - Summary of Preliminary Amounts for Acquired Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets Acquired
Goodwill	$ 118,877	$ 66,902
RSI Communities
Assets Acquired
Real estate inventories	437
Goodwill	52
Other	7
Total Assets	495
Liabilities Assumed
Accounts payable	9
Accrued expenses	8
Notes payable	2
Total liabilities	20
Net assets acquired	$ 475

Acquisition of RSI Communitie37

Acquisition of RSI Communities - Summary of Unaudited Pro Forma Amounts of RSI Communities Acquisition (Details) - RSI Communities - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Business Acquisition [Line Items]
Operating revenues	$ 519,452	$ 435,213	$ 933,255	$ 705,691
Net income available to common stockholders	$ 22,455	$ 18,038	$ 30,587	$ 7,727
Income per share - basic (in USD per share)	$ 0.59	$ 0.49	$ 0.81	$ 0.21
Income per share - diluted (in USD per share)	$ 0.57	$ 0.47	$ 0.77	$ 0.20

Variable Interest Entities an38

Variable Interest Entities and Noncontrolling Interests - Narrative (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)joint_venture	Dec. 31, 2017USD ($)joint_venture
Noncontrolling Interest [Line Items]
Number of joint ventures | joint_venture	21	13
Consolidated variable interest entities, assets	$ 464.5	$ 244.7
Consolidated variable interest entities, liabilities	209.4	124.5
Cash
Noncontrolling Interest [Line Items]
Consolidated variable interest entities, assets	12.7	10.7
Real estate
Noncontrolling Interest [Line Items]
Consolidated variable interest entities, assets	$ 448.7	$ 230.8

Investments in Unconsolidated39

Investments in Unconsolidated Joint Ventures - Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Revenues	$ 519,452	$ 422,692	$ 892,820	$ 681,546
Cost of sales	(485,284)	(394,457)	(844,217)	(647,003)
Operating income (loss)	34,168	28,235	48,603	34,543
Unconsolidated joint venture income	533	1,213	1,465	1,462
Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenues	4,179	5,073	7,888	8,462
Cost of sales	(3,009)	(3,045)	(4,927)	(5,155)
Operating income (loss)	$ 1,170	$ 2,028	$ 2,961	$ 3,307

Investments in Unconsolidated40

Investments in Unconsolidated Joint Ventures - Financial Position (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Other assets	$ 37,890	$ 21,164
Total assets	2,878,247	2,061,104
LIABILITIES AND EQUITY
Accounts payable	89,049	58,799
Accrued expenses	122,410	111,491
Total liabilities and equity	2,878,247	2,061,104
Joint Ventures
ASSETS
Cash	7,632	12,802
Loans held for sale	21,411	17,106
Accounts receivable	578	2,791
Other assets	102	128
Total assets	29,723	32,827
LIABILITIES AND EQUITY
Accounts payable	422	779
Accrued expenses	979	1,532
Credit lines payable	20,261	18,312
Other liabilities	234	31
Members equity	7,827	12,173
Total liabilities and equity	$ 29,723	$ 32,827

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2018segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	7

Segment Information - Schedule

Segment Information - Schedule of Segment Financial Information Relating to Operations (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating revenue
Total operating revenue		$ 519,452	$ 422,692	$ 892,820	$ 681,546
Income before provision for income taxes:
Income before provision for income taxes		35,012	29,456	50,414	14,530
Income before extinguishment of debt		35,012	29,456	50,414	36,358
Loss on extinguishment of debt		0	0	0	(21,828)
Corporate
Income before provision for income taxes:
Income before provision for income taxes		(14,342)	(9,320)	(29,431)	(18,326)
California
Operating revenue
Total operating revenue	[1]	174,453	149,350	309,265	231,317
California | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		13,773	16,430	25,192	22,757
Arizona
Operating revenue
Total operating revenue		38,764	52,372	70,803	79,088
Arizona | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		4,873	5,416	7,360	7,714
Nevada
Operating revenue
Total operating revenue		46,213	29,934	95,389	60,482
Nevada | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		6,402	1,247	11,241	3,439
Colorado
Operating revenue
Total operating revenue		62,437	31,008	102,500	52,338
Colorado | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		5,617	1,254	8,781	1,550
Washington (1)
Operating revenue
Total operating revenue		85,490	70,261	141,141	113,735
Washington (1) | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		11,238	3,771	15,749	4,085
Oregon
Operating revenue
Total operating revenue		66,221	89,767	113,074	144,586
Oregon | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		7,126	10,658	10,763	15,139
Texas
Operating revenue
Total operating revenue		45,874	0	60,648	0
Texas | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		$ 325	$ 0	$ 759	$ 0
[1]	Operating revenue in the California and Washington segments include construction services revenue.

Segment Information - Schedul43

Segment Information - Schedule of Segment Homebuilding Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Homebuilding assets:
Total homebuilding assets	$ 2,878,247	$ 2,061,104
Corporate
Homebuilding assets:
Total homebuilding assets	226,482	323,013
California | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	1,093,140	631,649
Arizona | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	174,975	170,634
Nevada | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	204,563	211,202
Colorado | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	155,197	149,183
Washington (1) | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	308,728	286,442
Oregon | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	384,012	288,981
Texas | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	$ 331,150	$ 0

Real Estate Inventories - Summa

Real Estate Inventories - Summary of Real Estate Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate inventories:
Land deposits	$ 95,741	$ 51,833
Land and land under development	1,210,955	904,410
Homes completed and under construction	930,943	646,198
Model homes	93,929	97,409
Total	2,331,568	1,699,850
Not owned	$ 247,049	$ 0

Senior Notes, Secured, and Un45

Senior Notes, Secured, and Unsecured Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 09, 2018	Mar. 08, 2018	Dec. 31, 2017	Jun. 30, 2017	Jan. 31, 2017	Aug. 11, 2014	Mar. 31, 2014
Debt Instrument [Line Items]
Total notes payable	$ 308,072			$ 94,515
Total debt	1,438,784			1,030,184
5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Total debt	$ 0			$ 149,362
Stated interest rate	5.75%			5.75%
7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Total debt	$ 347,107			$ 346,740
Stated interest rate	7.00%			7.00%
6% Senior Notes due September 1, 2023
Debt Instrument [Line Items]
Total debt	$ 343,354			$ 0
Stated interest rate	6.00%
5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Total debt	$ 440,251			$ 439,567
Stated interest rate	5.875%			5.875%
Seller financing
Debt Instrument [Line Items]
Total notes payable	$ 0			$ 589
Construction notes payable
Debt Instrument [Line Items]
Total notes payable	1,510			0
Joint venture notes payable
Debt Instrument [Line Items]
Total notes payable	161,562			93,926
Senior notes
Debt Instrument [Line Items]
Total debt	1,130,712			935,669
Senior notes | 5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Total debt	$ 0			$ 149,362
Stated interest rate	5.75%			5.75%				5.75%
Senior notes | 7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Total debt	$ 347,107			$ 346,740
Stated interest rate	7.00%			7.00%			7.00%
Senior notes | 6% Senior Notes due September 1, 2023
Debt Instrument [Line Items]
Total debt	$ 343,354			$ 0
Stated interest rate	6.00%	6.00%	6.00%		8.50%
Senior notes | 5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Total debt	$ 440,251			$ 439,567
Stated interest rate	5.875%					5.875%

Senior Notes, Secured, and Un46

Senior Notes, Secured, and Unsecured Indebtedness - Schedule of Maturities of Notes Payable, Senior Unsecured Facility, 5 3/4% and 8 1/2% Senior Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total debt	$ 1,438,784	$ 1,030,184
Senior Notes and Subordinated Amortizing Notes
Debt Instrument [Line Items]
Remaining in 2018	2,729
2,019	42,754
2,020	3,678
2,021	258,911
2,022	350,000
Thereafter	800,000
Total debt	$ 1,458,072

Senior Notes, Secured, and Un47

Senior Notes, Secured, and Unsecured Indebtedness - Revolving Line of Credit - Narrative (Details) - USD ($)

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jan. 01, 2019

Dec. 31, 2018

May 21, 2018

Mar. 31, 2018

Mar. 30, 2018

Mar. 09, 2018

Mar. 08, 2018

Dec. 31, 2017

Dec. 30, 2017

Nov. 28, 2017

Jul. 01, 2017

Jun. 29, 2017

Mar. 31, 2017

Dec. 31, 2016

Dec. 30, 2016

Jul. 01, 2016

Mar. 31, 2014

Debt Instrument [Line Items]

Notes payable

$ 308,072,000

$ 94,515,000

6% Senior Notes due September 1, 2023

Debt Instrument [Line Items]

Stated interest rate

6.00%

5 3/4% Senior Notes due April 15, 2019

Debt Instrument [Line Items]

Stated interest rate

5.75%

5.75%

Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 170,000,000

Line of Credit Facility, Increase in Borrowing Capacity

$ 25,000,000

Revolving Credit Facility | Amended Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 130,000,000

Commitment fee percentage

50.00%

Revolving Credit Facility | New Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 325,000,000

Additional capacity under accordion feature

$ 500,000,000

Debt Instrument, Covenant, Leverage Ratio, Maximum

65.00%

Commitment fee percentage

0.50%

Effective rate

5.10%

Revolving Credit Facility | Second Amended Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 145,000,000

Additional capacity under accordion feature

200,000,000

Debt Instrument, Covenant, Tangible Net Worth, Minimum

$ 556,400,000

Debt Instrument, Covenant, Leverage Ratio, Maximum

60.00%

60.00%

62.50%

60.00%

62.50%

62.50%

65.00%

Debt Instrument, Covenant, Interest Coverage Ratio, Minimum

1.50

Debt Instrument, Covenant, Interest Coverage Ratio, Maximum Liquidity Used in Calculation

$ 50,000,000

Revolving Credit Facility | Amendment to Second Amended Facility

Debt Instrument [Line Items]

Debt Instrument, Covenant, Leverage Ratio, Maximum

70.00%

60.00%

Letter of Credit

Debt Instrument [Line Items]

Outstanding letter of credit

8,400,000

$ 7,800,000

Letter of Credit | Amended Facility

Debt Instrument [Line Items]

Outstanding letter of credit

$ 8,400,000

$ 7,800,000

Letter of Credit | New Facility

Debt Instrument [Line Items]

Minimum borrowing capacity

$ 50,000,000

Letter of Credit | Second Amended Facility

Debt Instrument [Line Items]

Minimum borrowing capacity

$ 50,000,000

Senior Notes | 6% Senior Notes due September 1, 2023

Debt Instrument [Line Items]

Stated interest rate

6.00%

8.50%

6.00%

6.00%

Senior Notes | 5 3/4% Senior Notes due April 15, 2019

Debt Instrument [Line Items]

Stated interest rate

5.75%

5.75%

5.75%

Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Notes payable

$ 145,000,000

$ 0

Subsequent Event | Revolving Credit Facility | New Facility

Debt Instrument [Line Items]

Debt Instrument, Covenant, Leverage Ratio, Maximum

60.00%

60.00%

Senior Notes, Secured, and Un48

Senior Notes, Secured, and Unsecured Indebtedness - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2019	Dec. 31, 2018	Mar. 31, 2018	Mar. 30, 2018	Dec. 31, 2017	Dec. 30, 2017	Jul. 01, 2017	Jun. 29, 2017	Jan. 31, 2017	Dec. 31, 2016	Dec. 30, 2016	Aug. 11, 2014	Mar. 31, 2014
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 0	$ 0	$ 0	$ (21,828,000)
Deferred loan costs	16,900,000		16,900,000
Notes payable	$ 308,072,000		$ 308,072,000						$ 94,515,000
8 1/2% Senior Notes due November 15, 2020
Debt Instrument [Line Items]
Stated interest rate	8.50%		8.50%						8.50%
7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Stated interest rate	7.00%		7.00%						7.00%
5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Stated interest rate	5.75%		5.75%						5.75%
5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Stated interest rate	5.875%		5.875%						5.875%
Senior notes | 8 1/2% Senior Notes due November 15, 2020
Debt Instrument [Line Items]
Stated interest rate	6.00%		6.00%
Senior notes | 7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Stated interest rate	7.00%		7.00%						7.00%							7.00%
Unamortized premium	$ 700,000		$ 700,000
Deferred loan costs	$ 3,500,000		$ 3,500,000
Senior notes | 5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Stated interest rate	5.75%		5.75%						5.75%								5.75%
Senior notes | 5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Stated interest rate	5.875%		5.875%										5.875%
Deferred loan costs	$ 6,700,000		$ 6,700,000
Seller financing
Debt Instrument [Line Items]
Notes payable	$ 0		$ 0						$ 589,000
Seller financing | Note Payable Maturing in June 2018
Debt Instrument [Line Items]
Stated interest rate	7.00%		7.00%
Construction notes payable
Debt Instrument [Line Items]
Notes payable	$ 1,510,000		$ 1,510,000						$ 0
Revolving Credit Facility | Second Amended Facility
Debt Instrument [Line Items]
Debt Instrument, Covenant, Tangible Net Worth, Minimum	$ 556,400,000		$ 556,400,000
Debt Instrument, Covenant, Leverage Ratio, Maximum		60.00%		60.00%					60.00%	62.50%	60.00%	62.50%		62.50%	65.00%
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum	1.50		1.50
Debt Instrument, Covenant, Interest Coverage Ratio, Maximum Liquidity Used in Calculation	$ 50,000,000		$ 50,000,000
Revolving Credit Facility | New Facility
Debt Instrument [Line Items]
Debt Instrument, Covenant, Leverage Ratio, Maximum	65.00%		65.00%
Revolving Credit Facility | Amendment to Second Amended Facility
Debt Instrument [Line Items]
Debt Instrument, Covenant, Leverage Ratio, Maximum							70.00%	60.00%
Subsequent Event | Revolving Credit Facility | New Facility
Debt Instrument [Line Items]
Debt Instrument, Covenant, Leverage Ratio, Maximum					60.00%	60.00%

Senior Notes, Secured, and Un49

Senior Notes, Secured, and Unsecured Indebtedness - Schedule of Maturities of Construction Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total notes payable	$ 308,072	$ 94,515
Construction Loans
Debt Instrument [Line Items]
Total notes payable	232,300
Outstanding	161,600
Construction Loans | May 2018, Maturity May 2021 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	70,000
Outstanding	$ 68,300
Current Rate	4.98%
Construction Loans | May 2018, Maturity June 2020 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 13,300
Outstanding	$ 3,700
Current Rate	4.99%
Construction Loans | July 2017 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 66,200
Outstanding	$ 45,600
Current Rate	5.13%
Construction Loans | January 2016 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 35,000
Outstanding	$ 26,500
Current Rate	5.34%
Construction Loans | November 2015 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 42,500
Outstanding	$ 16,200
Current Rate	6.00%
Construction Loans | November 2014 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 1,300
Outstanding	$ 100
Current Rate	5.50%
Construction Loans | March 2014 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 4,000
Outstanding	$ 1,200
Current Rate	5.07%

Senior Notes, Secured, and Un50

Senior Notes, Secured, and Unsecured Indebtedness - Schedule of Maturities of Construction Notes Payable (Footnote) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 0	$ 0	$ 0	$ (21,828)
Construction Notes Payable, March 2014, August 2015, November 2015, March 2016 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.00%
Construction Notes Payable, March 2014, August 2015, November 2015, March 2016 | Prime rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Construction Notes Payable, January 2016 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
Construction Notes Payable, November 2014, April 2015, July 2015 | Prime rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
May 2018, Maturity May 2021 Construction Notes Payable | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
May 2018, Maturity May 2021 Construction Notes Payable | Federal Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
May 2018, Maturity June 2020 Construction Notes Payable | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.90%

Senior Notes, Secured, and Un51

Senior Notes, Secured, and Unsecured Indebtedness - Subordinated Amortizing Notes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total debt	$ 1,438,784	$ 1,030,184

Senior Notes, Secured, and Un52

Senior Notes, Secured, and Unsecured Indebtedness - Senior Notes - Narrative (Details) - USD ($)	Mar. 09, 2018	Jan. 31, 2017	Sep. 15, 2015	Aug. 11, 2014	Mar. 31, 2014	May 31, 2017	Jan. 31, 2016	Jan. 31, 2015	Aug. 31, 2014	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Mar. 08, 2018
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt										$ 0	$ 0	$ 0	$ (21,828,000)
Deferred loan costs										$ 16,900,000		$ 16,900,000
6% Senior Notes due September 1, 2023
Debt Instrument [Line Items]
Stated interest rate										6.00%		6.00%
7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Stated interest rate										7.00%		7.00%		7.00%
5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Stated interest rate										5.75%		5.75%		5.75%
5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Stated interest rate										5.875%		5.875%		5.875%
8 1/2% Senior Notes due November 15, 2020
Debt Instrument [Line Items]
Stated interest rate										8.50%		8.50%		8.50%
Senior notes | 6% Senior Notes due September 1, 2023
Debt Instrument [Line Items]
Stated interest rate	6.00%									6.00%	8.50%	6.00%	8.50%		6.00%
Principal amount															$ 350,000,000
Percentage of principal amount	100.00%
Senior notes | 7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Stated interest rate				7.00%						7.00%		7.00%		7.00%
Principal amount			$ 50,000,000	$ 300,000,000
Percentage of principal amount			102.00%	100.00%
Percent exchanged								100.00%
Deferred loan costs										$ 3,500,000		$ 3,500,000
Net proceeds from issuance of debt			$ 50,500,000
Expected percent exchanged							100.00%
Outstanding amount										350,000,000		350,000,000
Unamortized premium										$ 700,000		$ 700,000
Senior notes | 5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Stated interest rate					5.75%					5.75%		5.75%		5.75%
Principal amount					$ 150,000,000
Percentage of principal amount					100.00%
Percent exchanged									100.00%
Senior notes | 5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Stated interest rate		5.875%								5.875%		5.875%
Principal amount		$ 450,000,000
Percentage of principal amount		99.215%
Percent exchanged						100.00%
Deferred loan costs										$ 6,700,000		$ 6,700,000
Debt Instrument, Unamortized Discount										$ 3,000,000		$ 3,000,000
Senior notes | 8 1/2% Senior Notes due November 15, 2020
Debt Instrument [Line Items]
Stated interest rate										6.00%		6.00%
Debt Instrument, Repurchase Amount		$ 395,600,000
Outstanding amount										$ 425,000,000		$ 425,000,000
California Lyon | Senior notes | 6% Senior Notes due September 1, 2023
Debt Instrument [Line Items]
Senior Notes Redemption Price Percentage												100.00%
Redemption price, percentage														106.00%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed														35.00%
Minimum | Senior notes | 6% Senior Notes due September 1, 2023
Debt Instrument [Line Items]
Redemption Notice Period												30 days
Maximum | Senior notes | 6% Senior Notes due September 1, 2023
Debt Instrument [Line Items]
Redemption Notice Period												60 days

Senior Notes, Secured, and Un53

Senior Notes, Secured, and Unsecured Indebtedness - Summary of Senior Notes Redemption Prices Percentage (Details) - California Lyon - Senior notes - 6% Senior Notes due September 1, 2023	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Redemption price, percentage		106.00%
September 1, 2020
Debt Instrument [Line Items]
Redemption price, percentage	103.00%
September 1, 2021
Debt Instrument [Line Items]
Redemption price, percentage	101.50%
September 1, 2022
Debt Instrument [Line Items]
Redemption price, percentage	100.00%

Senior Notes, Secured, and Un54

Senior Notes, Secured, and Unsecured Indebtedness - Guarantor and Non-Guarantor Financial Statements - Narrative (Details)	Jun. 30, 2018
Parent
Debt Instrument [Line Items]
Ownership percentage	100.00%

Senior Notes, Secured, and Un55

Senior Notes, Secured, and Unsecured Indebtedness - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 49,171	$ 182,710	$ 32,573	$ 42,612
Receivables	14,237	10,223
Escrow proceeds receivable	3,797	3,319
Real estate inventories	2,331,568	1,699,850
Not owned	247,049	0
Investment in unconsolidated joint ventures	5,695	7,867
Goodwill	118,877	66,902
Intangibles, net	6,700	6,700
Deferred income taxes, net	46,445	47,915
Lease right-of-use assets	16,818	14,454
Other assets, net	37,890	21,164
Investments in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	2,878,247	2,061,104
LIABILITIES AND EQUITY
Accounts payable	89,049	58,799
Accrued expenses	122,410	111,491
Liabilities from inventories not owned	247,049	0
Notes payable	308,072	94,515
Total debt	1,438,784	1,030,184
Intercompany payables	0	0
Total liabilities	1,897,292	1,200,474
Equity
William Lyon Homes stockholders’ equity (deficit)	805,625	780,472
Noncontrolling interests	175,330	80,158
Total liabilities and equity	2,878,247	2,061,104
5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt	$ 0	$ 149,362
Equity
Stated interest rate	5.75%	5.75%
7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	$ 347,107	$ 346,740
Equity
Stated interest rate	7.00%	7.00%
6% Senior Notes due September 1, 2023
LIABILITIES AND EQUITY
Total debt	$ 343,354	$ 0
Equity
Stated interest rate	6.00%
5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Total debt	$ 440,251	$ 439,567
Equity
Stated interest rate	5.875%	5.875%
Reporting Entities | Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	$ 6,092	$ 156	141	272
Receivables	3,708	2,252
Escrow proceeds receivable	3,797	1,725
Real estate inventories	1,065,942	630,384
Not owned	247,049
Investment in unconsolidated joint ventures	150	150
Goodwill	104,668	52,693
Intangibles, net	6,700	6,700
Deferred income taxes, net	0	0
Lease right-of-use assets	0	0
Other assets, net	11,354	2,504
Investments in subsidiaries	(896,859)	(494,201)
Intercompany receivables	281,107	269,831
Total assets	833,708	472,194
LIABILITIES AND EQUITY
Accounts payable	23,034	13,007
Accrued expenses	26,964	2,988
Liabilities from inventories not owned	247,049
Notes payable	1,510	0
Intercompany payables	0	0
Total liabilities	298,557	15,995
Equity
William Lyon Homes stockholders’ equity (deficit)	535,151	456,199
Noncontrolling interests	0	0
Total liabilities and equity	833,708	472,194
Reporting Entities | Guarantor Subsidiaries | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt		0
Reporting Entities | Guarantor Subsidiaries | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	0	0
Reporting Entities | Guarantor Subsidiaries | 6% Senior Notes due September 1, 2023
LIABILITIES AND EQUITY
Total debt	0
Reporting Entities | Guarantor Subsidiaries | 5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Total debt	0	0
Reporting Entities | Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	13,060	11,120	4,089	6,136
Receivables	3,300	3,324
Escrow proceeds receivable	0	0
Real estate inventories	458,291	238,459
Not owned	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	453	493
Investments in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	475,104	253,396
LIABILITIES AND EQUITY
Accounts payable	10,080	5,717
Accrued expenses	107	96
Liabilities from inventories not owned	0
Notes payable	161,562	93,926
Intercompany payables	105,655	90,043
Total liabilities	277,404	189,782
Equity
William Lyon Homes stockholders’ equity (deficit)	22,370	(16,544)
Noncontrolling interests	175,330	80,158
Total liabilities and equity	475,104	253,396
Reporting Entities | Non-Guarantor Subsidiaries | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt		0
Reporting Entities | Non-Guarantor Subsidiaries | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	0	0
Reporting Entities | Non-Guarantor Subsidiaries | 6% Senior Notes due September 1, 2023
LIABILITIES AND EQUITY
Total debt	0
Reporting Entities | Non-Guarantor Subsidiaries | 5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Total debt	0	0
Reporting Entities | Delaware Lyon
ASSETS
Cash and cash equivalents	0	0	0	0
Receivables	0	0
Escrow proceeds receivable	0	0
Real estate inventories	0	0
Not owned	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	805,625	780,472
Intercompany receivables	0	0
Total assets	805,625	780,472
LIABILITIES AND EQUITY
Accounts payable	0	0
Accrued expenses	0	0
Liabilities from inventories not owned	0
Notes payable	0	0
Intercompany payables	0	0
Total liabilities	0	0
Equity
William Lyon Homes stockholders’ equity (deficit)	805,625	780,472
Noncontrolling interests	0	0
Total liabilities and equity	805,625	780,472
Reporting Entities | Delaware Lyon | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt		0
Reporting Entities | Delaware Lyon | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	0	0
Reporting Entities | Delaware Lyon | 6% Senior Notes due September 1, 2023
LIABILITIES AND EQUITY
Total debt	0
Reporting Entities | Delaware Lyon | 5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Total debt	0	0
Reporting Entities | California Lyon
ASSETS
Cash and cash equivalents	30,019	171,434	28,343	36,204
Receivables	7,229	4,647
Escrow proceeds receivable	0	1,594
Real estate inventories	807,335	831,007
Not owned	0
Investment in unconsolidated joint ventures	5,545	7,717
Goodwill	14,209	14,209
Intangibles, net	0	0
Deferred income taxes, net	46,445	47,915
Lease right-of-use assets	16,818	14,454
Other assets, net	26,083	18,167
Investments in subsidiaries	22,370	(16,544)
Intercompany receivables	0	0
Total assets	976,053	1,094,600
LIABILITIES AND EQUITY
Accounts payable	55,935	40,075
Accrued expenses	95,339	108,407
Liabilities from inventories not owned	0
Notes payable	145,000	589
Intercompany payables	175,452	179,788
Total liabilities	1,602,438	1,264,528
Equity
William Lyon Homes stockholders’ equity (deficit)	(626,385)	(169,928)
Noncontrolling interests	0	0
Total liabilities and equity	976,053	1,094,600
Reporting Entities | California Lyon | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt		149,362
Reporting Entities | California Lyon | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	347,107	346,740
Reporting Entities | California Lyon | 6% Senior Notes due September 1, 2023
LIABILITIES AND EQUITY
Total debt	343,354
Reporting Entities | California Lyon | 5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Total debt	440,251	439,567
Consolidation, Eliminations
ASSETS
Cash and cash equivalents	0	0	$ 0	$ 0
Receivables	0	0
Escrow proceeds receivable	0	0
Real estate inventories	0	0
Not owned	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	68,864	(269,727)
Intercompany receivables	(281,107)	(269,831)
Total assets	(212,243)	(539,558)
LIABILITIES AND EQUITY
Accounts payable	0	0
Accrued expenses	0	0
Liabilities from inventories not owned	0
Notes payable	0	0
Intercompany payables	(281,107)	(269,831)
Total liabilities	(281,107)	(269,831)
Equity
William Lyon Homes stockholders’ equity (deficit)	68,864	(269,727)
Noncontrolling interests	0	0
Total liabilities and equity	(212,243)	(539,558)
Consolidation, Eliminations | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt		0
Consolidation, Eliminations | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	0	0
Consolidation, Eliminations | 6% Senior Notes due September 1, 2023
LIABILITIES AND EQUITY
Total debt	0
Consolidation, Eliminations | 5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Total debt	$ 0	$ 0

Senior Notes, Secured, and Un56

Senior Notes, Secured, and Unsecured Indebtedness - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating revenue
Sales	$ 519,452	$ 422,692	$ 892,820	$ 681,546
Operating costs
Sales and marketing	(28,848)	(21,284)	(51,541)	(35,989)
General and administrative	(28,507)	(19,550)	(53,028)	(38,496)
Transaction expenses	(777)	0	(3,907)	0
Other	(621)	(560)	(919)	(1,000)
Total operating costs	(485,284)	(394,457)	(844,217)	(647,003)
Income from subsidiaries	0	0	0	0
Operating income (loss)	34,168	28,235	48,603	34,543
Equity in income of unconsolidated joint ventures	533	1,213	1,465	1,462
Other income (expense), net	311	8	346	353
Income before extinguishment of debt	35,012	29,456	50,414	36,358
Loss on extinguishment of debt	0	0	0	(21,828)
Income (loss) before provision for income taxes	35,012	29,456	50,414	14,530
Provision for income taxes	(7,776)	(9,205)	(10,590)	(3,575)
Net income (loss)	27,236	20,251	39,824	10,955
Less: Net income attributable to noncontrolling interests	(4,781)	(1,297)	(9,041)	(2,001)
Net income available to common stockholders	22,455	18,954	30,783	8,954
Reporting Entities | Guarantor Subsidiaries
Operating revenue
Sales	317,072	198,172	500,999	317,795
Operating costs
Sales and marketing	(17,663)	(10,789)	(28,446)	(17,720)
General and administrative	(9,192)	(3,952)	(15,158)	(8,381)
Transaction expenses	0		0
Other	38	55	84	146
Total operating costs	(291,908)	(175,778)	(460,096)	(290,508)
Income from subsidiaries	0	0	0	0
Operating income (loss)	25,164	22,394	40,903	27,287
Equity in income of unconsolidated joint ventures	244	333	501	538
Other income (expense), net	(5)	(6)	51	(6)
Income before extinguishment of debt				27,819
Loss on extinguishment of debt				0
Income (loss) before provision for income taxes	25,403	22,721	41,455	27,819
Provision for income taxes	0	0	0	0
Net income (loss)	25,403	22,721	41,455	27,819
Less: Net income attributable to noncontrolling interests	0	0	0	0
Net income available to common stockholders	25,403	22,721	41,455	27,819
Reporting Entities | Non-Guarantor Subsidiaries
Operating revenue
Sales	52,230	52,900	106,498	70,003
Operating costs
Sales and marketing	(3,485)	(3,443)	(7,012)	(4,694)
General and administrative	0	0	(2)	(1)
Transaction expenses	0		0
Other	21	5	30	5
Total operating costs	(45,992)	(50,681)	(94,323)	(67,019)
Income from subsidiaries	0	0	0	0
Operating income (loss)	6,238	2,219	12,175	2,984
Equity in income of unconsolidated joint ventures	0	0	0	0
Other income (expense), net	(396)	(366)	(726)	(666)
Income before extinguishment of debt				2,318
Loss on extinguishment of debt				0
Income (loss) before provision for income taxes	5,842	1,853	11,449	2,318
Provision for income taxes	0	0	0	0
Net income (loss)	5,842	1,853	11,449	2,318
Less: Net income attributable to noncontrolling interests	(4,781)	(1,297)	(9,041)	(2,001)
Net income available to common stockholders	1,061	556	2,408	317
Reporting Entities | Delaware Lyon
Operating revenue
Sales	0	0	0	0
Operating costs
Sales and marketing	0	0	0	0
General and administrative	0	0	0	0
Transaction expenses	0		0
Other	0	0	0	0
Total operating costs	0	0	0	0
Income from subsidiaries	22,455	18,954	30,783	8,954
Operating income (loss)	22,455	18,954	30,783	8,954
Equity in income of unconsolidated joint ventures	0	0	0	0
Other income (expense), net	0	0	0	0
Income before extinguishment of debt				8,954
Loss on extinguishment of debt				0
Income (loss) before provision for income taxes	22,455	18,954	30,783	8,954
Provision for income taxes	0	0	0	0
Net income (loss)	22,455	18,954	30,783	8,954
Less: Net income attributable to noncontrolling interests	0	0	0	0
Net income available to common stockholders	22,455	18,954	30,783	8,954
Reporting Entities | California Lyon
Operating revenue
Sales	148,521	170,531	281,944	292,146
Operating costs
Sales and marketing	(7,700)	(7,052)	(16,083)	(13,575)
General and administrative	(19,315)	(15,598)	(37,868)	(30,114)
Transaction expenses	(777)		(3,907)
Other	(680)	(620)	(1,033)	(1,151)
Total operating costs	(145,755)	(166,909)	(286,419)	(287,874)
Income from subsidiaries	5,515	7,405	13,622	7,166
Operating income (loss)	8,281	11,027	9,147	11,438
Equity in income of unconsolidated joint ventures	289	880	964	924
Other income (expense), net	712	380	1,021	1,025
Income before extinguishment of debt				13,387
Loss on extinguishment of debt				(21,828)
Income (loss) before provision for income taxes	9,282	12,287	11,132	(8,441)
Provision for income taxes	(7,776)	(9,205)	(10,590)	(3,575)
Net income (loss)	1,506	3,082	542	(12,016)
Less: Net income attributable to noncontrolling interests	0	0	0	0
Net income available to common stockholders	1,506	3,082	542	(12,016)
Consolidation, Eliminations
Operating revenue
Sales	1,629	1,089	3,379	1,602
Operating costs
Sales and marketing	0	0	0	0
General and administrative	0	0	0	0
Transaction expenses	0		0
Other	0	0	0	0
Total operating costs	(1,629)	(1,089)	(3,379)	(1,602)
Income from subsidiaries	(27,970)	(26,359)	(44,405)	(16,120)
Operating income (loss)	(27,970)	(26,359)	(44,405)	(16,120)
Equity in income of unconsolidated joint ventures	0	0	0	0
Other income (expense), net	0	0	0	0
Income before extinguishment of debt				(16,120)
Loss on extinguishment of debt				0
Income (loss) before provision for income taxes	(27,970)	(26,359)	(44,405)	(16,120)
Provision for income taxes	0	0	0	0
Net income (loss)	(27,970)	(26,359)	(44,405)	(16,120)
Less: Net income attributable to noncontrolling interests	0	0	0	0
Net income available to common stockholders	(27,970)	(26,359)	(44,405)	(16,120)
Home sales
Operating revenue
Sales	518,432	422,633	890,817	681,487
Operating costs
Cost of goods and services sold	(425,572)	(353,057)	(732,880)	(571,512)
Home sales | Reporting Entities | Guarantor Subsidiaries
Operating revenue
Sales	316,052	198,172	498,996	317,795
Operating costs
Cost of goods and services sold	(264,132)	(161,092)	(414,634)	(264,553)
Home sales | Reporting Entities | Non-Guarantor Subsidiaries
Operating revenue
Sales	52,230	52,900	106,498	70,003
Operating costs
Cost of goods and services sold	(42,528)	(47,243)	(87,339)	(62,329)
Home sales | Reporting Entities | Delaware Lyon
Operating revenue
Sales	0	0	0	0
Operating costs
Cost of goods and services sold	0	0	0	0
Home sales | Reporting Entities | California Lyon
Operating revenue
Sales	150,150	171,561	285,323	293,689
Operating costs
Cost of goods and services sold	(117,283)	(143,633)	(227,528)	(243,028)
Home sales | Consolidation, Eliminations
Operating revenue
Sales	0	0	0	0
Operating costs
Cost of goods and services sold	(1,629)	(1,089)	(3,379)	(1,602)
Construction services
Operating revenue
Sales	1,020	59	2,003	59
Operating costs
Cost of goods and services sold	(959)	(6)	(1,942)	(6)
Construction services | Reporting Entities | Guarantor Subsidiaries
Operating revenue
Sales	1,020	0	2,003	0
Operating costs
Cost of goods and services sold	(959)	0	(1,942)	0
Construction services | Reporting Entities | Non-Guarantor Subsidiaries
Operating revenue
Sales	0	0	0	0
Operating costs
Cost of goods and services sold	0	0	0	0
Construction services | Reporting Entities | Delaware Lyon
Operating revenue
Sales	0	0	0	0
Operating costs
Cost of goods and services sold	0	0	0	0
Construction services | Reporting Entities | California Lyon
Operating revenue
Sales	0	59	0	59
Operating costs
Cost of goods and services sold	0	(6)	0	(6)
Construction services | Consolidation, Eliminations
Operating revenue
Sales	0	0	0	0
Operating costs
Cost of goods and services sold	0	0	0	0
Management fees
Operating revenue
Sales	0	0	0	0
Management fees | Reporting Entities | Guarantor Subsidiaries
Operating revenue
Sales	0	0	0	0
Management fees | Reporting Entities | Non-Guarantor Subsidiaries
Operating revenue
Sales	0	0	0	0
Management fees | Reporting Entities | Delaware Lyon
Operating revenue
Sales	0	0	0	0
Management fees | Reporting Entities | California Lyon
Operating revenue
Sales	(1,629)	(1,089)	(3,379)	(1,602)
Management fees | Consolidation, Eliminations
Operating revenue
Sales	$ 1,629	$ 1,089	$ 3,379	$ 1,602

Senior Notes, Secured, and Un57

Senior Notes, Secured, and Unsecured Indebtedness - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities
Net cash (used in) provided by operating activities	$ (129,950)	$ (66,812)
Investing activities
Cash paid for acquisitions, net of cash acquired	(475,221)	0
Purchases of property and equipment	(6,183)	(234)
Investments in subsidiaries	0	0
Net cash used in investing activities	(481,404)	(234)
Financing activities
Proceeds from borrowings on notes payable	120,739	49,478
Principal payments on notes payable	(53,898)	(53,143)
Proceeds from borrowings on Revolver	255,000	190,000
Payments on Revolver	(110,000)	(154,000)
Principal payments on subordinated amortizing notes	0	(3,737)
Payment of deferred loan costs	(9,340)	(9,666)
Shares remitted to, or withheld by the Company for employee tax withholding	(4,696)	(1,380)
Payments to repurchase common stock	(6,121)	0
Noncontrolling interest contributions	120,102	51,291
Noncontrolling interest distributions	(33,971)	(13,659)
Advances to affiliates	0	0
Intercompany receivables/payables	0	0
Net cash provided by financing activities	477,815	57,007
Net decrease in cash and cash equivalents	(133,539)	(10,039)
Cash and cash equivalents — beginning of period	182,710	42,612
Cash and cash equivalents — end of period	49,171	32,573
5 3/4% Senior Notes due April 15, 2019
Financing activities
Repayments of Senior Debt	150,000	0
6% Senior Notes due September 1, 2023
Financing activities
Proceeds from issuance of 7% senior notes	350,000	0
8 1/2% Senior Notes due November 15, 2020
Financing activities
Repayments of Senior Debt	0	425,000
Debt Instrument, Redemption Premium	0	19,645
5 7/8% Senior Notes due January 31, 2025
Financing activities
Proceeds from issuance of 7% senior notes	0	446,468
Reporting Entities | Guarantor Subsidiaries
Operating activities
Net cash (used in) provided by operating activities	57,426	26,508
Investing activities
Cash paid for acquisitions, net of cash acquired	(475,221)
Purchases of property and equipment	(4,351)	10
Investments in subsidiaries	402,658	(24,140)
Net cash used in investing activities	(76,914)	(24,130)
Financing activities
Proceeds from borrowings on notes payable	145	0
Principal payments on notes payable	(940)	0
Proceeds from borrowings on Revolver	0	0
Payments on Revolver	0	0
Principal payments on subordinated amortizing notes		0
Payment of deferred loan costs	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0
Payments to repurchase common stock	0
Noncontrolling interest contributions	0	0
Noncontrolling interest distributions	0	0
Advances to affiliates	37,497	(17,823)
Intercompany receivables/payables	(11,278)	15,314
Net cash provided by financing activities	25,424	(2,509)
Net decrease in cash and cash equivalents	5,936	(131)
Cash and cash equivalents — beginning of period	156	272
Cash and cash equivalents — end of period	6,092	141
Reporting Entities | Guarantor Subsidiaries | 5 3/4% Senior Notes due April 15, 2019
Financing activities
Repayments of Senior Debt	0
Reporting Entities | Guarantor Subsidiaries | 6% Senior Notes due September 1, 2023
Financing activities
Proceeds from issuance of 7% senior notes	0
Reporting Entities | Guarantor Subsidiaries | 8 1/2% Senior Notes due November 15, 2020
Financing activities
Repayments of Senior Debt		0
Debt Instrument, Redemption Premium		0
Reporting Entities | Guarantor Subsidiaries | 5 7/8% Senior Notes due January 31, 2025
Financing activities
Proceeds from issuance of 7% senior notes		0
Reporting Entities | Non-Guarantor Subsidiaries
Operating activities
Net cash (used in) provided by operating activities	(203,957)	(61,355)
Investing activities
Cash paid for acquisitions, net of cash acquired	0
Purchases of property and equipment	12	(71)
Investments in subsidiaries	0	0
Net cash used in investing activities	12	(71)
Financing activities
Proceeds from borrowings on notes payable	120,594	49,478
Principal payments on notes payable	(52,958)	(53,143)
Proceeds from borrowings on Revolver	0	0
Payments on Revolver	0	0
Principal payments on subordinated amortizing notes		0
Payment of deferred loan costs	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0
Payments to repurchase common stock	0
Noncontrolling interest contributions	120,102	51,291
Noncontrolling interest distributions	(33,971)	(13,659)
Advances to affiliates	36,506	13,550
Intercompany receivables/payables	15,612	11,862
Net cash provided by financing activities	205,885	59,379
Net decrease in cash and cash equivalents	1,940	(2,047)
Cash and cash equivalents — beginning of period	11,120	6,136
Cash and cash equivalents — end of period	13,060	4,089
Reporting Entities | Non-Guarantor Subsidiaries | 5 3/4% Senior Notes due April 15, 2019
Financing activities
Repayments of Senior Debt	0
Reporting Entities | Non-Guarantor Subsidiaries | 6% Senior Notes due September 1, 2023
Financing activities
Proceeds from issuance of 7% senior notes	0
Reporting Entities | Non-Guarantor Subsidiaries | 8 1/2% Senior Notes due November 15, 2020
Financing activities
Repayments of Senior Debt		0
Debt Instrument, Redemption Premium		0
Reporting Entities | Non-Guarantor Subsidiaries | 5 7/8% Senior Notes due January 31, 2025
Financing activities
Proceeds from issuance of 7% senior notes		0
Reporting Entities | Delaware Lyon
Operating activities
Net cash (used in) provided by operating activities	5,630	(1,835)
Investing activities
Cash paid for acquisitions, net of cash acquired	0
Purchases of property and equipment	0	0
Investments in subsidiaries	0	0
Net cash used in investing activities	0	0
Financing activities
Proceeds from borrowings on notes payable	0	0
Principal payments on notes payable	0	0
Proceeds from borrowings on Revolver	0	0
Payments on Revolver	0	0
Principal payments on subordinated amortizing notes		0
Payment of deferred loan costs	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0
Payments to repurchase common stock	0
Noncontrolling interest contributions	0	0
Noncontrolling interest distributions	0	0
Advances to affiliates	0	0
Intercompany receivables/payables	(5,630)	1,835
Net cash provided by financing activities	(5,630)	1,835
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents — beginning of period	0	0
Cash and cash equivalents — end of period	0	0
Reporting Entities | Delaware Lyon | 5 3/4% Senior Notes due April 15, 2019
Financing activities
Repayments of Senior Debt	0
Reporting Entities | Delaware Lyon | 6% Senior Notes due September 1, 2023
Financing activities
Proceeds from issuance of 7% senior notes	0
Reporting Entities | Delaware Lyon | 8 1/2% Senior Notes due November 15, 2020
Financing activities
Repayments of Senior Debt		0
Debt Instrument, Redemption Premium		0
Reporting Entities | Delaware Lyon | 5 7/8% Senior Notes due January 31, 2025
Financing activities
Proceeds from issuance of 7% senior notes		0
Reporting Entities | California Lyon
Operating activities
Net cash (used in) provided by operating activities	24,688	(31,965)
Investing activities
Cash paid for acquisitions, net of cash acquired	0
Purchases of property and equipment	(1,844)	(173)
Investments in subsidiaries	(33,399)	(6,537)
Net cash used in investing activities	(35,243)	(6,710)
Financing activities
Proceeds from borrowings on notes payable	0	0
Principal payments on notes payable	0	0
Proceeds from borrowings on Revolver	255,000	190,000
Payments on Revolver	(110,000)	(154,000)
Principal payments on subordinated amortizing notes		(3,737)
Payment of deferred loan costs	(9,340)	(9,666)
Shares remitted to, or withheld by the Company for employee tax withholding	(4,696)	(1,380)
Payments to repurchase common stock	(6,121)
Noncontrolling interest contributions	0	0
Noncontrolling interest distributions	0	0
Advances to affiliates	0	0
Intercompany receivables/payables	(455,703)	7,774
Net cash provided by financing activities	(130,860)	30,814
Net decrease in cash and cash equivalents	(141,415)	(7,861)
Cash and cash equivalents — beginning of period	171,434	36,204
Cash and cash equivalents — end of period	30,019	28,343
Reporting Entities | California Lyon | 5 3/4% Senior Notes due April 15, 2019
Financing activities
Repayments of Senior Debt	150,000
Reporting Entities | California Lyon | 6% Senior Notes due September 1, 2023
Financing activities
Proceeds from issuance of 7% senior notes	350,000
Reporting Entities | California Lyon | 8 1/2% Senior Notes due November 15, 2020
Financing activities
Repayments of Senior Debt		425,000
Debt Instrument, Redemption Premium		19,645
Reporting Entities | California Lyon | 5 7/8% Senior Notes due January 31, 2025
Financing activities
Proceeds from issuance of 7% senior notes		446,468
Consolidation, Eliminations
Operating activities
Net cash (used in) provided by operating activities	(13,737)	1,835
Investing activities
Cash paid for acquisitions, net of cash acquired	0
Purchases of property and equipment	0	0
Investments in subsidiaries	(369,259)	30,677
Net cash used in investing activities	(369,259)	30,677
Financing activities
Proceeds from borrowings on notes payable	0	0
Principal payments on notes payable	0	0
Proceeds from borrowings on Revolver	0	0
Payments on Revolver	0	0
Principal payments on subordinated amortizing notes		0
Payment of deferred loan costs	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0
Payments to repurchase common stock	0
Noncontrolling interest contributions	0	0
Noncontrolling interest distributions	0	0
Advances to affiliates	(74,003)	4,273
Intercompany receivables/payables	456,999	(36,785)
Net cash provided by financing activities	382,996	(32,512)
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents — beginning of period	0	0
Cash and cash equivalents — end of period	0	0
Consolidation, Eliminations | 5 3/4% Senior Notes due April 15, 2019
Financing activities
Repayments of Senior Debt	0
Consolidation, Eliminations | 6% Senior Notes due September 1, 2023
Financing activities
Proceeds from issuance of 7% senior notes	$ 0
Consolidation, Eliminations | 8 1/2% Senior Notes due November 15, 2020
Financing activities
Repayments of Senior Debt		0
Debt Instrument, Redemption Premium		0
Consolidation, Eliminations | 5 7/8% Senior Notes due January 31, 2025
Financing activities
Proceeds from issuance of 7% senior notes		$ 0

Fair Value of Financial Instr58

Fair Value of Financial Instruments - Schedule of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Financial liabilities:
Notes payable, fair value	$ 308,072	$ 94,515
5 3/4% Senior Notes due April 15, 2019
Financial liabilities:
Long-term debt, fair value	$ 0	$ 151,500
Stated interest rate	5.75%	5.75%
7% Senior Notes due August 15, 2022
Financial liabilities:
Long-term debt, fair value	$ 355,705	$ 362,250
Stated interest rate	7.00%	7.00%
6% Senior Notes due September 1, 2023
Financial liabilities:
Long-term debt, fair value	$ 343,875	$ 0
Stated interest rate	6.00%
5 7/8% Senior Notes due January 31, 2025
Financial liabilities:
Long-term debt, fair value	$ 423,000	$ 459,000
Stated interest rate	5.875%	5.875%
Carrying Amount
Financial liabilities:
Notes payable, fair value	$ 308,072	$ 94,515
Carrying Amount | 5 3/4% Senior Notes due April 15, 2019
Financial liabilities:
Long-term debt, fair value	0	149,362
Carrying Amount | 7% Senior Notes due August 15, 2022
Financial liabilities:
Long-term debt, fair value	347,107	346,740
Carrying Amount | 6% Senior Notes due September 1, 2023
Financial liabilities:
Long-term debt, fair value	343,354	0
Carrying Amount | 5 7/8% Senior Notes due January 31, 2025
Financial liabilities:
Long-term debt, fair value	$ 440,251	$ 439,567

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Nov. 30, 2017	Dec. 31, 2017
Affiliated Entity
Related Party Transaction [Line Items]
Earnest Money Deposits		$ 1.2
Paulson & Co. Inc. | Investor
Related Party Transaction [Line Items]
Purchase price of lots	$ 22.8
Related party stock ownership	5.00%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Taxes [Line Items]
Effective income tax rate	22.20%	31.30%	21.00%	24.60%
Valuation allowance	$ 0		$ 0
Testing period			5 years
AMT credit carryovers	1,400,000		$ 1,400,000
Provisional income tax expense					$ 23,100,000
Unrecognized tax benefits	0		0
Federal
Income Taxes [Line Items]
Operating loss carryforwards	0		0
Unused built-in losses	48,500,000		48,500,000
State
Income Taxes [Line Items]
Operating loss carryforwards	49,900,000		49,900,000
Unused built-in losses	$ 7,500,000		$ 7,500,000

Income Per Common Share - Sched

Income Per Common Share - Schedule of Basic and Diluted Income Per Common Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average number of common shares outstanding (in shares)	38,017,211	37,051,967	37,974,471	36,980,540
Effect of dilutive securities:
Diluted average shares outstanding (in shares)	39,688,271	38,298,624	39,772,437	38,231,201
Net income available to common stockholders	$ 22,455	$ 18,954	$ 30,783	$ 8,954
Basic income per common share (in USD per share)	$ 0.59	$ 0.51	$ 0.81	$ 0.24
Dilutive income per common share (in USD per share)	$ 0.57	$ 0.49	$ 0.77	$ 0.23
Stock Options, Unvested Common Shares, and Warrants
Effect of dilutive securities:
Stock options, unvested common shares, and warrants (in shares)	1,671,060	1,246,657	1,797,966	1,250,661
Tangible Equity Units
Antidilutive securities not included in the calculation of diluted income per common share (weighted average):
Antidilutive securities (in shares)	0	894,930	0	894,930
Unvested Stock Options
Antidilutive securities not included in the calculation of diluted income per common share (weighted average):
Antidilutive securities (in shares)	0	240,000	0	240,000

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense			$ 5,187
Stock based compensation expense	$ 2,000	$ 1,500	5,187	$ 3,215
Allocated Share-based Compensation Expense			$ 0
One Year Vesting Restricted Stock [Member] | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)			36,317
One Year Vesting Restricted Stock [Member] | Share-based Compensation Award, Tranche One | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			100.00%
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	4,292		241,573
Restricted stock | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)			21,928
Two Year Vesting Restricted Stock, March Schedule | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)			4,767
Two Year Vesting Restricted Stock, March Schedule | Share-based Compensation Award, Tranche One | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			50.00%
Two Year Vesting Restricted Stock, March Schedule | Share-based Compensation Award, Tranche Two | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			50.00%
Three Year Vesting Restricted Stock [Member] | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)			26,321
Performance Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	0		426,075
Three Year Vesting Restricted Stock, March Schedule [Member] | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)			373,432
Three Year Vesting Restricted Stock, March Schedule [Member] | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			33.33%
Three Year Vesting Restricted Stock, March Schedule [Member] | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			33.33%
Three Year Vesting Restricted Stock, March Schedule [Member] | Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			33.33%
Three Year Vesting Restricted Stock, Grant Date Schedule [Member] | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)			52,643
Three Year Vesting Restricted Stock, Grant Date Schedule [Member] | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			33.33%
Three Year Vesting Restricted Stock, Grant Date Schedule [Member] | Share-based Compensation Award, Tranche One | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			33.33%
Three Year Vesting Restricted Stock, Grant Date Schedule [Member] | Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			33.33%
Three Year Vesting Restricted Stock, Grant Date Schedule [Member] | Share-based Compensation Award, Tranche One | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			33.33%
Three Year Vesting Restricted Stock, Grant Date Schedule [Member] | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			33.33%
Three Year Vesting Restricted Stock, Grant Date Schedule [Member] | Share-based Compensation Award, Tranche Three | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			33.33%
Two Year Vesting Restricted Stock, Grant Date Schedule [Member] | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)			35,756
Two Year Vesting Restricted Stock, Grant Date Schedule [Member] | Share-based Compensation Award, Tranche One | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			50.00%
Two Year Vesting Restricted Stock, Grant Date Schedule [Member] | Share-based Compensation Award, Tranche Two | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			50.00%
Three Year Vesting Restricted Stock, March Schedule [Member] | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)			116,484
Three Year Vesting Restricted Stock, March Schedule [Member] | Share-based Compensation Award, Tranche One | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			33.33%
Three Year Vesting Restricted Stock, March Schedule [Member] | Share-based Compensation Award, Tranche Two | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			33.33%
Three Year Vesting Restricted Stock, March Schedule [Member] | Share-based Compensation Award, Tranche Three | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting percentage			33.33%
Additional Paid-in Capital [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense			$ 5,182

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Loss Contingencies [Line Items]
Outstanding performance and surety bonds	$ 266
Non-refundable deposits	95.7
Remaining purchase price of land	936.2
Project construction commitment
Loss Contingencies [Line Items]
Other commitment	474.7
Accrued Expenses
Loss Contingencies [Line Items]
Lease liability	$ 16.8	$ 14.5

Commitments and Contingencies64

Commitments and Contingencies - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Lease cost
Operating lease cost	$ 2,044	$ 1,718	$ 4,053	$ 2,713
Sublease income	(29)	(29)	(58)	(58)
Total lease cost	2,015	1,689	3,995	2,655
Operating cash flows	1,779	1,371	3,546	2,258
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3,691	$ 410	$ 5,387	$ 5,058
Weighted-average discount rate	6.50%	6.60%	6.50%	6.60%

Commitments and Contingencies65

Commitments and Contingencies - Weighted Average Remaining Lease Term (Details)	Jun. 30, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term (in years)	4 years 29 days	3 years 6 months 28 days

Commitments and Contingencies66

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2018USD ($)
Future Minimum Payments Under Non-cancelable Operating Leases
Remaining in 2018	$ 4,014
2,019	5,756
2,020	4,779
2,021	4,464
2,022	3,191
Thereafter	3,871
Total	$ 26,075

Commitments and Contingencies67

Commitments and Contingencies - Land Banking Arrangements (Details)	6 Months Ended
	Jun. 30, 2018USD ($)Projectlot	Dec. 31, 2017USD ($)
Property, Plant and Equipment [Line Items]
Real estate inventories not owned	$ 247,049,000	$ 0
Liabilities from inventories not owned	247,049,000	$ 0
Land, Banking Arrangement
Property, Plant and Equipment [Line Items]
Real estate inventories not owned	247,000,000
Liabilities from inventories not owned	$ 247,000,000
Total number of land banking projects consolidated | Project	1
Total number of lots | lot	3,181,000
Total purchase price	$ 316,452,000
Balance of lots still under option and not purchased, number of lots | lot	2,864,000
Balance of lots still under option and not purchased, purchase price	$ 284,165,000
Forfeited deposits if lots are not purchased	$ 37,116
Minimum | Land, Banking Arrangement
Property, Plant and Equipment [Line Items]
Non-refundable deposit of total purchase price, percentage	15.00%
Maximum | Land, Banking Arrangement
Property, Plant and Equipment [Line Items]
Non-refundable deposit of total purchase price, percentage	25.00%