Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document Information [Line Items] | ' |
Document Type | 'S-4 |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Trading Symbol | 'WLH |
Entity Registrant Name | 'WILLIAM LYON HOMES |
Entity Central Index Key | '0001095996 |
Entity Filer Category | 'Non-accelerated Filer |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | |||
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | ||||
Scenario, Previously Reported [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class C [Member] | Common stock, Class C [Member] | Common stock, Class D [Member] | Common stock, Class D [Member] | Preferred stock [Member] | Preferred stock [Member] | Senior Secured Term Loan Due 2015 | 8 1/2% Senior Notes due November 15, 2020 [Member] | 8 1/2% Senior Notes due November 15, 2020 [Member] | 8 1/2% Senior Notes due November 15, 2020 [Member] | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | Common stock, Class A [Member] | Common stock, Class B [Member] | Common stock, Class C [Member] | Common stock, Class D [Member] | Senior Secured Term Loan Due 2015 | 8 1/2% Senior Notes due November 15, 2020 [Member] | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | |||||||
Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Liabilities not subject to compromise | Liabilities not subject to compromise | Liabilities subject to compromise | Liabilities subject to compromise | Liabilities subject to compromise | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Liabilities not subject to compromise | Liabilities not subject to compromise | Liabilities subject to compromise | Liabilities subject to compromise | Liabilities subject to compromise | ||||||||||||||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash and cash equivalents | $81,922,000 | $71,075,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,061,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restricted cash | 853,000 | 853,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 852,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Receivables | 21,655,000 | 14,789,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,732,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Real estate inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Owned | 640,162,000 | 421,630,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 398,534,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Not owned | 20,738,000 | [1] | 39,029,000 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,408,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred loan costs, net | 8,088,000 | 7,036,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,810,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Goodwill | 14,209,000 | 14,209,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Intangibles, net of accumulated amortization | 3,446,000 | 4,620,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other assets, net | 7,880,000 | 7,906,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,554,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total assets | 798,953,000 | 581,147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 496,951,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
LIABILITIES AND EQUITY (DEFICIT) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accounts payable | 19,400,000 | 18,735,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accrued expenses | 60,391,000 | 41,770,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Liabilities from inventories not owned | 20,738,000 | 39,029,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Notes payable | 35,471,000 | 13,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,009,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Liabilities | 461,000,000 | 437,782,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 666,821,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Commitments and contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Redeemable convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Redeemable convertible preferred stock | ' | 71,246,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity (deficit): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock | ' | ' | ' | 276,000 | 85,000 | 701,000 | 38,000 | 38,000 | 315,000 | 20,000 | 160,000 | 3,000 | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Additional paid-in capital | 310,376,000 | 74,168,000 | 73,113,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,867,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated deficit | -722,000 | -11,602,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -228,383,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total William Lyon Homes stockholders' equity | 309,968,000 | 62,712,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -179,516,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Noncontrolling interest | 27,985,000 | 9,407,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,646,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total equity | 337,953,000 | 72,119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -169,870,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total liabilities and equity | 798,953,000 | 581,147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 496,951,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Secured debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206,000,000 | ' | ' | ' | ' | |||
Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $325,000,000 | $325,000,000 | $325,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $66,704,000 | $138,912,000 | $77,867,000 | |||
[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. Amounts are net of deposits. | ||||||||||||||||||||||||||||||||||
[2] | Represents the consolidation of a land banking arrangement which does not obligate the Company to purchase the lots, however, based on certain factors, the Company has determined it is economically compelled to purchase the lots in the land banking arrangement, which has been consolidated. Amounts are net of deposits. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] |
Scenario, Previously Reported [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class C [Member] | Common stock, Class C [Member] | Common stock, Class C [Member] | Common stock, Class D [Member] | Common stock, Class D [Member] | Common stock, Class D [Member] | Preferred stock [Member] | Preferred stock [Member] | ||||
Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | |||||||||||||||
Intangibles, accumulated amortization | $6,930 | $5,757 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable convertible preferred stock, par value | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable convertible preferred stock, shares authorized | 0 | 9,696,970 | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable convertible preferred stock, shares issued | 0 | 9,334,030 | 77,005,744 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable convertible preferred stock, shares outstanding | 0 | 9,334,030 | 77,005,744 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' |
Preferred stock, shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 10,000,000 | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Preferred stock, shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Common stock, par value | ' | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | ' | ' | $0.01 |
Common stock, shares authorized | ' | ' | ' | 150,000,000 | 41,212,121 | 340,000,000 | 30,000,000 | 6,060,606 | 50,000,000 | 0 | 14,545,455 | 120,000,000 | 0 | 3,636,364 | 30,000,000 | ' | ' | 3,000 |
Common stock, shares issued | ' | ' | ' | 27,626,840 | 8,499,558 | 70,121,378 | 3,813,884 | 3,813,884 | 31,464,548 | 0 | 1,941,859 | 16,020,338 | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | ' | ' | 27,626,840 | 8,499,558 | 70,121,378 | 3,813,884 | 3,813,884 | 31,464,548 | 0 | 1,941,859 | 16,020,338 | 0 | 302,945 | 2,499,293 | ' | ' | 1,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 2 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Operating revenue | ' | ' | ' | ' | ' | ' | ' | ' |
Home sales | $141,352 | $76,617 | $145,977 | $338,434 | $244,610 | $16,687 | $207,055 | $266,865 |
Lots, land and other sales | ' | 9,325 | 100,125 | 3,248 | 104,325 | ' | ' | 17,204 |
Construction services | 9,478 | 7,045 | 16,473 | 21,439 | 23,825 | 8,883 | 19,768 | 10,629 |
Revenues | 150,830 | 92,987 | 262,575 | 363,121 | 372,760 | 25,570 | 226,823 | 294,698 |
Operating costs | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales - homes | -107,957 | -63,012 | -122,155 | -267,932 | -203,203 | -14,598 | -184,489 | -225,751 |
Cost of sales - lots, land and other | ' | -7,783 | -92,975 | -2,838 | -94,786 | ' | -4,234 | -20,426 |
Impairment loss on real estate assets | ' | ' | ' | ' | ' | ' | -128,314 | -111,860 |
Construction services | -8,135 | -6,410 | -15,061 | -17,472 | -21,416 | -8,223 | -18,164 | -7,805 |
Sales and marketing | -6,679 | -4,172 | -8,835 | -17,482 | -13,928 | -1,944 | -16,848 | -19,746 |
General and administrative | -10,200 | -5,440 | -13,925 | -28,016 | -26,095 | -3,302 | -22,411 | -25,129 |
Amortization of intangible assets | -191 | -1,640 | -5,034 | -1,173 | -5,757 | ' | ' | ' |
Other | -695 | -945 | -2,402 | -1,746 | -2,909 | -187 | -3,983 | -2,740 |
Operating expenses | -133,857 | -89,402 | -260,387 | -336,659 | -368,094 | -28,254 | -378,443 | -413,457 |
Equity in income of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | 3,605 | 916 |
Operating (loss) income | 16,973 | 3,585 | 2,188 | 26,462 | 4,666 | -2,684 | -148,015 | -117,843 |
(Loss) gain on extinguishment of debt | ' | ' | 975 | ' | -1,392 | ' | ' | 5,572 |
Interest expense, net of amounts capitalized | -51 | -2,491 | -7,327 | -2,602 | -9,127 | -2,507 | -24,529 | -23,653 |
Other income, net | 114 | 95 | 1,471 | 257 | 1,528 | 230 | 838 | 57 |
Income (loss) before reorganization items | 17,036 | 1,189 | -3,668 | 24,117 | -4,325 | -4,961 | -171,706 | -135,867 |
Reorganization items, net | ' | -712 | -1,894 | -464 | -2,525 | 233,458 | -21,182 | ' |
(Loss) income before (provision) benefit from income taxes | 17,036 | 477 | -5,562 | 23,653 | -6,850 | 228,497 | -192,888 | -135,867 |
(Provision) benefit from income taxes | -6,356 | -11 | -11 | -6,366 | -11 | 0 | -10 | 412 |
Net (loss) income | 10,680 | 466 | -5,573 | 17,287 | -6,861 | 228,497 | -192,898 | -135,455 |
Less: Net income attributable to noncontrolling interest | -3,118 | -1,218 | -2,038 | -4,879 | -1,998 | -114 | -432 | -1,331 |
Net (loss) income attributable to William Lyon Homes | 7,562 | -752 | -7,611 | 12,408 | -8,859 | 228,383 | -193,330 | -136,786 |
Preferred stock dividends | 0 | -755 | -1,798 | -1,528 | -2,743 | ' | ' | ' |
Net (loss) income available to common stockholders | $7,562 | ($1,507) | ($9,409) | $10,880 | ($11,602) | $228,383 | ($193,330) | ($136,786) |
Income (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.24 | ($0.12) | ($0.80) | $0.48 | ' | $228,383 | ' | ' |
Diluted | $0.24 | ($0.12) | ($0.80) | $0.46 | ' | $228,383 | ' | ' |
(Loss) income per common share, basic and diluted | ' | ($0.01) | ' | ' | ($0.11) | $228,383 | ($193,330) | ($136,786) |
Weighted average common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 30,975,160 | 12,408,263 | 11,716,413 | 22,569,810 | 103,037,842 | 1,000 | 1,000 | 1,000 |
Diluted | 31,895,814 | 12,408,263 | 11,716,413 | 23,446,954 | 103,037,842 | 1,000 | 1,000 | 1,000 |
Weighted average common shares outstanding, basic and diluted | ' | ' | ' | ' | 103,037,842 | 1,000 | 1,000 | 1,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Equity (USD $) | Total | Predecessor [Member] | Predecessor Before Adjustments [Member] | Successor [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member] | Non-Controlling Interest [Member] | Non-Controlling Interest [Member] | Non-Controlling Interest [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | Predecessor [Member] | Predecessor Before Adjustments [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor Before Adjustments [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Predecessor Before Adjustments [Member] | Successor [Member] | |
USD ($) | USD ($) | Scenario, Previously Reported [Member] | USD ($) | USD ($) | USD ($) | Scenario, Previously Reported [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||
USD ($) | USD ($) | ||||||||||||||||
Balance at Dec. 31, 2009 | ' | $158,199 | ' | ' | ' | ' | ' | ' | $48,867 | ' | ' | ' | $101,733 | ' | $7,599 | ' | ' |
Balance Shares at Dec. 31, 2009 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | -135,455 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -136,786 | ' | 1,331 | ' | ' |
Cash contributions by members of consolidated entities | ' | 6,546 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,546 | ' | ' |
Cash distributions to members of consolidated entities | ' | -3,913 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,913 | ' | ' |
Balance at Dec. 31, 2010 | ' | 25,377 | ' | ' | ' | ' | ' | ' | 48,867 | ' | ' | ' | -35,053 | ' | 11,563 | ' | ' |
Balance Shares at Dec. 31, 2010 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | -11,177 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2010 | ' | 25,377 | ' | ' | ' | ' | ' | ' | 48,867 | ' | ' | ' | -35,053 | ' | 11,563 | ' | ' |
Balance Shares at Dec. 31, 2010 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | -192,898 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -193,330 | ' | 432 | ' | ' |
Cash contributions by members of consolidated entities | ' | 6,605 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,605 | ' | ' |
Cash distributions to members of consolidated entities | ' | -8,954 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,954 | ' | ' |
Balance at Dec. 31, 2011 | ' | -169,870 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -228,383 | ' | 9,646 | ' | ' |
Balance at Sep. 30, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | -130,926 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | ' | -169,870 | ' | ' | ' | ' | ' | ' | 48,867 | ' | ' | ' | -228,383 | ' | 9,646 | ' | ' |
Balance Shares at Dec. 31, 2011 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | 228,497 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,201 | ' | 114 | ' | ' |
Cash contributions by members of consolidated entities | ' | 1,825 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,825 | ' | ' |
Cash distributions to members of consolidated entities | ' | -1,897 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,897 | ' | ' |
Issuance of common stock | ' | ' | 44,115 | ' | ' | 924 | ' | ' | ' | 43,191 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock Shares | ' | ' | ' | ' | ' | 92,368 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of predecessor common stock | ' | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan of reorganization and fresh start valuation adjustments | ' | 185,129 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 186,717 | ' | -1,588 | ' | ' |
Elimination of predecessor accumulated deficit | ' | ' | ' | ' | ' | ' | ' | ' | -48,867 | ' | ' | ' | 48,867 | ' | ' | ' | ' |
Balance at Feb. 24, 2012 | ' | -177,029 | 8,100 | 52,215 | ' | ' | ' | ' | 48,867 | ' | ' | ' | -235,584 | ' | 9,688 | 8,100 | ' |
Balance Shares at Feb. 24, 2012 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | -4,982 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Feb. 24, 2012 | ' | ' | ' | 52,215 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,100 | ' |
Net (loss) income | ' | ' | ' | -5,573 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | ' | ' | ' | -1,798 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Feb. 24, 2012 | ' | ' | ' | 52,215 | ' | ' | 924 | ' | ' | ' | 43,191 | ' | ' | ' | ' | 8,100 | 8,100 |
Balance Shares at Feb. 24, 2012 | ' | ' | ' | ' | ' | ' | 92,368 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | -6,861 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,859 | ' | ' | 1,998 |
Cash contributions by members of consolidated entities | ' | ' | ' | 15,313 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,313 |
Cash distributions to members of consolidated entities | ' | ' | ' | -16,004 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,004 |
Issuance of common stock | ' | ' | ' | 26,500 | ' | ' | 252 | ' | ' | ' | 26,248 | ' | ' | ' | ' | ' | ' |
Issuance of common stock Shares | ' | ' | ' | ' | ' | ' | 25,239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | -25 | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock Shares | ' | ' | ' | ' | ' | ' | 2,499 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | ' | ' | ' | 3,699 | ' | ' | ' | ' | ' | ' | 3,699 | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | ' | ' | ' | -2,743 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,743 | ' | ' | ' |
Balance at Dec. 31, 2012 | ' | ' | ' | 72,119 | ' | ' | 146 | 1,201 | ' | ' | 74,168 | 73,113 | ' | -11,602 | ' | ' | 9,407 |
Balance Shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | 14,558 | 120,106 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | -1,288 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | ' | ' | ' | 72,119 | ' | ' | 146 | 1,201 | ' | ' | 74,168 | 73,113 | ' | -11,602 | ' | ' | 9,407 |
Balance Shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | 14,558 | 120,106 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | 17,287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,408 | ' | ' | 4,879 |
Cash contributions by members of consolidated entities | ' | ' | ' | 35,399 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,399 |
Cash distributions to members of consolidated entities | ' | ' | ' | -21,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21,700 |
Conversion of redeemable convertible preferred stock to Class A common stock | ' | ' | ' | 70,386 | ' | ' | 93 | ' | ' | ' | 70,293 | ' | ' | ' | ' | ' | ' |
Conversion of redeemable convertible preferred stock to Class A common stock, shares | ' | ' | ' | ' | ' | ' | 9,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of offering costs | ' | ' | ' | 163,783 | ' | ' | 72 | ' | ' | ' | 163,711 | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of offering costs, Shares | ' | ' | ' | ' | ' | ' | 7,178 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | -3 | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock Shares | 80,284 | ' | ' | ' | ' | ' | 371 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | ' | ' | ' | 2,207 | ' | ' | ' | ' | ' | ' | 2,207 | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | ' | ' | ' | -1,528 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,528 | ' | ' | ' |
Balance at Sep. 30, 2013 | ' | ' | ' | 337,953 | ' | ' | 314 | ' | ' | ' | 310,376 | ' | ' | -722 | ' | ' | 27,985 |
Balance Shares at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | 31,441 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | 10,680 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock Shares | 3,996 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | ' | ' | ' | $337,953 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condense_Consolidated_Statemen
Condense Consolidated Statements Of Cash Flows (USD $) | 7 Months Ended | 9 Months Ended | 10 Months Ended | 2 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 |
Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Real estate inventories - Owned | Real estate inventories - Owned | |||||||
Operating activities | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ($5,573) | $17,287 | ($6,861) | $228,497 | ($192,898) | ($135,455) | ' | ' |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | 5,640 | 2,184 | 6,631 | 586 | 3,875 | 3,718 | ' | ' |
Impairment loss on real estate assets | ' | ' | ' | ' | 128,314 | 111,860 | ' | ' |
Stock based compensation expense | ' | 2,207 | 3,699 | ' | ' | ' | ' | ' |
Equity in income of unconsolidated joint ventures | ' | ' | ' | ' | -3,605 | -916 | ' | ' |
Loss on sale of property and equipment | ' | 4 | ' | ' | ' | ' | ' | ' |
Loss on sale of fixed asset | ' | ' | ' | ' | 83 | 122 | ' | ' |
Reorganization items: | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of debt | ' | ' | ' | -298,831 | ' | ' | ' | ' |
Plan implementation and fresh start adjustments | ' | ' | ' | 49,302 | ' | ' | ' | ' |
Write off of deferred loan costs | ' | ' | ' | 8,258 | ' | ' | ' | ' |
Accrued professional fees | ' | ' | ' | ' | 1,000 | ' | ' | ' |
Loss (gain) on extinguishment of debt | ' | ' | 1,104 | ' | ' | -5,572 | ' | ' |
Loss (gain) on extinguishment of debt | -975 | ' | 1,392 | ' | ' | -5,572 | ' | ' |
Net changes in operating assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | -35 | ' | -1 | ' | -211 | 3,711 | ' | ' |
Receivables | -1,514 | -6,866 | -2,924 | 941 | 4,767 | -2,205 | ' | ' |
Income tax refunds receivable | ' | ' | ' | ' | ' | 107,401 | ' | ' |
Real estate inventories | ' | ' | ' | ' | ' | ' | 18,151 | -66,317 |
Other assets | 616 | 3,110 | 605 | 206 | -4,422 | 15,898 | ' | ' |
Accounts payable | 1,487 | 665 | 7,706 | 4,618 | -1,522 | -4,142 | ' | ' |
Accrued expenses | 6,526 | 18,784 | 9,778 | -3,851 | 7,817 | -3,984 | ' | ' |
Liabilities from real estate inventories not owned | -1,250 | -18,291 | -7,129 | -1,250 | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | 55,989 | -164,919 | 49,993 | -17,321 | -38,651 | 24,119 | ' | ' |
Investing activities | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in and advances to unconsolidated joint ventures | ' | ' | ' | ' | ' | -194 | ' | ' |
Distributions from unconsolidated joint ventures | ' | ' | ' | ' | 1,435 | 4,183 | ' | ' |
Cash paid for acquisitions, net | ' | ' | -33,201 | ' | ' | ' | ' | ' |
Purchases of property and equipment | -53 | -3,359 | -312 | 0 | -128 | -64 | ' | ' |
Net cash (used in) provided by investing activities | -53 | -3,359 | -33,513 | 0 | 1,307 | 3,925 | ' | ' |
Financing activities | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings on notes payable | ' | 51,444 | 13,248 | ' | ' | 7,087 | ' | ' |
Proceeds from issuance of 8 1/2% Senior Notes | ' | ' | 325,000 | ' | ' | ' | ' | ' |
Principal payments on notes payable | -62,557 | -45,459 | -73,676 | -616 | -11,532 | -52,797 | ' | ' |
Principal payments on Senior Secured Term Loan | ' | ' | -235,000 | ' | ' | ' | ' | ' |
Principal payments on Senior Subordinated Secured Notes | ' | ' | -75,916 | ' | ' | ' | ' | ' |
Proceeds from reorganization | ' | ' | ' | 30,971 | ' | ' | ' | ' |
Proceeds from issuance of convertible preferred stock | ' | ' | 14,000 | 50,000 | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | 179,438 | 16,000 | ' | ' | ' | ' | ' |
Proceeds from debtor in possession financing | ' | ' | ' | 5,000 | ' | ' | ' | ' |
Principal payment of debtor in possession financing | ' | ' | ' | -5,000 | ' | ' | ' | ' |
Payment of deferred loan costs | ' | -1,792 | -7,181 | -2,491 | ' | ' | ' | ' |
Net cash paid for repurchase of Senior Notes | ' | ' | ' | ' | ' | -31,268 | ' | ' |
Offering costs related to issuance of common stock | ' | -15,655 | ' | ' | ' | ' | ' | ' |
Payment of preferred stock dividends | -1,114 | -2,550 | -1,721 | ' | ' | ' | ' | ' |
Noncontrolling interest contributions | 17,021 | 35,399 | 15,313 | 1,825 | 6,605 | 6,546 | ' | ' |
Noncontrolling interest distributions | -15,373 | -21,700 | -16,004 | -1,897 | -8,954 | -3,913 | ' | ' |
Net cash (used in) provided by financing activities | -62,023 | 179,125 | -25,937 | 77,792 | -13,881 | -74,345 | ' | ' |
Net (decrease) increase in cash and cash equivalents | -6,087 | 10,847 | -9,457 | 60,471 | -51,225 | -46,301 | ' | ' |
Cash and cash equivalents - beginning of period | 80,532 | 71,075 | 80,532 | 20,061 | 71,286 | 117,587 | ' | ' |
Cash and cash equivalents - end of period | 74,445 | 81,922 | 71,075 | 80,532 | 20,061 | 71,286 | ' | ' |
Supplemental disclosures: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for professional fees relating to the reorganization | ' | ' | 3,228 | 7,813 | 20,182 | ' | ' | ' |
Supplemental disclosures of non-cash investing and financing activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of convertible preferred stock to common stock | ' | 70,386 | ' | ' | ' | ' | ' | ' |
Issuance of common stock related to land acquisition | 10,500 | ' | 10,500 | ' | ' | ' | ' | ' |
Land contributed in lieu of cash for common stock | ' | ' | ' | 4,029 | ' | ' | ' | ' |
Distributions of real estate from unconsolidated joint ventures | ' | ' | ' | ' | 800 | ' | ' | ' |
Accretion of payable in kind dividends on convertible preferred stock | ' | ' | 860 | ' | ' | ' | ' | ' |
Preferred stock dividends, accrued | 684 | ' | 162 | ' | ' | ' | ' | ' |
Net change in real estate inventories-not owned and liabilities from inventories not owned | ' | ' | ' | ' | 7,862 | 10,652 | ' | ' |
Issuance of note payable related to land acquisition | ' | 16,238 | ' | ' | 55,000 | ' | ' | ' |
Accrued purchases of property, plant and equipment | ' | 142 | ' | ' | ' | ' | ' | ' |
Accretion of Senior Subordinated Secured Notes for payable in kind interest | $916 | ' | ' | ' | ' | ' | ' | ' |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Basis of Presentation and Significant Accounting Policies | ' | ||||||||||||||||
Note 1—Basis of Presentation and Significant Accounting Policies | |||||||||||||||||
Operations | |||||||||||||||||
William Lyon Homes, a Delaware corporation (“Parent” and together with its subsidiaries, the “Company”), are primarily engaged in designing, constructing and selling single family detached and attached homes in California, Arizona, Nevada and Colorado (under the Village Homes brand). | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
We applied the accounting under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 852 (“ASC 852”), “Reorganizations,” as of February 24, 2012 (see Note 3). Therefore, our consolidated balance sheet as of December 31, 2012, which is referred to as that of the “Successor”, includes adjustments resulting from the reorganization and application of ASC 852 and is not comparable to our balance sheet as of December 31, 2011, which is referred to as that of the “Predecessor”. References to the “Successor” in the consolidated financial statements and the notes thereto refer to the Company after giving effect to the reorganization and application of ASC 852. References to the “Predecessor” refer to the Company prior to the reorganization and application of ASC 852. | |||||||||||||||||
The preparation of the Company’s financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities as of December 31, 2012 and 2011 and revenues and expenses for the period from January 1, 2012 through February 24, 2012, period from February 25, 2012 through December 31, 2012, and years ended December 31, 2011 and 2010. Accordingly, actual results could differ from those estimates. The significant accounting policies using estimates include real estate inventories and cost of sales, impairment of real estate inventories, warranty reserves, loss contingencies, sales and profit recognition, accounting for variable interest entities, and fresh start accounting. The current economic environment increases the uncertainty inherent in these estimates and assumptions. | |||||||||||||||||
The consolidated financial statements include the accounts of the Company and all majority-owned and controlled subsidiaries and joint ventures, and certain joint ventures and other entities which have been determined to be variable interest entities in which the Company is considered the primary beneficiary (see Note 5). The accounting policies of the joint ventures are substantially the same as those of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||
Real Estate Inventories | |||||||||||||||||
Real estate inventories are carried at cost net of impairment losses, if any. Real estate inventories consist primarily of land deposits, land and land under development, homes completed and under construction, and model homes. All direct and indirect land costs, offsite and onsite improvements and applicable interest and other carrying charges are capitalized to real estate projects during periods when the project is under development. Land, offsite costs and all other common costs are allocated to land parcels benefited based upon relative fair values before construction. Onsite construction costs and related carrying charges (principally interest and property taxes) are allocated to the individual homes within a phase based upon the relative sales value of the homes. The Company relieves its accumulated real estate inventories through cost of sales for the estimated cost of homes sold. Selling expenses and other marketing costs are expensed in the period incurred. 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 approximately one to one and one quarter percent of the sales price of its homes against the possibility of future charges relating to its one-year limited warranty and similar potential claims. Factors that affect the Company’s warranty liability include the number of homes under warranty, historical and anticipated rates of warranty claims, and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. Changes in the Company’s warranty liability for the period from February 25, 2012 through December 31, 2012, period from January 1, 2012 through February 24, 2012, and the year ended December 31, 2011and 2010 are as follows (in thousands): | |||||||||||||||||
Successor | Predecessor | ||||||||||||||||
Period from | Period from | Year Ended | |||||||||||||||
February 25 | January 1 | December 31, | |||||||||||||||
through | through | ||||||||||||||||
December 31, | February 24, | ||||||||||||||||
2012 | 2012 | 2011 | 2010 | ||||||||||||||
Warranty liability, beginning of period | $ | 14,000 | $ | 14,314 | $ | 16,341 | $ | 21,365 | |||||||||
Warranty provision during period | 2,731 | 187 | 2,380 | 2,574 | |||||||||||||
Warranty payments during period | (3,216 | ) | (845 | ) | (4,699 | ) | (8,277 | ) | |||||||||
Warranty charges related to pre-existing warranties during period | 802 | 199 | 292 | 679 | |||||||||||||
Fresh start adjustment | — | 145 | — | — | |||||||||||||
Warranty liability, end of period | $ | 14,317 | $ | 14,000 | $ | 14,314 | $ | 16,341 | |||||||||
Interest incurred under the Company’s debt obligations, as more fully discussed in Note 10, is capitalized to qualifying real estate projects under development. Any additional interest charges related to real estate projects not under development are expensed in the period incurred. Interest activity for the period from February 25, 2012 through December 31, 2012, period from January 1, 2012 through February 24, 2012, and the year ended December 31, 2011and 2010 are as follows (in thousands): | |||||||||||||||||
Successor | Predecessor | ||||||||||||||||
Period from | Period from | Year Ended | |||||||||||||||
February 25 | January 1 | December 31, | |||||||||||||||
through | through | ||||||||||||||||
December 31, | February 24, | ||||||||||||||||
2012 | 2012 | 2011 | 2010 | ||||||||||||||
Interest incurred | $ | 30,526 | $ | 7,145 | $ | 61,464 | $ | 62,791 | |||||||||
Less: Interest capitalized | (21,399 | ) | (4,638 | ) | (36,935 | ) | (39,138 | ) | |||||||||
Interest expense, net of amounts capitalized | $ | 9,127 | $ | 2,507 | $ | 24,529 | $ | 23,653 | |||||||||
Cash paid for interest | $ | 26,560 | $ | 8,924 | $ | 48,018 | $ | 59,748 | |||||||||
Construction Services | |||||||||||||||||
The Company accounts for construction management agreements using the Percentage of Completion Method in accordance with FASB ASC Topic 605 Revenue Recognition (“ASC 605”). Under ASC 605, the Company records revenues and expenses as a contracted project progresses, and based on the percentage of costs incurred to date compared to the total estimated costs of the contract. | |||||||||||||||||
The Company entered into construction management agreements to build, sell and market homes in certain communities. For such services, the Company will receive fees (generally 3 to 5 percent of the sales price, as defined) and may, under certain circumstances, receive additional compensation if certain financial thresholds are achieved. | |||||||||||||||||
Financial Instruments | |||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash investments, receivables, and deposits. The Company typically places its cash investments in investment grade short-term instruments. Deposits, included in other assets, are due from municipalities or utility companies and are generally collected from such entities through fees assessed to other developers. The Company is an issuer of, or subject to, financial instruments with off-balance sheet risk in the normal course of business which exposes it to credit risks. These financial instruments include letters of credit and obligations in connection with assessment district bonds. These off-balance sheet financial instruments are described in more detail in Note 19. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Short-term investments with a maturity of three months or less when purchased are considered cash equivalents. The Company’s cash and cash equivalents balance exceeds federally insurable limits as of December 31, 2012 and 2011. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; 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. | |||||||||||||||||
Restricted Cash | |||||||||||||||||
Restricted cash consists of deposits made by the Company to a bank account as collateral for the use of letters of credit to guarantee the Company’s financial obligations under certain other contractual arrangements in the normal course of business. | |||||||||||||||||
Deferred Loan Costs | |||||||||||||||||
Deferred loan costs represent debt issuance cost and are primarily amortized to interest expense 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 five reporting segments, as discussed in Note 6, and we will perform an annual goodwill impairment analysis during the fourth quarter of each fiscal year, with the first annual testing carried out in the fourth quarter of fiscal year 2012. | |||||||||||||||||
Intangible Assets | |||||||||||||||||
Recorded intangible assets primarily relate to construction management contracts, homes in backlog, and joint venture management fee contracts recorded in conjunction with ASC 852. Such assets 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. | |||||||||||||||||
Income (loss) per common share | |||||||||||||||||
The Company computes income (loss) per common share in accordance with FASB ASC Topic 260, Earnings per Share, which requires income (loss) 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 (loss) between the holders of common stock and a company’s participating security holders. | |||||||||||||||||
Basic income (loss) 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 (loss) per common share, basic income (loss) per common share is further adjusted to include the effect of potential dilutive common shares outstanding. | |||||||||||||||||
Income Taxes | |||||||||||||||||
Income taxes are accounted for under the provisions of Financial Accounting Standards Board ASC 740, Income Taxes, using an asset and liability approach. Deferred income taxes reflect the net effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and operating loss and tax credit carryforwards measured by applying currently enacted tax laws. A valuation allowance 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. The Company has taken positions in certain taxing jurisdictions for which it is more likely than not that previously unrecognized tax benefits will be recognized. 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 | |||||||||||||||||
In 2011, the FASB issued ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. This ASU represents the converged guidance of the FASB and the IASB (the Boards) on fair value measurement and results in common requirements for measuring fair value and for disclosing information about fair value measurements, including a consistent meaning of the term “fair value.” Our adoption of these new provisions of ASU 2011-04 on January 1, 2012 did not have an impact on our consolidated financial statements. | |||||||||||||||||
In 2012, the FASB issued ASU 2012-02, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. The amendments permit an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30. Previous guidance required an entity to test indefinite-lived intangible assets for impairment, on at least an annual basis, by comparing the fair value of the asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an entity should recognize an impairment loss in the amount of that excess. An entity has the option not to calculate annually the fair value of an indefinite-lived intangible asset if the entity determines that it is not more likely than not that the asset is impaired. For the year ended December 31, 2012, the Company did not elect to use qualitative assessment option permitted by this amendment; however, the Company anticipates using the qualitative assessment option in future periods. | |||||||||||||||||
Reclassifications | |||||||||||||||||
Certain balances on the financial statements and certain amounts presented in the notes have been reclassified in order to conform to current year presentation. |
Emergence_From_Chapter_11
Emergence From Chapter 11 | 12 Months Ended | |||
Dec. 31, 2012 | ||||
Emergence From Chapter 11 | ' | |||
Note 2—Emergence from Chapter 11 | ||||
On December 19, 2011, William Lyon Homes (the “Company”) and certain of its direct and indirect wholly-owned subsidiaries filed voluntary petitions, under chapter 11 of Title 11 of the United States Code, as amended (the “Chapter 11 Petitions”), in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) to seek approval of the Prepackaged Joint Plan of Reorganization (the “Plan”) of the Company and certain of its subsidiaries. The Chapter 11 Petitions were jointly administered under the caption In re William Lyon Homes, et al., Case No. 11-14019 (the “Chapter 11 Cases”). The sole purpose of the Chapter 11 Cases was to restructure the Company’s debt obligations and strengthen its balance sheet. | ||||
On February 10, 2012, the Bankruptcy Court confirmed the Plan. On February 24, 2012, the Company and its subsidiaries consummated the principal transactions contemplated by the Plan, including: | ||||
• | the issuance of 44,793,255 shares of the Company’s new Class A Common Stock, $0.01 par value per share (“Class A Common Stock”) and $75 million aggregate principal amount of 12% Senior Subordinated Secured Notes due 2017 (“Second Lien Notes”) issued by the Company’s wholly-owned subsidiary, William Lyon Homes, Inc. (“Borrower”) in exchange for the claims held by the holders of the formerly outstanding notes of Borrower; | |||
• | the amendment of the Borrower’s loan agreement with ColFin WLH Funding, LLC and certain other lenders which resulted, among other things, in the increase in the principal amount outstanding under the loan agreement, the reduction in the interest rate payable under the loan agreement, and the elimination of any prepayment penalty under the loan agreement; | |||
• | the issuance, in exchange for cash and land deposits of $25 million, of 31,464,548 shares of the Company’s new Class B Common Stock, $0.01 par value per share (“Class B Common Stock”) and warrants to purchase 15,737,294 shares of Class B Common Stock; | |||
• | the issuance of 64,831,831 shares of Parent’s new Convertible Preferred Stock, $0.01 par value per share, or Convertible Preferred Stock, for $50.0 million in cash, and 12,966,366 shares of Parent’s new Class C Common Stock, $0.01 par value per share or Class C Common Stock, for $10.0 million in cash. The aggregate cash consideration of $60 million was apportioned between Common and Preferred in accordance with the Plan; and | |||
• | the issuance of an additional 3,144,000 shares of Class C Common Stock to Luxor Capital Group LP as a transaction fee in consideration for providing the backstop commitment of the offering of shares of Class C Common Stock and Convertible Preferred Stock in connection with the Plan. |
Fresh_Start_Accounting_and_Eff
Fresh Start Accounting and Effects of the Plan | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Fresh Start Accounting and Effects of the Plan | ' | ||||||||||||||||
Note 3—Fresh Start Accounting and Effects of the Plan | |||||||||||||||||
As required by U.S. GAAP, effective as of February 24, 2012, we adopted fresh start accounting following the guidance of ASC 852. Fresh start accounting results in the Company becoming a new entity for financial reporting purposes. Accordingly, our consolidated financial statements for periods prior to February 25, 2012 are not comparable to consolidated financial statements presented on or after February 25, 2012. Fresh start accounting was required upon emergence from Chapter 11 because holders of voting shares immediately before confirmation of the Plan received less than 50% of the emerging entity and the reorganization value of our assets immediately before confirmation of our Plan was less than our post-petition liabilities and allowed claims. Fresh start accounting results in a new basis of accounting and reflects the allocation of our estimated fair value to underlying assets and liabilities. Our estimates of fair value are inherently subject to significant uncertainties and contingencies beyond our reasonable control. Accordingly, there can be no assurance that the estimates, assumptions, valuations, appraisals and financial projections will be realized, and actual results could vary materially. Moreover, the market value of our common stock may differ materially from the equity valuation for accounting purposes under ASC 852. In addition, the cancellation of debt income and the allocation of the attribute reduction for tax purposes is an estimate and will not be finalized until the 2012 tax return is filed. Any change resulting from this estimate could impact deferred taxes. | |||||||||||||||||
Under ASC 852, the Successor Company must determine a value to be assigned to the equity of the emerging company as of the date of adoption of fresh-start accounting, which was February 24, 2012 for the Company, the date the Debtors emerged from Chapter 11. To facilitate the adoption of fresh start accounting, the Company engaged a third-party valuation firm to assist with assessing enterprise value, and the allocation of value to the assets and liabilities of the Company. To calculate enterprise value, the Company used a discounted cash flow analysis, considering a weighted average cost of capital of 16.5%, and utilized a Gordon Growth model with a 3.0% growth rate to calculate terminal value. The analysis resulted in an enterprise value of $485.0 million, which was used as the enterprise value for fresh start accounting. The Company’s total debt was valued at $384.5 million, which consists of the following: | |||||||||||||||||
• | $6.3 million related to a construction note payable with an outstanding principal amount of $6.5 million, which reflects an adjustment of $(0.2) million. The Company discounted the contractual interest and principal payments using a risk adjusted rate of 12.5%. | ||||||||||||||||
• | $56.3 million related to a construction note payable with an outstanding principal amount of $55.0 million, which reflects an adjustment of $1.3 million. The Company discounted the contractual interest and principal payments using a risk adjusted rate of 12.5%. | ||||||||||||||||
• | $2.9 million related to a seller note arrangement that matured on March 1, 2012, 6 days after the plan of reorganization was approved. The payment was made in full, therefore the value of the note was the amount paid. | ||||||||||||||||
• | The remaining debt that was renegotiated as part of the Company’s plan of reorganization, consists of a construction note payable of $9.0 million, the $235.0 million Senior Secured Term Loan and the $75.0 million Senior Subordinated Secured Notes due 2017. In accordance with ASC 820, Fair Value Measurements and Disclosures, fair value is defined 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”. As these debt amounts were negotiated as part of the reorganization by market participants, their carrying value at that date is representative of fair value. | ||||||||||||||||
The enterprise value of the Company was $485.0 million, which includes $384.5 million fair value of debt, as detailed above, and $100.5 million of equity value. The value of each type of equity security was determined using an option pricing model used in accordance with ASC 718, Valuation of Stock Compensation, and treated the redeemable convertible preferred stock, the common stock and the common stock warrants as separate securities. Based on the rights and preferences of each security, the Company valued each security based on a series of five events: | |||||||||||||||||
(i) | liquidation preference of the redeemable convertible preferred stock, | ||||||||||||||||
(ii) | timing of participation of Class A and B shares of common stock, | ||||||||||||||||
(iii) | timing of participation of Class C shares of common stock, | ||||||||||||||||
(iv) | conversion of preferred shares into common shares, and | ||||||||||||||||
(v) | exercise of warrants | ||||||||||||||||
The Company used an option pricing model and the relative rights of the securities to allocate the $100.5 million among the redeemable convertible preferred stock, the common stock and the warrants. Each security was valued based on the relative rights and preferences and a three year term to liquidity event, volatility of 59% based on public company comparables, a risk free rate of .43% based on a three year treasury rate. In addition, the redeemable convertible preferred stock has a dividend yield of 6% and the common stock and warrants have a discount for lack of marketability of 38%. Based on these inputs and the assumptions, the redeemable convertible preferred stock was valued at $56.4 million, the common stock was valued at $43.1 million and the warrants were valued at $1.0 million. | |||||||||||||||||
The estimated enterprise value and the equity value are highly dependent on the achievement of the future financial results contemplated in the projections that were set forth in the disclosure statement to the Plan. The estimates and assumptions made in the valuation are inherently subject to significant uncertainties. The primary assumptions for which there is a reasonable possibility of the occurrence of a variation that would have significantly affected the reorganization value include the assumptions regarding the number of homes sold and homes closed, average sales prices, operating expenses, the amount and timing of construction costs and the discount rate utilized. | |||||||||||||||||
Fresh-start accounting reflects the value of the Successor as determined in the confirmed Plan. Under fresh-start accounting, asset values are remeasured and allocated based on their respective fair values in conformity with the purchase method of accounting for business combinations in FASB ASC Topic 805, “Business Combinations” (“FASB ASC 805”). Liabilities existing as of February 24, 2012, the Effective Date, other than deferred taxes, were recorded at the present value of amounts expected to be paid using appropriate risk adjusted interest rates. Deferred taxes were determined in conformity with applicable accounting standards. Predecessor accumulated depreciation, accumulated amortization and retained deficit were eliminated. | |||||||||||||||||
In conjunction with the adoption of fresh start accounting, certain intangible assets including, the value of the Company’s homes in backlog, construction management contracts and joint venture management fee contracts were recorded at their estimated fair values as of February 24, 2012 in the amount of $9.5 million. The Company’s backlog was valued using the With/Without Method of the Income Approach to estimate the fair value of the backlog. This asset is amortized on a straight line basis, as homes that were in backlog as of February 24, 2012, are closed or the contract is cancelled. | |||||||||||||||||
The construction management contracts and joint venture management fee contracts were valued using the Multi-period Excess Earnings method of the Income Approach to estimate the fair value. Since these assets are valued based on expected cash flows related to home closings, the asset is amortized on a straight line basis, as homes under the contracts close. | |||||||||||||||||
The following fresh start consolidated balance sheet presents the implementation of the Plan and the adoption of fresh start accounting as of the Effective Date. Reorganization adjustments have been recorded within the consolidated balance sheet to reflect the effects of the Plan, including discharge of liabilities subject to compromise and the adoption of fresh start accounting in accordance with ASC 852. | |||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
(in thousands except number of shares and par value per share) | |||||||||||||||||
February 24, 2012 | |||||||||||||||||
Predecessor | Plan of | Fresh Start | Successor | ||||||||||||||
Reorganization | Accounting | ||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 12,787 | $ | 67,746 | (a) | $ | — | $ | 80,533 | ||||||||
Restricted cash | 852 | — | — | 852 | |||||||||||||
Receivables | 12,790 | — | (996 | )(m) | 11,794 | ||||||||||||
Real estate inventories | |||||||||||||||||
Owned | 405,632 | 4,029 | (b) | (1,198 | )(n) | 408,463 | |||||||||||
Not owned | 46,158 | — | — | 46,158 | |||||||||||||
Property & equipment, net | 962 | — | (421 | )(o) | 541 | ||||||||||||
Deferred loan costs | 8,258 | (5,767 | )(c) | — | 2,491 | ||||||||||||
Goodwill | — | — | 14,209 | (p) | 14,209 | ||||||||||||
Intangibles | — | — | 9,470 | (q) | 9,470 | ||||||||||||
Other assets | 6,307 | 47 | (d) | — | 6,354 | ||||||||||||
Total assets | $ | 493,746 | $ | 66,055 | $ | 21,064 | $ | 580,865 | |||||||||
LIABILITIES AND EQUITY (DEFICIT) | |||||||||||||||||
Liabilities not subject to compromise | |||||||||||||||||
Accounts payable | $ | 10,000 | $ | — | $ | — | $ | 10,000 | |||||||||
Accrued expenses | 31,391 | — | 221 | (r) | 31,612 | ||||||||||||
Liabilities from inventories not owned | 46,158 | — | — | 46,158 | |||||||||||||
Notes payable | 78,394 | (5,000 | )(f) | 1,100 | (s) | 74,494 | |||||||||||
Senior Secured Term Loan due January 31, 2015 | 206,000 | 29,000 | (g) | — | 235,000 | ||||||||||||
Senior Subordinated Secured Notes due February 25, 2017 | — | 75,000 | (h) | — | 75,000 | ||||||||||||
371,943 | 99,000 | 1,321 | 472,264 | ||||||||||||||
Liabilities subject to compromise | |||||||||||||||||
Accrued expenses | 15,297 | (15,297 | )(e) | — | — | ||||||||||||
75/8% Senior Notes due December 15, 2012 | 66,704 | (66,704 | )(e) | — | — | ||||||||||||
103/4% Senior Notes due April 1, 2013 | 138,964 | (138,964 | )(e) | — | — | ||||||||||||
71/2% Senior Notes due February 15, 2014 | 77,867 | (77,867 | )(e) | — | — | ||||||||||||
298,832 | (298,832 | ) | — | — | |||||||||||||
Redeemable convertible preferred stock | — | 56,386 | (i) | — | 56,386 | ||||||||||||
Equity (deficit): | |||||||||||||||||
William Lyon Homes stockholders’ equity (deficit) | |||||||||||||||||
Common stock, Class A | — | 448 | (j) | — | 448 | ||||||||||||
Common stock, Class B | — | 315 | (j) | — | 315 | ||||||||||||
Common stock, Class C | — | 161 | (j) | — | 161 | ||||||||||||
Additional paid-in capital | 48,867 | (21,177 | )(k) | 15,501 | (t) | 43,191 | |||||||||||
Accumulated deficit | (235,584 | ) | 229,754 | (l) | 5,830 | (u) | — | ||||||||||
Total William Lyon Homes stockholder’s equity (deficit) | (186,717 | ) | 209,501 | 21,331 | 44,115 | ||||||||||||
Noncontrolling interest | 9,688 | — | (1,588 | )(v) | 8,100 | ||||||||||||
Total equity (deficit) | (177,029 | ) | 209,501 | 19,743 | 52,215 | ||||||||||||
Total liabilities and equity (deficit) | $ | 493,746 | $ | 66,055 | $ | 21,064 | $ | 580,865 | |||||||||
Notes to Plan of Reorganization and Fresh Start Accounting Adjustments: | |||||||||||||||||
a | Reflects net cash received of $81.0 million from the issuance of new equity, reduced by the repayment of DIP financing of $5.2 million, payment of financing fees of $2.6 million and other reorganization related costs of $5.4 million. | ||||||||||||||||
b | Reflects contribution of land option deposit in lieu of cash for Class B Common Stock. | ||||||||||||||||
c | Reflects the write-off of the remaining deferred loan costs of the Old Notes net of capitalization of deferred loan costs related to the Amended Term Loan. | ||||||||||||||||
d | Reflects prepaid property taxes to obtain title insurance for the second lien notes. Deferred tax assets are not reflected on the balance sheet as they have been fully reserved. | ||||||||||||||||
e | Reflects the extinguishment of liabilities subject to compromise (“LSTC”) at emergence. LSTC was comprised of $283.5 million of Old Notes and $15.3 million of related accrued interest. The holders of the Old Notes received Class A common stock of the Successor entity. | ||||||||||||||||
f | Reflects repayment of amounts outstanding under the DIP Credit Agreement pursuant to the Plan. | ||||||||||||||||
g | Reflects the additional principal added to the Amended Term Loan, in accordance with the Plan. | ||||||||||||||||
h | Reflects the issuance of Senior Subordinated Secured Notes of $75.0 million, in accordance with the Plan. | ||||||||||||||||
i | Reflects the fair value of the Convertible Preferred Stock issued pursuant to the Plan. The fair value of the total residual equity interest of $100.5 million was determined based on the enterprise value of $485.0 million determined as of the date of the plan, less the $384.5 million fair value of Long-Term debt. Cash received for the convertible preferred was $50.0 million, however as discussed previously, the Company valued the redeemable convertible preferred stock at $56.4 million. | ||||||||||||||||
j | Reflects the issuance of 92.4 million total shares in new common stock at $0.01 par value and the extinguishment of 1,000 shares ($0.01 par) of Old Common Stock, in accordance with the plan (see Note 2 for allocation of shares). | ||||||||||||||||
k | Reflects the elimination of $48.9 million of additional paid-in capital (“APIC”) relating to Old Common Stock, offset by $27.7 million of net cash received from the issuance of the Class B and Class C shares of common stock. | ||||||||||||||||
l | Reflects the elimination of $235.6 million of accumulated deficit of the Predecessor company in addition to the net impact of Plan adjustments to assets, liabilities and stockholder’s equity. | ||||||||||||||||
m | Reflects adjustment of $1.0 million to notes receivable with a book value of $6.2 million to fair value of $5.2 million using the discounted cash flow approach. The Company discounted the future interest to be received at a discount rate of 10%, which is above the stated rate of the note. | ||||||||||||||||
n | Reflects adjustment of $1.2 million to real estate inventory using the discounted cash flow approach. The Company used project forecasts and an unlevered discount rate of 20% to arrive at fair value. Certain projects that are held for future development were valued on an “As-Is” Basis using market comparables. | ||||||||||||||||
o | Reflects adjustment of $0.4 million to property and equipment with a book value of $1.0 million to fair value of $ $0.6 million, based on the estimated sales value of the assets determined on an “As Is” Basis using market comparables. | ||||||||||||||||
p | Goodwill represents the excess of enterprise value upon emergence over fair value of net tangible and identifiable intangible assets acquired. | ||||||||||||||||
q | Reflects identifiable intangible assets comprised of $4.6 million relating to construction management contracts, $4.0 million relating to homes in backlog, and $0.8 million relating to joint venture management fees. The value of the construction management contracts and the joint venture management fees was estimated using the discounted cash flows of each related project at a discount rate ranging from 17% to 19%. The value of the backlog contracts was determined using the With/Without method of the income approach and the expected closing date of the home in backlog and the contracted sales price of the home. | ||||||||||||||||
r | Reflects adjustments to warranty and construction defect litigation liabilities which were valued based on the estimated costs of warranty spending on homes previously closed plus an estimated margin of 9.4%, plus a reasonable margin required to transfer the liability or to fulfill the obligation. | ||||||||||||||||
s | Reflects adjustment of one note payable of $(0.2) million, with a book value of $6.5 million to a fair value of $6.3 million. The Company used a discounted cash flow on contracted interest and principal to be received and a risk adjusted discount rate of 12.5%. Also reflects adjustment of one note payable of $1.3 million, with a book value of $55.0 million to a fair value of $56.3 million. The Company used a discounted cash flow on contracted interest and principal to be received and a risk adjusted discount rate of 12.5%. | ||||||||||||||||
t | Reflects the adjustment to a combined common stock and warrants value of $44.1 million for the calculation of fair value under the provisions of fresh start accounting, based on the remaining residual equity interest of $100.5 million, as discussed in note (i) above, less the allocation to convertible preferred of $56.4 million, as also discussed in note (i). | ||||||||||||||||
u | Reflects the elimination of a balance in accumulated deficit of $5.8 million to reduce any accumulated deficit or retained earnings in conjunction with fresh start accounting, which requires the successor entity to begin with a zero balance in retained earnings. | ||||||||||||||||
v | Reflects adjustment of $1.6 million to minority interest in a consolidated entity with a book value of $9.7 million to fair value of $8.1 million. The Company used a discounted cash flow approach to the project and the estimated cash to be distributed to the minority member of the entity, using a discount rate of 17.8%. | ||||||||||||||||
Reconciliation of enterprise value to the reorganized value of the Company’s assets and determination of goodwill (in thousands): | |||||||||||||||||
Total enterprise value | $ | 485,000 | |||||||||||||||
Add: liabilities (excluding debt and equity) | 87,765 | ||||||||||||||||
Add: noncontrolling interest | 8,100 | ||||||||||||||||
Reorganization value of assets | 580,865 | ||||||||||||||||
Fair value of assets (excluding goodwill) | 566,656 | ||||||||||||||||
Reorganization value in excess of fair value (goodwill) | $ | 14,209 | |||||||||||||||
Reorganization_Items
Reorganization Items | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Reorganization Items | ' | ||||||||||||||||
Note 4—Reorganization Items | |||||||||||||||||
In accordance with authoritative accounting guidance issued by the FASB, separate disclosure is required for reorganization items, such as certain expenses, provisions for losses and other charges directly associated with or resulting from the reorganization and restructuring of the business, which have been realized or incurred during the Chapter 11 Cases. Reorganization items were comprised of the following (in thousands): | |||||||||||||||||
Successor | Predecessor | ||||||||||||||||
Period from | Period from | ||||||||||||||||
February 25 | January 1 | ||||||||||||||||
through | through | ||||||||||||||||
December 31, | February 24, | Year Ended | |||||||||||||||
2012 | 2012 | December 31, | |||||||||||||||
2011 | 2010 | ||||||||||||||||
Cancellation of debt | $ | — | $ | 298,831 | $ | — | $ | — | |||||||||
Plan implementation and fresh start valuation adjustments | — | (49,302 | ) | — | — | ||||||||||||
Professional fees | (2,525 | ) | (7,813 | ) | (21,182 | ) | — | ||||||||||
Write-off of Old Notes deferred loan costs | — | (8,258 | ) | — | — | ||||||||||||
Total reorganization items, net | $ | (2,525 | ) | $ | 233,458 | $ | (21,182 | ) | $ | — | |||||||
Variable_Interest_Entities_and
Variable Interest Entities and Noncontrolling Interests | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Variable Interest Entities and Noncontrolling Interests | ' | ' |
Note 2—Variable Interest Entities and Noncontrolling Interests | Note 5—Variable Interest Entities and Noncontrolling Interests | |
During the nine months ended September 30, 2013, the Company formed two joint ventures, Lyon Whistler, LLC and Brentwood Palmilla Owner, LLC, and during the year ended December 31, 2012, the Company formed one joint venture, Lyon Branches, LLC, 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, which is based on the division of income and loss per the joint venture agreements. Therefore, the Company is the primary beneficiary of the joint ventures, and the VIEs were consolidated as of September 30, 2013 and December 31, 2012. | The Company accounts for variable interest entities in accordance with ASC 810, Consolidation (“ASC 810”). Under ASC 810, a variable interest entity (“VIE”) is created when: (a) the equity investment at risk in the entity is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by other parties, including the equity holders; (b) the entity’s equity holders as a group either (i) lack the direct or indirect ability to make decisions about the entity, (ii) are not obligated to absorb expected losses of the entity or (iii) do not have the right to receive expected residual returns of the entity; or (c) the entity’s equity holders have voting rights that are not proportionate to their economic interests, and the activities of the entity involve or are conducted on behalf of the equity holder with disproportionately few voting rights. If an entity is deemed to be a VIE pursuant to ASC 810, the enterprise that has both (i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb the expected losses of the entity or right to receive benefits from the entity that could be potentially significant to the VIE is considered the primary beneficiary and must consolidate the VIE. In accordance with ASC 810, we perform ongoing reassessments of whether an enterprise is the primary beneficiary of a VIE. | |
As of September 30, 2013, the assets of the consolidated VIEs totaled $68.5 million, of which $3.3 million was cash and $61.0 million was real estate inventories. The liabilities of the consolidated VIEs totaled $21.8 million, primarily comprised of notes payable of $19.2 million, accounts payable and accrued liabilities. | Joint Ventures | |
As of December 31, 2012, the assets of the consolidated VIEs totaled $24.7 million, of which $1.1 million was cash and $20.4 million was real estate inventories. The liabilities of the consolidated VIEs totaled $6.4 million, primarily comprised of accounts payable and accrued liabilities. The Company recorded a $1.6 million valuation adjustment to the noncontrolling interest account on one VIE in accordance with the adoption of ASC 852. | As of December 31, 2012 and 2011, the Company had two and one joint ventures, respectively, which were deemed to be VIEs under ASC 810 for which the Company is considered the primary beneficiary. The Company manages the joint ventures, by using its sales, development and operations teams and has significant control over these projects and therefore the power to direct the activities that most significantly impact the joint venture’s performance, in addition to being obligated to absorb expected losses or receive benefits from the joint venture, and therefore the Company is deemed to be the primary beneficiary of these VIEs. | |
These joint ventures are each engaged in homebuilding and land development activities. Certain of these joint ventures have not obtained construction financing from outside lenders, but are financing their activities through equity contributions from each of the joint venture partners. The Company has no rights, nor does the Company have any obligation with respect to the liabilities of the VIEs, and none of the Company’s assets serve as collateral for the creditors of these VIEs. The assets of the joint ventures are the sole collateral for the liabilities of the joint ventures and as such, the creditors and equity investors of these joint ventures have no recourse to assets of the Company held outside of these joint ventures. Creditors of these VIEs have no recourse against the general credit of the Company. The liabilities of each VIE are restricted to the assets of each VIE. Additionally, the creditors of the Company have no access to the assets of the VIEs. Income allocations and cash distributions to the Company are based on predetermined formulas between the Company and their joint venture partners as specified in the applicable partnership or operating agreements. The Company generally receives, after partners’ priority returns and return of partners’ capital, approximately 50% of the profits and cash flows from the joint ventures. | ||
During the year ended December 31, 2012, the Company formed a joint venture, Lyon Branches, LLC, for the purpose of land development and homebuilding activities. The Company, as the managing member, has the power to direct the activities of the VIE since it manages the daily operations and has exposure to the risks and rewards of the VIE, as based on the division of income and loss per the joint venture agreement. Therefore, the Company is the primary beneficiary of the joint venture, and the VIE was consolidated as of December 31, 2012. | ||
As of December 31, 2012, the assets of the consolidated VIEs totaled $24.7 million, of which $1.1 million was cash and $20.4 was real estate inventories. The liabilities of the consolidated VIEs totaled $6.4 million, primarily comprised of accounts payable and accrued liabilities. The Company recorded a $1.6 million valuation adjustment to the noncontrolling interest account on one VIE in accordance with the adoption of ASC 852. | ||
As of December 31, 2011, the assets of the consolidated VIEs totaled $14.0 million, of which $2.1 million was cash and $8.7 million was real estate inventories. The liabilities of the consolidated VIEs totaled $1.3 million, primarily comprised of accounts payable and accrued liabilities. |
Segment_Information
Segment Information | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
Segment Information | ' | ' | ||||||||||||||||||||||||||||||||||||
Note 3—Segment Information | Note 6—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 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. | |||||||||||||||||||||||||||||||||||||
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. The Company’s Executive Chairman, Chief Executive Officer and Chief Operating Officer have been identified as the chief operating decision makers. The Company’s chief operating decision makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. | Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. The Company’s Executive Chairman, Chief Executive Officer and Chief Operating Officer have been identified as the chief operating decision makers. The Company’s chief operating decision makers direct 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 the aggregation criteria defined by ASC 280, the Company’s homebuilding operating segments have been grouped into five reportable segments: Southern California, consisting of an operating division with operations in Orange, Los Angeles, San Bernardino and San Diego counties; Northern California, consisting of an operating division with operations in Contra Costa, Sacramento, San Joaquin, Santa Clara, Solano and Placer counties; Arizona, consisting of operations in the Phoenix, Arizona metropolitan area; Nevada, consisting of operations in the Las Vegas, Nevada metropolitan area; and Colorado, consisting of operations in the Denver, Colorado metropolitan area, Fort Collins, and Granby, Colorado. Colorado does not meet the quantitative requirements for segment reporting per ASC 280, however management believes that information about the segment is useful to readers of the financial statements. | ||||||||||||||||||||||||||||||||||||||
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 the aggregation criteria defined by ASC 280, the Company’s homebuilding operating segments have been grouped into five reportable segments: Southern California, consisting of an operating division with operations in Orange, Los Angeles, San Bernardino and San Diego counties; Northern California, consisting of an operating division with operations in Contra Costa, San Joaquin and Santa Clara counties; Arizona, consisting of operations in the Phoenix, Arizona metropolitan area; Nevada, consisting of operations in the Las Vegas, Nevada metropolitan area; and Colorado, consisting of operations in the Denver, Colorado metropolitan area, Fort Collins, and Granby, Colorado markets. | ||||||||||||||||||||||||||||||||||||||
Corporate develops and implements strategic initiatives and supports the Company’s operating divisions by centralizing key administrative functions such as finance and treasury, information technology, risk management and litigation and human resources. | Corporate develops and implements strategic initiatives and supports the Company’s operating divisions 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): | Segment financial information relating to the Company’s operations was as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||
Three | Three | Nine | Period from | Period from | Period from | Period from | Year Ended December 31, | |||||||||||||||||||||||||||||||
Months Ended | Months Ended | Months Ended | February 25 | January 1 | 25-Feb | 1-Jan | ||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | through | through | through | through | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | September 30, | February 24, | December 31, | February 24, | ||||||||||||||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||
Operating revenue: | Operating revenue: | |||||||||||||||||||||||||||||||||||||
Southern California | $ | 49,681 | $ | 36,097 | $ | 105,231 | $ | 68,187 | $ | 7,759 | Southern California | $ | 116,619 | $ | 7,759 | $ | 130,737 | $ | 206,241 | |||||||||||||||||||
Northern California | 27,790 | 26,181 | 56,115 | 131,747 | 11,014 | Northern California | 154,684 | 11,014 | 54,141 | 56,095 | ||||||||||||||||||||||||||||
Arizona | 31,253 | 17,157 | 86,431 | 38,634 | 4,316 | Arizona | 58,714 | 4,316 | 20,074 | 16,595 | ||||||||||||||||||||||||||||
Nevada | 23,920 | 13,552 | 56,421 | 24,007 | 2,481 | Nevada | 37,307 | 2,481 | 21,871 | 15,767 | ||||||||||||||||||||||||||||
Colorado | 18,186 | — | 58,923 | — | — | Colorado | 5,436 | — | — | — | ||||||||||||||||||||||||||||
Total operating revenue | $ | 150,830 | $ | 92,987 | $ | 363,121 | $ | 262,575 | $ | 25,570 | Total operating revenue | $ | 372,760 | $ | 25,570 | $ | 226,823 | $ | 294,698 | |||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||
Three | Three | Nine | Period from | Period from | Period from | Period from | Year Ended December 31, | |||||||||||||||||||||||||||||||
Months Ended | Months Ended | Months Ended | February 25 | January 1 | February 25 | January 1 | ||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | through | through | through | through | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | September 30, | February 24, | December 31, | February 24, | ||||||||||||||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||
Net income (loss): | (Loss) income before (provision) benefit from income taxes: | |||||||||||||||||||||||||||||||||||||
Southern California | $ | 10,027 | $ | 889 | $ | 15,453 | $ | (1,840 | ) | $ | (19,131 | ) | Southern California | $ | 3,345 | $ | (19,131 | ) | $ | (26,406 | ) | $ | (83,176 | ) | ||||||||||||||
Northern California | 4,706 | 4,577 | 8,740 | 12,169 | 6,195 | Northern California | 16,179 | 6,195 | (6,307 | ) | (41 | ) | ||||||||||||||||||||||||||
Arizona | 4,224 | 353 | 9,032 | 64 | 9,928 | Arizona | 2,073 | 9,928 | (95,184 | ) | (26,887 | ) | ||||||||||||||||||||||||||
Nevada | 3,355 | 1 | 5,881 | (1,637 | ) | (1,738 | ) | Nevada | (1,146 | ) | (1,738 | ) | (30,500 | ) | (21,449 | ) | ||||||||||||||||||||||
Colorado | 209 | — | 1,654 | — | — | Colorado | 130 | — | — | — | ||||||||||||||||||||||||||||
Corporate (1) | (11,841 | ) | (5,354 | ) | (23,473 | ) | (14,329 | ) | 233,243 | Corporate | (27,431 | ) | 233,243 | (34,491 | ) | (4,314 | ) | |||||||||||||||||||||
Net income (loss) | $ | 10,680 | $ | 466 | $ | 17,287 | $ | (5,573 | ) | $ | 228,497 | (Loss) income before (provision) | $ | (6,850 | ) | $ | 228,497 | $ | (192,888 | ) | $ | (135,867 | ) | |||||||||||||||
benefit from income taxes | ||||||||||||||||||||||||||||||||||||||
(Loss) income before (provision) benefit from income taxes includes the following pretax inventory impairment charges recorded in the following segments (in thousands): | ||||||||||||||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | Successor | Predecessor | |||||||||||||||||||||||||||||||||||
Homebuilding assets: | Period from | Period from | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||
Southern California | $ | 281,967 | $ | 195,688 | February 25 | January 1 | December 31, | December 31, | ||||||||||||||||||||||||||||||
Northern California | 130,616 | 31,293 | through | through | 2011 | 2010 | ||||||||||||||||||||||||||||||||
Arizona | 169,581 | 173,847 | December 31, | February 24, | ||||||||||||||||||||||||||||||||||
Nevada | 76,353 | 51,141 | 2012 | 2012 | ||||||||||||||||||||||||||||||||||
Colorado | 36,769 | 37,668 | Southern California | $ | — | $ | — | $ | 17,962 | $ | 70,801 | |||||||||||||||||||||||||||
Corporate (2) | 103,667 | 91,510 | Northern California | — | — | 2,074 | 3,103 | |||||||||||||||||||||||||||||||
Arizona | — | — | 87,607 | 22,409 | ||||||||||||||||||||||||||||||||||
Total homebuilding assets | $ | 798,953 | $ | 581,147 | Nevada | — | — | 20,671 | 15,547 | |||||||||||||||||||||||||||||
Colorado | — | — | — | — | ||||||||||||||||||||||||||||||||||
-1 | Includes the Company’s consolidated Provision for income taxes of approximately $6.4 million and $6.4 million for the three and nine months ended September 30, 2013. | Total impairment loss on real estate assets | $ | — | $ | — | $ | 128,314 | $ | 111,860 | ||||||||||||||||||||||||||||
-2 | Comprised primarily of cash and cash equivalents, receivables, deferred loan costs, and other assets. | |||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Homebuilding assets: | ||||||||||||||||||||||||||||||||||||||
Southern California | $ | 195,688 | $ | 182,781 | ||||||||||||||||||||||||||||||||||
Northern California | 31,293 | 105,298 | ||||||||||||||||||||||||||||||||||||
Arizona | 173,847 | 129,920 | ||||||||||||||||||||||||||||||||||||
Nevada | 51,141 | 42,183 | ||||||||||||||||||||||||||||||||||||
Colorado | 37,668 | — | ||||||||||||||||||||||||||||||||||||
Corporate (1) | 91,510 | 36,769 | ||||||||||||||||||||||||||||||||||||
Total homebuilding assets | $ | 581,147 | $ | 496,951 | ||||||||||||||||||||||||||||||||||
-1 | Comprised primarily of cash and cash equivalents, receivables, deferred loan costs, and other assets. |
Real_Estate_Inventories
Real Estate Inventories | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
Real Estate Inventories | ' | ' | ||||||||||||||||
Note 4—Real Estate Inventories | Note 7—Real Estate Inventories | |||||||||||||||||
Real estate inventories consist of the following (in thousands): | Real estate inventories consist of the following (in thousands): | |||||||||||||||||
Successor | Successor | Predecessor | ||||||||||||||||
September 30, | December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||||
Real estate inventories owned: | Real estate inventories owned: | |||||||||||||||||
Land deposits | $ | 40,816 | $ | 31,855 | Land deposits | $ | 31,855 | $ | 26,939 | |||||||||
Land and land under development | 439,401 | 318,327 | Land and land under development | 318,327 | 267,348 | |||||||||||||
Homes completed and under construction | 138,500 | 50,847 | Homes completed and under construction | 50,847 | 90,824 | |||||||||||||
Model homes | 21,445 | 20,601 | Model homes | 20,601 | 13,423 | |||||||||||||
Total | $ | 640,162 | $ | 421,630 | Total | $ | 421,630 | $ | 398,534 | |||||||||
Real estate inventories not owned: (1) | Real estate inventories not owned: (1) | |||||||||||||||||
Other land options contracts — land banking arrangement | $ | 20,738 | $ | 39,029 | Other land options contracts — land banking arrangement | $ | 39,029 | $ | 47,408 | |||||||||
-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. Amounts are net of deposits. | -1 | Represents the consolidation of a land banking arrangement which does not obligate the Company to purchase the lots, however, based on certain factors, the Company has determined it is economically compelled to purchase the lots in the land banking arrangement, which has been consolidated. Amounts are net of deposits. | |||||||||||||||
As of February 24, 2012, the Company made fair value adjustments to inventory in accordance with fresh start accounting. During the nine months ended September 30, 2013, and the period from February 25, 2012 through September 30, 2012, the Company did not record any impairments. | The Company accounts for its real estate inventories under FASB ASC 360 Property, Plant, & Equipment (“ASC 360”). | |||||||||||||||||
ASC 360 requires impairment losses to be recorded on real estate inventories when indicators of impairment are present and the undiscounted cash flows estimated to be generated by real estate inventories are less than the carrying amount of such assets. Indicators of impairment include a decrease in demand for housing due to softening market conditions, competitive pricing pressures, which reduce the average sales price of homes including an increase in sales incentives offered to buyers, slowing sales absorption rates, decreases in home values in the markets in which the Company operates, significant decreases in gross margins and a decrease in project cash flows for a particular project. | ||||||||||||||||||
For land, construction in progress, completed inventory, including model homes, and inventories not owned, the Company estimates expected cash flows at the project level by maintaining current budgets using recent historical information and current market assumptions. The Company updates project budgets and cash flows of each real estate project on a quarterly basis to determine whether the estimated remaining undiscounted future cash flows of the project are more or less than the carrying amount (net book value) of the asset. If the undiscounted cash flows are more than the net book value of the project, then there is no impairment. If the undiscounted cash flows are less than the net book value of the asset, then the asset is deemed to be impaired and is written-down to its fair value. | ||||||||||||||||||
Fair value represents the amount at which an asset could be bought or sold in a current transaction between willing parties (i.e., other than a forced or liquidation sale). Management determines the estimated fair value of each project by determining the present value of estimated future cash flows at discount rates that are commensurate with the risk of each project and each domain, market or sub-market or may use recent appraisals if they more accurately reflect fair value. The estimation process involved in determining if assets have been impaired and in the determination of fair value is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. Estimates of revenues and costs are supported by the Company’s budgeting process, and are based on recent sales in backlog, pricing required to get the desired pace of sales, pricing of competitive projects, incentives offered by competitors and current estimates of costs of development and construction or current appraisals. | ||||||||||||||||||
The Company engaged a third-party valuation firm to assist with the analysis of the fair value of the entity, and respective assets and liabilities in connection with its reorganization. In conjunction with the valuation of all of the assets of the Company, the Company re-set value on certain land holdings in the early stages of development, based on: (i) “as-is” development stages of the property instead of a discounted cash flow approach, (ii) relative comparables on similar stage properties that had recently sold, on a per acre basis, and (iii) location of the property, among other factors. Since the valuation was completed near December 31, 2011, management used such valuation to evaluate the book value as of December 31, 2011. | ||||||||||||||||||
Under the provisions of FASB ASC 360, the Company is required to make certain assumptions to estimate undiscounted future cash flows of a project, which include: (i) estimated sales prices, including sales incentives, (ii) anticipated sales absorption rates and sales volume, (iii) project costs incurred to date and the estimated future costs of the project based on the project budget, (iv) the carrying costs related to the time a project is actively selling until it closes the final unit in the project, and (v) alternative strategies including selling the land to a third-party or temporarily suspending development at the project. Each project has different assumptions and is based on management’s assessment of the current market conditions that exist in each project location. The Company’s assumptions include moderate absorption increases in certain projects beginning in 2013. In addition, the Company has assumed some moderate reduction in sales incentives in certain projects in certain markets beginning in 2013. | ||||||||||||||||||
The assumptions and judgments used by the Company in the estimation process to determine the future undiscounted cash flows of a project and its fair value are inherently uncertain and require a substantial degree of judgment. The realization of the Company’s real estate inventories is dependent upon future uncertain events and market conditions. Due to the subjective nature of the estimates and assumptions used in determining the future cash flows of a project, actual results could differ materially from current estimates. | ||||||||||||||||||
Management assesses land deposits for impairment when estimated land values are deemed to be less than the agreed upon contract price. The Company considers changes in market conditions, the timing of land purchases, the ability to renegotiate with land sellers, the terms of the land option contracts in question, the availability and best use of capital, and other factors. The Company records abandoned land deposits and related pre-acquisition costs in cost of sales-lots, land and other in the consolidated statements of operations in the period that it is abandoned. | ||||||||||||||||||
As of February 24, 2012, the Company made fair value adjustments to inventory in accordance with fresh start accounting. During the period from February 25, 2012 through December 31, 2012, the Company did not record any impairments. | ||||||||||||||||||
During the year ended December 31, 2011, the Company recorded impairment loss on real estate assets of $128.3 million. The impairment loss related to land under development and homes completed and under construction recorded during the year ended December 31, 2011, resulted from (i) in certain projects, a decrease in home sales prices related to increased incentives and (ii) a decrease in sales absorption rates which increased the length of time of the project and increased period costs related to the project. The impairment loss related to land held for future development or sold incurred during the year ended December 31, 2011, resulted from the reduced value of the land in the project. The Company values land held for future development using, (i) projected cash flows with the strategy of selling the land, on a finished or unfinished basis, or building out the project, (ii) considering recent, legitimate offers received, (iii) prices for land in recent comparable sales transactions, and other factors. For three of the Company’s projects which are entitled land categorized as “land held for future development” in the table above, the Company engaged a third-party valuation firm to value the land of each project, on an as-is basis, using several factors including the existing land sale market and market comparables as a barometer for each project. |
Goodwill
Goodwill | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Goodwill | ' | ||||||||
Note 8—Goodwill | |||||||||
Goodwill of $14.2 million at December 31, 2012 represents the excess of our enterprise value upon emergence over the fair value of our net tangible and identifiable intangible assets. The Company recorded goodwill of $14.2 million as of February 24, 2012 in connection with fresh start accounting (refer to Notes 2, 3, and 4 for further details relating to fresh start accounting and valuation of goodwill). | |||||||||
Goodwill by operating segment as of December 31, 2012 and 2011 is as follows (in thousands): | |||||||||
Successor | Predecessor | ||||||||
December 31, | |||||||||
2012 | 2011 | ||||||||
Southern California | $ | 4,885 | $ | — | |||||
Northern California | 1,916 | — | |||||||
Arizona | 5,951 | — | |||||||
Nevada | 1,457 | — | |||||||
Colorado | — | — | |||||||
Total goodwill | $ | 14,209 | $ | — | |||||
Intangibles
Intangibles | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
Intangibles | ' | ||||||||||||
Note 9—Intangibles | |||||||||||||
The carrying value and accumulated amortization of intangible assets at December 31, 2012, by major intangible asset category, is as follows (in thousands): | |||||||||||||
Successor | |||||||||||||
December 31, 2012 | |||||||||||||
Carrying | Accumulated | Net | |||||||||||
Value | Amortization | Carrying | |||||||||||
Amount | |||||||||||||
Construction management contracts | $ | 4,640 | $ | (1,295 | ) | $ | 3,345 | ||||||
Homes in backlog | 4,937 | (4,169 | ) | 768 | |||||||||
Joint venture management fee contracts | 800 | (293 | ) | 507 | |||||||||
Total intangibles | $ | 10,377 | $ | (5,757 | ) | $ | 4,620 | ||||||
Amortization expense related to intangible assets for the period from February 25, 2012 through December 31, 2012 was $5.8 million. There was no amortization expense related to intangible assets for the period from January 1, 2012 through February 24, 2012 or prior, since intangible assets of $9.5 million were recorded in conjunction with ASC 852 and intangible assets of $0.9 million were recorded in conjunction with the purchase of Village Homes on December 7, 2012. | |||||||||||||
Estimated future amortization expense related to intangible assets is as follows (in thousands): | |||||||||||||
Total | |||||||||||||
Amortization | |||||||||||||
2013 | $ | 1,725 | |||||||||||
2014 | 1,244 | ||||||||||||
2015 | 1,651 | ||||||||||||
Total | $ | 4,620 | |||||||||||
The weighted average remaining useful life of intangible assets as of December 31, 2012 is 24 months. |
Senior_Notes_and_Secured_Indeb
Senior Notes and Secured Indebtedness | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes and Secured Indebtedness | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Note 5—Senior Notes and Secured Indebtedness | Note 10—Senior Notes and Secured Indebtedness | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable consist of the following (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior notes: | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
8 1/2% Senior Notes due November 15, 2020 | $ | 325,000 | $ | 325,000 | Notes payable: | |||||||||||||||||||||||||||||||||||||||||||||
Notes payable: | Notes payable | $ | 13,248 | $ | 74,009 | |||||||||||||||||||||||||||||||||||||||||||||
Revolving lines of credit | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
Construction notes payable | 19,233 | 13,248 | Senior Notes: | |||||||||||||||||||||||||||||||||||||||||||||||
Seller financing | 16,238 | — | 8 1/2% Senior Notes due November 15, 2020 | 325,000 | — | |||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Term Loan due Janaury 31, 2015 | — | 206,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total notes payable | $ | 35,471 | $ | 13,248 | 7 5/8% Senior Notes due December 15, 2012 | — | 66,704 | |||||||||||||||||||||||||||||||||||||||||||
10 3/4% Senior Notes due April 1, 2013 | — | 138,912 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total senior notes and notes payable | $ | 360,471 | $ | 338,248 | 7 1/2% Senior Notes due February 15, 2014 | — | 77,867 | |||||||||||||||||||||||||||||||||||||||||||
Total Senior Notes | 325,000 | 489,483 | ||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013, the maturities of the Notes payable and 8 1/2% Senior Notes are as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total notes payable and Senior Notes | $ | 338,248 | $ | 563,492 | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ending December 31, | The maturities of the Notes Payable and 8 ½ Senior Notes are as follows as of December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 1,762 | |||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 14,476 | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 19,233 | 2013 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
2017 | — | 2014 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 325,000 | 2015 | 13,248 | |||||||||||||||||||||||||||||||||||||||||||||||
2016 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
$ | 360,471 | 2017 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 325,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes | ||||||||||||||||||||||||||||||||||||||||||||||||||
8 1/2% Senior Notes Due 2020 | $ | 338,248 | ||||||||||||||||||||||||||||||||||||||||||||||||
On November 8, 2012, William Lyon Homes, Inc., a California corporation and wholly-owned subsidiary of the Company (“California Lyon”) completed its offering of 8 1/2% Senior Notes due 2020, or the New Notes, in an aggregate principal amount of $325 million. The New Notes were issued at 100% of their aggregate principal amount. The Company used the net proceeds from the sale of the New Notes, together with cash on hand, to refinance the Company’s (i) $235 million 10.25% Senior Secured Term Loan due 2015, (ii) approximately $76 million in aggregate principal amount of 12% Senior Subordinated Secured Notes due 2017, (iii) approximately $11 million in principal amount of project related debt, and (iv) to pay accrued and unpaid interest thereon. | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of both September 30, 2013 and December 31, 2012, the outstanding principal amount of the New Notes was $325 million. The New Notes bear interest at an annual rate of 8.5% per annum and is payable semiannually in arrears on May 15 and November 15, and mature on November 15, 2020. The New Notes are senior unsecured obligations of California Lyon and are unconditionally guaranteed on a senior subordinated secured basis by Parent and by certain of Parent’s existing and future restricted subsidiaries. The New Notes and the guarantees rank senior to all of California Lyon’s and the guarantors’ existing and future unsecured senior debt and senior in right of payment to all of California Lyon’s and the guarantors’ future subordinated debt. The New Notes and the guarantees are and will be effectively junior to any of California Lyon’s and the guarantors’ existing and future secured debt. | 8.5% Senior Notes Due 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
On or after November 15, 2016, California Lyon may redeem all or a portion of the New Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest to the applicable redemption date, if redeemed during the 12-month period beginning on November 15 of the years indicated below: | On November 8, 2012, William Lyon Homes, Inc., a California corporation and wholly-owned subsidiary of the Company (“California Lyon”) completed its offering of 8.5% Senior Notes due 2020, or the New Notes, in an aggregate principal amount of $325 million. The New Notes were issued at 100% of their aggregate principal amount. The Company used the net proceeds from the sale of the New Notes, together with cash on hand, to refinance the Company’s (i) $235 million 10.25% Senior Secured Term Loan due 2015 (“Amended Term Loan”), (ii) approximately $76 million in aggregate principal amount of 12% Senior Subordinated Secured Notes due 2017 (“Old Notes”), (iii) approximately $11 million in principal amount of project related debt, and (iv) to pay accrued and unpaid interest thereon. | |||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012, the outstanding principal amount of the New Notes is $325 million. The New Notes bear interest at an annual rate of 8.5% per annum and is payable semiannually in arrears on May 15 and November 15, commencing on May 15, 2013, and mature on November 15, 2020. The New Notes are senior unsecured obligations of California Lyon and are unconditionally guaranteed on a senior subordinated secured basis by Parent and by certain of Parent’s existing and future restricted subsidiaries. The New Notes and the guarantees rank senior to all of California Lyon’s and the guarantors’ existing and future unsecured senior debt and senior in right of payment to all of California Lyon’s and the guarantors’ future subordinated debt. The New Notes and the guarantees are and will be effectively junior to any of California Lyon’s and the guarantors’ existing and future secured debt. | ||||||||||||||||||||||||||||||||||||||||||||||||||
On or after November 15, 2016, California Lyon may redeem all or a portion of the New Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest to the applicable redemption date, if redeemed during the 12-month period beginning on November 15 of the years indicated below: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year | Percentage | |||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 104.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 102.125 | % | Year | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||
2018 and thereafter | 100 | % | 2016 | 104.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
Prior to November 15, 2016, the New Notes may be redeemed in whole or in part at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, and accrued and unpaid interest to, the redemption date. | 2017 | 102.125 | % | |||||||||||||||||||||||||||||||||||||||||||||||
In addition, any time prior to November 15, 2015, California Lyon may, at its option on one or more occasions, redeem New Notes in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the New Notes issued prior to such date at a redemption price (expressed as a percentage of principal amount) of 108.5%, plus accrued and unpaid interest to the redemption date, with an amount equal to the net cash proceeds from one or more equity offerings. | 2018 and thereafter | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||
The indenture governing the New Notes (the “Indenture”) contains covenants that limit the ability of the Company and its restricted subsidiaries to, among other things: (i) incur or guarantee certain additional indebtedness; (ii) pay dividends or make other distributions or repurchase stock; (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 the Company’s and California Lyon’s assets. These covenants are subject to a number of important exceptions and qualifications as described in the Indenture. The Company was in compliance with all such covenants as of September 30, 2013. | Prior to November 15, 2016 the New Notes may be redeemed in whole or in part at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, and accrued and unpaid interest to, the redemption date. | |||||||||||||||||||||||||||||||||||||||||||||||||
In addition, any time prior to November 15, 2015, California Lyon may, at its option on one or more occasions, redeem New Notes in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the New Notes issued prior to such date at a redemption price (expressed as a percentage of principal amount) of 108.5%, plus accrued and unpaid interest to the redemption date, with an amount equal to the net cash proceeds from one or more equity offerings. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable | The indenture governing the New Notes (the “Indenture”) contains covenants that limit the ability of the Company and its restricted subsidiaries to, among other things: (i) incur or guarantee certain additional indebtedness; (ii) pay dividends or make other distributions or repurchase stock; (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 the Company’s and California Lyon’s assets. These covenants are subject to a number of important exceptions and qualifications as described in the Indenture. The Company is in compliance with all such covenants as of December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||
Revolving Lines of Credit | Amended Senior Secured Term Loan | |||||||||||||||||||||||||||||||||||||||||||||||||
On August 7, 2013, California Lyon and Parent entered into a credit agreement providing for a revolving credit facility of up to $100 million (the “Revolver”). The Revolver will mature on August 5, 2016, unless terminated earlier pursuant to the terms of the Revolver. The Revolver contains an uncommitted accordion feature under which its aggregate principal amount can be increased to up to $125 million under certain circumstances, as well as a sublimit of $50 million for letters of credit. The Revolver contains various covenants, including financial covenants relating to tangible net worth, leverage, liquidity and interest coverage, as well as a limitation on investments in joint ventures and non-guarantor subsidiaries. | Prior to completing its offering of the New Notes, California Lyon was a party to that certain Amended and Restated Senior Secured Term Loan Agreement (the “Amended Term Loan Agreement”), dated February 25, 2012. The Senior Secured Term Loan was renegotiated into the terms below in conjunction with the Plan of Reorganization as discussed in Notes 2, 3, and 4. | |||||||||||||||||||||||||||||||||||||||||||||||||
The Revolver contains customary events of default, subject to cure periods in certain circumstances, that would result in the termination of the commitment and permit the lenders to accelerate payment on outstanding borrowings and require cash collateralization of letters of credit, 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. If a change in control of the Company occurs, the lenders may terminate the commitment and require that California Lyon repay outstanding borrowings under the Revolver and cash collateralize letters of credit. Interest rates on borrowings generally will be based on either LIBOR or a base rate, plus the applicable spread. The commitment fee on the unused portion of the Facility currently accrues at an annual rate of 0.50%. | The Amended Term Loan Agreement provided for a first lien secured term loan of $235.0 million, secured by substantially all of the assets of California Lyon, Parent (excluding stock in California Lyon) and certain wholly-owned subsidiaries of Parent. The Amended Term Loan was guaranteed by Parent and certain wholly-owned subsidiaries of Parent. | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings under the Revolver, the availability of which is subject to a borrowing base formula, are required to be guaranteed by the Company and certain of the Company’s wholly-owned subsidiaries, are secured by a pledge of all equity interests held by such guarantors, and may be used for general corporate purposes. As of September 30, 2013, the Revolver was undrawn. | The Amended Term Loan bore interest at a rate of 10.25% per annum. Prior to its repayment in conjunction with the New Notes offering, the Amended Term Loan was scheduled to mature on January 31, 2015. In addition, there was no pre-payment penalty associated with the Amended Term Loan. | |||||||||||||||||||||||||||||||||||||||||||||||||
On March 5, 2013, California Lyon entered into a Revolving Line of Credit Loan Agreement (the “CB&T Loan Agreement”), with California Bank & Trust (“CB&T”), providing for a revolving line of credit of $30.0 million (the “CB&T Loan”). The CB&T Loan, as amended, provides California Lyon with funds for the development of residential lots, the construction of existing and future residential home projects within the states of California, Arizona, Nevada and Colorado, the issuance of letters of credit for the payment of costs incurred or associated with those projects and other general corporate purposes. In connection with the execution of the CB&T Loan Agreement, California Lyon issued a promissory note (the “CB&T Promissory Note”), and together with the CB&T Loan Agreement and any ancillary documents and agreements executed pursuant to the CB&T Loan Agreement, (the “CB&T Loan Documents”), in favor of CB&T. California Lyon’s obligations under the CB&T Loan are secured by, among other things, a first lien on and security interest in all the real and personal property comprising each qualified project that is secured by the CB&T Loan. Borrowings under the CB&T Loan Agreement bore interest, payable monthly, at California Lyon’s option of either (i) a fixed rate at LIBOR plus 3.00% per annum or (ii) a variable rate at the Prime Rate, as adjusted by CB&T in accordance with the CB&T Loan Agreement, plus 1.00% per annum. The floor interest rate for borrowings under the CB&T Loan Agreement range from 4.25% to 5.00%, depending on California Lyon’s total debt to tangible net worth ratio. Beginning on March 5, 2015, the maximum amount available under the CB&T Loan would have been reduced by $7.5 million every 90 days until the CB&T Loan matures. The CB&T Loan was scheduled to mature on March 5, 2016. | ||||||||||||||||||||||||||||||||||||||||||||||||||
All outstanding borrowings under the CB&T Loan may, at the option of CB&T, be accelerated and become immediately due and payable in the event of a default under the CB&T Loan Documents, which includes, among other things, the following events (subject to certain cure periods, as applicable): (i) the failure by California Lyon to pay any monetary amount when due under any CB&T Loan Document; (ii) the breach of certain covenants under the CB&T Loan Documents; (iii) any representations contained in the CB&T Loan Documents being materially misleading or false when made; (iv) defaults under certain other monetary obligations; (v) bankruptcy matters; (vi) litigation or proceedings that could constitute a material adverse change on California Lyon or a qualified project or (vii) certain judgments. The CB&T Loan Documents also contained negative covenants which restrict or limit California Lyon from, among other things, the following: (a) consolidating or merging with any person unless California Lyon is the surviving entity; (b) changing its fiscal year or accounting methods; (c) changing the character of California Lyon’s business; (d) suffering any change in the legal or beneficial ownership of any capital stock in California Lyon; (e) making loans or advances; (f) granting or continuing liens; (g) incurring debt and (h) acquiring assets. | The Company recognized a loss of $1.9 million upon the early extinguishment of the Amended Term Loan related to unamortized debt issuance costs. The loss is included in (loss) gain on extinguishment of debt in the consolidated statement of operations for the period from February 25, 2012 through December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||
In March 2013, one of the outstanding construction loans payable and its underlying collateral was rolled into the CB&T Loan. In July 2013, the Company repaid all of the outstanding balance of the CB&T loan. On October 30, 2013, the Company terminated the CB&T Loan. | Senior Secured Term Loan | |||||||||||||||||||||||||||||||||||||||||||||||||
Prior to the Plan of Reorganization, as discussed in Notes 2, 3, and 4, California Lyon was a party to a certain Senior Secured Term Loan Agreement (the “Term Loan Agreement”), dated October 20, 2009. As of December 31, 2011, the Term Loan outstanding balance was $206.0 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Notes Payable | The Term Loan had interest at a rate of 14.0% and was scheduled to mature on October 20, 2014. However, California Lyon had also agreed that, upon any repayment of any portion of the principal amount under the Term Loan (whether or not at maturity), California Lyon would also pay an exit fee equal to the difference (if positive) between (x) the interest that would have been accrued and been then payable on the repaid portion if the interest rate under the Term Loan Agreement were 15.625% and (y) the internal rate of return realized by the Lenders on such repaid portion, taking into account all cash amounts actually received by the Lenders with respect thereto, including the loan fee and interest payments, other than any make whole payments described below. | |||||||||||||||||||||||||||||||||||||||||||||||||
In June 2013, the Company entered into a construction note payable agreement. The agreement has total availability under the facility of $28.0 million, to be drawn for land development and construction on one of its joint venture projects. The loan matures in June 2016 and bears interest at the prime rate +0.5%, with a rate floor of 4.0%, which was the interest rate as of September 30, 2013. As of September 30, 2013, the Company had borrowed $19.2 million under this facility. The loan will be repaid with proceeds from home closings of the project, is secured by the underlying project, and is guaranteed by the Company. | Upon any prepayment of any portion of the Term Loan prior to its scheduled maturity (other than any prepayment required in connection with a payment of all or any portion of the outstanding principal balance of any of the indentures governing the Term Loan), the Term Loan Agreement provided that California Lyon make a “make whole payment” equal to an amount, if positive, of the present value of all future payments of interest which would become due with respect to such prepaid amount from the date of prepayment thereof through and including the maturity date, discounted at a rate of 14%. | |||||||||||||||||||||||||||||||||||||||||||||||||
In September 2012, the Company entered into two construction notes payable agreements. The first agreement has total availability under the facility of $19.0 million, to be drawn for land development and construction on one of its wholly-owned projects. The loan had an original maturity date in September 2015 and bore interest at the prime rate +1.0%, with a rate floor of 5.0%. In March 2013, this loan and the underlying collateral was rolled into the CB&T Loan Agreement, defined and discussed above. As of December 31, 2012, the Company had borrowed $7.8 million under this facility. | The Company was in technical default of the term loan as of December 31, 2011, due to (a) expiration of the tangible net worth covenant waiver on October 27, 2011 and (b) a cross default under the senior notes indentures. The term loan was restructured into the Amended Term Loan as described above. | |||||||||||||||||||||||||||||||||||||||||||||||||
The second September 2012 construction note payable agreement has total availability under the facility of $17.0 million, to be drawn for land development and construction on one of its joint venture projects. The loan matures in March 2015 and bears interest at prime rate +1%, with a rate floor of 5.0%, which was the interest rate as of September 30, 2013. During the three months ended September 30, 2013, the Company repaid the entire outstanding balance under this loan. At December 31, 2012, the Company had borrowed $5.4 million under this facility. | Senior Subordinated Secured Notes | |||||||||||||||||||||||||||||||||||||||||||||||||
Seller Financing | Prior to completing its offering of New Notes as discussed above, pursuant to the terms of the Plan, on February 25, 2012, California Lyon issued $75.0 million principal amount of 12% Senior Subordinated Secured Notes, or the Old Notes, due February 25, 2017, in exchange for the claims held by the holders of the formerly outstanding Senior Notes of California Lyon. California Lyon received no net proceeds from this issuance. | |||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2013, the Company had $16.2 million of notes payable outstanding related to two land acquisitions for which seller financing was provided. The first note had a balance of $1.7 million as of September 30, 2013, bears interest at 3% per annum, is secured by the underlying land, and matures in March 2014. The second note had a balance of $14.5 million as of September 30, 2013, bears interest at 7% per annum, is secured by the underlying land, and matures in May 2015. | Cash interest of 8% on the outstanding principal amount of the Old Notes was due in semi-annual installments in arrears on June 15 and December 15 of each year. The remaining interest of 4% on the outstanding principal amount of the Old Notes was payable in kind semi-annually in arrears by increasing the principal amount of the Old Notes. | |||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS | The Old Notes were redeemable at the option of California Lyon at any time, in whole or in part, at a redemption price equal to 100% of the principal amount redeemed, plus accrued and unpaid interest, if any. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following consolidating financial information includes: | As described above, California Lyon used a portion of the proceeds from the sale of the New Notes to refinance the Old Notes. The Old Notes were paid off as of December 31, 2012. The Company recognized a loss of $0.3 million upon the early extinguishment of the Old Notes related to an early tender premium. The loss is included in (loss) gain on extinguishment of debt in the consolidated statement of operations for the period from February 25, 2012 through December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) Consolidating balance sheets as of September 30, 2013 and December 31, 2012; consolidating statements of operations for the three months ended September 30, 2013 and 2012, the nine months ended September 30, 2013, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012; and consolidating statements of cash flows for the nine months ended September 30, 2013, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012, of (a) William Lyon Homes, as the parent, or “Delaware Lyon”, (b) William Lyon Homes, Inc., as the subsidiary issuer, or “California Lyon”, (c) the guarantor subsidiaries, (d) the non-guarantor subsidiaries and (e) William Lyon Homes, Inc. on a consolidated basis; and | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Elimination entries necessary to consolidate Delaware Lyon, with William Lyon Homes, Inc. and its guarantor and non-guarantor subsidiaries. | Senior Notes | |||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012, and for the three months ended September 30, 2013 and 2012, the nine months ended September 30, 2013, the period from February 25, 2012 through September 30, 2012, 2012, and the period from January 1, 2012 through February 24, 2012. | On December 31, 2011, the Senior Notes had the following principal amounts outstanding (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 (Successor) | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 7 5/8% Senior Notes due December 15, 2012 | $ | 66,704 | |||||||||||||||||||||||||||||||||||||||||||||||
10 3/4% Senior Notes due April 1, 2013 | 138,912 | |||||||||||||||||||||||||||||||||||||||||||||||||
7 1/2% Senior Notes due February 15, 2014 | 77,867 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | $ | 283,483 | |||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||||||||
ASSETS | 7 5/8% Senior Notes | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 77,976 | $ | 313 | $ | 3,633 | $ | — | $ | 81,922 | On November 22, 2004, California Lyon issued $150.0 million principal amount of the 7 5/8% Senior Notes. Of the initial $150.0 million, $66.7 million in aggregate principal amount remained outstanding as of December 31, 2011. | |||||||||||||||||||||||||||||||||||||
Restricted cash | — | 853 | — | — | — | 853 | 10 3/4% Senior Notes | |||||||||||||||||||||||||||||||||||||||||||
Receivables | — | 15,979 | 1,323 | 4,353 | — | 21,655 | On March 17, 2003, California Lyon issued $250.0 million of the 10 3/4% Senior Notes at a price of 98.493% to the public, resulting in net proceeds to the Company of approximately $246.2 million. The redemption price reflected a discount to yield 11% under the effective interest method, and the notes have been reflected net of the unamortized discount in the consolidated balance sheet. Of the initial $250.0 million, $138.9 million aggregate principal amount remained outstanding as of December 31, 2011. | |||||||||||||||||||||||||||||||||||||||||||
Real estate inventories | 10 3/4% Senior Notes Indenture Interest Payment Default | |||||||||||||||||||||||||||||||||||||||||||||||||
Owned | — | 574,987 | 1,839 | 63,336 | — | 640,162 | On October 31, 2011, California Lyon did not make the scheduled interest payment on the 10 3/4% Senior Notes within the 30-day grace period specified in the 10 3/4% Senior Notes Indenture, resulting in an event of default under the 10 3/4% Senior Notes Indenture, and a cross-default under the Term Loan Agreement. In the event that Holders of the 10 3/4% Senior Notes exercised their right to accelerate the 10 3/4% Senior Notes, a cross-default under the other prepetition indentures would have resulted. Since the Company was in negotiations with certain holders of the Senior Notes to reorganize and restructure the debt of the Company, the holders did not exercise their right to accelerate the 10 3/4% Senior Notes. | |||||||||||||||||||||||||||||||||||||||||||
Not owned | — | 20,738 | — | — | — | 20,738 | 7 1/2% Senior Notes | |||||||||||||||||||||||||||||||||||||||||||
Deferred loan costs | — | 8,088 | — | — | — | 8,088 | On February 6, 2004, California Lyon issued $150.0 million principal amount of the 7 1/2% Senior Notes, resulting in net proceeds to the Company of approximately $147.6 million. Of the initial $150.0 million, $77.9 million aggregate principal amount remained outstanding as of December 31, 2011. | |||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | 14,209 | — | — | — | 14,209 | During the year ended December 31, 2010, the Company redeemed, in privately negotiated transactions, $37.3 million principal amount of its outstanding Senior Notes at a cost of $31.3 million, plus accrued interest. The net gain resulting from the redemptions, after giving effect to amortization of related deferred loan costs, was $5.6 million, and is included in (loss) gain on extinguishment of debt in the consolidated statement of operations for the year ended December 31, 2010. | |||||||||||||||||||||||||||||||||||||||||||
Intangibles | — | 3,446 | — | — | — | 3,446 | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | — | 6,672 | 863 | 345 | — | 7,880 | Notes Payable | |||||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 309,968 | 31,144 | — | — | (341,112 | ) | — | Construction Notes Payable | ||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables | — | — | 220,142 | 18,865 | (239,007 | ) | — | In September 2012, the Company entered into two construction notes payable agreements. The first agreement has total availability under the facility of $19.0 million, to be drawn for land development and construction on one of its wholly-owned projects. The loan matures in September 2015 and bears interest at the Prime Rate + 1.0%, with a rate floor of 5.0%, which was the effective interest rate as of December 31, 2012. As of December 31, 2012, the Company had borrowed $7.8 million under this facility. The loan will be repaid with proceeds from home closings of the project and is secured by the underlying project. The second agreement has total availability under the facility of $17.0 million, to be drawn for land development and construction on one of its joint venture projects, which is consolidated in accordance with ASC 810 (See Note 5 for further discussion). The loan matures in March 2015 and bears interest at Prime + 1%, with a rate floor of 5.0%, which was the effective interest rate as of December 31, 2012. As of December 31, 2012, the Company had borrowed $5.4 million under this facility. The loan will be repaid with proceeds from home closings of the project and is secured by the underlying project. | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2011, the Company had two construction notes payable totaling $16.0 million. One of the notes totaling $9.0 million matured in January 2012, with interest at rates based on either LIBOR or prime with an interest rate floor of 6.5%. However, in conjunction with the Plan, the construction note payable was renegotiated to mature January 2013 with an option to extend for one year to December 2013. Interest on the note was paid monthly at a rate based on LIBOR or prime, with a floor of 5.5%, and the principal was repaid ratably in quarterly installments, beginning March 31, 2012 and continuing through maturity. In November 2012, the construction note was paid in full with proceeds from the New Notes. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 309,968 | $ | 754,092 | $ | 224,480 | $ | 90,532 | $ | (580,119 | ) | $ | 798,953 | The other construction note had a remaining balance at December 31, 2011 of $7.0 million, and was not renegotiated in conjunction with the Plan. The note had a maturity date in May 2015 and required monthly interest payments at a fixed rate of 10.0%, with quarterly principal payments of $500,000. In November 2012, the construction note was paid in full with proceeds from the New Notes. The Company recognized a loss of $0.2 million upon the early extinguishment of the note related to the unamortized debt discount. The loss is included in (loss) gain on extinguishment of debt in the consolidated statement of operations for the period from February 25, 2012 through December 31, 2012. | ||||||||||||||||||||||||||||||||||||
Land Acquisition Note Payable | ||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | In October 2011, the Company secured an acquisition note payable in conjunction with the acquisition of a parcel of land in Northern California. The acquisition price of the land was $56.0 million, and the loan was for $55.0 million. The note was scheduled to mature in October 2012, and carried an interest rate of 1.5% per month, which was paid monthly on the loan. As part of the Company’s adoption of ASC 852, the loan was valued at $56.3 million as of February 24, 2012, the confirmation date of the plan. In May 2012, the Company sold the parcel of land and repaid the note in full recognizing a gain on extinguishment of debt of $1.0 million, net of amortization expense of $0.3 million. The gain is included in (loss) gain on extinguishment of debt in the consolidated statement of operations for the period from February 25, 2012 through December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 16,185 | $ | 1,005 | $ | 2,210 | $ | — | $ | 19,400 | Seller Financing | |||||||||||||||||||||||||||||||||||||
Accrued expenses | — | 59,535 | 777 | 79 | — | 60,391 | At December 31, 2011, the Company had $3.0 million of notes payable outstanding related to a land acquisition for which seller financing was provided. The note bore interest at 7% and matured in March 2012. In March 2012, the seller note was paid in full. | |||||||||||||||||||||||||||||||||||||||||||
Liabilities from inventories not owned | — | 20,738 | — | — | — | 20,738 | ||||||||||||||||||||||||||||||||||||||||||||
Notes payable | — | 14,476 | 1,762 | 19,233 | — | 35,471 | GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS | |||||||||||||||||||||||||||||||||||||||||||
8 1/2% Senior Notes | — | 325,000 | — | — | — | 325,000 | The following consolidating financial information includes: | |||||||||||||||||||||||||||||||||||||||||||
Intercompany payables | — | 229,125 | — | 9,881 | (239,006 | ) | — | (1) Consolidating balance sheets as of December 31, 2012 and 2011; consolidating statements of operations for the period from February 25, 2012 through December 31, 2012, the period from January 1, 2012 through February 24, 2012, and the years ended December 31, 2011 and 2010; and consolidating statements of cash flows for the period from February 25, 2012 through December 31, 2012, the period from January 1, 2012 through February 24, 2012, and the years ended December 31, 2011 and 2010, of (a) William Lyon Homes, as the parent, or “Delaware Lyon”, (b) William Lyon Homes, Inc., as the subsidiary issuer, or “California Lyon”, (c) the guarantor subsidiaries, (d) the non-guarantor subsidiaries and (e) William Lyon Homes, Inc. on a consolidated basis; and | ||||||||||||||||||||||||||||||||||||||||||
(2) Elimination entries necessary to consolidate Delaware Lyon, with William Lyon Homes, Inc. and its guarantor and non-guarantor subsidiaries. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 665,059 | 3,544 | 31,403 | (239,006 | ) | 461,000 | William Lyon Homes owns 100% of all of its guarantor subsidiaries and all guarantees are full and unconditional, joint and several. As a result, in accordance with Rule 3-10 (d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of December 31, 2012 and 2011, and for the period from February 25, 2012 through December 31, 2012, the period from January 1, 2012 through February 24, 2012, and the years ended December 31, 2011 and 2010. | ||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
William Lyon Homes stockholders’ equity | 309,968 | 89,033 | 220,936 | 31,144 | (341,113 | ) | 309,968 | CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | — | — | — | 27,985 | — | 27,985 | December 31, 2012 (Successor) | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 309,968 | $ | 754,092 | $ | 224,480 | $ | 90,532 | $ | (580,119 | ) | $ | 798,953 | |||||||||||||||||||||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 (Successor) | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 69,376 | $ | 65 | $ | 1,634 | $ | — | $ | 71,075 | ||||||||||||||||||||||||||||||||||||||
Restricted cash | — | 853 | — | — | — | 853 | ||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | Receivables | — | 11,278 | 296 | 3,215 | — | 14,789 | |||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | Real estate inventories | ||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | Owned | — | 398,952 | 13 | 22,665 | — | 421,630 | ||||||||||||||||||||||||||||||||||||||
ASSETS | Not owned | — | 39,029 | — | — | — | 39,029 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 69,376 | $ | 65 | $ | 1,634 | $ | — | $ | 71,075 | Deferred loan costs | — | 7,036 | — | — | — | 7,036 | |||||||||||||||||||||||||||||||
Restricted cash | — | 853 | — | — | — | 853 | Goodwill | — | 14,209 | — | — | — | 14,209 | |||||||||||||||||||||||||||||||||||||
Receivables | — | 11,278 | 296 | 3,215 | — | 14,789 | Intangibles | — | 4,620 | — | — | — | 4,620 | |||||||||||||||||||||||||||||||||||||
Real estate inventories | Other assets | — | 7,437 | 146 | 323 | — | 7,906 | |||||||||||||||||||||||||||||||||||||||||||
Owned | — | 398,952 | 13 | 22,665 | — | 421,630 | Investments in subsidiaries | 62,712 | 22,148 | — | — | (84,860 | ) | — | ||||||||||||||||||||||||||||||||||||
Not owned | — | 39,029 | — | — | — | 39,029 | Intercompany receivables | — | — | 207,239 | 18,935 | (226,174 | ) | — | ||||||||||||||||||||||||||||||||||||
Deferred loan costs | — | 7,036 | — | — | — | 7,036 | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | 14,209 | — | — | — | 14,209 | Total assets | $ | 62,712 | $ | 574,938 | $ | 207,759 | $ | 46,772 | $ | (311,034 | ) | $ | 581,147 | ||||||||||||||||||||||||||||||
Intangibles | — | 4,620 | — | — | — | 4,620 | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | — | 7,437 | 146 | 323 | — | 7,906 | ||||||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 62,712 | 22,148 | — | — | (84,860 | ) | — | LIABILITIES AND EQUITY (DEFICIT) | ||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables | — | — | 207,239 | 18,935 | (226,174 | ) | — | Accounts payable | $ | — | $ | 17,998 | $ | 39 | $ | 698 | $ | — | $ | 18,735 | ||||||||||||||||||||||||||||||
Accrued expenses | — | 41,505 | 213 | 52 | — | 41,770 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 62,712 | $ | 574,938 | $ | 207,759 | $ | 46,772 | $ | (311,034 | ) | $ | 581,147 | Liabilities from inventories not owned | — | 39,029 | — | — | — | 39,029 | ||||||||||||||||||||||||||||||
Notes payable | — | 7,809 | — | 5,439 | — | 13,248 | ||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY (DEFICIT) | 8 1/2% Senior Notes | — | 325,000 | — | — | — | 325,000 | |||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 17,998 | $ | 39 | $ | 698 | $ | — | $ | 18,735 | Intercompany payables | — | 217,146 | — | 9,028 | (226,174 | ) | — | ||||||||||||||||||||||||||||||
Accrued expenses | — | 41,505 | 213 | 52 | — | 41,770 | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities from inventories not owned | — | 39,029 | — | — | — | 39,029 | Total liabilities | — | 648,487 | 252 | 15,217 | (226,174 | ) | 437,782 | ||||||||||||||||||||||||||||||||||||
Notes payable | — | 7,809 | — | 5,439 | — | 13,248 | ||||||||||||||||||||||||||||||||||||||||||||
8 1/2% Senior Notes | — | 325,000 | — | — | — | 325,000 | Redeemable convertible preferred stock | — | 71,246 | — | — | — | 71,246 | |||||||||||||||||||||||||||||||||||||
Intercompany payables | — | 217,146 | — | 9,028 | (226,174 | ) | — | Equity (deficit) | ||||||||||||||||||||||||||||||||||||||||||
William Lyon Homes stockholders’ equity (deficit) | 62,712 | (144,795 | ) | 207,507 | 22,148 | (84,860 | ) | 62,712 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 648,487 | 252 | 15,217 | (226,174 | ) | 437,782 | Noncontrolling interest | — | — | — | 9,407 | — | 9,407 | ||||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock | — | 71,246 | — | — | — | 71,246 | ||||||||||||||||||||||||||||||||||||||||||||
Equity (deficit) | Total liabilities and equity (deficit) | $ | 62,712 | $ | 574,938 | $ | 207,759 | $ | 46,772 | $ | (311,034 | ) | $ | 581,147 | ||||||||||||||||||||||||||||||||||||
William Lyon Homes stockholders’ equity (deficit) | 62,712 | (144,795 | ) | 207,507 | 22,148 | (84,860 | ) | 62,712 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | — | — | — | 9,407 | — | 9,407 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity (deficit) | $ | 62,712 | $ | 574,938 | $ | 207,759 | $ | 46,772 | $ | (311,034 | ) | $ | 581,147 | CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||
(DEBTOR-IN-POSSESSION) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2011 (Predecessor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 (Successor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Unconsolidated | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | Cash and cash equivalents | $ | — | $ | 14,333 | $ | 47 | $ | 5,681 | $ | — | $ | 20,061 | ||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | Restricted cash | — | 852 | — | — | — | 852 | ||||||||||||||||||||||||||||||||||||||
Operating revenue | Receivables | — | 9,897 | 310 | 3,525 | — | 13,732 | |||||||||||||||||||||||||||||||||||||||||||
Sales | $ | — | $ | 76,178 | $ | 48,487 | $ | 16,687 | $ | — | $ | 141,352 | Real estate inventories | |||||||||||||||||||||||||||||||||||||
Construction services | — | 9,478 | — | — | — | 9,478 | Owned | — | 278,939 | — | 119,595 | — | 398,534 | |||||||||||||||||||||||||||||||||||||
Management fees | — | 456 | — | — | (456 | ) | — | Not owned | — | 47,408 | — | — | — | 47,408 | ||||||||||||||||||||||||||||||||||||
Deferred loan costs, net | — | 8,810 | — | — | — | 8,810 | ||||||||||||||||||||||||||||||||||||||||||||
— | 86,112 | 48,487 | 16,687 | (456 | ) | 150,830 | Other assets, net | — | 6,671 | 159 | 724 | — | 7,554 | |||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | (179,516 | ) | (85,714 | ) | — | — | 265,230 | — | ||||||||||||||||||||||||||||||||||||||||||
Operating costs | Intercompany receivables | — | — | 203,517 | 12 | (203,529 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | (55,968 | ) | (40,519 | ) | (11,926 | ) | 456 | (107,957 | ) | ||||||||||||||||||||||||||||||||||||||||
Construction services | — | (8,135 | ) | — | — | — | (8,135 | ) | Total assets | $ | (179,516 | ) | $ | 281,196 | $ | 204,033 | $ | 129,537 | $ | 61,701 | $ | 496,951 | ||||||||||||||||||||||||||||
Sales and marketing | — | (4,108 | ) | (2,256 | ) | (315 | ) | — | (6,679 | ) | ||||||||||||||||||||||||||||||||||||||||
General and administrative | — | (9,473 | ) | (726 | ) | (1 | ) | — | (10,200 | ) | LIABILITIES AND (DEFICIT) EQUITY | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | — | (191 | ) | — | — | — | (191 | ) | Liabilities not subject to compromise | |||||||||||||||||||||||||||||||||||||||||
Other | — | (695 | ) | — | — | — | (695 | ) | Accounts payable | $ | — | $ | 1,436 | $ | — | $ | — | $ | — | $ | 1,436 | |||||||||||||||||||||||||||||
Accrued expenses | — | 2,082 | — | — | — | 2,082 | ||||||||||||||||||||||||||||||||||||||||||||
— | (78,570 | ) | (43,501 | ) | (12,242 | ) | 456 | (133,857 | ) | Liabilities from inventories not owned | — | 47,408 | — | — | — | 47,408 | ||||||||||||||||||||||||||||||||||
Income from subsidiaries | 12,716 | 5,804 | — | — | (18,520 | ) | — | Notes payable | — | 3,010 | — | 70,999 | — | 74,009 | ||||||||||||||||||||||||||||||||||||
Senior Secured Term Loan | — | 206,000 | — | — | — | 206,000 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income | 12,716 | 13,346 | 4,986 | 4,445 | (18,520 | ) | 16,973 | Intercompany payables | — | 71,459 | — | 132,070 | (203,529 | ) | — | |||||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (51 | ) | — | — | — | (51 | ) | ||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | — | 423 | (9 | ) | (300 | ) | — | 114 | — | 331,395 | — | 203,069 | (203,529 | ) | 330,935 | |||||||||||||||||||||||||||||||||||
Liabilities subject to compromise | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 12,716 | 13,718 | 4,977 | 4,145 | (18,520 | ) | 17,036 | Accounts payable | — | 2,560 | 38 | 1,348 | — | 3,946 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | (6,356 | ) | — | — | — | (6,356 | ) | Accrued expenses | — | 47,051 | 218 | 1,188 | — | 48,457 | |||||||||||||||||||||||||||||||||||
7 5/8% Senior Notes | — | 66,704 | — | — | — | 66,704 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | 12,716 | 7,362 | 4,977 | 4,145 | (18,520 | ) | 10,680 | 10 3/4% Senior Notes | — | 138,912 | — | — | — | 138,912 | ||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | (3,118 | ) | — | (3,118 | ) | 7 1/2% Senior Notes | — | 77,867 | — | — | — | 77,867 | |||||||||||||||||||||||||||||||||||
Net income attributable to William Lyon Homes | 12,716 | 7,362 | 4,977 | 1,027 | (18,520 | ) | 7,562 | — | 333,094 | 256 | 2,536 | — | 335,886 | |||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 664,489 | 256 | 205,605 | (203,529 | ) | 666,821 | |||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 12,716 | $ | 7,362 | $ | 4,977 | $ | 1,027 | $ | (18,520 | ) | $ | 7,562 | |||||||||||||||||||||||||||||||||||||
(Deficit) equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
William Lyon Homes stockholders’ (deficit) equity | (179,516 | ) | (383,293 | ) | 203,777 | (85,714 | ) | 265,230 | (179,516 | ) | ||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Noncontrolling interest | — | — | — | 9,646 | — | 9,646 | |||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 (Successor) | Total liabilities and (deficit) equity | $ | (179,516 | ) | $ | 281,196 | $ | 204,033 | $ | 129,537 | $ | 61,701 | $ | 496,951 | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | Period from February 25, 2012 through | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | December 31, 2012 (Successor) | ||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | — | $ | 68,008 | $ | 10,629 | $ | 7,305 | $ | — | $ | 85,942 | ||||||||||||||||||||||||||||||||||||||
Construction services | — | 7,045 | — | — | — | 7,045 | Unconsolidated | |||||||||||||||||||||||||||||||||||||||||||
Management fees | — | 278 | — | — | (278 | ) | — | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||||||||
— | 75,331 | 10,629 | 7,305 | (278 | ) | 92,987 | Operating revenue | |||||||||||||||||||||||||||||||||||||||||||
Sales | $ | — | $ | 198,108 | $ | 47,989 | $ | 102,838 | $ | — | $ | 348,935 | ||||||||||||||||||||||||||||||||||||||
Operating costs | Construction services | — | 23,825 | — | — | — | 23,825 | |||||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | (57,050 | ) | (8,912 | ) | (5,111 | ) | 278 | (70,795 | ) | Management fees | — | 534 | — | — | (534 | ) | — | ||||||||||||||||||||||||||||||||
Construction services | — | (6,410 | ) | — | — | — | (6,410 | ) | ||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | — | (3,219 | ) | (643 | ) | (310 | ) | — | (4,172 | ) | — | 222,467 | 47,989 | 102,838 | (534 | ) | 372,760 | |||||||||||||||||||||||||||||||||
General and administrative | — | (5,368 | ) | (70 | ) | (2 | ) | — | (5,440 | ) | ||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (1,640 | ) | (1,640 | ) | Operating costs | |||||||||||||||||||||||||||||||||||||||||||||
Other | — | (588 | ) | — | (357 | ) | — | (945 | ) | Cost of sales | — | (163,083 | ) | (41,516 | ) | (93,924 | ) | 534 | (297,989 | ) | ||||||||||||||||||||||||||||||
Construction services | — | (21,416 | ) | — | — | — | (21,416 | ) | ||||||||||||||||||||||||||||||||||||||||||
— | (74,275 | ) | (9,625 | ) | (5,780 | ) | 278 | (89,402 | ) | Sales and marketing | — | (10,705 | ) | (2,617 | ) | (606 | ) | — | (13,928 | ) | ||||||||||||||||||||||||||||||
(Loss) income from subsidiaries | (752 | ) | 1,158 | — | — | (406 | ) | — | General and administrative | — | (25,872 | ) | (221 | ) | (2 | ) | — | (26,095 | ) | |||||||||||||||||||||||||||||||
Amortization of intangible assets | — | (5,757 | ) | — | — | — | (5,757 | ) | ||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | (752 | ) | 2,214 | 1,004 | 1,525 | (406 | ) | 3,585 | Other | — | (3,027 | ) | (2 | ) | 120 | — | (2,909 | ) | ||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (2,350 | ) | — | (141 | ) | — | (2,491 | ) | |||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | — | 160 | (53 | ) | (12 | ) | — | 95 | — | (229,860 | ) | (44,356 | ) | (94,412 | ) | 534 | (368,094 | ) | ||||||||||||||||||||||||||||||||
(Loss) income before reorganization items and provision for income taxes | (752 | ) | 24 | 951 | 1,372 | (406 | ) | 1,189 | (Loss) income from subsidiaries | (8,859 | ) | 11,681 | — | — | (2,822 | ) | — | |||||||||||||||||||||||||||||||||
Reorganization items, net | — | (712 | ) | — | — | — | (712 | ) | ||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | (8,859 | ) | 4,288 | 3,633 | 8,426 | (2,822 | ) | 4,666 | ||||||||||||||||||||||||||||||||||||||||||
(Loss) income before provision for income taxes | (752 | ) | (688 | ) | 951 | 1,372 | (406 | ) | 477 | Loss on extinguishment of debt | — | (1,392 | ) | — | — | — | (1,392 | ) | ||||||||||||||||||||||||||||||||
Provision for income taxes | — | (11 | ) | — | — | — | (11 | ) | Interest expense, net of amounts capitalized | — | (9,227 | ) | — | 100 | — | (9,127 | ) | |||||||||||||||||||||||||||||||||
Other income (expense), net | — | 618 | (61 | ) | 971 | — | 1,528 | |||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (752 | ) | (699 | ) | 951 | 1,372 | (406 | ) | 466 | |||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | (1,218 | ) | — | (1,218 | ) | (Loss) income before reorganization items and provision for income taxes | (8,859 | ) | (5,713 | ) | 3,572 | 9,497 | (2,822 | ) | (4,325 | ) | ||||||||||||||||||||||||||||||||
Reorganization items, net | — | (3,073 | ) | 1 | 547 | — | (2,525 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to William Lyon Homes | (752 | ) | (699 | ) | 951 | 154 | (406 | ) | (752 | ) | ||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | (755 | ) | — | — | — | — | (755 | ) | (Loss) income before provision for income taxes | (8,859 | ) | (8,786 | ) | 3,573 | 10,044 | (2,822 | ) | (6,850 | ) | |||||||||||||||||||||||||||||||
Provision for income taxes | — | (11 | ) | — | — | — | (11 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) income available to common stockholders | $ | (1,507 | ) | $ | (699 | ) | $ | 951 | $ | 154 | $ | (406 | ) | $ | (1,507 | ) | ||||||||||||||||||||||||||||||||||
Net (loss) income | (8,859 | ) | (8,797 | ) | 3,573 | 10,044 | (2,822 | ) | (6,861 | ) | ||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | (1,998 | ) | — | (1,998 | ) | ||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Net (loss) income attributable to William Lyon Homes | (8,859 | ) | (8,797 | ) | 3,573 | 8,046 | (2,822 | ) | (8,859 | ) | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 (Successor) | Preferred stock dividends | (2,743 | ) | — | — | — | — | (2,743 | ) | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income available to common stockholders | $ | (11,602 | ) | $ | (8,797 | ) | $ | 3,573 | $ | 8,046 | $ | (2,822 | ) | $ | (11,602 | ) | ||||||||||||||||||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | Period from January 1, 2012 through | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | — | $ | 173,032 | $ | 142,105 | $ | 26,545 | $ | — | $ | 341,682 | February 24, 2012 (Predecessor) | |||||||||||||||||||||||||||||||||||||
Construction services | — | 21,439 | — | — | — | 21,439 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Management fees | — | (727 | ) | — | — | 727 | — | |||||||||||||||||||||||||||||||||||||||||||
— | 193,744 | 142,105 | 26,545 | 727 | 363,121 | Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Operating costs | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | ||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | (132,270 | ) | (119,051 | ) | (18,722 | ) | (727 | ) | (270,770 | ) | Operating revenue | ||||||||||||||||||||||||||||||||||||||
Construction services | — | (17,472 | ) | — | — | — | (17,472 | ) | Home sales | $ | — | $ | 10,024 | $ | 4,316 | $ | 2,347 | $ | — | $ | 16,687 | |||||||||||||||||||||||||||||
Sales and marketing | — | (9,826 | ) | (6,867 | ) | (789 | ) | — | (17,482 | ) | Construction services | — | 8,883 | — | — | — | 8,883 | |||||||||||||||||||||||||||||||||
General and administrative | — | (26,162 | ) | (1,835 | ) | (19 | ) | — | (28,016 | ) | Management fees | — | 110 | — | — | (110 | ) | — | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | — | (1,173 | ) | — | — | — | (1,173 | ) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | (1,744 | ) | (2 | ) | — | — | (1,746 | ) | — | 19,017 | 4,316 | 2,347 | (110 | ) | 25,570 | ||||||||||||||||||||||||||||||||||
— | (188,647 | ) | (127,755 | ) | (19,530 | ) | (727 | ) | (336,659 | ) | Operating costs | |||||||||||||||||||||||||||||||||||||||
Income from subsidiaries | 17,562 | 13,800 | — | — | (31,362 | ) | — | Cost of sales — homes | — | (8,819 | ) | (3,820 | ) | (2,069 | ) | 110 | (14,598 | ) | ||||||||||||||||||||||||||||||||
Construction services | — | (8,223 | ) | — | — | — | (8,223 | ) | ||||||||||||||||||||||||||||||||||||||||||
Operating income | 17,562 | 18,897 | 14,350 | 7,015 | (31,362 | ) | 26,462 | Sales and marketing | — | (1,496 | ) | (260 | ) | (188 | ) | — | (1,944 | ) | ||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (2,476 | ) | (126 | ) | — | — | (2,602 | ) | General and administrative | — | (3,246 | ) | (56 | ) | — | — | (3,302 | ) | |||||||||||||||||||||||||||||||
Other income (expense), net | — | 1,184 | (20 | ) | (907 | ) | — | 257 | Other | — | (16 | ) | — | (171 | ) | — | (187 | ) | ||||||||||||||||||||||||||||||||
Income before reorganization items and provision for income taxes | 17,562 | 17,605 | 14,204 | 6,108 | (31,362 | ) | 24,117 | — | (21,800 | ) | (4,136 | ) | (2,428 | ) | 110 | (28,254 | ) | |||||||||||||||||||||||||||||||||
Reorganization items, net | — | (464 | ) | — | — | — | (464 | ) | ||||||||||||||||||||||||||||||||||||||||||
Income from subsidiaries | 228,383 | 11,536 | — | — | (239,919 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 17,562 | 17,141 | 14,204 | 6,108 | (31,362 | ) | 23,653 | |||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | (6,366 | ) | — | — | — | (6,366 | ) | Operating income (loss) | 228,383 | 8,753 | 180 | (81 | ) | (239,919 | ) | (2,684 | ) | ||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (2,407 | ) | — | (100 | ) | — | (2,507 | ) | |||||||||||||||||||||||||||||||||||||||||
Net income | 17,562 | 10,775 | 14,204 | 6,108 | (31,362 | ) | 17,287 | Other income (expense), net | — | 266 | (25 | ) | (11 | ) | — | 230 | ||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | (4,879 | ) | — | (4,879 | ) | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) before reorganization items and provision for income taxes | 228,383 | 6,612 | 155 | (192 | ) | (239,919 | ) | (4,961 | ) | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to William Lyon Homes | 17,562 | 10,775 | 14,204 | 1,229 | (31,362 | ) | 12,408 | Reorganization items | — | 221,796 | (1 | ) | 11,663 | — | 233,458 | |||||||||||||||||||||||||||||||||||
Preferred stock dividends | (1,528 | ) | — | — | — | — | (1,528 | ) | ||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 228,383 | 228,408 | 154 | 11,471 | (239,919 | ) | 228,497 | |||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 16,034 | $ | 10,775 | $ | 14,204 | $ | 1,229 | $ | (31,362 | ) | $ | 10,880 | Provision for income taxes | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net income | 228,383 | 228,408 | 154 | 11,471 | (239,919 | ) | 228,497 | |||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Less: Net income attributable to noncontrolling interest | — | — | — | (114 | ) | — | (114 | ) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period from February 25, 2012 through | Net income attributable to William Lyon Homes | $ | 228,383 | $ | 228,408 | $ | 154 | $ | 11,357 | $ | (239,919 | ) | $ | 228,383 | ||||||||||||||||||||||||||||||||||||
September 30, 2012 (Successor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
(DEBTOR-IN-POSSESSION) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | Year Ended December 31, 2011 (Predecessor) | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | — | $ | 111,159 | $ | 32,105 | $ | 102,838 | $ | — | $ | 246,102 | Unconsolidated | |||||||||||||||||||||||||||||||||||||
Construction services | — | 16,473 | — | — | — | 16,473 | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||||||||||||||||||||||||
Management fees | — | 534 | — | — | (534 | ) | — | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||
Operating revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
— | 128,166 | 32,105 | 102,838 | (534 | ) | 262,575 | Home sales | $ | — | $ | 176,992 | $ | 19,954 | $ | 10,109 | $ | — | $ | 207,055 | |||||||||||||||||||||||||||||||
Construction services | — | 19,768 | — | — | — | 19,768 | ||||||||||||||||||||||||||||||||||||||||||||
Operating costs | Management fees | — | 468 | — | — | (468 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | (94,003 | ) | (27,737 | ) | (93,924 | ) | 534 | (215,130 | ) | ||||||||||||||||||||||||||||||||||||||||
Construction services | — | (15,061 | ) | — | — | — | (15,061 | ) | — | 197,228 | 19,954 | 10,109 | (468 | ) | 226,823 | |||||||||||||||||||||||||||||||||||
Sales and marketing | — | (6,493 | ) | (1,679 | ) | (663 | ) | — | (8,835 | ) | ||||||||||||||||||||||||||||||||||||||||
General and administrative | — | (13,733 | ) | (186 | ) | (6 | ) | — | (13,925 | ) | Operating costs | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | — | (5,034 | ) | — | — | — | (5,034 | ) | Cost of sales | — | (162,148 | ) | (18,225 | ) | (8,818 | ) | 468 | (188,723 | ) | |||||||||||||||||||||||||||||||
Other | — | (1,713 | ) | (2 | ) | (687 | ) | — | (2,402 | ) | Impairment loss on real estate assets | — | (70,742 | ) | — | (57,572 | ) | — | (128,314 | ) | ||||||||||||||||||||||||||||||
Construction services | — | (18,164 | ) | — | — | — | (18,164 | ) | ||||||||||||||||||||||||||||||||||||||||||
— | (136,037 | ) | (29,604 | ) | (95,280 | ) | 534 | (260,387 | ) | Sales and marketing | — | (14,528 | ) | (1,318 | ) | (1,002 | ) | — | (16,848 | ) | ||||||||||||||||||||||||||||||
(Loss) income from subsidiaries | (7,611 | ) | 8,620 | — | — | (1,009 | ) | — | General and administrative | — | (22,070 | ) | (340 | ) | (1 | ) | — | (22,411 | ) | |||||||||||||||||||||||||||||||
Other | — | (2,979 | ) | — | (1,004 | ) | — | (3,983 | ) | |||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | (7,611 | ) | 749 | 2,501 | 7,558 | (1,009 | ) | 2,188 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (6,970 | ) | — | (357 | ) | — | (7,327 | ) | — | (290,631 | ) | (19,883 | ) | (68,397 | ) | 468 | (378,443 | ) | |||||||||||||||||||||||||||||||
Other income, net | — | 562 | (45 | ) | 954 | — | 1,471 | |||||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated joint ventures | — | 3,605 | — | — | — | 3,605 | ||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before reorganization items and provision for income taxes | (7,611 | ) | (5,659 | ) | 2,456 | 8,155 | (1,009 | ) | (3,668 | ) | Loss from subsidiaries | (193,330 | ) | (59,588 | ) | — | — | 252,918 | — | |||||||||||||||||||||||||||||||
Reorganization items, net | — | (1,895 | ) | 1 | — | — | (1,894 | ) | ||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | (193,330 | ) | (149,386 | ) | 71 | (58,288 | ) | 252,918 | (148,015 | ) | ||||||||||||||||||||||||||||||||||||||||
(Loss) income before provision for income taxes | (7,611 | ) | (7,554 | ) | 2,457 | 8,155 | (1,009 | ) | (5,562 | ) | Interest expense, net of amounts capitalized | — | (23,639 | ) | — | (890 | ) | — | (24,529 | ) | ||||||||||||||||||||||||||||||
Provision for income taxes | — | (11 | ) | — | — | — | (11 | ) | Other income (expense), net | — | 1,018 | (131 | ) | (49 | ) | — | 838 | |||||||||||||||||||||||||||||||||
Net (loss) income | (7,611 | ) | (7,565 | ) | 2,457 | 8,155 | (1,009 | ) | (5,573 | ) | Loss before reorganization items and provision for income taxes | (193,330 | ) | (172,007 | ) | (60 | ) | (59,227 | ) | 252,918 | (171,706 | ) | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | (2,038 | ) | — | (2,038 | ) | Reorganization items | — | (21,182 | ) | — | — | — | (21,182 | ) | |||||||||||||||||||||||||||||||||
Net (loss) income attributable to William Lyon Homes | (7,611 | ) | (7,565 | ) | 2,457 | 6,117 | (1,009 | ) | (7,611 | ) | Loss before provision for income taxes | (193,330 | ) | (193,189 | ) | (60 | ) | (59,227 | ) | 252,918 | (192,888 | ) | ||||||||||||||||||||||||||||
Preferred stock dividends | (1,798 | ) | — | — | — | — | (1,798 | ) | Provision for income taxes | — | (10 | ) | — | — | — | (10 | ) | |||||||||||||||||||||||||||||||||
Net (loss) income available to common stockholders | $ | (9,409 | ) | $ | (7,565 | ) | $ | 2,457 | $ | 6,117 | $ | (1,009 | ) | $ | (9,409 | ) | Net loss | (193,330 | ) | (193,199 | ) | (60 | ) | (59,227 | ) | 252,918 | (192,898 | ) | ||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | (432 | ) | — | (432 | ) | ||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Net loss attributable to William Lyon Homes | $ | (193,330 | ) | $ | (193,199 | ) | $ | (60 | ) | $ | (59,659 | ) | $ | 252,918 | $ | (193,330 | ) | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period from January 1, 2012 through | ||||||||||||||||||||||||||||||||||||||||||||||||||
February 24, 2012 (Predecessor) | CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Year Ended December 31, 2010 (Predecessor) | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||
Operating revenue | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | ||||||||||||||||||||||||||||||||||||||||||||
Home sales | $ | — | $ | 10,024 | $ | 4,316 | $ | 2,347 | $ | — | $ | 16,687 | Operating revenue | |||||||||||||||||||||||||||||||||||||
Construction services | — | 8,883 | — | — | — | 8,883 | Sales | $ | — | $ | 263,864 | $ | 16,595 | $ | 3,610 | $ | — | $ | 284,069 | |||||||||||||||||||||||||||||||
Management fees | — | 110 | — | — | (110 | ) | — | Construction services | — | 10,629 | — | — | — | 10,629 | ||||||||||||||||||||||||||||||||||||
Management fees | — | 165 | — | — | (165 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
— | 19,017 | 4,316 | 2,347 | (110 | ) | 25,570 | ||||||||||||||||||||||||||||||||||||||||||||
— | 274,658 | 16,595 | 3,610 | (165 | ) | 294,698 | ||||||||||||||||||||||||||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales — homes | — | (8,819 | ) | (3,820 | ) | (2,069 | ) | 110 | (14,598 | ) | Operating costs | — | ||||||||||||||||||||||||||||||||||||||
Construction services | — | (8,223 | ) | — | — | — | (8,223 | ) | Cost of sales | — | (228,542 | ) | (16,167 | ) | (1,633 | ) | 165 | (246,177 | ) | |||||||||||||||||||||||||||||||
Sales and marketing | — | (1,496 | ) | (260 | ) | (188 | ) | — | (1,944 | ) | Impairment loss on real estate assets | — | (111,860 | ) | — | — | — | (111,860 | ) | |||||||||||||||||||||||||||||||
General and administrative | — | (3,246 | ) | (56 | ) | — | — | (3,302 | ) | Construction services | — | (7,805 | ) | — | — | — | (7,805 | ) | ||||||||||||||||||||||||||||||||
Other | — | (16 | ) | — | (171 | ) | — | (187 | ) | Sales and marketing | — | (17,953 | ) | (1,208 | ) | (585 | ) | — | (19,746 | ) | ||||||||||||||||||||||||||||||
General and administrative | — | (24,795 | ) | (313 | ) | (21 | ) | — | (25,129 | ) | ||||||||||||||||||||||||||||||||||||||||
— | (21,800 | ) | (4,136 | ) | (2,428 | ) | 110 | (28,254 | ) | Other | — | (2,740 | ) | — | — | — | (2,740 | ) | ||||||||||||||||||||||||||||||||
Income from subsidiaries | 228,383 | 11,536 | — | — | (239,919 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
— | (393,695 | ) | (17,688 | ) | (2,239 | ) | 165 | (413,457 | ) | |||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 228,383 | 8,753 | 180 | (81 | ) | (239,919 | ) | (2,684 | ) | |||||||||||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (2,407 | ) | — | (100 | ) | — | (2,507 | ) | Equity in income of unconsolidated joint ventures | — | 916 | — | — | — | 916 | ||||||||||||||||||||||||||||||||||
Other income (expense), net | — | 266 | (25 | ) | (11 | ) | — | 230 | (Loss) income from subsidiaries | (136,786 | ) | (1,053 | ) | 12 | — | 137,827 | — | |||||||||||||||||||||||||||||||||
Income (loss) before reorganization items and provision for income taxes | 228,383 | 6,612 | 155 | (192 | ) | (239,919 | ) | (4,961 | ) | Operating (loss) income | (136,786 | ) | (119,174 | ) | (1,081 | ) | 1,371 | 137,827 | (117,843 | ) | ||||||||||||||||||||||||||||||
Reorganization items, net | — | 221,796 | (1 | ) | 11,663 | — | 233,458 | Gain on extinguishment of debt | — | 5,572 | — | — | — | 5,572 | ||||||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (23,653 | ) | — | — | — | (23,653 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net income | 228,383 | 228,408 | 154 | 11,471 | (239,919 | ) | 228,497 | Other income (expense), net | — | 280 | (235 | ) | 12 | — | 57 | |||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | (114 | ) | — | (114 | ) | ||||||||||||||||||||||||||||||||||||||||||
(Loss) income before benefit from income taxes | (136,786 | ) | (136,975 | ) | (1,316 | ) | 1,383 | 137,827 | (135,867 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to William Lyon Homes | $ | 228,383 | $ | 228,408 | $ | 154 | $ | 11,357 | $ | (239,919 | ) | $ | 228,383 | Benefit from income taxes | — | 412 | — | — | — | 412 | ||||||||||||||||||||||||||||||
Net (loss) income | (136,786 | ) | (136,563 | ) | (1,316 | ) | 1,383 | 137,827 | (135,455 | ) | ||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | Less: Net income attributable to noncontrolling interest | — | — | — | (1,331 | ) | — | (1,331 | ) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 (Successor) | Net (loss) income attributable to William Lyon Homes | $ | (136,786 | ) | $ | (136,563 | ) | $ | (1,316 | ) | $ | 52 | $ | 137,827 | $ | (136,786 | ) | |||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | Period from February 25, 2012 through | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | December 31, 2012 (Successor) | ||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (142,959 | ) | $ | 12,221 | $ | (34,181 | ) | $ | — | $ | (164,919 | ) | |||||||||||||||||||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investing activities | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of property and equipment | — | (3,299 | ) | (57 | ) | (3 | ) | — | (3,359 | ) | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | ||||||||||||||||||||||||||||||||||
Investments in subsidiaries | — | 4,804 | — | — | (4,804 | ) | — | Operating activities | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (72,014 | ) | $ | 3,579 | $ | 118,428 | $ | — | $ | 49,993 | |||||||||||||||||||||||||||||||||||||
Net cash provided by(used in) investing activities | — | 1,505 | (57 | ) | (3 | ) | (4,804 | ) | (3,359 | ) | ||||||||||||||||||||||||||||||||||||||||
Investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financing activities | Cash paid for acquisitions, net | — | (33,201 | ) | — | — | — | (33,201 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings on notes payable | — | 16,790 | 1,762 | 32,892 | — | 51,444 | Purchases of property and equipment | — | (271 | ) | (20 | ) | (21 | ) | — | (312 | ) | |||||||||||||||||||||||||||||||||
Principal payments on notes payable | — | (26,360 | ) | — | (19,099 | ) | — | (45,459 | ) | Investments in subsidiaries | — | (84,828 | ) | — | — | 84,828 | — | |||||||||||||||||||||||||||||||||
Payment of deferred loan costs | — | (1,792 | ) | — | — | — | (1,792 | ) | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | — | 179,438 | — | — | — | 179,438 | Net cash used in investing activities | — | (118,300 | ) | (20 | ) | (21 | ) | 84,828 | (33,513 | ) | |||||||||||||||||||||||||||||||||
Offering costs related to issuance of common stock | — | (15,655 | ) | — | — | — | (15,655 | ) | ||||||||||||||||||||||||||||||||||||||||||
Payment of preferred stock dividends | — | (2,550 | ) | — | — | — | (2,550 | ) | Financing activities | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | 35,399 | — | 35,399 | Proceeds from borrowings on notes payable | — | 7,809 | — | 5,439 | — | 13,248 | |||||||||||||||||||||||||||||||||||||
Noncontrolling interest distributions | — | — | — | (21,700 | ) | — | (21,700 | ) | Proceeds from issurance of 8 1/2% Senior Notes | — | 325,000 | — | — | — | 325,000 | |||||||||||||||||||||||||||||||||||
Advances to affiliates | — | — | (776 | ) | 7,768 | (6,992 | ) | — | Principal payments on notes payable | — | (3,994 | ) | — | (69,682 | ) | — | (73,676 | ) | ||||||||||||||||||||||||||||||||
Intercompany receivables/payables | — | 183 | (12,902 | ) | 923 | 11,796 | — | Principal payments on Senior Secured Term Loan | — | (235,000 | ) | — | — | — | (235,000 | ) | ||||||||||||||||||||||||||||||||||
Principal payments on Senior Subordinated Secured Notes | — | (75,916 | ) | — | — | — | (75,916 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | 150,054 | (11,916 | ) | 36,183 | 4,804 | 179,125 | Proceeds from issuance of convertible preferred stock | — | 14,000 | — | — | — | 14,000 | ||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | — | 16,000 | — | — | — | 16,000 | ||||||||||||||||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents | — | 8,600 | 248 | 1,999 | — | 10,847 | Payment of deferred loan costs | — | (7,181 | ) | — | — | — | (7,181 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 69,376 | 65 | 1,634 | — | 71,075 | Payment of preferred stock dividends | — | (1,721 | ) | — | — | — | (1,721 | ) | |||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | 15,313 | — | 15,313 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 77,976 | $ | 313 | $ | 3,633 | $ | — | $ | 81,922 | Noncontrolling interest distributions | — | — | — | (16,004 | ) | — | (16,004 | ) | |||||||||||||||||||||||||||||
Advances to affiliates | — | — | 3 | 78,817 | (78,820 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables/payables | — | 144,535 | (3,549 | ) | (134,978 | ) | (6,008 | ) | — | |||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Net cash provided (used in) by financing activities | — | 183,532 | (3,546 | ) | (121,095 | ) | (84,828 | ) | (25,937 | ) | |||||||||||||||||||||||||||||||||||||||
Period from February 25, 2012 through | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2012 (Successor) | Net (decrease) increase in cash and cash equivalents | — | (6,782 | ) | 13 | (2,688 | ) | — | (9,457 | ) | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Cash and cash equivalents at beginning of period | — | 76,158 | 52 | 4,322 | — | 80,532 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 69,376 | $ | 65 | $ | 1,634 | $ | — | $ | 71,075 | ||||||||||||||||||||||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||
Operating activities | Period from January 1, 2012 through | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (14,494 | ) | $ | 2,546 | $ | 67,937 | $ | — | $ | 55,989 | February 24, 2012 (Predecessor) | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of property and equipment | — | (24 | ) | (13 | ) | (16 | ) | — | (53 | ) | ||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | — | (3,837 | ) | — | — | 3,837 | — | Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | — | (3,861 | ) | (13 | ) | (16 | ) | 3,837 | (53 | ) | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | ||||||||||||||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financing activities | Net cash (used in) provided by operating activities | $ | — | $ | (13,638 | ) | $ | 181 | $ | (3,864 | ) | $ | — | $ | (17,321 | ) | ||||||||||||||||||||||||||||||||||
Payment of preferred stock dividends | — | (1,114 | ) | — | — | — | (1,114 | ) | ||||||||||||||||||||||||||||||||||||||||||
Principal payments on notes payable | — | (4,157 | ) | — | (58,400 | ) | — | (62,557 | ) | Investing activities | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | 17,021 | — | 17,021 | Purchases of property and equipment | — | (419 | ) | (3 | ) | 422 | — | — | |||||||||||||||||||||||||||||||||||
Noncontrolling interest distributions | — | — | — | (15,373 | ) | — | (15,373 | ) | Investments in subsidiaries | — | 183 | — | — | (183 | ) | — | ||||||||||||||||||||||||||||||||||
Advances to affiliates | — | — | 1 | (3,306 | ) | 3,305 | — | |||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables/payables | — | 19,087 | (2,530 | ) | (9,415 | ) | (7,142 | ) | — | Net cash (used in) provided by investing activities | — | (236 | ) | (3 | ) | 422 | (183 | ) | — | |||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | 13,816 | (2,529 | ) | (69,473 | ) | (3,837 | ) | (62,023 | ) | Financing activities | |||||||||||||||||||||||||||||||||||||||
Principal payments on notes payable | — | (116 | ) | — | (500 | ) | — | (616 | ) | |||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (4,539 | ) | 4 | (1,552 | ) | — | (6,087 | ) | Proceeds from reorganization | — | 30,971 | — | — | — | 30,971 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 76,158 | 52 | 4,322 | — | 80,532 | Proceeds from issuance of convertible preferred stock | — | 50,000 | — | — | — | 50,000 | |||||||||||||||||||||||||||||||||||||
Proceeds from debtor in possession financing | — | 5,000 | — | — | — | 5,000 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 71,619 | $ | 56 | $ | 2,770 | $ | — | $ | 74,445 | Principal payment of debtor in possession financing | — | (5,000 | ) | — | — | — | (5,000 | ) | |||||||||||||||||||||||||||||
Payment of deferred loan costs | — | (2,491 | ) | — | — | — | (2,491 | ) | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | 1,825 | — | 1,825 | ||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | Noncontrolling interest distributions | — | — | — | (1,897 | ) | — | (1,897 | ) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Advances to affiliates | — | — | — | (4 | ) | 4 | — | ||||||||||||||||||||||||||||||||||||||||||
Period from January 1, 2012 through | Intercompany receivables/payables | — | (2,665 | ) | (173 | ) | 2,659 | 179 | — | |||||||||||||||||||||||||||||||||||||||||
February 24, 2012 (Predecessor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Net cash provided by (used in) financing activities | — | 75,699 | (173 | ) | 2,083 | 183 | 77,792 | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 61,825 | 5 | (1,359 | ) | — | 60,471 | |||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | Cash and cash equivalents at beginning of period | — | 14,333 | 47 | 5,681 | — | 20,061 | |||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | Cash and cash equivalents at end of period | $ | — | $ | 76,158 | $ | 52 | $ | 4,322 | $ | — | $ | 80,532 | ||||||||||||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (13,638 | ) | $ | 181 | $ | (3,864 | ) | $ | — | $ | (17,321 | ) | |||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investing activities | (DEBTOR-IN-POSSESSION) | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of property and equipment | — | (419 | ) | (3 | ) | 422 | — | — | Year Ended December, 2011 (Predecessor) | |||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | — | 183 | — | — | (183 | ) | — | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | — | (236 | ) | (3 | ) | 422 | (183 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financing activities | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Principal payments on notes payable | — | (116 | ) | — | (500 | ) | — | (616 | ) | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||
Proceeds from reorganization | — | 30,971 | — | — | — | 30,971 | Operating activities | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of convertible preferred stock | — | 50,000 | — | — | — | 50,000 | Net cash provided by (used in) operating activities | $ | — | $ | 127,757 | $ | 87 | $ | (166,495 | ) | $ | — | $ | (38,651 | ) | |||||||||||||||||||||||||||||
Proceeds from debtor in possession financing | — | 5,000 | — | — | — | 5,000 | ||||||||||||||||||||||||||||||||||||||||||||
Principal payment of debtor in possession financing | — | (5,000 | ) | — | — | — | (5,000 | ) | Investing activities | |||||||||||||||||||||||||||||||||||||||||
Payment of deferred loan costs | — | (2,491 | ) | — | — | — | (2,491 | ) | Distributions from unconsolidated joint ventures | — | 1,435 | — | — | — | 1,435 | |||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | 1,825 | — | 1,825 | Purchases of property and equipment | — | 725 | (131 | ) | (722 | ) | — | (128 | ) | ||||||||||||||||||||||||||||||||||
Noncontrolling interest distributions | — | — | — | (1,897 | ) | — | (1,897 | ) | Investments in subsidiaries | — | 29,412 | — | — | (29,412 | ) | — | ||||||||||||||||||||||||||||||||||
Advances to affiliates | — | — | — | (4 | ) | 4 | — | |||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables/payables | — | (2,665 | ) | (173 | ) | 2,659 | 179 | — | Net cash provided by (used in) investing activities | — | 31,572 | (131 | ) | (722 | ) | (29,412 | ) | 1,307 | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | 75,699 | (173 | ) | 2,083 | 183 | 77,792 | Financing activities | ||||||||||||||||||||||||||||||||||||||||||
Principal payments on notes payable | — | (82,531 | ) | — | 70,999 | — | (11,532 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 61,825 | 5 | (1,359 | ) | — | 60,471 | Noncontrolling interest contributions | — | — | — | 6,605 | — | 6,605 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 14,333 | 47 | 5,681 | — | 20,061 | Noncontrolling interest distributions | — | — | — | (8,954 | ) | — | (8,954 | ) | |||||||||||||||||||||||||||||||||||
Advances to affiliates | — | — | (3 | ) | (29,341 | ) | 29,344 | — | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 76,158 | $ | 52 | $ | 4,322 | $ | — | $ | 80,532 | Intercompany receivables/payables | — | (131,964 | ) | (37 | ) | 131,933 | 68 | — | |||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | (214,495 | ) | (40 | ) | 171,242 | 29,412 | (13,881 | ) | |||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (55,166 | ) | (84 | ) | 4,025 | — | (51,225 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 69,499 | 131 | 1,656 | — | 71,286 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 14,333 | $ | 47 | $ | 5,681 | $ | — | $ | 20,061 | ||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 30, 2010 (Predecessor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | 27,863 | $ | (1,245 | ) | $ | (2,499 | ) | $ | — | $ | 24,119 | ||||||||||||||||||||||||||||||||||||
Investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in and advances to unconsolidated joint ventures | — | (194 | ) | — | — | — | (194 | ) | ||||||||||||||||||||||||||||||||||||||||||
Distributions from unconsolidated joint venture | — | 4,183 | — | — | — | 4,183 | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of property and equipment | — | 101 | (165 | ) | — | — | (64 | ) | ||||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | — | (361 | ) | 12 | — | 349 | — | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 3,729 | (153 | ) | — | 349 | 3,925 | |||||||||||||||||||||||||||||||||||||||||||
Financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings on notes payable | — | 7,087 | — | — | — | 7,087 | ||||||||||||||||||||||||||||||||||||||||||||
Principal payments on notes payable | — | (52,797 | ) | — | — | — | (52,797 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net cash paid for repurchase of Senior Notes | — | (31,268 | ) | — | — | — | (31,268 | ) | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | 6,546 | — | 6,546 | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest distributions | — | — | — | (3,913 | ) | — | (3,913 | ) | ||||||||||||||||||||||||||||||||||||||||||
Advances to affiliates | — | — | (19 | ) | (744 | ) | 763 | — | ||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables/payables | — | (362 | ) | 1,437 | 37 | (1,112 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | (77,340 | ) | 1,418 | 1,926 | (349 | ) | (74,345 | ) | |||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (45,748 | ) | 20 | (573 | ) | — | (46,301 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 115,247 | 111 | 2,229 | — | 117,587 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 69,499 | $ | 131 | $ | 1,656 | $ | — | $ | 71,286 | ||||||||||||||||||||||||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ' | ||||||||||||||||||||||||||||||||||
Note 6—Fair Value of Financial Instruments | Note 11—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 September 30, 2013 and December 31, 2012, the Company used the following assumptions to estimate the fair value of each type of financial instrument for which it is practicable to estimate: | In accordance with FASB ASC Topic 820 Fair Value Measurements and Disclosure, (“ASC 820”) the Company is required to disclose the estimated fair value of financial instruments. As of December 31, 2012 and 2011, the Company used the following assumptions to estimate the fair value of each type of financial instrument for which it is practicable to estimate: | |||||||||||||||||||||||||||||||||||
• | 8 1/2% Senior Notes—The 8 1/2% Senior Notes are traded over the counter and their fair values were based upon quotes from industry sources. | • | Notes Payable—The carrying amount is a reasonable estimate of fair value of the notes payable because the loans were entered into during the final quarter of the year and/or the outstanding balance at year end is expected to be repaid within one year; | |||||||||||||||||||||||||||||||||
• | Notes Payable—The carrying amount is a reasonable estimate of fair value of the notes payable because the loans were either entered into during the current or prior quarter, market rates are unchanged and/or the outstanding balance at quarter end is expected to be repaid within one year; | • | 8 1/2 Senior Notes—The 8 1/2 Senior Notes are traded over the counter and their fair values were based upon quotes from industry sources; | |||||||||||||||||||||||||||||||||
The following table excludes cash and cash equivalents, restricted cash, receivables and accounts payable, which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. The estimated fair values of financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||||||||||||
• | Senior Secured Term Loan—The face amount of the term loan as of December 31, 2011 is $206.0 million. However, the renegotiated principal amount of the loan in accordance with the joint plan of reorganization is $235.0 million. Since the joint plan of reorganization was filed on December 19, 2011, the renegotiated amount of the term loan is a reasonable fair value as of December 31, 2011; and | |||||||||||||||||||||||||||||||||||
Successor | • | Old Senior Notes Payable—The Senior Notes were traded over the counter and their fair values were based upon quotes from industry sources, as of December 31, 2011. | ||||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | The following table excludes cash and cash equivalents, restricted cash, receivables and accounts payable, which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. The estimated fair values of financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||||||||||
Financial liabilities: | Successor | Predecessor | ||||||||||||||||||||||||||||||||||
8 1/2% Senior Notes due 2020 | $ | 325,000 | $ | 342,875 | $ | 325,000 | $ | 338,000 | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||||||
Notes payable | $ | 35,471 | $ | 35,471 | $ | 13,248 | $ | 13,248 | Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||
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 81 /2 % 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: | Amount | Value | Amount | Value | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
• | Level 1—quoted prices for identical assets or liabilities in active markets; | Notes payable | $ | 13,248 | $ | 13,248 | $ | 74,009 | $ | 74,009 | ||||||||||||||||||||||||||
8 1/2% Senior Notes due 2020 | $ | 325,000 | $ | 338,000 | $ | — | $ | — | ||||||||||||||||||||||||||||
• | 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 | Senior Secured Term Loan due 2015 | $ | — | $ | — | $ | 206,000 | $ | 235,000 | ||||||||||||||||||||||||||
7 5/8% Senior Notes due 2012 | $ | — | $ | — | $ | 66,704 | $ | 20,469 | ||||||||||||||||||||||||||||
• | Level 3—valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | 10 3/4% Senior Notes due 2013 | $ | — | $ | — | $ | 138,912 | $ | 40,614 | ||||||||||||||||||||||||||
The following table represents a reconciliation of the beginning and ending balance for the Company’s Level 3 fair value measurements: | 7 1/2% Senior Notes due 2014 | $ | — | $ | — | $ | 77,867 | $ | 21,742 | |||||||||||||||||||||||||||
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 Senior Secured Term Loan, and Level 2 to measure the fair value of its 81/2 Senior Notes and Old Senior Notes Payable. 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: | ||||||||||||||||||||||||||||||||||||
Notes | • | Level 1—quoted prices for identical assets or liabilities in active markets; | ||||||||||||||||||||||||||||||||||
Payable | ||||||||||||||||||||||||||||||||||||
(in thousands) | • | 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 | ||||||||||||||||||||||||||||||||||
Fair value at December 31, 2012 | $ | 13,248 | ||||||||||||||||||||||||||||||||||
Repayments of principal (1) | (45,459 | ) | • | Level 3—valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||||||||||||||||||||||||||||||
Borrowings of principal (2) | 67,682 | The following table represents a reconciliation of the beginning and ending balance for the Company’s Level 3 fair value measurements: | ||||||||||||||||||||||||||||||||||
Increase in value during the period | — | |||||||||||||||||||||||||||||||||||
Fair value at September 30, 2013 | $ | 35,471 | Senior | |||||||||||||||||||||||||||||||||
Notes | Secured | |||||||||||||||||||||||||||||||||||
Payable | Term Loan | |||||||||||||||||||||||||||||||||||
-1 | Represents the actual amount of principal repaid | (in thousands) | ||||||||||||||||||||||||||||||||||
-2 | Represents the actual amount of principal borrowed | Fair Value at December 31, 2011 (Predecessor) | $ | 74,009 | $ | 235,000 | ||||||||||||||||||||||||||||||
Change in balance related to plan of reorganization (1) | — | — | ||||||||||||||||||||||||||||||||||
Repayments of principal (2) | (74,009 | ) | (235,000 | ) | ||||||||||||||||||||||||||||||||
Borrowings of principal (3) | 13,248 | — | ||||||||||||||||||||||||||||||||||
Increase in value during the period | — | — | ||||||||||||||||||||||||||||||||||
Fair Value at December 31, 2012 (Successor) | $ | 13,248 | $ | — | ||||||||||||||||||||||||||||||||
-1 | Change is representative of payoff of the loan for the value reported at December 31, 2011, and not the face amount of the notes that were eliminated in accordance with the joint plan of reorganization. | |||||||||||||||||||||||||||||||||||
-2 | Represents the actual amount of principal repaid | |||||||||||||||||||||||||||||||||||
-3 | Represents the actual amount of principal borrowed | |||||||||||||||||||||||||||||||||||
Non-financial Instruments | ||||||||||||||||||||||||||||||||||||
The Company adopted FASB ASC Topic 820 in 2008, however, disclosure of certain non-financial portions of the statement were deferred until the 2009 reporting period. These non-financial homebuilding assets are those assets for which the Company recorded valuation adjustments during 2011 on a nonrecurring basis. See Note 7, “Real Estate Inventories” for further discussion of the valuation of real estate inventories. | ||||||||||||||||||||||||||||||||||||
The following table summarizes the fair-value measurements of its non-financial assets for the year ended December 31, 2011: | ||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value at | Impairment | ||||||||||||||||||||||||||||||||||
Hierarchy | Measurement | Charges | ||||||||||||||||||||||||||||||||||
Date(1) | for the Year Ended | |||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2011(1) | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Land under development and homes completed and under construction(2) | Level 3 | $ | 94,751 | $ | 34,835 | |||||||||||||||||||||||||||||||
Inventory held for future development(3) | Level 3 | $ | 74,146 | $ | 93,479 | |||||||||||||||||||||||||||||||
-1 | Amounts represent the aggregate fair values for communities where the Company recognized noncash inventory impairment charges during the year ended December 31, 2011. | |||||||||||||||||||||||||||||||||||
-2 | In accordance with FASB ASC 360-10-35, inventory under this caption with a carrying value of $129.6 million was written down to its fair value of $94.8 million, resulting in total impairments of $34.8 million for the year ended December 31, 2011. | |||||||||||||||||||||||||||||||||||
-3 | In accordance with FASB ASC 360-10-35, inventory under this caption with a carrying value of $167.6 million was written down to its fair value of $74.1 million, resulting in total impairments of $93.5 million for the year ended December 31, 2011. | |||||||||||||||||||||||||||||||||||
Fair values determined to be Level 3 include the use of internal assumptions, estimates and financial forecasts. Valuations of these items are therefore sensitive to the assumptions used. Fair values represent the Company’s best estimates as of the measurement date, based on conditions existing and information available at the date of issuance of the consolidated financial statements. Subsequent changes in conditions or information available may change assumptions and estimates, as outlined in more detail within “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Fair values determined using Level 3 inputs, were primarily based on the estimated future cash flows discounted for inherent risk associated with each asset. These discounted cash flows are impacted by: the risk-free rate of return; expected risk premium based on estimated land development; construction and delivery timelines; market risk from potential future price erosion; cost uncertainty due to development or construction cost increases; and other risks specific to the asset or conditions in the market in which the asset is located at the time the assessment is made. | ||||||||||||||||||||||||||||||||||||
In addition, for the year ended December 31, 2011, the Company engaged a third-party valuation advisor to assess values of market comparables on land held for future development. These factors are specific to each community and may vary among communities. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Related Party Transactions | ' | ' |
Note 7—Related Party Transactions | Note 12—Related Party Transactions | |
For the three months ended September 30, 2013 and 2012, the nine months ended September 30, 2013, the period from January 1, 2012 through February 24, 2012, and the period from February 25, 2012 through September 30, 2012, the Company incurred reimbursable on-site labor costs of $0, $77,000, $1,000, $27,000 and $254,000, respectively, for providing customer service to real estate projects developed by entities controlled by General William Lyon and William H. Lyon. At September 30, 2013 and December 31, 2012, $200 and $7,000, respectively, was due to the Company for reimbursable on-site labor costs. | For the period from January 1, 2012 through February 24, 2012, and the period from February 25, 2012 through December 31, 2012, the Company incurred reimbursable on-site labor costs of $27,000 and $276,000, respectively, and for the year ended December 31, 2011 and 2010, the Company incurred reimbursable on-site labor costs of $318,000 and $217,000, respectively, for providing customer service to real estate projects developed by entities controlled by William Lyon and William H. Lyon. At December 31, 2012 and December 31, 2011, $7,000 and $24,000, respectively, was due to the Company for reimbursable on-site labor costs, all of which was paid. | |
Effective April 1, 2011, upon approval by the Company’s board of directors at that time, the Company and an entity controlled by General William Lyon and William H. Lyon entered into a Human Resources and Payroll Services contract to provide that the affiliate will pay the Company a base monthly fee of $21,335 and a variable monthly fee equal to $23 multiplied by the number of active employees employed by such entity (which will initially result in a variable monthly fee of approximately $8,000). The amended contract also provides that the Company will be reimbursed by such affiliate for a pro rata share of any bonuses paid to the Company’s Human Resources staff (other than any bonus paid to the Vice President of Human Resources). The Company believes that the compensation being paid to it for the services provided to the affiliate is at a market rate of compensation, and that as a result of the fees that are paid to the Company under this contract, the overall cost to the Company of its Human Resources department will be reduced. The Company earned fees of $59,000, $52,000 and $179,000, during the three months ended September 30, 2012, the period from January 1, 2012 through February 24, 2012, and the period from February 25, 2012 through September 30, 2012, respectively, related to this agreement. This contract expired on August 31, 2012 and was not renewed, therefore there were no fees in 2013. Any future services provided to the affiliate will be on an as needed basis and will be paid for based on an hourly rate. | Effective April 1, 2011 upon approval by the Company’s board of directors at that time, the Company and an entity controlled by General William Lyon and William H. Lyon entered into a Human Resources and Payroll Services contract to provide that the affiliate will pay the Company a base monthly fee of $21,335 and a variable monthly fee equal to $23 multiplied by the number of active employees employed by such entity (which will initially result in a variable monthly fee of approximately $8,000). The amended contract also provides that the Company will be reimbursed by such affiliate for a pro rata share of any bonuses paid to the Company’s Human Resources staff (other than any bonus paid to the Vice President of Human Resources). The Company believes that the compensation being paid to it for the services provided to the affiliate is at a market rate of compensation, and that as a result of the fees that are paid to the Company under this contract, the overall cost to the Company of its Human Resources department will be reduced. The Company earned fees of $52,000 and $180,000, during the period from January 1, 2012 through February 24, 2012, and the period from February 25, 2012 through December 31, 2012, respectively, and fees of $362,000 and $426,000 during the year ended December 31, 2011 and 2010, respectively, related to this agreement. This contract expired on August 31, 2012 and was not renewed. Any future services provided to the affiliate will be on an as needed basis and will be paid for based on an hourly rate. | |
On September 3, 2009, Presley CMR, Inc., a California corporation (“Presley CMR”) and a wholly owned subsidiary of California Lyon, entered into an Aircraft Purchase and Sale Agreement (“PSA”) with an affiliate of General William Lyon to sell an aircraft (the “Aircraft”). The PSA provided for an aggregate purchase price for the Aircraft of $8.3 million, (which value was the appraised fair market value of the Aircraft), which consisted of: (i) cash in the amount of $2.1 million to be paid at closing and (ii) a promissory note from the affiliate in the amount of $6.2 million. The note is secured by the Aircraft. As part of the Company’s fresh start accounting, the note was adjusted to its fair value of $5.2 million. The discount on the fresh start adjustment is amortized over the remaining life of the note. The note requires semiannual interest payments to California Lyon of approximately $132,000. The note is due in September 2016. | On September 3, 2009, Presley CMR, Inc., a California corporation (“Presley CMR”) and wholly owned subsidiary of California Lyon, entered into an Aircraft Purchase and Sale Agreement (“PSA”) with an affiliate of General William Lyon to sell an aircraft. The PSA provided for an aggregate purchase price for the Aircraft of $8.3 million, (which value was the appraised fair market value of the Aircraft), which consisted of: (i) cash in the amount of $2.1 million to be paid at closing and (ii) a promissory note from the affiliate in the amount of $6.2 million. The note is secured by the Aircraft. As part of the Company’s fresh start accounting, the note was adjusted to its fair value of $5.2 million. The discount on the fresh start adjustment is amortized over the remaining life of the note. The note requires semiannual interest payments to California Lyon of approximately $132,000. The note is due in September 2016. | |
For the three months ended September 30, 2012, the nine months ended September 30, 2013, the period from January 1, 2012 through February 24, 2012, and the period from February 25, 2012 through September 30, 2012, the Company incurred charges of $197,000, $197,000, $118,000 and $472,000, respectively, related to rent on its corporate office, from a trust of which William H. Lyon is the sole beneficiary. The lease expired in March 2013 and the Company relocated its corporate office upon expiration of the lease. The Company has entered into a lease for the new location with an unrelated third party. | For the period from January 1, 2012 through February 24, 2012, and the period from February 25, 2012 through December 31, 2012, the Company incurred charges of $118,000 and $668,000, respectively, and for the year ended December 31, 2011 and 2010, the Company incurred charges of $786,000 and $786,000, respectively, related to rent on its corporate office, from a trust of which William H. Lyon is the sole beneficiary. The current lease expires in March 2013 and the Company has decided to relocate its corporate office upon expiration of the lease. The Company has entered into a lease for the new location with an unrelated third party. |
Income_Taxes
Income Taxes | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||
Income Taxes | ' | ' | ||||||||||||||||||
Note 8—Income Taxes | Note 13—Income Taxes | |||||||||||||||||||
Since inception, the Company has operated solely within the United States. | On December 19, 2011, the Parent and certain of its subsidiaries filed voluntary petitions under Chapter 11 of Title 11 of the United States Code in the U.S. Bankruptcy Court for the District of Delaware. On February 25, 2012, the group of companies emerged from the Chapter 11 bankruptcy proceedings. | |||||||||||||||||||
On December 19, 2011, the Parent and certain of its subsidiaries filed voluntary petitions under Chapter 11 of Title 11 of the United States Code in the U.S. Bankruptcy Court for the District of Delaware. On February 25, 2012, the group of companies emerged from the Chapter 11bankruptcy proceedings. | The following summarizes the (provision) benefit from income taxes (in thousands): | |||||||||||||||||||
In connection with the Company’s emergence from the Chapter 11 bankruptcy proceedings, the Company experienced an “ownership change” as defined in Section 382 of the Internal Revenue Code, or the IRC, as of February 25, 2012. Section 382 of the IRC contains rules that limit the ability of a company that undergoes an “ownership change” to utilize its net operating loss carryforwards and certain built-in losses or deductions recognized during the five-year period after the ownership change. The Company is able to retain a portion of its U.S. federal and state net operating loss and tax credit carryforwards, or the “Tax Attributes”, in connection with the ownership change. However the IRC, Sections 382 and 383 provide an annual limitation with respect to the ability of a corporation to utilize its Tax Attributes against future U.S. taxable income in the event of a change in ownership. In the Company’s situation, the limitation under the IRC will generally be based on the value of the equity (for purposes of the applicable tax rules) on or immediately following the time of emergence. As a result, the Company’s future U.S. taxable income may not be fully offset by the Tax Attributes if such income exceeds the Company’s annual limitation, and the Company may incur a tax liability with respect to such income. In addition, subsequent changes in ownership for purposes of the IRC could further diminish the Company’s ability to utilize Tax Attributes. | ||||||||||||||||||||
In addition to the impact on Tax Attributes listed above, the Company also is subject to Tax Attribute reduction pursuant to various provisions contained in IRC Section 108(e) related to the Company’s issuance of 44,793,255 shares of Parent’s new Class A Common Stock, $0.01 par value per share and a $75 million principal amount 12% Senior Subordinated Secured Note due 2017, issued by California Lyon in conjunction with the Company’s restructure, in exchange for the claims held by the holders of the formerly outstanding notes of California Lyon. These transactions resulted in Cancellation of Debt (COD) income for income tax purposes of approximately $203 million. IRC Section 108(a)(1)(A) provides that COD income is excluded from gross income when the discharge occurs in a Title 11 case under the jurisdiction of the bankruptcy court. However, pursuant to IRC Section 108(b)(1), if COD income is excluded due to the application of the bankruptcy exception, the amount of excluded COD income must generally be applied to reduce certain tax attributes of the debtor. In general, such attributes would normally be reduced in the following order: (1) net operating losses (current and carryforward); (2) general business tax credits; (3) minimum tax credits; (4) capital loss carryovers; (5) tax basis of the taxpayer’s assets; (6) passive activity losses & credit carryovers; and (7) foreign tax credit carryovers. This Tax Attribute reduction occurred on January 1, 2013. | ||||||||||||||||||||
Under a provision of the federal tax code finalized in July 2013, the Company employed a tax strategy in its 2012 federal tax return to utilize its federal NOLs by electing to accelerate the recognition of a deferred gain, resulting in positive taxable income and a tax liability for the 2012 tax year. This additional liability and tax provision of approximately $1.2 million was recognized during the three months ended September 30, 2013, with the filing of the 2012 tax return. | Successor | Predecessor | ||||||||||||||||||
At September 30, 2013, the Company had no remaining federal net operating loss carryforwards, and $52.5 million remaining state net operating loss carryforwards. State net operating loss carryforwards begin to expire in 2015. In addition, as of September 30, 2013, the Company had unused federal and state built-in losses of $59.6 million and $37.3 million, respectively. The 5 year testing period for built-in losses expires in 2017 and the unused built-in loss carry-forwards begin to expire in 2033. | Period from | Period from | Year Ended | |||||||||||||||||
The Company’s effective income tax rate was 37.3% and 0% for the three months ended September 30, 2013 and 2012, respectively. The effective income tax rate was 26.9% and 0%, respectively, for the nine months ended September 30, 2013 and 2012. The primary drivers of the effective tax rate includes the Company’s positive operating results and estimated domestic production activities deduction, and the one-time election described above related to the filing of the 2012 Federal tax return. | February 25 | 1-Jan | December 31, | |||||||||||||||||
In assessing the benefits of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. 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. Management considers 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. As of September 30, 2013, due to uncertainties surrounding the realization of the cumulative federal and state deferred tax assets, the Company has a full valuation allowance against the deferred tax assets. In connection with the Company’s Tax Attribute reduction discussed above, the Company also reduced its valuation allowance on the remaining tax attributes. The valuation allowance as of September 30, 2013 and December 31, 2012, was $117.0 million and $200.0 million, respectively. | through | through | ||||||||||||||||||
Effective January 1, 2007, the Company adopted the provisions of FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”) which is now codified as FASB ASC Topic 740, Income Taxes (“ASC 740”). 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. The Company has taken positions in certain taxing jurisdictions for which it is more likely than not that previously unrecognized tax benefits will be recognized. The Company records interest and penalties related to uncertain tax positions as a component of the provision for income taxes. At January 1, 2008, and for the periods ended December 31, 2008 through September 30, 2013, the Company had no unrecognized tax benefits. | December 31, | February 24, | ||||||||||||||||||
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 2009 through 2012. The Company is subject to various state income tax examinations for calendar tax years ended 2008 through 2012. | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||
Current | ||||||||||||||||||||
Interest on uncertain tax provisions | $ | — | $ | — | $ | — | $ | 75 | ||||||||||||
Federal | — | — | — | 347 | ||||||||||||||||
State | (11 | ) | — | (10 | ) | (10 | ) | |||||||||||||
$ | (11 | ) | $ | — | $ | (10 | ) | $ | 412 | |||||||||||
Income taxes differ from the amounts computed by applying the applicable federal statutory rates due to the following (in thousands): | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
Period from | Period from | Year Ended | ||||||||||||||||||
February 25 | 1-Jan | December 31, | ||||||||||||||||||
through | through | |||||||||||||||||||
December 31, | February 24, | |||||||||||||||||||
2012 | 2012 | 2011 | 2010 | |||||||||||||||||
Benefit (provision) for federal income taxes at the statuatory rate | $ | 3,098 | $ | (79,935 | ) | $ | 67,662 | $ | 48,019 | |||||||||||
Provision for state income taxes, net of federal income tax benefits | (7 | ) | — | (6 | ) | (6 | ) | |||||||||||||
Valuation allowance | (2,195 | ) | (14,991 | ) | (66,265 | ) | (47,949 | ) | ||||||||||||
Nondeductible items-reorganization costs | (709 | ) | 94,925 | (1,379 | ) | — | ||||||||||||||
Nondeductible items-other | (194 | ) | (3 | ) | (22 | ) | — | |||||||||||||
Other | (4 | ) | 4 | — | 348 | |||||||||||||||
$ | (11 | ) | $ | — | $ | (10 | ) | $ | 412 | |||||||||||
Temporary differences giving rise to deferred income taxes consist of the following (in thousands): | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||
Impairment and other reserves | $ | 73,947 | $ | 102,216 | ||||||||||||||||
Compensation deductible for tax purposes when paid | 987 | 970 | ||||||||||||||||||
State income tax provisions deductible when paid for federal tax purposes | 4 | 3 | ||||||||||||||||||
Effect of book/tax differences for joint ventures | 1,002 | 1,563 | ||||||||||||||||||
Effect of book/tax differences for capitalized interest/general and administrative | — | 891 | ||||||||||||||||||
Other | 318 | 318 | ||||||||||||||||||
AMT credit carryover | 2,698 | 2,698 | ||||||||||||||||||
Unused recognized built-in loss | 16,349 | — | ||||||||||||||||||
Net operating loss | 113,314 | 99,586 | ||||||||||||||||||
Valuation allowance | (200,048 | ) | (202,322 | ) | ||||||||||||||||
8,571 | 5,923 | |||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||
Effect of book/tax differences for joint ventures | (5,597 | ) | (5,923 | ) | ||||||||||||||||
Effect of book/tax differences for capitalized interest/general and administrative | (2,974 | ) | — | |||||||||||||||||
(8,571 | ) | (5,923 | ) | |||||||||||||||||
$ | — | $ | — | |||||||||||||||||
At December 31, 2012, the Company had gross federal and state net operating loss carryforwards totaling approximately $243.8 million and $508.3 million, respectively. Federal net operating loss carryforwards begin to expire in 2028 and state net operating loss carryforwards begin to expire in 2013. In addition, as of December 31, 2012, the Company had unused federal and state built-in losses of $42.1 million and $27.9 million, respectively, which expire in 2017. | ||||||||||||||||||||
In connection with the Company’s emergence from the Chapter 11 bankruptcy proceedings, the Company experienced an “ownership change” as defined in Section 382 of the Internal Revenue Code, or the IRC, as of February 25, 2012. Section 382 of the IRC contains rules that limit the ability of a company that undergoes an “ownership change” to utilize its net operating loss carryforwards and certain built-in losses or deductions recognized during the five-year period after the ownership change. The Company is able to retain a portion of its U.S. federal and state net operating loss and tax credit carryforwards, or the “Tax Attributes”, in connection with the ownership change. However the IRC, Sections 382 and 383 provide an annual limitation with respect to the ability of a corporation to utilize its Tax Attributes against future U.S. taxable income in the event of a change in ownership. In the Company’s situation, the limitation under the IRC will generally be based on the value of the equity (for purposes of the applicable tax rules) on or immediately following the time of emergence. As a result, the Company’s future U.S. taxable income may not be fully offset by the Tax Attributes if such income exceeds the Company’s annual limitation, and the Company may incur a tax liability with respect to such income. In addition, subsequent changes in ownership for purposes of the IRC could further diminish the Company’s ability to utilize Tax Attributes. | ||||||||||||||||||||
In assessing the benefits of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. 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. Management considers 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. As of December 31, 2012, due to uncertainties surrounding the realization of the cumulative federal and state deferred tax assets, the Company has a full valuation allowance against the deferred tax assets. The valuation allowance for the years ended December 31, 2012, 2011 and 2010 was $200.0 million, $202.3 million and $125.8 million, respectively. | ||||||||||||||||||||
Effective January 1, 2007, the Company adopted the provisions of FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN 48”) which is now codified as FASB ASC 740, Income Taxes. FASB 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. The Company has taken positions in certain taxing jurisdictions for which it is more likely than not that previously unrecognized tax benefits will be recognized. The Company records interest and penalties related to uncertain tax positions as a component of the provision for income taxes. At January 1, 2008, and for the years ended December 31, 2008 through December 31, 2012, the Company has no unrecognized tax benefits. | ||||||||||||||||||||
In compliance with the Company’s election to recognize interest income (expense) and penalties related to uncertain tax positions in the income tax provision, $75,000 of interest income related to the income tax refund receivable, recorded under the provisions of FASB ASC 740, is included in the benefit from income taxes for the twelve months ended December 31, 2010. | ||||||||||||||||||||
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 ending 2009 through 2012. The Company is subject to various state income tax examinations for calendar tax years ending 2008 through 2012. |
Business_Combination
Business Combination | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||
Business Combination | ' | ' | ||||||||||||||||||||||||||||
Note 9—Business Combination | Note 14—Business Combination | |||||||||||||||||||||||||||||
The Company acquired 100.00% of various entities which operate under the Village Homes brand (“Village Homes”) in the Denver metropolitan area, Fort Collins, and Granby, Colorado markets on December 7, 2012. The purchase price was $33.2 million in cash and the acquisition has been accounted for as a business combination in accordance with FASB ASC Topic 805, Business Combinations. Village Homes immediately began operating as a division of the Company, as its Colorado segment. The Village Homes brand was established in 1984 and has been a leading developer and builder of move-up homes, selling more than 10,000 homes in the Denver area over the past 25 years. The acquisition of Village Homes allowed the Company to expand into the Denver market, one of the largest and fastest growing housing markets in the United States, adding a fifth region while diversifying the Company’s existing portfolio. The acquisition eliminated lead-time and start-up costs of expanding into a new market, and provided a platform that can grow significantly without the need for additional general and administrative expenses. | The Company acquired 100% of various entities which operate under the Village Homes brand (“Village Homes”) in the Denver metropolitan area, Fort Collins, and Granby, Colorado markets on December 7, 2012. The purchase price was $33.2 million in cash and the acquisition has been accounted for as a business combination in accordance with FASB ASC Topic 805, Business Combinations. Village Homes immediately began operating as a division of the Company, as its Colorado segment. The Village Homes brand was established in 1984 and has been a leading developer and builder of move-up homes, selling more than 10,000 homes in the Denver area over the past 25 years. The acquisition of Village Homes allowed the Company to expand into the Denver market, one of the largest and fastest growing housing markets in the United States, adding a fifth region while diversifying the Company’s existing portfolio. The acquisition eliminated lead-time and start-up costs of expanding into a new market, and provided a platform that can grow significantly without the need for additional general and administrative expenses. | |||||||||||||||||||||||||||||
The assets and liabilities acquired through the purchase of Village Homes were as follows (in thousands): | The assets and liabilities acquired through the purchase of Village Homes were as follows (in thousands): | |||||||||||||||||||||||||||||
Real estate inventories owned | $ | 32,923 | Real estate inventories owned | $ | 32,923 | |||||||||||||||||||||||||
Other assets, net | 1,463 | Other assets, net | 1,463 | |||||||||||||||||||||||||||
Intangibles | 907 | Intangibles | 907 | |||||||||||||||||||||||||||
Receivables | 70 | Receivables | 70 | |||||||||||||||||||||||||||
Accounts payable | (1,029 | ) | Accounts payable | (1,029 | ) | |||||||||||||||||||||||||
Accrued expenses | (1,133 | ) | Accrued expenses | (1,133 | ) | |||||||||||||||||||||||||
Cash paid for acquisitions, net | $ | 33,201 | Cash paid for acquisitions, net | $ | 33,201 | |||||||||||||||||||||||||
For the three months ended September 30, 2012, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012, the below unaudited pro forma information has been prepared to give effect to the Village Homes acquisition as if it occurred on January 1, 2012 (in thousands except number of shares and per share data): | ||||||||||||||||||||||||||||||
In connection with the acquisition of Village Homes, the Company incurred acquisition related expenses of $0.2 million which are included in general and administrative expense in the consolidated statement of operations for the period from February 25, 2012 through December 31, 2012. | ||||||||||||||||||||||||||||||
Since acquisition, Village Homes contributed $5.4 million in home sales revenue and $0.01 million in net income which is included in the consolidated statement of operations for the period from February 25, 2012 through December 31, 2012. | ||||||||||||||||||||||||||||||
(unaudited) | For the period from February 25, 2012 through December 31, 2012, period from January 1, 2012 through February 24, 2012, and the year ended December 31, 2011, the below unaudited pro forma information has been prepared to give effect to the Village Homes acquisition as if it occurred on January 1, 2011 (in thousands except number of shares and per share data): | |||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||
Three | Period from | Period from | ||||||||||||||||||||||||||||
Months | February 25 | January 1 | (unaudited) | |||||||||||||||||||||||||||
Ended | through | through | Successor | Predecessor | ||||||||||||||||||||||||||
September 30, | September 30, | February 24, | Period from | Period from | Year Ended | |||||||||||||||||||||||||
2012 | 2012 | 2012 | February 25 | January 1 | December 31, | |||||||||||||||||||||||||
Revenues | $ | 104,479 | $ | 283,090 | $ | 28,521 | through | through | 2011 | |||||||||||||||||||||
Net (loss) income available to common stockholders | $ | (872 | ) | $ | (9,267 | ) | $ | 227,912 | December 31, | February 24, | ||||||||||||||||||||
(Loss) income per common share, basic and diluted | $ | (0.07 | ) | $ | (0.79 | ) | $ | 227,912 | 2012 | 2012 | ||||||||||||||||||||
Weighted average common shares outstanding, basic and diluted | 12,408,263 | 11,716,413 | 1,000 | Revenue | $ | 405,635 | $ | 28,521 | $ | 261,933 | ||||||||||||||||||||
The pro forma results are not necessarily indicative of the operating results that would have been obtained had the acquisitions occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. | Net (loss) income available to common stockholders | $ | (9,617 | ) | $ | 228,074 | $ | (189,457 | ) | |||||||||||||||||||||
(Loss) income per common share, basic and diluted | $ | (0.09 | ) | $ | 228,074 | $ | (189,457 | ) | ||||||||||||||||||||||
Weighted average common shares outstanding, basic and diluted | 103,037,842 | 1,000 | 1,000 | |||||||||||||||||||||||||||
The pro forma results are not necessarily indicative of the operating results that would have been obtained had the acquisitions occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. |
Loss_Income_Per_Common_Share
(Loss) Income Per Common Share | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Loss) Income Per Common Share | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Note 10—Income (Loss) Per Common Share | Note 15—(Loss) Income Per Common Share | |||||||||||||||||||||||||||||||||||||||||
Basic and diluted income (loss) per common share for the three months ended September 30, 2013 and 2012, the nine months ended September 30, 2013, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012 were calculated as follows (in thousands, except number of shares and per share amounts): | Basic and diluted (loss) income per common share for the period from February 25, 2012 through December 31, 2012, the period from January 1, 2012 through February 24, 2012 and the year ended December 31, 2011 and 2010 were calculated as follows (in thousands, except number of shares and per share amounts): | |||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||
Three | Three | Nine | Nine | Period from | Period from | Period from | Year Ended | |||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | January 1 | February 25 | January 1 | December 31, | |||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | through | through | through | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | February 24, | December 31, | February 24, | ||||||||||||||||||||||||||||||||||||
2012 | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||
Basic weighted average number of common shares outstanding | 30,975,160 | 12,408,263 | 22,569,810 | 11,716,413 | 1,000 | Basic weighted average number of shares outstanding | 103,037,842 | 1,000 | 1,000 | 1,000 | ||||||||||||||||||||||||||||||||
Effect of dilutive securities: | Effect of dilutive securities: | |||||||||||||||||||||||||||||||||||||||||
Stock options, unvested common shares, and warrants (1) | 920,654 | — | 877,144 | — | N/A | Preferred shares, stock options, and warrants (1) | — | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Diluted average shares outstanding | 31,895,814 | 12,408,263 | 23,446,954 | 11,716,413 | 1,000 | Diluted average shares outstanding | 103,037,842 | 1,000 | 1,000 | 1,000 | ||||||||||||||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 7,562 | $ | (1,507 | ) | $ | 10,880 | $ | (9,409 | ) | $ | 228,383 | Net (loss) income available to common stockholders | $ | (11,602 | ) | $ | 228,383 | $ | (193,330 | ) | $ | (136,786 | ) | ||||||||||||||||||
Basic income (loss) per common share | $ | 0.24 | $ | (0.12 | ) | $ | 0.48 | $ | (0.80 | ) | $ | 228,383 | ||||||||||||||||||||||||||||||
Dilutive income (loss) per common share | $ | 0.24 | $ | (0.12 | ) | $ | 0.46 | $ | (0.80 | ) | $ | 228,383 | Basic (loss) income per common share | $ | (0.11 | ) | $ | 228,383 | $ | (193,330 | ) | $ | (136,786 | ) | ||||||||||||||||||
Antidilutive securities not included in the calculation of diluted income (loss) per common share (weighted average): | Dilutive (loss) income per common share | $ | (0.11 | ) | $ | 228,383 | $ | (193,330 | ) | $ | (136,786 | ) | ||||||||||||||||||||||||||||||
Preferred shares | N/A | 7,858,404 | N/A | 7,858,404 | N/A | Antidilutive securities not included in the calculation of diluted (loss) income per common share (weighted average): | ||||||||||||||||||||||||||||||||||||
Warrants | N/A | 1,907,551 | N/A | 1,907,551 | N/A | Preferred shares | 68,002,529 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Vested stock options | 3,171,535 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
-1 | For periods with a net loss, all potentially dilutive shares related to the preferred shares, unvested common shares, and warrants were excluded from the diluted loss per common share calculations because the effect of their inclusion would be antidilutive, or would decrease the reported loss per common share. | Unvested stock options | 1,585,767 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Warrants | 15,737,294 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
-1 | For periods with a net loss, all potentially dilutive shares related to the preferred shares, options to acquire common stock, and warrants were excluded from the diluted loss per common share calculations because the effect of their inclusion would be antidilutive, or would decrease the reported loss per common share. |
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2012 | |
Redeemable Convertible Preferred Stock | ' |
Note 16—Redeemable Convertible Preferred Stock | |
As of December 31, 2012, there were 77,005,744 shares of Convertible Preferred Stock, $0.01 par value per share, or the Convertible Preferred Stock, outstanding, of which 64,831,831 shares were issued in accordance with our plan of reorganization, in exchange for aggregate cash consideration of $50.0 million. In conjunction with the application of fresh start accounting, the fair value of the Convertible Preferred Stock was $56.4 million upon emergence. | |
On October 12, 2012, the Company entered into a Subscription Agreement between the Company and WLH Recovery Acquisition LLC, a Delaware limited liability company and investment vehicle managed by affiliates of Paulson & Co. Inc. (“Paulson”), pursuant to which, the Company issued to Paulson (i) 15,238,095 shares of Class A Common Stock, for $16.0 million in cash and (ii) 12,173,913 shares of the Company’s Convertible Preferred Stock, for $14.0 million in cash, for an aggregate purchase price of $30.0 million. | |
Our Second Amended and Restated Certificate of Incorporation (the “Charter”) authorizes the issuance of up to 80,000,000 shares of redeemable convertible preferred stock, in one or more series and with such rights, preferences, privileges and restrictions, including voting rights, redemption provisions (including sinking fund provisions), dividend rights, dividend rates, liquidation rates, liquidation preferences and conversion rights, as our board of directors may determine without further action by the holders of common stock. | |
Holders of our Convertible Preferred Stock are entitled to receive cumulative dividends at a rate of 6% per annum consisting of (i) cash dividends at the rate of 4% paid quarterly in arrears, and (ii) accreting dividends accruing at the rate of 2% per annum (the “Convertible Preferred Dividends”). During the period from February 25, 2012 through December 31, 2012, the company recorded preferred stock dividends of $2.7 million. During the period from February 25, 2012 through December 31, 2012, $1.7 million was paid in cash and $0.9 million of accreting dividends are included in Convertible Preferred Stock as of December 31, 2012. | |
In the event that the Corporation declares or pays any dividends upon any Common Stock (whether payable in cash, securities, other property or otherwise), the Corporation shall also declare and pay to the holders of the Convertible Preferred Stock at the same time that it declares and pays such dividends to the holders of such Common Stock the dividends declared and paid with respect to such Common Stock as if all of the outstanding Convertible Preferred Stock had been converted into such Common Stock immediately prior to the record date for such dividend, or if no record date is fixed, the date as of which the record holders of such Common Stock entitled to such dividends are to be determined. | |
Upon the occurrence of the Conversion Date (as defined in the Charter), each share of Convertible Preferred Stock will automatically convert into such number of fully paid and non-assessable shares of Class A Common Stock as is determined by dividing the Convertible Preferred Original Issue Price (as defined in the Charter) by the then applicable Convertible Preferred Conversion Price (as defined in the Charter). In connection with any such conversion, the Company will also pay (i) any accrued but unpaid Convertible Preferred Dividends on any shares of Convertible Preferred Stock being converted (including, without limitation, any accreting dividends not previously paid), which amounts will be paid in cash out of funds legally available therefore if such payment would not violate any covenants imposed by agreements entered into in good faith governing the indebtedness of the Company and its subsidiaries, or, to the extent not so permitted or so available, in shares of Class A Common Stock, based on the fair market value of such common stock at such time, and (ii) in cash, the value of any fractional share of Class A Common Stock otherwise issuable to any such Convertible Preferred Stockholder. | |
To the extent not previously converted to common stock, the Company will redeem all the outstanding shares of Convertible Preferred Stock on the fifteenth anniversary of the date of first issuance at a price per share payable in cash and equal to the Convertible Preferred Original Issue Price plus accrued and unpaid Convertible Preferred Dividends in respect thereof. | |
The Company initially recorded the redeemable convertible preferred stock at its fair value based on the option pricing model stated above in Note 3. Since the initial measurement and recording of the redeemable convertible preferred stock is greater than its redemption value, the Company would assess the probability of redemption at each reporting date. As of December 31, 2012, the preferred stock is not currently redeemable and ultimate redemption is not currently probable, since the redemption would only occur if the preferred stock is still outstanding in 15 years. In addition, the preferred stock will likely convert to common shares prior to that date. At such time that redemption was deemed probable, the Company would adjust the carrying value to its redemption value with the offsetting adjustment to additional paid in capital. Further, upon a conversion of the preferred into common shares, the carrying value of the preferred stock would be reclassified to common stock and additional paid in capital on that date. The redemption value of the redeemable convertible preferred stock as of December 31, 2012 was $64.0 million, excluding the accreted dividends of $0.9 million. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2012 | |
Equity | ' |
Note 17—Equity | |
Common Stock | |
As of December 31, 2012, we had 120,105,557 shares of common stock outstanding. In conjunction with the Plan as discussed in Notes 2, 3 and 4, the Company issued the following shares of common stock: (i) 44,793,255 shares of Class A, $0.01 par value per share, in exchange for old senior notes claims, as described above, (ii) 31,464,548 shares of Class B, $0.01 par value per share, in exchange for aggregate consideration of $25 million, and a warrant to purchase 15,737,294 shares of Class B Common Stock, at $2.07 per share, (iii) 12,966,366 shares of Class C, $0.01 par value per share, in exchange for cash consideration of $10.0 million, and (iv) the issuance of an additional 3,144,000 shares of Class C Common Stock to Luxor Capital Group LP as a transaction fee in consideration for providing the backstop commitment of the offering of Class C shares and shares of Convertible Preferred Stock in connection with the Plan. In December 2012, an affiliate of Luxor Capital Group LP elected to convert 90,028 shares of its Class C Common Stock into 90,028 shares of Class A Common Stock. | |
On June 28, 2012, the Company consummated the purchase of certain real property (comprising of approximately 165 acres) in San Diego County, California; San Bernardino County, California; Maricopa County, Arizona; and Clark County, Nevada, representing seven separate residential for sale developments, comprising of over 1,000 lots. The aggregate purchase price of the property was $21.5 million. The Company paid $11.0 million cash, and issued 10,000,000 shares of Class A Common Stock, to investment vehicles managed by affiliates of Colony Capital, LLC as consideration for the property. | |
On October 1, 2012, the Company approved the grant of an aggregate of 3,120,000 restricted shares of Class D common stock of the Company, and an aggregate of 4,757,302 options to purchase shares of Class D common stock of the Company, of which 1,115,302 represent “five-year” options and 3,642,000 represent “ten-year” options to certain officers of California Lyon. In addition, the Company granted 256,500 shares of Restricted Stock to its non-employee directors, which were fully vested on the date of grant. | |
On October 12, 2012, the Company entered into a Subscription Agreement between the Company and WLH Recovery Acquisition LLC, a Delaware limited liability company and investment vehicle managed by affiliates of Paulson & Co. Inc. (“Paulson”), pursuant to which, the Company issued to Paulson (i) 15,238,095 shares of Class A Common Stock, for $16.0 million in cash and (ii) 12,173,913 shares of the Company’s Convertible Preferred Stock, for $14.0 million in cash, for an aggregate purchase price of $30.0 million. | |
Upon the occurrence of the Conversion Date, each share of Class C Common Stock will automatically convert into one share of Class A Common Stock, and each share of Class B Common Stock will automatically convert into one share of Class A Common Stock, if a majority of the shares of Class B Common Stock then outstanding vote in favor of such conversion. If, at any time (whether before, on or after the Conversion Date), | |
any share of Class B Common Stock is not owned, beneficially or of record, by either General William Lyon or William H. Lyon, their sibling, spouses and lineal descendants, any entities wholly owned by one or more of the foregoing persons, or any trusts or other estate planning vehicles for the benefit of any of the foregoing, then such share of Class B Common Stock will automatically convert into one share of Class A Common Stock. | |
All of our outstanding shares of common stock have been validly issued and fully paid and are non-assessable. The rights of the holders of common stock will be subject to, and may be adversely affected by, the rights of the holders of preferred stock. Holders of our common stock have no preference, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe for any of our securities. | |
With the exception of the dividends to be paid out to holders of our Convertible Preferred Stock, the Company does not intend to declare or pay cash dividends in the foreseeable future. Any determination to pay dividends to holders of our common stock will be at the discretion of our board of directors. The payment of cash dividends is restricted under the terms of our Amended and Restated Senior Secured Term Loan Agreement and the indenture governing the Notes. | |
In conjunction with the adoption of fresh start accounting, the Company allocated the fair market value of the common stock of $43.1 million as of February 24, 2012. | |
Warrants | |
The holders of Class B Common Stock hold warrants to purchase 15,737,294 shares of Class B Common Stock at an exercise price of $2.07 per share. The expiration date of the Class B Warrants is February 24, 2017. The Warrants were assigned a value of $1.0 million in conjunction with the adoption of fresh start accounting and are recorded in additional paid-in capital. |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
Stock Based Compensation | ' | ' | ||||||||||||||||
Note 11—Stock Based Compensation | Note 18—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. | In 2012, the Company adopted the William Lyon Homes 2012 Equity Incentive Plan (the “Plan”). The Plan was approved by the Board of Directors and the Company’s stockholders, and is administered by the Compensation Committee of the Board. The provisions of the Plan allow for a variety of stock-based compensation awards, including stock options, stock appreciation rights, or SARs, restricted stock awards, restricted stock unit awards, deferred stock awards, deferred stock unit awards, dividend equivalent awards, stock payment awards and performance awards and other stock-based awards, to certain executives, directors, and non-executives of California Lyon. The Company believes that such awards provide a means of compensation to attract and retain qualified employees and better align the interests of our employees with those of our stockholders. Option awards are granted with an exercise price equal to the market price at the date of grant. | |||||||||||||||||
During the three and nine months ended September 30, 2013, the Company granted 3,996 and 80,284, respectively, shares of restricted stock. No performance based restricted stock was issued during the three months ended September 30, 2013, however, 291,444 shares were issued during the nine months ended September 30, 2013. | Under the plan, 13,699,565 shares of the Company’s Class D common stock have been reserved for issuance. In 2012, the Company granted an aggregate of 2,499,293 restricted shares of Class D common stock of the Company, and an aggregate of 4,757,302 stock options to purchase shares of Class D common stock of the Company, of which 1,115,302 represent “five-year” options and 3,642,000 represent “ten-year” options. | |||||||||||||||||
Each of the performance based restricted stock awards vests as follows: One-third of the shares of performance based restricted stock will vest on each of the first, second and third anniversaries of the grant date, subject to the Company’s achievement of a pre-established return on equity target as of the end of the 2013 fiscal year and each officer’s continued service through each vesting date. As of September 30, 2013, the Company considers the current performance condition to be probable, thus $1.0 million of compensation expense has been recognized for these awards to date. | The five-year options are subject to mandatory exercise upon the earlier of an initial public offering (“IPO”) of the Company, or five years, provided, that if the IPO occurs prior to the applicable vesting date of the options, such options will be exercised upon the applicable vesting date. The five-year options and ten-year options will be incentive stock options to the maximum extent permitted by law. Each of the restricted stock and option awards vests as follows: 50% of the shares and options vested on October 1, 2012, the date of grant, with the remaining 50% of the shares and options vesting in three equal installments on each of December 31, 2012, 2013 and 2014, subject to the recipient’s continued employment through the applicable vesting date and accelerated vesting as set forth in the applicable award agreement. In addition, the Company granted 256,500 shares of Restricted Stock to its non-employee directors, which were fully vested on the date of grant. | |||||||||||||||||
Each of the restricted stock awards vests as follows: 50% of the shares of restricted stock will vest on each of the first and second anniversaries of the grant date. In addition, the Company granted 0 and 40,998 shares of restricted stock to its non-employee directors during the three and nine months ended September 30, 2013, respectively, which have a one year vesting schedule, with 25% vesting each quarter. | The Company uses the fair value method of accounting for stock options granted to employees which requires us to measure the cost of employee services received in exchange for the stock options, based on the grant date fair value of the award. The fair value of the awards is estimated using the Black-Scholes option-pricing model. The resulting cost is recognized on a straight line basis over the period during which an employee is required to provide service in exchange for the award, usually the vesting period. | |||||||||||||||||
Stock based compensation expense during the three and nine months ended September 30, 2013 was $0.9 million and $2.2 million, respectively. | ||||||||||||||||||
The fair value of each employee option awarded was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions. | ||||||||||||||||||
Period from | ||||||||||||||||||
February 25, 2012 | ||||||||||||||||||
through December 31, | ||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||
Expected dividend yield | 0 | % | N/A | N/A | ||||||||||||||
Risk-free interest rate | 0.55 | % | N/A | N/A | ||||||||||||||
Expected volatility | 79 | % | N/A | N/A | ||||||||||||||
Expected life (in years) | 4.73 | N/A | N/A | |||||||||||||||
The Black-Scholes option-pricing model requires inputs such as the risk-free interest rate, expected term and expected volatility. Further, the forfeiture rate also affects the amount of aggregate compensation. These inputs are subjective and generally require significant judgment. | ||||||||||||||||||
The risk-free interest rate that we use is based on the United States Treasury yield in effect at the time of grant for zero coupon United States Treasury notes with maturities approximating each grant’s expected life. Given our limited history with employee grants, we use the “simplified” method in estimating the expected term for our employee grants. The “simplified” method is calculated as the average of the time-to-vesting and the contractual life of the options. Our expected volatility is derived from the historical volatilities of several unrelated public companies within the homebuilding industry, because we have no trading history on our common stock. When making the selections of our peer companies within the homebuilding industry to be used in the volatility calculation, we also considered the stage of development, size and financial leverage of potential comparable companies. We estimate our forfeiture rate based on an analysis of our actual forfeitures, of which we had none, and will continue to evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover behavior and other factors. | ||||||||||||||||||
Summary of Stock Option Activity | ||||||||||||||||||
Stock option activity under the Plan at December 31, 2012 and changes during the period from February 25, 2012 through December 31, 2012 were as follows (there is no activity in prior periods as the options were granted in the fourth quarter of 2012): | ||||||||||||||||||
Period from February 25, 2012 through | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||
Exercise | Remaining | Value | ||||||||||||||||
Price | Contractual | |||||||||||||||||
Life (in years) | ||||||||||||||||||
Options outstanding at beginning of year | — | N/A | N/A | N/A | ||||||||||||||
Granted (1) | 4,757,302 | $ | 1.05 | 4.48 | $ | — | ||||||||||||
Exercised | — | N/A | N/A | N/A | ||||||||||||||
Cancelled | — | N/A | N/A | N/A | ||||||||||||||
Options outstanding at end of year | 4,757,302 | $ | 1.05 | 4.48 | $ | — | ||||||||||||
Options vested and expected to vest | 4,757,302 | $ | 1.05 | 4.48 | $ | — | ||||||||||||
Options exercisable at end of year (2) | 3,171,535 | $ | 1.05 | 4.48 | $ | — | ||||||||||||
Price range of options exercised | N/A | |||||||||||||||||
Price range of options outstanding | $ | 1.05 | ||||||||||||||||
Total shares available for future grants at end of year | 6,442,970 | |||||||||||||||||
-1 | The weighted average grant date fair value of the stock options was $0.64. | |||||||||||||||||
-2 | The fair value of shares vested during the period from February 25, 2012 through December 31, 2012 was $2.0 million. | |||||||||||||||||
The following table summarizes information associated with stock options granted to executives, directors, and non-executives that are vested and expected to vest in future reporting periods: | ||||||||||||||||||
Period from February 25, 2012 through | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||||||
Shares | Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | ||||||||||||||||
Price | Contractual | |||||||||||||||||
Life (in years) | ||||||||||||||||||
Executives | 4,467,892 | $ | 1.05 | |||||||||||||||
Directors | — | N/A | ||||||||||||||||
Non-Executives | 289,410 | $ | 1.05 | |||||||||||||||
Total | 4,757,302 | $ | 1.05 | 4.48 | $ | — | ||||||||||||
The following table summarizes information associated with stock options granted to executives, directors, and non-executives that are exercisable at December 31, 2012: | ||||||||||||||||||
Period from February 25, 2012 through | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||||||
Shares | Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | ||||||||||||||||
Price | Contractual | |||||||||||||||||
Life (in years) | ||||||||||||||||||
Executives | 2,978,595 | $ | 1.05 | |||||||||||||||
Directors | — | N/A | ||||||||||||||||
Non-Executives | 192,940 | $ | 1.05 | |||||||||||||||
Total | 3,171,535 | $ | 1.05 | 4.48 | $ | — | ||||||||||||
Summary of Nonvested (Restricted) Shares Activity | ||||||||||||||||||
Period from February 25, 2012 | ||||||||||||||||||
through December 31, 2012 | ||||||||||||||||||
Number of | Weighted | |||||||||||||||||
Shares | Average Grant | |||||||||||||||||
Date Fair Value | ||||||||||||||||||
Non-vested shares at beginning of year | — | N/A | ||||||||||||||||
Granted | 2,499,293 | $ | 1.05 | |||||||||||||||
Vested | 1,592,965 | $ | 1.05 | |||||||||||||||
Cancelled | — | $ | 1.05 | |||||||||||||||
Non-vested shares at end of year | 906,328 | $ | 1.05 | |||||||||||||||
In conjunction with the issuance of the equity grants in October 2012, the Company recorded stock based compensation expense of $3.7 million which is included in general and administrative expense in the consolidated statement of operations for the period from February 25, 2012 through December 31, 2012, and expects to record approximately $1.0 million per year thereafter. There was no stock based compensation expense recognized in the years ended December 31, 2011 and 2010. As of December 31, 2012, $2.0 million of total unrecognized stock based compensation expense is expected to be recognized as an expense by the Company in the future over a weighted average period of two years. The total value of restricted stock awards which fully vested during the period from February 25, 2012 through December 31, 2012 was $1.7 million. There is no recognized tax benefit for the period from February 25, 2012 through December 31, 2012, period from January 1, 2012 through February 25, 2012 and the year ended December 31, 2011, and 2010. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||
Commitments and Contingencies | ' | ' | ||||||||||||||||||
Note 12—Commitments and Contingencies | Note 19—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’s commitments and contingent liabilities include the usual obligations incurred by real estate developers in the normal course of business. In the opinion of management, these matters will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. | |||||||||||||||||||
The Company is a defendant in various lawsuits related to its normal business activities. We believe that the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of December 31, 2012, it was not reasonably possible that an additional material loss had been incurred in an amount in excess of the estimated amounts already recognized on our consolidated financial statements. We evaluate our accruals for litigation and regulatory proceedings at least quarterly 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. Based on our experience, we believe that the amounts that may be claimed or alleged against us in these proceedings are not a meaningful indicator of our potential liability. The outcome of any of these proceedings, including the defense and other litigation-related costs and expenses we may incur, however, is inherently uncertain and could differ significantly from the estimate reflected in a related accrual, if made. Therefore, it is possible that the ultimate outcome of any proceeding, if in excess of a related accrual or if no accrual had been made, could be material to our consolidated financial statements. | ||||||||||||||||||||
The Company 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 September 30, 2013, 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 have non-cancelable operating leases primarily associated with our office facilities. Rent expense under cancelable and non-cancelable operating leases totaled $2.6 million, $0.7 million, $4.4 million and $4.4 million in the period from February 25, 2012 through December 31, 2012, the period from January 1, 2012 through February 24, 2012 and the years ended December 31, 2011 and 2010, respectively, and is included in general and administrative expense in our consolidated statements of operations for the respective periods. The table below shows the future minimum payments under non-cancelable operating leases at December 31, 2012 (in thousands). | |||||||||||||||||||
We have non-cancelable operating leases primarily associated with our office facilities. Rent expense under cancelable and non-cancelable operating leases totaled $0.4 million, $0.7 million, $1.3 million, $2.1 million, and $0.7 million, in the three months ended September 30, 2013 and 2012, the nine months ended September 30, 2013, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012, respectively, and is included in general and administrative expense in our consolidated statements of operations for the respective periods. The table below shows the future minimum payments under non-cancelable operating leases at September 30, 2013 (in thousands). | ||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||
Year Ending December 31 | 2013 | $ | 1,349 | |||||||||||||||||
2013 | $ | 370 | 2014 | 1,260 | ||||||||||||||||
2014 | 1,393 | 2015 | 618 | |||||||||||||||||
2015 | 731 | 2016 | 556 | |||||||||||||||||
2016 | 671 | 2017 | 580 | |||||||||||||||||
2017 | 697 | Thereafter | 2,654 | |||||||||||||||||
Thereafter | 2,734 | |||||||||||||||||||
Total | $ | 7,017 | ||||||||||||||||||
Total | $ | 6,596 | ||||||||||||||||||
In some jurisdictions in which the Company develops and constructs property, assessment district bonds are issued by municipalities to finance major infrastructure improvements. As a land owner benefited by these improvements, the Company is responsible for the assessments on its land. When properties are sold, the assessments are either prepaid or the buyers assume the responsibility for the related assessments. Assessment district bonds issued after May 21, 1992 are accounted for under the provisions of EITF 91-10, “Accounting for Special Assessment and Tax Increment Financing Entities” issued by the Emerging Issues Task Force of the Financial Accounting Standards Board on May 21, 1992, now codified as FASB ASC Topic 970-470, Real Estate—Debt, and recorded as liabilities in the Company’s consolidated balance sheet, if the amounts are fixed and determinable. | ||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company had $0.9 million and $0.9 million, respectively, in deposits as collateral for outstanding surety bonds to guarantee the Company’s financial obligations under certain contractual arrangements in the normal course of business. The standby letters of credit were secured by cash as reflected as restricted cash on the accompanying consolidated balance sheet. | As of December 31, 2012, the Company had $0.9 million in deposits as collateral for outstanding irrevocable standby letters of credit to guarantee the Company’s financial obligations under certain contractual arrangements in the normal course of business. The standby letters of credit were secured by cash as reflected as restricted cash on the accompanying consolidated balance sheet. The beneficiary may draw upon these letters of credit in the event of a contractual default by the Company relating to each respective obligation. These letters of credit generally have a stated term of 12 months and have varying maturities throughout 2013, at which time the Company may be required to renew to coincide with the term of the respective arrangement. | |||||||||||||||||||
The Company also had outstanding performance and surety bonds of $48.4 million at September 30, 2013, 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 September 30, 2013, the Company had $92.4 million, of project commitments relating to the construction of projects. | The Company also had outstanding performance and surety bonds of $64.4 million at December 31, 2012 related principally to its obligations for site improvements at various projects. The Company does not believe that draws upon these bonds, if any, will have a material effect on the Company’s financial position, results of operations or cash flows. As of December 31, 2012, the Company had $60.9 million of project commitments relating to the construction of projects. | |||||||||||||||||||
See Note 5 for additional information relating to the Company’s guarantee arrangements. | The Company has provided unsecured environmental indemnities to certain lenders, joint venture partners and land sellers. In each case, the Company has performed due diligence on the potential environmental risks including obtaining an independent environmental review from outside environmental consultants. These indemnities obligate the Company to reimburse the guaranteed parties for damages related to environmental matters. There is no term or damage limitation on these indemnities; however, if an environmental matter arises, the Company could have recourse against other previous owners. | |||||||||||||||||||
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 September 30, 2013, the Company has made non-refundable deposits of $25.4 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 $238.6 million as of September 30, 2013. | See Note 10 for additional information relating to the Company’s guarantee arrangements. | |||||||||||||||||||
Land Banking Arrangements | In addition to the land bank agreements discussed below, the Company has entered into various purchase option agreements with third parties to acquire land. As of December 31, 2012, the Company has made non-refundable deposits of $3.8 million. The Company is under no obligation to purchase the land, but would forfeit remaining deposits if the land were not purchased. The total purchase price under the option agreements is $97.1 million as of December 31, 2012. | |||||||||||||||||||
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 existing deposits of $14.7 million 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. | Land Banking Arrangements | |||||||||||||||||||
The Company participates in one land banking arrangement, which is not a VIE in accordance with ASC 810, but which is consolidated in accordance with FASB ASC Topic 470, Debt (“ASC 470”). Under the provisions of ASC 470, the Company has determined it is economically compelled, based on certain factors, to purchase the land in the land banking arrangement. The Company has recorded the remaining purchase price of the land of $20.7 million and $39.0 million, which is included in real estate inventories not owned and liabilities from inventories not owned in the accompanying consolidated balance sheet as of September 30, 2013 and December 31, 2012, respectively, and represents the remaining net cash to be paid on the remaining land takedowns. | 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 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. ASC 810 requires the consolidation of the assets, liabilities and operations of the Company’s land banking arrangements that are VIEs, of which none existed at December 31, 2012. | |||||||||||||||||||
The Company participates in one land banking arrangement, which is not a VIE in accordance with ASC 810, but which is consolidated in accordance with FASB ASC Topic 470, Debt (“ASC 470”). Under the provisions of ASC 470, the Company has determined it is economically compelled, based on certain factors, to purchase the land in the land banking arrangement. The Company has recorded the remaining purchase price of the land of $39.0 million, which is included in real estate inventories not owned and liabilities from inventories not owned in the accompanying consolidated balance sheet as of December 31, 2012, and represents the remaining net cash to be paid on the remaining land takedowns. | ||||||||||||||||||||
Summary information with respect to the Company’s land banking arrangements is as follows as of the periods presented (dollars in thousands): | In 2012, the Company made additional deposits of $2.5 million. In conjunction with the deposits, the Company reduced real estate inventories not owned and liabilities from inventories not owned in the amount of $2.5 million. | |||||||||||||||||||
Summary information with respect to the Company’s land banking arrangements is as follows as of the periods presented (dollars in thousands): | ||||||||||||||||||||
Successor | ||||||||||||||||||||
September 30, | December 31, | Successor | Predecessor | |||||||||||||||||
2013 | 2012 | December 31, | ||||||||||||||||||
Total number of land banking projects | 1 | 1 | 2012 | 2011 | ||||||||||||||||
Total number of land banking projects | 1 | 1 | ||||||||||||||||||
Total number of lots | 610 | 610 | ||||||||||||||||||
Total number of lots (1) | 610 | 625 | ||||||||||||||||||
Total purchase price | $ | 161,465 | $ | 161,465 | ||||||||||||||||
Total purchase price | $ | 161,465 | $ | 161,465 | ||||||||||||||||
Balance of lots still under option and not purchased: | ||||||||||||||||||||
Number of lots | 105 | 199 | Balance of lots still under option and not purchased: | |||||||||||||||||
Number of lots | 199 | 225 | ||||||||||||||||||
Purchase price | $ | 20,738 | $ | 39,029 | ||||||||||||||||
Purchase price | $ | 39,029 | $ | 47,408 | ||||||||||||||||
Forfeited deposits if lots are not purchased | $ | 14,737 | $ | 27,734 | ||||||||||||||||
Forfeited deposits if lots are not purchased | $ | 27,734 | $ | 25,234 | ||||||||||||||||
-1 | Total number of lots in the land banking project was reduced by 15 as of December 31, 2012 as compared to December 31, 2011 because of a change in product mix in future projects. |
Subsequent_Events
Subsequent Events | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||
Subsequent Events | ' | ' | ||||||||
Note 13—Subsequent Events | Note 20—Subsequent Events | |||||||||
No events have occurred subsequent to September 30, 2013, other than that listed below, that has required recognition or disclosure in the Company’s financial statements. | No events have occurred subsequent to December 31, 2012, other than that listed below, that have required recognition or disclosure in the Company’s financial statements. | |||||||||
Issuance of Additional 8.5% Senior Notes Due November 15, 2020 | On May 21, 2013, the Company completed its initial public offering of 10,005,000 shares of Class A Common Stock, which consisted of 7,177,500 shares sold by the Company and 2,827,500 shares sold by the selling stockholder. The 10,005,000 shares in the offering were sold at a price to the public of $25.00 per share. The Company raised total net proceeds of approximately $165.0 million in the offering, after deducting the underwriting discount and estimated offering expenses. The Company did not receive any proceeds from the sale of shares by the selling stockholder. | |||||||||
On October 24, 2013, California Lyon completed the sale to certain purchasers of an additional $100.0 million in aggregate principal amount of its 8.5% Senior Notes due 2020 (the “Additional Notes”) at an issue price of 106.5% of their aggregate principal amount, plus accrued interest from and including May 15, 2013, in a private placement, resulting in net proceeds of approximately $104.7 million. The Additional Notes were issued pursuant to an indenture, dated as of November 8, 2012 (as amended or supplemented, the “Indenture”), by and among California Lyon, Parent, the subsidiary guarantors party thereto (together with Parent, the “Guarantors”) and U.S. Bank National Association, as trustee, under which California Lyon previously issued $325.0 million in aggregate principal amount of its 8.5% Senior Notes due 2020 (the “Existing Notes” and, together with the Additional Notes, the “Notes”). The Additional Notes and the Existing Notes will be treated as a single class for all purposes under the Indenture and will have identical terms to the Existing Notes (see Note 5 for terms of Existing Notes). | In connection with the offering, the Company completed a common stock recapitalization which included a 1-for-8.25 reverse stock split of its Class A Common Stock (the “Class A Reverse Split”), the conversion of all outstanding shares of the Company’s Class C Common Stock, Class D Common Stock and Convertible Preferred Stock into Class A Common Stock on a one-for-one basis and as automatically adjusted for the Class A Reverse Split, and a 1-for-8.25 reverse stock split of its Class B Common Stock. Upon completion of the offering, the Company had 27,623,629 shares of Class A Common Stock outstanding, excluding shares issuable upon exercise of outstanding stock options, and 3,813,885 shares of Class B Common Stock outstanding, excluding shares underlying a warrant to purchase additional shares of Class B Common Stock. The warrant was amended to extend the term from five years to ten years, and the Warrant will now expire on February 24, 2022. | |||||||||
The Company and Parent intend to use the net proceeds from the issuance of the Additional Notes for general corporate purposes, including the acquisition and development of land and home construction. | The tables below show the proforma effect of the 1-for-8.25 reverse stock split as of and for the Successor periods presented. The 1-for-8.25 reverse stock split should not be retroactively applied to the Predecessor periods as the Company’s reorganization was a recapitalization event, thus the Predecessor period is not meant to be comparable with the Successor period. | |||||||||
Closure of CB&T Loan | ||||||||||
On October 30, 2013 the Company terminated its $30.0 million revolving credit facility with California Bank & Trust (see Note 5 for terms of the CB&T Loan). The Company had repaid all balances owed under this facility during July of 2013, and had no amounts outstanding as of September 30, 2013. The CB&T Loan was originally scheduled to mature on March 5, 2016. | ||||||||||
December 31, 2012 | ||||||||||
Before | After | |||||||||
stock split | stock split | |||||||||
William Lyon Homes shares outstanding | ||||||||||
Common stock, Class A | 70,121,378 | 8,499,558 | ||||||||
Common stock, Class B | 31,464,548 | 3,813,885 | ||||||||
Common stock, Class C | 16,020,338 | 1,941,859 | ||||||||
Common stock, Class D | 2,499,293 | 302,945 | ||||||||
Total number of shares outstanding | 120,105,557 | 14,558,246 | ||||||||
Period from February 25 | ||||||||||
through December 31, 2012 | ||||||||||
Before | After | |||||||||
stock split | stock split | |||||||||
(Loss) income per common share, basic and diluted | $ | (0.11 | ) | $ | (0.93 | ) | ||||
Weighted average common shares outstanding, basic and diluted | 103,037,842 | 12,489,435 |
Unaudited_Summarized_Quarterly
Unaudited Summarized Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||
Unaudited Summarized Quarterly Financial Information | ' | ||||||||||||||||||||||
Note 21— Unaudited Summarized Quarterly Financial Information | |||||||||||||||||||||||
Summarized unaudited quarterly financial information for the years ended December 31, 2012 and 2011 is as follows (in thousands except per share data): | |||||||||||||||||||||||
Predecessor | Successor | ||||||||||||||||||||||
Period from | Period from | ||||||||||||||||||||||
January 1 | February 25 | ||||||||||||||||||||||
through | through | Three Months Ended | |||||||||||||||||||||
February 24, | March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Sales | $ | 16,687 | $ | 15,109 | $ | 145,051 | $ | 85,942 | $ | 102,833 | |||||||||||||
Cost of sales | (14,598 | ) | (13,063 | ) | (131,272 | ) | (70,795 | ) | (82,859 | ) | |||||||||||||
Gross profit | 2,089 | 2,046 | 13,779 | 15,147 | 19,974 | ||||||||||||||||||
Other income, costs and expenses, net | 226,408 | (7,028 | ) | (14,836 | ) | (14,681 | ) | (21,262 | ) | ||||||||||||||
Net income (loss) | 228,497 | (4,982 | ) | (1,057 | ) | 466 | (1,288 | ) | |||||||||||||||
Net income (loss) available to common stockholders | $ | 228,383 | $ | (5,351 | ) | $ | (2,550 | ) | $ | (1,507 | ) | $ | (2,194 | ) | |||||||||
Income (loss) per common share, basic and diluted | $ | 228,383 | $ | (0.06 | ) | $ | (0.03 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||||||
Predecessor | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||
2011 | 2011 | 2011 | 2011 | ||||||||||||||||||||
Sales | $ | 36,574 | $ | 57,795 | $ | 53,703 | $ | 58,983 | |||||||||||||||
Cost of sales | (31,885 | ) | (51,121 | ) | (46,645 | ) | (59,072 | ) | |||||||||||||||
Gross profit (loss) | 4,689 | 6,674 | 7,058 | (89 | ) | ||||||||||||||||||
Other income, costs and expenses, net | (15,866 | ) | (17,759 | ) | (46,758 | ) | (130,837 | ) | |||||||||||||||
Net loss | (11,177 | ) | (11,095 | ) | (39,700 | ) | (130,926 | ) | |||||||||||||||
Net loss attributable to William Lyon Homes | $ | (11,225 | ) | $ | (11,171 | ) | $ | (39,634 | ) | $ | (131,300 | ) | |||||||||||
Loss per common share, basic and diluted | $ | (11,225 | ) | $ | (11,171 | ) | $ | (39,634 | ) | $ | (131,300 | ) |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies | ' | ||||||||||||||||||||
Note 1—Basis of Presentation and Significant Accounting Policies | |||||||||||||||||||||
Operations | |||||||||||||||||||||
William Lyon Homes, a Delaware corporation (“Parent” and together with its subsidiaries, the “Company”), are primarily engaged in designing, constructing, marketing and selling single-family detached and attached homes in California, Arizona, Nevada and Colorado (under the Village Homes brand). | |||||||||||||||||||||
Initial Public Offering | |||||||||||||||||||||
On May 21, 2013, the Company completed its initial public offering of 10,005,000 shares of Class A Common Stock, which consisted of 7,177,500 shares sold by the Company and 2,827,500 shares sold by the selling stockholder. The 10,005,000 shares in the offering were sold at a price to the public of $25.00 per share. The Company raised total net proceeds of approximately $163.8 million in the offering, after deducting the underwriting discount and offering expenses. The Company did not receive any proceeds from the sale of shares by the selling stockholder. | |||||||||||||||||||||
The Company’s authorized capital stock consists of 190,000,000 shares, 150,000,000 of which are designated as Class A Common Stock with a par value of $0.01 per share, 30,000,000 of which are designated as Class B Common Stock with a par value of $0.01 per share and 10,000,000 of which are designated as preferred stock with a par value of $0.01 per share. | |||||||||||||||||||||
In connection with the initial public offering, Parent completed a common stock recapitalization which included a 1-for-8.25 reverse stock split of its Class A Common Stock (the “Class A Reverse Split”), the conversion of all outstanding shares of Parent’s Class C Common Stock, Class D Common Stock and Convertible Preferred Stock into Class A Common Stock on a one-for-one basis and as automatically adjusted for the Class A Reverse Split, and a 1-for-8.25 reverse stock split of its Class B Common Stock. The effect of the reverse stock split is retroactively applied to the Condensed Consolidated Balance Sheet as of December 31, 2012, the Condensed Consolidated Statements of Operations for the three months ended September 30, 2012, and the period from February 25, 2012 through September 30, 2012, and the Condensed Consolidated Statement of Equity, presented herein. Upon completion of the initial public offering, Parent had 27,623,629 shares of Class A Common Stock outstanding, excluding shares issuable upon exercise of outstanding stock options and restricted shares that have been granted but were unvested, and 3,813,884 shares of Class B Common Stock outstanding, excluding shares underlying a warrant to purchase additional shares of Class B Common Stock. The warrant was amended to extend the term from five years to ten years, and the warrant will now expire on February 24, 2022. The change to the warrant had no corresponding impact on the financial statements. | |||||||||||||||||||||
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 September 30, 2013 and December 31, 2012 and revenues and expenses for the three months ended September 30, 2013 and 2012, the nine months ended September 30, 2013, the period from January 1, 2012 through February 24, 2012, and the period from February 25, 2012 through September 30, 2012. Accordingly, actual results could differ from those estimates. The significant accounting policies using estimates include real estate inventories and cost of sales, impairment of real estate inventories, warranty reserves, loss contingencies, sales and profit recognition, accounting for variable interest entities, valuation of deferred tax assets, and fresh start accounting. The current economic environment increases the uncertainty inherent in these estimates and assumptions. | |||||||||||||||||||||
The condensed consolidated financial statements include the accounts of the Company and all majority-owned and controlled subsidiaries and joint ventures, and certain joint ventures and other entities which have been determined to be variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary (see Note 2). The accounting policies of the joint ventures are substantially the same as those of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||
We applied the accounting under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 852 (“ASC 852”), “Reorganizations,” as of February 24, 2012. Therefore, our consolidated balance sheet as of December 31, 2012, which is referred to as that of the “Successor”, includes adjustments resulting from the reorganization and application of ASC 852. References to the “Successor” in the condensed consolidated financial statements and the notes thereto refer to the Company after giving effect to the reorganization and application of ASC 852. References to the “Predecessor” refer to the Company prior to the reorganization and application of ASC 852. | |||||||||||||||||||||
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 December 31, 2012, and for the periods from January 1, 2012 through February 24, 2012 and February 25, 2012 through December 31, 2012, which are included in our 2012 Annual Report on Form 10-K, as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report. | |||||||||||||||||||||
Real Estate Inventories | |||||||||||||||||||||
The Company accounts for its real estate inventories under FASB ASC Topic 360 Property, Plant, & Equipment (“ASC 360”). Real estate inventories are carried at cost net of impairment losses and fresh start accounting adjustments, if any. Real estate inventories consist primarily of land deposits, land and land under development, homes completed and under construction, and model homes. All direct and indirect land costs, offsite and onsite improvements and applicable interest and other carrying charges are capitalized to real estate projects during periods when the project is under development. Land, offsite costs and all other common costs are allocated to land parcels benefited based upon relative fair values before construction. Onsite construction costs and related carrying charges (principally interest and property taxes) are allocated to the individual homes within a phase based upon the relative sales value of the homes. The Company relieves its accumulated real estate inventories through cost of sales for the estimated cost of homes sold. Selling expenses and other marketing costs are expensed in the period incurred. | |||||||||||||||||||||
ASC 360 requires impairment losses to be recorded on real estate inventories when indicators of impairment are present and the undiscounted cash flows estimated to be generated by real estate inventories are less than the carrying amount of such assets. Indicators of impairment include a decrease in demand for housing due to softening market conditions, competitive pricing pressures, which reduce the average sales price of homes including an increase in sales incentives offered to buyers, slowing sales absorption rates, decreases in home values in the markets in which the Company operates, significant decreases in gross margins and a decrease in project cash flows for a particular project. | |||||||||||||||||||||
Management assesses land deposits for impairment when estimated land values are deemed to be less than the agreed upon contract price. The Company considers changes in market conditions, the timing of land purchases, the ability to renegotiate with land sellers, the terms of the land option contracts in question, the availability and best use of capital, and other factors. The Company records abandoned land deposits and related pre-acquisition costs in cost of sales-lots, land and other in the consolidated statements of operations in the period that it is abandoned. | |||||||||||||||||||||
A provision for warranty costs relating to the Company’s limited warranty plans is included in cost of sales and accrued expenses at the time the sale of a home is recorded. The Company generally reserves approximately one to one and one quarter percent of the sales price of its homes against the possibility of future charges relating to its one-year limited warranty and similar potential claims, except for Colorado, where the Company provides a third party warranty policy upon close of escrow. Factors that affect the Company’s warranty liability include the number of homes under warranty, historical and anticipated rates of warranty claims, and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. Changes in the Company’s warranty liability for the nine months ended September 30, 2013, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012, are as follows (in thousands): | |||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||
Nine | Period from | Period from | |||||||||||||||||||
Months Ended | February 25 | January 1 through | |||||||||||||||||||
September 30, | through | February 24, 2012 | |||||||||||||||||||
2013 | September 30, | ||||||||||||||||||||
2012 | |||||||||||||||||||||
Warranty liability, beginning of period | $ | 14,317 | $ | 14,000 | $ | 14,314 | |||||||||||||||
Warranty provision during period | 3,131 | 1,649 | 187 | ||||||||||||||||||
Warranty payments during period | (3,900 | ) | (1,944 | ) | (845 | ) | |||||||||||||||
Warranty charges related to pre-existing warranties during period | 354 | 80 | 85 | ||||||||||||||||||
Warranty charges related to construction services projects | 267 | 347 | 114 | ||||||||||||||||||
Fresh start adjustment | — | — | 145 | ||||||||||||||||||
Warranty liability, end of period | $ | 14,169 | $ | 14,132 | $ | 14,000 | |||||||||||||||
Interest incurred under the Company’s debt obligations, as more fully discussed in Note 5, is capitalized to qualifying real estate projects under development. Any additional interest charges related to real estate projects not under development are expensed in the period incurred. Interest activity for the three months ended September 30, 2013 and 2012, the nine months ended September 30, 2013, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012, are as follows (in thousands): | |||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||
Three Months | Three Months | Nine Months | Period from | Period from | |||||||||||||||||
Ended | Ended | Ended | February 25 | January 1 | |||||||||||||||||
September 30, | September 30, | September 30, | through | through | |||||||||||||||||
2013 | 2012 | 2013 | September 30, | February 24, | |||||||||||||||||
2012 | 2012 | ||||||||||||||||||||
Interest incurred | $ | 7,511 | $ | 8,729 | $ | 22,511 | $ | 22,336 | $ | 7,145 | |||||||||||
Less: Interest capitalized | 7,460 | 6,238 | 19,909 | 15,009 | 4,638 | ||||||||||||||||
Interest expense, net of amounts capitalized | $ | 51 | $ | 2,491 | $ | 2,602 | $ | 7,327 | $ | 2,507 | |||||||||||
Cash paid for interest | $ | 283 | $ | 6,315 | $ | 14,854 | $ | 18,061 | $ | 8,924 | |||||||||||
Construction Services | |||||||||||||||||||||
The Company accounts for construction management agreements using the Percentage of Completion Method in accordance with FASB ASC Topic 605 Revenue Recognition (“ASC 605”). Under ASC 605, the Company records revenues and expenses as a contracted project progresses, and based on the percentage of costs incurred to date compared to the total estimated costs of the contract. | |||||||||||||||||||||
The Company entered into construction management agreements to build, sell and market homes in certain communities. For such services, the Company will receive fees (generally 3 to 5 percent of the sales price, as defined) and may, under certain circumstances, receive additional compensation if certain financial thresholds are achieved. | |||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||
Financial instruments 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 with off-balance sheet risk in the normal course of business which exposes it to credit risks. These financial instruments include letters of credit and obligations in connection with assessment district bonds. These off-balance sheet financial instruments are described in more detail in Note 12. | |||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Short-term investments with a maturity of three months or less when purchased are considered cash equivalents. The Company’s cash and cash equivalents balance exceeds federally insurable limits as of September 30, 2013 and December 31, 2012. The Company monitors the cash balances in its operating accounts and adjusts the cash balances between accounts based on operational needs; 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. | |||||||||||||||||||||
Restricted Cash | |||||||||||||||||||||
Restricted cash consists of deposits made by the Company to a bank account as collateral for the use of letters of credit to guarantee the Company’s financial obligations under certain other contractual arrangements in the normal course of business. | |||||||||||||||||||||
Deferred Loan Costs | |||||||||||||||||||||
Deferred loan costs represent debt issuance cost and are primarily amortized to interest expense 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 five reporting segments, as discussed in Note 3, and we perform an annual goodwill impairment analysis during the fourth quarter of each fiscal year. | |||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||
Recorded intangible assets primarily relate to construction homes in backlog, management contracts, and joint venture management fee contracts recorded in conjunction with ASC 852 and FASB ASC Topic 805, Business Combinations, related to the Village Homes acquisition in 2012 (see Note 9 for more information). Such assets 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. | |||||||||||||||||||||
Income (loss) per common share | |||||||||||||||||||||
The Company computes income (loss) per common share in accordance with FASB ASC Topic 260, Earnings per Share. Basic income (loss) 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 (loss) per common share, basic income (loss) per common share is further adjusted to include the effect of potential dilutive common shares outstanding. | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Income taxes are accounted for under the provisions of FASB ASC Topic 740, Income Taxes (“ASC 740”), 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. | |||||||||||||||||||||
Reclassifications | |||||||||||||||||||||
Certain balances on the financial statements and certain amounts presented in the notes have been reclassified in order to conform to current year presentation. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
Operations | ' | ' | ||||||||||||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||||||||||||
William Lyon Homes, a Delaware corporation (“Parent” and together with its subsidiaries, the “Company”), are primarily engaged in designing, constructing and selling single family detached and attached homes in California, Arizona, Nevada and Colorado (under the Village Homes brand). | ||||||||||||||||||||||||||||||||||||||
Basis of Presentation | ' | ' | ||||||||||||||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012 and revenues and expenses for the three months ended September 30, 2013 and 2012, the nine months ended September 30, 2013, the period from January 1, 2012 through February 24, 2012, and the period from February 25, 2012 through September 30, 2012. Accordingly, actual results could differ from those estimates. The significant accounting policies using estimates include real estate inventories and cost of sales, impairment of real estate inventories, warranty reserves, loss contingencies, sales and profit recognition, accounting for variable interest entities, valuation of deferred tax assets, and fresh start accounting. The current economic environment increases the uncertainty inherent in these estimates and assumptions. | We applied the accounting under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 852 (“ASC 852”), “Reorganizations,” as of February 24, 2012 (see Note 3). Therefore, our consolidated balance sheet as of December 31, 2012, which is referred to as that of the “Successor”, includes adjustments resulting from the reorganization and application of ASC 852 and is not comparable to our balance sheet as of December 31, 2011, which is referred to as that of the “Predecessor”. References to the “Successor” in the consolidated financial statements and the notes thereto refer to the Company after giving effect to the reorganization and application of ASC 852. References to the “Predecessor” refer to the Company prior to the reorganization and application of ASC 852. | |||||||||||||||||||||||||||||||||||||
The condensed consolidated financial statements include the accounts of the Company and all majority-owned and controlled subsidiaries and joint ventures, and certain joint ventures and other entities which have been determined to be variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary (see Note 2). The accounting policies of the joint ventures are substantially the same as those of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. | The preparation of the Company’s financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities as of December 31, 2012 and 2011 and revenues and expenses for the period from January 1, 2012 through February 24, 2012, period from February 25, 2012 through December 31, 2012, and years ended December 31, 2011 and 2010. Accordingly, actual results could differ from those estimates. The significant accounting policies using estimates include real estate inventories and cost of sales, impairment of real estate inventories, warranty reserves, loss contingencies, sales and profit recognition, accounting for variable interest entities, and fresh start accounting. The current economic environment increases the uncertainty inherent in these estimates and assumptions. | |||||||||||||||||||||||||||||||||||||
We applied the accounting under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 852 (“ASC 852”), “Reorganizations,” as of February 24, 2012. Therefore, our consolidated balance sheet as of December 31, 2012, which is referred to as that of the “Successor”, includes adjustments resulting from the reorganization and application of ASC 852. References to the “Successor” in the condensed consolidated financial statements and the notes thereto refer to the Company after giving effect to the reorganization and application of ASC 852. References to the “Predecessor” refer to the Company prior to the reorganization and application of ASC 852. | The consolidated financial statements include the accounts of the Company and all majority-owned and controlled subsidiaries and joint ventures, and certain joint ventures and other entities which have been determined to be variable interest entities in which the Company is considered the primary beneficiary (see Note 5). 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 December 31, 2012, and for the periods from January 1, 2012 through February 24, 2012 and February 25, 2012 through December 31, 2012, which are included in our 2012 Annual Report on Form 10-K, as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report. | ||||||||||||||||||||||||||||||||||||||
Real Estate Inventories | ' | ' | ||||||||||||||||||||||||||||||||||||
Real Estate Inventories | Real Estate Inventories | |||||||||||||||||||||||||||||||||||||
The Company accounts for its real estate inventories under FASB ASC Topic 360 Property, Plant, & Equipment (“ASC 360”). Real estate inventories are carried at cost net of impairment losses and fresh start accounting adjustments, if any. Real estate inventories consist primarily of land deposits, land and land under development, homes completed and under construction, and model homes. All direct and indirect land costs, offsite and onsite improvements and applicable interest and other carrying charges are capitalized to real estate projects during periods when the project is under development. Land, offsite costs and all other common costs are allocated to land parcels benefited based upon relative fair values before construction. Onsite construction costs and related carrying charges (principally interest and property taxes) are allocated to the individual homes within a phase based upon the relative sales value of the homes. The Company relieves its accumulated real estate inventories through cost of sales for the estimated cost of homes sold. Selling expenses and other marketing costs are expensed in the period incurred. | Real estate inventories are carried at cost net of impairment losses, if any. Real estate inventories consist primarily of land deposits, land and land under development, homes completed and under construction, and model homes. All direct and indirect land costs, offsite and onsite improvements and applicable interest and other carrying charges are capitalized to real estate projects during periods when the project is under development. Land, offsite costs and all other common costs are allocated to land parcels benefited based upon relative fair values before construction. Onsite construction costs and related carrying charges (principally interest and property taxes) are allocated to the individual homes within a phase based upon the relative sales value of the homes. The Company relieves its accumulated real estate inventories through cost of sales for the estimated cost of homes sold. Selling expenses and other marketing costs are expensed in the period incurred. 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 approximately one to one and one quarter percent of the sales price of its homes against the possibility of future charges relating to its one-year limited warranty and similar potential claims. Factors that affect the Company’s warranty liability include the number of homes under warranty, historical and anticipated rates of warranty claims, and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. Changes in the Company’s warranty liability for the period from February 25, 2012 through December 31, 2012, period from January 1, 2012 through February 24, 2012, and the year ended December 31, 2011and 2010 are as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
ASC 360 requires impairment losses to be recorded on real estate inventories when indicators of impairment are present and the undiscounted cash flows estimated to be generated by real estate inventories are less than the carrying amount of such assets. Indicators of impairment include a decrease in demand for housing due to softening market conditions, competitive pricing pressures, which reduce the average sales price of homes including an increase in sales incentives offered to buyers, slowing sales absorption rates, decreases in home values in the markets in which the Company operates, significant decreases in gross margins and a decrease in project cash flows for a particular project. | ||||||||||||||||||||||||||||||||||||||
Management assesses land deposits for impairment when estimated land values are deemed to be less than the agreed upon contract price. The Company considers changes in market conditions, the timing of land purchases, the ability to renegotiate with land sellers, the terms of the land option contracts in question, the availability and best use of capital, and other factors. The Company records abandoned land deposits and related pre-acquisition costs in cost of sales-lots, land and other in the consolidated statements of operations in the period that it is abandoned. | ||||||||||||||||||||||||||||||||||||||
A provision for warranty costs relating to the Company’s limited warranty plans is included in cost of sales and accrued expenses at the time the sale of a home is recorded. The Company generally reserves approximately one to one and one quarter percent of the sales price of its homes against the possibility of future charges relating to its one-year limited warranty and similar potential claims, except for Colorado, where the Company provides a third party warranty policy upon close of escrow. Factors that affect the Company’s warranty liability include the number of homes under warranty, historical and anticipated rates of warranty claims, and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. Changes in the Company’s warranty liability for the nine months ended September 30, 2013, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012, are as follows (in thousands): | Successor | Predecessor | ||||||||||||||||||||||||||||||||||||
Period from | Period from | Year Ended | ||||||||||||||||||||||||||||||||||||
February 25 | January 1 | December 31, | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | through | through | |||||||||||||||||||||||||||||||||||
Nine | Period from | Period from | December 31, | February 24, | ||||||||||||||||||||||||||||||||||
Months Ended | February 25 | January 1 through | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||
September 30, | through | February 24, 2012 | Warranty liability, beginning of period | $ | 14,000 | $ | 14,314 | $ | 16,341 | $ | 21,365 | |||||||||||||||||||||||||||
2013 | September 30, | Warranty provision during period | 2,731 | 187 | 2,380 | 2,574 | ||||||||||||||||||||||||||||||||
2012 | Warranty payments during period | (3,216 | ) | (845 | ) | (4,699 | ) | (8,277 | ) | |||||||||||||||||||||||||||||
Warranty liability, beginning of period | $ | 14,317 | $ | 14,000 | $ | 14,314 | Warranty charges related to pre-existing warranties during period | 802 | 199 | 292 | 679 | |||||||||||||||||||||||||||
Warranty provision during period | 3,131 | 1,649 | 187 | Fresh start adjustment | — | 145 | — | — | ||||||||||||||||||||||||||||||
Warranty payments during period | (3,900 | ) | (1,944 | ) | (845 | ) | ||||||||||||||||||||||||||||||||
Warranty charges related to pre-existing warranties during period | 354 | 80 | 85 | Warranty liability, end of period | $ | 14,317 | $ | 14,000 | $ | 14,314 | $ | 16,341 | ||||||||||||||||||||||||||
Warranty charges related to construction services projects | 267 | 347 | 114 | |||||||||||||||||||||||||||||||||||
Fresh start adjustment | — | — | 145 | Interest incurred under the Company’s debt obligations, as more fully discussed in Note 10, is capitalized to qualifying real estate projects under development. Any additional interest charges related to real estate projects not under development are expensed in the period incurred. Interest activity for the period from February 25, 2012 through December 31, 2012, period from January 1, 2012 through February 24, 2012, and the year ended December 31, 2011and 2010 are as follows (in thousands): | ||||||||||||||||||||||||||||||||||
Warranty liability, end of period | $ | 14,169 | $ | 14,132 | $ | 14,000 | ||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Period from | Period from | Year Ended | ||||||||||||||||||||||||||||||||||||
Interest incurred under the Company’s debt obligations, as more fully discussed in Note 5, is capitalized to qualifying real estate projects under development. Any additional interest charges related to real estate projects not under development are expensed in the period incurred. Interest activity for the three months ended September 30, 2013 and 2012, the nine months ended September 30, 2013, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012, are as follows (in thousands): | February 25 | January 1 | December 31, | |||||||||||||||||||||||||||||||||||
through | through | |||||||||||||||||||||||||||||||||||||
December 31, | February 24, | |||||||||||||||||||||||||||||||||||||
Successor | Predecessor | 2012 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||
Three Months | Three Months | Nine Months | Period from | Period from | Interest incurred | $ | 30,526 | $ | 7,145 | $ | 61,464 | $ | 62,791 | |||||||||||||||||||||||||
Ended | Ended | Ended | February 25 | January 1 | Less: Interest capitalized | (21,399 | ) | (4,638 | ) | (36,935 | ) | (39,138 | ) | |||||||||||||||||||||||||
September 30, | September 30, | September 30, | through | through | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | September 30, | February 24, | Interest expense, net of amounts capitalized | $ | 9,127 | $ | 2,507 | $ | 24,529 | $ | 23,653 | |||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||||||||||
Interest incurred | $ | 7,511 | $ | 8,729 | $ | 22,511 | $ | 22,336 | $ | 7,145 | Cash paid for interest | $ | 26,560 | $ | 8,924 | $ | 48,018 | $ | 59,748 | |||||||||||||||||||
Less: Interest capitalized | 7,460 | 6,238 | 19,909 | 15,009 | 4,638 | |||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | $ | 51 | $ | 2,491 | $ | 2,602 | $ | 7,327 | $ | 2,507 | ||||||||||||||||||||||||||||
Cash paid for interest | $ | 283 | $ | 6,315 | $ | 14,854 | $ | 18,061 | $ | 8,924 | ||||||||||||||||||||||||||||
Construction Services | ' | ' | ||||||||||||||||||||||||||||||||||||
Construction Services | Construction Services | |||||||||||||||||||||||||||||||||||||
The Company accounts for construction management agreements using the Percentage of Completion Method in accordance with FASB ASC Topic 605 Revenue Recognition (“ASC 605”). Under ASC 605, the Company records revenues and expenses as a contracted project progresses, and based on the percentage of costs incurred to date compared to the total estimated costs of the contract. | The Company accounts for construction management agreements using the Percentage of Completion Method in accordance with FASB ASC Topic 605 Revenue Recognition (“ASC 605”). Under ASC 605, the Company records revenues and expenses as a contracted project progresses, and based on the percentage of costs incurred to date compared to the total estimated costs of the contract. | |||||||||||||||||||||||||||||||||||||
The Company entered into construction management agreements to build, sell and market homes in certain communities. For such services, the Company will receive fees (generally 3 to 5 percent of the sales price, as defined) and may, under certain circumstances, receive additional compensation if certain financial thresholds are achieved. | The Company entered into construction management agreements to build, sell and market homes in certain communities. For such services, the Company will receive fees (generally 3 to 5 percent of the sales price, as defined) and may, under certain circumstances, receive additional compensation if certain financial thresholds are achieved. | |||||||||||||||||||||||||||||||||||||
Financial Instruments | ' | ' | ||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments | |||||||||||||||||||||||||||||||||||||
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 with off-balance sheet risk in the normal course of business which exposes it to credit risks. These financial instruments include letters of credit and obligations in connection with assessment district bonds. These off-balance sheet financial instruments are described in more detail in Note 12. | Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash investments, receivables, and deposits. The Company typically places its cash investments in investment grade short-term instruments. Deposits, included in other assets, are due from municipalities or utility companies and are generally collected from such entities through fees assessed to other developers. The Company is an issuer of, or subject to, financial instruments with off-balance sheet risk in the normal course of business which exposes it to credit risks. These financial instruments include letters of credit and obligations in connection with assessment district bonds. These off-balance sheet financial instruments are described in more detail in Note 19. | |||||||||||||||||||||||||||||||||||||
Cash And Cash Equivalents | ' | ' | ||||||||||||||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012. The Company monitors the cash balances in its operating accounts and adjusts the cash balances between accounts based on operational needs; 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. | Short-term investments with a maturity of three months or less when purchased are considered cash equivalents. The Company’s cash and cash equivalents balance exceeds federally insurable limits as of December 31, 2012 and 2011. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; 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. | |||||||||||||||||||||||||||||||||||||
Restricted Cash | ' | ' | ||||||||||||||||||||||||||||||||||||
Restricted Cash | ||||||||||||||||||||||||||||||||||||||
Restricted cash consists of deposits made by the Company to a bank account as collateral for the use of letters of credit to guarantee the Company’s financial obligations under certain other contractual arrangements in the normal course of business. | ||||||||||||||||||||||||||||||||||||||
Deferred Loan Costs | ' | ' | ||||||||||||||||||||||||||||||||||||
Deferred Loan Costs | Deferred Loan Costs | |||||||||||||||||||||||||||||||||||||
Deferred loan costs represent debt issuance cost and are primarily amortized to interest expense using the straight line method which approximates the effective interest method. | Deferred loan costs represent debt issuance cost and are primarily amortized to interest expense using the straight line method which approximates the effective interest method. | |||||||||||||||||||||||||||||||||||||
Goodwill | ' | ' | ||||||||||||||||||||||||||||||||||||
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 five reporting segments, as discussed in Note 3, and we perform an annual goodwill impairment analysis during the fourth quarter of each fiscal year. | 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 five reporting segments, as discussed in Note 6, and we will perform an annual goodwill impairment analysis during the fourth quarter of each fiscal year, with the first annual testing carried out in the fourth quarter of fiscal year 2012. | |||||||||||||||||||||||||||||||||||||
Intangible Assets | ' | ' | ||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets | |||||||||||||||||||||||||||||||||||||
Recorded intangible assets primarily relate to construction homes in backlog, management contracts, and joint venture management fee contracts recorded in conjunction with ASC 852 and FASB ASC Topic 805, Business Combinations, related to the Village Homes acquisition in 2012 (see Note 9 for more information). Such assets 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. | Recorded intangible assets primarily relate to construction management contracts, homes in backlog, and joint venture management fee contracts recorded in conjunction with ASC 852. Such assets 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. | |||||||||||||||||||||||||||||||||||||
Income (loss) per common share | ' | ' | ||||||||||||||||||||||||||||||||||||
Income (loss) per common share | Income (loss) per common share | |||||||||||||||||||||||||||||||||||||
The Company computes income (loss) per common share in accordance with FASB ASC Topic 260, Earnings per Share. Basic income (loss) 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 (loss) per common share, basic income (loss) per common share is further adjusted to include the effect of potential dilutive common shares outstanding. | The Company computes income (loss) per common share in accordance with FASB ASC Topic 260, Earnings per Share, which requires income (loss) 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 (loss) between the holders of common stock and a company’s participating security holders. | |||||||||||||||||||||||||||||||||||||
Basic income (loss) 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 (loss) per common share, basic income (loss) per common share is further adjusted to include the effect of potential dilutive common shares outstanding. | ||||||||||||||||||||||||||||||||||||||
Income Taxes | ' | ' | ||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||||||||||||||||||||||||
Income taxes are accounted for under the provisions of FASB ASC Topic 740, Income Taxes (“ASC 740”), 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. | 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. The Company has taken positions in certain taxing jurisdictions for which it is more likely than not that previously unrecognized tax benefits will be recognized. 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 | ||||||||||||||||||||||||||||||||||||||
In 2011, the FASB issued ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. This ASU represents the converged guidance of the FASB and the IASB (the Boards) on fair value measurement and results in common requirements for measuring fair value and for disclosing information about fair value measurements, including a consistent meaning of the term “fair value.” Our adoption of these new provisions of ASU 2011-04 on January 1, 2012 did not have an impact on our consolidated financial statements. | ||||||||||||||||||||||||||||||||||||||
In 2012, the FASB issued ASU 2012-02, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. The amendments permit an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30. Previous guidance required an entity to test indefinite-lived intangible assets for impairment, on at least an annual basis, by comparing the fair value of the asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an entity should recognize an impairment loss in the amount of that excess. An entity has the option not to calculate annually the fair value of an indefinite-lived intangible asset if the entity determines that it is not more likely than not that the asset is impaired. For the year ended December 31, 2012, the Company did not elect to use qualitative assessment option permitted by this amendment; however, the Company anticipates using the qualitative assessment option in future periods. | ||||||||||||||||||||||||||||||||||||||
Reclassifications | ' | ' | ||||||||||||||||||||||||||||||||||||
Reclassifications | ||||||||||||||||||||||||||||||||||||||
Certain balances on the financial statements and certain amounts presented in the notes have been reclassified in order to conform to current year presentation. | ||||||||||||||||||||||||||||||||||||||
Operations | ' | ' | ||||||||||||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||||||||||||
William Lyon Homes, a Delaware corporation (“Parent” and together with its subsidiaries, the “Company”), are primarily engaged in designing, constructing, marketing and selling single-family detached and attached homes in California, Arizona, Nevada and Colorado (under the Village Homes brand). | ||||||||||||||||||||||||||||||||||||||
Initial Public Offering | ' | ' | ||||||||||||||||||||||||||||||||||||
Initial Public Offering | ||||||||||||||||||||||||||||||||||||||
On May 21, 2013, the Company completed its initial public offering of 10,005,000 shares of Class A Common Stock, which consisted of 7,177,500 shares sold by the Company and 2,827,500 shares sold by the selling stockholder. The 10,005,000 shares in the offering were sold at a price to the public of $25.00 per share. The Company raised total net proceeds of approximately $163.8 million in the offering, after deducting the underwriting discount and offering expenses. The Company did not receive any proceeds from the sale of shares by the selling stockholder. | ||||||||||||||||||||||||||||||||||||||
The Company’s authorized capital stock consists of 190,000,000 shares, 150,000,000 of which are designated as Class A Common Stock with a par value of $0.01 per share, 30,000,000 of which are designated as Class B Common Stock with a par value of $0.01 per share and 10,000,000 of which are designated as preferred stock with a par value of $0.01 per share. | ||||||||||||||||||||||||||||||||||||||
In connection with the initial public offering, Parent completed a common stock recapitalization which included a 1-for-8.25 reverse stock split of its Class A Common Stock (the “Class A Reverse Split”), the conversion of all outstanding shares of Parent’s Class C Common Stock, Class D Common Stock and Convertible Preferred Stock into Class A Common Stock on a one-for-one basis and as automatically adjusted for the Class A Reverse Split, and a 1-for-8.25 reverse stock split of its Class B Common Stock. The effect of the reverse stock split is retroactively applied to the Condensed Consolidated Balance Sheet as of December 31, 2012, the Condensed Consolidated Statements of Operations for the three months ended September 30, 2012, and the period from February 25, 2012 through September 30, 2012, and the Condensed Consolidated Statement of Equity, presented herein. Upon completion of the initial public offering, Parent had 27,623,629 shares of Class A Common Stock outstanding, excluding shares issuable upon exercise of outstanding stock options and restricted shares that have been granted but were unvested, and 3,813,884 shares of Class B Common Stock outstanding, excluding shares underlying a warrant to purchase additional shares of Class B Common Stock. The warrant was amended to extend the term from five years to ten years, and the warrant will now expire on February 24, 2022. The change to the warrant had no corresponding impact on the financial statements. | ||||||||||||||||||||||||||||||||||||||
Restricted Cash | ' | ' | ||||||||||||||||||||||||||||||||||||
Restricted Cash | ||||||||||||||||||||||||||||||||||||||
Restricted cash consists of deposits made by the Company to a bank account as collateral for the use of letters of credit to guarantee the Company’s financial obligations under certain other contractual arrangements in the normal course of business. | ||||||||||||||||||||||||||||||||||||||
Reclassifications | ' | ' | ||||||||||||||||||||||||||||||||||||
Reclassifications | ||||||||||||||||||||||||||||||||||||||
Certain balances on the financial statements and certain amounts presented in the notes have been reclassified in order to conform to current year presentation. |
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
Summary of Changes in Warranty Liability | ' | ' | ||||||||||||||||||||||||||||||||||||
Changes in the Company’s warranty liability for the nine months ended September 30, 2013, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012, are as follows (in thousands): | liability and adjusts the amounts as necessary. Changes in the Company’s warranty liability for the period from February 25, 2012 through December 31, 2012, period from January 1, 2012 through February 24, 2012, and the year ended December 31, 2011and 2010 are as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||
Nine | Period from | Period from | Period from | Period from | Year Ended | |||||||||||||||||||||||||||||||||
Months Ended | February 25 | January 1 through | February 25 | January 1 | December 31, | |||||||||||||||||||||||||||||||||
September 30, | through | February 24, 2012 | through | through | ||||||||||||||||||||||||||||||||||
2013 | September 30, | December 31, | February 24, | |||||||||||||||||||||||||||||||||||
2012 | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||
Warranty liability, beginning of period | $ | 14,317 | $ | 14,000 | $ | 14,314 | Warranty liability, beginning of period | $ | 14,000 | $ | 14,314 | $ | 16,341 | $ | 21,365 | |||||||||||||||||||||||
Warranty provision during period | 3,131 | 1,649 | 187 | Warranty provision during period | 2,731 | 187 | 2,380 | 2,574 | ||||||||||||||||||||||||||||||
Warranty payments during period | (3,900 | ) | (1,944 | ) | (845 | ) | Warranty payments during period | (3,216 | ) | (845 | ) | (4,699 | ) | (8,277 | ) | |||||||||||||||||||||||
Warranty charges related to pre-existing warranties during period | 354 | 80 | 85 | Warranty charges related to pre-existing warranties during period | 802 | 199 | 292 | 679 | ||||||||||||||||||||||||||||||
Warranty charges related to construction services projects | 267 | 347 | 114 | Fresh start adjustment | — | 145 | — | — | ||||||||||||||||||||||||||||||
Fresh start adjustment | — | — | 145 | |||||||||||||||||||||||||||||||||||
Warranty liability, end of period | $ | 14,317 | $ | 14,000 | $ | 14,314 | $ | 16,341 | ||||||||||||||||||||||||||||||
Warranty liability, end of period | $ | 14,169 | $ | 14,132 | $ | 14,000 | ||||||||||||||||||||||||||||||||
Schedule Of Interest Incurred Under Company's Debt Obligations | ' | ' | ||||||||||||||||||||||||||||||||||||
Interest activity for the three months ended September 30, 2013 and 2012, the nine months ended September 30, 2013, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012, are as follows (in thousands): | development are expensed in the period incurred. Interest activity for the period from February 25, 2012 through December 31, 2012, period from January 1, 2012 through February 24, 2012, and the year ended December 31, 2011and 2010 are as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||
Three Months | Three Months | Nine Months | Period from | Period from | Period from | Period from | Year Ended | |||||||||||||||||||||||||||||||
Ended | Ended | Ended | February 25 | January 1 | February 25 | January 1 | December 31, | |||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | through | through | through | through | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | September 30, | February 24, | December 31, | February 24, | ||||||||||||||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||
Interest incurred | $ | 7,511 | $ | 8,729 | $ | 22,511 | $ | 22,336 | $ | 7,145 | Interest incurred | $ | 30,526 | $ | 7,145 | $ | 61,464 | $ | 62,791 | |||||||||||||||||||
Less: Interest capitalized | 7,460 | 6,238 | 19,909 | 15,009 | 4,638 | Less: Interest capitalized | (21,399 | ) | (4,638 | ) | (36,935 | ) | (39,138 | ) | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | $ | 51 | $ | 2,491 | $ | 2,602 | $ | 7,327 | $ | 2,507 | Interest expense, net of amounts capitalized | $ | 9,127 | $ | 2,507 | $ | 24,529 | $ | 23,653 | |||||||||||||||||||
Cash paid for interest | $ | 283 | $ | 6,315 | $ | 14,854 | $ | 18,061 | $ | 8,924 | Cash paid for interest | $ | 26,560 | $ | 8,924 | $ | 48,018 | $ | 59,748 | |||||||||||||||||||
Fresh_Start_Accounting_and_Eff1
Fresh Start Accounting and Effects of the Plan (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Fresh Start Consolidated Balance Sheet | ' | ||||||||||||||||
The following fresh start consolidated balance sheet presents the implementation of the Plan and the adoption of fresh start accounting as of the Effective Date. Reorganization adjustments have been recorded within the consolidated balance sheet to reflect the effects of the Plan, including discharge of liabilities subject to compromise and the adoption of fresh start accounting in accordance with ASC 852. | |||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
(in thousands except number of shares and par value per share) | |||||||||||||||||
February 24, 2012 | |||||||||||||||||
Predecessor | Plan of | Fresh Start | Successor | ||||||||||||||
Reorganization | Accounting | ||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 12,787 | $ | 67,746 | (a) | $ | — | $ | 80,533 | ||||||||
Restricted cash | 852 | — | — | 852 | |||||||||||||
Receivables | 12,790 | — | (996 | )(m) | 11,794 | ||||||||||||
Real estate inventories | |||||||||||||||||
Owned | 405,632 | 4,029 | (b) | (1,198 | )(n) | 408,463 | |||||||||||
Not owned | 46,158 | — | — | 46,158 | |||||||||||||
Property & equipment, net | 962 | — | (421 | )(o) | 541 | ||||||||||||
Deferred loan costs | 8,258 | (5,767 | )(c) | — | 2,491 | ||||||||||||
Goodwill | — | — | 14,209 | (p) | 14,209 | ||||||||||||
Intangibles | — | — | 9,470 | (q) | 9,470 | ||||||||||||
Other assets | 6,307 | 47 | (d) | — | 6,354 | ||||||||||||
Total assets | $ | 493,746 | $ | 66,055 | $ | 21,064 | $ | 580,865 | |||||||||
LIABILITIES AND EQUITY (DEFICIT) | |||||||||||||||||
Liabilities not subject to compromise | |||||||||||||||||
Accounts payable | $ | 10,000 | $ | — | $ | — | $ | 10,000 | |||||||||
Accrued expenses | 31,391 | — | 221 | (r) | 31,612 | ||||||||||||
Liabilities from inventories not owned | 46,158 | — | — | 46,158 | |||||||||||||
Notes payable | 78,394 | (5,000 | )(f) | 1,100 | (s) | 74,494 | |||||||||||
Senior Secured Term Loan due January 31, 2015 | 206,000 | 29,000 | (g) | — | 235,000 | ||||||||||||
Senior Subordinated Secured Notes due February 25, 2017 | — | 75,000 | (h) | — | 75,000 | ||||||||||||
371,943 | 99,000 | 1,321 | 472,264 | ||||||||||||||
Liabilities subject to compromise | |||||||||||||||||
Accrued expenses | 15,297 | (15,297 | )(e) | — | — | ||||||||||||
75/8% Senior Notes due December 15, 2012 | 66,704 | (66,704 | )(e) | — | — | ||||||||||||
103/4% Senior Notes due April 1, 2013 | 138,964 | (138,964 | )(e) | — | — | ||||||||||||
71/2% Senior Notes due February 15, 2014 | 77,867 | (77,867 | )(e) | — | — | ||||||||||||
298,832 | (298,832 | ) | — | — | |||||||||||||
Redeemable convertible preferred stock | — | 56,386 | (i) | — | 56,386 | ||||||||||||
Equity (deficit): | |||||||||||||||||
William Lyon Homes stockholders’ equity (deficit) | |||||||||||||||||
Common stock, Class A | — | 448 | (j) | — | 448 | ||||||||||||
Common stock, Class B | — | 315 | (j) | — | 315 | ||||||||||||
Common stock, Class C | — | 161 | (j) | — | 161 | ||||||||||||
Additional paid-in capital | 48,867 | (21,177 | )(k) | 15,501 | (t) | 43,191 | |||||||||||
Accumulated deficit | (235,584 | ) | 229,754 | (l) | 5,830 | (u) | — | ||||||||||
Total William Lyon Homes stockholder’s equity (deficit) | (186,717 | ) | 209,501 | 21,331 | 44,115 | ||||||||||||
Noncontrolling interest | 9,688 | — | (1,588 | )(v) | 8,100 | ||||||||||||
Total equity (deficit) | (177,029 | ) | 209,501 | 19,743 | 52,215 | ||||||||||||
Total liabilities and equity (deficit) | $ | 493,746 | $ | 66,055 | $ | 21,064 | $ | 580,865 | |||||||||
Notes to Plan of Reorganization and Fresh Start Accounting Adjustments: | |||||||||||||||||
a | Reflects net cash received of $81.0 million from the issuance of new equity, reduced by the repayment of DIP financing of $5.2 million, payment of financing fees of $2.6 million and other reorganization related costs of $5.4 million. | ||||||||||||||||
b | Reflects contribution of land option deposit in lieu of cash for Class B Common Stock. | ||||||||||||||||
c | Reflects the write-off of the remaining deferred loan costs of the Old Notes net of capitalization of deferred loan costs related to the Amended Term Loan. | ||||||||||||||||
d | Reflects prepaid property taxes to obtain title insurance for the second lien notes. Deferred tax assets are not reflected on the balance sheet as they have been fully reserved. | ||||||||||||||||
e | Reflects the extinguishment of liabilities subject to compromise (“LSTC”) at emergence. LSTC was comprised of $283.5 million of Old Notes and $15.3 million of related accrued interest. The holders of the Old Notes received Class A common stock of the Successor entity. | ||||||||||||||||
f | Reflects repayment of amounts outstanding under the DIP Credit Agreement pursuant to the Plan. | ||||||||||||||||
g | Reflects the additional principal added to the Amended Term Loan, in accordance with the Plan. | ||||||||||||||||
h | Reflects the issuance of Senior Subordinated Secured Notes of $75.0 million, in accordance with the Plan. | ||||||||||||||||
i | Reflects the fair value of the Convertible Preferred Stock issued pursuant to the Plan. The fair value of the total residual equity interest of $100.5 million was determined based on the enterprise value of $485.0 million determined as of the date of the plan, less the $384.5 million fair value of Long-Term debt. Cash received for the convertible preferred was $50.0 million, however as discussed previously, the Company valued the redeemable convertible preferred stock at $56.4 million. | ||||||||||||||||
j | Reflects the issuance of 92.4 million total shares in new common stock at $0.01 par value and the extinguishment of 1,000 shares ($0.01 par) of Old Common Stock, in accordance with the plan (see Note 2 for allocation of shares). | ||||||||||||||||
k | Reflects the elimination of $48.9 million of additional paid-in capital (“APIC”) relating to Old Common Stock, offset by $27.7 million of net cash received from the issuance of the Class B and Class C shares of common stock. | ||||||||||||||||
l | Reflects the elimination of $235.6 million of accumulated deficit of the Predecessor company in addition to the net impact of Plan adjustments to assets, liabilities and stockholder’s equity. | ||||||||||||||||
m | Reflects adjustment of $1.0 million to notes receivable with a book value of $6.2 million to fair value of $5.2 million using the discounted cash flow approach. The Company discounted the future interest to be received at a discount rate of 10%, which is above the stated rate of the note. | ||||||||||||||||
n | Reflects adjustment of $1.2 million to real estate inventory using the discounted cash flow approach. The Company used project forecasts and an unlevered discount rate of 20% to arrive at fair value. Certain projects that are held for future development were valued on an “As-Is” Basis using market comparables. | ||||||||||||||||
o | Reflects adjustment of $0.4 million to property and equipment with a book value of $1.0 million to fair value of $ $0.6 million, based on the estimated sales value of the assets determined on an “As Is” Basis using market comparables. | ||||||||||||||||
p | Goodwill represents the excess of enterprise value upon emergence over fair value of net tangible and identifiable intangible assets acquired. | ||||||||||||||||
q | Reflects identifiable intangible assets comprised of $4.6 million relating to construction management contracts, $4.0 million relating to homes in backlog, and $0.8 million relating to joint venture management fees. The value of the construction management contracts and the joint venture management fees was estimated using the discounted cash flows of each related project at a discount rate ranging from 17% to 19%. The value of the backlog contracts was determined using the With/Without method of the income approach and the expected closing date of the home in backlog and the contracted sales price of the home. | ||||||||||||||||
r | Reflects adjustments to warranty and construction defect litigation liabilities which were valued based on the estimated costs of warranty spending on homes previously closed plus an estimated margin of 9.4%, plus a reasonable margin required to transfer the liability or to fulfill the obligation. | ||||||||||||||||
s | Reflects adjustment of one note payable of $(0.2) million, with a book value of $6.5 million to a fair value of $6.3 million. The Company used a discounted cash flow on contracted interest and principal to be received and a risk adjusted discount rate of 12.5%. Also reflects adjustment of one note payable of $1.3 million, with a book value of $55.0 million to a fair value of $56.3 million. The Company used a discounted cash flow on contracted interest and principal to be received and a risk adjusted discount rate of 12.5%. | ||||||||||||||||
t | Reflects the adjustment to a combined common stock and warrants value of $44.1 million for the calculation of fair value under the provisions of fresh start accounting, based on the remaining residual equity interest of $100.5 million, as discussed in note (i) above, less the allocation to convertible preferred of $56.4 million, as also discussed in note (i). | ||||||||||||||||
u | Reflects the elimination of a balance in accumulated deficit of $5.8 million to reduce any accumulated deficit or retained earnings in conjunction with fresh start accounting, which requires the successor entity to begin with a zero balance in retained earnings. | ||||||||||||||||
v | Reflects adjustment of $1.6 million to minority interest in a consolidated entity with a book value of $9.7 million to fair value of $8.1 million. The Company used a discounted cash flow approach to the project and the estimated cash to be distributed to the minority member of the entity, using a discount rate of 17.8%. | ||||||||||||||||
Schedule Of Reconciliation Of Enterprise Value To Reorganized Asset Value And Determination Of Goodwill | ' | ||||||||||||||||
Reconciliation of enterprise value to the reorganized value of the Company’s assets and determination of goodwill (in thousands): | |||||||||||||||||
Total enterprise value | $ | 485,000 | |||||||||||||||
Add: liabilities (excluding debt and equity) | 87,765 | ||||||||||||||||
Add: noncontrolling interest | 8,100 | ||||||||||||||||
Reorganization value of assets | 580,865 | ||||||||||||||||
Fair value of assets (excluding goodwill) | 566,656 | ||||||||||||||||
Reorganization value in excess of fair value (goodwill) | $ | 14,209 | |||||||||||||||
Reorganization_Items_Tables
Reorganization Items (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Summary Of Reorganization Items | ' | ||||||||||||||||
In accordance with authoritative accounting guidance issued by the FASB, separate disclosure is required for reorganization items, such as certain expenses, provisions for losses and other charges directly associated with or resulting from the reorganization and restructuring of the business, which have been realized or incurred during the Chapter 11 Cases. Reorganization items were comprised of the following (in thousands): | |||||||||||||||||
Successor | Predecessor | ||||||||||||||||
Period from | Period from | ||||||||||||||||
February 25 | January 1 | ||||||||||||||||
through | through | ||||||||||||||||
December 31, | February 24, | Year Ended | |||||||||||||||
2012 | 2012 | December 31, | |||||||||||||||
2011 | 2010 | ||||||||||||||||
Cancellation of debt | $ | — | $ | 298,831 | $ | — | $ | — | |||||||||
Plan implementation and fresh start valuation adjustments | — | (49,302 | ) | — | — | ||||||||||||
Professional fees | (2,525 | ) | (7,813 | ) | (21,182 | ) | — | ||||||||||
Write-off of Old Notes deferred loan costs | — | (8,258 | ) | — | — | ||||||||||||
Total reorganization items, net | $ | (2,525 | ) | $ | 233,458 | $ | (21,182 | ) | $ | — | |||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
Segment Financial Information Relating to Operations | ' | ' | ||||||||||||||||||||||||||||||||||||
Segment financial information relating to the Company’s operations was as follows (in thousands): | Segment financial information relating to the Company’s operations was as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||
Three | Three | Nine | Period from | Period from | Period from | Period from | Year Ended December 31, | |||||||||||||||||||||||||||||||
Months Ended | Months Ended | Months Ended | February 25 | January 1 | 25-Feb | 1-Jan | ||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | through | through | through | through | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | September 30, | February 24, | December 31, | February 24, | ||||||||||||||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||
Operating revenue: | Operating revenue: | |||||||||||||||||||||||||||||||||||||
Southern California | $ | 49,681 | $ | 36,097 | $ | 105,231 | $ | 68,187 | $ | 7,759 | Southern California | $ | 116,619 | $ | 7,759 | $ | 130,737 | $ | 206,241 | |||||||||||||||||||
Northern California | 27,790 | 26,181 | 56,115 | 131,747 | 11,014 | Northern California | 154,684 | 11,014 | 54,141 | 56,095 | ||||||||||||||||||||||||||||
Arizona | 31,253 | 17,157 | 86,431 | 38,634 | 4,316 | Arizona | 58,714 | 4,316 | 20,074 | 16,595 | ||||||||||||||||||||||||||||
Nevada | 23,920 | 13,552 | 56,421 | 24,007 | 2,481 | Nevada | 37,307 | 2,481 | 21,871 | 15,767 | ||||||||||||||||||||||||||||
Colorado | 18,186 | — | 58,923 | — | — | Colorado | 5,436 | — | — | — | ||||||||||||||||||||||||||||
Total operating revenue | $ | 150,830 | $ | 92,987 | $ | 363,121 | $ | 262,575 | $ | 25,570 | Total operating revenue | $ | 372,760 | $ | 25,570 | $ | 226,823 | $ | 294,698 | |||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||
Three | Three | Nine | Period from | Period from | Period from | Period from | Year Ended December 31, | |||||||||||||||||||||||||||||||
Months Ended | Months Ended | Months Ended | February 25 | January 1 | February 25 | January 1 | ||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | through | through | through | through | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | September 30, | February 24, | December 31, | February 24, | ||||||||||||||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||
Net income (loss): | (Loss) income before (provision) benefit from income taxes: | |||||||||||||||||||||||||||||||||||||
Southern California | $ | 10,027 | $ | 889 | $ | 15,453 | $ | (1,840 | ) | $ | (19,131 | ) | Southern California | $ | 3,345 | $ | (19,131 | ) | $ | (26,406 | ) | $ | (83,176 | ) | ||||||||||||||
Northern California | 4,706 | 4,577 | 8,740 | 12,169 | 6,195 | Northern California | 16,179 | 6,195 | (6,307 | ) | (41 | ) | ||||||||||||||||||||||||||
Arizona | 4,224 | 353 | 9,032 | 64 | 9,928 | Arizona | 2,073 | 9,928 | (95,184 | ) | (26,887 | ) | ||||||||||||||||||||||||||
Nevada | 3,355 | 1 | 5,881 | (1,637 | ) | (1,738 | ) | Nevada | (1,146 | ) | (1,738 | ) | (30,500 | ) | (21,449 | ) | ||||||||||||||||||||||
Colorado | 209 | — | 1,654 | — | — | Colorado | 130 | — | — | — | ||||||||||||||||||||||||||||
Corporate (1) | (11,841 | ) | (5,354 | ) | (23,473 | ) | (14,329 | ) | 233,243 | Corporate | (27,431 | ) | 233,243 | (34,491 | ) | (4,314 | ) | |||||||||||||||||||||
Net income (loss) | $ | 10,680 | $ | 466 | $ | 17,287 | $ | (5,573 | ) | $ | 228,497 | (Loss) income before (provision) | $ | (6,850 | ) | $ | 228,497 | $ | (192,888 | ) | $ | (135,867 | ) | |||||||||||||||
benefit from income taxes | ||||||||||||||||||||||||||||||||||||||
Pretax Inventory Impairment Charges Included In (Loss) Income Before (Provision) Benefit From Income Taxes | ' | ' | ||||||||||||||||||||||||||||||||||||
(Loss) income before (provision) benefit from income taxes includes the following pretax inventory impairment charges recorded in the following segments (in thousands): | ||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Period from | Period from | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
February 25 | January 1 | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
through | through | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
December 31, | February 24, | |||||||||||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||||||||||
Southern California | $ | — | $ | — | $ | 17,962 | $ | 70,801 | ||||||||||||||||||||||||||||||
Northern California | — | — | 2,074 | 3,103 | ||||||||||||||||||||||||||||||||||
Arizona | — | — | 87,607 | 22,409 | ||||||||||||||||||||||||||||||||||
Nevada | — | — | 20,671 | 15,547 | ||||||||||||||||||||||||||||||||||
Colorado | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total impairment loss on real estate assets | $ | — | $ | — | $ | 128,314 | $ | 111,860 | ||||||||||||||||||||||||||||||
Consists Of Write-Off Of Land Option Deposits And Pre-Acquisition Costs | ' | ' | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Homebuilding assets: | ||||||||||||||||||||||||||||||||||||||
Southern California | $ | 195,688 | $ | 182,781 | ||||||||||||||||||||||||||||||||||
Northern California | 31,293 | 105,298 | ||||||||||||||||||||||||||||||||||||
Arizona | 173,847 | 129,920 | ||||||||||||||||||||||||||||||||||||
Nevada | 51,141 | 42,183 | ||||||||||||||||||||||||||||||||||||
Colorado | 37,668 | — | ||||||||||||||||||||||||||||||||||||
Corporate (1) | 91,510 | 36,769 | ||||||||||||||||||||||||||||||||||||
Total homebuilding assets | $ | 581,147 | $ | 496,951 | ||||||||||||||||||||||||||||||||||
-1 | Comprised primarily of cash and cash equivalents, receivables, deferred loan costs, and other assets. | |||||||||||||||||||||||||||||||||||||
Segment Schedule of Homebuilding Assets | ' | ' | ||||||||||||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Homebuilding assets: | ||||||||||||||||||||||||||||||||||||||
Southern California | $ | 281,967 | $ | 195,688 | ||||||||||||||||||||||||||||||||||
Northern California | 130,616 | 31,293 | ||||||||||||||||||||||||||||||||||||
Arizona | 169,581 | 173,847 | ||||||||||||||||||||||||||||||||||||
Nevada | 76,353 | 51,141 | ||||||||||||||||||||||||||||||||||||
Colorado | 36,769 | 37,668 | ||||||||||||||||||||||||||||||||||||
Corporate (2) | 103,667 | 91,510 | ||||||||||||||||||||||||||||||||||||
Total homebuilding assets | $ | 798,953 | $ | 581,147 | ||||||||||||||||||||||||||||||||||
-1 | Includes the Company’s consolidated Provision for income taxes of approximately $6.4 million and $6.4 million for the three and nine months ended September 30, 2013. | |||||||||||||||||||||||||||||||||||||
-2 | Comprised primarily of cash and cash equivalents, receivables, deferred loan costs, and other assets. |
Real_Estate_Inventories_Tables
Real Estate Inventories (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
Schedule Of Inventory Table [Table Text Block] | ' | ' | ||||||||||||||||
Real estate inventories consist of the following (in thousands): | Real estate inventories consist of the following (in thousands): | |||||||||||||||||
Successor | Successor | Predecessor | ||||||||||||||||
September 30, | December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||||
Real estate inventories owned: | Real estate inventories owned: | |||||||||||||||||
Land deposits | $ | 40,816 | $ | 31,855 | Land deposits | $ | 31,855 | $ | 26,939 | |||||||||
Land and land under development | 439,401 | 318,327 | Land and land under development | 318,327 | 267,348 | |||||||||||||
Homes completed and under construction | 138,500 | 50,847 | Homes completed and under construction | 50,847 | 90,824 | |||||||||||||
Model homes | 21,445 | 20,601 | Model homes | 20,601 | 13,423 | |||||||||||||
Total | $ | 640,162 | $ | 421,630 | Total | $ | 421,630 | $ | 398,534 | |||||||||
Real estate inventories not owned: (1) | Real estate inventories not owned: (1) | |||||||||||||||||
Other land options contracts — land banking arrangement | $ | 20,738 | $ | 39,029 | Other land options contracts — land banking arrangement | $ | 39,029 | $ | 47,408 | |||||||||
-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. Amounts are net of deposits. | -1 | Represents the consolidation of a land banking arrangement which does not obligate the Company to purchase the lots, however, based on certain factors, the Company has determined it is economically compelled to purchase the lots in the land banking arrangement, which has been consolidated. Amounts are net of deposits. |
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Schedule Of Goodwill | ' | ||||||||
Goodwill by operating segment as of December 31, 2012 and 2011 is as follows (in thousands): | |||||||||
Successor | Predecessor | ||||||||
December 31, | |||||||||
2012 | 2011 | ||||||||
Southern California | $ | 4,885 | $ | — | |||||
Northern California | 1,916 | — | |||||||
Arizona | 5,951 | — | |||||||
Nevada | 1,457 | — | |||||||
Colorado | — | — | |||||||
Total goodwill | $ | 14,209 | $ | — | |||||
Intangibles_Tables
Intangibles (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
Carrying Value And Accumulated Amortization Of Intangible Assets | ' | ||||||||||||
The carrying value and accumulated amortization of intangible assets at December 31, 2012, by major intangible asset category, is as follows (in thousands): | |||||||||||||
Successor | |||||||||||||
December 31, 2012 | |||||||||||||
Carrying | Accumulated | Net | |||||||||||
Value | Amortization | Carrying | |||||||||||
Amount | |||||||||||||
Construction management contracts | $ | 4,640 | $ | (1,295 | ) | $ | 3,345 | ||||||
Homes in backlog | 4,937 | (4,169 | ) | 768 | |||||||||
Joint venture management fee contracts | 800 | (293 | ) | 507 | |||||||||
Total intangibles | $ | 10,377 | $ | (5,757 | ) | $ | 4,620 | ||||||
Estimated Future Amortization Expense | ' | ||||||||||||
Estimated future amortization expense related to intangible assets is as follows (in thousands): | |||||||||||||
Total | |||||||||||||
Amortization | |||||||||||||
2013 | $ | 1,725 | |||||||||||
2014 | 1,244 | ||||||||||||
2015 | 1,651 | ||||||||||||
Total | $ | 4,620 | |||||||||||
Senior_Notes_and_Secured_Indeb1
Senior Notes and Secured Indebtedness (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Details of Notes Payable and Senior Notes | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable consist of the following (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||
Senior notes: | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
8 1/2% Senior Notes due November 15, 2020 | $ | 325,000 | $ | 325,000 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||
Notes payable: | Notes payable: | |||||||||||||||||||||||||||||||||||||||||||||||||
Revolving lines of credit | $ | — | $ | — | Notes payable | $ | 13,248 | $ | 74,009 | |||||||||||||||||||||||||||||||||||||||||
Construction notes payable | 19,233 | 13,248 | ||||||||||||||||||||||||||||||||||||||||||||||||
Seller financing | 16,238 | — | Senior Notes: | |||||||||||||||||||||||||||||||||||||||||||||||
8 1/2% Senior Notes due November 15, 2020 | 325,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total notes payable | $ | 35,471 | $ | 13,248 | Senior Secured Term Loan due Janaury 31, 2015 | — | 206,000 | |||||||||||||||||||||||||||||||||||||||||||
7 5/8% Senior Notes due December 15, 2012 | — | 66,704 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total senior notes and notes payable | $ | 360,471 | $ | 338,248 | 10 3/4% Senior Notes due April 1, 2013 | — | 138,912 | |||||||||||||||||||||||||||||||||||||||||||
7 1/2% Senior Notes due February 15, 2014 | — | 77,867 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Senior Notes | 325,000 | 489,483 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total notes payable and Senior Notes | $ | 338,248 | $ | 563,492 | ||||||||||||||||||||||||||||||||||||||||||||||
Maturities Of Notes Payable And Senior Notes | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013, the maturities of the Notes payable and 8 1/2% Senior Notes are as follows (in thousands): | The maturities of the Notes Payable and 8 ½ Senior Notes are as follows as of December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ending December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | $ | — | 2013 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 1,762 | 2014 | — | |||||||||||||||||||||||||||||||||||||||||||||||
2015 | 14,476 | 2015 | 13,248 | |||||||||||||||||||||||||||||||||||||||||||||||
2016 | 19,233 | 2016 | — | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | — | 2017 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 325,000 | Thereafter | 325,000 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 360,471 | $ | 338,248 | |||||||||||||||||||||||||||||||||||||||||||||||
Summary of Senior Notes Redemption Prices Percentage | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
On or after November 15, 2016, California Lyon may redeem all or a portion of the New Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest to the applicable redemption date, if redeemed during the 12-month period beginning on November 15 of the years indicated below: | On or after November 15, 2016, California Lyon may redeem all or a portion of the New Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest to the applicable redemption date, if redeemed during the 12-month period beginning on November 15 of the years indicated below: | |||||||||||||||||||||||||||||||||||||||||||||||||
Year | Percentage | Year | Percentage | |||||||||||||||||||||||||||||||||||||||||||||||
2016 | 104.25 | % | 2016 | 104.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 102.125 | % | 2017 | 102.125 | % | |||||||||||||||||||||||||||||||||||||||||||||
2018 and thereafter | 100 | % | 2018 and thereafter | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||
Principal Amounts Of Senior Notes Outstanding | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
On December 31, 2011, the Senior Notes had the following principal amounts outstanding (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
7 5/8% Senior Notes due December 15, 2012 | $ | 66,704 | ||||||||||||||||||||||||||||||||||||||||||||||||
10 3/4% Senior Notes due April 1, 2013 | 138,912 | |||||||||||||||||||||||||||||||||||||||||||||||||
7 1/2% Senior Notes due February 15, 2014 | 77,867 | |||||||||||||||||||||||||||||||||||||||||||||||||
$ | 283,483 | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | December 31, 2012 (Successor) | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 (Successor) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||
ASSETS | Cash and cash equivalents | $ | — | $ | 69,376 | $ | 65 | $ | 1,634 | $ | — | $ | 71,075 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 77,976 | $ | 313 | $ | 3,633 | $ | — | $ | 81,922 | Restricted cash | — | 853 | — | — | — | 853 | |||||||||||||||||||||||||||||||
Restricted cash | — | 853 | — | — | — | 853 | Receivables | — | 11,278 | 296 | 3,215 | — | 14,789 | |||||||||||||||||||||||||||||||||||||
Receivables | — | 15,979 | 1,323 | 4,353 | — | 21,655 | Real estate inventories | |||||||||||||||||||||||||||||||||||||||||||
Real estate inventories | Owned | — | 398,952 | 13 | 22,665 | — | 421,630 | |||||||||||||||||||||||||||||||||||||||||||
Owned | — | 574,987 | 1,839 | 63,336 | — | 640,162 | Not owned | — | 39,029 | — | — | — | 39,029 | |||||||||||||||||||||||||||||||||||||
Not owned | — | 20,738 | — | — | — | 20,738 | Deferred loan costs | — | 7,036 | — | — | — | 7,036 | |||||||||||||||||||||||||||||||||||||
Deferred loan costs | — | 8,088 | — | — | — | 8,088 | Goodwill | — | 14,209 | — | — | — | 14,209 | |||||||||||||||||||||||||||||||||||||
Goodwill | — | 14,209 | — | — | — | 14,209 | Intangibles | — | 4,620 | — | — | — | 4,620 | |||||||||||||||||||||||||||||||||||||
Intangibles | — | 3,446 | — | — | — | 3,446 | Other assets | — | 7,437 | 146 | 323 | — | 7,906 | |||||||||||||||||||||||||||||||||||||
Other assets | — | 6,672 | 863 | 345 | — | 7,880 | Investments in subsidiaries | 62,712 | 22,148 | — | — | (84,860 | ) | — | ||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 309,968 | 31,144 | — | — | (341,112 | ) | — | Intercompany receivables | — | — | 207,239 | 18,935 | (226,174 | ) | — | |||||||||||||||||||||||||||||||||||
Intercompany receivables | — | — | 220,142 | 18,865 | (239,007 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 62,712 | $ | 574,938 | $ | 207,759 | $ | 46,772 | $ | (311,034 | ) | $ | 581,147 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 309,968 | $ | 754,092 | $ | 224,480 | $ | 90,532 | $ | (580,119 | ) | $ | 798,953 | |||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY (DEFICIT) | |||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 16,185 | $ | 1,005 | $ | 2,210 | $ | — | $ | 19,400 | Accounts payable | $ | — | $ | 17,998 | $ | 39 | $ | 698 | $ | — | $ | 18,735 | |||||||||||||||||||||||||
Accrued expenses | — | 59,535 | 777 | 79 | — | 60,391 | Accrued expenses | — | 41,505 | 213 | 52 | — | 41,770 | |||||||||||||||||||||||||||||||||||||
Liabilities from inventories not owned | — | 20,738 | — | — | — | 20,738 | Liabilities from inventories not owned | — | 39,029 | — | — | — | 39,029 | |||||||||||||||||||||||||||||||||||||
Notes payable | — | 14,476 | 1,762 | 19,233 | — | 35,471 | Notes payable | — | 7,809 | — | 5,439 | — | 13,248 | |||||||||||||||||||||||||||||||||||||
8 1/2% Senior Notes | — | 325,000 | — | — | — | 325,000 | 8 1/2% Senior Notes | — | 325,000 | — | — | — | 325,000 | |||||||||||||||||||||||||||||||||||||
Intercompany payables | — | 229,125 | — | 9,881 | (239,006 | ) | — | Intercompany payables | — | 217,146 | — | 9,028 | (226,174 | ) | — | |||||||||||||||||||||||||||||||||||
Total liabilities | — | 665,059 | 3,544 | 31,403 | (239,006 | ) | 461,000 | Total liabilities | — | 648,487 | 252 | 15,217 | (226,174 | ) | 437,782 | |||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
William Lyon Homes stockholders’ equity | 309,968 | 89,033 | 220,936 | 31,144 | (341,113 | ) | 309,968 | Redeemable convertible preferred stock | — | 71,246 | — | — | — | 71,246 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest | — | — | — | 27,985 | — | 27,985 | Equity (deficit) | |||||||||||||||||||||||||||||||||||||||||||
William Lyon Homes stockholders’ equity (deficit) | 62,712 | (144,795 | ) | 207,507 | 22,148 | (84,860 | ) | 62,712 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 309,968 | $ | 754,092 | $ | 224,480 | $ | 90,532 | $ | (580,119 | ) | $ | 798,953 | Noncontrolling interest | — | — | — | 9,407 | — | 9,407 | ||||||||||||||||||||||||||||||
Total liabilities and equity (deficit) | $ | 62,712 | $ | 574,938 | $ | 207,759 | $ | 46,772 | $ | (311,034 | ) | $ | 581,147 | |||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 (Successor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||||||||||
(DEBTOR-IN-POSSESSION) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | December 31, 2011 (Predecessor) | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 69,376 | $ | 65 | $ | 1,634 | $ | — | $ | 71,075 | Unconsolidated | |||||||||||||||||||||||||||||||||||||
Restricted cash | — | 853 | — | — | — | 853 | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||||||||||||||||||||||||
Receivables | — | 11,278 | 296 | 3,215 | — | 14,789 | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | ||||||||||||||||||||||||||||||||||||||
Real estate inventories | ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||
Owned | — | 398,952 | 13 | 22,665 | — | 421,630 | Cash and cash equivalents | $ | — | $ | 14,333 | $ | 47 | $ | 5,681 | $ | — | $ | 20,061 | |||||||||||||||||||||||||||||||
Not owned | — | 39,029 | — | — | — | 39,029 | Restricted cash | — | 852 | — | — | — | 852 | |||||||||||||||||||||||||||||||||||||
Deferred loan costs | — | 7,036 | — | — | — | 7,036 | Receivables | — | 9,897 | 310 | 3,525 | — | 13,732 | |||||||||||||||||||||||||||||||||||||
Goodwill | — | 14,209 | — | — | — | 14,209 | Real estate inventories | |||||||||||||||||||||||||||||||||||||||||||
Intangibles | — | 4,620 | — | — | — | 4,620 | Owned | — | 278,939 | — | 119,595 | — | 398,534 | |||||||||||||||||||||||||||||||||||||
Other assets | — | 7,437 | 146 | 323 | — | 7,906 | Not owned | — | 47,408 | — | — | — | 47,408 | |||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 62,712 | 22,148 | — | — | (84,860 | ) | — | Deferred loan costs, net | — | 8,810 | — | — | — | 8,810 | ||||||||||||||||||||||||||||||||||||
Intercompany receivables | — | — | 207,239 | 18,935 | (226,174 | ) | — | Other assets, net | — | 6,671 | 159 | 724 | — | 7,554 | ||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | (179,516 | ) | (85,714 | ) | — | — | 265,230 | — | ||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 62,712 | $ | 574,938 | $ | 207,759 | $ | 46,772 | $ | (311,034 | ) | $ | 581,147 | Intercompany receivables | — | — | 203,517 | 12 | (203,529 | ) | — | |||||||||||||||||||||||||||||
LIABILITIES AND EQUITY (DEFICIT) | Total assets | $ | (179,516 | ) | $ | 281,196 | $ | 204,033 | $ | 129,537 | $ | 61,701 | $ | 496,951 | ||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 17,998 | $ | 39 | $ | 698 | $ | — | $ | 18,735 | ||||||||||||||||||||||||||||||||||||||
Accrued expenses | — | 41,505 | 213 | 52 | — | 41,770 | LIABILITIES AND (DEFICIT) EQUITY | |||||||||||||||||||||||||||||||||||||||||||
Liabilities from inventories not owned | — | 39,029 | — | — | — | 39,029 | Liabilities not subject to compromise | |||||||||||||||||||||||||||||||||||||||||||
Notes payable | — | 7,809 | — | 5,439 | — | 13,248 | Accounts payable | $ | — | $ | 1,436 | $ | — | $ | — | $ | — | $ | 1,436 | |||||||||||||||||||||||||||||||
8 1/2% Senior Notes | — | 325,000 | — | — | — | 325,000 | Accrued expenses | — | 2,082 | — | — | — | 2,082 | |||||||||||||||||||||||||||||||||||||
Intercompany payables | — | 217,146 | — | 9,028 | (226,174 | ) | — | Liabilities from inventories not owned | — | 47,408 | — | — | — | 47,408 | ||||||||||||||||||||||||||||||||||||
Notes payable | — | 3,010 | — | 70,999 | — | 74,009 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 648,487 | 252 | 15,217 | (226,174 | ) | 437,782 | Senior Secured Term Loan | — | 206,000 | — | — | — | 206,000 | ||||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock | — | 71,246 | — | — | — | 71,246 | Intercompany payables | — | 71,459 | — | 132,070 | (203,529 | ) | — | ||||||||||||||||||||||||||||||||||||
Equity (deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||
William Lyon Homes stockholders’ equity (deficit) | 62,712 | (144,795 | ) | 207,507 | 22,148 | (84,860 | ) | 62,712 | — | 331,395 | — | 203,069 | (203,529 | ) | 330,935 | |||||||||||||||||||||||||||||||||||
Noncontrolling interest | — | — | — | 9,407 | — | 9,407 | Liabilities subject to compromise | |||||||||||||||||||||||||||||||||||||||||||
Accounts payable | — | 2,560 | 38 | 1,348 | — | 3,946 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity (deficit) | $ | 62,712 | $ | 574,938 | $ | 207,759 | $ | 46,772 | $ | (311,034 | ) | $ | 581,147 | Accrued expenses | — | 47,051 | 218 | 1,188 | — | 48,457 | ||||||||||||||||||||||||||||||
7 5/8% Senior Notes | — | 66,704 | — | — | — | 66,704 | ||||||||||||||||||||||||||||||||||||||||||||
10 3/4% Senior Notes | — | 138,912 | — | — | — | 138,912 | ||||||||||||||||||||||||||||||||||||||||||||
7 1/2% Senior Notes | — | 77,867 | — | — | — | 77,867 | ||||||||||||||||||||||||||||||||||||||||||||
— | 333,094 | 256 | 2,536 | — | 335,886 | |||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 664,489 | 256 | 205,605 | (203,529 | ) | 666,821 | |||||||||||||||||||||||||||||||||||||||||||
(Deficit) equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
William Lyon Homes stockholders’ (deficit) equity | (179,516 | ) | (383,293 | ) | 203,777 | (85,714 | ) | 265,230 | (179,516 | ) | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | — | — | — | 9,646 | — | 9,646 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and (deficit) equity | $ | (179,516 | ) | $ | 281,196 | $ | 204,033 | $ | 129,537 | $ | 61,701 | $ | 496,951 | |||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Period from February 25, 2012 through | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 (Successor) | December 31, 2012 (Successor) | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | Unconsolidated | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||
Operating revenue | Operating revenue | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | — | $ | 76,178 | $ | 48,487 | $ | 16,687 | $ | — | $ | 141,352 | Sales | $ | — | $ | 198,108 | $ | 47,989 | $ | 102,838 | $ | — | $ | 348,935 | |||||||||||||||||||||||||
Construction services | — | 9,478 | — | — | — | 9,478 | Construction services | — | 23,825 | — | — | — | 23,825 | |||||||||||||||||||||||||||||||||||||
Management fees | — | 456 | — | — | (456 | ) | — | Management fees | — | 534 | — | — | (534 | ) | — | |||||||||||||||||||||||||||||||||||
— | 86,112 | 48,487 | 16,687 | (456 | ) | 150,830 | — | 222,467 | 47,989 | 102,838 | (534 | ) | 372,760 | |||||||||||||||||||||||||||||||||||||
Operating costs | Operating costs | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | (55,968 | ) | (40,519 | ) | (11,926 | ) | 456 | (107,957 | ) | Cost of sales | — | (163,083 | ) | (41,516 | ) | (93,924 | ) | 534 | (297,989 | ) | |||||||||||||||||||||||||||||
Construction services | — | (8,135 | ) | — | — | — | (8,135 | ) | Construction services | — | (21,416 | ) | — | — | — | (21,416 | ) | |||||||||||||||||||||||||||||||||
Sales and marketing | — | (4,108 | ) | (2,256 | ) | (315 | ) | — | (6,679 | ) | Sales and marketing | — | (10,705 | ) | (2,617 | ) | (606 | ) | — | (13,928 | ) | |||||||||||||||||||||||||||||
General and administrative | — | (9,473 | ) | (726 | ) | (1 | ) | — | (10,200 | ) | General and administrative | — | (25,872 | ) | (221 | ) | (2 | ) | — | (26,095 | ) | |||||||||||||||||||||||||||||
Amortization of intangible assets | — | (191 | ) | — | — | — | (191 | ) | Amortization of intangible assets | — | (5,757 | ) | — | — | — | (5,757 | ) | |||||||||||||||||||||||||||||||||
Other | — | (695 | ) | — | — | — | (695 | ) | Other | — | (3,027 | ) | (2 | ) | 120 | — | (2,909 | ) | ||||||||||||||||||||||||||||||||
— | (78,570 | ) | (43,501 | ) | (12,242 | ) | 456 | (133,857 | ) | — | (229,860 | ) | (44,356 | ) | (94,412 | ) | 534 | (368,094 | ) | |||||||||||||||||||||||||||||||
Income from subsidiaries | 12,716 | 5,804 | — | — | (18,520 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
(Loss) income from subsidiaries | (8,859 | ) | 11,681 | — | — | (2,822 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Operating income | 12,716 | 13,346 | 4,986 | 4,445 | (18,520 | ) | 16,973 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (51 | ) | — | — | — | (51 | ) | Operating (loss) income | (8,859 | ) | 4,288 | 3,633 | 8,426 | (2,822 | ) | 4,666 | |||||||||||||||||||||||||||||||||
Other income (expense), net | — | 423 | (9 | ) | (300 | ) | — | 114 | Loss on extinguishment of debt | — | (1,392 | ) | — | — | — | (1,392 | ) | |||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (9,227 | ) | — | 100 | — | (9,127 | ) | ||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 12,716 | 13,718 | 4,977 | 4,145 | (18,520 | ) | 17,036 | Other income (expense), net | — | 618 | (61 | ) | 971 | — | 1,528 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | — | (6,356 | ) | — | — | — | (6,356 | ) | ||||||||||||||||||||||||||||||||||||||||||
(Loss) income before reorganization items and provision for income taxes | (8,859 | ) | (5,713 | ) | 3,572 | 9,497 | (2,822 | ) | (4,325 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income | 12,716 | 7,362 | 4,977 | 4,145 | (18,520 | ) | 10,680 | Reorganization items, net | — | (3,073 | ) | 1 | 547 | — | (2,525 | ) | ||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | (3,118 | ) | — | (3,118 | ) | ||||||||||||||||||||||||||||||||||||||||||
(Loss) income before provision for income taxes | (8,859 | ) | (8,786 | ) | 3,573 | 10,044 | (2,822 | ) | (6,850 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to William Lyon Homes | 12,716 | 7,362 | 4,977 | 1,027 | (18,520 | ) | 7,562 | Provision for income taxes | — | (11 | ) | — | — | — | (11 | ) | ||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (8,859 | ) | (8,797 | ) | 3,573 | 10,044 | (2,822 | ) | (6,861 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 12,716 | $ | 7,362 | $ | 4,977 | $ | 1,027 | $ | (18,520 | ) | $ | 7,562 | Less: Net income attributable to noncontrolling interest | — | — | — | (1,998 | ) | — | (1,998 | ) | ||||||||||||||||||||||||||||
Net (loss) income attributable to William Lyon Homes | (8,859 | ) | (8,797 | ) | 3,573 | 8,046 | (2,822 | ) | (8,859 | ) | ||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Preferred stock dividends | (2,743 | ) | — | — | — | — | (2,743 | ) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 (Successor) | Net (loss) income available to common stockholders | $ | (11,602 | ) | $ | (8,797 | ) | $ | 3,573 | $ | 8,046 | $ | (2,822 | ) | $ | (11,602 | ) | |||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | Period from January 1, 2012 through | ||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | February 24, 2012 (Predecessor) | ||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | — | $ | 68,008 | $ | 10,629 | $ | 7,305 | $ | — | $ | 85,942 | ||||||||||||||||||||||||||||||||||||||
Construction services | — | 7,045 | — | — | — | 7,045 | ||||||||||||||||||||||||||||||||||||||||||||
Management fees | — | 278 | — | — | (278 | ) | — | Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
— | 75,331 | 10,629 | 7,305 | (278 | ) | 92,987 | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | ||||||||||||||||||||||||||||||||||||||
Operating revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs | Home sales | $ | — | $ | 10,024 | $ | 4,316 | $ | 2,347 | $ | — | $ | 16,687 | |||||||||||||||||||||||||||||||||||||
Cost of sales | — | (57,050 | ) | (8,912 | ) | (5,111 | ) | 278 | (70,795 | ) | Construction services | — | 8,883 | — | — | — | 8,883 | |||||||||||||||||||||||||||||||||
Construction services | — | (6,410 | ) | — | — | — | (6,410 | ) | Management fees | — | 110 | — | — | (110 | ) | — | ||||||||||||||||||||||||||||||||||
Sales and marketing | — | (3,219 | ) | (643 | ) | (310 | ) | — | (4,172 | ) | ||||||||||||||||||||||||||||||||||||||||
General and administrative | — | (5,368 | ) | (70 | ) | (2 | ) | — | (5,440 | ) | — | 19,017 | 4,316 | 2,347 | (110 | ) | 25,570 | |||||||||||||||||||||||||||||||||
Amortization of intangible assets | (1,640 | ) | (1,640 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other | — | (588 | ) | — | (357 | ) | — | (945 | ) | Operating costs | ||||||||||||||||||||||||||||||||||||||||
Cost of sales — homes | — | (8,819 | ) | (3,820 | ) | (2,069 | ) | 110 | (14,598 | ) | ||||||||||||||||||||||||||||||||||||||||
— | (74,275 | ) | (9,625 | ) | (5,780 | ) | 278 | (89,402 | ) | Construction services | — | (8,223 | ) | — | — | — | (8,223 | ) | ||||||||||||||||||||||||||||||||
(Loss) income from subsidiaries | (752 | ) | 1,158 | — | — | (406 | ) | — | Sales and marketing | — | (1,496 | ) | (260 | ) | (188 | ) | — | (1,944 | ) | |||||||||||||||||||||||||||||||
General and administrative | — | (3,246 | ) | (56 | ) | — | — | (3,302 | ) | |||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | (752 | ) | 2,214 | 1,004 | 1,525 | (406 | ) | 3,585 | Other | — | (16 | ) | — | (171 | ) | — | (187 | ) | ||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (2,350 | ) | — | (141 | ) | — | (2,491 | ) | |||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | — | 160 | (53 | ) | (12 | ) | — | 95 | — | (21,800 | ) | (4,136 | ) | (2,428 | ) | 110 | (28,254 | ) | ||||||||||||||||||||||||||||||||
(Loss) income before reorganization items and provision for income taxes | (752 | ) | 24 | 951 | 1,372 | (406 | ) | 1,189 | Income from subsidiaries | 228,383 | 11,536 | — | — | (239,919 | ) | — | ||||||||||||||||||||||||||||||||||
Reorganization items, net | — | (712 | ) | — | — | — | (712 | ) | ||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 228,383 | 8,753 | 180 | (81 | ) | (239,919 | ) | (2,684 | ) | |||||||||||||||||||||||||||||||||||||||||
(Loss) income before provision for income taxes | (752 | ) | (688 | ) | 951 | 1,372 | (406 | ) | 477 | Interest expense, net of amounts capitalized | — | (2,407 | ) | — | (100 | ) | — | (2,507 | ) | |||||||||||||||||||||||||||||||
Provision for income taxes | — | (11 | ) | — | — | — | (11 | ) | Other income (expense), net | — | 266 | (25 | ) | (11 | ) | — | 230 | |||||||||||||||||||||||||||||||||
Net (loss) income | (752 | ) | (699 | ) | 951 | 1,372 | (406 | ) | 466 | Income (loss) before reorganization items and provision for income taxes | 228,383 | 6,612 | 155 | (192 | ) | (239,919 | ) | (4,961 | ) | |||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | (1,218 | ) | — | (1,218 | ) | Reorganization items | — | 221,796 | (1 | ) | 11,663 | — | 233,458 | |||||||||||||||||||||||||||||||||||
Net (loss) income attributable to William Lyon Homes | (752 | ) | (699 | ) | 951 | 154 | (406 | ) | (752 | ) | Income before provision for income taxes | 228,383 | 228,408 | 154 | 11,471 | (239,919 | ) | 228,497 | ||||||||||||||||||||||||||||||||
Preferred stock dividends | (755 | ) | — | — | — | — | (755 | ) | Provision for income taxes | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net (loss) income available to common stockholders | $ | (1,507 | ) | $ | (699 | ) | $ | 951 | $ | 154 | $ | (406 | ) | $ | (1,507 | ) | Net income | 228,383 | 228,408 | 154 | 11,471 | (239,919 | ) | 228,497 | ||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | (114 | ) | — | (114 | ) | ||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | Net income attributable to William Lyon Homes | $ | 228,383 | $ | 228,408 | $ | 154 | $ | 11,357 | $ | (239,919 | ) | $ | 228,383 | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 (Successor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||
(DEBTOR-IN-POSSESSION) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 (Predecessor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | Unconsolidated | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | — | $ | 173,032 | $ | 142,105 | $ | 26,545 | $ | — | $ | 341,682 | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||||||||||||||||||
Construction services | — | 21,439 | — | — | — | 21,439 | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | ||||||||||||||||||||||||||||||||||||||
Management fees | — | (727 | ) | — | — | 727 | — | Operating revenue | ||||||||||||||||||||||||||||||||||||||||||
Home sales | $ | — | $ | 176,992 | $ | 19,954 | $ | 10,109 | $ | — | $ | 207,055 | ||||||||||||||||||||||||||||||||||||||
— | 193,744 | 142,105 | 26,545 | 727 | 363,121 | Construction services | — | 19,768 | — | — | — | 19,768 | ||||||||||||||||||||||||||||||||||||||
Management fees | — | 468 | — | — | (468 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | (132,270 | ) | (119,051 | ) | (18,722 | ) | (727 | ) | (270,770 | ) | — | 197,228 | 19,954 | 10,109 | (468 | ) | 226,823 | ||||||||||||||||||||||||||||||||
Construction services | — | (17,472 | ) | — | — | — | (17,472 | ) | ||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | — | (9,826 | ) | (6,867 | ) | (789 | ) | — | (17,482 | ) | Operating costs | |||||||||||||||||||||||||||||||||||||||
General and administrative | — | (26,162 | ) | (1,835 | ) | (19 | ) | — | (28,016 | ) | Cost of sales | — | (162,148 | ) | (18,225 | ) | (8,818 | ) | 468 | (188,723 | ) | |||||||||||||||||||||||||||||
Amortization of intangible assets | — | (1,173 | ) | — | — | — | (1,173 | ) | Impairment loss on real estate assets | — | (70,742 | ) | — | (57,572 | ) | — | (128,314 | ) | ||||||||||||||||||||||||||||||||
Other | — | (1,744 | ) | (2 | ) | — | — | (1,746 | ) | Construction services | — | (18,164 | ) | — | — | — | (18,164 | ) | ||||||||||||||||||||||||||||||||
Sales and marketing | — | (14,528 | ) | (1,318 | ) | (1,002 | ) | — | (16,848 | ) | ||||||||||||||||||||||||||||||||||||||||
— | (188,647 | ) | (127,755 | ) | (19,530 | ) | (727 | ) | (336,659 | ) | General and administrative | — | (22,070 | ) | (340 | ) | (1 | ) | — | (22,411 | ) | |||||||||||||||||||||||||||||
Income from subsidiaries | 17,562 | 13,800 | — | — | (31,362 | ) | — | Other | — | (2,979 | ) | — | (1,004 | ) | — | (3,983 | ) | |||||||||||||||||||||||||||||||||
Operating income | 17,562 | 18,897 | 14,350 | 7,015 | (31,362 | ) | 26,462 | — | (290,631 | ) | (19,883 | ) | (68,397 | ) | 468 | (378,443 | ) | |||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (2,476 | ) | (126 | ) | — | — | (2,602 | ) | |||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | — | 1,184 | (20 | ) | (907 | ) | — | 257 | Equity in income of unconsolidated joint ventures | — | 3,605 | — | — | — | 3,605 | |||||||||||||||||||||||||||||||||||
Loss from subsidiaries | (193,330 | ) | (59,588 | ) | — | — | 252,918 | — | ||||||||||||||||||||||||||||||||||||||||||
Income before reorganization items and provision for income taxes | 17,562 | 17,605 | 14,204 | 6,108 | (31,362 | ) | 24,117 | |||||||||||||||||||||||||||||||||||||||||||
Reorganization items, net | — | (464 | ) | — | — | — | (464 | ) | Operating (loss) income | (193,330 | ) | (149,386 | ) | 71 | (58,288 | ) | 252,918 | (148,015 | ) | |||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (23,639 | ) | — | (890 | ) | — | (24,529 | ) | |||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 17,562 | 17,141 | 14,204 | 6,108 | (31,362 | ) | 23,653 | Other income (expense), net | — | 1,018 | (131 | ) | (49 | ) | — | 838 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | — | (6,366 | ) | — | — | — | (6,366 | ) | ||||||||||||||||||||||||||||||||||||||||||
Loss before reorganization items and provision for income taxes | (193,330 | ) | (172,007 | ) | (60 | ) | (59,227 | ) | 252,918 | (171,706 | ) | |||||||||||||||||||||||||||||||||||||||
Net income | 17,562 | 10,775 | 14,204 | 6,108 | (31,362 | ) | 17,287 | Reorganization items | — | (21,182 | ) | — | — | — | (21,182 | ) | ||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | (4,879 | ) | — | (4,879 | ) | ||||||||||||||||||||||||||||||||||||||||||
Loss before provision for income taxes | (193,330 | ) | (193,189 | ) | (60 | ) | (59,227 | ) | 252,918 | (192,888 | ) | |||||||||||||||||||||||||||||||||||||||
Net income attributable to William Lyon Homes | 17,562 | 10,775 | 14,204 | 1,229 | (31,362 | ) | 12,408 | Provision for income taxes | — | (10 | ) | — | — | — | (10 | ) | ||||||||||||||||||||||||||||||||||
Preferred stock dividends | (1,528 | ) | — | — | — | — | (1,528 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net loss | (193,330 | ) | (193,199 | ) | (60 | ) | (59,227 | ) | 252,918 | (192,898 | ) | |||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 16,034 | $ | 10,775 | $ | 14,204 | $ | 1,229 | $ | (31,362 | ) | $ | 10,880 | Less: Net income attributable to noncontrolling interest | — | — | — | (432 | ) | — | (432 | ) | ||||||||||||||||||||||||||||
Net loss attributable to William Lyon Homes | $ | (193,330 | ) | $ | (193,199 | ) | $ | (60 | ) | $ | (59,659 | ) | $ | 252,918 | $ | (193,330 | ) | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period from February 25, 2012 through | CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2012 (Successor) | Year Ended December 31, 2010 (Predecessor) | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | Unconsolidated | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||
Operating revenue | Operating revenue | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | — | $ | 111,159 | $ | 32,105 | $ | 102,838 | $ | — | $ | 246,102 | Sales | $ | — | $ | 263,864 | $ | 16,595 | $ | 3,610 | $ | — | $ | 284,069 | |||||||||||||||||||||||||
Construction services | — | 16,473 | — | — | — | 16,473 | Construction services | — | 10,629 | — | — | — | 10,629 | |||||||||||||||||||||||||||||||||||||
Management fees | — | 534 | — | — | (534 | ) | — | Management fees | — | 165 | — | — | (165 | ) | — | |||||||||||||||||||||||||||||||||||
— | 128,166 | 32,105 | 102,838 | (534 | ) | 262,575 | — | 274,658 | 16,595 | 3,610 | (165 | ) | 294,698 | |||||||||||||||||||||||||||||||||||||
Operating costs | Operating costs | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | (94,003 | ) | (27,737 | ) | (93,924 | ) | 534 | (215,130 | ) | Cost of sales | — | (228,542 | ) | (16,167 | ) | (1,633 | ) | 165 | (246,177 | ) | |||||||||||||||||||||||||||||
Construction services | — | (15,061 | ) | — | — | — | (15,061 | ) | Impairment loss on real estate assets | — | (111,860 | ) | — | — | — | (111,860 | ) | |||||||||||||||||||||||||||||||||
Sales and marketing | — | (6,493 | ) | (1,679 | ) | (663 | ) | — | (8,835 | ) | Construction services | — | (7,805 | ) | — | — | — | (7,805 | ) | |||||||||||||||||||||||||||||||
General and administrative | — | (13,733 | ) | (186 | ) | (6 | ) | — | (13,925 | ) | Sales and marketing | — | (17,953 | ) | (1,208 | ) | (585 | ) | — | (19,746 | ) | |||||||||||||||||||||||||||||
Amortization of intangible assets | — | (5,034 | ) | — | — | — | (5,034 | ) | General and administrative | — | (24,795 | ) | (313 | ) | (21 | ) | — | (25,129 | ) | |||||||||||||||||||||||||||||||
Other | — | (1,713 | ) | (2 | ) | (687 | ) | — | (2,402 | ) | Other | — | (2,740 | ) | — | — | — | (2,740 | ) | |||||||||||||||||||||||||||||||
— | (136,037 | ) | (29,604 | ) | (95,280 | ) | 534 | (260,387 | ) | — | (393,695 | ) | (17,688 | ) | (2,239 | ) | 165 | (413,457 | ) | |||||||||||||||||||||||||||||||
(Loss) income from subsidiaries | (7,611 | ) | 8,620 | — | — | (1,009 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated joint ventures | — | 916 | — | — | — | 916 | ||||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | (7,611 | ) | 749 | 2,501 | 7,558 | (1,009 | ) | 2,188 | (Loss) income from subsidiaries | (136,786 | ) | (1,053 | ) | 12 | — | 137,827 | — | |||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (6,970 | ) | — | (357 | ) | — | (7,327 | ) | |||||||||||||||||||||||||||||||||||||||||
Other income, net | — | 562 | (45 | ) | 954 | — | 1,471 | Operating (loss) income | (136,786 | ) | (119,174 | ) | (1,081 | ) | 1,371 | 137,827 | (117,843 | ) | ||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | 5,572 | — | — | — | 5,572 | ||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before reorganization items and provision for income taxes | (7,611 | ) | (5,659 | ) | 2,456 | 8,155 | (1,009 | ) | (3,668 | ) | Interest expense, net of amounts capitalized | — | (23,653 | ) | — | — | — | (23,653 | ) | |||||||||||||||||||||||||||||||
Reorganization items, net | — | (1,895 | ) | 1 | — | — | (1,894 | ) | Other income (expense), net | — | 280 | (235 | ) | 12 | — | 57 | ||||||||||||||||||||||||||||||||||
(Loss) income before provision for income taxes | (7,611 | ) | (7,554 | ) | 2,457 | 8,155 | (1,009 | ) | (5,562 | ) | (Loss) income before benefit from income taxes | (136,786 | ) | (136,975 | ) | (1,316 | ) | 1,383 | 137,827 | (135,867 | ) | |||||||||||||||||||||||||||||
Provision for income taxes | — | (11 | ) | — | — | — | (11 | ) | Benefit from income taxes | — | 412 | — | — | — | 412 | |||||||||||||||||||||||||||||||||||
Net (loss) income | (7,611 | ) | (7,565 | ) | 2,457 | 8,155 | (1,009 | ) | (5,573 | ) | Net (loss) income | (136,786 | ) | (136,563 | ) | (1,316 | ) | 1,383 | 137,827 | (135,455 | ) | |||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | (2,038 | ) | — | (2,038 | ) | Less: Net income attributable to noncontrolling interest | — | — | — | (1,331 | ) | — | (1,331 | ) | |||||||||||||||||||||||||||||||||
Net (loss) income attributable to William Lyon Homes | (7,611 | ) | (7,565 | ) | 2,457 | 6,117 | (1,009 | ) | (7,611 | ) | Net (loss) income attributable to William Lyon Homes | $ | (136,786 | ) | $ | (136,563 | ) | $ | (1,316 | ) | $ | 52 | $ | 137,827 | $ | (136,786 | ) | |||||||||||||||||||||||
Preferred stock dividends | (1,798 | ) | — | — | — | — | (1,798 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) income available to common stockholders | $ | (9,409 | ) | $ | (7,565 | ) | $ | 2,457 | $ | 6,117 | $ | (1,009 | ) | $ | (9,409 | ) | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period from January 1, 2012 through | ||||||||||||||||||||||||||||||||||||||||||||||||||
February 24, 2012 (Predecessor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home sales | $ | — | $ | 10,024 | $ | 4,316 | $ | 2,347 | $ | — | $ | 16,687 | ||||||||||||||||||||||||||||||||||||||
Construction services | — | 8,883 | — | — | — | 8,883 | ||||||||||||||||||||||||||||||||||||||||||||
Management fees | — | 110 | — | — | (110 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
— | 19,017 | 4,316 | 2,347 | (110 | ) | 25,570 | ||||||||||||||||||||||||||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales — homes | — | (8,819 | ) | (3,820 | ) | (2,069 | ) | 110 | (14,598 | ) | ||||||||||||||||||||||||||||||||||||||||
Construction services | — | (8,223 | ) | — | — | — | (8,223 | ) | ||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | — | (1,496 | ) | (260 | ) | (188 | ) | — | (1,944 | ) | ||||||||||||||||||||||||||||||||||||||||
General and administrative | — | (3,246 | ) | (56 | ) | — | — | (3,302 | ) | |||||||||||||||||||||||||||||||||||||||||
Other | — | (16 | ) | — | (171 | ) | — | (187 | ) | |||||||||||||||||||||||||||||||||||||||||
— | (21,800 | ) | (4,136 | ) | (2,428 | ) | 110 | (28,254 | ) | |||||||||||||||||||||||||||||||||||||||||
Income from subsidiaries | 228,383 | 11,536 | — | — | (239,919 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 228,383 | 8,753 | 180 | (81 | ) | (239,919 | ) | (2,684 | ) | |||||||||||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | — | (2,407 | ) | — | (100 | ) | — | (2,507 | ) | |||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | — | 266 | (25 | ) | (11 | ) | — | 230 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) before reorganization items and provision for income taxes | 228,383 | 6,612 | 155 | (192 | ) | (239,919 | ) | (4,961 | ) | |||||||||||||||||||||||||||||||||||||||||
Reorganization items, net | — | 221,796 | (1 | ) | 11,663 | — | 233,458 | |||||||||||||||||||||||||||||||||||||||||||
Net income | 228,383 | 228,408 | 154 | 11,471 | (239,919 | ) | 228,497 | |||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | (114 | ) | — | (114 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to William Lyon Homes | $ | 228,383 | $ | 228,408 | $ | 154 | $ | 11,357 | $ | (239,919 | ) | $ | 228,383 | |||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Period from February 25, 2012 through | |||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 (Successor) | December 31, 2012 (Successor) | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | Unconsolidated | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||
Operating activities | Operating activities | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (142,959 | ) | $ | 12,221 | $ | (34,181 | ) | $ | — | $ | (164,919 | ) | Net cash (used in) provided by operating activities | $ | — | $ | (72,014 | ) | $ | 3,579 | $ | 118,428 | $ | — | $ | 49,993 | |||||||||||||||||||||
Investing activities | Investing activities | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of property and equipment | — | (3,299 | ) | (57 | ) | (3 | ) | — | (3,359 | ) | Cash paid for acquisitions, net | — | (33,201 | ) | — | — | — | (33,201 | ) | |||||||||||||||||||||||||||||||
Investments in subsidiaries | — | 4,804 | — | — | (4,804 | ) | — | Purchases of property and equipment | — | (271 | ) | (20 | ) | (21 | ) | — | (312 | ) | ||||||||||||||||||||||||||||||||
Investments in subsidiaries | — | (84,828 | ) | — | — | 84,828 | — | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by(used in) investing activities | — | 1,505 | (57 | ) | (3 | ) | (4,804 | ) | (3,359 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | (118,300 | ) | (20 | ) | (21 | ) | 84,828 | (33,513 | ) | ||||||||||||||||||||||||||||||||||||||||
Financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings on notes payable | — | 16,790 | 1,762 | 32,892 | — | 51,444 | Financing activities | |||||||||||||||||||||||||||||||||||||||||||
Principal payments on notes payable | — | (26,360 | ) | — | (19,099 | ) | — | (45,459 | ) | Proceeds from borrowings on notes payable | — | 7,809 | — | 5,439 | — | 13,248 | ||||||||||||||||||||||||||||||||||
Payment of deferred loan costs | — | (1,792 | ) | — | — | — | (1,792 | ) | Proceeds from issurance of 8 1/2% Senior Notes | — | 325,000 | — | — | — | 325,000 | |||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | — | 179,438 | — | — | — | 179,438 | Principal payments on notes payable | — | (3,994 | ) | — | (69,682 | ) | — | (73,676 | ) | ||||||||||||||||||||||||||||||||||
Offering costs related to issuance of common stock | — | (15,655 | ) | — | — | — | (15,655 | ) | Principal payments on Senior Secured Term Loan | — | (235,000 | ) | — | — | — | (235,000 | ) | |||||||||||||||||||||||||||||||||
Payment of preferred stock dividends | — | (2,550 | ) | — | — | — | (2,550 | ) | Principal payments on Senior Subordinated Secured Notes | — | (75,916 | ) | — | — | — | (75,916 | ) | |||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | 35,399 | — | 35,399 | Proceeds from issuance of convertible preferred stock | — | 14,000 | — | — | — | 14,000 | |||||||||||||||||||||||||||||||||||||
Noncontrolling interest distributions | — | — | — | (21,700 | ) | — | (21,700 | ) | Proceeds from issuance of common stock | — | 16,000 | — | — | — | 16,000 | |||||||||||||||||||||||||||||||||||
Advances to affiliates | — | — | (776 | ) | 7,768 | (6,992 | ) | — | Payment of deferred loan costs | — | (7,181 | ) | — | — | — | (7,181 | ) | |||||||||||||||||||||||||||||||||
Intercompany receivables/payables | — | 183 | (12,902 | ) | 923 | 11,796 | — | Payment of preferred stock dividends | — | (1,721 | ) | — | — | — | (1,721 | ) | ||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | 15,313 | — | 15,313 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | 150,054 | (11,916 | ) | 36,183 | 4,804 | 179,125 | Noncontrolling interest distributions | — | — | — | (16,004 | ) | — | (16,004 | ) | ||||||||||||||||||||||||||||||||||
Advances to affiliates | — | — | 3 | 78,817 | (78,820 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents | — | 8,600 | 248 | 1,999 | — | 10,847 | Intercompany receivables/payables | — | 144,535 | (3,549 | ) | (134,978 | ) | (6,008 | ) | — | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 69,376 | 65 | 1,634 | — | 71,075 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided (used in) by financing activities | — | 183,532 | (3,546 | ) | (121,095 | ) | (84,828 | ) | (25,937 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 77,976 | $ | 313 | $ | 3,633 | $ | — | $ | 81,922 | ||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (6,782 | ) | 13 | (2,688 | ) | — | (9,457 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 76,158 | 52 | 4,322 | — | 80,532 | ||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Cash and cash equivalents at end of period | $ | — | $ | 69,376 | $ | 65 | $ | 1,634 | $ | — | $ | 71,075 | |||||||||||||||||||||||||||||||||||||
Period from February 25, 2012 through | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2012 (Successor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||||||||||
Period from January 1, 2012 through | ||||||||||||||||||||||||||||||||||||||||||||||||||
February 24, 2012 (Predecessor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||||||||
Operating activities | Unconsolidated | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (14,494 | ) | $ | 2,546 | $ | 67,937 | $ | — | $ | 55,989 | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||||||||
Investing activities | Operating activities | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of property and equipment | — | (24 | ) | (13 | ) | (16 | ) | — | (53 | ) | Net cash (used in) provided by operating activities | $ | — | $ | (13,638 | ) | $ | 181 | $ | (3,864 | ) | $ | — | $ | (17,321 | ) | ||||||||||||||||||||||||
Investments in subsidiaries | — | (3,837 | ) | — | — | 3,837 | — | |||||||||||||||||||||||||||||||||||||||||||
Investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | — | (3,861 | ) | (13 | ) | (16 | ) | 3,837 | (53 | ) | Purchases of property and equipment | — | (419 | ) | (3 | ) | 422 | — | — | |||||||||||||||||||||||||||||||
Investments in subsidiaries | — | 183 | — | — | (183 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Payment of preferred stock dividends | — | (1,114 | ) | — | — | — | (1,114 | ) | Net cash (used in) provided by investing activities | — | (236 | ) | (3 | ) | 422 | (183 | ) | — | ||||||||||||||||||||||||||||||||
Principal payments on notes payable | — | (4,157 | ) | — | (58,400 | ) | — | (62,557 | ) | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | 17,021 | — | 17,021 | Financing activities | |||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest distributions | — | — | — | (15,373 | ) | — | (15,373 | ) | Principal payments on notes payable | — | (116 | ) | — | (500 | ) | — | (616 | ) | ||||||||||||||||||||||||||||||||
Advances to affiliates | — | — | 1 | (3,306 | ) | 3,305 | — | Proceeds from reorganization | — | 30,971 | — | — | — | 30,971 | ||||||||||||||||||||||||||||||||||||
Intercompany receivables/payables | — | 19,087 | (2,530 | ) | (9,415 | ) | (7,142 | ) | — | Proceeds from issuance of convertible preferred stock | — | 50,000 | — | — | — | 50,000 | ||||||||||||||||||||||||||||||||||
Proceeds from debtor in possession financing | — | 5,000 | — | — | — | 5,000 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | 13,816 | (2,529 | ) | (69,473 | ) | (3,837 | ) | (62,023 | ) | Principal payment of debtor in possession financing | — | (5,000 | ) | — | — | — | (5,000 | ) | |||||||||||||||||||||||||||||||
Payment of deferred loan costs | — | (2,491 | ) | — | — | — | (2,491 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (4,539 | ) | 4 | (1,552 | ) | — | (6,087 | ) | Noncontrolling interest contributions | — | — | — | 1,825 | — | 1,825 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 76,158 | 52 | 4,322 | — | 80,532 | Noncontrolling interest distributions | — | — | — | (1,897 | ) | — | (1,897 | ) | |||||||||||||||||||||||||||||||||||
Advances to affiliates | — | — | — | (4 | ) | 4 | — | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 71,619 | $ | 56 | $ | 2,770 | $ | — | $ | 74,445 | Intercompany receivables/payables | — | (2,665 | ) | (173 | ) | 2,659 | 179 | — | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | 75,699 | (173 | ) | 2,083 | 183 | 77,792 | |||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Net increase (decrease) in cash and cash equivalents | — | 61,825 | 5 | (1,359 | ) | — | 60,471 | ||||||||||||||||||||||||||||||||||||||||||
Period from January 1, 2012 through | Cash and cash equivalents at beginning of period | — | 14,333 | 47 | 5,681 | — | 20,061 | |||||||||||||||||||||||||||||||||||||||||||
February 24, 2012 (Predecessor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Cash and cash equivalents at end of period | $ | — | $ | 76,158 | $ | 52 | $ | 4,322 | $ | — | $ | 80,532 | |||||||||||||||||||||||||||||||||||||
Unconsolidated | CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | (DEBTOR-IN-POSSESSION) | ||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | Year Ended December, 2011 (Predecessor) | ||||||||||||||||||||||||||||||||||||||||||||
Operating activities | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (13,638 | ) | $ | 181 | $ | (3,864 | ) | $ | — | $ | (17,321 | ) | |||||||||||||||||||||||||||||||||||
Investing activities | Unconsolidated | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of property and equipment | — | (419 | ) | (3 | ) | 422 | — | — | Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | — | 183 | — | — | (183 | ) | — | Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | — | (236 | ) | (3 | ) | 422 | (183 | ) | — | Net cash provided by (used in) operating activities | $ | — | $ | 127,757 | $ | 87 | $ | (166,495 | ) | $ | — | $ | (38,651 | ) | ||||||||||||||||||||||||||
Financing activities | Investing activities | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments on notes payable | — | (116 | ) | — | (500 | ) | — | (616 | ) | Distributions from unconsolidated joint ventures | — | 1,435 | — | — | — | 1,435 | ||||||||||||||||||||||||||||||||||
Proceeds from reorganization | — | 30,971 | — | — | — | 30,971 | Purchases of property and equipment | — | 725 | (131 | ) | (722 | ) | — | (128 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of convertible preferred stock | — | 50,000 | — | — | — | 50,000 | Investments in subsidiaries | — | 29,412 | — | — | (29,412 | ) | — | ||||||||||||||||||||||||||||||||||||
Proceeds from debtor in possession financing | — | 5,000 | — | — | — | 5,000 | ||||||||||||||||||||||||||||||||||||||||||||
Principal payment of debtor in possession financing | — | (5,000 | ) | — | — | — | (5,000 | ) | Net cash provided by (used in) investing activities | — | 31,572 | (131 | ) | (722 | ) | (29,412 | ) | 1,307 | ||||||||||||||||||||||||||||||||
Payment of deferred loan costs | — | (2,491 | ) | — | — | — | (2,491 | ) | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | 1,825 | — | 1,825 | Financing activities | |||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest distributions | — | — | — | (1,897 | ) | — | (1,897 | ) | Principal payments on notes payable | — | (82,531 | ) | — | 70,999 | — | (11,532 | ) | |||||||||||||||||||||||||||||||||
Advances to affiliates | — | — | — | (4 | ) | 4 | — | Noncontrolling interest contributions | — | — | — | 6,605 | — | 6,605 | ||||||||||||||||||||||||||||||||||||
Intercompany receivables/payables | — | (2,665 | ) | (173 | ) | 2,659 | 179 | — | Noncontrolling interest distributions | — | — | — | (8,954 | ) | — | (8,954 | ) | |||||||||||||||||||||||||||||||||
Advances to affiliates | — | — | (3 | ) | (29,341 | ) | 29,344 | — | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | 75,699 | (173 | ) | 2,083 | 183 | 77,792 | Intercompany receivables/payables | — | (131,964 | ) | (37 | ) | 131,933 | 68 | — | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 61,825 | 5 | (1,359 | ) | — | 60,471 | Net cash (used in) provided by financing activities | — | (214,495 | ) | (40 | ) | 171,242 | 29,412 | (13,881 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 14,333 | 47 | 5,681 | — | 20,061 | ||||||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (55,166 | ) | (84 | ) | 4,025 | — | (51,225 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 76,158 | $ | 52 | $ | 4,322 | $ | — | $ | 80,532 | Cash and cash equivalents at beginning of period | — | 69,499 | 131 | 1,656 | — | 71,286 | |||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 14,333 | $ | 47 | $ | 5,681 | $ | — | $ | 20,061 | ||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 30, 2010 (Predecessor) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | California | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Lyon | Lyon | Subsidiaries | Subsidiaries | Entries | Company | |||||||||||||||||||||||||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | 27,863 | $ | (1,245 | ) | $ | (2,499 | ) | $ | — | $ | 24,119 | ||||||||||||||||||||||||||||||||||||
Investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in and advances to unconsolidated joint ventures | — | (194 | ) | — | — | — | (194 | ) | ||||||||||||||||||||||||||||||||||||||||||
Distributions from unconsolidated joint venture | — | 4,183 | — | — | — | 4,183 | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of property and equipment | — | 101 | (165 | ) | — | — | (64 | ) | ||||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | — | (361 | ) | 12 | — | 349 | — | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | 3,729 | (153 | ) | — | 349 | 3,925 | |||||||||||||||||||||||||||||||||||||||||||
Financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings on notes payable | — | 7,087 | — | — | — | 7,087 | ||||||||||||||||||||||||||||||||||||||||||||
Principal payments on notes payable | — | (52,797 | ) | — | — | — | (52,797 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net cash paid for repurchase of Senior Notes | — | (31,268 | ) | — | — | — | (31,268 | ) | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | 6,546 | — | 6,546 | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest distributions | — | — | — | (3,913 | ) | — | (3,913 | ) | ||||||||||||||||||||||||||||||||||||||||||
Advances to affiliates | — | — | (19 | ) | (744 | ) | 763 | — | ||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables/payables | — | (362 | ) | 1,437 | 37 | (1,112 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | (77,340 | ) | 1,418 | 1,926 | (349 | ) | (74,345 | ) | |||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (45,748 | ) | 20 | (573 | ) | — | (46,301 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 115,247 | 111 | 2,229 | — | 117,587 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 69,499 | $ | 131 | $ | 1,656 | $ | — | $ | 71,286 | ||||||||||||||||||||||||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||
Estimated Fair Values of Financial Instruments | ' | ' | ||||||||||||||||||||||||||||||||||
The estimated fair values of financial instruments are as follows (in thousands): | The estimated fair values of financial instruments are as follows (in thousands): | |||||||||||||||||||||||||||||||||||
Successor | Successor | Predecessor | ||||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||
Amount | Value | Amount | Value | Amount | Value | Amount | Value | |||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | |||||||||||||||||||||||||||||||||||
8 1/2% Senior Notes due 2020 | $ | 325,000 | $ | 342,875 | $ | 325,000 | $ | 338,000 | Notes payable | $ | 13,248 | $ | 13,248 | $ | 74,009 | $ | 74,009 | |||||||||||||||||||
Notes payable | $ | 35,471 | $ | 35,471 | $ | 13,248 | $ | 13,248 | 8 1/2% Senior Notes due 2020 | $ | 325,000 | $ | 338,000 | $ | — | $ | — | |||||||||||||||||||
Senior Secured Term Loan due 2015 | $ | — | $ | — | $ | 206,000 | $ | 235,000 | ||||||||||||||||||||||||||||
7 5/8% Senior Notes due 2012 | $ | — | $ | — | $ | 66,704 | $ | 20,469 | ||||||||||||||||||||||||||||
10 3/4% Senior Notes due 2013 | $ | — | $ | — | $ | 138,912 | $ | 40,614 | ||||||||||||||||||||||||||||
7 1/2% Senior Notes due 2014 | $ | — | $ | — | $ | 77,867 | $ | 21,742 | ||||||||||||||||||||||||||||
Fair Value Of Debt | ' | ' | ||||||||||||||||||||||||||||||||||
The following table represents a reconciliation of the beginning and ending balance for the Company’s Level 3 fair value measurements: | The following table represents a reconciliation of the beginning and ending balance for the Company’s Level 3 fair value measurements: | |||||||||||||||||||||||||||||||||||
Notes | Senior | |||||||||||||||||||||||||||||||||||
Payable | Notes | Secured | ||||||||||||||||||||||||||||||||||
(in thousands) | Payable | Term Loan | ||||||||||||||||||||||||||||||||||
Fair value at December 31, 2012 | $ | 13,248 | (in thousands) | |||||||||||||||||||||||||||||||||
Repayments of principal (1) | (45,459 | ) | Fair Value at December 31, 2011 (Predecessor) | $ | 74,009 | $ | 235,000 | |||||||||||||||||||||||||||||
Borrowings of principal (2) | 67,682 | Change in balance related to plan of reorganization (1) | — | — | ||||||||||||||||||||||||||||||||
Increase in value during the period | — | Repayments of principal (2) | (74,009 | ) | (235,000 | ) | ||||||||||||||||||||||||||||||
Borrowings of principal (3) | 13,248 | — | ||||||||||||||||||||||||||||||||||
Fair value at September 30, 2013 | $ | 35,471 | Increase in value during the period | — | — | |||||||||||||||||||||||||||||||
Fair Value at December 31, 2012 (Successor) | $ | 13,248 | $ | — | ||||||||||||||||||||||||||||||||
-1 | Represents the actual amount of principal repaid | |||||||||||||||||||||||||||||||||||
-2 | Represents the actual amount of principal borrowed | |||||||||||||||||||||||||||||||||||
-1 | Change is representative of payoff of the loan for the value reported at December 31, 2011, and not the face amount of the notes that were eliminated in accordance with the joint plan of reorganization. | |||||||||||||||||||||||||||||||||||
-2 | Represents the actual amount of principal repaid | |||||||||||||||||||||||||||||||||||
-3 | Represents the actual amount of principal borrowed | |||||||||||||||||||||||||||||||||||
Summary Of Fair-Value Measurements Of Non-Financial Assets | ' | ' | ||||||||||||||||||||||||||||||||||
The following table summarizes the fair-value measurements of its non-financial assets for the year ended December 31, 2011: | ||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value at | Impairment | ||||||||||||||||||||||||||||||||||
Hierarchy | Measurement | Charges | ||||||||||||||||||||||||||||||||||
Date(1) | for the Year Ended | |||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2011(1) | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Land under development and homes completed and under construction(2) | Level 3 | $ | 94,751 | $ | 34,835 | |||||||||||||||||||||||||||||||
Inventory held for future development(3) | Level 3 | $ | 74,146 | $ | 93,479 | |||||||||||||||||||||||||||||||
-1 | Amounts represent the aggregate fair values for communities where the Company recognized noncash inventory impairment charges during the year ended December 31, 2011. | |||||||||||||||||||||||||||||||||||
-2 | In accordance with FASB ASC 360-10-35, inventory under this caption with a carrying value of $129.6 million was written down to its fair value of $94.8 million, resulting in total impairments of $34.8 million for the year ended December 31, 2011. | |||||||||||||||||||||||||||||||||||
-3 | In accordance with FASB ASC 360-10-35, inventory under this caption with a carrying value of $167.6 million was written down to its fair value of $74.1 million, resulting in total impairments of $93.5 million for the year ended December 31, 2011. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||
Summary Of (Provision) Benefit From Income Taxes | ' | ||||||||||||||||||
The following summarizes the (provision) benefit from income taxes (in thousands): | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Period from | Period from | Year Ended | |||||||||||||||||
February 25 | 1-Jan | December 31, | |||||||||||||||||
through | through | ||||||||||||||||||
December 31, | February 24, | ||||||||||||||||||
2012 | 2012 | 2011 | 2010 | ||||||||||||||||
Current | |||||||||||||||||||
Interest on uncertain tax provisions | $ | — | $ | — | $ | — | $ | 75 | |||||||||||
Federal | — | — | — | 347 | |||||||||||||||
State | (11 | ) | — | (10 | ) | (10 | ) | ||||||||||||
$ | (11 | ) | $ | — | $ | (10 | ) | $ | 412 | ||||||||||
Difference In Income Taxes From Amounts Computed By Applying Federal Statutory Rates Recorded | ' | ||||||||||||||||||
Income taxes differ from the amounts computed by applying the applicable federal statutory rates due to the following (in thousands): | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Period from | Period from | Year Ended | |||||||||||||||||
February 25 | 1-Jan | December 31, | |||||||||||||||||
through | through | ||||||||||||||||||
December 31, | February 24, | ||||||||||||||||||
2012 | 2012 | 2011 | 2010 | ||||||||||||||||
Benefit (provision) for federal income taxes at the statuatory rate | $ | 3,098 | $ | (79,935 | ) | $ | 67,662 | $ | 48,019 | ||||||||||
Provision for state income taxes, net of federal income tax benefits | (7 | ) | — | (6 | ) | (6 | ) | ||||||||||||
Valuation allowance | (2,195 | ) | (14,991 | ) | (66,265 | ) | (47,949 | ) | |||||||||||
Nondeductible items-reorganization costs | (709 | ) | 94,925 | (1,379 | ) | — | |||||||||||||
Nondeductible items-other | (194 | ) | (3 | ) | (22 | ) | — | ||||||||||||
Other | (4 | ) | 4 | — | 348 | ||||||||||||||
$ | (11 | ) | $ | — | $ | (10 | ) | $ | 412 | ||||||||||
Summary Of Temporary Differences Giving Rise To Deferred Income Taxes | ' | ||||||||||||||||||
Temporary differences giving rise to deferred income taxes consist of the following (in thousands): | |||||||||||||||||||
December 31, | |||||||||||||||||||
2012 | 2011 | ||||||||||||||||||
Deferred tax assets | |||||||||||||||||||
Impairment and other reserves | $ | 73,947 | $ | 102,216 | |||||||||||||||
Compensation deductible for tax purposes when paid | 987 | 970 | |||||||||||||||||
State income tax provisions deductible when paid for federal tax purposes | 4 | 3 | |||||||||||||||||
Effect of book/tax differences for joint ventures | 1,002 | 1,563 | |||||||||||||||||
Effect of book/tax differences for capitalized interest/general and administrative | — | 891 | |||||||||||||||||
Other | 318 | 318 | |||||||||||||||||
AMT credit carryover | 2,698 | 2,698 | |||||||||||||||||
Unused recognized built-in loss | 16,349 | — | |||||||||||||||||
Net operating loss | 113,314 | 99,586 | |||||||||||||||||
Valuation allowance | (200,048 | ) | (202,322 | ) | |||||||||||||||
8,571 | 5,923 | ||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||
Effect of book/tax differences for joint ventures | (5,597 | ) | (5,923 | ) | |||||||||||||||
Effect of book/tax differences for capitalized interest/general and administrative | (2,974 | ) | — | ||||||||||||||||
(8,571 | ) | (5,923 | ) | ||||||||||||||||
$ | — | $ | — | ||||||||||||||||
Business_Combination_Tables
Business Combination (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||
Schedule Of Assets And Liabilities Acquired | ' | ' | ||||||||||||||||||||||||||||
The assets and liabilities acquired through the purchase of Village Homes were as follows (in thousands): | The assets and liabilities acquired through the purchase of Village Homes were as follows (in thousands): | |||||||||||||||||||||||||||||
Real estate inventories owned | $ | 32,923 | Real estate inventories owned | $ | 32,923 | |||||||||||||||||||||||||
Other assets, net | 1,463 | Other assets, net | 1,463 | |||||||||||||||||||||||||||
Intangibles | 907 | Intangibles | 907 | |||||||||||||||||||||||||||
Receivables | 70 | Receivables | 70 | |||||||||||||||||||||||||||
Accounts payable | (1,029 | ) | Accounts payable | (1,029 | ) | |||||||||||||||||||||||||
Accrued expenses | (1,133 | ) | Accrued expenses | (1,133 | ) | |||||||||||||||||||||||||
Cash paid for acquisitions, net | $ | 33,201 | Cash paid for acquisitions, net | $ | 33,201 | |||||||||||||||||||||||||
Schedule of Unaudited Pro Forma Information Prepared to Give Effect to Acquisition | ' | ' | ||||||||||||||||||||||||||||
For the three months ended September 30, 2012, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012, the below unaudited pro forma information has been prepared to give effect to the Village Homes acquisition as if it occurred on January 1, 2012 (in thousands except number of shares and per share data): | For the period from February 25, 2012 through December 31, 2012, period from January 1, 2012 through February 24, 2012, and the year ended December 31, 2011, the below unaudited pro forma information has been prepared to give effect to the Village Homes acquisition as if it occurred on January 1, 2011 (in thousands except number of shares and per share data): | |||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||
Three | Period from | Period from | Period from | Period from | Year Ended | |||||||||||||||||||||||||
Months | February 25 | January 1 | February 25 | January 1 | December 31, | |||||||||||||||||||||||||
Ended | through | through | through | through | 2011 | |||||||||||||||||||||||||
September 30, | September 30, | February 24, | December 31, | February 24, | ||||||||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2012 | ||||||||||||||||||||||||||
Revenues | $ | 104,479 | $ | 283,090 | $ | 28,521 | Revenue | $ | 405,635 | $ | 28,521 | $ | 261,933 | |||||||||||||||||
Net (loss) income available to common stockholders | $ | (872 | ) | $ | (9,267 | ) | $ | 227,912 | Net (loss) income available to common stockholders | $ | (9,617 | ) | $ | 228,074 | $ | (189,457 | ) | |||||||||||||
(Loss) income per common share, basic and diluted | $ | (0.07 | ) | $ | (0.79 | ) | $ | 227,912 | (Loss) income per common share, basic and diluted | $ | (0.09 | ) | $ | 228,074 | $ | (189,457 | ) | |||||||||||||
Weighted average common shares outstanding, basic and diluted | 12,408,263 | 11,716,413 | 1,000 | Weighted average common shares outstanding, basic and diluted | 103,037,842 | 1,000 | 1,000 |
Loss_Income_Per_Common_Share_T
(Loss) Income Per Common Share (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Basic And Diluted (Loss) Income Per Common Share | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Basic and diluted income (loss) per common share for the three months ended September 30, 2013 and 2012, the nine months ended September 30, 2013, the period from February 25, 2012 through September 30, 2012, and the period from January 1, 2012 through February 24, 2012 were calculated as follows (in thousands, except number of shares and per share amounts): | Basic and diluted (loss) income per common share for the period from February 25, 2012 through December 31, 2012, the period from January 1, 2012 through February 24, 2012 and the year ended December 31, 2011 and 2010 were calculated as follows (in thousands, except number of shares and per share amounts): | |||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||
Three | Three | Nine | Nine | Period from | Period from | Period from | Year Ended | |||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | January 1 | February 25 | January 1 | December 31, | |||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | through | through | through | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | February 24, | December 31, | February 24, | ||||||||||||||||||||||||||||||||||||
2012 | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||
Basic weighted average number of common shares outstanding | 30,975,160 | 12,408,263 | 22,569,810 | 11,716,413 | 1,000 | Basic weighted average number of shares outstanding | 103,037,842 | 1,000 | 1,000 | 1,000 | ||||||||||||||||||||||||||||||||
Effect of dilutive securities: | Effect of dilutive securities: | |||||||||||||||||||||||||||||||||||||||||
Stock options, unvested common shares, and warrants (1) | 920,654 | — | 877,144 | — | N/A | Preferred shares, stock options, and warrants (1) | — | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Diluted average shares outstanding | 31,895,814 | 12,408,263 | 23,446,954 | 11,716,413 | 1,000 | Diluted average shares outstanding | 103,037,842 | 1,000 | 1,000 | 1,000 | ||||||||||||||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 7,562 | $ | (1,507 | ) | $ | 10,880 | $ | (9,409 | ) | $ | 228,383 | Net (loss) income available to common stockholders | $ | (11,602 | ) | $ | 228,383 | $ | (193,330 | ) | $ | (136,786 | ) | ||||||||||||||||||
Basic income (loss) per common share | $ | 0.24 | $ | (0.12 | ) | $ | 0.48 | $ | (0.80 | ) | $ | 228,383 | ||||||||||||||||||||||||||||||
Dilutive income (loss) per common share | $ | 0.24 | $ | (0.12 | ) | $ | 0.46 | $ | (0.80 | ) | $ | 228,383 | Basic (loss) income per common share | $ | (0.11 | ) | $ | 228,383 | $ | (193,330 | ) | $ | (136,786 | ) | ||||||||||||||||||
Antidilutive securities not included in the calculation of diluted income (loss) per common share (weighted average): | Dilutive (loss) income per common share | $ | (0.11 | ) | $ | 228,383 | $ | (193,330 | ) | $ | (136,786 | ) | ||||||||||||||||||||||||||||||
Preferred shares | N/A | 7,858,404 | N/A | 7,858,404 | N/A | Antidilutive securities not included in the calculation of diluted (loss) income per common share (weighted average): | ||||||||||||||||||||||||||||||||||||
Warrants | N/A | 1,907,551 | N/A | 1,907,551 | N/A | Preferred shares | 68,002,529 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Vested stock options | 3,171,535 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
-1 | For periods with a net loss, all potentially dilutive shares related to the preferred shares, unvested common shares, and warrants were excluded from the diluted loss per common share calculations because the effect of their inclusion would be antidilutive, or would decrease the reported loss per common share. | Unvested stock options | 1,585,767 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Warrants | 15,737,294 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
-1 | For periods with a net loss, all potentially dilutive shares related to the preferred shares, options to acquire common stock, and warrants were excluded from the diluted loss per common share calculations because the effect of their inclusion would be antidilutive, or would decrease the reported loss per common share. |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Weighted-Average Assumptions For Fair Value Of Employee Options Granted | ' | ||||||||||||||||
The fair value of each employee option awarded was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions. | |||||||||||||||||
Period from | |||||||||||||||||
February 25, 2012 | |||||||||||||||||
through December 31, | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
Expected dividend yield | 0 | % | N/A | N/A | |||||||||||||
Risk-free interest rate | 0.55 | % | N/A | N/A | |||||||||||||
Expected volatility | 79 | % | N/A | N/A | |||||||||||||
Expected life (in years) | 4.73 | N/A | N/A | ||||||||||||||
Schedule Of Stock Option Activity | ' | ||||||||||||||||
Stock option activity under the Plan at December 31, 2012 and changes during the period from February 25, 2012 through December 31, 2012 were as follows (there is no activity in prior periods as the options were granted in the fourth quarter of 2012): | |||||||||||||||||
Period from February 25, 2012 through | |||||||||||||||||
December 31, 2012 | |||||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life (in years) | |||||||||||||||||
Options outstanding at beginning of year | — | N/A | N/A | N/A | |||||||||||||
Granted (1) | 4,757,302 | $ | 1.05 | 4.48 | $ | — | |||||||||||
Exercised | — | N/A | N/A | N/A | |||||||||||||
Cancelled | — | N/A | N/A | N/A | |||||||||||||
Options outstanding at end of year | 4,757,302 | $ | 1.05 | 4.48 | $ | — | |||||||||||
Options vested and expected to vest | 4,757,302 | $ | 1.05 | 4.48 | $ | — | |||||||||||
Options exercisable at end of year (2) | 3,171,535 | $ | 1.05 | 4.48 | $ | — | |||||||||||
Price range of options exercised | N/A | ||||||||||||||||
Price range of options outstanding | $ | 1.05 | |||||||||||||||
Total shares available for future grants at end of year | 6,442,970 | ||||||||||||||||
-1 | The weighted average grant date fair value of the stock options was $0.64. | ||||||||||||||||
-2 | The fair value of shares vested during the period from February 25, 2012 through December 31, 2012 was $2.0 million. | ||||||||||||||||
Summary Of Stock Options Granted To Executives, Directors, And Non-Executives That Are Vested And Expected To Vest In Periods | ' | ||||||||||||||||
The following table summarizes information associated with stock options granted to executives, directors, and non-executives that are vested and expected to vest in future reporting periods: | |||||||||||||||||
Period from February 25, 2012 through | |||||||||||||||||
December 31, 2012 | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life (in years) | |||||||||||||||||
Executives | 4,467,892 | $ | 1.05 | ||||||||||||||
Directors | — | N/A | |||||||||||||||
Non-Executives | 289,410 | $ | 1.05 | ||||||||||||||
Total | 4,757,302 | $ | 1.05 | 4.48 | $ | — | |||||||||||
Summary Of Stock Options Granted To Executives, Directors, And Non-Executives That Are Exercisable | ' | ||||||||||||||||
The following table summarizes information associated with stock options granted to executives, directors, and non-executives that are exercisable at December 31, 2012: | |||||||||||||||||
Period from February 25, 2012 through | |||||||||||||||||
December 31, 2012 | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life (in years) | |||||||||||||||||
Executives | 2,978,595 | $ | 1.05 | ||||||||||||||
Directors | — | N/A | |||||||||||||||
Non-Executives | 192,940 | $ | 1.05 | ||||||||||||||
Total | 3,171,535 | $ | 1.05 | 4.48 | $ | — | |||||||||||
Summary Of Nonvested (Restricted) Shares Activity | ' | ||||||||||||||||
Summary of Nonvested (Restricted) Shares Activity | |||||||||||||||||
Period from February 25, 2012 | |||||||||||||||||
through December 31, 2012 | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
Non-vested shares at beginning of year | — | N/A | |||||||||||||||
Granted | 2,499,293 | $ | 1.05 | ||||||||||||||
Vested | 1,592,965 | $ | 1.05 | ||||||||||||||
Cancelled | — | $ | 1.05 | ||||||||||||||
Non-vested shares at end of year | 906,328 | $ | 1.05 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||
Future Minimum Payments Under Non-Cancelable Operating Leases | ' | ' | ||||||||||||||||||
The table below shows the future minimum payments under non-cancelable operating leases at September 30, 2013 (in thousands). | The table below shows the future minimum payments under non-cancelable operating leases at December 31, 2012 (in thousands). | |||||||||||||||||||
Year Ending December 31 | Year Ended December 31 | |||||||||||||||||||
2013 | $ | 370 | 2013 | $ | 1,349 | |||||||||||||||
2014 | 1,393 | 2014 | 1,260 | |||||||||||||||||
2015 | 731 | 2015 | 618 | |||||||||||||||||
2016 | 671 | 2016 | 556 | |||||||||||||||||
2017 | 697 | 2017 | 580 | |||||||||||||||||
Thereafter | 2,734 | Thereafter | 2,654 | |||||||||||||||||
Total | $ | 6,596 | Total | $ | 7,017 | |||||||||||||||
Summary of Company's Consolidated Land Banking Arrangement | ' | ' | ||||||||||||||||||
Summary information with respect to the Company’s land banking arrangements is as follows as of the periods presented (dollars in thousands): | Summary information with respect to the Company’s land banking arrangements is as follows as of the periods presented (dollars in thousands): | |||||||||||||||||||
Successor | Successor | Predecessor | ||||||||||||||||||
September 30, | December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||||||
Total number of land banking projects | 1 | 1 | Total number of land banking projects | 1 | 1 | |||||||||||||||
Total number of lots | 610 | 610 | Total number of lots (1) | 610 | 625 | |||||||||||||||
Total purchase price | $ | 161,465 | $ | 161,465 | Total purchase price | $ | 161,465 | $ | 161,465 | |||||||||||
Balance of lots still under option and not purchased: | Balance of lots still under option and not purchased: | |||||||||||||||||||
Number of lots | 105 | 199 | Number of lots | 199 | 225 | |||||||||||||||
Purchase price | $ | 20,738 | $ | 39,029 | Purchase price | $ | 39,029 | $ | 47,408 | |||||||||||
Forfeited deposits if lots are not purchased | $ | 14,737 | $ | 27,734 | Forfeited deposits if lots are not purchased | $ | 27,734 | $ | 25,234 | |||||||||||
-1 | Total number of lots in the land banking project was reduced by 15 as of December 31, 2012 as compared to December 31, 2011 because of a change in product mix in future projects. |
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Effect of Reverse Stock Split | ' | ||||||||
The tables below show the proforma effect of the 1-for-8.25 reverse stock split as of and for the Successor periods presented. The 1-for-8.25 reverse stock split should not be retroactively applied to the Predecessor periods as the Company’s reorganization was a recapitalization event, thus the Predecessor period is not meant to be comparable with the Successor period. | |||||||||
December 31, 2012 | |||||||||
Before | After | ||||||||
stock split | stock split | ||||||||
William Lyon Homes shares outstanding | |||||||||
Common stock, Class A | 70,121,378 | 8,499,558 | |||||||
Common stock, Class B | 31,464,548 | 3,813,885 | |||||||
Common stock, Class C | 16,020,338 | 1,941,859 | |||||||
Common stock, Class D | 2,499,293 | 302,945 | |||||||
Total number of shares outstanding | 120,105,557 | 14,558,246 | |||||||
Period from February 25 | |||||||||
through December 31, 2012 | |||||||||
Before | After | ||||||||
stock split | stock split | ||||||||
(Loss) income per common share, basic and diluted | $ | (0.11 | ) | $ | (0.93 | ) | |||
Weighted average common shares outstanding, basic and diluted | 103,037,842 | 12,489,435 |
Unaudited_Summarized_Quarterly1
Unaudited Summarized Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||
Summarized Unaudited Quarterly Financial Information | ' | ||||||||||||||||||||||
Summarized unaudited quarterly financial information for the years ended December 31, 2012 and 2011 is as follows (in thousands except per share data): | |||||||||||||||||||||||
Predecessor | Successor | ||||||||||||||||||||||
Period from | Period from | ||||||||||||||||||||||
January 1 | February 25 | ||||||||||||||||||||||
through | through | Three Months Ended | |||||||||||||||||||||
February 24, | March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Sales | $ | 16,687 | $ | 15,109 | $ | 145,051 | $ | 85,942 | $ | 102,833 | |||||||||||||
Cost of sales | (14,598 | ) | (13,063 | ) | (131,272 | ) | (70,795 | ) | (82,859 | ) | |||||||||||||
Gross profit | 2,089 | 2,046 | 13,779 | 15,147 | 19,974 | ||||||||||||||||||
Other income, costs and expenses, net | 226,408 | (7,028 | ) | (14,836 | ) | (14,681 | ) | (21,262 | ) | ||||||||||||||
Net income (loss) | 228,497 | (4,982 | ) | (1,057 | ) | 466 | (1,288 | ) | |||||||||||||||
Net income (loss) available to common stockholders | $ | 228,383 | $ | (5,351 | ) | $ | (2,550 | ) | $ | (1,507 | ) | $ | (2,194 | ) | |||||||||
Income (loss) per common share, basic and diluted | $ | 228,383 | $ | (0.06 | ) | $ | (0.03 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||||||
Predecessor | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||
2011 | 2011 | 2011 | 2011 | ||||||||||||||||||||
Sales | $ | 36,574 | $ | 57,795 | $ | 53,703 | $ | 58,983 | |||||||||||||||
Cost of sales | (31,885 | ) | (51,121 | ) | (46,645 | ) | (59,072 | ) | |||||||||||||||
Gross profit (loss) | 4,689 | 6,674 | 7,058 | (89 | ) | ||||||||||||||||||
Other income, costs and expenses, net | (15,866 | ) | (17,759 | ) | (46,758 | ) | (130,837 | ) | |||||||||||||||
Net loss | (11,177 | ) | (11,095 | ) | (39,700 | ) | (130,926 | ) | |||||||||||||||
Net loss attributable to William Lyon Homes | $ | (11,225 | ) | $ | (11,171 | ) | $ | (39,634 | ) | $ | (131,300 | ) | |||||||||||
Loss per common share, basic and diluted | $ | (11,225 | ) | $ | (11,171 | ) | $ | (39,634 | ) | $ | (131,300 | ) |
Basis_of_Presentation_and_Sign4
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
Feb. 24, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | 21-May-13 | Feb. 24, 2012 | Sep. 30, 2013 | 31-May-13 | Dec. 31, 2012 | 21-May-13 | Feb. 24, 2012 | Sep. 30, 2013 | 31-May-13 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | 21-May-13 | 21-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | 21-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | 21-May-13 | |
Y | Y | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Warrants [Member] | Parent [Member] | Sold by Company [Member] | Sold by selling stockholder [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Common stock, Class A [Member] | Common stock, Class A [Member] | Warrants [Member] | Warrants [Member] | ||||||||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate percentage of sales price maintained | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate warranty period | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of service revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | ' | 5.00% | 5.00% | ' |
Common stock issued during period | 92,400,000 | ' | ' | 10,005,000 | 44,793,255 | 44,793,255 | ' | ' | ' | 31,464,548 | ' | ' | ' | ' | ' | 7,177,500 | 2,827,500 | ' | ' | ' | ' | ' | ' |
Common stock, Initial Public Offering price per share | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of common stock | ' | ' | ' | $163,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 190,000,000 | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.01 | ' | ' | ' | $0.01 | $0.01 | ' | $0.01 | ' | $0.01 | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity reverse stock split | ' | ' | ' | '1-for-8.25 reverse stock split | ' | ' | ' | ' | '1-for-8.25 reverse stock split | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity Reverse Stock Split Ratio | ' | ' | ' | ' | ' | 0.1212 | ' | ' | ' | ' | 0.1212 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Conversion of all outstanding shares of Parentbs Class C Common Stock, Class D Common Stock and Convertible Preferred Stock into Class A Common Stock on a one-for-one basis | ' | ' | ' | ' | ' | ' | ' | ' |
Initial public offering, Class A Common Stock outstanding | ' | ' | 120,105,557 | 27,623,629 | ' | ' | 27,623,629 | 70,121,378 | 3,813,884 | ' | ' | 3,813,885 | 31,464,548 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant extend term period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '10 years |
Expiration date of warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24-Feb-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Home Sale Price Reserved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | 1.25% | ' | ' |
Basis_of_Presentation_and_Sign5
Basis of Presentation and Significant Accounting Policies - Summary of Changes in Warranty Liability (Detail) (USD $) | 7 Months Ended | 9 Months Ended | 10 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 |
Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Scenario, Previously Reported [Member] | |||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warranty liability, beginning of period | $14,000 | $14,317 | $14,000 | $14,314 | $16,341 | $21,365 | ' |
Warranty provision during period | 1,649 | 3,131 | 2,731 | 187 | 2,380 | 2,574 | ' |
Warranty payments during period | -1,944 | -3,900 | -3,216 | -845 | -4,699 | -8,277 | ' |
Warranty charges related to pre-existing warranties during period | 80 | 354 | 802 | 85 | 292 | 679 | 199 |
Warranty charges related to construction services projects | 347 | 267 | ' | 114 | ' | ' | ' |
Fresh start adjustment | ' | ' | ' | 145 | ' | ' | ' |
Warranty liability, end of period | $14,132 | $14,169 | $14,317 | $14,000 | $14,314 | $16,341 | ' |
Basis_of_Presentation_and_Sign6
Basis of Presentation and Significant Accounting Policies - Schedule of Interest Incurred under Company's Debt Obligations (Detail) (USD $) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 2 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Schedule Of Interest Expenses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Interest incurred | $7,511 | $8,729 | $22,336 | $22,511 | $30,526 | $7,145 | $61,464 | $62,791 |
Less: Interest capitalized | 7,460 | 6,238 | 15,009 | 19,909 | 21,399 | 4,638 | 36,935 | 39,138 |
Interest expense, net of amounts capitalized | 51 | 2,491 | 7,327 | 2,602 | 9,127 | 2,507 | 24,529 | 23,653 |
Cash paid for interest | $283 | $6,315 | $18,061 | $14,854 | $26,560 | $8,924 | $48,018 | $59,748 |
Emergence_From_Chapter_Eleven_
Emergence From Chapter Eleven - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | ||||
Feb. 24, 2012 | Dec. 31, 2011 | Feb. 24, 2012 | Sep. 30, 2013 | Feb. 24, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Feb. 24, 2012 | Dec. 31, 2012 | 21-May-13 | Feb. 24, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Second Lien Notes [Member] | Second Lien Notes [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class C [Member] | Common stock, Class C [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | |||
Emergence From Chapter Eleven [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 92,400,000 | ' | ' | ' | 31,464,548 | ' | ' | 12,966,366 | ' | 10,005,000 | 44,793,255 | 44,793,255 | ' |
Common stock par value per share | $0.01 | ' | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | ' | $0.01 | $0.01 | $0.01 |
Aggregate principal amount of senior secured notes | $283,500,000 | $283,483,000 | $75,000,000 | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of senior note | 10.00% | ' | 12.00% | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured note maturity date | ' | ' | '2017 | '2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate cash consideration | ' | ' | ' | ' | 25,000,000 | 25,000,000 | ' | 60,000,000 | 10,000,000 | ' | ' | ' | ' |
Issuance of warrant to purchase | ' | ' | ' | ' | 15,737,294 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Convertible Preferred Stock | 64,831,831 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock issuance at par value | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration of preferred stock | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration of common stock | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' |
Issuance of additional common stock | ' | ' | ' | ' | ' | ' | ' | 3,144,000 | 3,144,000 | ' | ' | ' | ' |
Recovered_Sheet1
Fresh Start Accounting And Effects Of Plan - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||||||||
Feb. 24, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | ||
Seller financing [Member] | Reorganization items [Member] | Reorganization items [Member] | Reorganization items [Member] | Construction management contracts [Member] | Home in backlog [Member] | Joint venture management fees [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Common Stock and Warrants [Member] | Old Common Stock [Member] | New Common Stock [Member] | Retained Earnings (Accumulated Deficit) [Member] | Minimum [Member] | Maximum [Member] | Scenario one [Member] | Scenario two [Member] | Fresh Start Accounting Adjustments [Member] | Fresh Start Accounting Adjustments [Member] | Fresh Start Accounting Adjustments [Member] | Fresh Start Accounting Adjustments [Member] | ||||||
Senior Secured Term Loan [Member] | Senior Subordinated Secured Notes Due 2017 [Member] | Reorganization items [Member] | Reorganization items [Member] | Successor [Member] | Book Value [Member] | Fair Value [Member] | Convertible preferred stock [Member] | |||||||||||||||||||||||
Fresh-Start Adjustment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Required emergence of voting shares | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted average cost of capital | 16.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Enterprise value | $485,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $485,000,000 | ' | ' | ' | |
Total debt | 384,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Growth rate | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Note payable, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,009,000 | 35,471,000 | 13,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | 56,300,000 | ' | ' | ' | ' | |
Note payable, book value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | 55,000,000 | ' | ' | ' | ' | |
Adjustment of one note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -200,000 | 1,300,000 | ' | ' | ' | ' | |
Risk adjusted discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | 12.50% | ' | ' | ' | ' | |
Debt instrument outstanding amount | ' | ' | ' | ' | 2,900,000 | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt maturity period after plan of reorganization | '6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Notes payable | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | 74,009,000 | 35,471,000 | 13,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Secured debt | ' | ' | ' | ' | ' | ' | 235,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt, renegotiated | 384,500,000 | 360,471,000 | 338,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 563,492,000 | 360,471,000 | 338,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 384,500,000 | ' | ' | ' | |
Residual fair value of equity | 100,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,500,000 | ' | ' | ' | |
Equity value allocation, term to liquidity event | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity value allocation, volatility based on public company comparables | ' | ' | ' | ' | ' | 59.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity value allocation, risk-free rate based on a 3 year treasury rate | ' | ' | ' | ' | ' | 0.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity value allocation, dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity value allocation, discount for lack of marketability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Preferred stock value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,400,000 | 56,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 56,400,000 | ' | ' | 56,400,000 | |
Common stock value | ' | ' | ' | ' | ' | 43,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,100,000 | ' | ' | ' | |
Warrants value | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Estimated fair value of intangible assets | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net cash received from the issuance of new equity | 81,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Repayment of DIP financing | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Payment of financing fees | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other reorganization related costs | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
LSTC comprised of Old Notes | 283,500,000 | ' | ' | 283,483,000 | ' | ' | ' | ' | ' | ' | ' | ' | 489,483,000 | ' | 325,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Related accrued interest | 15,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Successor's equity value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -179,516,000 | 309,968,000 | 62,712,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,500,000 | ' | ' | ' | |
Cash received for fair value of Convertible Preferred Stock issued | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | |
New common stock, shares issued | 92,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
New common stock, par value | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Old common stock, shares repurchased | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Adjustment to additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,900,000 | 27,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accumulated deficit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 235,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,830,000 | [1] | ' | ' | ' |
Adjustment to notes receivable | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -996,000 | [2] | ' | ' | ' |
Notes receivable with a book value | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Notes receivable with fair value | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of discounted future interest received | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Adjustment to real estate inventory | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unleveled discount rate for using project forecasts | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property & equipment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -421,000 | [3] | 1,000,000 | 600,000 | ' |
Identifiable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | 4,000,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,470,000 | [4] | ' | ' | ' |
Estimated margin on estimated costs of warranty required to transfer litigation liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | 19.00% | ' | ' | ' | ' | ' | ' | |
Estimated margin | 9.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accumulated deficit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 5,800,000 | ' | ' | ' | |
Adjustment to minority interest | $8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,588,000) | [5] | $9,700,000 | $8,100,000 | ' |
Discount rate for using cash flow approach project and estimated cash distributed to minority member of entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.80% | ' | ' | ' | |
[1] | Reflects the elimination of a balance in accumulated deficit of $5.8 million to reduce any accumulated deficit or retained earnings in conjunction with fresh start accounting, which requires the successor entity to begin with a zero balance in retained earnings. | |||||||||||||||||||||||||||||
[2] | Reflects adjustment of $1.0 million to notes receivable with a book value of $6.2 million to fair value of $5.2 million using the discounted cash flow approach. The Company discounted the future interest to be received at a discount rate of 10%, which is above the stated rate of the note. | |||||||||||||||||||||||||||||
[3] | Reflects adjustment of $0.4 million to property and equipment with a book value of $1.0 million to fair value of $ $0.6 million, based on the estimated sales value of the assets determined on an "As Is" Basis using market comparables. | |||||||||||||||||||||||||||||
[4] | Reflects identifiable intangible assets comprised of $4.6 million relating to construction management contracts, $4.0 million relating to homes in backlog, and $0.8 million relating to joint venture management fees. The value of the construction management contracts and the joint venture management fees was estimated using the discounted cash flows of each related project at a discount rate ranging from 17% to 19%. The value of the backlog contracts was determined using the With/Without method of the income approach and the expected closing date of the home in backlog and the contracted sales price of the home. | |||||||||||||||||||||||||||||
[5] | Reflects adjustment of $1.6 million to minority interest in a consolidated entity with a book value of $9.7 million to fair value of $8.1 million. The Company used a discounted cash flow approach to the project and the estimated cash to be distributed to the minority member of the entity, using a discount rate of 17.8%. |
Recovered_Sheet2
Fresh Start Accounting And Effects Of Plan (Fresh Start Consolidated Balance Sheet) (Detail) (USD $) | Feb. 24, 2012 | |
In Thousands, unless otherwise specified | ||
ASSETS | ' | |
Receivables | $1,000 | |
Real estate inventories | ' | |
Goodwill | 14,209 | |
Total assets | 580,865 | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Liabilities from inventories not owned | 1,200 | |
Liabilities | 87,765 | |
William Lyon Homes stockholders' equity (deficit) | ' | |
Noncontrolling interest | 8,100 | |
Predecessor [Member] | ' | |
ASSETS | ' | |
Cash and cash equivalents | 12,787 | |
Restricted cash | 852 | |
Receivables | 12,790 | |
Real estate inventories | ' | |
Property & equipment, net | 962 | |
Deferred loan costs | 8,258 | |
Other assets | 6,307 | |
Total assets | 493,746 | |
William Lyon Homes stockholders' equity (deficit) | ' | |
Additional paid-in capital | 48,867 | |
Accumulated deficit | -235,584 | |
Total William Lyon Homes stockholder's equity (deficit) | -186,717 | |
Noncontrolling interest | 9,688 | |
Total equity (deficit) | -177,029 | |
Total liabilities and equity (deficit) | 493,746 | |
Predecessor [Member] | Real estate inventories - Owned | ' | |
Real estate inventories | ' | |
Real estate inventories | 405,632 | |
Predecessor [Member] | Real estate inventories - Not owned | ' | |
Real estate inventories | ' | |
Real estate inventories | 46,158 | |
Predecessor [Member] | Liabilities not subject to compromise | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Accounts payable | 10,000 | |
Accrued expenses | 31,391 | |
Liabilities from inventories not owned | 46,158 | |
Notes payable | 78,394 | |
Liabilities | 371,943 | |
Predecessor [Member] | Liabilities not subject to compromise | Secured Debt [Member] | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Senior Secured Term Loan due January 31, 2015 | 206,000 | |
Predecessor [Member] | Liabilities subject to compromise | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Accrued expenses | 15,297 | |
Senior Notes | 298,832 | |
Predecessor [Member] | Liabilities subject to compromise | 7 5/8% Senior Notes due December 15, 2012 [Member] | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Senior Notes | 66,704 | |
Predecessor [Member] | Liabilities subject to compromise | 10 3/4% Senior Notes due April 1, 2013 [Member] | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Senior Notes | 138,964 | |
Predecessor [Member] | Liabilities subject to compromise | 7 1/2% Senior Notes due February 15, 2014 [Member] | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Senior Notes | 77,867 | |
Plan of Reorganization Adjustments [Member] | ' | |
ASSETS | ' | |
Cash and cash equivalents | 67,746 | [1] |
Real estate inventories | ' | |
Deferred loan costs | -5,767 | [2] |
Other assets | 47 | [3] |
Total assets | 66,055 | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Redeemable convertible preferred stock | 56,386 | [4] |
William Lyon Homes stockholders' equity (deficit) | ' | |
Additional paid-in capital | -21,177 | [5] |
Accumulated deficit | 229,754 | [6] |
Total William Lyon Homes stockholder's equity (deficit) | 209,501 | |
Total equity (deficit) | 209,501 | |
Total liabilities and equity (deficit) | 66,055 | |
Plan of Reorganization Adjustments [Member] | Real estate inventories - Owned | ' | |
Real estate inventories | ' | |
Real estate inventories | 4,029 | [7] |
Plan of Reorganization Adjustments [Member] | Common stock, Class A [Member] | ' | |
William Lyon Homes stockholders' equity (deficit) | ' | |
Common stock | 448 | [8] |
Plan of Reorganization Adjustments [Member] | Common stock, Class B [Member] | ' | |
William Lyon Homes stockholders' equity (deficit) | ' | |
Common stock | 315 | [8] |
Plan of Reorganization Adjustments [Member] | Common stock, Class C [Member] | ' | |
William Lyon Homes stockholders' equity (deficit) | ' | |
Common stock | 161 | [8] |
Plan of Reorganization Adjustments [Member] | Liabilities not subject to compromise | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Notes payable | -5,000 | [9] |
Senior Secured Term Loan due January 31, 2015 | 75,000 | [10] |
Liabilities | 99,000 | |
Plan of Reorganization Adjustments [Member] | Liabilities not subject to compromise | Secured Debt [Member] | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Senior Secured Term Loan due January 31, 2015 | 29,000 | [11] |
Plan of Reorganization Adjustments [Member] | Liabilities subject to compromise | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Accrued expenses | -15,297 | [12] |
Senior Notes | -298,832 | |
Plan of Reorganization Adjustments [Member] | Liabilities subject to compromise | 7 5/8% Senior Notes due December 15, 2012 [Member] | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Senior Notes | -66,704 | [12] |
Plan of Reorganization Adjustments [Member] | Liabilities subject to compromise | 10 3/4% Senior Notes due April 1, 2013 [Member] | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Senior Notes | -138,964 | [12] |
Plan of Reorganization Adjustments [Member] | Liabilities subject to compromise | 7 1/2% Senior Notes due February 15, 2014 [Member] | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Senior Notes | -77,867 | [12] |
Fresh Start Accounting Adjustments [Member] | ' | |
ASSETS | ' | |
Receivables | -996 | [13] |
Real estate inventories | ' | |
Property & equipment, net | -421 | [14] |
Goodwill | 14,209 | [15] |
Intangibles | 9,470 | [16] |
Total assets | 21,064 | |
William Lyon Homes stockholders' equity (deficit) | ' | |
Additional paid-in capital | 15,501 | [17] |
Accumulated deficit | 5,830 | [18] |
Total William Lyon Homes stockholder's equity (deficit) | 21,331 | |
Noncontrolling interest | -1,588 | [19] |
Total equity (deficit) | 19,743 | |
Total liabilities and equity (deficit) | 21,064 | |
Fresh Start Accounting Adjustments [Member] | Real estate inventories - Owned | ' | |
Real estate inventories | ' | |
Real estate inventories | -1,198 | [20] |
Fresh Start Accounting Adjustments [Member] | Liabilities not subject to compromise | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Accrued expenses | 221 | [21] |
Notes payable | 1,100 | [22] |
Liabilities | 1,321 | |
Successor [Member] | ' | |
ASSETS | ' | |
Cash and cash equivalents | 80,533 | |
Restricted cash | 852 | |
Receivables | 11,794 | |
Real estate inventories | ' | |
Property & equipment, net | 541 | |
Deferred loan costs | 2,491 | |
Goodwill | 14,209 | |
Intangibles | 9,470 | |
Other assets | 6,354 | |
Total assets | 580,865 | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Redeemable convertible preferred stock | 56,386 | |
William Lyon Homes stockholders' equity (deficit) | ' | |
Additional paid-in capital | 43,191 | |
Total William Lyon Homes stockholder's equity (deficit) | 44,115 | |
Noncontrolling interest | 8,100 | |
Total equity (deficit) | 52,215 | |
Total liabilities and equity (deficit) | 580,865 | |
Successor [Member] | Real estate inventories - Owned | ' | |
Real estate inventories | ' | |
Real estate inventories | 408,463 | |
Successor [Member] | Real estate inventories - Not owned | ' | |
Real estate inventories | ' | |
Real estate inventories | 46,158 | |
Successor [Member] | Common stock, Class A [Member] | ' | |
William Lyon Homes stockholders' equity (deficit) | ' | |
Common stock | 448 | |
Successor [Member] | Common stock, Class B [Member] | ' | |
William Lyon Homes stockholders' equity (deficit) | ' | |
Common stock | 315 | |
Successor [Member] | Common stock, Class C [Member] | ' | |
William Lyon Homes stockholders' equity (deficit) | ' | |
Common stock | 161 | |
Successor [Member] | Liabilities not subject to compromise | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Accounts payable | 10,000 | |
Accrued expenses | 31,612 | |
Liabilities from inventories not owned | 46,158 | |
Notes payable | 74,494 | |
Senior Secured Term Loan due January 31, 2015 | 75,000 | |
Liabilities | 472,264 | |
Successor [Member] | Liabilities not subject to compromise | Secured Debt [Member] | ' | |
LIABILITIES AND EQUITY (DEFICIT) | ' | |
Senior Secured Term Loan due January 31, 2015 | $235,000 | |
[1] | Reflects net cash received of $81.0 million from the issuance of new equity, reduced by the repayment of DIP financing of $5.2 million, payment of financing fees of $2.6 million and other reorganization related costs of $5.4 million. | |
[2] | Reflects the write-off of the remaining deferred loan costs of the Old Notes net of capitalization of deferred loan costs related to the Amended Term Loan. | |
[3] | Reflects prepaid property taxes to obtain title insurance for the second lien notes. Deferred tax assets are not reflected on the balance sheet as they have been fully reserved. | |
[4] | Reflects the fair value of the Convertible Preferred Stock issued pursuant to the Plan. The fair value of the total residual equity interest of $100.5 million was determined based on the enterprise value of $485.0 million determined as of the date of the plan, less the $384.5 million fair value of Long-Term debt. Cash received for the convertible preferred was $50.0 million, however as discussed previously, the Company valued the redeemable convertible preferred stock at $56.4 million. | |
[5] | Reflects the elimination of $48.9 million of additional paid-in capital ("APIC") relating to Old Common Stock, offset by $27.7 million of net cash received from the issuance of the Class B and Class C shares of common stock. | |
[6] | Reflects the elimination of $235.6 million of accumulated deficit of the Predecessor company in addition to the net impact of Plan adjustments to assets, liabilities and stockholder's equity. | |
[7] | Reflects contribution of land option deposit in lieu of cash for Class B Common Stock. | |
[8] | Reflects the issuance of 92.4 million total shares in new common stock at $0.01 par value and the extinguishment of 1,000 shares ($0.01 par) of Old Common Stock, in accordance with the plan (see Note 2 for allocation of shares). | |
[9] | Reflects repayment of amounts outstanding under the DIP Credit Agreement pursuant to the Plan. | |
[10] | Reflects the issuance of Senior Subordinated Secured Notes of $75.0 million, in accordance with the Plan. | |
[11] | Reflects the additional principal added to the Amended Term Loan, in accordance with the Plan. | |
[12] | Reflects the extinguishment of liabilities subject to compromise ("LSTC") at emergence. LSTC was comprised of $283.5 million of Old Notes and $15.3 million of related accrued interest. The holders of the Old Notes received Class A common stock of the Successor entity. | |
[13] | Reflects adjustment of $1.0 million to notes receivable with a book value of $6.2 million to fair value of $5.2 million using the discounted cash flow approach. The Company discounted the future interest to be received at a discount rate of 10%, which is above the stated rate of the note. | |
[14] | Reflects adjustment of $0.4 million to property and equipment with a book value of $1.0 million to fair value of $ $0.6 million, based on the estimated sales value of the assets determined on an "As Is" Basis using market comparables. | |
[15] | Goodwill represents the excess of enterprise value upon emergence over fair value of net tangible and identifiable intangible assets acquired. | |
[16] | Reflects identifiable intangible assets comprised of $4.6 million relating to construction management contracts, $4.0 million relating to homes in backlog, and $0.8 million relating to joint venture management fees. The value of the construction management contracts and the joint venture management fees was estimated using the discounted cash flows of each related project at a discount rate ranging from 17% to 19%. The value of the backlog contracts was determined using the With/Without method of the income approach and the expected closing date of the home in backlog and the contracted sales price of the home. | |
[17] | Reflects the adjustment to a combined common stock and warrants value of $44.1 million for the calculation of fair value under the provisions of fresh start accounting, based on the remaining residual equity interest of $100.5 million, as discussed in note (i) above, less the allocation to convertible preferred of $56.4 million, as also discussed in note (i). | |
[18] | Reflects the elimination of a balance in accumulated deficit of $5.8 million to reduce any accumulated deficit or retained earnings in conjunction with fresh start accounting, which requires the successor entity to begin with a zero balance in retained earnings. | |
[19] | Reflects adjustment of $1.6 million to minority interest in a consolidated entity with a book value of $9.7 million to fair value of $8.1 million. The Company used a discounted cash flow approach to the project and the estimated cash to be distributed to the minority member of the entity, using a discount rate of 17.8%. | |
[20] | Reflects adjustment of $1.2 million to real estate inventory using the discounted cash flow approach. The Company used project forecasts and an unlevered discount rate of 20% to arrive at fair value. Certain projects that are held for future development were valued on an "As-Is" Basis using market comparables | |
[21] | Reflects adjustments to warranty and construction defect litigation liabilities which were valued based on the estimated costs of warranty spending on homes previously closed plus an estimated margin of 9.4%, plus a reasonable margin required to transfer the liability or to fulfill the obligation. | |
[22] | Reflects adjustment of one note payable of $(0.2) million, with a book value of $6.5 million to a fair value of $6.3 million. The Company used a discounted cash flow on contracted interest and principal to be received and a risk adjusted discount rate of 12.5%. Also reflects adjustment of one note payable of $1.3 million, with a book value of $55.0 million to a fair value of $56.3 million. The Company used a discounted cash flow on contracted interest and principal to be received and a risk adjusted discount rate of 12.5%. |
Fresh_Start_Accounting_And_Eff2
Fresh Start Accounting And Effects Of Plan (Schedule Of Reconciliation Of Enterprise Value To Reorganized Asset Value And Determination Of Goodwill) (Detail) (USD $) | 1 Months Ended |
Feb. 24, 2012 | |
Reorganization Items [Line Items] | ' |
Total enterprise value | $485,000,000 |
Add: liabilities (excluding debt and equity) | 87,765,000 |
Add: noncontrolling interest | 8,100,000 |
Reorganization value of assets | 580,865,000 |
Fair value of assets (excluding goodwill) | 566,656,000 |
Reorganization value in excess of fair value (goodwill) | $14,209,000 |
Reorganization_Items_Summary_O
Reorganization Items (Summary Of Reorganization Items) (Detail) (USD $) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 2 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Reorganization [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cancellation of debt | ' | ' | ' | ' | $298,831 | ' | ' |
Plan implementation and fresh start valuation adjustments | ' | ' | ' | ' | -49,302 | ' | ' |
Professional fees | ' | ' | ' | -2,525 | -7,813 | -21,182 | ' |
Write-off of Old Notes deferred loan costs | ' | ' | ' | ' | -8,258 | ' | ' |
Total reorganization items, net | ($712) | ($1,894) | ($464) | ($2,525) | $233,458 | ($21,182) | ' |
Variable_Interest_Entities_and1
Variable Interest Entities and Noncontrolling Interests - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2011 |
Joint_Ventures | Joint_Ventures | ||
Variable Interest Entity [Line Items] | ' | ' | ' |
Percentage of profits and cash flows receivable from the joint ventures after partners' priority returns and return of partners' capital | 50.00% | ' | ' |
Consolidated variable interest entities, assets | $24.70 | $68.50 | $14 |
Consolidated variable interest entities, liabilities | 6.4 | 21.8 | 1.3 |
Valuation adjustment to the noncontrolling interest | 1.6 | ' | ' |
Number of joint ventures | 1 | 2 | ' |
Cash [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Consolidated variable interest entities, assets | 1.1 | 3.3 | 2.1 |
Real Estate Inventory Impairments [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Consolidated variable interest entities, assets | 20.4 | 61 | 8.7 |
Notes payable, Other Payables [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Consolidated variable interest entities, liabilities | ' | $19.20 | ' |
Segment_Information_Segment_Fi
Segment Information - Segment Financial Information Relating to Operations (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | ||||||
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |||||||||||||||||||||
Southern California [Member] | Southern California [Member] | Southern California [Member] | Southern California [Member] | Southern California [Member] | Northern California [Member] | Northern California [Member] | Northern California [Member] | Northern California [Member] | Northern California [Member] | Arizona [Member] | Arizona [Member] | Arizona [Member] | Arizona [Member] | Arizona [Member] | Nevada [Member] | Nevada [Member] | Nevada [Member] | Nevada [Member] | Nevada [Member] | Colorado [Member] | Colorado [Member] | Colorado [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Southern California [Member] | Southern California [Member] | Southern California [Member] | Northern California [Member] | Northern California [Member] | Northern California [Member] | Arizona [Member] | Arizona [Member] | Arizona [Member] | Nevada [Member] | Nevada [Member] | Nevada [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | |||||||||||||||||||||
Operating revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating revenue | ' | $150,830 | ' | $92,987 | ' | $262,575 | $363,121 | $372,760 | $25,570 | ' | ' | ' | ' | $226,823 | $294,698 | $49,681 | $36,097 | $68,187 | $105,231 | $116,619 | $27,790 | $26,181 | $131,747 | $56,115 | $154,684 | $31,253 | $17,157 | $38,634 | $86,431 | $58,714 | $23,920 | $13,552 | $24,007 | $56,421 | $37,307 | $18,186 | $58,923 | $5,436 | ' | ' | ' | ' | ' | $7,759 | $130,737 | $206,241 | $11,014 | $54,141 | $56,095 | $4,316 | $20,074 | $16,595 | $2,481 | $21,871 | $15,767 | ' | ' | ' | |||||
(Loss) income before provision for income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
(Loss) income before provision for income taxes | ' | 17,036 | ' | 477 | ' | -5,562 | 23,653 | -6,850 | 228,497 | ' | ' | ' | ' | -192,888 | -135,867 | ' | ' | ' | ' | 3,345 | ' | ' | ' | ' | 16,179 | ' | ' | ' | ' | 2,073 | ' | ' | ' | ' | -1,146 | ' | ' | 130 | ' | ' | ' | ' | -27,431 | -19,131 | -26,406 | -83,176 | 6,195 | -6,307 | -41 | 9,928 | -95,184 | -26,887 | -1,738 | -30,500 | -21,449 | 233,243 | -34,491 | -4,314 | |||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | ($4,982) | $10,680 | ($1,288) | $466 | ($1,057) | ($5,573) | $17,287 | ($6,861) | $228,497 | ($130,926) | ($39,700) | ($11,095) | ($11,177) | ($192,898) | ($135,455) | $10,027 | $889 | ($1,840) | $15,453 | ' | $4,706 | $4,577 | $12,169 | $8,740 | ' | $4,224 | $353 | $64 | $9,032 | ' | $3,355 | $1 | ($1,637) | $5,881 | ' | $209 | $1,654 | ' | ($11,841) | [1] | ($5,354) | [1] | ($14,329) | [1] | ($23,473) | [1] | ' | ($19,131) | ' | ' | $6,195 | ' | ' | $9,928 | ' | ' | ($1,738) | ' | ' | $233,243 | [1] | ' | ' |
[1] | Includes the Company's consolidated Provision for income taxes of approximately $6.4 million and $6.4 million for the three and nine months ended September 30, 2013. |
Segment_Information_Pretax_Inv
Segment Information (Pretax Inventory Impairment Charges Included In (Loss) Income Before (Provision) Benefit From Income Taxes) (Detail) (USD $) | 10 Months Ended | 2 Months Ended | 12 Months Ended | 10 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |||||
Southern California [Member] | Northern California [Member] | Arizona [Member] | Nevada [Member] | Colorado [Member] | Southern California [Member] | Southern California [Member] | Southern California [Member] | Northern California [Member] | Northern California [Member] | Northern California [Member] | Arizona [Member] | Arizona [Member] | Arizona [Member] | Nevada [Member] | Nevada [Member] | Nevada [Member] | Colorado [Member] | Colorado [Member] | Colorado [Member] | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total impairment loss on real estate assets | ' | ' | $128,314 | $111,860 | ' | ' | ' | ' | ' | ' | $17,962 | $70,801 | ' | $2,074 | $3,103 | ' | $87,607 | $22,409 | ' | $20,671 | $15,547 | ' | ' | ' |
Segment_Information_Consists_o
Segment Information - Consists of Write-Off of Land Option Deposits and Pre-acquisition Costs (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | |||
In Thousands, unless otherwise specified | Successor [Member] | Successor [Member] | Predecessor [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | |||
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |||||||
Southern California [Member] | Southern California [Member] | Northern California [Member] | Northern California [Member] | Arizona [Member] | Arizona [Member] | Nevada [Member] | Nevada [Member] | Colorado [Member] | Colorado [Member] | Corporate [Member] | Corporate [Member] | Southern California [Member] | Northern California [Member] | Arizona [Member] | Nevada [Member] | Colorado [Member] | Corporate [Member] | |||||||
Homebuilding assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Homebuilding assets | $798,953 | $581,147 | $496,951 | $281,967 | $195,688 | $130,616 | $31,293 | $169,581 | $173,847 | $76,353 | $51,141 | $36,769 | $37,668 | $103,667 | [1] | $91,510 | [1] | $182,781 | $105,298 | $129,920 | $42,183 | ' | $36,769 | [1] |
[1] | Comprised primarily of cash and cash equivalents, receivables, deferred loan costs, and other assets. |
Real_Estate_Inventories_Summar
Real Estate Inventories - Summary of Real Estate Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Thousands, unless otherwise specified | Successor [Member] | Successor [Member] | Predecessor [Member] | |||
Real estate inventories owned: | ' | ' | ' | |||
Land deposits | $40,816 | $31,855 | $26,939 | |||
Land and land under development | 439,401 | 318,327 | 267,348 | |||
Homes completed and under construction | 138,500 | 50,847 | 90,824 | |||
Model homes | 21,445 | 20,601 | 13,423 | |||
Total | 640,162 | 421,630 | 398,534 | |||
Real estate inventories not owned: | ' | ' | ' | |||
Other land options contracts - land banking arrangement | $20,738 | [1] | $39,029 | [1],[2] | $47,408 | [2] |
[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. Amounts are net of deposits. | |||||
[2] | Represents the consolidation of a land banking arrangement which does not obligate the Company to purchase the lots, however, based on certain factors, the Company has determined it is economically compelled to purchase the lots in the land banking arrangement, which has been consolidated. Amounts are net of deposits. |
Real_Estate_Inventories_Additi
Real Estate Inventories - Additional Information (Detail) (USD $) | 7 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory [Line Items] | ' | ' | ' | ' |
Impairment loss on real estate assets | $0 | $0 | $0 | $128.30 |
Goodwill_Narrative_Detail
Goodwill (Narrative) (Detail) (USD $) | Dec. 31, 2012 | Feb. 24, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill | $14,200,000 | ' |
Goodwill in connection with fresh start accounting | ' | $14,209,000 |
Goodwill_Schedule_Of_Goodwill_
Goodwill (Schedule Of Goodwill) (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Southern California [Member] | Northern California [Member] | Arizona [Member] | Nevada [Member] | Southern California [Member] | Northern California [Member] | Arizona [Member] | Nevada [Member] | Colorado [Member] | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $14,200 | $14,209 | $14,209 | $4,885 | $1,916 | $5,951 | $1,457 | ' | ' | ' | ' | ' | ' |
Intangibles_Carrying_Value_And
Intangibles (Carrying Value And Accumulated Amortization Of Intangible Assets) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets Disclosure [Line Items] | ' | ' |
Net Carrying Amount | ' | $4,620 |
Successor [Member] | ' | ' |
Intangible Assets Disclosure [Line Items] | ' | ' |
Carrying Value | ' | 10,377 |
Accumulated Amortization | -6,930 | -5,757 |
Net Carrying Amount | 3,446 | 4,620 |
Successor [Member] | Construction management contracts [Member] | ' | ' |
Intangible Assets Disclosure [Line Items] | ' | ' |
Carrying Value | ' | 4,640 |
Accumulated Amortization | ' | -1,295 |
Net Carrying Amount | ' | 3,345 |
Successor [Member] | Homes in backlog [Member] | ' | ' |
Intangible Assets Disclosure [Line Items] | ' | ' |
Carrying Value | ' | 4,937 |
Accumulated Amortization | ' | -4,169 |
Net Carrying Amount | ' | 768 |
Successor [Member] | Joint venture management fee contracts [Member] | ' | ' |
Intangible Assets Disclosure [Line Items] | ' | ' |
Carrying Value | ' | 800 |
Accumulated Amortization | ' | -293 |
Net Carrying Amount | ' | $507 |
Intangibles_Additional_Informa
Intangibles - Additional Information (Detail) (USD $) | 2 Months Ended | 10 Months Ended | 12 Months Ended | |
Feb. 24, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 07, 2012 | |
Village Homes [Member] | ||||
Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense related to intangible assets | ' | $5,800,000 | ' | ' |
Estimated fair value of intangible assets | $9,500,000 | ' | ' | $900,000 |
Weighted average remaining useful life of intangible assets | ' | ' | '24 months | ' |
Intangibles_Estimated_Future_A
Intangibles (Estimated Future Amortization Expense) (Detail) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Estimated Amortization Expense [Line Items] | ' |
2013 | $1,725 |
2014 | 1,244 |
2015 | 1,651 |
Net Carrying Amount | $4,620 |
Senior_Notes_and_Secured_Indeb2
Senior Notes and Secured Indebtedness - Details of Notes Payable and Senior Notes (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | ' | $283,500 | $283,483 |
Notes payable: | ' | ' | ' | ' |
Total notes payable and Senior Notes | 360,471 | 338,248 | 384,500 | ' |
Successor [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | 325,000 | ' | ' |
Notes payable: | ' | ' | ' | ' |
Notes payable | 35,471 | 13,248 | ' | ' |
Total notes payable and Senior Notes | 360,471 | 338,248 | ' | ' |
Successor [Member] | Revolving Credit Facility [Member] | ' | ' | ' | ' |
Notes payable: | ' | ' | ' | ' |
Notes payable | 0 | 0 | ' | ' |
Successor [Member] | Construction notes payable [Member] | ' | ' | ' | ' |
Notes payable: | ' | ' | ' | ' |
Notes payable | 19,233 | 13,248 | ' | ' |
Successor [Member] | Seller financing [Member] | ' | ' | ' | ' |
Notes payable: | ' | ' | ' | ' |
Notes payable | 16,238 | 0 | ' | ' |
Predecessor [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | ' | ' | 489,483 |
Notes payable: | ' | ' | ' | ' |
Notes payable | ' | ' | ' | 74,009 |
Total notes payable and Senior Notes | ' | ' | ' | 563,492 |
8 1/2% Senior Notes due November 15, 2020 [Member] | Successor [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | 325,000 | 325,000 | ' | ' |
8 1/2% Senior Notes due November 15, 2020 [Member] | Predecessor [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | ' | ' | 0 |
Senior Secured Term Loan [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Senior Secured Debt | ' | 235,000 | ' | ' |
Senior Secured Term Loan [Member] | Successor [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Senior Secured Debt | ' | 0 | ' | ' |
Senior Secured Term Loan [Member] | Predecessor [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Senior Secured Debt | ' | ' | ' | 206,000 |
7 5/8% Senior Notes due December 15, 2012 [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | ' | ' | 66,704 |
7 5/8% Senior Notes due December 15, 2012 [Member] | Successor [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | 0 | ' | ' |
7 5/8% Senior Notes due December 15, 2012 [Member] | Predecessor [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | ' | ' | 66,704 |
10 3/4% Senior Notes due April 1, 2013 [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | ' | ' | 138,912 |
10 3/4% Senior Notes due April 1, 2013 [Member] | Successor [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | 0 | ' | ' |
10 3/4% Senior Notes due April 1, 2013 [Member] | Predecessor [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | ' | ' | 138,912 |
7 1/2% Senior Notes due February 15, 2014 [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | ' | ' | 77,867 |
7 1/2% Senior Notes due February 15, 2014 [Member] | Successor [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | 0 | ' | ' |
7 1/2% Senior Notes due February 15, 2014 [Member] | Predecessor [Member] | ' | ' | ' | ' |
Senior Notes: | ' | ' | ' | ' |
Total Senior Notes | ' | ' | ' | $77,867 |
Senior_Notes_and_Secured_Indeb3
Senior Notes and Secured Indebtedness - Details of Notes Payable and Senior Notes (Parenthetical) (Detail) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 03, 2009 | Feb. 24, 2012 | Nov. 08, 2012 | Nov. 22, 2004 | Mar. 17, 2003 | Feb. 06, 2004 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | |
Senior Secured Term Loan [Member] | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |||
8 1/2% Senior Notes due November 15, 2020 [Member] | 8 1/2% Senior Notes due November 15, 2020 [Member] | Senior Secured Term Loan [Member] | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | 8 1/2% Senior Notes due November 15, 2020 [Member] | Senior Secured Term Loan [Member] | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | 30-Sep-16 | ' | ' | ' | ' | ' | 15-Nov-20 | 15-Nov-20 | 31-Jan-15 | 15-Dec-12 | 1-Apr-13 | 15-Feb-14 | 15-Nov-20 | 31-Jan-15 | 15-Dec-12 | 1-Apr-13 | 15-Feb-14 |
Debt instrument, interest rate percentage | ' | 10.00% | 10.25% | 7.63% | 10.75% | 7.50% | 8.50% | 8.50% | ' | 7.63% | 10.75% | 7.50% | 8.50% | ' | 7.63% | 10.75% | 7.50% |
Senior_Notes_and_Secured_Indeb4
Senior Notes and Secured Indebtedness - Maturities of Notes Payable and Senior Notes (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 |
In Thousands, unless otherwise specified | |||
Debt Disclosure [Abstract] | ' | ' | ' |
2013 | $0 | ' | ' |
2014 | 1,762 | ' | ' |
2015 | 14,476 | 13,248 | ' |
2016 | 19,233 | ' | ' |
2017 | 0 | ' | ' |
Thereafter | 325,000 | 325,000 | ' |
Total notes payable and Senior Notes | $360,471 | $338,248 | $384,500 |
Senior_Notes_and_Secured_Indeb5
Senior Notes and Secured Indebtedness - 8 1/2% Senior Notes Due 2020 - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 03, 2009 | Feb. 24, 2012 | Nov. 08, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 08, 2012 | Feb. 24, 2012 | Nov. 08, 2012 | Dec. 31, 2010 | Dec. 31, 2012 | Nov. 08, 2012 |
8 1/2% Senior Notes Due 2020 [Member] | 8 1/2% Senior Notes Due 2020 [Member] | 8 1/2% Senior Notes Due 2020 [Member] | 8 1/2% Senior Notes Due 2020 [Member] | 8 1/2% Senior Notes Due 2020 [Member] | 8 1/2% Senior Notes Due 2020 [Member] | 8 1/2% Senior Notes Due 2020 [Member] | 8 1/2% Senior Notes Due 2020 [Member] | 8 1/2% Senior Notes Due 2020 [Member] | Senior Secured Term Loan [Member] | Senior Subordinated Secured Notes [Member] | Senior Subordinated Secured Notes [Member] | Senior Subordinated Secured Notes [Member] | Senior Subordinated Secured Notes [Member] | Project debt [Member] | |||
California Lyon [Member] | California Lyon [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | California Lyon [Member] | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate | ' | 10.00% | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | 10.25% | 12.00% | 12.00% | ' | ' | ' |
Aggregate principal amount | ' | ' | $325 | ' | ' | ' | ' | ' | ' | ' | ' | $235 | $75 | $76 | $37.30 | ' | $11 |
Percentage of issuance price on face value | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt amount, outstanding | ' | ' | ' | ' | $325 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | 30-Sep-16 | ' | ' | 15-Nov-20 | 15-Nov-20 | ' | ' | ' | ' | ' | ' | ' | 25-Feb-17 | ' | ' | ' | ' |
Interest at an annual rate | ' | ' | ' | 8.50% | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First requisite repayment date | ' | ' | ' | ' | 15-May-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument redemption date | ' | ' | ' | 'November 15, 2016 | 'November 15, 2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notice period for redemption of Notes | ' | ' | ' | ' | ' | ' | ' | '30 days | '30 days | '60 days | '60 days | ' | ' | ' | ' | ' | ' |
Percentage of redemption price of principal amount | ' | ' | ' | 100.00% | 100.00% | 108.50% | 108.50% | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Principal amount of notes redeemed | ' | ' | ' | ' | ' | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior_Notes_and_Secured_Indeb6
Senior Notes and Secured Indebtedness - Summary of Senior Notes Redemption Prices Percentage (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Debt Disclosure [Abstract] | ' | ' |
2016 | 104.25% | 104.25% |
2017 | 102.13% | 102.13% |
2018 and thereafter | 100.00% | 100.00% |
Recovered_Sheet3
Senior Notes And Secured Indebtedness (Narrative) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||
31-May-12 | Sep. 03, 2009 | Dec. 31, 2012 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2012 | Nov. 08, 2012 | Feb. 24, 2012 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2012 | Nov. 08, 2012 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 22, 2004 | Mar. 17, 2003 | Dec. 31, 2011 | Feb. 06, 2004 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | |
Senior Secured Term Loan [Member] | Senior Secured Term Loan [Member] | Term Loan Agreement [Member] | Term Loan Agreement [Member] | Senior Subordinated Secured Notes [Member] | Senior Subordinated Secured Notes [Member] | Senior Subordinated Secured Notes [Member] | Senior Subordinated Secured Notes [Member] | Senior Subordinated Secured Notes [Member] | 7 5/8% Senior Notes due December 15, 2012 [Member] | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | ||||||
California Lyon [Member] | California Lyon [Member] | Senior Secured Term Loan [Member] | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan outstanding | ' | ' | ' | ' | ' | $235,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $206,000,000 | ' | ' | ' |
Debt instrument interest rate | ' | ' | ' | ' | 10.00% | ' | 10.25% | 10.25% | 14.00% | 12.00% | ' | 12.00% | ' | ' | ' | 7.63% | 10.75% | ' | 7.50% | ' | ' | ' | ' | 7.63% | 10.75% | 7.50% |
Debt instrument, maturity date | ' | 30-Sep-16 | ' | ' | ' | ' | ' | 31-Jan-15 | 20-Oct-14 | 25-Feb-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-15 | 15-Dec-12 | 1-Apr-13 | 15-Feb-14 |
Gain (loss) on extinguishment of debt | 1,000,000 | ' | -300,000 | ' | ' | -1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,572,000 | 5,572,000 | ' | ' | ' | ' |
Percentage of interest rate to pay loan amount | ' | ' | ' | ' | ' | ' | ' | ' | 15.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discounted interest rate for prepayment | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | 235,000,000 | ' | ' | 75,000,000 | ' | 76,000,000 | 37,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, cash interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of redemption price of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt amount, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,700,000 | 150,000,000 | 250,000,000 | 138,900,000 | 150,000,000 | 77,900,000 | ' | ' | ' | ' | ' | ' |
Percentage of issuance price on face value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246,200,000 | ' | 147,600,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of discount to yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on early redemption of debt | ' | ' | ' | $5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet4
Senior Notes And Secured Indebtedness (Principal Amounts Of Senior Notes Outstanding) (Detail) (USD $) | Feb. 24, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $283,500 | $283,483 |
7 5/8% Senior Notes due December 15, 2012 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | ' | 66,704 |
10 3/4% Senior Notes due April 1, 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | ' | 138,912 |
7 1/2% Senior Notes due February 15, 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | ' | $77,867 |
Senior_Notes_and_Secured_Indeb7
Senior Notes and Secured Indebtedness - Notes Payable - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 7 Months Ended | 10 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
31-May-12 | Sep. 03, 2009 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 01, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2011 | Feb. 24, 2012 | Sep. 30, 2013 | Aug. 07, 2013 | Sep. 30, 2013 | Mar. 05, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 07, 2013 | |
Seller financing [Member] | Seller financing [Member] | Seller financing [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Construction notes payable agreement three [Member] | Construction notes payable agreement three [Member] | Construction notes payable agreement three [Member] | Construction notes payable agreement two [Member] | Construction notes payable agreement two [Member] | Construction notes payable agreement two [Member] | Construction notes payable agreement one [Member] | Construction notes payable agreement one [Member] | Construction totes two [Member] | Construction notes one [Member] | Other construction notes [Member] | Other construction notes [Member] | Land Acquisition Note Payable [Member] | Land Acquisition Note Payable [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving line of credit loan agreement | |||||
First note [Member] | Second note [Member] | Seller financing [Member] | Seller financing [Member] | Seller financing [Member] | Revolver [Member] | Revolver [Member] | CB&T Loan Agreement [Member] | CB&T Loan Agreement [Member] | CB&T Loan Agreement [Member] | CB&T Loan Agreement [Member] | Fixed rate [Member] | Variable rate [Member] | Revolver [Member] | |||||||||||||||||||||||
Second note [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable | ' | ' | ' | ' | ' | $1,700,000 | ' | ' | $13,248,000 | $35,471,000 | $16,238,000 | $0 | $14,500,000 | $19,000,000 | $28,000,000 | ' | $17,000,000 | ' | ' | $19,000,000 | ' | $16,000,000 | $9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | 30-Sep-16 | ' | ' | 1-Mar-12 | 1-Mar-14 | 31-May-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-15 | ' | ' | 30-Sep-15 | ' | ' | 1-Jan-12 | 1-May-15 | ' | 1-Oct-12 | ' | ' | ' | 5-Mar-16 | ' | ' | ' | ' | ' | ' |
Debt Instrument Interest Rate Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Prime rate +0.5%, with a rate floor of 4.0% | 'Prime rate +1.0%, with a rate floor of 5.0% | 'Prime + 1%, with a rate floor of 5.0% | 'Prime rate +1%, with a rate floor of 5.0%, | ' | 'Prime Rate + 1.0%, with a rate floor of 5.0% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'A fixed rate at LIBOR plus 3.00% per annum | 'A variable rate at the Prime Rate, as adjusted by CB&T in accordance with the CB&T Loan Agreement, plus 1.00% per annum | ' |
Debt amount, outstanding | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000 | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, renegotiated maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First requisite repayment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on extinguishment of debt | 1,000,000 | ' | -300,000 | ' | ' | ' | ' | 975,000 | -1,392,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition price of land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate percentage | ' | ' | ' | 10.00% | 7.00% | 3.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense, net | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving Line of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | 30,000,000 | ' | ' | ' | ' | 50,000,000 |
Line Of Credit Facility, Additional Capacity Under Accordion Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' |
Annual accrual rate of commitment fee on unused portion of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, floor interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | 5.00% | ' | ' | ' |
Credit facility, reduction in maximum amount available under loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' |
Loan matures in days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Every 90 days | ' | ' | ' | ' | ' | ' |
Credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,800,000 | $19,200,000 | ' | ' | $5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' |
Senior_Notes_and_Secured_Indeb8
Senior Notes and Secured Indebtedness - Additional Information (Detail) (William Lyon Homes [Member]) | Sep. 30, 2013 | Dec. 31, 2012 |
William Lyon Homes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Ownership percentage | 100.00% | 100.00% |
Senior_Notes_and_Secured_Indeb9
Senior Notes and Secured Indebtedness - Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2011 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2011 | Dec. 31, 2011 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Feb. 24, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Feb. 24, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Feb. 24, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Feb. 24, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |||
In Thousands, unless otherwise specified | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | ||||||
Liabilities not subject to compromise | Liabilities subject to compromise | 7 5/8% Senior Notes due December 15, 2012 [Member] | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | 8 1/2% Senior Notes due November 15, 2020 [Member] | Delaware Lyon [Member] | Delaware Lyon [Member] | Delaware Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | Liabilities not subject to compromise | Liabilities subject to compromise | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | 8 1/2% Senior Notes due November 15, 2020 [Member] | 8 1/2% Senior Notes due November 15, 2020 [Member] | Delaware Lyon [Member] | Delaware Lyon [Member] | Delaware Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | ||||||||||||||||||
Liabilities subject to compromise | Liabilities subject to compromise | Liabilities subject to compromise | Liabilities not subject to compromise | Liabilities subject to compromise | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | Liabilities subject to compromise | Liabilities not subject to compromise | Liabilities subject to compromise | Liabilities not subject to compromise | 8 1/2% Senior Notes due November 15, 2020 [Member] | 8 1/2% Senior Notes due November 15, 2020 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities subject to compromise | Liabilities subject to compromise | Liabilities subject to compromise | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | $80,532 | $20,061 | $71,286 | $117,587 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $76,158 | $14,333 | $69,499 | $115,247 | ' | ' | ' | ' | ' | $52 | $47 | $131 | $111 | ' | $4,322 | $5,681 | $1,656 | $2,229 | ' | ' | $0 | $0 | $0 | ' | $81,922 | $71,075 | $74,445 | $80,532 | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $77,976 | $69,376 | $71,619 | $76,158 | ' | ' | $313 | $65 | $56 | $52 | $3,633 | $1,634 | $2,770 | $4,322 | $0 | $0 | $0 | |||
Restricted cash | ' | ' | ' | ' | ' | ' | ' | 852 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 852 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 853 | 853 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 853 | 853 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Receivables | ' | ' | ' | ' | ' | ' | ' | 13,732 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,897 | ' | ' | ' | ' | ' | ' | ' | ' | 310 | ' | ' | ' | ' | 3,525 | ' | ' | ' | ' | ' | ' | ' | ' | 21,655 | 14,789 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,979 | 11,278 | ' | ' | ' | ' | 1,323 | 296 | ' | ' | 4,353 | 3,215 | ' | ' | ' | ' | ' | |||
Real estate inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Owned | ' | ' | ' | ' | ' | ' | ' | 398,534 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 278,939 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,595 | ' | ' | ' | ' | ' | ' | ' | ' | 640,162 | 421,630 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 574,987 | 398,952 | ' | ' | ' | ' | 1,839 | 13 | ' | ' | 63,336 | 22,665 | ' | ' | ' | ' | ' | |||
Not owned | ' | ' | ' | ' | ' | ' | ' | 47,408 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,408 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,738 | [2] | 39,029 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,738 | 39,029 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred loan costs | ' | ' | ' | ' | ' | ' | ' | 8,810 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,810 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,088 | 7,036 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,088 | 7,036 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Goodwill | 14,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,209 | 14,209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,209 | 14,209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Intangibles | 4,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,446 | 4,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,446 | 4,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other assets | ' | ' | ' | ' | ' | ' | ' | 7,554 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,671 | ' | ' | ' | ' | ' | ' | ' | ' | 159 | ' | ' | ' | ' | 724 | ' | ' | ' | ' | ' | ' | ' | ' | 7,880 | 7,906 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,672 | 7,437 | ' | ' | ' | ' | 863 | 146 | ' | ' | 345 | 323 | ' | ' | ' | ' | ' | |||
Investments in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -179,516 | ' | ' | -85,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 309,968 | 62,712 | ' | 31,144 | 22,148 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -341,112 | -84,860 | ' | |||
Intercompany receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 203,517 | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | -203,529 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,142 | 207,239 | ' | ' | 18,865 | 18,935 | ' | ' | -239,007 | -226,174 | ' | |||
Total assets | ' | ' | ' | ' | ' | ' | ' | 496,951 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -179,516 | ' | ' | 281,196 | ' | ' | ' | ' | ' | ' | ' | ' | 204,033 | ' | ' | ' | ' | 129,537 | ' | ' | ' | ' | ' | 61,701 | ' | ' | 798,953 | 581,147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 309,968 | 62,712 | ' | 754,092 | 574,938 | ' | ' | ' | ' | 224,480 | 207,759 | ' | ' | 90,532 | 46,772 | ' | ' | -580,119 | -311,034 | ' | |||
LIABILITIES AND (DEFICIT) EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,436 | 3,946 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,436 | 2,560 | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' | ' | ' | ' | 1,348 | ' | ' | ' | ' | 19,400 | 18,735 | ' | ' | 18,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,185 | 17,998 | ' | ' | ' | ' | 1,005 | 39 | ' | ' | 2,210 | 698 | ' | ' | ' | ' | ' | |||
Accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,082 | 48,457 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,082 | 47,051 | ' | ' | ' | ' | ' | ' | ' | 218 | ' | ' | ' | ' | ' | 1,188 | ' | ' | ' | ' | 60,391 | 41,770 | ' | ' | 41,770 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,535 | 41,505 | ' | ' | ' | ' | 777 | 213 | ' | ' | 79 | 52 | ' | ' | ' | ' | ' | |||
Liabilities from inventories not owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,408 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,408 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,738 | 39,029 | ' | ' | 39,029 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,738 | 39,029 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Notes payable | ' | ' | ' | ' | ' | ' | ' | 74,009 | ' | ' | 74,009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,999 | ' | ' | ' | ' | ' | 35,471 | 13,248 | ' | ' | 13,248 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,476 | 7,809 | ' | ' | ' | ' | 1,762 | ' | ' | ' | 19,233 | 5,439 | ' | ' | ' | ' | ' | |||
Senior Notes | ' | 283,500 | 283,483 | 66,704 | 138,912 | 77,867 | ' | 489,483 | ' | ' | ' | ' | 66,704 | 66,704 | 138,912 | 138,912 | 77,867 | 77,867 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,704 | 138,912 | 77,867 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000 | ' | ' | ' | ' | 0 | 0 | 0 | 325,000 | 325,000 | ' | ' | ' | ' | ' | ' | ' | 325,000 | 325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Secured debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Intercompany payables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,459 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132,070 | ' | ' | ' | ' | -203,529 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 229,125 | 217,146 | ' | ' | ' | ' | ' | ' | ' | ' | 9,881 | 9,028 | ' | ' | -239,006 | -226,174 | ' | |||
Liabilities | ' | ' | ' | ' | ' | ' | ' | 666,821 | ' | ' | 330,935 | 335,886 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 664,489 | ' | ' | 331,395 | 333,094 | ' | ' | ' | ' | 256 | ' | ' | 256 | ' | 205,605 | ' | ' | 203,069 | 2,536 | ' | -203,529 | ' | -203,529 | 461,000 | 437,782 | ' | ' | 437,782 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 665,059 | 648,487 | ' | ' | ' | ' | 3,544 | 252 | ' | ' | 31,403 | 15,217 | ' | ' | -239,006 | -226,174 | ' | |||
Redeemable convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
(Deficit) equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
William Lyon Homes stockholders' (deficit) equity | ' | ' | ' | ' | ' | ' | ' | -179,516 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -179,516 | ' | ' | -383,293 | ' | ' | ' | ' | ' | ' | ' | ' | 203,777 | ' | ' | ' | ' | -85,714 | ' | ' | ' | ' | ' | 265,230 | ' | ' | 309,968 | 62,712 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 309,968 | 62,712 | ' | 89,033 | -144,795 | ' | ' | ' | ' | 220,936 | 207,507 | ' | ' | 31,144 | 22,148 | ' | ' | -341,113 | -84,860 | ' | |||
Noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | 9,646 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,646 | ' | ' | ' | ' | ' | ' | ' | ' | 27,985 | 9,407 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,985 | 9,407 | ' | ' | ' | ' | ' | |||
Total liabilities and (deficit) equity | ' | ' | ' | ' | ' | ' | ' | $496,951 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($179,516) | ' | ' | $281,196 | ' | ' | ' | ' | ' | ' | ' | ' | $204,033 | ' | ' | ' | ' | $129,537 | ' | ' | ' | ' | ' | $61,701 | ' | ' | $798,953 | $581,147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $309,968 | $62,712 | ' | $754,092 | $574,938 | ' | ' | ' | ' | $224,480 | $207,759 | ' | ' | $90,532 | $46,772 | ' | ' | ($580,119) | ($311,034) | ' | |||
[1] | Represents the consolidation of a land banking arrangement which does not obligate the Company to purchase the lots, however, based on certain factors, the Company has determined it is economically compelled to purchase the lots in the land banking arrangement, which has been consolidated. Amounts are net of deposits. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | 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. Amounts are net of deposits. |
Recovered_Sheet5
Senior Notes and Secured Indebtedness - Condensed Consolidating Statement of Operations (Detail) (USD $) | 1 Months Ended | 2 Months Ended | 10 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | 31-May-12 | Feb. 24, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |||||
Delaware Lyon [Member] | Delaware Lyon [Member] | Delaware Lyon [Member] | Delaware Lyon [Member] | Delaware Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | Delaware Lyon [Member] | Delaware Lyon [Member] | Delaware Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | ||||||||||||||||||||
Operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Home sales | ' | ' | ' | ' | ' | $141,352 | ' | $85,942 | ' | $246,102 | $341,682 | $348,935 | ' | ' | ' | ' | ' | $76,178 | $68,008 | $111,159 | $173,032 | $198,108 | $48,487 | $10,629 | $32,105 | $142,105 | $47,989 | $16,687 | $7,305 | $102,838 | $26,545 | $102,838 | ' | ' | ' | ' | ' | $16,687 | ' | ' | ' | ' | $207,055 | $284,069 | ' | ' | ' | $10,024 | $176,992 | $263,864 | $4,316 | $19,954 | $16,595 | $2,347 | $10,109 | $3,610 | ' | ' | ' |
Construction services | ' | ' | ' | ' | ' | 9,478 | ' | 7,045 | ' | 16,473 | 21,439 | 23,825 | ' | ' | ' | ' | ' | 9,478 | 7,045 | 16,473 | 21,439 | 23,825 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,883 | ' | ' | ' | ' | 19,768 | 10,629 | ' | ' | ' | 8,883 | 19,768 | 10,629 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fees | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | 456 | 278 | 534 | -727 | 534 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -456 | -278 | -534 | 727 | -534 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 110 | 468 | 165 | ' | ' | ' | ' | ' | ' | -110 | -468 | -165 |
Revenues | ' | ' | ' | ' | ' | 150,830 | ' | 92,987 | ' | 262,575 | 363,121 | 372,760 | ' | ' | ' | ' | ' | 86,112 | 75,331 | 128,166 | 193,744 | 222,467 | 48,487 | 10,629 | 32,105 | 142,105 | 47,989 | 16,687 | 7,305 | 102,838 | 26,545 | 102,838 | -456 | -278 | -534 | 727 | -534 | 25,570 | ' | ' | ' | ' | 226,823 | 294,698 | ' | ' | ' | 19,017 | 197,228 | 274,658 | 4,316 | 19,954 | 16,595 | 2,347 | 10,109 | 3,610 | -110 | -468 | -165 |
Operating costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | -107,957 | ' | -70,795 | ' | -215,130 | -270,770 | -297,989 | ' | ' | ' | ' | ' | -55,968 | -57,050 | -94,003 | -132,270 | -163,083 | -40,519 | -8,912 | -27,737 | -119,051 | -41,516 | -11,926 | -5,111 | -93,924 | -18,722 | -93,924 | 456 | 278 | 534 | -727 | 534 | -14,598 | ' | ' | ' | ' | -188,723 | -246,177 | ' | ' | ' | -8,819 | -162,148 | -228,542 | -3,820 | -18,225 | -16,167 | -2,069 | -8,818 | -1,633 | 110 | 468 | 165 |
Impairment loss on real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -128,314 | -111,860 | ' | ' | ' | ' | -70,742 | -111,860 | ' | ' | ' | ' | -57,572 | ' | ' | ' | ' |
Construction services | ' | ' | ' | ' | ' | -8,135 | ' | -6,410 | ' | -15,061 | -17,472 | -21,416 | ' | ' | ' | ' | ' | -8,135 | -6,410 | -15,061 | -17,472 | -21,416 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,223 | ' | ' | ' | ' | -18,164 | -7,805 | ' | ' | ' | -8,223 | -18,164 | -7,805 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and marketing | ' | ' | ' | ' | ' | -6,679 | ' | -4,172 | ' | -8,835 | -17,482 | -13,928 | ' | ' | ' | ' | ' | -4,108 | -3,219 | -6,493 | -9,826 | -10,705 | -2,256 | -643 | -1,679 | -6,867 | -2,617 | -315 | -310 | -663 | -789 | -606 | ' | ' | ' | ' | ' | -1,944 | ' | ' | ' | ' | -16,848 | -19,746 | ' | ' | ' | -1,496 | -14,528 | -17,953 | -260 | -1,318 | -1,208 | -188 | -1,002 | -585 | ' | ' | ' |
General and administrative | ' | ' | ' | ' | ' | -10,200 | ' | -5,440 | ' | -13,925 | -28,016 | -26,095 | ' | ' | ' | ' | ' | -9,473 | -5,368 | -13,733 | -26,162 | -25,872 | -726 | -70 | -186 | -1,835 | -221 | -1 | -2 | -6 | -19 | -2 | ' | ' | ' | ' | ' | -3,302 | ' | ' | ' | ' | -22,411 | -25,129 | ' | ' | ' | -3,246 | -22,070 | -24,795 | -56 | -340 | -313 | ' | -1 | -21 | ' | ' | ' |
Amortization of intangible assets | ' | ' | -5,800 | ' | ' | -191 | ' | -1,640 | ' | -5,034 | -1,173 | -5,757 | ' | ' | ' | ' | ' | -191 | -1,640 | -5,034 | -1,173 | -5,757 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | ' | ' | ' | ' | ' | -695 | ' | -945 | ' | -2,402 | -1,746 | -2,909 | ' | ' | ' | ' | ' | -695 | -588 | -1,713 | -1,744 | -3,027 | ' | ' | -2 | -2 | -2 | ' | -357 | -687 | ' | 120 | ' | ' | ' | ' | ' | -187 | ' | ' | ' | ' | -3,983 | -2,740 | ' | ' | ' | -16 | -2,979 | -2,740 | ' | ' | ' | -171 | -1,004 | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | -133,857 | ' | -89,402 | ' | -260,387 | -336,659 | -368,094 | ' | ' | ' | ' | ' | -78,570 | -74,275 | -136,037 | -188,647 | -229,860 | -43,501 | -9,625 | -29,604 | -127,755 | -44,356 | -12,242 | -5,780 | -95,280 | -19,530 | -94,412 | 456 | 278 | 534 | -727 | 534 | -28,254 | ' | ' | ' | ' | -378,443 | -413,457 | ' | ' | ' | -21,800 | -290,631 | -393,695 | -4,136 | -19,883 | -17,688 | -2,428 | -68,397 | -2,239 | 110 | 468 | 165 |
Equity in income of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,605 | 916 | ' | ' | ' | ' | 3,605 | 916 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income from subsidiaries | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | 0 | 0 | 12,716 | -752 | -7,611 | 17,562 | -8,859 | 5,804 | 1,158 | 8,620 | 13,800 | 11,681 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,520 | -406 | -1,009 | -31,362 | -2,822 | 0 | ' | ' | ' | ' | 0 | 0 | 228,383 | -193,330 | -136,786 | 11,536 | -59,588 | -1,053 | ' | ' | 12 | ' | ' | ' | -239,919 | 252,918 | 137,827 |
Operating (loss) income | ' | ' | ' | ' | ' | 16,973 | ' | 3,585 | ' | 2,188 | 26,462 | 4,666 | 12,716 | -752 | -7,611 | 17,562 | -8,859 | 13,346 | 2,214 | 749 | 18,897 | 4,288 | 4,986 | 1,004 | 2,501 | 14,350 | 3,633 | 4,445 | 1,525 | 7,558 | 7,015 | 8,426 | -18,520 | -406 | -1,009 | -31,362 | -2,822 | -2,684 | ' | ' | ' | ' | -148,015 | -117,843 | 228,383 | -193,330 | -136,786 | 8,753 | -149,386 | -119,174 | 180 | 71 | -1,081 | -81 | -58,288 | 1,371 | -239,919 | 252,918 | 137,827 |
(Loss) gain on extinguishment of debt | 1,000 | ' | ' | -300 | ' | ' | ' | ' | ' | 975 | ' | -1,392 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,392 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,572 | ' | ' | ' | ' | ' | 5,572 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net of amounts capitalized | ' | ' | ' | ' | ' | -51 | ' | -2,491 | ' | -7,327 | -2,602 | -9,127 | ' | ' | ' | ' | ' | -51 | -2,350 | -6,970 | -2,476 | -9,227 | ' | ' | ' | -126 | ' | ' | -141 | -357 | ' | 100 | ' | ' | ' | ' | ' | -2,507 | ' | ' | ' | ' | -24,529 | -23,653 | ' | ' | ' | -2,407 | -23,639 | -23,653 | ' | ' | ' | -100 | -890 | ' | ' | ' | ' |
Other income (expense), net | ' | ' | ' | ' | ' | 114 | ' | 95 | ' | 1,471 | 257 | 1,528 | ' | ' | ' | ' | ' | 423 | 160 | 562 | 1,184 | 618 | -9 | -53 | -45 | -20 | -61 | -300 | -12 | 954 | -907 | 971 | ' | ' | ' | ' | ' | 230 | ' | ' | ' | ' | 838 | 57 | ' | ' | ' | 266 | 1,018 | 280 | -25 | -131 | -235 | -11 | -49 | 12 | ' | ' | ' |
(Loss) income before reorganization items and provision for income taxes | ' | ' | ' | ' | ' | 17,036 | ' | 1,189 | ' | -3,668 | 24,117 | -4,325 | ' | -752 | -7,611 | 17,562 | -8,859 | ' | 24 | -5,659 | 17,605 | -5,713 | ' | 951 | 2,456 | 14,204 | 3,572 | ' | 1,372 | 8,155 | 6,108 | 9,497 | ' | -406 | -1,009 | -31,362 | -2,822 | -4,961 | ' | ' | ' | ' | -171,706 | -135,867 | 228,383 | -193,330 | ' | 6,612 | -172,007 | ' | 155 | -60 | ' | -192 | -59,227 | ' | -239,919 | 252,918 | ' |
Reorganization items | ' | ' | ' | ' | ' | ' | ' | -712 | ' | -1,894 | -464 | -2,525 | ' | ' | ' | ' | ' | ' | -712 | -1,895 | -464 | -3,073 | ' | ' | 1 | ' | 1 | ' | ' | ' | ' | 547 | ' | ' | ' | ' | ' | 233,458 | ' | ' | ' | ' | -21,182 | ' | ' | ' | ' | 221,796 | -21,182 | ' | -1 | ' | ' | 11,663 | ' | ' | ' | ' | ' |
(Loss) income before (provision) benefit from income taxes | ' | ' | ' | ' | ' | 17,036 | ' | 477 | ' | -5,562 | 23,653 | -6,850 | 12,716 | -752 | -7,611 | 17,562 | -8,859 | 13,718 | -688 | -7,554 | 17,141 | -8,786 | 4,977 | 951 | 2,457 | 14,204 | 3,573 | 4,145 | 1,372 | 8,155 | 6,108 | 10,044 | -18,520 | -406 | -1,009 | -31,362 | -2,822 | 228,497 | ' | ' | ' | ' | -192,888 | -135,867 | 228,383 | -193,330 | -136,786 | 228,408 | -193,189 | -136,975 | 154 | -60 | -1,316 | 11,471 | -59,227 | 1,383 | -239,919 | 252,918 | 137,827 |
(Provision) benefit for income taxes | ' | ' | ' | ' | ' | -6,356 | ' | -11 | ' | -11 | -6,366 | -11 | ' | ' | ' | ' | ' | -6,356 | -11 | -11 | -6,366 | -11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | -10 | 412 | ' | ' | ' | ' | -10 | 412 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | ' | -4,982 | 10,680 | -1,288 | 466 | -1,057 | -5,573 | 17,287 | -6,861 | 12,716 | -752 | -7,611 | 17,562 | -8,859 | 7,362 | -699 | -7,565 | 10,775 | -8,797 | 4,977 | 951 | 2,457 | 14,204 | 3,573 | 4,145 | 1,372 | 8,155 | 6,108 | 10,044 | -18,520 | -406 | -1,009 | -31,362 | -2,822 | 228,497 | -130,926 | -39,700 | -11,095 | -11,177 | -192,898 | -135,455 | 228,383 | -193,330 | -136,786 | 228,408 | -193,199 | -136,563 | 154 | -60 | -1,316 | 11,471 | -59,227 | 1,383 | -239,919 | 252,918 | 137,827 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | -3,118 | ' | -1,218 | ' | -2,038 | -4,879 | -1,998 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,118 | -1,218 | -2,038 | -4,879 | -1,998 | ' | ' | ' | ' | ' | -114 | ' | ' | ' | ' | -432 | -1,331 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -114 | -432 | -1,331 | ' | ' | ' |
Net (loss) income attributable to William Lyon Homes | ' | ' | ' | ' | ' | 7,562 | ' | -752 | ' | -7,611 | 12,408 | -8,859 | 12,716 | -752 | -7,611 | 17,562 | -8,859 | 7,362 | -699 | -7,565 | 10,775 | -8,797 | 4,977 | 951 | 2,457 | 14,204 | 3,573 | 1,027 | 154 | 6,117 | 1,229 | 8,046 | -18,520 | -406 | -1,009 | -31,362 | -2,822 | 228,383 | -131,300 | -39,634 | -11,171 | -11,225 | -193,330 | -136,786 | 228,383 | -193,330 | -136,786 | 228,408 | -193,199 | -136,563 | 154 | -60 | -1,316 | 11,357 | -59,659 | 52 | -239,919 | 252,918 | 137,827 |
Preferred stock dividends | ' | ' | ' | ' | ' | 0 | ' | -755 | ' | -1,798 | -1,528 | -2,743 | ' | -755 | -1,798 | -1,528 | -2,743 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income available to common stockholders | ' | ' | ' | ' | ' | $7,562 | ' | ($1,507) | ' | ($9,409) | $10,880 | ($11,602) | $12,716 | ($1,507) | ($9,409) | $16,034 | ($11,602) | $7,362 | ($699) | ($7,565) | $10,775 | ($8,797) | $4,977 | $951 | $2,457 | $14,204 | $3,573 | $1,027 | $154 | $6,117 | $1,229 | $8,046 | ($18,520) | ($406) | ($1,009) | ($31,362) | ($2,822) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet6
Senior Notes and Secured Indebtedness - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 7 Months Ended | 9 Months Ended | 10 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | Delaware Lyon [Member] | Delaware Lyon [Member] | California Lyon [Member] | California Lyon [Member] | California Lyon [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | Eliminating Entries [Member] | |||||||
Operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | $55,989 | ($164,919) | $49,993 | ($14,494) | ($142,959) | ($72,014) | $2,546 | $12,221 | $3,579 | $67,937 | ($34,181) | $118,428 | ' | ' | ' | ($17,321) | ($38,651) | $24,119 | ' | ' | ($13,638) | $127,757 | $27,863 | $181 | $87 | ($1,245) | ($3,864) | ($166,495) | ($2,499) | ' | ' | ' |
Investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquisitions, net | ' | ' | -33,201 | ' | ' | -33,201 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in and advances to unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -194 | ' | ' | ' | ' | -194 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions from unconsolidated joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,435 | 4,183 | ' | ' | ' | 1,435 | 4,183 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases of property and equipment | -53 | -3,359 | -312 | -24 | -3,299 | -271 | -13 | -57 | -20 | -16 | -3 | -21 | ' | ' | ' | 0 | -128 | -64 | ' | ' | -419 | 725 | 101 | -3 | -131 | -165 | 422 | -722 | ' | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | 0 | -3,837 | 4,804 | -84,828 | ' | ' | ' | ' | ' | ' | 3,837 | -4,804 | 84,828 | 0 | 0 | 0 | ' | ' | 183 | 29,412 | -361 | ' | ' | 12 | ' | ' | ' | -183 | -29,412 | 349 |
Net cash (used in) provided by investing activities | -53 | -3,359 | -33,513 | -3,861 | 1,505 | -118,300 | -13 | -57 | -20 | -16 | -3 | -21 | 3,837 | -4,804 | 84,828 | 0 | 1,307 | 3,925 | 0 | 0 | -236 | 31,572 | 3,729 | -3 | -131 | -153 | 422 | -722 | ' | -183 | -29,412 | 349 |
Financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings on notes payable | ' | 51,444 | 13,248 | ' | 16,790 | 7,809 | ' | 1,762 | ' | ' | 32,892 | 5,439 | ' | ' | ' | ' | ' | 7,087 | ' | ' | ' | ' | 7,087 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of 8 1/2% Senior Notes | ' | ' | 325,000 | ' | ' | 325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments on notes payable | -62,557 | -45,459 | -73,676 | -4,157 | -26,360 | -3,994 | ' | ' | ' | -58,400 | -19,099 | -69,682 | ' | ' | ' | -616 | -11,532 | -52,797 | ' | ' | -116 | -82,531 | -52,797 | ' | ' | ' | -500 | 70,999 | ' | ' | ' | ' |
Principal payments on Senior Secured Term Loan | ' | ' | -235,000 | ' | ' | -235,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from reorganization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,971 | ' | ' | ' | ' | 30,971 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash paid for repurchase of Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,268 | ' | ' | ' | ' | -31,268 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments on Senior Subordinated Secured Notes | ' | ' | -75,916 | ' | ' | -75,916 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of convertible preferred stock | ' | ' | 14,000 | ' | ' | 14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | 179,438 | 16,000 | ' | 179,438 | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from debtor in possession financing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payment of debtor in possession financing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,000 | ' | ' | ' | ' | -5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of deferred loan costs | ' | -1,792 | -7,181 | ' | -1,792 | -7,181 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,491 | ' | ' | ' | ' | -2,491 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering costs related to issuance of common stock | ' | -15,655 | ' | ' | -15,655 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of preferred stock dividends | -1,114 | -2,550 | -1,721 | -1,114 | -2,550 | -1,721 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest contributions | 17,021 | 35,399 | 15,313 | ' | ' | ' | ' | ' | ' | 17,021 | 35,399 | 15,313 | ' | ' | ' | 1,825 | 6,605 | 6,546 | ' | ' | ' | ' | ' | ' | ' | ' | 1,825 | 6,605 | 6,546 | ' | ' | ' |
Noncontrolling interest distributions | -15,373 | -21,700 | -16,004 | ' | ' | ' | ' | ' | ' | -15,373 | -21,700 | -16,004 | ' | ' | ' | -1,897 | -8,954 | -3,913 | ' | ' | ' | ' | ' | ' | ' | ' | -1,897 | -8,954 | -3,913 | ' | ' | ' |
Advances to affiliates | 0 | 0 | 0 | ' | ' | ' | 1 | -776 | 3 | -3,306 | 7,768 | 78,817 | 3,305 | -6,992 | -78,820 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | -3 | -19 | -4 | -29,341 | -744 | 4 | 29,344 | 763 |
Intercompany receivables/payables | 0 | 0 | 0 | 19,087 | 183 | 144,535 | -2,530 | -12,902 | -3,549 | -9,415 | 923 | -134,978 | -7,142 | 11,796 | -6,008 | 0 | 0 | 0 | ' | ' | -2,665 | -131,964 | -362 | -173 | -37 | 1,437 | 2,659 | 131,933 | 37 | 179 | 68 | -1,112 |
Net cash (used in) provided by financing activities | -62,023 | 179,125 | -25,937 | 13,816 | 150,054 | 183,532 | -2,529 | -11,916 | -3,546 | -69,473 | 36,183 | -121,095 | -3,837 | 4,804 | -84,828 | 77,792 | -13,881 | -74,345 | 0 | 0 | 75,699 | -214,495 | -77,340 | -173 | -40 | 1,418 | 2,083 | 171,242 | 1,926 | 183 | 29,412 | -349 |
Net (decrease) increase in cash and cash equivalents | -6,087 | 10,847 | -9,457 | -4,539 | 8,600 | -6,782 | 4 | 248 | 13 | -1,552 | 1,999 | -2,688 | 0 | 0 | 0 | 60,471 | -51,225 | -46,301 | 0 | 0 | 61,825 | -55,166 | -45,748 | 5 | -84 | 20 | -1,359 | 4,025 | -573 | 0 | 0 | 0 |
Cash and cash equivalents - beginning of period | 80,532 | 71,075 | 80,532 | 76,158 | 69,376 | 76,158 | 52 | 65 | 52 | 4,322 | 1,634 | 4,322 | ' | 0 | ' | 20,061 | 71,286 | 117,587 | 0 | ' | 14,333 | 69,499 | 115,247 | 47 | 131 | 111 | 5,681 | 1,656 | 2,229 | 0 | 0 | ' |
Cash and cash equivalents - end of period | $74,445 | $81,922 | $71,075 | $71,619 | $77,976 | $69,376 | $56 | $313 | $65 | $2,770 | $3,633 | $1,634 | $0 | $0 | $0 | $80,532 | $20,061 | $71,286 | $0 | $0 | $76,158 | $14,333 | $69,499 | $52 | $47 | $131 | $4,322 | $5,681 | $1,656 | $0 | $0 | $0 |
Recovered_Sheet7
Fair Value Of Financial Instruments (Narrative) (Detail) (Predecessor [Member], Senior Secured Term Loan [Member], USD $) | Dec. 31, 2011 |
Predecessor [Member] | Senior Secured Term Loan [Member] | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' |
Senior Secured Debt, Carrying Amount | $206,000,000 |
Senior Secured Debt, Fair value | $235,000,000 |
Recovered_Sheet8
Fair Value Of Financial Instruments (Estimated Fair Values Of Financial Instruments) (Detail) (USD $) | Feb. 24, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | ||
8 1/2% Senior Notes due November 15, 2020 [Member] | 8 1/2% Senior Notes due November 15, 2020 [Member] | Senior Secured Term Loan Due 2015 | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | 8 1/2% Senior Notes due November 15, 2020 [Member] | Senior Secured Term Loan Due 2015 | 7 5/8% Senior Notes due December 15, 2012 [Member] | 10 3/4% Senior Notes due April 1, 2013 [Member] | 7 1/2% Senior Notes due February 15, 2014 [Member] | ||||||
Financial liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable, Carrying Amount | ' | ' | $35,471 | $13,248 | ' | ' | ' | ' | ' | ' | $74,009 | ' | ' | ' | ' | ' |
Senior Notes, Carrying Amount | 283,500 | 283,483 | ' | 325,000 | 325,000 | 325,000 | ' | ' | ' | ' | 489,483 | ' | ' | 66,704 | 138,912 | 77,867 |
Senior Secured Debt, Carrying Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206,000 | ' | ' | ' |
Notes payable, Fair Value | ' | ' | 35,471 | 13,248 | ' | ' | ' | ' | ' | ' | 74,009 | ' | ' | ' | ' | ' |
Senior Notes, Fair Value | ' | ' | ' | ' | 342,875 | 338,000 | ' | ' | ' | ' | ' | ' | ' | 20,469 | 40,614 | 21,742 |
Senior Secured Debt, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $235,000 | ' | ' | ' |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Fair Value Of Debt) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Notes Payable [Member] | ' | ' | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' | ||
Fair Value at December 31, 2011 (Predecessor) | $13,248 | $74,009 | ||
Change in balance related to plan of reorganization | ' | ' | [1] | |
Repayments of principal | -45,459 | [2] | -74,009 | [2] |
Borrowings of principal | 67,682 | [3] | 13,248 | [3] |
Increase in value during the period | ' | ' | ||
Fair Value at December 31, 2012 (Successor) | 35,471 | 13,248 | ||
Senior Secured Term Loan [Member] | ' | ' | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' | ||
Fair Value at December 31, 2011 (Predecessor) | ' | 235,000 | ||
Change in balance related to plan of reorganization | ' | ' | [1] | |
Repayments of principal | ' | -235,000 | [2] | |
Borrowings of principal | ' | ' | [3] | |
Increase in value during the period | ' | ' | ||
Fair Value at December 31, 2012 (Successor) | ' | ' | ||
[1] | Change is representative of payoff of the loan for the value reported at December 31, 2011, and not the face amount of the notes that were eliminated in accordance with the joint plan of reorganization. | |||
[2] | Represents the actual amount of principal repaid | |||
[3] | Represents the actual amount of principal borrowed |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Summary Of Fair-Value Measurements Of Non-Financial Assets) (Detail) (Level 3 [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2011 | |
Land Under Development And Homes Completed And Under Construction [Member] | ' | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | |
Fair Value at Measurement Date | $94,751 | [1],[2] |
Impairment Charges | 34,835 | [1],[2] |
Inventory Held For Future Development [Member] | ' | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | |
Fair Value at Measurement Date | 74,146 | [1],[3] |
Impairment Charges | $93,479 | [1],[3] |
[1] | Amounts represent the aggregate fair values for communities where the Company recognized noncash inventory impairment charges during the year ended December 31, 2011. | |
[2] | In accordance with FASB ASC 360-10-35, inventory under this caption with a carrying value of $129.6 million was written down to its fair value of $94.8 million, resulting in total impairments of $34.8 million for the year ended December 31, 2011. | |
[3] | In accordance with FASB ASC 360-10-35, inventory under this caption with a carrying value of $167.6 million was written down to its fair value of $74.1 million, resulting in total impairments of $93.5 million for the year ended December 31, 2011. |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments (Summary Of Fair-Value Measurements Of Non-Financial Assets) (Parenthetical) (Detail) (Level 3 [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2011 |
Land Under Development And Homes Completed And Under Construction [Member] | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' |
Carrying value of inventory | $129.60 |
Fair value of inventory | 94.8 |
Total impairments charges | 34.8 |
Inventory Held For Future Development [Member] | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' |
Carrying value of inventory | 167.6 |
Fair value of inventory | 74.1 |
Total impairments charges | $93.50 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||||
Mar. 31, 2011 | Sep. 03, 2009 | Feb. 24, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursable on-site labor costs | ' | ' | $27,000 | $0 | $77,000 | $254,000 | $1,000 | $276,000 | ' | $318,000 | $217,000 |
Reimbursable on-site labor costs due | ' | ' | ' | 200 | ' | ' | 200 | 7,000 | 7,000 | 24,000 | ' |
Base monthly fee | 21,335 | ' | ' | ' | ' | ' | 21,335 | ' | ' | ' | ' |
Variable monthly fee | 23 | ' | ' | ' | ' | ' | 23 | ' | ' | ' | ' |
Variable monthly fee multiplied by number of employees | 8,000 | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' | ' |
Fees related to Human resource and Payroll Service Contract | ' | ' | 52,000 | ' | 59,000 | 179,000 | ' | 180,000 | ' | 362,000 | 426,000 |
Contract expiry date | ' | ' | ' | ' | ' | ' | 31-Aug-12 | ' | 31-Aug-12 | ' | ' |
Aggregate purchase price of aircraft | ' | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid on sale of aircraft | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory note from the affiliate | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted fair value | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Semiannual interest payments received | ' | 132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note maturity date | ' | 30-Sep-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges related to the rent expense | ' | ' | 118,000 | ' | 197,000 | 472,000 | 197,000 | 668,000 | ' | 786,000 | 786,000 |
Current lease expiry date | ' | ' | ' | ' | ' | ' | 31-Mar-13 | ' | 31-Mar-13 | ' | ' |
Subsequent Event [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Semiannual interest payments received | ' | $132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Summary_Of_Provis
Income Taxes (Summary Of (Provision) Benefit (From) Income Taxes) (Detail) (USD $) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 2 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Current | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on uncertain tax provisions | ' | ' | ' | ' | ' | $0 | ' | $75 |
Federal | ' | ' | ' | ' | ' | 0 | ' | 347 |
State | ' | ' | ' | ' | -11 | 0 | -10 | -10 |
(Provision) benefit from income taxes | ($6,356) | ($11) | ($11) | ($6,366) | ($11) | $0 | ($10) | $412 |
Income_Taxes_Difference_In_Inc
Income Taxes (Difference In Income Taxes From Amounts Computed By Applying Federal Statutory Rates Recorded) (Detail) (USD $) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 2 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Deferred Income Tax Assets And Liabilities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit (provision) for federal income taxes at the statuatory rate | ' | ' | ' | ' | $3,098 | ($79,935) | $67,662 | $48,019 |
Provision for state income taxes, net of federal income tax benefits | ' | ' | ' | ' | -7 | ' | -6 | -6 |
Valuation allowance | ' | ' | ' | ' | -2,195 | -14,991 | -66,265 | -47,949 |
Nondeductible items-reorganization costs | ' | ' | ' | ' | -709 | 94,925 | -1,379 | ' |
Nondeductible items-other | ' | ' | ' | ' | -194 | -3 | -22 | ' |
Other | ' | ' | ' | ' | -4 | 4 | ' | 348 |
(Provision) benefit from income taxes | ($6,356) | ($11) | ($11) | ($6,366) | ($11) | $0 | ($10) | $412 |
Income_Taxes_Summary_Of_Tempor
Income Taxes (Summary Of Temporary Differences Giving Rise To Deferred Income Taxes) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Deferred tax assets | ' | ' | ' | ' |
Impairment and other reserves | ' | $73,947,000 | $102,216,000 | ' |
Compensation deductible for tax purposes when paid | ' | 987,000 | 970,000 | ' |
State income tax provisions deductible when paid for federal tax purposes | ' | 4,000 | 3,000 | ' |
Effect of book/tax differences for joint ventures | ' | 1,002,000 | 1,563,000 | ' |
Effect of book/tax differences for capitalized interest/general and administrative | ' | ' | 891,000 | ' |
Other | ' | 318,000 | 318,000 | ' |
AMT credit carryover | ' | 2,698,000 | 2,698,000 | ' |
Unused recognized built-in loss | ' | 16,349,000 | ' | ' |
Net operating loss | ' | 113,314,000 | 99,586,000 | ' |
Valuation allowance | -117,000,000 | -200,048,000 | -202,322,000 | -125,800,000 |
Deferred tax assets | ' | 8,571,000 | 5,923,000 | ' |
Deferred tax liabilities | ' | ' | ' | ' |
Effect of book/tax differences for joint ventures | ' | -5,597,000 | -5,923,000 | ' |
Effect of book/tax differences for capitalized interest/general and administrative | ' | -2,974,000 | ' | ' |
Deferred tax liabilities | ' | -8,571,000 | -5,923,000 | ' |
Deferred income taxes | ' | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||
Feb. 24, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | 21-May-13 | Feb. 24, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 24, 2012 | Sep. 30, 2013 | |
State [Member] | State [Member] | Federal [Member] | Federal [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Second Lien Notes [Member] | Second Lien Notes [Member] | |||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carry forwards | ' | ' | ' | ' | ' | ' | ' | ' | ' | $508,300,000 | ' | $243,800,000 | ' | ' | ' | ' | ' | ' |
Year in which net operating loss carry forwards begin to expire | ' | ' | ' | ' | ' | ' | ' | ' | '2015 | '2013 | ' | '2028 | ' | ' | ' | ' | ' | ' |
Unused built-in losses available to offset future income | ' | ' | ' | ' | ' | ' | ' | ' | 37,300,000 | 27,900,000 | 59,600,000 | 42,100,000 | ' | ' | ' | ' | ' | ' |
Unused built in losses available to offset future income expiration Period | ' | ' | ' | ' | '2017 | '2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance | ' | 117,000,000 | ' | ' | 117,000,000 | 200,048,000 | 125,800,000 | 202,322,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax refund receivable | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 92,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,005,000 | 44,793,255 | 44,793,255 | ' | ' | ' |
Common stock, par value | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 | ' | ' |
Aggregate principal amount of senior secured notes | 283,500,000 | ' | ' | ' | ' | ' | ' | 283,483,000 | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 75,000,000 |
Interest rate of senior note | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 12.00% |
Secured note maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017 | '2017 |
Cancellation of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 203,000,000 |
Operating loss carry forwards | ' | ' | ' | ' | ' | ' | ' | ' | $52,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Testing period | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year in which unused built-in loss carry-forwards begin to expire | ' | ' | ' | ' | '2033 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | ' | 37.30% | 0.00% | 0.00% | 26.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Combination_Additiona
Business Combination - Additional Information (Detail) (Village Homes [Member], USD $) | 1 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended |
Dec. 07, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Home | Home | |||
Village Homes [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Percentage of variable entities acquired | 100.00% | ' | ' | ' |
Cash paid for acquisitions | $33,201,000 | ' | ' | ' |
Date of acquisition | ' | 7-Dec-12 | ' | 7-Dec-12 |
Number of homes sold over the past 25 years | ' | 10,000 | ' | 10,000 |
Acquisition related expenses | ' | ' | 200,000 | ' |
Home sales revenue | ' | ' | 5,400,000 | ' |
Net (loss) income attributable to William Lyon Homes | ' | ' | $10,000 | ' |
Business_Combination_Schedule_
Business Combination (Schedule Of Assets And Liabilities Acquired) (Detail) (Village Homes [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Dec. 07, 2012 |
Village Homes [Member] | ' |
Business Acquisition [Line Items] | ' |
Real estate inventories owned | $32,923 |
Other assets, net | 1,463 |
Intangibles | 907 |
Receivables | 70 |
Accounts payable | -1,029 |
Accrued expenses | -1,133 |
Cash paid for acquisitions, net | $33,201 |
Business_Combination_Schedule_1
Business Combination (Schedule Of Unaudited Pro Forma Information Prepared To Give Effect To Acquisition) (Detail) (Village Homes [Member], USD $) | 3 Months Ended | 7 Months Ended | 10 Months Ended | 2 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 |
Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' | ' |
Revenue | $104,479 | $283,090 | $405,635 | $28,521 | $261,933 |
Net (loss) income available to common stockholders | ($872) | ($9,267) | ($9,617) | $228,074 | ($189,457) |
(Loss) income per common share, basic and diluted | ($0.07) | ($0.79) | ($0.09) | $228,074 | ($189,457) |
Weighted average common shares outstanding, basic and diluted | 12,408,263 | 11,716,413 | 103,037,842 | 1,000 | 1,000 |
Income_Loss_Per_Common_Share_B
Income (Loss) Per Common Share - Basic and Diluted Income (Loss) Per Common Share (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 24, 2012 | Feb. 24, 2012 | |||
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | ||||
Preferred stock [Member] | Preferred stock [Member] | Preferred stock [Member] | Preferred stock [Member] | Preferred stock [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Vested stock options [Member] | Unvested stock options [Member] | Preferred stock [Member] | Warrants [Member] | |||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic weighted average number of common shares outstanding | ' | 30,975,160 | ' | 12,408,263 | ' | 11,716,413 | 22,569,810 | 103,037,842 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 1,000 | 1,000 | ' | ' | |||
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Preferred shares, stock options, and warrants | ' | 920,654 | ' | 0 | [1] | ' | 0 | [1] | 877,144 | 0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted average shares outstanding | ' | 31,895,814 | ' | 12,408,263 | ' | 11,716,413 | 23,446,954 | 103,037,842 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 1,000 | 1,000 | ' | ' | |||
Net (loss) income available to common stockholders | ($5,351) | $7,562 | ($2,194) | ($1,507) | ($2,550) | ($9,409) | $10,880 | ($11,602) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $228,383 | ($193,330) | ($136,786) | ' | ' | |||
Basic (loss) income per common share | ' | ' | ' | ' | ' | ' | ' | ($0.11) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $228,383 | ($193,330) | ($136,786) | ' | ' | |||
Basic income (loss) per common share | ' | $0.24 | ' | ($0.12) | ' | ($0.80) | $0.48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $228,383 | ' | ' | ' | ' | |||
Dilutive (loss) income per common share | ' | ' | ' | ' | ' | ' | ' | ($0.11) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $228,383 | ($193,330) | ($136,786) | ' | ' | |||
Dilutive income (loss) per common share | ' | $0.24 | ' | ($0.12) | ' | ($0.80) | $0.46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $228,383 | ' | ' | ' | ' | |||
Antidilutive securities not included in the calculation of diluted (loss) income per common share (weighted average): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Antidilutive securities not included in the calculation of diluted (loss) income per common share (weighted average) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 7,858,404 | 7,858,404 | 0 | 68,002,529 | 0 | 1,907,551 | 1,907,551 | 0 | 15,737,294 | 3,171,535 | 1,585,767 | ' | ' | ' | 0 | 0 | |||
[1] | For periods with a net loss, all potentially dilutive shares related to the preferred shares, unvested common shares, and warrants were excluded from the diluted loss per common share calculations because the effect of their inclusion would be antidilutive, or would decrease the reported loss per common share. | |||||||||||||||||||||||||||
[2] | For periods with a net loss, all potentially dilutive shares related to the preferred shares, options to acquire common stock, and warrants were excluded from the diluted loss per common share calculations because the effect of their inclusion would be antidilutive, or would decrease the reported loss per common share. |
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock (Narrative) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 10 Months Ended | 12 Months Ended | 0 Months Ended | ||
Feb. 24, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Oct. 12, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 12, 2012 | |
Paulson [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | ||||
Paulson [Member] | ||||||||
Convertible Preferred Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock | ' | ' | ' | ' | 64,831,831 | 64,831,831 | ' | ' |
Convertible Preferred Stock Par Value | ' | ' | $0.01 | ' | $0.01 | $0.01 | ' | ' |
Convertible Preferred Stock, issued | ' | ' | ' | 12,173,913 | 77,005,744 | 77,005,744 | ' | ' |
Convertible Preferred Stock, outstanding, issued in exchange for aggregate cash consideration | $50,000,000 | ' | ' | $14,000,000 | ' | $50,000,000 | ' | ' |
Convertible Preferred Stock value | ' | ' | ' | ' | 56,400,000 | 56,400,000 | ' | ' |
Common stock, shares issued | ' | ' | ' | ' | ' | ' | 44,793,255 | 15,238,095 |
Aggregate cash consideration | ' | ' | ' | ' | ' | ' | ' | 16,000,000 |
Aggregate purchase price | ' | ' | ' | 30,000,000 | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | 10,000,000 | ' | 80,000,000 | 80,000,000 | ' | ' |
Preferred stock cumulative dividend rate | ' | ' | ' | ' | 6.00% | 6.00% | ' | ' |
Preferred stock cash dividends rate | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Preferred stock accreting dividends accruing rate | ' | ' | ' | ' | ' | 2.00% | ' | ' |
Preferred stock dividends | ' | ' | ' | ' | 2,700,000 | ' | ' | ' |
Preferred stock cash dividends | ' | ' | ' | ' | 1,700,000 | ' | ' | ' |
Accreting dividends | ' | ' | ' | ' | ' | 900,000 | ' | ' |
Preferred stock redemption term | ' | 'As of December 31, 2012, the preferred stock is not currently redeemable and ultimate redemption is not currently probable, since the redemption would only occur if the preferred stock is still outstanding in 15 years. | ' | ' | ' | ' | ' | ' |
Redeemable convertible preferred stock, redemption value | ' | 64,000,000 | ' | ' | ' | ' | ' | ' |
Redeemable convertible preferred stock, accreted dividends | ' | $900,000 | ' | ' | ' | ' | ' | ' |
Equity_Narrative_Detail
Equity (Narrative) (Detail) (USD $) | 1 Months Ended | 10 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||
Jun. 28, 2012 | Feb. 24, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 12, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | 31-May-13 | 21-May-13 | Dec. 31, 2012 | Sep. 30, 2013 | 31-May-13 | 21-May-13 | Feb. 24, 2012 | Oct. 12, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Property | Paulson [Member] | Non Employee Director [Member] | Non Employee Director [Member] | Non Employee Director [Member] | Non Employee Director [Member] | Common stock, Class D [Member] | Common stock, Class D [Member] | Common stock, Class D [Member] | Common stock, Class D [Member] | Common stock, Class C [Member] | Common stock, Class C [Member] | Common stock, Class C [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Warrants [Member] | Common Stock [Member] | ||||
acre | Five-Year Options [Member] | Ten-Year Options [Member] | Paulson [Member] | ||||||||||||||||||||||||||
Convertible Preferred Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | ' | 120,105,557 | 120,105,557 | ' | ' | ' | ' | ' | 3,120,000 | 2,499,293 | ' | ' | 16,020,338 | ' | 16,020,338 | ' | 31,464,548 | ' | 3,813,885 | 3,813,884 | 70,121,378 | ' | 27,623,629 | 27,623,629 | ' | ' | ' | 120,105,557 |
Common stock, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,966,366 | ' | 12,966,366 | ' | 31,464,548 | ' | ' | ' | 44,793,255 | ' | ' | ' | ' | 15,238,095 | ' | ' |
Common stock, par value | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | ' | ' | $0.01 | $0.01 | ' | ' | $0.01 | ' | ' | ' |
Conversion of common stock, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,028 | ' | ' | ' | ' | ' | ' | ' |
Aggregate cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000,000 | $10,000,000 | $25,000,000 | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $16,000,000 | ' | ' |
Common stock, shares issued to purchase warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,737,294 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants to purchase common stock price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of additional common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,144,000 | 3,144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,028 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of property | 165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties for sale | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price of the property | 21,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of lots | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share issued to acquire the property | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options to purchase shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,757,302 | ' | 1,115,302 | 3,642,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares granted | ' | ' | 2,499,293 | 2,499,293 | ' | 256,500 | 0 | 40,998 | 256,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, issued | ' | ' | ' | ' | 12,173,913 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, outstanding, issued in exchange for aggregate cash consideration | ' | 50,000,000 | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | 81,000,000 | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market value of common stock | ' | 43,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants expiration date | ' | ' | ' | '2017-02-24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adoption of fresh start accounting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 2 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 10 Months Ended | ||||||||||||
Feb. 24, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Non Employee Director [Member] | Non Employee Director [Member] | Non Employee Director [Member] | Non Employee Director [Member] | Five-Year Options [Member] | Ten-Year Options [Member] | Common stock, Class D [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | ||||||||||
Balance of lots still under option and not purchased [Member] | Balance of lots still under option and not purchased [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,699,565 | ' | ' | ' | ' |
Restricted shares granted | ' | ' | ' | ' | ' | 2,499,293 | 2,499,293 | ' | ' | ' | ' | ' | ' | 256,500 | 0 | 40,998 | 256,500 | ' | ' | ' | ' | ' | ' | ' |
Stock options granted | ' | ' | ' | ' | ' | ' | 4,757,302 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,115,302 | 3,642,000 | ' | ' | ' | ' | ' |
Remaining vesting percentage in three equal installments | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage of restricted stock and option awards on date of grant | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | ' | $900,000 | ' | ' | $2,200,000 | $3,700,000 | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,207,000 | $3,699,000 | ' | ' |
Expected stock based compensation expense, thereafter | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized stock based compensation expense | ' | ' | ' | ' | ' | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock based compensation expense, weighted average recognition period | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total value of restricted stock awards vested | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized tax benefit | 0 | ' | ' | ' | ' | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense under cancelable and non-cancelable operating leases | 700,000 | 400,000 | 700,000 | 2,100,000 | 1,300,000 | 2,600,000 | ' | 4,400,000 | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral for outstanding irrevocable | ' | 900,000 | ' | ' | 900,000 | 900,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding performance and surety bonds | ' | 48,400,000 | ' | ' | 48,400,000 | 64,400,000 | 64,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Project commitments | ' | 92,400,000 | ' | ' | 92,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-refundable deposits | ' | 25,400,000 | ' | ' | 25,400,000 | 3,800,000 | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining purchase price of land | ' | 238,600,000 | ' | ' | 238,600,000 | 39,000,000 | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-refundable deposit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited deposits if lots are not purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,737,000 | 27,734,000 |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $161,465,000 | $161,465,000 | $20,738,000 | $39,029,000 |
Stock_Based_Compensation_Weigh
Stock Based Compensation (Weighted-Average Assumptions For Fair Value Of Employee Options Granted) (Detail) | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected dividend yield | 0.00% | ' | ' |
Risk-free interest rate | 0.55% | ' | ' |
Expected volatility | 79.00% | ' | ' |
Expected life (in years) | '4 years 8 months 23 days | ' | ' |
Stock_Based_Compensation_Sched
Stock Based Compensation (Schedule Of Stock Option Activity) (Detail) (USD $) | 10 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Options, Granted | 4,757,302 | [1] | ' | |
Options, Exercised | ' | ' | ||
Options, Cancelled | ' | ' | ||
Options outstanding at end of year | 4,757,302 | 4,757,302 | ||
Options vested and expected to vest | 4,757,302 | 4,757,302 | ||
Options exercisable at end of year | 3,171,535 | [2] | 3,171,535 | [2] |
Options, Price range of options exercised | ' | ' | ||
Options, Price range of options outstanding | $1.05 | ' | ||
Total shares available for future grants at end of year | 6,442,970 | 6,442,970 | ||
Weighted Average Exercise Price, Granted | $1.05 | [1] | ' | |
Weighted Average Exercise Price, Exercised | ' | ' | ||
Weighted Average Exercise Price, Cancelled | ' | ' | ||
Weighted Average Exercise Price, Options outstanding at end of year | $1.05 | $1.05 | ||
Weighted Average Exercise Price, Options vested and expected to vest | $1.05 | $1.05 | ||
Weighted Average Exercise Price, Options exercisable at end of year | $1.05 | [2] | $1.05 | [2] |
Weighted Average Remaining Contractual Life (in years), Granted | '4 years 5 months 23 days | [1] | ' | |
Weighted Average Remaining Contractual Life (in years), Options outstanding at end of year | '4 years 5 months 23 days | ' | ||
Weighted Average Remaining Contractual Life (in years), Options vested and expected to vest | '4 years 5 months 23 days | ' | ||
Weighted Average Remaining Contractual Life (in years), Options exercisable at end of year | '4 years 5 months 23 days | [2] | ' | |
Aggregate Intrinsic Value, Options outstanding at beginning of year | ' | ' | ||
Aggregate Intrinsic Value, Granted | ' | [1] | ' | |
Aggregate Intrinsic Value, Exercised | ' | ' | ||
Aggregate Intrinsic Value, Cancelled | ' | ' | ||
Aggregate Intrinsic Value, Options outstanding at end of year | ' | ' | ||
Aggregate Intrinsic Value, Options vested and expected to vest | ' | ' | ||
Aggregate Intrinsic Value, Options exercisable at end of year | ' | [2] | ' | [2] |
Weighted average grant date fair value of stock options | ' | $0.64 | ||
Fair value of shares vested | $2 | ' | ||
[1] | The weighted average grant date fair value of the stock options was $0.64. | |||
[2] | The fair value of shares vested during the period from February 25, 2012 through December 31, 2012 was $2.0 million. |
Stock_Based_Compensation_Summa
Stock Based Compensation (Summary Of Stock Options Granted To Executives, Directors, And Non-Executives That Are Vested And Expected To Vest In Periods) (Detail) (USD $) | 10 Months Ended |
Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares | 4,757,302 |
Weighted Average Exercise Price | $1.05 |
Weighted Average Remaining Contractual life (in years) | '4 years 5 months 23 days |
Aggregate Intrinsic Value | ' |
Executives [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares | 4,467,892 |
Weighted Average Exercise Price | $1.05 |
Non-Executives [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares | 289,410 |
Weighted Average Exercise Price | $1.05 |
Stock_Based_Compensation_Summa1
Stock Based Compensation (Summary Of Stock Options Granted To Executives, Directors, And Non-Executives That Are Exercisable) (Detail) (USD $) | 10 Months Ended | |
Dec. 31, 2012 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Number of Shares | 3,171,535 | [1] |
Weighted Average Exercise Price | $1.05 | [1] |
Weighted Average Remaining Contractual Life (in years) | '4 years 5 months 23 days | [1] |
Aggregate Intrinsic Value | ' | [1] |
Executives [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Number of Shares | 2,978,595 | |
Weighted Average Exercise Price | $1.05 | |
Aggregate Intrinsic Value | ' | |
Directors [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Aggregate Intrinsic Value | ' | |
Non-Executives [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Number of Shares | 192,940 | |
Weighted Average Exercise Price | $1.05 | |
Aggregate Intrinsic Value | ' | |
[1] | The fair value of shares vested during the period from February 25, 2012 through December 31, 2012 was $2.0 million. |
Stock_Based_Compensation_Summa2
Stock Based Compensation (Summary Of Nonvested (Restricted) Shares Activity) (Detail) (USD $) | 10 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Shares, Granted | 2,499,293 | 2,499,293 |
Number of Shares, Vested | 1,592,965 | ' |
Number of Shares, Cancelled | ' | ' |
Number of Shares, Non-vested shares at end of year | 906,328 | 906,328 |
Weighted Average Grant Date Fair Value, Granted | $1.05 | ' |
Weighted Average Grant Date Fair Value, Vested | $1.05 | ' |
Weighted Average Grant Date Fair Value, Cancelled | $1.05 | ' |
Weighted Average Grant Date Fair Value, Non-vested shares at end of year | $1.05 | $1.05 |
Recovered_Sheet9
Commitments And Contingencies (Narrative) (Detail) (USD $) | 2 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 24, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
M | |||||||||
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense under cancelable and non-cancelable operating leases | $0.70 | $0.40 | $0.70 | $2.10 | $1.30 | $2.60 | ' | $4.40 | $4.40 |
Collateral for outstanding irrevocable | ' | 0.9 | ' | ' | 0.9 | 0.9 | 0.9 | ' | ' |
Term of letter of credit | ' | ' | ' | ' | ' | ' | 12 | ' | ' |
Outstanding performance and surety bonds | ' | 48.4 | ' | ' | 48.4 | 64.4 | 64.4 | ' | ' |
Project commitments | ' | 92.4 | ' | ' | 92.4 | ' | ' | ' | ' |
Non-refundable deposits | ' | 25.4 | ' | ' | 25.4 | 3.8 | 3.8 | ' | ' |
Total purchase price | ' | ' | ' | ' | ' | 97.1 | 97.1 | ' | ' |
Remaining purchase price of land | ' | 238.6 | ' | ' | 238.6 | 39 | 39 | ' | ' |
Additional deposits | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' |
Real estate inventories not owned and liabilities from inventories not owned | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-refundable deposit | ' | 15.00% | ' | ' | 15.00% | 15.00% | 15.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-refundable deposit | ' | 25.00% | ' | ' | 25.00% | 25.00% | 25.00% | ' | ' |
Construction In Progress [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Project commitments | ' | ' | ' | ' | ' | $60.90 | $60.90 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Future Minimum Payments Under Non-Cancelable Operating Leases) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Contingencies And Commitments [Line Items] | ' | ' |
2013 | $370 | $1,349 |
2014 | 1,393 | 1,260 |
2015 | 731 | 618 |
2016 | 671 | 556 |
2017 | 697 | 580 |
Thereafter | 2,734 | 2,654 |
Total | $6,596 | $7,017 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Summary of Company's Consolidated Land Banking Arrangement) (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | Location | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | ||
Lot | Lot | Balance of lots still under option and not purchased [Member] | Balance of lots still under option and not purchased [Member] | Lot | Balance of lots still under option and not purchased [Member] | ||||
Project | Project | Lot | Lot | Project | Lot | ||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Total number of land banking projects | ' | 1 | 1 | ' | ' | 1 | ' | ||
Number of lots | 15 | 610 | 610 | [1] | 105 | 199 | 625 | [1] | 225 |
Purchase price | ' | $161,465 | $161,465 | $20,738 | $39,029 | $161,465 | ' | ||
Purchase price | ' | ' | ' | ' | 39,029 | ' | 47,408 | ||
Forfeited deposits if lots are not purchased | ' | ' | ' | $14,737 | $27,734 | ' | $25,234 | ||
[1] | Total number of lots in the land banking project was reduced by 15 as of December 31, 2012 as compared to December 31, 2011 because of a change in product mix in future projects. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||||||
Feb. 24, 2012 | Dec. 31, 2012 | 31-May-13 | 31-May-13 | 31-May-13 | 21-May-13 | Feb. 24, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | 31-May-13 | Feb. 24, 2012 | 31-May-13 | Dec. 31, 2012 | 31-May-13 | Dec. 31, 2012 | Sep. 30, 2012 | 31-May-13 | 31-May-13 | Feb. 24, 2012 | 21-May-13 | Dec. 31, 2012 | Nov. 08, 2012 | Oct. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 05, 2013 | |
Warrants [Member] | Warrants [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class C [Member] | Common stock, Class C [Member] | Common stock, Class C [Member] | Common stock, Class D [Member] | Common stock, Class D [Member] | Common stock, Class D [Member] | Convertible preferred stock [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | 8 1/2% Senior Notes Due 2020 [Member] | 8 1/2% Senior Notes Due 2020 [Member] | 8 1/2% Senior Notes Due 2020 [Member] | CB&T Loan Agreement [Member] | CB&T Loan Agreement [Member] | |||
Previous [Member] | IPO [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in IPO by company and stockholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,005,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued | 92,400,000 | ' | ' | ' | ' | 10,005,000 | 44,793,255 | 44,793,255 | ' | 7,177,500 | 12,966,366 | ' | ' | ' | ' | ' | ' | ' | 31,464,548 | ' | ' | ' | ' | ' | ' | ' |
Shares issued by selling stockholder in IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,827,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds of IPO net of underwriting discount and estimated offering expenses | ' | ' | ' | ' | ' | $163,800,000 | ' | ' | ' | $165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split ratio | ' | ' | ' | ' | 0.1212 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1212 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1 | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding X | ' | 120,105,557 | ' | ' | 27,623,629 | 27,623,629 | ' | ' | 70,121,378 | ' | ' | ' | 16,020,338 | ' | 2,499,293 | 3,120,000 | ' | 3,813,885 | ' | 3,813,884 | 31,464,548 | ' | ' | ' | ' | ' |
Warrant term | ' | ' | '10 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants expiration date | ' | ' | 24-Feb-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000,000 | 100,000,000 | ' | ' | ' |
Debt instrument, interest rate percentage | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | 8.50% | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.50% | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104,700,000 | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 |
Credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' |
Effect_of_Reverse_Stock_Split_
Effect of Reverse Stock Split (Detail) (USD $) | 10 Months Ended | 10 Months Ended | |||||||||||||
Dec. 31, 2012 | 31-May-13 | 21-May-13 | Dec. 31, 2012 | 31-May-13 | 21-May-13 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class A [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class B [Member] | Common stock, Class C [Member] | Common stock, Class D [Member] | Common stock, Class D [Member] | After Stock Split [Member] | After Stock Split [Member] | After Stock Split [Member] | After Stock Split [Member] | After Stock Split [Member] | ||
Common stock, Class A [Member] | Common stock, Class B [Member] | Common stock, Class C [Member] | Common stock, Class D [Member] | ||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 120,105,557 | 27,623,629 | 27,623,629 | 70,121,378 | 3,813,885 | 3,813,884 | 31,464,548 | 16,020,338 | 2,499,293 | 3,120,000 | 14,558,246 | 8,499,558 | 3,813,885 | 1,941,859 | 302,945 |
(Loss) income per common share, basic and diluted | ($0.11) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.93) | ' | ' | ' | ' |
Weighted average common shares outstanding, basic and diluted | 103,037,842 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,489,435 | ' | ' | ' | ' |
Unaudited_Summarized_Quarterly2
Unaudited Summarized Quarterly Financial Information (Summarized Unaudited Quarterly Financial Information) (Detail) (USD $) | 10 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Feb. 24, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | ||
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | $16,687 | $58,983 | $53,703 | $57,795 | $36,574 | ' | ' | $15,109 | ' | $102,833 | $85,942 | $145,051 | ' | ' | ' |
Cost of sales | ' | -14,598 | -59,072 | -46,645 | -51,121 | -31,885 | ' | ' | -13,063 | ' | -82,859 | -70,795 | -131,272 | ' | ' | ' |
Gross profit (loss) | ' | 2,089 | -89 | 7,058 | 6,674 | 4,689 | ' | ' | 2,046 | ' | 19,974 | 15,147 | 13,779 | ' | ' | ' |
Other income, costs and expenses, net | ' | 226,408 | -130,837 | -46,758 | -17,759 | -15,866 | ' | ' | -7,028 | ' | -21,262 | -14,681 | -14,836 | ' | ' | ' |
Net (loss) income | ' | 228,497 | -130,926 | -39,700 | -11,095 | -11,177 | -192,898 | -135,455 | -4,982 | 10,680 | -1,288 | 466 | -1,057 | -5,573 | 17,287 | -6,861 |
Net income (loss) available to common stockholders | ' | 228,383 | ' | ' | ' | ' | -193,330 | -136,786 | -5,351 | 7,562 | -2,194 | -1,507 | -2,550 | -9,409 | 10,880 | -11,602 |
Net loss attributable to William Lyon Homes | ' | $228,383 | ($131,300) | ($39,634) | ($11,171) | ($11,225) | ($193,330) | ($136,786) | ' | $7,562 | ' | ($752) | ' | ($7,611) | $12,408 | ($8,859) |
Income (loss) per common share, basic and diluted | ($0.11) | $228,383 | ($131,300) | ($39,634) | ($11,171) | ($11,225) | ($193,330) | ($136,786) | ($0.06) | ' | ($0.02) | ($0.01) | ($0.03) | ' | ' | ($0.11) |
Segment_Information_Segment_Fi1
Segment Information - Segment Financial Information Relating to Operations (Parenthetical) (Detail) (Successor [Member], USD $) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Successor [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
(Provision) benefit for income taxes | ($6,356) | ($11) | ($11) | ($6,366) | ($11) |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Non Employee Director [Member] | Non Employee Director [Member] | Non Employee Director [Member] | Non Employee Director [Member] | Performance based restricted stock [Member] | Restricted stock [Member] | |||||||
Non Employee Director [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, Shares | 3,996 | 80,284 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock, shares | ' | ' | 2,499,293 | 2,499,293 | ' | ' | 256,500 | 0 | 40,998 | 256,500 | 291,444 | ' |
Compensation expense recognized | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awards, vesting percentage | ' | 50.00% | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | 25.00% |
Stock based compensation expense | $900,000 | $2,200,000 | $3,700,000 | ' | $0 | $0 | ' | ' | ' | ' | ' | ' |