William Lyon Homes (WLH) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 07, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	WLH
Entity Registrant Name	WILLIAM LYON HOMES
Entity Central Index Key	0001095996
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Common stock, Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,995,972
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	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents — Note 1	$ 45,709	$ 33,779
Receivables	15,417	13,502
Escrow proceeds receivable	2,659	0
Real estate inventories	2,303,536	2,333,207
Not owned	294,085	315,576
Investment in unconsolidated joint ventures — Note 4	5,662	5,542
Goodwill	123,695	123,695
Intangibles, net of accumulated amortization of $4,640 as of March 31, 2019 and December 31, 2018	6,700	6,700
Deferred income taxes	46,900	47,241
Lease right-of-use assets	13,135	13,561
Other assets, net	37,515	36,971
Total assets	2,895,013	2,929,774
LIABILITIES AND EQUITY
Accounts payable	108,506	128,371
Accrued expenses	96,715	150,155
Liabilities from inventories not owned	294,085	315,576
Notes payable — Note 7:
Notes payable	255,231	198,019
Total senior notes	1,375,506	1,321,345
Total liabilities	1,874,812	1,915,447
Commitments and contingencies
Equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized and no shares issued and outstanding at March 31, 2019 and December 31, 2018	0	0
Additional paid-in capital	445,953	445,545
Retained earnings	425,509	417,390
Total William Lyon Homes stockholders’ equity	871,850	863,322
Noncontrolling interests	148,351	151,005
Total equity	1,020,201	1,014,327
Total liabilities and equity	2,895,013	2,929,774
Common stock, Class A, par value $0.01 per share; 150,000,000 shares authorized; 34,020,166 and 33,904,972 shares issued, 32,995,571 and 32,690,378 shares outstanding at March 31, 2019 and December 31, 2018, respectively
Equity:
Common stock	340	339
Common stock, Class B, par value $0.01 per share; 30,000,000 shares authorized; 4,817,394 shares issued and outstanding at March 31, 2019 and December 31, 2018
Equity:
Common stock	48	48
5 3/4% Senior Notes due April 15, 2019
Notes payable — Note 7:
Total senior notes		0
7% Senior Notes due August 15, 2022
Notes payable — Note 7:
Total senior notes	347,639	347,456
6% Senior Notes due September 1, 2023
Notes payable — Note 7:
Total senior notes	344,206	343,878
5 7/8% Senior Notes due January 31, 2025
Notes payable — Note 7:
Total senior notes	428,430	431,992
Seller financing
Notes payable — Note 7:
Notes payable	0	0
Construction notes payable
Notes payable — Note 7:
Notes payable	1,204	1,231
Joint venture notes payable
Notes payable — Note 7:
Notes payable	144,027	151,788
Revolving Credit Facility | Revolving credit facility
Notes payable — Note 7:
Notes payable	$ 110,000	$ 45,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
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)	34,150,104	34,267,510
Common stock, shares outstanding (in shares)	32,937,737	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
	Mar. 31, 2019	Mar. 31, 2018
Operating revenue	$ 455,864	$ 373,368
Operating costs
Sales and marketing	(25,277)	(22,693)
General and administrative	(29,126)	(24,521)
Transaction expenses		(3,130)
Other	(344)	(298)
Total operating costs	(437,760)	(358,933)
Operating income (loss)	18,104	14,435
Equity in income of unconsolidated joint ventures	912	932
Other income (loss), net	631	35
Income before extinguishment of debt	19,647	15,402
Gain on extinguishment of debt	383	0
Income (loss) before provision for income taxes	20,030	15,402
Provision for income taxes	(4,896)	(2,814)
Net income (loss)	15,134	12,588
Less: Net income attributable to noncontrolling interests	(7,015)	(4,260)
Net income available to common stockholders	$ 8,119	$ 8,328
Income per common share:
Basic (in USD per share)	$ 0.22	$ 0.22
Diluted (in USD per share)	$ 0.21	$ 0.21
Weighted average common shares outstanding:
Basic (in shares)	37,610,766	37,931,256
Diluted (in shares)	38,755,113	39,855,683
Home sales
Operating revenue	$ 453,775	$ 372,385
Operating costs
Cost of goods and services sold	381,044	307,308
Construction services
Operating revenue	2,089	983
Operating costs
Cost of goods and services sold	$ 1,969	$ 983

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - 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	12,588			8,328	4,260
Cash contributions from members of consolidated entities	4,062				4,062
Cash distributions to members of consolidated entities	(17,106)				(17,106)
Stock Repurchased During Period, Shares		(205)
Stock Repurchased During Period, Value	(5,000)	$ (2)	(4,998)
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	3,181	$ 5	3,176
Stock based compensation expense (in shares)		577
Ending Balance at Mar. 31, 2018	853,659	$ 393	447,770	334,122	71,374
Ending Balance (in shares) at Mar. 31, 2018		39,271
Beginning Balance at Dec. 31, 2018	1,014,327	$ 387	445,545	417,390	151,005
Beginning Balance (in shares) at Dec. 31, 2018		38,722
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,134			8,119	7,015
Cash contributions from members of consolidated entities	1,389				1,389
Cash distributions to members of consolidated entities	(11,058)				(11,058)
Shares remitted to Company to satisfy employee tax obligations	(2,356)	$ (1)	(2,355)
Shares remitted to Company to satisfy employee tax obligations (in shares)		(166)
Stock based compensation expense	2,765	$ 2	2,763
Stock based compensation expense (in shares)		281
Ending Balance at Mar. 31, 2019	$ 1,020,201	$ 388	$ 445,953	$ 425,509	$ 148,351
Ending Balance (in shares) at Mar. 31, 2019		38,837

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net income	$ 15,134	$ 12,588
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	745	2,056
Net change in deferred income taxes	341	199
Stock based compensation expense	2,765	3,181
Equity in income of unconsolidated joint ventures	(912)	(932)
Distributions from unconsolidated joint ventures	951	3,575
(Gain) loss on extinguishment of debt	(383)	0
Net changes in operating assets and liabilities:
Receivables	(2,074)	(2,226)
Escrow proceeds receivable	(2,659)	1,767
Real estate inventories - owned	30,894	79,895
Other assets, net	(2,958)	(1,275)
Accounts payable	(19,865)	20,739
Accrued expenses	(53,006)	(21,539)
Net cash (used in) provided by operating activities	(31,027)	98,028
Investing activities
Cash paid for acquisitions, net of cash acquired	0	475,221
Sales (purchases) of property and equipment	1,404	(2,442)
Net cash provided by (used in) investing activities	1,404	(477,663)
Financing activities
Proceeds from borrowings on notes payable	30,111	20,194
Principal payments on notes payable	(37,899)	(29,179)
Proceeds from borrowings on revolver	190,000	110,000
Payments on revolver	(125,000)	(25,000)
Payment of deferred loan costs	(43)	(5,877)
Shares remitted to, or withheld by the Company for employee tax withholding	(2,356)	(4,696)
Payments to repurchase common stock	0	(5,000)
Cash contributions from members of consolidated entities	1,389	4,062
Cash distributions to members of consolidated entities	(11,058)	(17,106)
Net cash provided by financing activities	41,553	247,398
Net increase (decrease) in cash and cash equivalents	11,930	(132,237)
Cash and cash equivalents — beginning of period	33,779	182,710
Cash and cash equivalents — end of period	45,709	50,473
Supplemental disclosures:
Cash paid for taxes	0	104
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	78	1,696
Accrued deferred loan costs	8	879
Inventory reclassified to Other assets upon adoption of ASC 606	0	5,365
Non-cash additions to Real estate inventories - not owned and Liabilities from inventories not owned	(21,491)	87,896
8 1/2% Senior Notes due November 15, 2020
Financing activities
Proceeds from issuance of 7% senior notes		350,000
5 3/4% Senior Notes due April 15, 2019
Financing activities
Principal payments of 8.5% Senior Notes	0	(150,000)
5 7/8% Senior Notes due January 31, 2025
Financing activities
Principal payments of 8.5% Senior Notes	(3,591)	0
Payments on revolver		(25,000)
6% Senior Notes due September 1, 2023
Financing activities
Proceeds from issuance of 7% senior notes	$ 0	$ 350,000

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 and revenues and expenses for the three month periods ended March 31, 2019 and 2018 . 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, 2018 , which are included in our 2018 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. 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”). Home Sales Effective January 1, 2018, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 606, " Revenue Recognition" ("ASC 606"). Under ASC 606, revenue was recorded when a sale is consummated, the buyer’s initial and continuing investments is adequate, any receivables are not subject to future subordination, and the usual risks and rewards of ownership have transferred to the buyer. 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 2019 period that did not result from current period performance. Construction Services The Company accounts for construction management agreements using the Percentage of Completion Method in accordance with ASC 606. Under 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 March 31, 2019 , the Company did no t have any land parcel sales. During the three months ended March 31, 2018 , the Company had one land parcel sale, that resulted in a negligible loss for the period then ended. A provision for warranty costs relating to the Company’s limited warranty plans is included in cost of sales and accrued expenses at the time the sale of a home is recorded. The Company generally reserves a percent of the sales price of its homes, or a set amount per home closed depending on the operating division, against the possibility of future charges relating to its warranty programs and similar potential claims. Factors that affect the Company’s warranty liability include the number of homes under warranty, historical and anticipated rates of warranty claims, and cost per claim. The Company continually assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. Changes in the Company’s warranty liability for the three months ended March 31, 2019 and 2018 , are as follows (in thousands): Three Three Warranty liability, beginning of period $ 13,000 $ 13,643 Warranty provision during period (1) 2,416 2,504 Warranty payments, net of insurance recoveries during period (3,815 ) (4,395 ) Warranty charges related to construction services projects (17 ) 7 Warranty liability, end of period $ 11,584 $ 11,759 (1) In connection with the RSI Acquisition (see Note 2) in 2018, 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 months ended March 31, 2019 and 2018 are as follows (in thousands): Three Three Interest incurred $ 24,081 $ 19,258 Less: Interest capitalized 24,081 19,258 Interest expense, net of amounts capitalized $ — $ — Cash paid for interest $ 40,858 $ 31,489 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 March 31, 2019 and December 31, 2018 . 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.

Acquisition of RSI Communities

Acquisition of RSI Communities Acquisition of RSI Communities	3 Months Ended
	Mar. 31, 2019
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 $479.3 million , which is inclusive of approximately $15.2 million of net asset related adjustments at closing (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. 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 $56.8 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 94,760 479,328 The Company completed its final estimate of the fair value of the net assets of RSI Communities during December 2018. The following table summarizes the amounts for acquired assets and liabilities recorded at their fair values as of the acquisition date (in thousands): Assets Acquired Real estate inventories $ 434,628 Goodwill 56,793 Other 7,771 Total Assets $ 499,192 Liabilities Assumed Accounts payable $ 9,315 Accrued expenses 8,244 Notes payable 2,305 Total liabilities 19,864 Net assets acquired $ 479,328 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 no acquisition related costs for the three months ended March 31, 2019 and $3.1 million in acquisition related costs for the three months ended March 31, 2018 , 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 months ended March 31, 2018 as if the RSI Acquisition, had been completed as of January 1, 2017 (amounts in thousands, except per share data): Three Months Ended March 31, 2018 Operating revenues $ 401,600 Net income available to common stockholders $ 6,419 Income per share - basic $ 0.17 Income per share - diluted $ 0.16 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	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Variable Interest Entities and Noncontrolling Interests	Variable Interest Entities and Noncontrolling Interests As of March 31, 2019 and December 31, 2018 , the Company was party to twenty-four and twenty 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 March 31, 2019 and December 31, 2018 . As of March 31, 2019 , the assets of the consolidated VIEs totaled $440.6 million , of which $9.4 million was cash and cash equivalents and $425.6 million was owned real estate inventories. The liabilities of the consolidated VIEs totaled $210.5 million , primarily comprised of notes payable, accounts payable and accrued liabilities. As of December 31, 2018 , the assets of the consolidated VIEs totaled $434.8 million , of which $9.0 million was cash and cash equivalents and $422.7 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.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures The table set forth below summarizes the combined unaudited statements of operations for our unconsolidated mortgage joint ventures that we accounted for under the equity method (in thousands): Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Revenues $ 4,197 $ 3,709 Cost of sales (2,342 ) (1,918 ) Income of unconsolidated joint ventures $ 1,855 $ 1,791 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 both of the three months ended March 31, 2019 , and 2018 , the Company recorded income of $0.9 million , 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): March 31, 2019 December 31, 2018 Assets Cash $ 6,958 $ 8,093 Loans held for sale 37,908 27,958 Accounts receivable 982 884 Other assets 169 115 Total Assets $ 46,017 $ 37,050 Liabilities and Equity Accounts payable $ 449 $ 700 Accrued expenses 1,221 1,988 Credit lines payable 36,180 26,775 Other liabilities 508 49 Members equity 7,659 7,538 Total Liabilities and Equity $ 46,017 $ 37,050

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 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 Operating revenue: California $ 186,118 $ 134,812 Arizona 29,594 32,039 Nevada 37,705 49,176 Colorado 56,036 40,063 Washington (1) 43,940 55,651 Oregon 51,087 46,853 Texas 51,384 14,774 Total operating revenue $ 455,864 $ 373,368 (1) Operating revenue in the Washington segment includes construction services revenue in the periods ended March 31, 2019 and 2018. Three Three Income before provision for income taxes: California $ 16,105 $ 11,419 Arizona 2,493 2,487 Nevada 4,192 4,839 Colorado 6,024 3,164 Washington 1,145 4,511 Oregon 2,070 3,637 Texas 1,181 434 Corporate (13,563 ) (15,089 ) Income before gain on extinguishment of debt $ 19,647 $ 15,402 Corporate - Gain on extinguishment of debt 383 — Income before provision for income taxes $ 20,030 $ 15,402 March 31, 2019 December 31, 2018 Homebuilding assets: Owned: California $ 878,608 $ 930,714 Arizona 171,124 168,507 Nevada 190,787 189,363 Colorado 138,148 149,450 Washington 306,596 308,270 Oregon 429,448 440,105 Texas 271,652 234,093 Corporate (1) 214,565 193,696 $ 2,600,928 $ 2,614,198 Not Owned: California $ 78,543 $ 91,849 Arizona 114,858 114,858 Washington 21,657 21,657 Texas 79,027 87,212 Total homebuilding assets $ 2,895,013 $ 2,929,774 (1) Comprised primarily of cash and cash equivalents, receivables, deferred income taxes, and other assets.

Real Estate Inventories

Real Estate Inventories	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories consist of the following (in thousands): March 31, 2019 December 31, 2018 Real estate inventories: Land deposits $ 143,736 $ 147,327 Land and land under development 473,309 660,151 Finished lots 702,278 564,460 Homes completed and under construction 858,617 839,316 Model homes 125,596 121,953 Total $ 2,303,536 $ 2,333,207 Real estate inventories not owned (1): Other land options contracts — land banking arrangement $ 294,085 $ 315,576 (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	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Senior Notes, Secured, and Unsecured Indebtedness	Senior Notes, Secured, and Unsecured Indebtedness Senior notes, secured, and unsecured indebtedness consist of the following (in thousands): March 31, 2019 December 31, 2018 Notes payable: Revolving credit facility $ 110,000 $ 45,000 Seller financing — — Construction notes payable 1,204 1,231 Joint venture notes payable 144,027 151,788 Total notes payable 255,231 198,019 Senior notes: 7% Senior Notes due August 15, 2022 347,639 347,456 6% Senior Notes due September 1, 2023 344,206 343,878 5.875% Senior Notes due January 31, 2025 428,430 431,992 Total senior notes 1,120,275 1,123,326 Total notes payable and senior notes $ 1,375,506 $ 1,321,345 As of March 31, 2019 , the maturities of the Notes payable, 7% Senior Notes, 6% Senior Notes, and 5.875% Senior Notes are as follows (in thousands): Year Ending December 31, Remaining in 2019 $ 15,217 2020 36,409 2021 203,605 2022 350,000 2023 350,000 Thereafter 436,886 $ 1,392,117 Maturities above exclude premium on the 7% Senior Notes of $0.5 million and discount on the 5.875% Senior Notes of $2.7 million , and deferred loan costs on the 7%, 6%, and 5.875% Senior Notes of $14.5 million as of March 31, 2019 . 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. Effective as of November 9, 2018, California Lyon increased the size of the commitment under its revolving credit facility by $40.0 million to an aggregate total of $365.0 million , through entry into a new lender supplement as of such date. On December 31, 2018, California Lyon, Parent and the lenders party thereto entered into an amendment to the New Facility, which amended the maximum leverage ratio to extend the timing of the gradual step-downs, such that the leverage ratio remained at 65% through and including December 30, 3018, decreased to 62.5% on the last day of the 2018 fiscal year through and including December 30, 2019, and further decreases and remains at 60% on December 31, 2019 and thereafter. The amendment did not revise any of our other financial covenants thereunder. 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 March 31, 2019 , the commitment fee on the unused portion of the New Facility accrues at an annual rate of 0.50% . As of March 31, 2019 , the Company had $110.0 million outstanding against the New Facility at an effective rate of 6.6% , as well as a letter of credit for $7.2 million . As of December 31, 2018 , the Company had $45.0 million outstanding against the New Facility at an effective rate of 7.5% , as well as a letter of credit for $8.6 million . 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 December 30, 2018, further decreased to 62.5% effective as of December 31, 2018, through and including December 30, 2019, and further decreases to and remains 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 March 31, 2019 . 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 December 31, 2018 , the Company had terminated the Second Amended Facility by entering into the New Facility. Seller Financing During the three months ended March 31, 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 March 31, 2019 (in millions): Issuance Date Facility Size Outstanding Maturity Current Rate March, 2019 18.9 $ 0.4 November, 2020 5.38 % (3) May, 2018 128.0 86.7 May, 2021 5.49 % (2) May, 2018 13.3 11.1 June, 2020 5.38 % (3) July, 2017 66.2 31.7 February, 2021 5.56 % (2) January, 2016 35.0 14.0 August, 2019 5.75 % (1) 261.4 $ 143.9 (1) Loan bears interest at LIBOR +3.25% . (2) Loan bears interest at the greatest of the prime rate, federal funds effective rate +1.0% , or LIBOR +1.0% . (3) Loan bears interest at LIBOR +2.90% . In addition to the above, the Company had $1.2 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 March 31, 2019 . Senior Notes 5.75% 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 three months ended March 31, 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 March 31, 2019 . 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 March 31, 2019 , the outstanding amount of the 7.00% Notes was $350 million , excluding unamortized premium of $0.5 million and deferred loan costs of $2.9 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 $437 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. In September 2018, the Company exchanged 100% of the 6.00% Notes tendered in the exchange offer for notes that are freely transferable and registered under the Exchange Act. As of March 31, 2019 , the outstanding principal amount of the 6.00% Notes was $350 million , excluding deferred loan costs of $5.8 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 $437 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 prior year 8.5% Notes such that the entire aggregate $425 million of previously outstanding 8.5% Notes were retired and extinguished as of December 31, 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 March 31, 2019 , the outstanding principal amount of the 5.875% Notes was $437 million , excluding unamortized discount of $2.7 million and deferred loan costs of $5.8 million . During the three months ended March 31, 2019 , the Company retired approximately $4.0 million of the principal balance, resulting in $0.4 million of gain on debt extinguishment recognized through earnings. 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 March 31, 2019 . GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS The following consolidating financial information includes: (1) Consolidating balance sheets as of March 31, 2019 and December 31, 2018 ; consolidating statements of operations for the three and three months ended March 31, 2019 and 2018 ; and consolidating statements of cash flows for the three month periods ended March 31, 2019 and 2018 , of (a) William Lyon Homes, as the parent, or “Delaware Lyon”, (b) William Lyon Homes, Inc., as the subsidiary issuer, or “California Lyon”, (c) the guarantor subsidiaries, (d) the non-guarantor subsidiaries and (e) William Lyon Homes, Inc. on a consolidated basis; and (2) Elimination entries necessary to consolidate Delaware Lyon, with California Lyon and its guarantor and non-guarantor subsidiaries. Delaware Lyon owns 100% of all of its guarantor subsidiaries and all guarantees are full and unconditional, joint and several. As a result, in accordance with Rule 3-10 (d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of March 31, 2019 and December 31, 2018 , and for the three and three month periods ended March 31, 2019 and 2018 . CONDENSED CONSOLIDATING BALANCE SHEET (Unaudited) As of March 31, 2019 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company ASSETS Cash and cash equivalents $ — $ 33,942 $ 1,915 $ 9,852 $ — $ 45,709 Receivables — 5,109 5,304 5,004 — 15,417 Escrow proceeds receivable — 2,659 — — — 2,659 Real estate inventories Owned — 725,596 1,140,340 437,600 — 2,303,536 Not owned — 114,858 179,227 — — 294,085 Investment in unconsolidated joint ventures — 5,512 150 — — 5,662 Goodwill — 14,209 109,486 — — 123,695 Intangibles, net — — 6,700 — — 6,700 Deferred income taxes, net — 46,900 — — — 46,900 Lease right-of-use assets — 13,135 — — — 13,135 Other assets, net — 27,299 8,952 1,264 — 37,515 Investments in subsidiaries 871,850 23,425 (943,873 ) — 48,598 — Intercompany receivables — — 294,625 (160 ) (294,465 ) — Total assets $ 871,850 $ 1,012,644 $ 802,826 $ 453,560 $ (245,867 ) $ 2,895,013 LIABILITIES AND EQUITY Accounts payable $ — $ 63,991 $ 30,492 $ 14,023 $ — $ 108,506 Accrued expenses — 84,459 12,156 100 — 96,715 Liabilities from inventories not owned — 114,860 179,225 — — 294,085 Notes payable — 110,001 1,204 144,026 — 255,231 7% Senior Notes — 347,639 — — — 347,639 6% Senior Notes — 344,206 — — — 344,206 5.875% Senior Notes — 428,430 — — — 428,430 Intercompany payables — 170,830 — 123,635 (294,465 ) — Total liabilities — 1,664,416 223,077 281,784 (294,465 ) 1,874,812 Equity William Lyon Homes stockholders’ equity 871,850 (651,772 ) 579,749 23,425 48,598 871,850 Noncontrolling interests — — — 148,351 — 148,351 Total liabilities and equity $ 871,850 $ 1,012,644 $ 802,826 $ 453,560 $ (245,867 ) $ 2,895,013 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company ASSETS Cash and cash equivalents $ — $ 21,450 $ 2,888 $ 9,441 $ — $ 33,779 Receivables — 6,054 4,151 3,297 — 13,502 Escrow proceeds receivable — Real estate inventories Owned — 745,750 1,152,786 434,671 — 2,333,207 Not owned — 114,859 200,717 — — 315,576 Investment in unconsolidated joint ventures — 5,392 150 — — 5,542 Goodwill — 14,209 109,486 — — 123,695 Intangibles, net — — 6,700 — — 6,700 Deferred income taxes, net — 47,241 — — — 47,241 Lease right-of-use assets — 13,561 — — — 13,561 Other assets, net — 26,797 9,688 486 — 36,971 Investments in subsidiaries 863,322 16,059 (961,950 ) — 82,569 — Intercompany receivables — — 285,675 — (285,675 ) — Total assets $ 863,322 $ 1,011,372 $ 810,291 $ 447,895 $ (203,106 ) $ 2,929,774 LIABILITIES AND EQUITY Accounts payable $ — $ 78,462 $ 34,546 $ 15,363 $ — $ 128,371 Accrued expenses — 123,088 26,967 100 — 150,155 Liabilities from inventories not owned — 114,859 200,717 — — 315,576 Notes payable — 45,000 1,231 151,788 — 198,019 7% Senior Notes — 347,456 — — — 347,456 6% Senior Notes — 343,878 — — — 343,878 5.875% Senior Notes — 431,992 — — — 431,992 Intercompany payables — 172,095 — 113,580 (285,675 ) — Total liabilities — 1,656,830 263,461 280,831 (285,675 ) 1,915,447 Equity William Lyon Homes stockholders’ equity 863,322 (645,458 ) 546,830 16,059 82,569 863,322 Noncontrolling interests — — — 151,005 — 151,005 Total liabilities and equity $ 863,322 $ 1,011,372 $ 810,291 $ 447,895 $ (203,106 ) $ 2,929,774 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) Three Months Ended March 31, 2019 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 148,932 $ 243,356 $ 61,487 $ — $ 453,775 Construction services — — 2,089 — — 2,089 Management fees — (1,857 ) — — 1,857 — — 147,075 245,445 61,487 1,857 455,864 Operating costs Cost of sales — (123,138 ) (207,594 ) (48,455 ) (1,857 ) (381,044 ) Construction services — — (1,969 ) — — (1,969 ) Sales and marketing — (8,426 ) (14,736 ) (2,115 ) — (25,277 ) General and administrative — (20,169 ) (8,957 ) — — (29,126 ) Other — (387 ) — 43 — (344 ) — (152,120 ) (233,256 ) (50,527 ) (1,857 ) (437,760 ) Income from subsidiaries 8,119 6,926 — — (15,045 ) — Operating income 8,119 1,881 12,189 10,960 (15,045 ) 18,104 Equity in income of unconsolidated joint ventures — 711 201 — — 912 Other income (loss), net — 929 81 (379 ) — 631 Income before extinguishment of debt 8,119 3,521 12,471 10,581 (15,045 ) 19,647 Gain on extinguishment of debt — 383 — — — 383 Income before provision for income taxes 8,119 3,904 12,471 10,581 (15,045 ) 20,030 Provision for income taxes — (4,896 ) — — — (4,896 ) Net income 8,119 (992 ) 12,471 10,581 (15,045 ) 15,134 Less: Net income attributable to noncontrolling interests — — — (7,015 ) — (7,015 ) Net income available to common stockholders $ 8,119 $ (992 ) $ 12,471 $ 3,566 $ (15,045 ) $ 8,119 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (Unaudited) Three Months Ended March 31, 2018 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company Operating revenue Sales $ — $ 135,173 $ 182,944 $ 54,268 $ — $ 372,385 Construction services — 983 — — — 983 Management fees — (1,750 ) — — 1,750 — — 134,406 182,944 54,268 1,750 373,368 Operating costs Cost of sales — (110,245 ) (150,502 ) (44,811 ) (1,750 ) (307,308 ) Construction services — (983 ) — — — (983 ) Sales and marketing — (8,383 ) (10,783 ) (3,527 ) — (22,693 ) General and administrative — (18,553 ) (5,966 ) (2 ) — (24,521 ) Transaction expenses — (3,130 ) — — — (3,130 ) Other — (353 ) 46 9 — (298 ) — (141,647 ) (167,205 ) (48,331 ) (1,750 ) (358,933 ) Income from subsidiaries 8,328 8,107 — — (16,435 ) — Operating income 8,328 866 15,739 5,937 (16,435 ) 14,435 Equity in income from unconsolidated joint ventures — 675 257 — — 932 Other income (expense), net — 309 56 (330 ) — 35 Income (loss) before provision for income taxes 8,328 1,850 16,052 5,607 (16,435 ) 15,402 Provision for income taxes — (2,814 ) — — — (2,814 ) Net income (loss) 8,328 (964 ) 16,052 5,607 (16,435 ) 12,588 Less: Net income attributable to noncontrolling interests — — — (4,260 ) — (4,260 ) Net income (loss) attributable to William Lyon Homes 8,328 (964 ) 16,052 1,347 (16,435 ) 8,328 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2019 (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 $ (409 ) $ (37,671 ) $ 4,229 $ 3,826 $ (1,002 ) $ (31,027 ) Investing activities Sales (purchases) of property and equipment — — 1,404 — — 1,404 Investments in subsidiaries — (1,851 ) (18,077 ) — 19,928 — Net cash (used in) provided by investing activities — (1,851 ) (16,673 ) — 19,928 1,404 Financing activities Proceeds from borrowings on notes payable — — — 30,111 — 30,111 Principal payments on notes payable — — (27 ) (37,872 ) — (37,899 ) Principal payments on 5.875% Senior Notes — (3,591 ) — — — (3,591 ) Proceeds from borrowings on Revolver — 190,000 — — — 190,000 Payments on Revolver — (125,000 ) — — — (125,000 ) Payment of deferred loan costs — (43 ) — — — (43 ) Shares remitted to, or withheld by the Company for employee tax withholding — (2,356 ) — — — (2,356 ) Noncontrolling interest contributions — — — 1,389 — 1,389 Noncontrolling interest distributions — — — (11,058 ) — (11,058 ) Advances to affiliates — — 20,448 3,800 (24,248 ) — Intercompany receivables/payables 409 (6,996 ) (8,950 ) 10,215 5,322 — Net cash (used in) provided by financing activities 409 52,014 11,471 (3,415 ) (18,926 ) 41,553 Net (decrease) increase in cash and cash equivalents — 12,492 (973 ) 411 — 11,930 Cash and cash equivalents - beginning of period — 21,450 2,888 9,441 — 33,779 Cash and cash equivalents - end of period $ — $ 33,942 $ 1,915 $ 9,852 $ — $ 45,709 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended March 31, 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 $ 6,515 $ (60,555 ) $ 146,012 $ 12,571 $ (6,515 ) $ 98,028 Investing activities Cash paid for acquisitions, net of cash acquired — — (475,221 ) — — (475,221 ) Purchases of property and equipment — (1,063 ) (1,391 ) 12 — (2,442 ) Investments in subsidiaries — 9,624 343,067 — (352,691 ) — Net cash provided by (used in) investing activities — 8,561 (133,545 ) 12 (352,691 ) (477,663 ) Financing activities Proceeds from borrowings on notes payable — — — 20,194 — 20,194 Principal payments on notes payable — — (14 ) (29,165 ) — (29,179 ) 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 — 110,000 — — — 110,000 Payments on Revolver — (25,000 ) — — — (25,000 ) Payment of deferred loan costs — (5,877 ) — — — (5,877 ) Shares remitted to, or withheld by the Company for employee tax withholding — (4,696 ) — — — (4,696 ) Payments to repurchase common stock — (5,000 ) — — — (5,000 ) Noncontrolling interest contributions — — — 4,062 — 4,062 Noncontrolling interest distributions — — — (17,106 ) — (17,106 ) Advances to affiliates — — 6,240 (2,864 ) (3,376 ) — Intercompany receivables/payables (6,515 ) (349,370 ) (15,273 ) 8,576 362,582 — Net cash (used in) provided by financing activities (6,515 ) (79,943 ) (9,047 ) (16,303 ) 359,206 247,398 Net (decrease) increase in cash and cash equivalents — (131,937 ) 3,420 (3,720 ) — (132,237 ) Cash and cash equivalents - beginning of period — 171,434 156 11,120 — 182,710 Cash and cash equivalents - end of period $ — $ 39,497 $ 3,576 $ 7,400 $ — $ 50,473

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 820”), the Company is required to disclose the estimated fair value of financial instruments. As of March 31, 2019 and December 31, 2018 , 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. • 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. • 5.875% Senior Notes due January 31, 2025 —The 5.875% 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): March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 255,231 $ 255,231 $ 198,019 $ 198,019 7% Senior Notes due 2022 347,639 351,330 347,456 350,000 6% Senior Notes due 2023 344,206 337,750 343,878 315,000 5.875% Senior Notes due 2025 428,430 411,241 431,992 378,611 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	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On March 9, 2018, California Lyon completed its private placement with registration rights of the 6.00% Notes in an aggregate principal amount of $350 million (see Note 7), for which Credit Suisse Securities (USA) LLC (“Credit Suisse”) served as an initial purchaser and joint book-running manager, along with several other banks, and received customary underwriting fees as a member of the underwriting syndicate. On November 5, 2018, Eric A. Anderson commenced his service as a member of the Company's Board of Directors. Mr. Anderson had previously held the position of Vice Chairman, Investment Banking of Credit Suisse until November 3, 2018, at which point, Mr. Anderson was appointed as a Senior Advisor to Credit Suisse, a non-employee role pursuant to which he provides certain consultant services to Credit Suisse as an independent contractor. As of and following the November 3, 2018 transition date, Mr. Anderson did not and will not receive any fees or compensation of any kind for any transactional relationships between Credit Suisse and the Company.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
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 24.4% and 18.3% for the three months ended March 31, 2019 and 2018 , respectively. The significant drivers of the effective tax rate are allocation of income to noncontrolling interests for the three months March 31, 2019 and March 31, 2018 . Management assesses its deferred tax assets to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. The Company is required to establish a valuation allowance for any portion of the asset that management concludes is more likely than not to be unrealizable. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company's assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies, and projected future taxable income in making this assessment. At March 31, 2019 , the Company had no valuation allowance recorded. At March 31, 2019 , the Company had no remaining federal net operating loss carryforwards and $46.4 million of remaining state net operating loss carryforwards. State net operating loss carryforwards begin to expire in 2031. In addition, as of March 31, 2019 , the Company had unused federal and state built-in losses of $44.9 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 March 31, 2019 , which if not previously utilized are allowable as refundable credits under the Tax Cuts and Job Act through 2022. FASB ASC Topic 740 , Income Taxes (“ASC 740”), prescribes a recognition threshold and a measurement criterion for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be considered more likely than not to be sustained upon examination by taxing authorities. The Company records interest and penalties related to uncertain tax positions as a component of the provision for income taxes. The Company has no unrecognized tax benefits. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is subject to U.S. federal income tax examination for calendar tax years ended 2013 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	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Income Per Common Share	Income Per Common Share Basic and diluted income per common share for the three months ended March 31, 2019 and 2018 were calculated as follows (in thousands, except number of shares and per share amounts): Three Three Basic weighted average number of common shares outstanding 37,610,766 37,931,256 Effect of dilutive securities: Stock options, unvested common shares, and warrants 1,144,347 1,924,427 Diluted average shares outstanding 38,755,113 39,855,683 Net income available to common stockholders $ 8,119 $ 8,328 Basic income per common share $ 0.22 $ 0.22 Dilutive income per common share $ 0.21 $ 0.21 Antidilutive securities not included in the calculation of diluted income per common share (weighted average): Unvested stock options — —

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock Based Compensation We account for share-based awards in accordance with ASC Topic 718, Compensation-Stock Compensation , which requires the fair value of stock-based compensation awards to be amortized as an expense over the vesting period. Stock-based compensation awards are valued at the fair value on the date of grant. Compensation expense for awards with performance based conditions is recognized over the vesting period once achievement of the performance condition is deemed probable. During the three months ended March 31, 2019 , the Company granted 550,829 shares of time-based restricted stock, and 490,227 of performance stock units, including one award tied to a market performance condition. On the Consolidated Balance Sheets and Statement of Equity, the Company considers unvested shares of restricted stock to be issued, but not outstanding. The Company recorded total stock based compensation expense during the three months ended March 31, 2019 and 2018 of $2.8 million and $3.2 million , respectively. Performance Stock Units With respect to the performance stock units granted to certain employees during the three months ended March 31, 2019 , the actual number of such stock units that will be earned is subject to the Company’s achievement of performance targets as of the end of the 2019 fiscal year, with each unit constituting the opportunity to earn up to two shares of Company common stock. The aforementioned awards represent 400,460 stock units that vest in three equal annual installments on March 1st of each of 2020, 2021 and 2022, subject to each grantee’s continued service through each vesting date. Based on the probability assessment as of March 31, 2019 , management determined that the currently available data was not sufficient to support that the achievement of the preliminary performance targets is probable, and as such, no compensation expense has been recognized for these awards to date. The Company's Compensation Committee has elected to wait until the second quarter to set the final metric for the performance-based stock units target. Performance Stock Units with Market Condition With respect to the performance based stock units with market condition granted to a certain employee during the three months ended March 31, 2019 , the actual number of stock units that will be earned is subject to the Company’s achievement of a pre-established market performance target as of the end of the vesting periods, with each unit constituting the opportunity to earn up to two shares of Company common stock. The aforementioned award represents 89,767 stock units that vest in two annual installments at the end of each performance period, subject to grantee’s continued service through each vesting date. Time-Based Restricted Stock Awards With respect to the restricted stock awards granted to certain employees during the three months ended March 31, 2019 , 285,030 of such shares vest in three equal annual installments on each anniversary of the grant date, 134,650 of such shares vest in one installment on January 2, 2022, and 84,156 of such shares vest in two equal annual installments on each anniversary of the grant date, subject to the grantee’s continued service through each vesting date. With respect to the restricted stock awards granted to certain non-employee directors during the three months ended March 31, 2019 , 46,993 of such shares vest in four equal quarterly installments on each three-month period beginning June 1st of 2019, subject to each grantee’s continued service on the board through each vesting date.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company’s commitments and contingent liabilities include the usual obligations incurred by real estate developers in the normal course of business. In the opinion of management, these matters will not have a material effect on the Company’s condensed consolidated financial position, results of operations or cash flows. The Company is a defendant in various lawsuits related to its normal business activities. We believe that the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of March 31, 2019 , 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. On March 31, 2019, there was a fire in Wilsonville, Oregon in which we incurred damage to certain buildings in our Villebois community. We do not have an estimate yet as to the dollar amount of the damages. As of March 31, 2019 , the Company has no t recorded any amounts related to the damages incurred in its Consolidated Financial Statements, however the Company expects any and all damages to be paid by insurance less any associated deductibles. The Company had outstanding performance and surety bonds of $341.4 million at March 31, 2019 , related principally to its obligations for site improvements at various projects. The Company does not believe that draws upon these bonds, if any, will have a material effect on the Company’s financial position, results of operations or cash flows. As of March 31, 2019 , the Company had $291.3 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 March 31, 2019 , the Company has made non-refundable deposits of $143.7 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 $744.2 million as of March 31, 2019 . 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. Summary information with respect to the Company’s consolidated land banking arrangements is as follows as of the period presented (dollars in thousands): March 31, 2019 Total number of land banking arrangements consolidated 3 Total number of lots 5,184 Total purchase price $ 452,967 Balance of lots still under option and not purchased: Number of lots 4,002 Purchase price $ 294,085 Forfeited deposits if lots are not purchased $ 76,812 Lease Obligations Lease obligations, as included in Accrued expenses on the consolidated balance sheets, were $14.2 million as of March 31, 2019 and $14.6 million as of December 31, 2018 . 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 March 31, 2019 Three Months Ended March 31, 2018 Lease cost Operating lease cost $ 1,444 $ 2,009 Sublease income — (29 ) Total lease cost $ 1,444 $ 1,980 Other information Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 1,223 $ 1,767 Right-of-use assets obtained in exchange for new operating lease liabilities $ 78 $ 1,696 Weighted-average discount rate 7.3 % 6.4 % March 31, 2019 December 31, 2018 Weighted-average remaining lease term (in years) 4.61 4.23 The table below shows the future minimum payments under non-cancelable operating leases at March 31, 2019 (in thousands). Year Ending December 31, Remaining in 2019 $ 5,003 2020 5,126 2021 4,879 2022 3,553 2023 2,423 Thereafter 1,987 Total $ 22,971

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events No events have occurred subsequent to March 31, 2019 , that would require recognition or disclosure in the Company’s financial statements.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 and revenues and expenses for the three month periods ended March 31, 2019 and 2018 . 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, 2018 , which are included in our 2018 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.
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”). Home Sales Effective January 1, 2018, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 606, " Revenue Recognition" ("ASC 606"). Under ASC 606, revenue was recorded when a sale is consummated, the buyer’s initial and continuing investments is adequate, any receivables are not subject to future subordination, and the usual risks and rewards of ownership have transferred to the buyer. 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 2019 period that did not result from current period performance. Construction Services The Company accounts for construction management agreements using the Percentage of Completion Method in accordance with ASC 606. Under 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 March 31, 2019 , the Company did no t have any land parcel sales. During the three months ended March 31, 2018 , the Company had one land parcel sale, that resulted in a negligible loss for the period then ended. 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 March 31, 2019 and December 31, 2018 . 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 Sig_2

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Changes in Warranty Liability	Changes in the Company’s warranty liability for the three months ended March 31, 2019 and 2018 , are as follows (in thousands): Three Three Warranty liability, beginning of period $ 13,000 $ 13,643 Warranty provision during period (1) 2,416 2,504 Warranty payments, net of insurance recoveries during period (3,815 ) (4,395 ) Warranty charges related to construction services projects (17 ) 7 Warranty liability, end of period $ 11,584 $ 11,759 (1) In connection with the RSI Acquisition (see Note 2) in 2018, 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 months ended March 31, 2019 and 2018 are as follows (in thousands): Three Three Interest incurred $ 24,081 $ 19,258 Less: Interest capitalized 24,081 19,258 Interest expense, net of amounts capitalized $ — $ — Cash paid for interest $ 40,858 $ 31,489

Acquisition of RSI Communitie_2

Acquisition of RSI Communities (Tables)	3 Months Ended
	Mar. 31, 2019
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 94,760 479,328
Summary of Preliminary Amounts for Acquired Assets and Liabilities Recorded at Fair Value	The following table summarizes the amounts for acquired assets and liabilities recorded at their fair values as of the acquisition date (in thousands): Assets Acquired Real estate inventories $ 434,628 Goodwill 56,793 Other 7,771 Total Assets $ 499,192 Liabilities Assumed Accounts payable $ 9,315 Accrued expenses 8,244 Notes payable 2,305 Total liabilities 19,864 Net assets acquired $ 479,328
Summary of Unaudited Pro Forma Amounts of Polygon Northwest Homes Acquisition	The following table presents unaudited pro forma amounts for the three months ended March 31, 2018 as if the RSI Acquisition, had been completed as of January 1, 2017 (amounts in thousands, except per share data): Three Months Ended March 31, 2018 Operating revenues $ 401,600 Net income available to common stockholders $ 6,419 Income per share - basic $ 0.17 Income per share - diluted $ 0.16

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summary of Unaudited Financials for Unconsolidated Joint Ventures	The table set forth below summarizes the combined unaudited statements of operations for our unconsolidated mortgage joint ventures that we accounted for under the equity method (in thousands): Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Revenues $ 4,197 $ 3,709 Cost of sales (2,342 ) (1,918 ) Income of unconsolidated joint ventures $ 1,855 $ 1,791 The table set forth below summarizes the combined unaudited balance sheets for our unconsolidated joint ventures that we accounted for under the equity method (in thousands): March 31, 2019 December 31, 2018 Assets Cash $ 6,958 $ 8,093 Loans held for sale 37,908 27,958 Accounts receivable 982 884 Other assets 169 115 Total Assets $ 46,017 $ 37,050 Liabilities and Equity Accounts payable $ 449 $ 700 Accrued expenses 1,221 1,988 Credit lines payable 36,180 26,775 Other liabilities 508 49 Members equity 7,659 7,538 Total Liabilities and Equity $ 46,017 $ 37,050

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Financial Information Relating to Operations	Segment financial information relating to the Company’s operations was as follows (in thousands): Three Three Operating revenue: California $ 186,118 $ 134,812 Arizona 29,594 32,039 Nevada 37,705 49,176 Colorado 56,036 40,063 Washington (1) 43,940 55,651 Oregon 51,087 46,853 Texas 51,384 14,774 Total operating revenue $ 455,864 $ 373,368 (1) Operating revenue in the Washington segment includes construction services revenue in the periods ended March 31, 2019 and 2018. Three Three Income before provision for income taxes: California $ 16,105 $ 11,419 Arizona 2,493 2,487 Nevada 4,192 4,839 Colorado 6,024 3,164 Washington 1,145 4,511 Oregon 2,070 3,637 Texas 1,181 434 Corporate (13,563 ) (15,089 ) Income before gain on extinguishment of debt $ 19,647 $ 15,402 Corporate - Gain on extinguishment of debt 383 — Income before provision for income taxes $ 20,030 $ 15,402
Schedule of Segment Homebuilding Assets	March 31, 2019 December 31, 2018 Homebuilding assets: Owned: California $ 878,608 $ 930,714 Arizona 171,124 168,507 Nevada 190,787 189,363 Colorado 138,148 149,450 Washington 306,596 308,270 Oregon 429,448 440,105 Texas 271,652 234,093 Corporate (1) 214,565 193,696 $ 2,600,928 $ 2,614,198 Not Owned: California $ 78,543 $ 91,849 Arizona 114,858 114,858 Washington 21,657 21,657 Texas 79,027 87,212 Total homebuilding assets $ 2,895,013 $ 2,929,774 (1) Comprised primarily of cash and cash equivalents, receivables, deferred income taxes, and other assets.

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Summary of Real Estate Inventories	Real estate inventories consist of the following (in thousands): March 31, 2019 December 31, 2018 Real estate inventories: Land deposits $ 143,736 $ 147,327 Land and land under development 473,309 660,151 Finished lots 702,278 564,460 Homes completed and under construction 858,617 839,316 Model homes 125,596 121,953 Total $ 2,303,536 $ 2,333,207 Real estate inventories not owned (1): Other land options contracts — land banking arrangement $ 294,085 $ 315,576 (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 Un_2

Senior Notes, Secured, and Unsecured Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Senior notes, secured, and unsecured indebtedness consist of the following (in thousands): March 31, 2019 December 31, 2018 Notes payable: Revolving credit facility $ 110,000 $ 45,000 Seller financing — — Construction notes payable 1,204 1,231 Joint venture notes payable 144,027 151,788 Total notes payable 255,231 198,019 Senior notes: 7% Senior Notes due August 15, 2022 347,639 347,456 6% Senior Notes due September 1, 2023 344,206 343,878 5.875% Senior Notes due January 31, 2025 428,430 431,992 Total senior notes 1,120,275 1,123,326 Total notes payable and senior notes $ 1,375,506 $ 1,321,345
Schedule of Maturities of Notes Payable and Senior Notes	As of March 31, 2019 , the maturities of the Notes payable, 7% Senior Notes, 6% Senior Notes, and 5.875% Senior Notes are as follows (in thousands): Year Ending December 31, Remaining in 2019 $ 15,217 2020 36,409 2021 203,605 2022 350,000 2023 350,000 Thereafter 436,886 $ 1,392,117 The issuance date, facility size, maturity date and interest rate of the joint ventures notes payable are listed in the table below as of March 31, 2019 (in millions): Issuance Date Facility Size Outstanding Maturity Current Rate March, 2019 18.9 $ 0.4 November, 2020 5.38 % (3) May, 2018 128.0 86.7 May, 2021 5.49 % (2) May, 2018 13.3 11.1 June, 2020 5.38 % (3) July, 2017 66.2 31.7 February, 2021 5.56 % (2) January, 2016 35.0 14.0 August, 2019 5.75 % (1) 261.4 $ 143.9 (1) Loan bears interest at LIBOR +3.25% . (2) Loan bears interest at the greatest of the prime rate, federal funds effective rate +1.0% , or LIBOR +1.0% . (3) Loan bears interest at LIBOR +2.90% .
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 March 31, 2019 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company ASSETS Cash and cash equivalents $ — $ 33,942 $ 1,915 $ 9,852 $ — $ 45,709 Receivables — 5,109 5,304 5,004 — 15,417 Escrow proceeds receivable — 2,659 — — — 2,659 Real estate inventories Owned — 725,596 1,140,340 437,600 — 2,303,536 Not owned — 114,858 179,227 — — 294,085 Investment in unconsolidated joint ventures — 5,512 150 — — 5,662 Goodwill — 14,209 109,486 — — 123,695 Intangibles, net — — 6,700 — — 6,700 Deferred income taxes, net — 46,900 — — — 46,900 Lease right-of-use assets — 13,135 — — — 13,135 Other assets, net — 27,299 8,952 1,264 — 37,515 Investments in subsidiaries 871,850 23,425 (943,873 ) — 48,598 — Intercompany receivables — — 294,625 (160 ) (294,465 ) — Total assets $ 871,850 $ 1,012,644 $ 802,826 $ 453,560 $ (245,867 ) $ 2,895,013 LIABILITIES AND EQUITY Accounts payable $ — $ 63,991 $ 30,492 $ 14,023 $ — $ 108,506 Accrued expenses — 84,459 12,156 100 — 96,715 Liabilities from inventories not owned — 114,860 179,225 — — 294,085 Notes payable — 110,001 1,204 144,026 — 255,231 7% Senior Notes — 347,639 — — — 347,639 6% Senior Notes — 344,206 — — — 344,206 5.875% Senior Notes — 428,430 — — — 428,430 Intercompany payables — 170,830 — 123,635 (294,465 ) — Total liabilities — 1,664,416 223,077 281,784 (294,465 ) 1,874,812 Equity William Lyon Homes stockholders’ equity 871,850 (651,772 ) 579,749 23,425 48,598 871,850 Noncontrolling interests — — — 148,351 — 148,351 Total liabilities and equity $ 871,850 $ 1,012,644 $ 802,826 $ 453,560 $ (245,867 ) $ 2,895,013 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 (in thousands) Unconsolidated Delaware Lyon California Lyon Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated Company ASSETS Cash and cash equivalents $ — $ 21,450 $ 2,888 $ 9,441 $ — $ 33,779 Receivables — 6,054 4,151 3,297 — 13,502 Escrow proceeds receivable — Real estate inventories Owned — 745,750 1,152,786 434,671 — 2,333,207 Not owned — 114,859 200,717 — — 315,576 Investment in unconsolidated joint ventures — 5,392 150 — — 5,542 Goodwill — 14,209 109,486 — — 123,695 Intangibles, net — — 6,700 — — 6,700 Deferred income taxes, net — 47,241 — — — 47,241 Lease right-of-use assets — 13,561 — — — 13,561 Other assets, net — 26,797 9,688 486 — 36,971 Investments in subsidiaries 863,322 16,059 (961,950 ) — 82,569 — Intercompany receivables — — 285,675 — (285,675 ) — Total assets $ 863,322 $ 1,011,372 $ 810,291 $ 447,895 $ (203,106 ) $ 2,929,774 LIABILITIES AND EQUITY Accounts payable $ — $ 78,462 $ 34,546 $ 15,363 $ — $ 128,371 Accrued expenses — 123,088 26,967 100 — 150,155 Liabilities from inventories not owned — 114,859 200,717 — — 315,576 Notes payable — 45,000 1,231 151,788 — 198,019 7% Senior Notes — 347,456 — — — 347,456 6% Senior Notes — 343,878 — — — 343,878 5.875% Senior Notes — 431,992 — — — 431,992 Intercompany payables — 172,095 — 113,580 (285,675 ) — Total liabilities — 1,656,830 263,461 280,831 (285,675 ) 1,915,447 Equity William Lyon Homes stockholders’ equity 863,322 (645,458 ) 546,830 16,059 82,569 863,322 Noncontrolling interests — — — 151,005 — 151,005 Total liabilities and equity $ 863,322 $ 1,011,372 $ 810,291 $ 447,895 $ (203,106 ) $ 2,929,774
Condensed Consolidating Statement of Operations
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2019 (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 $ (409 ) $ (37,671 ) $ 4,229 $ 3,826 $ (1,002 ) $ (31,027 ) Investing activities Sales (purchases) of property and equipment — — 1,404 — — 1,404 Investments in subsidiaries — (1,851 ) (18,077 ) — 19,928 — Net cash (used in) provided by investing activities — (1,851 ) (16,673 ) — 19,928 1,404 Financing activities Proceeds from borrowings on notes payable — — — 30,111 — 30,111 Principal payments on notes payable — — (27 ) (37,872 ) — (37,899 ) Principal payments on 5.875% Senior Notes — (3,591 ) — — — (3,591 ) Proceeds from borrowings on Revolver — 190,000 — — — 190,000 Payments on Revolver — (125,000 ) — — — (125,000 ) Payment of deferred loan costs — (43 ) — — — (43 ) Shares remitted to, or withheld by the Company for employee tax withholding — (2,356 ) — — — (2,356 ) Noncontrolling interest contributions — — — 1,389 — 1,389 Noncontrolling interest distributions — — — (11,058 ) — (11,058 ) Advances to affiliates — — 20,448 3,800 (24,248 ) — Intercompany receivables/payables 409 (6,996 ) (8,950 ) 10,215 5,322 — Net cash (used in) provided by financing activities 409 52,014 11,471 (3,415 ) (18,926 ) 41,553 Net (decrease) increase in cash and cash equivalents — 12,492 (973 ) 411 — 11,930 Cash and cash equivalents - beginning of period — 21,450 2,888 9,441 — 33,779 Cash and cash equivalents - end of period $ — $ 33,942 $ 1,915 $ 9,852 $ — $ 45,709 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended March 31, 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 $ 6,515 $ (60,555 ) $ 146,012 $ 12,571 $ (6,515 ) $ 98,028 Investing activities Cash paid for acquisitions, net of cash acquired — — (475,221 ) — — (475,221 ) Purchases of property and equipment — (1,063 ) (1,391 ) 12 — (2,442 ) Investments in subsidiaries — 9,624 343,067 — (352,691 ) — Net cash provided by (used in) investing activities — 8,561 (133,545 ) 12 (352,691 ) (477,663 ) Financing activities Proceeds from borrowings on notes payable — — — 20,194 — 20,194 Principal payments on notes payable — — (14 ) (29,165 ) — (29,179 ) 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 — 110,000 — — — 110,000 Payments on Revolver — (25,000 ) — — — (25,000 ) Payment of deferred loan costs — (5,877 ) — — — (5,877 ) Shares remitted to, or withheld by the Company for employee tax withholding — (4,696 ) — — — (4,696 ) Payments to repurchase common stock — (5,000 ) — — — (5,000 ) Noncontrolling interest contributions — — — 4,062 — 4,062 Noncontrolling interest distributions — — — (17,106 ) — (17,106 ) Advances to affiliates — — 6,240 (2,864 ) (3,376 ) — Intercompany receivables/payables (6,515 ) (349,370 ) (15,273 ) 8,576 362,582 — Net cash (used in) provided by financing activities (6,515 ) (79,943 ) (9,047 ) (16,303 ) 359,206 247,398 Net (decrease) increase in cash and cash equivalents — (131,937 ) 3,420 (3,720 ) — (132,237 ) Cash and cash equivalents - beginning of period — 171,434 156 11,120 — 182,710 Cash and cash equivalents - end of period $ — $ 39,497 $ 3,576 $ 7,400 $ — $ 50,473

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Values of Financial Instruments	The estimated fair values of financial instruments are as follows (in thousands): March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 255,231 $ 255,231 $ 198,019 $ 198,019 7% Senior Notes due 2022 347,639 351,330 347,456 350,000 6% Senior Notes due 2023 344,206 337,750 343,878 315,000 5.875% Senior Notes due 2025 428,430 411,241 431,992 378,611

Income Per Common Share (Tables

Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Income Per Common Share Calculation	Basic and diluted income per common share for the three months ended March 31, 2019 and 2018 were calculated as follows (in thousands, except number of shares and per share amounts): Three Three Basic weighted average number of common shares outstanding 37,610,766 37,931,256 Effect of dilutive securities: Stock options, unvested common shares, and warrants 1,144,347 1,924,427 Diluted average shares outstanding 38,755,113 39,855,683 Net income available to common stockholders $ 8,119 $ 8,328 Basic income per common share $ 0.22 $ 0.22 Dilutive income per common share $ 0.21 $ 0.21 Antidilutive securities not included in the calculation of diluted income per common share (weighted average): Unvested stock options — —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 Three Months Ended March 31, 2018 Lease cost Operating lease cost $ 1,444 $ 2,009 Sublease income — (29 ) Total lease cost $ 1,444 $ 1,980 Other information Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 1,223 $ 1,767 Right-of-use assets obtained in exchange for new operating lease liabilities $ 78 $ 1,696 Weighted-average discount rate 7.3 % 6.4 % March 31, 2019 December 31, 2018 Weighted-average remaining lease term (in years) 4.61 4.23
Schedule of Future Minimum Rental Payments for Operating Leases	The table below shows the future minimum payments under non-cancelable operating leases at March 31, 2019 (in thousands). Year Ending December 31, Remaining in 2019 $ 5,003 2020 5,126 2021 4,879 2022 3,553 2023 2,423 Thereafter 1,987 Total $ 22,971

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)land_parcelsegment	Mar. 31, 2018USD ($)land_parcel	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Number of land parcels sold | land_parcel	0	1
Operating revenue	$ 455,864,000	$ 373,368,000
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	$ 1,900,000

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Summary of Changes in Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liability, beginning of period	$ 13,000	$ 13,643	$ 13,643
Warranty provision during period (1)	2,416	2,504
Warranty payments, net of insurance recoveries during period	(3,815)	(4,395)
Warranty charges related to construction services projects	(17)	7
Warranty liability, end of period	$ 11,584	$ 11,759	13,000
RSI Communities
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty provision during period (1)			$ 600

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Schedule of Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accounting Policies [Abstract]
Interest incurred	$ 24,081	$ 19,258
Less: Interest capitalized	24,081	19,258
Interest expense, net of amounts capitalized	0	0
Cash paid for interest	$ 40,858	$ 31,489

Acquisition of RSI Communitie_3

Acquisition of RSI Communities - Narrative (Details)	Mar. 09, 2018USD ($)Property	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Dec. 31, 2018	Mar. 08, 2018
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs			$ 3,130,000
Number Of Additional Real Estate Properties | Property	3
Number of operating segments as a result of acquired business | segment		1
Total operating revenue		$ 455,864,000	373,368,000
Provision for income taxes		$ (4,896,000)	(2,814,000)
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]
Principal amount		$ 350,000,000
Stated interest rate	6.00%	6.00%		6.00%	6.00%
Proceeds from land banking arrangements	$ 194,300,000
RSI Communities
Business Acquisition [Line Items]
Cash purchase price	479,300,000
Working capital adjustments	15,200,000
Goodwill, expected tax deductible amount	$ 56,800,000
RSI Communities | Selling, General and Administrative Expenses
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs		$ 0	$ 3,130,000

Acquisition of RSI Communitie_4

Acquisition of RSI Communities - Schedule of Reconciliation of Consideration Transferred as of Acquisition Date (Details) - USD ($) $ in Thousands	Mar. 09, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 08, 2018
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	94,760
Total consideration transferred	$ 479,328
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%	6.00%

Acquisition of RSI Communitie_5

Acquisition of RSI Communities - Summary of Preliminary Amounts for Acquired Assets and Liabilities Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 09, 2018
Assets Acquired
Goodwill	$ 123,695	$ 123,695
RSI Communities
Assets Acquired
Real estate inventories			$ 434,628
Goodwill			56,793
Other			7,771
Total Assets			499,192
Liabilities Assumed
Accounts payable			9,315
Accrued expenses			8,244
Notes payable			2,305
Total liabilities			19,864
Net assets acquired			$ 479,328

Acquisition of RSI Communitie_6

Acquisition of RSI Communities - Summary of Unaudited Pro Forma Amounts of RSI Communities Acquisition (Details) - RSI Communities $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)$ / shares
Business Acquisition [Line Items]
Operating revenues | $	$ 401,600
Net income available to common stockholders | $	$ 6,419
Income per share - basic (in USD per share) | $ / shares	$ 0.17
Income per share - diluted (in USD per share) | $ / shares	$ 0.16

Variable Interest Entities an_2

Variable Interest Entities and Noncontrolling Interests - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)joint_venture	Dec. 31, 2018USD ($)joint_venture
Noncontrolling Interest [Line Items]
Number of joint ventures | joint_venture	24	20
Consolidated variable interest entities, assets	$ 440.6	$ 434.8
Consolidated variable interest entities, liabilities	210.5	209.4
Cash
Noncontrolling Interest [Line Items]
Consolidated variable interest entities, assets	9.4	9
Real estate
Noncontrolling Interest [Line Items]
Consolidated variable interest entities, assets	$ 425.6	$ 422.7

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Equity Method Investments [Line Items]
Revenues	$ 455,864	$ 373,368
Cost of sales	(437,760)	(358,933)
Operating income (loss)	18,104	14,435
Unconsolidated joint venture income	912	932
Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenues	4,197	3,709
Cost of sales	(2,342)	(1,918)
Operating income (loss)	$ 1,855	$ 1,791

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Financial Position (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Other assets	$ 37,515	$ 36,971
Total assets	2,895,013	2,929,774
LIABILITIES AND EQUITY
Accounts payable	108,506	128,371
Accrued expenses	96,715	150,155
Total liabilities and equity	2,895,013	2,929,774
Joint Ventures
ASSETS
Cash	6,958	8,093
Loans held for sale	37,908	27,958
Accounts receivable	982	884
Other assets	169	115
Total assets	46,017	37,050
LIABILITIES AND EQUITY
Accounts payable	449	700
Accrued expenses	1,221	1,988
Credit lines payable	36,180	26,775
Other liabilities	508	49
Members equity	7,659	7,538
Total liabilities and equity	$ 46,017	$ 37,050

Segment Information - Narrative

Segment Information - Narrative (Details) - segment	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting [Abstract]
Number of operating segments	1
Additional operating segments during period		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
		Mar. 31, 2019	Mar. 31, 2018
Operating revenue
Total operating revenue		$ 455,864	$ 373,368
Income before provision for income taxes:
Income before provision for income taxes		20,030	15,402
Income before extinguishment of debt		19,647	15,402
Gain on extinguishment of debt		383	0
Corporate
Income before provision for income taxes:
Income before provision for income taxes		(13,563)	(15,089)
California
Operating revenue
Total operating revenue	[1]	186,118	134,812
California | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		16,105	11,419
Arizona
Operating revenue
Total operating revenue		29,594	32,039
Arizona | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		2,493	2,487
Nevada
Operating revenue
Total operating revenue		37,705	49,176
Nevada | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		4,192	4,839
Colorado
Operating revenue
Total operating revenue		56,036	40,063
Colorado | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		6,024	3,164
Washington
Operating revenue
Total operating revenue		43,940	55,651
Washington | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		1,145	4,511
Oregon
Operating revenue
Total operating revenue		51,087	46,853
Oregon | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		2,070	3,637
Texas
Operating revenue
Total operating revenue		51,384	14,774
Texas | Reportable Operating Segments
Income before provision for income taxes:
Income before provision for income taxes		$ 1,181	$ 434
[1]	{F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmE1M2JkNWZkYTY5OTQ5NWRhZWUxZTg2NDM3ZjU5MzExfFRleHRTZWxlY3Rpb246MDQ1QUNCRjQ2RUFGNTg1OEI5NzU0NTEwMTZDRTBBRjMM}

Segment Information - Schedul_2

Segment Information - Schedule of Segment Homebuilding Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Homebuilding assets:
Total homebuilding assets	$ 2,895,013	$ 2,929,774
Not owned	294,085	315,576
Corporate
Homebuilding assets:
Total homebuilding assets	214,565	193,696
California
Homebuilding assets:
Not owned	78,543	91,849
California | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	878,608	930,714
Arizona
Homebuilding assets:
Not owned	114,858	114,858
Arizona | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	171,124	168,507
Nevada | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	190,787	189,363
Colorado | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	138,148	149,450
Washington
Homebuilding assets:
Not owned	21,657	21,657
Washington | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	306,596	308,270
Oregon | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	429,448	440,105
Texas
Homebuilding assets:
Not owned	79,027	87,212
Texas | Reportable Operating Segments
Homebuilding assets:
Total homebuilding assets	271,652	234,093
Real Estate Owned [Member]
Homebuilding assets:
Total homebuilding assets	$ 2,600,928	$ 2,614,198

Real Estate Inventories - Summa

Real Estate Inventories - Summary of Real Estate Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate inventories:
Land deposits	$ 143,736	$ 147,327
Land and land under development	473,309	660,151
Finished lots	702,278	564,460
Homes completed and under construction	858,617	839,316
Model homes	125,596	121,953
Total	2,303,536	2,333,207
Not owned	$ 294,085	$ 315,576

Senior Notes, Secured, and Un_3

Senior Notes, Secured, and Unsecured Indebtedness - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 09, 2018	Mar. 08, 2018	Jan. 31, 2017	Aug. 11, 2014	Mar. 31, 2014
Debt Instrument [Line Items]
Total notes payable	$ 255,231	$ 198,019
Total debt	$ 1,375,506	1,321,345
5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Total debt		$ 0
Stated interest rate	5.75%	5.75%
7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Total debt	$ 347,639	$ 347,456
Stated interest rate	7.00%	7.00%
6% Senior Notes due September 1, 2023
Debt Instrument [Line Items]
Total debt	$ 344,206	$ 343,878
Stated interest rate	6.00%
5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Total debt	$ 428,430	$ 431,992
Stated interest rate	5.875%	5.875%
Seller financing
Debt Instrument [Line Items]
Total notes payable	$ 0	$ 0
Construction notes payable
Debt Instrument [Line Items]
Total notes payable	1,204	1,231
Joint venture notes payable
Debt Instrument [Line Items]
Total notes payable	144,027	151,788
Senior notes
Debt Instrument [Line Items]
Total debt	$ 1,120,275	$ 1,123,326
Senior notes | 5 3/4% Senior Notes due April 15, 2019
Debt Instrument [Line Items]
Stated interest rate	5.75%	5.75%					5.75%
Senior notes | 7% Senior Notes due August 15, 2022
Debt Instrument [Line Items]
Total debt	$ 347,639	$ 347,456
Stated interest rate	7.00%	7.00%				7.00%
Senior notes | 6% Senior Notes due September 1, 2023
Debt Instrument [Line Items]
Total debt	$ 344,206	$ 343,878
Stated interest rate	6.00%	6.00%	6.00%	6.00%
Senior notes | 5 7/8% Senior Notes due January 31, 2025
Debt Instrument [Line Items]
Total debt	$ 428,430	$ 431,992
Stated interest rate	5.875%				5.875%

Senior Notes, Secured, and Un_4

Senior Notes, Secured, and Unsecured Indebtedness - Schedule of Maturities of Notes Payable, Senior Unsecured Facility, 5 3/4% and 8 1/2% Senior Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 1,375,506	$ 1,321,345
Senior Notes and Subordinated Amortizing Notes
Debt Instrument [Line Items]
Remaining in 2019	15,217
2019	36,409
2020	203,605
2021	350,000
2022	350,000
Thereafter	436,886
Total debt	$ 1,392,117

Senior Notes, Secured, and Un_5

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

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 18, 2018

Nov. 09, 2018

May 21, 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. 30, 2016

Jul. 01, 2016

Mar. 31, 2014

Debt Instrument [Line Items]

Gain on extinguishment of debt

$ 383,000

$ 0

Notes payable

$ 255,231,000

$ 198,019,000

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

$ 365,000,000

$ 170,000,000

Line of Credit Facility, Increase in Borrowing Capacity

$ 40,000,000

$ 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%

62.50%

65.00%

Commitment fee percentage

0.50%

Effective rate

6.60%

7.50%

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%

62.50%

60.00%

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

7,200,000

$ 8,600,000

Letter of Credit | Amended Facility

Debt Instrument [Line Items]

Outstanding letter of credit

$ 7,900,000

$ 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%

6.00%

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

$ 110,000,000

$ 45,000,000

Subsequent Event | Revolving Credit Facility | New Facility

Debt Instrument [Line Items]

Debt Instrument, Covenant, Leverage Ratio, Maximum

60.00%

Senior Notes, Secured, and Un_6

Senior Notes, Secured, and Unsecured Indebtedness - Narrative (Details) - USD ($)

1 Months Ended

3 Months Ended

Sep. 30, 2018

May 31, 2017

Jan. 31, 2015

Aug. 31, 2014

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 18, 2018

Mar. 30, 2018

Mar. 09, 2018

Mar. 08, 2018

Dec. 31, 2017

Dec. 30, 2017

Jul. 01, 2017

Jun. 29, 2017

Jan. 31, 2017

Dec. 30, 2016

Aug. 11, 2014

Mar. 31, 2014

Debt Instrument [Line Items]

Gain on extinguishment of debt

$ 383,000

$ 0

Deferred loan costs

(14,500,000)

Notes payable

$ 255,231,000

$ 198,019,000

8 1/2% Senior Notes due November 15, 2020

Debt Instrument [Line Items]

Stated interest rate

8.50%

8.50%

7% Senior Notes due August 15, 2022

Debt Instrument [Line Items]

Stated interest rate

7.00%

7.00%

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

Debt Instrument [Line Items]

Stated interest rate

5.75%

5.75%

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

Debt Instrument [Line Items]

Stated interest rate

5.875%

5.875%

6% Senior Notes due September 1, 2023

Debt Instrument [Line Items]

Stated interest rate

6.00%

Senior notes | 8 1/2% Senior Notes due November 15, 2020

Debt Instrument [Line Items]

Stated interest rate

6.00%

Senior notes | 7% Senior Notes due August 15, 2022

Debt Instrument [Line Items]

Stated interest rate

7.00%

7.00%

7.00%

Percent exchanged

100.00%

Unamortized premium

$ 500,000

Deferred loan costs

$ (2,900,000)

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

Debt Instrument [Line Items]

Stated interest rate

5.75%

5.75%

5.75%

Percent exchanged

100.00%

Deferred loan costs

$ (5,800,000)

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

Debt Instrument [Line Items]

Stated interest rate

5.875%

5.875%

Percent exchanged

100.00%

Deferred loan costs

$ (5,800,000)

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

Debt Instrument [Line Items]

Stated interest rate

6.00%

6.00%

6.00%

6.00%

Percent exchanged

100.00%

Seller financing

Debt Instrument [Line Items]

Notes payable

$ 0

$ 0

Seller financing | Note Payable Maturing in June 2018

Debt Instrument [Line Items]

Stated interest rate

7.00%

Construction notes payable

Debt Instrument [Line Items]

Notes payable

$ 1,204,000

$ 1,231,000

Revolving Credit Facility | Second Amended Facility

Debt Instrument [Line Items]

Debt Instrument, Covenant, Tangible Net Worth, Minimum

$ 556,400,000

Debt Instrument, Covenant, Leverage Ratio, Maximum

60.00%

60.00%

62.50%

62.50%

60.00%

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 | New Facility

Debt Instrument [Line Items]

Debt Instrument, Covenant, Leverage Ratio, Maximum

65.00%

62.50%

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%

Senior Notes, Secured, and Un_7

Senior Notes, Secured, and Unsecured Indebtedness - Schedule of Maturities of Construction Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total notes payable	$ 255,231	$ 198,019
Construction Loans
Debt Instrument [Line Items]
Total notes payable	261,400
Outstanding	143,900
Construction Loans | March 2019 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	18,900
Outstanding	$ 400
Current Rate	5.38%
Construction Loans | May 2018, Maturity May 2021 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 128,000
Outstanding	$ 86,700
Current Rate	5.49%
Construction Loans | May 2018, Maturity June 2020 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 13,300
Outstanding	$ 11,100
Current Rate	5.38%
Construction Loans | July 2017 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 66,200
Outstanding	$ 31,700
Current Rate	5.56%
Construction Loans | January 2016 Construction Notes Payable
Debt Instrument [Line Items]
Total notes payable	$ 35,000
Outstanding	$ 14,000
Current Rate	5.75%

Senior Notes, Secured, and Un_8

Senior Notes, Secured, and Unsecured Indebtedness - Schedule of Maturities of Construction Notes Payable (Footnote) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 383	$ 0
Construction Notes Payable, January 2016 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
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 Un_9

Senior Notes, Secured, and Unsecured Indebtedness - Subordinated Amortizing Notes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 1,375,506	$ 1,321,345

Senior Notes, Secured, and U_10

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

Sep. 30, 2018

May 31, 2017

Jan. 31, 2016

Jan. 31, 2015

Aug. 31, 2014

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2018

Mar. 08, 2018

Debt Instrument [Line Items]

Gain (Loss) on Extinguishment of Debt

$ 383,000

$ 0

Deferred loan costs

$ (14,500,000)

6% Senior Notes due September 1, 2023

Debt Instrument [Line Items]

Stated interest rate

6.00%

7% Senior Notes due August 15, 2022

Debt Instrument [Line Items]

Stated interest rate

7.00%

7.00%

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

Debt Instrument [Line Items]

Stated interest rate

5.75%

5.75%

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

Debt Instrument [Line Items]

Stated interest rate

5.875%

5.875%

8 1/2% Senior Notes due November 15, 2020

Debt Instrument [Line Items]

Stated interest rate

8.50%

8.50%

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

Debt Instrument [Line Items]

Stated interest rate

6.00%

6.00%

6.00%

6.00%

Principal amount

$ 350,000,000

Percentage of principal amount

100.00%

Percent exchanged

100.00%

Outstanding amount

$ 350,000,000

Senior notes | 7% Senior Notes due August 15, 2022

Debt Instrument [Line Items]

Stated interest rate

7.00%

7.00%

7.00%

Principal amount

$ 50,000,000

$ 300,000,000

Percentage of principal amount

102.00%

100.00%

Percent exchanged

100.00%

Deferred loan costs

$ (2,900,000)

Net proceeds from issuance of debt

$ 50,500,000

Expected percent exchanged

100.00%

Outstanding amount

350,000,000

Unamortized premium

$ 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%

Principal amount

$ 150,000,000

Percentage of principal amount

100.00%

Percent exchanged

100.00%

Deferred loan costs

$ (5,800,000)

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

Debt Instrument [Line Items]

Stated interest rate

5.875%

5.875%

Principal amount

$ 450,000,000

Percentage of principal amount

99.215%

Percent exchanged

100.00%

Deferred loan costs

$ (5,800,000)

Outstanding amount

437,000,000

Debt Instrument, Unamortized Discount

$ (2,700,000)

Senior notes | 8 1/2% Senior Notes due November 15, 2020

Debt Instrument [Line Items]

Stated interest rate

6.00%

Outstanding amount

$ 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 U_11

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	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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 U_12

Senior Notes, Secured, and Unsecured Indebtedness - Guarantor and Non-Guarantor Financial Statements - Narrative (Details)	Mar. 31, 2019
Parent
Debt Instrument [Line Items]
Ownership percentage	100.00%

Senior Notes, Secured, and U_13

Senior Notes, Secured, and Unsecured Indebtedness - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 45,709	$ 33,779	$ 50,473	$ 182,710
Receivables	15,417	13,502
Escrow proceeds receivable	2,659	0
Real estate inventories	2,303,536	2,333,207
Not owned	294,085	315,576
Investment in unconsolidated joint ventures	5,662	5,542
Goodwill	123,695	123,695
Intangibles, net	6,700	6,700
Deferred income taxes	46,900	47,241
Lease right-of-use assets	13,135	13,561
Other assets	37,515	36,971
Investments In Subsidiaries	0	0
Intercompany Receivable	0	0
Assets	2,895,013	2,929,774
LIABILITIES AND EQUITY
Accounts payable	108,506	128,371
Accrued expenses	96,715	150,155
Liabilities from inventories not owned	294,085	315,576
Notes payable	255,231	198,019
Total debt	1,375,506	1,321,345
Intercompany Payable	0	0
Liabilities	1,874,812	1,915,447
Equity
Stockholders' Equity Attributable to Parent	871,850	863,322
Noncontrolling interests	148,351	151,005
Total liabilities and equity	$ 2,895,013	2,929,774
5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt		$ 0
Equity
Stated interest rate	5.75%	5.75%
7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	$ 347,639	$ 347,456
Equity
Stated interest rate	7.00%	7.00%
6% Senior Notes due September 1, 2023
LIABILITIES AND EQUITY
Total debt	$ 344,206	$ 343,878
Equity
Stated interest rate	6.00%
5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Total debt	$ 428,430	$ 431,992
Equity
Stated interest rate	5.875%	5.875%
Reporting Entities | Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	$ 1,915	$ 2,888	3,576	156
Receivables	5,304	4,151
Escrow proceeds receivable	0
Real estate inventories	1,140,340	1,152,786
Not owned	179,227	200,717
Investment in unconsolidated joint ventures	150	150
Goodwill	109,486	109,486
Intangibles, net	6,700	6,700
Deferred income taxes	0	0
Lease right-of-use assets	0	0
Other assets	8,952	9,688
Investments In Subsidiaries	(943,873)	(961,950)
Intercompany Receivable	294,625	285,675
Assets	802,826	810,291
LIABILITIES AND EQUITY
Accounts payable	30,492	34,546
Accrued expenses	12,156	26,967
Liabilities from inventories not owned	179,225	200,717
Notes payable	1,204	1,231
Intercompany Payable	0	0
Liabilities	223,077	263,461
Equity
Stockholders' Equity Attributable to Parent	579,749	546,830
Noncontrolling interests	0	0
Total liabilities and equity	802,826	810,291
Reporting Entities | Guarantor Subsidiaries | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt
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	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	9,852	9,441	7,400	11,120
Receivables	5,004	3,297
Escrow proceeds receivable	0
Real estate inventories	437,600	434,671
Not owned	0	0
Investment in unconsolidated joint ventures	0	0
Goodwill	0	0
Intangibles, net	0	0
Deferred income taxes	0	0
Lease right-of-use assets	0	0
Other assets	1,264	486
Investments In Subsidiaries	0	0
Intercompany Receivable	(160)	0
Assets	453,560	447,895
LIABILITIES AND EQUITY
Accounts payable	14,023	15,363
Accrued expenses	100	100
Liabilities from inventories not owned	0	0
Notes payable	144,026	151,788
Intercompany Payable	123,635	113,580
Liabilities	281,784	280,831
Equity
Stockholders' Equity Attributable to Parent	23,425	16,059
Noncontrolling interests	148,351	151,005
Total liabilities and equity	453,560	447,895
Reporting Entities | Non-Guarantor Subsidiaries | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt
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	0
Reporting Entities | Non-Guarantor Subsidiaries | 5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Total debt	0	0
Reporting Entities | Parent
ASSETS
Real estate inventories		0
Not owned		0
Investment in unconsolidated joint ventures		0
Goodwill		0
Intangibles, net		0
Deferred income taxes		0
Lease right-of-use assets		0
Other assets		0
Investments In Subsidiaries		863,322
Intercompany Receivable		0
Assets		863,322
LIABILITIES AND EQUITY
Accounts payable		0
Accrued expenses		0
Liabilities from inventories not owned		0
Notes payable		0
Intercompany Payable		0
Liabilities		0
Equity
Stockholders' Equity Attributable to Parent		863,322
Noncontrolling interests		0
Total liabilities and equity		863,322
Reporting Entities | Parent | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt		0
Reporting Entities | Parent | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt		0
Reporting Entities | Parent | 6% Senior Notes due September 1, 2023
LIABILITIES AND EQUITY
Total debt		0
Reporting Entities | Parent | 5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Total debt		0
Reporting Entities | Subsidiary Issuer [Member]
ASSETS
Real estate inventories		745,750
Not owned		114,859
Investment in unconsolidated joint ventures		5,392
Goodwill		14,209
Intangibles, net		0
Deferred income taxes		47,241
Lease right-of-use assets		13,561
Other assets		26,797
Investments In Subsidiaries		16,059
Intercompany Receivable		0
Assets		1,011,372
LIABILITIES AND EQUITY
Accounts payable		78,462
Accrued expenses		123,088
Liabilities from inventories not owned		114,859
Notes payable		45,000
Intercompany Payable		172,095
Liabilities		1,656,830
Equity
Stockholders' Equity Attributable to Parent		(645,458)
Noncontrolling interests		0
Total liabilities and equity		1,011,372
Reporting Entities | Subsidiary Issuer [Member] | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt
Reporting Entities | Subsidiary Issuer [Member] | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt		347,456
Reporting Entities | Subsidiary Issuer [Member] | 6% Senior Notes due September 1, 2023
LIABILITIES AND EQUITY
Total debt		343,878
Reporting Entities | Subsidiary Issuer [Member] | 5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Total debt		431,992
Reporting Entities | Delaware Lyon
ASSETS
Cash and cash equivalents	0	0	0	0
Receivables	0	0
Escrow proceeds receivable	0
Real estate inventories	0
Not owned	0
Investment in unconsolidated joint ventures	0
Goodwill	0
Intangibles, net	0
Deferred income taxes	0
Lease right-of-use assets	0
Other assets	0
Investments In Subsidiaries	871,850
Intercompany Receivable	0
Assets	871,850
LIABILITIES AND EQUITY
Accounts payable	0
Accrued expenses	0
Liabilities from inventories not owned	0
Notes payable	0
Intercompany Payable	0
Liabilities	0
Equity
Stockholders' Equity Attributable to Parent	871,850
Noncontrolling interests	0
Total liabilities and equity	871,850
Reporting Entities | Delaware Lyon | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	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
Reporting Entities | California Lyon
ASSETS
Cash and cash equivalents	33,942	21,450	39,497	171,434
Receivables	5,109	6,054
Escrow proceeds receivable	2,659
Real estate inventories	725,596
Not owned	114,858
Investment in unconsolidated joint ventures	5,512
Goodwill	14,209
Intangibles, net	0
Deferred income taxes	46,900
Lease right-of-use assets	13,135
Other assets	27,299
Investments In Subsidiaries	23,425
Intercompany Receivable	0
Assets	1,012,644
LIABILITIES AND EQUITY
Accounts payable	63,991
Accrued expenses	84,459
Liabilities from inventories not owned	114,860
Notes payable	110,001
Intercompany Payable	170,830
Liabilities	1,664,416
Equity
Stockholders' Equity Attributable to Parent	(651,772)
Noncontrolling interests	0
Total liabilities and equity	1,012,644
Reporting Entities | California Lyon | 7% Senior Notes due August 15, 2022
LIABILITIES AND EQUITY
Total debt	347,639
Reporting Entities | California Lyon | 6% Senior Notes due September 1, 2023
LIABILITIES AND EQUITY
Total debt	344,206
Reporting Entities | California Lyon | 5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Total debt	428,430
Consolidation, Eliminations
ASSETS
Cash and cash equivalents	0	0	$ 0	$ 0
Receivables	0	0
Escrow proceeds receivable	0
Real estate inventories	0	0
Not owned	0	0
Investment in unconsolidated joint ventures	0	0
Goodwill	0	0
Intangibles, net	0	0
Deferred income taxes	0	0
Lease right-of-use assets	0	0
Other assets	0	0
Investments In Subsidiaries	48,598	82,569
Intercompany Receivable	(294,465)	(285,675)
Assets	(245,867)	(203,106)
LIABILITIES AND EQUITY
Accounts payable	0	0
Accrued expenses	0	0
Liabilities from inventories not owned	0	0
Notes payable	0	0
Intercompany Payable	(294,465)	(285,675)
Liabilities	(294,465)	(285,675)
Equity
Stockholders' Equity Attributable to Parent	48,598	82,569
Noncontrolling interests	0	0
Total liabilities and equity	(245,867)	(203,106)
Consolidation, Eliminations | 5 3/4% Senior Notes due April 15, 2019
LIABILITIES AND EQUITY
Total debt
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	0
Consolidation, Eliminations | 5 7/8% Senior Notes due January 31, 2025
LIABILITIES AND EQUITY
Total debt	$ 0	$ 0

Senior Notes, Secured, and U_14

Senior Notes, Secured, and Unsecured Indebtedness - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating revenue
Sales	$ 455,864	$ 373,368
Operating costs
Sales and marketing	(25,277)	(22,693)
General and administrative	(29,126)	(24,521)
Transaction expenses		(3,130)
Other	(344)	(298)
Cost of sales	(437,760)	(358,933)
Income from subsidiaries	0	0
Operating Income (Loss)	18,104	14,435
Equity in income of unconsolidated joint ventures	912	932
Other Nonoperating Income (Expense)	631	35
Income before extinguishment of debt	19,647	15,402
Gain on extinguishment of debt	383	0
Income before provision for income taxes	20,030	15,402
Provision for income taxes	(4,896)	(2,814)
Net income (loss)	15,134	12,588
Less: Net income attributable to noncontrolling interests	(7,015)	(4,260)
Net income available to common stockholders	8,119	8,328
Reporting Entities | Guarantor Subsidiaries
Operating revenue
Sales	245,445	182,944
Operating costs
Sales and marketing	(14,736)	(10,783)
General and administrative	(8,957)	(5,966)
Transaction expenses		0
Other	0	46
Cost of sales	(233,256)	(167,205)
Income from subsidiaries	0	0
Operating Income (Loss)	12,189	15,739
Equity in income of unconsolidated joint ventures	201	257
Other Nonoperating Income (Expense)	81	56
Income before extinguishment of debt	12,471
Gain on extinguishment of debt	0
Income before provision for income taxes	12,471	16,052
Provision for income taxes	0	0
Net income (loss)	12,471	16,052
Less: Net income attributable to noncontrolling interests	0	0
Net income available to common stockholders	12,471	16,052
Reporting Entities | Non-Guarantor Subsidiaries
Operating revenue
Sales	61,487	54,268
Operating costs
Sales and marketing	(2,115)	(3,527)
General and administrative	0	(2)
Transaction expenses		0
Other	43	9
Cost of sales	(50,527)	(48,331)
Income from subsidiaries	0	0
Operating Income (Loss)	10,960	5,937
Equity in income of unconsolidated joint ventures	0	0
Other Nonoperating Income (Expense)	(379)	(330)
Income before extinguishment of debt	10,581
Gain on extinguishment of debt	0
Income before provision for income taxes	10,581	5,607
Provision for income taxes	0	0
Net income (loss)	10,581	5,607
Less: Net income attributable to noncontrolling interests	(7,015)	(4,260)
Net income available to common stockholders	3,566	1,347
Reporting Entities | Parent
Operating costs
Sales and marketing		0
General and administrative		0
Transaction expenses		0
Other		0
Cost of sales		0
Income from subsidiaries		8,328
Operating Income (Loss)		8,328
Equity in income of unconsolidated joint ventures		0
Income before extinguishment of debt	8,119
Gain on extinguishment of debt	0
Provision for income taxes		0
Net income (loss)		8,328
Less: Net income attributable to noncontrolling interests		0
Net income available to common stockholders		8,328
Reporting Entities | Subsidiary Issuer [Member]
Operating costs
Sales and marketing		(8,383)
General and administrative		(18,553)
Transaction expenses		(3,130)
Other		(353)
Cost of sales		(141,647)
Income from subsidiaries		8,107
Operating Income (Loss)		866
Equity in income of unconsolidated joint ventures		675
Income before extinguishment of debt	3,521
Gain on extinguishment of debt	383
Provision for income taxes		(2,814)
Net income (loss)		(964)
Less: Net income attributable to noncontrolling interests		0
Net income available to common stockholders		(964)
Reporting Entities | Delaware Lyon
Operating revenue
Sales	0	0
Operating costs
Sales and marketing	0
General and administrative	0
Other	0
Cost of sales	0
Income from subsidiaries	8,119
Operating Income (Loss)	8,119
Equity in income of unconsolidated joint ventures	0
Other Nonoperating Income (Expense)	0	0
Income before provision for income taxes	8,119	8,328
Provision for income taxes	0
Net income (loss)	8,119
Less: Net income attributable to noncontrolling interests	0
Net income available to common stockholders	8,119
Reporting Entities | California Lyon
Operating revenue
Sales	147,075	134,406
Operating costs
Sales and marketing	(8,426)
General and administrative	(20,169)
Other	(387)
Cost of sales	(152,120)
Income from subsidiaries	6,926
Operating Income (Loss)	1,881
Equity in income of unconsolidated joint ventures	711
Other Nonoperating Income (Expense)	929	309
Income before provision for income taxes	3,904	1,850
Provision for income taxes	(4,896)
Net income (loss)	(992)
Less: Net income attributable to noncontrolling interests	0
Net income available to common stockholders	(992)
Consolidation, Eliminations
Operating revenue
Sales	1,857	1,750
Operating costs
Sales and marketing	0	0
General and administrative	0	0
Transaction expenses		0
Other	0	0
Cost of sales	(1,857)	(1,750)
Income from subsidiaries	(15,045)	(16,435)
Operating Income (Loss)	(15,045)	(16,435)
Equity in income of unconsolidated joint ventures	0	0
Other Nonoperating Income (Expense)	0	0
Income before extinguishment of debt	(15,045)
Gain on extinguishment of debt	0
Income before provision for income taxes	(15,045)	(16,435)
Provision for income taxes	0	0
Net income (loss)	(15,045)	(16,435)
Less: Net income attributable to noncontrolling interests	0	0
Net income available to common stockholders	(15,045)	(16,435)
Home sales
Operating revenue
Sales	453,775	372,385
Operating costs
Cost of goods and services sold	(381,044)	(307,308)
Home sales | Reporting Entities | Guarantor Subsidiaries
Operating revenue
Sales	243,356	182,944
Operating costs
Cost of goods and services sold	(207,594)	(150,502)
Home sales | Reporting Entities | Non-Guarantor Subsidiaries
Operating revenue
Sales	61,487	54,268
Operating costs
Cost of goods and services sold	(48,455)	(44,811)
Home sales | Reporting Entities | Parent
Operating costs
Cost of goods and services sold		0
Home sales | Reporting Entities | Subsidiary Issuer [Member]
Operating costs
Cost of goods and services sold		(110,245)
Home sales | Reporting Entities | Delaware Lyon
Operating revenue
Sales	0	0
Operating costs
Cost of goods and services sold	0
Home sales | Reporting Entities | California Lyon
Operating revenue
Sales	148,932	135,173
Operating costs
Cost of goods and services sold	(123,138)
Home sales | Consolidation, Eliminations
Operating revenue
Sales	0	0
Operating costs
Cost of goods and services sold	(1,857)	(1,750)
Construction services
Operating revenue
Sales	2,089	983
Operating costs
Cost of goods and services sold	(1,969)	(983)
Construction services | Reporting Entities | Guarantor Subsidiaries
Operating revenue
Sales	2,089	0
Operating costs
Cost of goods and services sold	(1,969)	0
Construction services | Reporting Entities | Non-Guarantor Subsidiaries
Operating revenue
Sales	0	0
Operating costs
Cost of goods and services sold	0	0
Construction services | Reporting Entities | Parent
Operating costs
Cost of goods and services sold		0
Construction services | Reporting Entities | Subsidiary Issuer [Member]
Operating costs
Cost of goods and services sold		(983)
Construction services | Reporting Entities | Delaware Lyon
Operating revenue
Sales	0	0
Operating costs
Cost of goods and services sold	0
Construction services | Reporting Entities | California Lyon
Operating revenue
Sales	0	983
Operating costs
Cost of goods and services sold	0
Construction services | Consolidation, Eliminations
Operating revenue
Sales	0	0
Operating costs
Cost of goods and services sold	0	0
Management fees
Operating revenue
Sales	0	0
Management fees | Reporting Entities | Guarantor Subsidiaries
Operating revenue
Sales	0	0
Management fees | Reporting Entities | Non-Guarantor Subsidiaries
Operating revenue
Sales	0	0
Management fees | Reporting Entities | Delaware Lyon
Operating revenue
Sales	0	0
Management fees | Reporting Entities | California Lyon
Operating revenue
Sales	(1,857)	(1,750)
Management fees | Consolidation, Eliminations
Operating revenue
Sales	$ 1,857	$ 1,750

Senior Notes, Secured, and U_15

Senior Notes, Secured, and Unsecured Indebtedness - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net cash provided by (used in) operating activities	$ (31,027)	$ 98,028
Investing activities
Cash paid for acquisitions, net of cash acquired	0	(475,221)
Sales (purchases) of property and equipment	1,404	(2,442)
Investments in subsidiaries	0
Net cash provided by (used in) investing activities	1,404	(477,663)
Financing activities
Proceeds from borrowings on notes payable	30,111	20,194
Repayments of Notes Payable	(37,899)	(29,179)
Proceeds from borrowings on revolver	190,000	110,000
Payments on revolver	(125,000)	(25,000)
Payment of deferred loan costs	(43)	(5,877)
Shares remitted to, or withheld by the Company for employee tax withholding	(2,356)	(4,696)
Cash contributions from members of consolidated entities	1,389	4,062
Cash distributions to members of consolidated entities	(11,058)	(17,106)
Advances to affiliates	0	0
Intercompany receivables/payables	0	0
Payments to repurchase common stock	0	(5,000)
Net cash provided by financing activities	41,553	247,398
Net increase (decrease) in cash and cash equivalents	11,930	(132,237)
Cash and cash equivalents — beginning of period	33,779	182,710
Cash and cash equivalents — end of period	45,709	50,473
5 3/4% Senior Notes due April 15, 2019
Financing activities
Repayments of Senior Debt	0	(150,000)
6% Senior Notes due September 1, 2023
Financing activities
Proceeds from issuance of senior notes	0	350,000
8 1/2% Senior Notes due November 15, 2020
Financing activities
Proceeds from issuance of senior notes		350,000
5 7/8% Senior Notes due January 31, 2025
Financing activities
Repayments of Senior Debt	(3,591)	0
Payments on revolver		(25,000)
Reporting Entities | Guarantor Subsidiaries
Operating activities
Net cash provided by (used in) operating activities	4,229	146,012
Investing activities
Cash paid for acquisitions, net of cash acquired		(475,221)
Sales (purchases) of property and equipment	1,404	(1,391)
Investments in subsidiaries	(18,077)	343,067
Net cash provided by (used in) investing activities	(16,673)	(133,545)
Financing activities
Proceeds from borrowings on notes payable	0	0
Repayments of Notes Payable	(27)	(14)
Proceeds from borrowings on revolver	0	0
Payments on revolver	0
Payment of deferred loan costs	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0
Cash contributions from members of consolidated entities	0	0
Cash distributions to members of consolidated entities	0	0
Advances to affiliates	20,448	6,240
Intercompany receivables/payables	(8,950)	(15,273)
Payments to repurchase common stock		0
Net cash provided by financing activities	11,471	(9,047)
Net increase (decrease) in cash and cash equivalents	(973)	3,420
Cash and cash equivalents — beginning of period	2,888	156
Cash and cash equivalents — end of period	1,915	3,576
Reporting Entities | Guarantor Subsidiaries | 5 3/4% Senior Notes due April 15, 2019
Financing activities
Repayments of Senior Debt		0
Reporting Entities | Guarantor Subsidiaries | 8 1/2% Senior Notes due November 15, 2020
Financing activities
Proceeds from issuance of senior notes		0
Reporting Entities | Guarantor Subsidiaries | 5 7/8% Senior Notes due January 31, 2025
Financing activities
Repayments of Senior Debt	0
Payments on revolver		0
Reporting Entities | Non-Guarantor Subsidiaries
Operating activities
Net cash provided by (used in) operating activities	3,826	12,571
Investing activities
Cash paid for acquisitions, net of cash acquired		0
Sales (purchases) of property and equipment	0	12
Investments in subsidiaries	0	0
Net cash provided by (used in) investing activities	0	12
Financing activities
Proceeds from borrowings on notes payable	30,111	20,194
Repayments of Notes Payable	(37,872)	(29,165)
Proceeds from borrowings on revolver	0	0
Payments on revolver	0
Payment of deferred loan costs	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0
Cash contributions from members of consolidated entities	1,389	4,062
Cash distributions to members of consolidated entities	(11,058)	(17,106)
Advances to affiliates	3,800	(2,864)
Intercompany receivables/payables	10,215	8,576
Payments to repurchase common stock		0
Net cash provided by financing activities	(3,415)	(16,303)
Net increase (decrease) in cash and cash equivalents	411	(3,720)
Cash and cash equivalents — beginning of period	9,441	11,120
Cash and cash equivalents — end of period	9,852	7,400
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 | 8 1/2% Senior Notes due November 15, 2020
Financing activities
Proceeds from issuance of senior notes		0
Reporting Entities | Non-Guarantor Subsidiaries | 5 7/8% Senior Notes due January 31, 2025
Financing activities
Repayments of Senior Debt	0
Payments on revolver		0
Reporting Entities | Parent
Investing activities
Cash paid for acquisitions, net of cash acquired		0
Financing activities
Proceeds from borrowings on notes payable		0
Shares remitted to, or withheld by the Company for employee tax withholding		0
Reporting Entities | Subsidiary Issuer [Member]
Investing activities
Cash paid for acquisitions, net of cash acquired		0
Financing activities
Proceeds from borrowings on notes payable		0
Shares remitted to, or withheld by the Company for employee tax withholding		(4,696)
Reporting Entities | Delaware Lyon
Operating activities
Net cash provided by (used in) operating activities	(409)	6,515
Investing activities
Sales (purchases) of property and equipment	0	0
Investments in subsidiaries	0	0
Net cash provided by (used in) investing activities	0	0
Financing activities
Proceeds from borrowings on notes payable	0
Repayments of Notes Payable	0	0
Proceeds from borrowings on revolver	0	0
Payments on revolver	0
Payment of deferred loan costs	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	0
Cash contributions from members of consolidated entities	0	0
Cash distributions to members of consolidated entities	0	0
Advances to affiliates	0	0
Intercompany receivables/payables	409	(6,515)
Payments to repurchase common stock		0
Net cash provided by financing activities	409	(6,515)
Net increase (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 | 8 1/2% Senior Notes due November 15, 2020
Financing activities
Proceeds from issuance of senior notes		0
Reporting Entities | Delaware Lyon | 5 7/8% Senior Notes due January 31, 2025
Financing activities
Repayments of Senior Debt	0
Payments on revolver		0
Reporting Entities | California Lyon
Operating activities
Net cash provided by (used in) operating activities	(37,671)	(60,555)
Investing activities
Sales (purchases) of property and equipment	0	(1,063)
Investments in subsidiaries	(1,851)	9,624
Net cash provided by (used in) investing activities	(1,851)	8,561
Financing activities
Proceeds from borrowings on notes payable	0
Repayments of Notes Payable	0	0
Proceeds from borrowings on revolver	190,000	110,000
Payments on revolver	(125,000)
Payment of deferred loan costs	(43)	(5,877)
Shares remitted to, or withheld by the Company for employee tax withholding	(2,356)
Cash contributions from members of consolidated entities	0	0
Cash distributions to members of consolidated entities	0	0
Advances to affiliates	0	0
Intercompany receivables/payables	(6,996)	(349,370)
Payments to repurchase common stock		(5,000)
Net cash provided by financing activities	52,014	(79,943)
Net increase (decrease) in cash and cash equivalents	12,492	(131,937)
Cash and cash equivalents — beginning of period	21,450	171,434
Cash and cash equivalents — end of period	33,942	39,497
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 | 8 1/2% Senior Notes due November 15, 2020
Financing activities
Proceeds from issuance of senior notes		350,000
Reporting Entities | California Lyon | 5 7/8% Senior Notes due January 31, 2025
Financing activities
Repayments of Senior Debt	(3,591)
Payments on revolver		(25,000)
Consolidation, Eliminations
Operating activities
Net cash provided by (used in) operating activities	(1,002)	(6,515)
Investing activities
Cash paid for acquisitions, net of cash acquired		0
Sales (purchases) of property and equipment	0	0
Investments in subsidiaries	19,928	(352,691)
Net cash provided by (used in) investing activities	19,928	(352,691)
Financing activities
Proceeds from borrowings on notes payable	0	0
Repayments of Notes Payable	0	0
Proceeds from borrowings on revolver	0	0
Payments on revolver	0
Payment of deferred loan costs	0	0
Shares remitted to, or withheld by the Company for employee tax withholding	0	0
Cash contributions from members of consolidated entities	0	0
Cash distributions to members of consolidated entities	0	0
Advances to affiliates	(24,248)	(3,376)
Intercompany receivables/payables	5,322	362,582
Payments to repurchase common stock		0
Net cash provided by financing activities	(18,926)	359,206
Net increase (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 | 8 1/2% Senior Notes due November 15, 2020
Financing activities
Proceeds from issuance of senior notes		0
Consolidation, Eliminations | 5 7/8% Senior Notes due January 31, 2025
Financing activities
Repayments of Senior Debt	$ 0
Payments on revolver		$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Financial liabilities:
Notes payable, fair value	$ 255,231	$ 198,019
5 3/4% Senior Notes due April 15, 2019
Financial liabilities:
Stated interest rate	5.75%	5.75%
7% Senior Notes due August 15, 2022
Financial liabilities:
Long-term debt, fair value	$ 351,330	$ 350,000
Stated interest rate	7.00%	7.00%
6% Senior Notes due September 1, 2023
Financial liabilities:
Long-term debt, fair value	$ 337,750	$ 315,000
Stated interest rate	6.00%
5 7/8% Senior Notes due January 31, 2025
Financial liabilities:
Long-term debt, fair value	$ 411,241	$ 378,611
Stated interest rate	5.875%	5.875%
Carrying Amount
Financial liabilities:
Notes payable, fair value	$ 255,231	$ 198,019
Carrying Amount | 7% Senior Notes due August 15, 2022
Financial liabilities:
Long-term debt, fair value	347,639	347,456
Carrying Amount | 6% Senior Notes due September 1, 2023
Financial liabilities:
Long-term debt, fair value	344,206	343,878
Carrying Amount | 5 7/8% Senior Notes due January 31, 2025
Financial liabilities:
Long-term debt, fair value	$ 428,430	$ 431,992

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - 6% Senior Notes due September 1, 2023 - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Mar. 09, 2018	Mar. 08, 2018
Related Party Transaction [Line Items]
Stated interest rate	6.00%
Senior notes
Related Party Transaction [Line Items]
Stated interest rate	6.00%	6.00%	6.00%	6.00%
Outstanding amount		$ 350

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Taxes [Line Items]
Effective income tax rate	24.40%	18.30%
Valuation allowance	$ 0
Testing period	5 years
AMT credit carryovers	$ 1,400,000
Unrecognized tax benefits	0
Federal
Income Taxes [Line Items]
Operating loss carryforwards	0
Unused built-in losses	44,900,000
State
Income Taxes [Line Items]
Operating loss carryforwards	46,400,000
Unused built-in losses	$ 7,500,000

Income Per Common Share - Sched

Income Per Common Share - Schedule of Basic and Diluted Income Per Common Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average number of common shares outstanding (in shares)	37,610,766	37,931,256
Effect of dilutive securities:
Diluted average shares outstanding (in shares)	38,755,113	39,855,683
Net income available to common stockholders	$ 8,119	$ 8,328
Basic income per common share (in USD per share)	$ 0.22	$ 0.22
Dilutive income per common share (in USD per share)	$ 0.21	$ 0.21
Stock Options, Unvested Common Shares, and Warrants
Effect of dilutive securities:
Stock options, unvested common shares, and warrants (in shares)	1,144,347	1,924,427
Unvested Stock Options
Antidilutive securities not included in the calculation of diluted income per common share (weighted average):
Antidilutive securities (in shares)	0	0

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost	$ 2
Stock based compensation expense	2,765,000	$ 3,181,000
Allocated Share-based Compensation Expense	$ 0
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	550,829
Restricted stock | Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	46,993
Performance Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	490,227
Performance Stock Unit [Member] | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	400,460
Performance Stock Unit With Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	1
One Year Vesting Restricted Stock [Member] | Other Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock (in shares)	134,650
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%
Two 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)	89,767
Two 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	50.00%
Two 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	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)	285,030
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] | 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)	84,156
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] | 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%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Loss Contingency, Inestimable Loss	0
Outstanding performance and surety bonds	$ 341.4
Non-refundable deposits	143.7
Remaining purchase price of land	744.2
Project construction commitment
Loss Contingencies [Line Items]
Other commitment	291.3
Accrued Expenses
Loss Contingencies [Line Items]
Lease liability	$ 14.2	$ 14.6

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lease cost
Operating lease cost	$ 1,444	$ 2,009
Sublease income	0	(29)
Total lease cost	1,444	1,980
Operating cash flows	1,223	1,767
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 78	$ 1,696
Weighted-average discount rate	7.30%	6.40%

Commitments and Contingencies_3

Commitments and Contingencies - Weighted Average Remaining Lease Term (Details)	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term (in years)	4 years 7 months 9 days	4 years 2 months 23 days

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2019USD ($)
Future Minimum Payments Under Non-cancelable Operating Leases
Remaining in 2019	$ 5,003
2019	5,126
2020	4,879
2021	3,553
2022	2,423
Thereafter	1,987
Total	$ 22,971

Commitments and Contingencies_5

Commitments and Contingencies - Land Banking Arrangements (Details)	3 Months Ended
	Mar. 31, 2019USD ($)Projectlot	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Real estate inventories not owned	$ 294,085,000	$ 315,576,000
Liabilities from inventories not owned	294,085,000	$ 315,576,000
Land, Banking Arrangement
Property, Plant and Equipment [Line Items]
Real estate inventories not owned	294,085,000
Liabilities from inventories not owned	$ 209,800,000
Total number of land banking arrangements consolidated | Project	3
Total number of lots | lot	5,184,000
Total purchase price	$ 452,967,000
Balance of lots still under option and not purchased, number of lots | lot	4,002,000
Forfeited deposits if lots are not purchased	$ 76,812
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%