Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 01, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Green Brick Partners, Inc. | |
Entity Central Index Key | 1,373,670 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 50,719,884 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash | $ 33,116 | $ 36,684 |
Restricted cash | 11,898 | 3,605 |
Receivables | 4,059 | 1,605 |
Inventory | 648,241 | 496,054 |
Investment in unconsolidated entities | 20,806 | 16,878 |
Property and equipment, net | 4,201 | 804 |
Earnest money deposits | 17,890 | 18,393 |
Deferred income tax assets, net | 20,091 | 31,211 |
Intangible assets, net | 1,041 | 0 |
Goodwill | 680 | 0 |
Other assets | 8,993 | 5,769 |
Total assets | 771,016 | 611,003 |
LIABILITIES AND EQUITY | ||
Accounts payable | 34,998 | 22,354 |
Accrued expenses | 23,645 | 18,465 |
Customer and builder deposits | 33,814 | 21,447 |
Borrowings on lines of credit, net | 198,965 | 105,773 |
Notes payable | 1,045 | 9,926 |
Contingent consideration | 514 | 0 |
Total liabilities | 292,981 | 177,965 |
Commitments and contingencies | ||
Redeemable noncontrolling interest in equity of consolidated subsidiary | 7,841 | 0 |
Green Brick Partners, Inc. stockholders’ equity | ||
Preferred stock, $0.01 par value: 5,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common shares, $0.01 par value: 100,000,000 shares authorized; 50,719,884 and 50,598,901 issued and outstanding as of September 30, 2018 and December 31, 2017, respectively | 507 | 506 |
Additional paid-in capital | 291,007 | 289,938 |
Retained earnings | 164,172 | 125,903 |
Total Green Brick Partners, Inc. stockholders’ equity | 455,686 | 416,347 |
Noncontrolling interests | 14,508 | 16,691 |
Total equity | 470,194 | 433,038 |
Total liabilities and equity | $ 771,016 | $ 611,003 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 50,719,884 | 50,598,901 |
Common stock, shares outstanding (in shares) | 50,719,884 | 50,598,901 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Total revenues | $ 149,992 | $ 113,706 | $ 433,267 | $ 317,994 |
Cost of Goods and Services Sold | 119,334 | 88,296 | 340,861 | 248,372 |
Total gross profit | 30,658 | 25,410 | 92,406 | 69,622 |
Selling, general and administrative expense | 13,979 | 9,520 | 40,759 | 28,732 |
Operating profit | 16,679 | 15,890 | 51,647 | 40,890 |
Equity in income of unconsolidated entities | 2,719 | 968 | 6,534 | 968 |
Other income, net | 709 | 435 | 2,767 | 1,362 |
Income before taxes | 20,107 | 17,293 | 60,948 | 43,220 |
Income tax provision | 4,734 | 5,364 | 13,341 | 13,635 |
Net income | 15,373 | 11,929 | 47,607 | 29,585 |
Less: Net income attributable to noncontrolling interests | 3,176 | 2,649 | 9,338 | 6,420 |
Net income attributable to Green Brick Partners, Inc. | $ 12,197 | $ 9,280 | $ 38,269 | $ 23,165 |
Net income attributable to Green Brick Partners, Inc. per common share: | ||||
Basic (in dollars per share) | $ 0.24 | $ 0.19 | $ 0.76 | $ 0.47 |
Diluted (in dollars per share) | $ 0.24 | $ 0.19 | $ 0.75 | $ 0.47 |
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share: | ||||
Basic (in shares) | 50,686 | 49,808 | 50,642 | 49,274 |
Diluted (in shares) | 50,778 | 49,892 | 50,760 | 49,347 |
Residential Real Estate [Member] | ||||
Total revenues | $ 137,399 | $ 108,437 | $ 401,643 | $ 302,179 |
Cost of Goods and Services Sold | 108,781 | 84,752 | 315,606 | 237,066 |
Real Estate, Other [Member] | ||||
Total revenues | 12,593 | 5,269 | 31,624 | 15,815 |
Cost of Goods and Services Sold | $ 10,553 | $ 3,544 | $ 25,255 | $ 11,306 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 47,607 | $ 29,585 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization expense | 1,804 | 238 |
Share-based compensation expense | 1,597 | 2,242 |
Deferred income taxes | 11,120 | 11,771 |
Distributions of income from unconsolidated entities | 3,361 | 259 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in receivables | (2,245) | 640 |
Increase in inventory | (108,634) | (70,605) |
Decrease (increase) in earnest money deposits | 1,021 | (6,905) |
Increase in other assets | (3,053) | (1,460) |
Increase in accounts payable | 8,424 | 910 |
Increase in accrued expenses | 3,914 | 2,463 |
Increase in customer and builder deposits | 3,293 | 8,668 |
Net cash used in operating activities | (38,325) | (23,162) |
Income (Loss) from Equity Method Investments | (6,534) | (968) |
Cash flows from investing activities: | ||
Business combination, net of acquired cash | (26,861) | 0 |
Investments in unconsolidated entities | (755) | (241) |
Purchase of property and equipment | (1,767) | (27) |
Net cash used in investing activities | (29,383) | (268) |
Cash flows from financing activities: | ||
Borrowings from lines of credit | 133,000 | 61,500 |
Payments of debt issuance costs | (228) | (452) |
Repayments of lines of credit | (40,000) | (41,500) |
Repayments of notes payable | (9,181) | (744) |
Withholdings of taxes from vesting of restricted stock awards | (412) | (586) |
Contributions from noncontrolling interests | 0 | 438 |
Distributions to noncontrolling interests | (10,746) | (9,740) |
Net cash provided by financing activities | 72,433 | 8,916 |
Net increase (decrease) in cash and restricted cash | 4,725 | (14,514) |
Cash, beginning of period | 36,684 | 35,157 |
Restricted cash, beginning of period | 3,605 | 4,445 |
Cash and restricted cash, beginning of period | 40,289 | 39,602 |
Cash, end of period | 33,116 | 20,720 |
Restricted cash, end of period | 11,898 | 4,368 |
Cash and restricted cash, end of period | 45,014 | 25,088 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest, net of capitalized interest | 0 | 0 |
Cash paid for income taxes, net of refunds | 3,400 | 2,872 |
Supplemental disclosure of noncash investing activities: | ||
Decrease in land not owned under option contracts | 0 | 2,271 |
NoncashOrPartNoncashEquityInvestmentNoncashFinancialOrEquityInstrumentConsiderationEquityIssuedValue | $ 0 | $ 14,623 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting [Text Block] | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”), but do not include all of the information and footnotes required for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements for the periods presented reflect all adjustments, of a normal, recurring nature necessary to fairly state our financial position, results of operations and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 . Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2018 or subsequent periods. |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Green Brick Partners, Inc., its controlled subsidiaries, and variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary (together, the “Company”, “we”, or “Green Brick”). All intercompany balances and transactions have been eliminated in consolidation. |
Equity Method Investments [Policy Text Block] | The Company uses the equity method of accounting for its investments in unconsolidated entities over which it exercises significant influence but does not have a controlling interest. Under the equity method, the Company’s share of the unconsolidated entities' earnings or losses, if any, is included in the condensed consolidated statements of income. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes, including the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”), but do not include all of the information and footnotes required for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements for the periods presented reflect all adjustments, of a normal, recurring nature necessary to fairly state our financial position, results of operations and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 . Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2018 or subsequent periods. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Green Brick Partners, Inc., its controlled subsidiaries, and variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary (together, the “Company”, “we”, or “Green Brick”). All intercompany balances and transactions have been eliminated in consolidation. The Company uses the equity method of accounting for its investments in unconsolidated entities over which it exercises significant influence but does not have a controlling interest. Under the equity method, the Company’s share of the unconsolidated entities' earnings or losses, if any, is included in the condensed consolidated statements of income. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes, including the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. |
Significant Accounting Policies
Significant Accounting Policies Accounting Policies (Notes) - USD ($) | 9 Months Ended | ||
Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Property and equipment, net | $ 4,201,000 | $ 804,000 | |
Inventory | 648,241,000 | 496,054,000 | |
Cumulative effect on opening balance of retained earnings | $ 164,172,000 | 125,903,000 | |
Significant Accounting Policies [Text Block] | SIGNIFICANT ACCOUNTING POLICIES For a complete set of the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Changes in significant accounting policies during the nine months ended September 30, 2018 are presented below. Receivables Receivables consist of amounts collectible from manufacturing rebates earned by our homebuilders during the normal course of business, amounts collectible from third-party escrow agents related to closings on land, lot and residential unit sales, and amounts collectible related to mechanics lien contracts, as well as income tax receivables. Variable Interest Entities and Noncontrolling Interests The Company accounts for VIEs in accordance with ASC 810, Consolidation (“ASC 810”). In accordance with ASC 810, an entity is a VIE 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 and (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 the VIE that most significantly impacts 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, the Company performs ongoing reassessments of whether it is the primary beneficiary of a VIE. Redeemable Noncontrolling Interest in Equity of Consolidated Subsidiary Redeemable noncontrolling interest in equity of consolidated subsidiary represents equity related to a put option held by a minority shareholder of a subsidiary. Based on the put option structure, the minority shareholder’s interest in the controlled subsidiary is classified as a redeemable noncontrolling interest on the condensed consolidated balance sheets. The accretion of the redeemable noncontrolling interest to its redemption value is recorded in additional paid-in capital on the condensed consolidated balance sheets. Debt Issuance Costs Debt issuance costs represent costs incurred related to the revolving and unsecured credit facilities, including amendments thereto, and reduce the carrying amount of debt on the condensed consolidated balance sheets. These costs are capitalized to inventory over the term of the related debt facility using the straight-line method. Segment Information In accordance with ASC 280, Segment Reporting (“ASC 280”), an operating segment is defined as a component of an enterprise for which discrete financial information is available and reviewed regularly by the chief operating decision maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. A reportable segment is an operating segment, either separately defined or aggregated from several operating segments based on similar economic and other characteristics, that exceeds certain quantitative thresholds of ASC 280. The Company identifies its CODM as four key executives - the Chief Executive Officer, Chief Financial Officer, President of Texas Region and Chief Accounting Officer. In determining the reportable segments, the CODM considers similar economic and other characteristics, including geography, class of customers, product types, and production processes. Business Combinations Acquisitions are accounted for in accordance with ASC 805, Business Combinations (“ASC 805”). Following the determination that control of a business and its inputs, processes and outputs was obtained in exchange for cash, all material assets and liabilities of the business, including contingent consideration, are measured and recognized at fair value as of the date of the acquisition to reflect the purchase price. Depending on the fair value of net assets acquired, the purchase price allocation may or may not result in goodwill. Goodwill The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as goodwill in accordance with ASC 805. Goodwill is assessed for impairment at least annually, or more frequently if certain impairment indicators are present. We perform our annual impairment test during the fourth quarter or whenever impairment indicators are present. Intangible Assets Intangible assets, net consists of the estimated fair value of acquired home construction contracts and trade name. A high degree of judgment is made by management regarding assumptions, such as revenue growth rates, profitability, and discount rates, when calculating the value of the intangible assets. The identified home construction contracts intangible asset is amortized to cost of residential units as income on the related contracts is earned, over a period of two years. The trade name has a definite life of and is amortized over ten years. Income Taxes We establish reserves for uncertain tax positions that reflect our best estimate of deductions and credits that may not be sustained on a more-likely-than-not basis. We recognize interest and penalties related to uncertain tax positions in income tax provision in the consolidated statements of income. Accrued interest and penalties, if any, are included within accrued expenses on the consolidated balance sheets. In accordance with ASC 740, Income Taxes , the Company recognizes the effect of income tax positions only if those positions have a more-likely-than-not chance of being sustained by the Company. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Revenue Recognition Contracts with Customers The Company derives revenues from two primary sources: the closing and delivery of homes through our builder operations segments and the sale of lots to homebuilders through our land development segment. All of our revenue is from contracts with customers. Contract Assets The Company requires homebuyers to submit a deposit for home purchases and requires third-party builders to submit a deposit in connection with land sale or lot option contracts. The deposits serve as a guarantee for performance under homebuilding and land sale or development contracts. Cash received as customer deposits is reflected as customer and builder deposits on the condensed consolidated balance sheets. Performance Obligations The Company’s contracts with homebuyers contain a single performance obligation. The performance obligation is satisfied when homes are completed and legal title has been transferred to the buyer. The Company does not have any variable consideration associated with home sales transactions. Lot option contracts contain multiple performance obligations. The performance obligations are satisfied as lots are closed and legal title has been transferred to the builder. For lot option contracts, individual performance obligations are accounted for separately. The transaction price is allocated to the separate performance obligations on a relative stand-alone selling price basis. Certain lot option contracts require escalations in lot price over the option period. Any escalator is not collectible until the lot closing occurs. While we recognize lot escalators as variable consideration within the transaction price, we do not recognize escalator revenue until a builder closes on a lot subject to an escalator as the escalator relates to general inflation and holding costs. Occasionally, the Company sells developed and undeveloped land parcels. If the land parcel is developed prior to the sale of the land, the revenue is recognized at closing since we deliver a single performance obligation in the form of a developed parcel. We also recognize revenue at closing on undeveloped land parcel sales as there are no other obligations beyond delivering the undeveloped land. Homebuyers are not obligated to pay for a home until the closing and delivery of the home. The selling price of a home is based on the contract price adjusted for any change orders, which are considered modifications of the contract price. Homebuilders are not obligated to pay for developed lots prior to control of the lots and any associated improvements being transferred to them. The term of our lot option contracts is generally based upon the number of lots being purchased and the agreed upon lot takedown schedule, which can be in excess of one year. Lots cannot be taken down until development is substantially complete. There is no significant financing component related to our third-party lot sales. The Company does not sell warranties outside of the customary workmanship warranties provided on homes or developed lots at the time of sale. The warranties offered to homebuyers and to buyers of developed lots are short term, with the exception of ten-year warranties on structural concerns for homes. As these are assurance-type warranties, there is no separate performance obligation related to warranties provided. Significant Judgments and Estimates There are no significant judgments involved in the recognition of completed home sales. The performance obligation of delivering a completed home is satisfied upon the sale closing when title transfers to the homebuyer. There are no significant judgments involved in the recognition of land sales or developed lot sales. The performance obligation of delivering land or developed lots is satisfied upon the closing of the sale when title transfers to the homebuilder. Contract Costs The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it expects to recover those costs. The Company pays sales commissions to employees and/or outside realtors related to individual home sales which are expensed as incurred at the time of closing. Commissions on the sale of land parcels are also expensed as incurred upon closing. The Company also pays quarterly builder incentives to employees which are based on the time it takes to build individual homes, as well as quality inspection completion and customer satisfaction. The builder incentives do not represent incremental costs that would require capitalization as we would incur these costs whether or not we sold the home. As such, we recognize builder incentives as expense at the time they are paid. Advertising costs, sales salaries and certain costs associated with model homes, such as sales office construction and signage, do not qualify for capitalization under ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers , as they are not incremental costs of obtaining a contract. As such, we expense these costs to selling, general and administrative expense as incurred. Costs incurred related to model home furnishings are capitalized and included in property and equipment, net on the condensed consolidated balance sheets. Selling, General and Administrative Expense Selling, general and administrative expense represents salaries, benefits, share-based compensation, property taxes, depreciation, amortization, advertising and marketing, rent, and other administrative items, and is recorded in the period incurred. Interest Expense Interest expense consists primarily of interest costs incurred on our debt that are not capitalized, and amortization of debt issuance costs. We capitalize interest costs incurred to inventory during active development and other qualifying activities. Debt issuance costs are capitalized to inventory over the term of the underlying debt using the straight-line method, in accordance with our interest capitalization policy. All interest costs were capitalized during the three and nine months ended September 30, 2018 and September 30, 2017 . Other Income, Net Other income, net primarily consists of net revenue from contracts where we are the general contractor and where our homebuyer, and not our Company, owns the land and improvements (“mechanics lien contracts”), net revenue from third parties for title and settlement services, and interest earned. We recognize revenue on our mechanics lien contracts over time as the performance obligations are met. Recent Accounting Pronouncements The Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), on January 1, 2018. ASU 2014-09 was codified into ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company adopted ASC 606 using the modified retrospective method applied to contracts which were not completed as of January 1, 2018, which required the cumulative effect of the initial application of the new standard, if any, to be reflected as an adjustment to the opening balance of retained earnings as of January 1, 2018. The Company’s revenue recognition disclosures expanded significantly under ASC 606, specifically related to the quantitative and qualitative information about performance obligations, information about contract balances, changes in contract assets and liabilities and disaggregation of revenue. The adoption of ASC 606 did not have a material effect on the Company’s condensed consolidated statements of income and there was no cumulative effect on the opening balance of retained earnings as of January 1, 2018 . As a result of the adoption of ASU 2014-09, costs related to model home furnishings are no longer capitalizable as inventory; however, such costs are capitalizable as fixed assets. As of September 30, 2018 , $1.9 million of model home furnishings costs were included in property and equipment, net compared to $1.1 million included in inventory as of December 31, 2017. The related depreciation expense of $1.3 million is included in selling, general and administrative expense for the nine months ended September 30, 2018 as opposed to $0.9 million included in cost of sales for the nine months ended September 30, 2017 . The adoption of ASU 2014-09 did not require significant changes to the Company's internal controls and procedures over financial reporting and disclosures. However, we have made enhancements to existing internal controls and procedures to ensure continued compliance with the disclosure requirements of the new standard. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which reduces the existing diversity in practice in financial reporting across all industries by clarifying certain existing principles including providing additional guidance on what an entity should consider in determining the classification of certain cash receipts and payments. This standard was adopted by the Company as of January 1, 2018. The adoption of this standard did not have a material effect on the Company's consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The standard provides a more robust framework for determining whether transactions should be accounted for as acquisitions or dispositions of assets or businesses. This standard was effective for the Company beginning January 1, 2018. The adoption of this standard did not have a material effect on the Company's consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”), which amends the scope of modification accounting for share-based payment arrangements. The standard provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASU 2017-09. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. This standard was effective for the Company beginning January 1, 2018. The adoption of this standard did not have a material effect on the Company's consolidated financial statements and related disclosures. In February 2016, the FASB established Topic 842, Leases (“Topic 842”), by issuing ASU 2016-02, which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842 ; ASU 2018-10, Codification Improvements to Topic 842, Leases ; and ASU 2018-11, Targeted Improvements . The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of income. The new standard is effective for the Company on January 1, 2019 , with early adoption permitted. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. We expect to adopt the new standard on January 1, 2019 and use the effective date as our date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019 . The new standard provides a number of optional practical expedients in transition. We expect to elect the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We do not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. The new standard also provides practical expedients for an entity’s ongoing accounting. We expect to elect the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also expect to elect the practical expedient to not separate lease and non-lease components for all of our leases. The Company does not expect that the adoption of this standard will have a material effect on its consolidated financial statements and related disclosures. While we continue to assess all of the effects of adoption, we believe the most significant effects relate to (1) the recognition of new ROU assets and lease liabilities on our balance sheet for our office and equipment operating leases and (2) providing new disclosures about our leasing activities. We do not expect a significant change in our leasing activities between now and adoption. Upon adoption, we expect to recognize additional operating liabilities, with corresponding ROU assets of the same amount based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which removes Step 2 of the goodwill impairment test. A goodwill impairment will now be determined by the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2019, with early adoption permitted. The Company does not expect the adoption of ASU 2017-04 to have a material impact on the Company’s consolidated financial statements. | ||
Receivables, Policy [Policy Text Block] | Receivables Receivables consist of amounts collectible from manufacturing rebates earned by our homebuilders during the normal course of business, amounts collectible from third-party escrow agents related to closings on land, lot and residential unit sales, and amounts collectible related to mechanics lien contracts, as well as income tax receivables. | ||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities and Noncontrolling Interests The Company accounts for VIEs in accordance with ASC 810, Consolidation (“ASC 810”). In accordance with ASC 810, an entity is a VIE 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 and (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 the VIE that most significantly impacts 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, the Company performs ongoing reassessments of whether it is the primary beneficiary of a VIE. | ||
Debt, Policy [Policy Text Block] | Debt Issuance Costs Debt issuance costs represent costs incurred related to the revolving and unsecured credit facilities, including amendments thereto, and reduce the carrying amount of debt on the condensed consolidated balance sheets. These costs are capitalized to inventory over the term of the related debt facility using the straight-line method. | ||
Segment Reporting, Policy [Policy Text Block] | Segment Information In accordance with ASC 280, Segment Reporting (“ASC 280”), an operating segment is defined as a component of an enterprise for which discrete financial information is available and reviewed regularly by the chief operating decision maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. A reportable segment is an operating segment, either separately defined or aggregated from several operating segments based on similar economic and other characteristics, that exceeds certain quantitative thresholds of ASC 280. The Company identifies its CODM as four key executives - the Chief Executive Officer, Chief Financial Officer, President of Texas Region and Chief Accounting Officer. In determining the reportable segments, the CODM considers similar economic and other characteristics, including geography, class of customers, product types, and production processes. | ||
Business Combinations Policy [Policy Text Block] | Business Combinations Acquisitions are accounted for in accordance with ASC 805, Business Combinations (“ASC 805”). Following the determination that control of a business and its inputs, processes and outputs was obtained in exchange for cash, all material assets and liabilities of the business, including contingent consideration, are measured and recognized at fair value as of the date of the acquisition to reflect the purchase price. Depending on the fair value of net assets acquired, the purchase price allocation may or may not result in goodwill. | ||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as goodwill in accordance with ASC 805. Goodwill is assessed for impairment at least annually, or more frequently if certain impairment indicators are present. We perform our annual impairment test during the fourth quarter or whenever impairment indicators are present. | ||
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets, net consists of the estimated fair value of acquired home construction contracts and trade name. A high degree of judgment is made by management regarding assumptions, such as revenue growth rates, profitability, and discount rates, when calculating the value of the intangible assets. The identified home construction contracts intangible asset is amortized to cost of residential units as income on the related contracts is earned, over a period of two years. | ||
Revenue from Contract with Customer [Policy Text Block] | Contracts with Customers The Company derives revenues from two primary sources: the closing and delivery of homes through our builder operations segments and the sale of lots to homebuilders through our land development segment. All of our revenue is from contracts with customers. Contract Assets The Company requires homebuyers to submit a deposit for home purchases and requires third-party builders to submit a deposit in connection with land sale or lot option contracts. The deposits serve as a guarantee for performance under homebuilding and land sale or development contracts. Cash received as customer deposits is reflected as customer and builder deposits on the condensed consolidated balance sheets. Performance Obligations The Company’s contracts with homebuyers contain a single performance obligation. The performance obligation is satisfied when homes are completed and legal title has been transferred to the buyer. The Company does not have any variable consideration associated with home sales transactions. Lot option contracts contain multiple performance obligations. The performance obligations are satisfied as lots are closed and legal title has been transferred to the builder. For lot option contracts, individual performance obligations are accounted for separately. The transaction price is allocated to the separate performance obligations on a relative stand-alone selling price basis. Certain lot option contracts require escalations in lot price over the option period. Any escalator is not collectible until the lot closing occurs. While we recognize lot escalators as variable consideration within the transaction price, we do not recognize escalator revenue until a builder closes on a lot subject to an escalator as the escalator relates to general inflation and holding costs. Occasionally, the Company sells developed and undeveloped land parcels. If the land parcel is developed prior to the sale of the land, the revenue is recognized at closing since we deliver a single performance obligation in the form of a developed parcel. We also recognize revenue at closing on undeveloped land parcel sales as there are no other obligations beyond delivering the undeveloped land. Homebuyers are not obligated to pay for a home until the closing and delivery of the home. The selling price of a home is based on the contract price adjusted for any change orders, which are considered modifications of the contract price. Homebuilders are not obligated to pay for developed lots prior to control of the lots and any associated improvements being transferred to them. The term of our lot option contracts is generally based upon the number of lots being purchased and the agreed upon lot takedown schedule, which can be in excess of one year. Lots cannot be taken down until development is substantially complete. There is no significant financing component related to our third-party lot sales. The Company does not sell warranties outside of the customary workmanship warranties provided on homes or developed lots at the time of sale. The warranties offered to homebuyers and to buyers of developed lots are short term, with the exception of ten-year warranties on structural concerns for homes. As these are assurance-type warranties, there is no separate performance obligation related to warranties provided. Significant Judgments and Estimates There are no significant judgments involved in the recognition of completed home sales. The performance obligation of delivering a completed home is satisfied upon the sale closing when title transfers to the homebuyer. There are no significant judgments involved in the recognition of land sales or developed lot sales. The performance obligation of delivering land or developed lots is satisfied upon the closing of the sale when title transfers to the homebuilder. Contract Costs The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it expects to recover those costs. The Company pays sales commissions to employees and/or outside realtors related to individual home sales which are expensed as incurred at the time of closing. Commissions on the sale of land parcels are also expensed as incurred upon closing. The Company also pays quarterly builder incentives to employees which are based on the time it takes to build individual homes, as well as quality inspection completion and customer satisfaction. The builder incentives do not represent incremental costs that would require capitalization as we would incur these costs whether or not we sold the home. As such, we recognize builder incentives as expense at the time they are paid. Advertising costs, sales salaries and certain costs associated with model homes, such as sales office construction and signage, do not qualify for capitalization under ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers , as they are not incremental costs of obtaining a contract. As such, we expense these costs to selling, general and administrative expense as incurred. Costs incurred related to model home furnishings are capitalized and included in property and equipment, net on the condensed consolidated balance sheets. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), on January 1, 2018. ASU 2014-09 was codified into ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company adopted ASC 606 using the modified retrospective method applied to contracts which were not completed as of January 1, 2018, which required the cumulative effect of the initial application of the new standard, if any, to be reflected as an adjustment to the opening balance of retained earnings as of January 1, 2018. The Company’s revenue recognition disclosures expanded significantly under ASC 606, specifically related to the quantitative and qualitative information about performance obligations, information about contract balances, changes in contract assets and liabilities and disaggregation of revenue. The adoption of ASC 606 did not have a material effect on the Company’s condensed consolidated statements of income and there was no cumulative effect on the opening balance of retained earnings as of January 1, 2018 . As a result of the adoption of ASU 2014-09, costs related to model home furnishings are no longer capitalizable as inventory; however, such costs are capitalizable as fixed assets. As of September 30, 2018 , $1.9 million of model home furnishings costs were included in property and equipment, net compared to $1.1 million included in inventory as of December 31, 2017. The related depreciation expense of $1.3 million is included in selling, general and administrative expense for the nine months ended September 30, 2018 as opposed to $0.9 million included in cost of sales for the nine months ended September 30, 2017 . The adoption of ASU 2014-09 did not require significant changes to the Company's internal controls and procedures over financial reporting and disclosures. However, we have made enhancements to existing internal controls and procedures to ensure continued compliance with the disclosure requirements of the new standard. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which reduces the existing diversity in practice in financial reporting across all industries by clarifying certain existing principles including providing additional guidance on what an entity should consider in determining the classification of certain cash receipts and payments. This standard was adopted by the Company as of January 1, 2018. The adoption of this standard did not have a material effect on the Company's consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The standard provides a more robust framework for determining whether transactions should be accounted for as acquisitions or dispositions of assets or businesses. This standard was effective for the Company beginning January 1, 2018. The adoption of this standard did not have a material effect on the Company's consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”), which amends the scope of modification accounting for share-based payment arrangements. The standard provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASU 2017-09. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. This standard was effective for the Company beginning January 1, 2018. The adoption of this standard did not have a material effect on the Company's consolidated financial statements and related disclosures. In February 2016, the FASB established Topic 842, Leases (“Topic 842”), by issuing ASU 2016-02, which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842 ; ASU 2018-10, Codification Improvements to Topic 842, Leases ; and ASU 2018-11, Targeted Improvements . The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of income. The new standard is effective for the Company on January 1, 2019 , with early adoption permitted. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. We expect to adopt the new standard on January 1, 2019 and use the effective date as our date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019 . The new standard provides a number of optional practical expedients in transition. We expect to elect the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We do not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. The new standard also provides practical expedients for an entity’s ongoing accounting. We expect to elect the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also expect to elect the practical expedient to not separate lease and non-lease components for all of our leases. The Company does not expect that the adoption of this standard will have a material effect on its consolidated financial statements and related disclosures. While we continue to assess all of the effects of adoption, we believe the most significant effects relate to (1) the recognition of new ROU assets and lease liabilities on our balance sheet for our office and equipment operating leases and (2) providing new disclosures about our leasing activities. We do not expect a significant change in our leasing activities between now and adoption. Upon adoption, we expect to recognize additional operating liabilities, with corresponding ROU assets of the same amount based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which removes Step 2 of the goodwill impairment test. A goodwill impairment will now be determined by the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2019, with early adoption permitted. The Company does not expect the adoption of ASU 2017-04 to have a material impact on the Company’s consolidated financial statements. | ||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative effect on opening balance of retained earnings | $ 0 | ||
Model Home Furnishings | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Inventory | $ 1,900,000 | ||
Model Home Furnishings | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Inventory | $ 1,100,000 |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combination | BUSINESS COMBINATION On April 26, 2018 (the “Acquisition Date”), following a series of transactions, the Company acquired substantially all of the assets and assumed certain liabilities of GHO Homes Corporation and its affiliates (“GHO”) through a newly formed subsidiary, GRBK GHO Homes, LLC (“GRBK GHO Homes”), in which the Company holds an 80% controlling interest. The owner of GHO contributed $8.3 million of net assets to GRBK GHO Homes in an exchange for a 20% interest in GRBK GHO Homes. The minority partner of GRBK GHO Homes serves as the president of GRBK GHO Homes. GRBK GHO Homes operates primarily in the Vero Beach, Florida market and is engaged in land and lot development, as well as all aspects of the homebuilding process. The acquisition allowed the Company to expand its operations into a new geographic market. The Company consolidates the financial statements of GRBK GHO Homes as the Company owns 80% of the outstanding voting shares of the builder. The noncontrolling interest attributable to the 20% minority interest owned by our Florida based partner is included as redeemable noncontrolling interest in equity of consolidated subsidiary in the Company’s condensed consolidated financial statements. In addition, under the terms of the purchase agreement, the Company may be obligated to pay the contingent consideration if certain annual performance targets are met over the three -year period following the Acquisition Date. The original consideration of $42.2 million consisted of $33.2 million in cash paid by the Company to the owner of GHO, $8.3 million of assets contributed by the owner of GHO, and an estimated $0.6 million of contingent consideration. Following completion of the audit of the balance sheet of GHO as of the Acquisition Date, the purchase price was adjusted by $2.0 million that was paid by the Company in cash, and the value of contributed assets from the minority partner was increased by $0.5 million . Contingent consideration was adjusted to $0.5 million based on finalization of valuation procedures. Thus, the final total consideration was $44.6 million . Total consideration for the Company's 80% interest in GRBK GHO Homes was $35.8 million . In accordance with ASC 805, all material assets and liabilities, including contingent consideration, were measured and recognized at fair value as of the date of the acquisition to reflect the purchase price. The following is a summary of fair value of assets acquired and liabilities assumed (in thousands): Assets acquired Cash $ 8,399 Inventory 45,070 Property and equipment 1,462 Intangible assets - trade name 850 Intangible assets - home construction contracts 290 Goodwill (1) 680 Other assets 833 Total assets $ 57,584 Liabilities assumed Note payable $ 300 Accrued expenses and other liabilities 5,486 Customer deposits 9,073 Total liabilities $ 14,859 Redeemable noncontrolling interest $ 6,951 Net assets acquired (2) $ 35,774 (1) Goodwill is expected to be fully deductible for tax purposes. (2) Contingent consideration of $0.5 million is included in the fair value of net assets acquired. The final purchase price allocation reflected above is based upon estimates and assumptions. The Company engaged a valuation firm to assist in the allocation of the purchase price, and valuation procedures related to the acquired assets and assumed liabilities have been completed. The estimated cash flows and ultimate valuation have been significantly affected by estimated discount rates, estimates related to expected average selling prices and sales incentives, expected sales pace and cancellation rates, expected land development and construction timelines, and anticipated land development, construction, and overhead costs and may vary significantly between communities. Adjustments to the fair value of inventory based on the completion of valuation procedures resulted in the Company recording $0.2 million of cost of residential units during the three months ended September 30, 2018 which related to the period from April 26, 2018 through June 30, 2018. The valuation of redeemable noncontrolling interest is based on a market approach, considering the equity contribution made by the 20% partner, adjusted for control and marketability factors. Acquired inventory consists of both land under development and work in process inventory, as well as completed homes held for sale. The estimated fair value of real estate inventory was determined on a community-by-community basis, primarily using the income approach which derives a value using a discounted cash flow for income-producing real property. The values of work in process and completed home inventory were estimated based upon the stage of production of each unit and a gross margin that we believe a market participant would require to complete the remaining construction and sales and marketing efforts through the sale of the homes. The stage of production, as of the acquisition date, ranged from recently started lots to fully completed homes. A sales comparison approach was used for land for which significant lot development had not yet begun as of the Acquisition Date. An income approach was also utilized to value mechanics lien home construction contracts acquired. The estimated fair values of the acquired trade name, GHO Homes, and the home construction contracts, were determined using the relief-from-royalty method under the income approach, which involved assumptions related to revenue growth, market awareness and useful life. The allocation to goodwill represents the excess of the purchase price, including contingent consideration, over the estimated fair value of assets acquired and liabilities assumed. Goodwill results primarily from operational synergies expected from the business combination. The decrease in goodwill during the three months ended September 30, 2018 relates solely to the finalization of purchase price allocation. GRBK GHO Homes’ results of operations, which include homebuilding revenues of $29.8 million and income before tax of $3.0 million , are included in the accompanying condensed consolidated statements of income for the period from April 26, 2018 through September 30, 2018 . The supplemental pro forma information for revenue and earnings of the Company as though the business combination had occurred as of January 1, 2017 is impractical to provide due to the fact that consolidated reporting for the specific group of entities acquired had not existed prior to the acquisition. As of September 30, 2018 , we had incurred transaction costs of approximately $0.5 million related to the business combination, which have been expensed as incurred and are included in selling, general and administrative expense. |
Net Income Attributable to Gree
Net Income Attributable to Green Brick Partners, Inc. Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Attributable to Green Brick Partners, Inc. Per Share | NET INCOME ATTRIBUTABLE TO GREEN BRICK PARTNERS, INC. PER SHARE The Company’s restricted stock awards have the right to receive forfeitable dividends on an equal basis with common stock and therefore are not considered participating securities that must be included in the calculation of net income per share using the two-class method. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during each period, adjusted for non-vested shares of restricted stock awards during each period. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all dilutive securities, including stock options and restricted stock awards. The computation of basic and diluted net income attributable to Green Brick Partners, Inc. per share is as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income attributable to Green Brick Partners, Inc. $ 12,197 $ 9,280 $ 38,269 $ 23,165 Weighted-average number of shares outstanding —basic 50,686 49,808 50,642 49,274 Basic net income attributable to Green Brick Partners, Inc. per share $ 0.24 $ 0.19 $ 0.76 $ 0.47 Weighted-average number of shares outstanding —basic 50,686 49,808 50,642 49,274 Dilutive effect of stock options and restricted stock awards 92 84 118 73 Weighted-average number of shares outstanding —diluted 50,778 49,892 50,760 49,347 Diluted net income attributable to Green Brick Partners, Inc. per share $ 0.24 $ 0.19 $ 0.75 $ 0.47 The following shares which could potentially dilute earnings per share in the future are not included in the determination of diluted net income attributable to Green Brick Partners, Inc. per common share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Antidilutive options to purchase common stock and restricted stock awards 3 — 7 — |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory | INVENTORY A summary of inventory is as follows (in thousands): September 30, 2018 December 31, 2017 Completed home inventory and residential lots held for sale $ 165,107 $ 106,043 Work in process and land under development 480,419 386,181 Land held for sale 2,715 3,830 Total inventory $ 648,241 $ 496,054 The Company capitalizes interest costs incurred to inventory during active development and other qualifying activities. Interest capitalized as cost of inventory is charged to cost of sales as related homes, land and lots are closed. A summary of interest costs incurred, capitalized and expensed is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest capitalized at beginning of period $ 12,143 $ 9,425 $ 10,474 $ 9,417 Interest incurred 2,479 1,177 6,113 2,955 Interest charged to cost of sales (1,114 ) (716 ) (3,079 ) (2,486 ) Interest capitalized at end of period $ 13,508 $ 9,886 $ 13,508 $ 9,886 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Disaggregation of Revenue The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Builder Operations Land Development Builder Operations Land Development Primary Geographic Market Central $ 59,652 $ 12,363 $ 52,597 $ 5,269 Southeast 77,747 230 55,840 — Total revenues $ 137,399 $ 12,593 $ 108,437 $ 5,269 Type of Customer Homebuyers $ 137,399 $ — $ 108,437 $ — Homebuilders — 12,593 — 5,269 Total revenues $ 137,399 $ 12,593 $ 108,437 $ 5,269 Product Type Residential units $ 137,399 $ — $ 108,437 $ — Land and lots — 12,593 — 5,269 Total revenues $ 137,399 $ 12,593 $ 108,437 $ 5,269 Timing of Revenue Recognition Transferred at a point in time $ 137,399 $ 12,593 $ 108,437 $ 5,269 Total revenues $ 137,399 $ 12,593 $ 108,437 $ 5,269 The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the nine months ended September 30, 2018 and 2017 (in thousands): Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Builder Operations Land Development Builder Operations Land Development Primary Geographic Market Central $ 198,093 $ 27,054 $ 149,977 $ 15,013 Southeast 203,550 4,570 152,202 802 Total revenues $ 401,643 $ 31,624 $ 302,179 $ 15,815 Type of Customer Homebuyers $ 401,643 $ — $ 302,179 $ — Homebuilders — 31,624 — 15,815 Total revenues $ 401,643 $ 31,624 $ 302,179 $ 15,815 Product Type Residential units $ 401,643 $ — $ 302,179 $ — Land and lots — 31,624 — 15,815 Total revenues $ 401,643 $ 31,624 $ 302,179 $ 15,815 Timing of Revenue Recognition Transferred at a point in time $ 401,643 $ 31,624 $ 302,179 $ 15,815 Total revenues $ 401,643 $ 31,624 $ 302,179 $ 15,815 Contract Balances Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands): September 30, 2018 December 31, 2017 September 30, 2017 December 31, 2016 Customer and builder deposits $ 33,814 $ 21,447 $ 22,756 $ 14,088 The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customer’s payment of a deposit and the Company’s performance, impacted slightly by terminations of contracts. The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three and nine months ended September 30, 2018 and 2017 are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Type of Customer Homebuyers $ 6,007 $ 3,650 $ 13,036 $ 6,659 Homebuilders 480 906 711 1,286 Total deposits recognized as revenue $ 6,487 $ 4,556 $ 13,747 $ 7,945 As a result of the GRBK GHO Homes business combination, customer deposits from homebuyers in the amount of $9.1 million were acquired, of which $2.5 million and $4.5 million were recognized during the three months ended September 30, 2018 and during the period from April 26, 2018 through September 30, 2018 , respectively. Performance Obligations There was no revenue recognized during the three and nine months ended September 30, 2018 and 2017 from performance obligations satisfied in prior periods. Transaction Price Allocated to the Remaining Performance Obligations The aggregate amount of transaction price allocated to the remaining performance obligations on our land sale and lot option contracts is $119.6 million . The Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel, which is expected to occur as follows (in thousands): Total Remainder of 2018 $ 10,631 2019 51,949 2020 37,051 2021 16,227 2022 3,730 Total $ 119,588 The timing of lot takedowns is contingent upon a number of factors, including customer needs, the number of lots being purchased, receipt of acceptance of the plat by the municipality, weather-related delays, and agreed-upon lot takedown schedules. Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606 and has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | INVESTMENT IN UNCONSOLIDATED ENTITIES In August 2017, the Company expanded into the Colorado Springs, Colorado market through a 49.9% equity interest in GB Challenger, LLC (“Challenger Homes”) which constructs townhomes, single family homes and luxury patio homes. In March 2018, the Company formed a joint venture with a title company in Georgia to provide title closing and settlement services to our Atlanta based builder. The Company, through its controlled builder, The Providence Group of Georgia, L.L.C. (“TPG”), owns a 49% equity interest in Providence Group Title, LLC (“Providence Title”). In June 2018, the Company formed a joint venture with PrimeLending to provide mortgage loan origination services to our builders. The Company owns a 49% equity interest in Green Brick Mortgage, LLC (“Green Brick Mortgage”) which initiated mortgage loan origination activities in September 2018. A summary of the condensed financial information of the unconsolidated entities that are accounted for by the equity method is as follows (in thousands): Balance Sheets (Unaudited) September 30, 2018 December 31, 2017 Assets: Cash $ 15,825 $ 3,981 Accounts receivable 400 1,494 Bonds receivable 5,864 2,850 Inventory 50,731 57,841 Goodwill 4,615 4,615 Noncompete intangible asset 159 202 Other assets 2,652 2,248 Total assets $ 80,246 $ 73,231 Liabilities: Accounts payable $ 4,464 $ 5,060 Accrued expenses and other liabilities 5,373 2,857 Notes payable 34,209 36,923 Total liabilities $ 44,046 $ 44,840 Owners' equity: Green Brick $ 20,476 $ 16,592 Others 15,724 11,799 Total owners' equity $ 36,200 $ 28,391 Total liabilities and owners' equity $ 80,246 $ 73,231 Statements of Income (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenues $ 43,758 $ 21,955 $ 120,710 $ 21,955 Costs and expenses 38,308 20,015 107,328 20,015 Net earnings of unconsolidated entities $ 5,450 $ 1,940 $ 13,382 $ 1,940 Company's share in net earnings of unconsolidated entities $ 2,719 $ 968 $ 6,534 $ 968 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Lines of Credit Lines of credit outstanding, net of unamortized debt issuance costs, consist of the following as of September 30, 2018 and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Revolving credit facility $ 57,500 $ 32,000 Unsecured revolving credit facility 142,500 75,000 Debt issuance costs, net of amortization (1,035 ) (1,227 ) Total lines of credit $ 198,965 $ 105,773 Revolving Credit Facility On July 30, 2015 , the Company entered into a revolving credit facility (the “Credit Facility”) with Inwood National Bank, which initially provided for up to $50.0 million . Amounts outstanding under the Credit Facility are secured by mortgages on real property and security interests in certain personal property that is owned by certain of the Company’s subsidiaries. Outstanding borrowings under the Credit Facility bear interest payable monthly at a floating rate per annum equal to the Bank of America, N.A. “Prime Rate” (the “Index”) with adjustments to the interest rate being made on the effective date of any change in the Index. The interest may not, at any time, be less than 4% per annum or more than the lesser amount of 18% and the highest maximum rate allowed by applicable law. The entire unpaid principal balance and any accrued but unpaid interest is due and payable on the maturity date. As of September 30, 2018 , the interest rate on outstanding borrowings under the Credit Facility was 5.25% per annum. On May 3, 2016, the Company amended the Credit Facility and extended the maturity date to May 1, 2019 . The amended Credit Facility is subject to a borrowing base limitation equal to the sum of 50% of the total value of land and 65% of the total value of lots owned by certain of the Company’s subsidiaries, each as determined by an independent appraiser, with the value of land being restricted from being more than 65% of the borrowing base. A non-usage fee equal to 0.25% of the average unfunded amount of the commitment amount over a trailing 12-month period is due on or before August 1 st of each year. Costs of $0.1 million associated with the amendment were deferred and reduce the carrying amount of debt on the condensed consolidated balance sheets. The Company is capitalizing these debt issuance costs to inventory over the term of the Credit Facility using the straight-line method. During 2017, the Company amended the Credit Facility several times for the purpose of adding additional land holdings as collateral. On October 27, 2017 , the Company amended the Credit Facility to increase the commitment amount from $50.0 million to $75.0 million . This amendment temporarily waived the borrowing base through March 31, 2018, after which the borrowing base was reinstated. During the temporary borrowing base waiver, the Credit Facility was governed by a loan-to-value ratio not permitted to exceed 70% . On October 26, 2018, the Company amended the Credit Facility. The amendment extended the maturity date to May 1, 2022 and lowered the floating interest rate to the Index less 0.25%. Under the terms of the amended Credit Facility, the Company is required to maintain a minimum amount of tangible net worth, minimum interest coverage and maximum leverage ratios. The Company was in compliance with these financial covenants as of September 30, 2018 . Unsecured Revolving Credit Facility On December 15, 2015, the Company entered into a credit agreement (the “Credit Agreement”) with the lenders named therein, and Citibank, N.A. ("Citibank"), as administrative agent, providing for a senior, unsecured revolving credit facility with an aggregate lending commitment of $40.0 million (the “Unsecured Revolving Credit Facility”). Before the First Amendment increased the maximum amount of the Unsecured Revolving Credit Facility, the Company could, at its option and subject to certain terms and conditions, prior to the termination date, increase the amount of the Unsecured Revolving Credit Facility up to a maximum aggregate amount of $75.0 million . Citibank and Credit Suisse AG, Cayman Islands Branch (“Credit Suisse”) initially committed to provide $25.0 million and $15.0 million , respectively. The Unsecured Revolving Credit Facility provides for interest rate options at rates equal to either: (a) in the case of base rate advances, the highest of (i) Citibank’s base rate, (ii) the federal funds rate plus 0.5% , and (iii) one-month LIBOR plus 1.0% , in each case plus 1.5% ; or (b) in the case of Eurodollar rate advances, the reserve adjusted LIBOR plus 2.5% . Interest is payable quarterly in arrears on the last day of each March, June, September and December. As of September 30, 2018 , the interest rates on outstanding borrowings under the Unsecured Revolving Credit Facility range from 4.56% to 4.58% per annum. The Company pays the lenders a commitment fee on the amount of the unused commitments on a quarterly basis at a rate equal to 0.45% per annum. Outstanding borrowings under the Unsecured Revolving Credit Facility are subject to a borrowing base. The borrowing base limitation is equal to the sum of: 100% of unrestricted cash in excess of $15.0 million ; 85% of the book value of model homes, construction in progress homes, completed sold homes and completed speculative homes (subject to certain limitations on the age and number of completed speculative homes and model homes); 65% of the book value of finished lots and land under development; and 50% of the book value of entitled land (subject to certain limitations on the value of entitled land and land under development as a percentage of the borrowing base). On August 31, 2016, the Company entered into a First Amendment to the Credit Agreement (the “First Amendment”). The First Amendment added Flagstar Bank, FSB (“Flagstar Bank”) as a lender, with an initial commitment of $20.0 million , which increased the aggregate lending commitment available under the Unsecured Revolving Credit Facility from $40.0 million to $60.0 million . The First Amendment also increased the maximum aggregate amount of the Unsecured Revolving Credit Facility to $110.0 million . On December 1, 2016, the Company entered into a Second Amendment to the Credit Agreement (the “Second Amendment”). The Second Amendment extended the termination date with respect to commitments under the Unsecured Revolving Credit Facility from December 14, 2018 to December 14, 2019 and required an upfront fee of 0.15% of the aggregate amount of extended commitments. Additionally, Citibank increased its commitment from $25.0 million to $35.0 million , which increased the aggregate lending commitment available from $60.0 million to $70.0 million . On March 6, 2017, Flagstar Bank increased its commitment from $20.0 million to $35.0 million , which increased the aggregate lending commitment available under the Unsecured Revolving Credit Facility from $70.0 million to $85.0 million . Costs of $0.1 million were incurred associated with this increase in commitment. On September 1, 2017, the Company entered into a Third Amendment to the Credit Agreement (the “Third Amendment”). Pursuant to the Third Amendment, Flagstar Bank increased its commitment from $35.0 million to $70.0 million and Credit Suisse increased its commitment from $15.0 million to $25.0 million , which increased the aggregate lending commitment available under the Unsecured Revolving Credit Facility from $85.0 million to $130.0 million . The Third Amendment also increased the maximum aggregate amount of the Unsecured Revolving Credit Facility from $110.0 million to $200.0 million . Further increases are available at the Company’s option, prior to the termination date, subject to certain terms and conditions. In addition, the Third Amendment appointed Flagstar Bank in the roles of sole lead arranger and administrative agent. Costs of $0.4 million were incurred associated with the Third Amendment. On December 1, 2017, the Company entered into a Fourth Amendment to the Credit Agreement (the “Fourth Amendment”). The Fourth Amendment extended the termination date to December 14, 2020 . The extension required an upfront fee of 0.15% of the aggregate amount of extended commitments. Effective March 27, 2018, JPMorgan Chase Bank, N.A. (“JPMorgan”) was added as a lender under the Credit Agreement, with an initial commitment of $30.0 million , which increased the aggregate lending commitment available under the Unsecured Revolving Credit Facility from $130.0 million to $160.0 million . Costs of $0.2 million associated with the additional commitment were incurred. Effective July 24, 2018 , Citibank, Credit Suisse, and JPMorgan each increased their commitment by $5.0 million , for a total of $15.0 million , thereby increasing the aggregate lending commitment available under the Unsecured Revolving Credit Facility from $160.0 million to $175.0 million . Costs of $0.1 million were incurred associated with this additional commitment. Effective October 22, 2018, Chemical Financial Corporation (“Chemical”) was added as a lender under the Credit Agreement, with an initial commitment of $25.0 million , which increased the aggregate lending commitment available under the Unsecured Revolving Credit Facility from $175.0 million to $200.0 million . Costs of $0.3 million were incurred associated with this additional commitment. On November 2, 2018, the Company entered into a Fifth Amendment to the Credit Agreement ( the “Fifth Amendment”). Pursuant to the Fifth Amendment, Flagstar Bank increased its commitment from $70.0 million to $80.0 million and Chemical increased its commitment from $25.0 million to $30.0 million, which increased the aggregate lending commitment available under the Unsecured Revolving Credit Facility from $200.0 million to $215.0 million . The Fifth Amendment also increased the maximum aggregate amount of the Unsecured Revolving Credit Facility from $200.0 million to $275.0 million . Additionally, the Fifth Amendment extended the termination date to December 14, 2021 . Total fees and other costs of $0.5 million were incurred associated with the Fifth Amendment. All fees and other debt issuance costs associated with changes in commitments are deferred and reduce the carrying amount of debt in our condensed consolidated balance sheets. The Company is capitalizing these costs to inventory over the term of the Unsecured Revolving Credit Facility using the straight-line method. Under the terms of the Unsecured Revolving Credit Facility, the Company is required to maintain compliance with various financial covenants, including a maximum leverage ratio, a minimum interest coverage ratio, and a minimum consolidated tangible net worth. The Company was in compliance with these financial covenants as of September 30, 2018 . Notes Payable Notes payable outstanding as of September 30, 2018 and December 31, 2017 consist of the following (in thousands): September 30, 2018 December 31, 2017 Briar Ridge Investments, LTD $ — $ 9,000 Graham Mortgage Corporation 895 926 Bower Hills, LLC 150 — Total notes payable $ 1,045 $ 9,926 Briar Ridge Investments, LTD On December 13, 2013, a subsidiary of the Company signed a promissory note for $9.0 million maturing on December 13, 2017, bearing interest at 6.0% , and collateralized by land in Allen, Texas. In December 2016, this note was extended through December 31, 2018. The note was paid in full on June 5, 2018 . Graham Mortgage Corporation On November 30, 2016, a subsidiary of the Company signed a promissory note for $1.2 million maturing on December 1, 2018, bearing interest at 3.0% per annum and collateralized by land located in Sunnyvale, Texas. Accrued interest as of September 30, 2018 was $0.1 million . Bower Hills, LLC In conjunction with the purchase of GRBK GHO Homes, a subsidiary of GRBK GHO Homes assumed interest free mortgage debt in the amount of $0.3 million maturing on April 18, 2019 and collateralized by land located in Indian River County, Florida. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY A summary of changes in stockholders’ equity is as follows (dollars in thousands): Common Stock Additional Paid-in Capital Retained Earnings Total Green Brick Partners, Inc. Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity Shares Amount Balance as of December 31, 2017 50,598,901 $ 506 $ 289,938 $ 125,903 $ 416,347 $ 16,691 $ 433,038 Share-based compensation — — 215 — 215 — 215 Issuance of common stock under 2014 Omnibus Equity Incentive Plan, net of shares withheld for employee taxes 100,983 1 668 — 669 — 669 Amortization of deferred share-based compensation — — 301 — 301 — 301 Common stock issued in connection with the investment in Challenger Homes 20,000 — — — — — — Accretion of redeemable noncontrolling interest — — (115 ) — (115 ) — (115 ) Distributions — — — — — (10,746 ) (10,746 ) Net income — — — 38,269 38,269 8,563 46,832 Balance as of September 30, 2018 50,719,884 $ 507 $ 291,007 $ 164,172 $ 455,686 $ 14,508 $ 470,194 Common Stock Pursuant to the Company’s amended and restated certificate of incorporation (“Certificate of Incorporation”), the Company is authorized to issue up to 100,000,000 shares of common stock, par value $0.01 per share. As of September 30, 2018 , there were 50,719,884 shares of common stock issued and outstanding. On March 16, 2018 , 20,000 shares of common stock were issued as additional consideration for the investment in Challenger Homes upon resolution of terms for such holdback shares. The Company’s Board of Directors (the “BOD”) authorized a share repurchase program for the period beginning on October 3, 2018 and ending on October 3, 2020 of the Company’s common stock for an aggregate price not to exceed $30.0 million . The timing, volume and nature of share repurchases will be at the discretion of management and dependent on market conditions, corporate and regulatory requirements and other factors, and may be suspended or discontinued at any time. Authorized repurchases may be made from time to time in the open market, through block trades or in privately negotiated transactions. No assurance can be given that any particular amount of common stock will be repurchased. All or part of the repurchases may be implemented under a trading plan under Rule 10b5-1 established by the SEC, which would allow repurchases under pre-set terms at times when the Company might otherwise be prevented from doing so under insider trading laws or because of self-imposed blackout periods. This repurchase program may be modified, extended or terminated by the BOD at any time. The Company intends to finance any repurchases with available cash and proceeds from borrowings under lines of credit. Preferred Stock Pursuant to the Company’s Certificate of Incorporation, the Company is authorized to issue up to 5,000,000 shares of preferred stock, par value $0.01 per share. The BOD has the authority, subject to any limitations imposed by law or NASDAQ listing rules, without further action by the stockholders, to issue such preferred stock in one or more series and to fix the voting powers, if any, the preferences and relative, participating, optional or other special rights or privileges, if any, of such series and the qualifications, limitations or restrictions thereof. These rights, preferences and privileges may include, but are not limited to, dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of that series. As of September 30, 2018 , there were no shares of preferred stock issued and outstanding. Section 382 Transfer Restrictions If the Company were to experience an ownership change, Section 382 of the Internal Revenue Code imposes an annual limitation which could impact the utilization of our net operating loss carryforwards. To reduce the likelihood of such an ownership change, the BOD implemented certain transfer restrictions, including Article V of the Company’s Certificate of Incorporation, and a Section 382 rights agreement (the “Rights Agreement”) regarding preservation of our net operating loss carryforwards. On March 27, 2014, the BOD declared a dividend of one preferred share purchase right with respect to each outstanding share of common stock to purchase one one-thousandth of a share of Series B Junior Participating Preferred Stock, par value $0.01 per share, at a price of $30.00 per one one-thousandth of a share, subject to adjustment as provided in the Rights Agreement. The dividend was payable to stockholders of record at the close of business on April 7, 2014. As of September 30, 2018 , the Rights Agreement has not been triggered. Redeemable Noncontrolling Interest in Equity of Consolidated Subsidiary As part of the GRBK GHO Homes business combination, we entered into a put/call agreement (“Put/Call Agreement”) with respect to the equity interest in the joint venture held by the minority partner. The Put/Call Agreement provides that the 20% ownership interest in GRBK GHO Homes held by the minority partner is subject to put and purchase options starting in April 2021 . The exercise price is based on the financial results of GRBK GHO Homes for the three years prior to exercise of the option. Based on the final allocation of purchase price as discussed in Note 3 , the fair value of the estimated payment to repurchase these shares was $7.0 million . If the minority partner does not exercise the put option, we have the option, but not the obligation, to buy the 20% interest in GRBK GHO Homes from our partner. Based on the nature of the put/call structure, the minority partner’s interest in GRBK GHO Homes is classified as redeemable noncontrolling interest on the condensed consolidated balance sheets. The following table shows the changes in redeemable noncontrolling interest in equity of consolidated subsidiary during the period April 26, 2018 to September 30, 2018 (in thousands): Balance at beginning of period $ 6,346 Purchase accounting adjustment 605 Adjusted balance at beginning of period 6,951 Net income 775 Accretion of redeemable noncontrolling interest 115 Balance at end of period $ 7,841 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION Share-Based Award Activity During the nine months ended September 30, 2018 , the Company granted restricted stock awards (“RSAs”) under its 2014 Omnibus Equity Incentive Plan to named executive officers (“NEOs”) and non-employee members of the BOD. The RSAs granted to the NEOs were 100% vested and non-forfeitable on the grant date. The BOD elected to defer up to 100% of their annual retainer fee, chairman fees and meeting fees in the form of common stock. The RSAs granted to the BOD will become fully vested on the earlier of (i) the first anniversary of the date of grant or (ii) the date of the Company's 2019 annual meeting of stockholders. The fair value of the RSAs granted to the NEOs and BOD is recorded as share-based compensation expense on the grant date or over the vesting period, as applicable. The Company withheld 39,228 shares of common stock from NEOs, at a total cost of $0.4 million , to satisfy statutory minimum tax requirements related to the RSAs during the nine months ended September 30, 2018 . A summary of shared-based awards activity during the nine months ended September 30, 2018 is as follows: Number of Shares (in thousands) Weighted Average Grant Date Fair Value per Share Nonvested, December 31, 2017 38 $ 10.25 Granted 140 $ 10.45 Vested (144 ) $ 10.03 Forfeited — $ — Nonvested, September 30, 2018 34 $ 12.00 Stock Options A summary of stock options activity during the nine months ended September 30, 2018 is as follows: Number of Shares (in thousands) Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Options outstanding, December 31, 2017 500 $ 7.49 Granted — — Exercised — — Forfeited — — Options outstanding, September 30, 2018 500 $ 7.49 6.07 $ 1,305 Options exercisable, September 30, 2018 300 $ 7.49 6.07 $ 783 A summary of unvested stock options activity during the nine months ended September 30, 2018 is as follows: Number of Shares (in thousands) Weighted Average Grant Date Fair Value per Share Unvested, December 31, 2017 200 $ 2.88 Granted — $ — Vested — $ — Forfeited — $ — Unvested, September 30, 2018 200 $ 2.88 Share-Based Compensation Expense Share-based compensation expense was $0.2 million and $1.6 million for the three and nine months ended September 30, 2018 , respectively, and $0.2 million and $2.2 million for the three and nine months ended September 30, 2017 , respectively. As of September 30, 2018 , the estimated total remaining unamortized share-based compensation expense related to unvested restricted stock awards, net of forfeitures, was $0.3 million , which is expected to be recognized over a weighted-average period of 0.6 years. As of September 30, 2018 , the estimated total remaining unamortized share-based compensation expense related to stock options, net of forfeitures, was $0.3 million which is expected to be recognized over a weighted-average period of 1.1 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We recorded an income tax provision of $4.7 million and $13.3 million for the three and nine months ended September 30, 2018 , respectively, as compared to $5.4 million and $13.6 million for the three and nine months ended September 30, 2017 , respectively. The effective tax rate for the three and nine months ended September 30, 2018 was 23.5% and 21.9% , respectively, as compared to 31.0% and 31.5% for the three and nine months ended September 30, 2017 , respectively. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act, among other things, reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018 and imposed significant limitations on certain corporate deductions and credits. The Tax Act placed future limitations on the usage of net operating loss carryforwards generated in the year ended December 31, 2018 and after. The Tax Act is comprehensive, containing several other provisions, some of which will not materially impact the Company. The estimates of the Tax Act may be adjusted in future periods as required. Future implementation guidance from the Internal Revenue Service, clarifications of state tax law, or the completion of the Company’s 2017 tax return filings could all affect the estimated financial statement impact of the Tax Act. The SEC staff issued Staff Accounting Bulletin 118 which allows for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. The Company does not believe potential adjustments in future periods would materially impact the Company’s financial condition or results of operations. The decrease in the effective tax rate for the three and nine months ended September 30, 2018 is due to the impact of compliance with the Tax Act, discrete tax items and the change in the ratio of noncontrolled earnings relative to pre-tax income. The Company has not recorded any measurement period adjustments under Staff Accounting Bulletin 118 in the three and nine months ended September 30, 2018 . |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS During the three and nine months ended September 30, 2018 and 2017 , the Company had the following related party transactions through the normal course of business. The Parc at Cogburn In September 2015, the Company purchased 11 lots from an entity affiliated with the president of TPG, one of its controlled builders. The lots are part of a 19 home community, The Parc at Cogburn in Atlanta. The total paid for the lots in 2015 was $1.8 million . Under the option contract in place, the Company purchased $0.3 million in lots during 2016, and $0.0 million and $1.0 million during the three and nine months ended September 30, 2017 , respectively. There were no lots remaining to be purchased as of December 31, 2017 . As of September 30, 2018 , the Company had a $0.1 million payable to the entity affiliated with the president of TPG. Academy Street In March 2016, the Company purchased undeveloped land for development of an 83 lot community, Academy Street in Atlanta. Simultaneously, the Company entered into a partnership agreement with an entity affiliated with the president of TPG to develop the land for sale of lots to TPG. Contributions and profits are shared 80% by the Company and 20% by the affiliated entity. Total capital contributions as of September 30, 2018 were $11.7 million . There were no contributions made to the partnership in the nine months ended September 30, 2018 . Total contributions to the partnership during the three and nine months ended September 30, 2017 were $0.0 million and $0.4 million , respectively, of which 80% was paid by the Company. The partnership distributed $1.1 million and $3.3 million in the three and nine months ended September 30, 2018 , respectively, of which $0.9 million and $2.7 million , respectively, were distributed to the Company. Total distributions from the partnership during the three and nine months ended September 30, 2017 were $1.1 million and $7.3 million , respectively, of which $0.9 million and $5.8 million , respectively, was paid to the Company. The Company has consolidated the entity’s results of operations and financial condition into its financial statements based on its 80% ownership. Suwanee Station In March 2016, the Company purchased undeveloped land for development of a 73 unit townhome community, Suwanee Station in Atlanta. Simultaneously, the Company entered into a partnership agreement with an entity affiliated with the president of TPG to develop the land for sale of lots to TPG. Contributions and profits are shared 50% by the Company and 50% by the affiliated entity. Total capital contributions as of September 30, 2018 were $2.5 million . There were no contributions made to the partnership in the nine months ended September 30, 2018 . Total contributions made to the partnership in the three and nine months ended September 30, 2017 were $0.3 million and $0.7 million , respectively, of which $0.1 million and $0.4 million , respectively, were contributed by the Company. Total distributions made by the partnership during the three and nine months ended September 30, 2018 were $0.2 million and $0.9 million , respectively, of which $0.1 million and $0.4 million , respectively, were paid to the Company. Total distributions made by the partnership during the three and nine months ended September 30, 2017 were $0.0 million and $0.4 million , respectively, of which $0.2 million was paid to the Company. The Company holds two of the three board seats and is able to exercise control over the operations of the partnership and therefore has consolidated the entity’s results of operations and financial condition into its financial statements. Dunwoody Towneship In June 2016, the Company purchased 14 lots from an entity affiliated with the president of TPG. The lots are part of a 40 unit townhome community, Dunwoody Towneship in Atlanta. The total paid for the 14 lots in 2016 was $1.8 million . The Company purchased the remaining 26 lots during the year ended December 31, 2017 for $3.3 million , of which $2.3 million was paid during the nine months ended September 30, 2017 . As of September 30, 2018 , the Company had a $0.2 million receivable from the entity affiliated with the president of TPG related to the final true-up of the value of the lots. Corporate Officers In February 2017, Richard A. Costello paid a $0.1 million deposit to Centre Living Homes, LLC (“Centre Living”), one of the Company’s controlled builders, on a townhome. During the fourth quarter of 2017, Mr. Costello closed on the townhome for approximately $0.5 million . In accordance with the Company’s employee discount policy, the contract price resulted in a margin of approximately 13% . In February 2017, Jed Dolson paid a $0.1 million deposit to Centre Living on a townhome. During the fourth quarter of 2017, as allowed for in the Company’s employee discount policy, Mr. Dolson assigned his rights to purchase the townhome to his sister-in-law. The townhome was sold in the fourth quarter of 2017 for approximately $0.5 million . In accordance with the Company’s employee discount policy, the contract price resulted in a margin of approximately 13% . Trevor Brickman, the son of Green Brick’s Chief Executive Officer, is the president of Centre Living. Green Brick’s ownership interest in Centre Living is 50% and Trevor Brickman’s ownership interest is 50% . Green Brick has 51% voting control over the operations of Centre Living. As such, 100% of Centre Living’s operations are included within our condensed consolidated financial statements. In June 2016, the Company sold one developed lot to Trevor Brickman for $0.4 million , of which $0.3 million was included in the cost of land and lots. In September 2016, Trevor Brickman entered into an agreement with Centre Living to construct a home on the developed lot. In accordance with the Company’s employee discount policy, the contract price resulted in a margin of approximately 13% . The home was completed in 2017 and the Company incurred $0.6 million in costs to construct the home. GRBK GHO Homes GRBK GHO Homes leases office space from entities affiliated with the president of GRBK GHO Homes. During the period from April 26, 2018 through September 30, 2018 , GRBK GHO Homes incurred rent expense of $0.1 million under such lease agreements. As of September 30, 2018 , there were no amounts due to the affiliated entities related to such lease agreements. GRBK GHO Homes receives title closing services on the purchase of land and third-party lots from an entity affiliated with the president of GRBK GHO Homes. During the period from April 26, 2018 through September 30, 2018 , GRBK GHO Homes incurred de minimus fees related to such title closing services. As of September 30, 2018 , no amounts were due to the title company affiliate. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments The Company’s financial instruments, none of which are held for trading purposes, include cash, restricted cash, receivables, earnest money deposits, other assets, accounts payable, accrued expenses, customer and builder deposits, borrowings on lines of credit, and notes payable. Per the fair value hierarchy, level 1 financial instruments include: cash, restricted cash, receivables, earnest money deposits, other assets, accounts payable, accrued expenses, and customer and builder deposits due to their short-term nature. Level 2 financial instruments include borrowings on lines of credit and notes payable. The fair value of the contingent consideration liability related to the GRBK GHO Homes business combination was estimated using a Monte Carlo simulation model under the option pricing method. As the measurement of the contingent consideration is based primarily on significant inputs not observable in the market, it represents a level 3 measurement. The carrying value and estimated fair value of our level 2 and 3 financial instruments are as follows (in thousands): September 30, 2018 December 31, 2017 Level in Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Description: Revolving credit facility 2 $ 57,500 $ 57,500 $ 32,000 $ 32,000 Unsecured revolving credit facility 2 $ 142,500 $ 142,500 $ 75,000 $ 75,000 Notes payable 2 $ 1,045 $ 1,045 $ 9,926 $ 9,926 Contingent consideration liability 3 $ 514 $ 514 $ — $ — Due to the short-term nature and floating interest rate terms, the carrying amounts of borrowings on lines of credit and notes payable are deemed to approximate fair value. The reconciliation of the beginning and ending balances for level 3 measurements is as follows (in thousands): Carrying Value Estimated Fair Value Contingent consideration liability, balance as of January 1, 2018 $ — $ — Estimated contingent consideration liability related to the GRBK GHO Homes business combination 628 628 Purchase price adjustment (114 ) (114 ) Contingent consideration liability, balance as of September 30, 2018 $ 514 $ 514 The Company estimates that, due to the short-term nature of the underlying financial instruments or the proximity of the underlying transaction to the applicable reporting date, the fair value of all financial instruments does not differ materially from the aggregate carrying values recorded in the consolidated financial statements as of September 30, 2018 and December 31, 2017 . There were no transfers between the levels of the fair value hierarchy for any of our financial instruments as of September 30, 2018 when compared to December 31, 2017 . Fair Value of Nonfinancial Instruments Nonfinancial assets and liabilities include inventory which is measured at cost unless the carrying value is determined to be not recoverable in which case the affected instrument is written down to net realizable value. Per the fair value hierarchy, these items are level 3 nonfinancial instruments. During the nine months ended September 30, 2018 and September 30, 2017 , the Company recorded adverse fair value adjustments of $0.1 million and $0.0 million , respectively, related to those nonfinancial assets and liabilities measured at fair value on a nonrecurring basis. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Letters of Credit and Performance Bonds During the ordinary course of business, certain regulatory agencies and municipalities require the Company to post letters of credit or performance bonds related to development projects. As of September 30, 2018 and December 31, 2017 , letters of credit outstanding totaled $0.2 million and $0.2 million , respectively, and performance bonds outstanding totaled $5.8 million and $3.6 million , respectively. The Company does not believe that it is likely that any material claims will be made under a letter of credit or performance bond in the foreseeable future. Warranties The Company offers homebuyers a comprehensive third-party warranty on each home. Homes are generally covered by a one -year warranty for defects and products used, two years for electrical, mechanical and plumbing systems, and ten years for qualified and defined structural defects. Developed lot sales are generally covered by a customary one -year warranty on excavation and retaining walls. The Company accrues an estimate of its exposure to warranty claims based on both current and historical home sales data and warranty costs incurred. Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity consists of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Beginning balance $ 2,539 $ 1,503 $ 2,083 $ 1,210 Additions 569 362 1,697 1,116 Charges (458 ) (324 ) (1,130 ) (785 ) Ending balance $ 2,650 $ 1,541 $ 2,650 $ 1,541 Lease Commitments The Company has leases associated with office and design center space which are classified as operating leases. Rent expense under these leases is included in selling, general and administrative expense in the condensed consolidated statements of income. The future annual minimum lease payments under operating leases as of September 30, 2018 are (in thousands): Total Remainder of 2018 $ 278 2019 1,023 2020 1,033 2021 795 2022 582 2023 and thereafter 443 Total $ 4,154 Land and Lot Option Contracts In the ordinary course of business, the Company enters into land and lot option contracts in order to procure land for the construction of homes in the future. Earnest money deposits act as security for such contracts. As of September 30, 2018 and December 31, 2017 , there were 2,672 and 1,724 lots under option, respectively, as well as option contracts for land intended to be developed into additional lots. The land and lot option contracts in place as of September 30, 2018 provide for potential land and lot purchase payments in each year through 2022. If each option contract in place as of September 30, 2018 was exercised, expected purchase payments would be as follows (in thousands): Total Remainder of 2018 $ 61,746 2019 134,550 2020 27,650 2021 12,244 2022 1,680 Total $ 237,870 Legal Matters Lawsuits, claims and proceedings may be instituted or asserted against the Company in the normal course of business. The Company is also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, title company regulations, employment practices and environmental protection. As a result, the Company may be subject to periodic examinations or inquiry by agencies administering these laws and regulations. The Company records an accrual for potential legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. The Company accrues for these matters based on facts and circumstances specific to each matter and revises these estimates when necessary. In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, the Company generally cannot predict their ultimate resolution, related timing or eventual loss. If evaluations indicate loss contingencies that could be material are not probable, but are reasonably possible, the Company will disclose their nature with an estimate of the possible range of losses or a statement that such loss is not reasonably estimable. We believe that the disposition of legal claims and related contingencies will not have a material adverse effect on our results of operations and liquidity or on our financial condition. |
Segment Information
Segment Information | 6 Months Ended | 9 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Segment Reporting [Abstract] | ||
Number of Operating Segments | 3 | |
Number of Reportable Segments | 2 | |
Segment Information | SEGMENT INFORMATION Prior to the third quarter of 2018, the Company’s operations were organized into two reportable segments: builder operations and land development. Builder operations consisted of three operating segments: Texas, Georgia and Florida. The operations of the Company’s controlled builders were aggregated into these three operating segments based on similar economic characteristics, including geography; housing products; class of homebuyer; regulatory environments; and methods used to construct and sell homes. During the third quarter of 2018, the Company re-evaluated its reportable segments under ASC 280. The Company has further aggregated the Georgia and Florida operating segments into one reportable segment - Builder operations Southeast. The Texas operating segment was redefined as a second reportable segment - Builder operations Central. Land development is a separate reportable segment. The Company believes such aggregation is consistent with the objective and basic principles of ASC 280 and provides the most meaningful information about the types of business activities in which the Company engages and the economic environments in which it operates. Corporate operations are reported as a non-operating segment and include activities which support the Company’s builder operations, land development, title and mortgage operations through centralization of certain administrative functions, such as finance, treasury, information technology and human resources, as well as development of strategic initiatives. Unallocated corporate expenses are reported in the corporate and other segment as these activities do not share a majority of aggregation criteria with either the builder operations or land development segments. While the operations of Challenger Homes meet the criteria for an operating segment, they do not meet the quantitative thresholds of ASC 280 to be separately reported and disclosed. As such, Challenger Homes’ results are included within the corporate and other segment. Green Brick Title, LLC (“Green Brick Title”), Providence Title and Green Brick Mortgage operations are not economically similar to either builder operations or land development and do not meet the quantitative thresholds of ASC 280 to be separately reported and disclosed. As such, these entities’ results are included within the corporate and other segment. Segment information for the three and nine months ended September 30, 2017 has been restated to conform with the revised segment presentation for the three and nine months ended September 30, 2018 . Financial information relating to the Company’s reportable segments is as follows. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Revenues: (1) Builder operations Central $ 59,652 $ 52,597 $ 198,093 $ 149,977 Southeast 77,977 55,840 208,120 152,202 Total builder operations 137,629 108,437 406,213 302,179 Land development 12,363 5,269 27,054 15,815 Total revenues $ 149,992 $ 113,706 $ 433,267 $ 317,994 Gross profit: Builder operations Central $ 12,847 $ 12,473 $ 45,296 $ 36,846 Southeast 19,058 13,399 49,727 34,521 Total builder operations 31,905 25,872 95,023 71,367 Land development 2,142 1,749 6,591 4,864 Corporate and other (2) (3,389 ) (2,211 ) (9,208 ) (6,609 ) Total gross profit $ 30,658 $ 25,410 $ 92,406 $ 69,622 Income (loss) before taxes: Builder operations Central $ 6,984 $ 8,171 $ 28,026 $ 24,424 Southeast 12,649 9,861 33,978 24,176 Total builder operations 19,633 18,032 62,004 48,600 Land development 1,292 1,516 4,975 3,894 Corporate and other (3) (818 ) (2,255 ) (6,031 ) (9,274 ) Total income before taxes $ 20,107 $ 17,293 $ 60,948 $ 43,220 September 30, 2018 December 31, 2017 Inventory: Builder operations Central $ 155,154 $ 111,271 Southeast 158,489 99,613 Total builder operations 313,643 210,884 Land development 317,669 272,542 Corporate and other (4) 16,929 12,628 Total inventory $ 648,241 $ 496,054 Goodwill: Builder operations Southeast (5) $ 680 $ — (1) The sum of Builder operations Central and Southeast segments’ revenues does not equal revenue from the sale of residential units included in the consolidated statements of income in periods when our controlled builders have sales of land or lots, which for the three and nine months ended September 30, 2018 were $0.2 million and $4.6 million , respectively, compared to $0.0 million for the three and nine months ended September 30, 2017 . Revenue from such sales is included in builder operations revenue as it relates to builders’ operations, and included in revenue from sale of land and lots in the condensed consolidated statements of income. (2) Corporate and other gross profit is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments. (3) Corporate and other income (loss) before taxes includes results from Green Brick Title, Challenger Homes, Green Brick Mortgage, and Providence Title. (4) Corporate and other inventory consists of capitalized overhead and interest related to work in process and land under development. (5) In connection with the GRBK GHO Homes business combination, the Company recorded goodwill of $0.7 million . |
Variable Interest Entities (Not
Variable Interest Entities (Notes) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Apr. 26, 2018 | Dec. 31, 2017USD ($) | |
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract] | |||
Variable Interest Entity Disclosure [Text Block] | VARIABLE INTEREST ENTITIES Consolidated VIEs The Company owns 50% equity interests in the Dallas and Atlanta based controlled builders. The Dallas and Atlanta based controlled builders are deemed to be VIEs for which the Company is considered the primary beneficiary. We sell finished lots or option lots from third-party developers to the Dallas and Atlanta based controlled builders for their homebuilding operations and provide each of the controlled builders with construction financing and strategic planning. The board of managers of each of the controlled builders has the power to direct the activities that significantly impact the controlled builder’s economic performance. Pursuant to the Company’s agreements with each controlled builder, it has the ability to appoint two of the three members to each controlled builder’s board of managers. A majority of the board of managers constitutes a quorum to transact business. No action can be approved by the board of managers without the approval from at least one individual whom the Company has appointed at each controlled builder. The Company has the ability to control the activities of each controlled builder that most significantly impact the controlled builder’s economic performance. Such activities include, but are not limited to, involvement in the day to day capital and operating decisions, the ability to determine the budget and plan, the ability to control financing decisions, and the ability to acquire additional land or dispose of land. In addition, the Company has the right to receive the expected residual returns and obligation to absorb the expected losses of each controlled builder through the pro rata profits and losses we are allocated based on our ownership interest. Therefore, the financial statements of the Dallas and Atlanta based controlled builders are consolidated in the Company’s condensed consolidated financial statements following the variable interest model. The noncontrolling interests attributable to the 50% minority interests owned by the Dallas and Atlanta based controlled builders are included as noncontrolling interests in the Company’s condensed consolidated financial statements. Our controlled builders’ creditors have no recourse against us. The assets of two of our consolidated controlled builders can only be used to settle obligations of those controlled builders. The assets of our VIEs that can be used only to settle obligations of the VIEs as of September 30, 2018 totaled $65.5 million , of which $0.3 million was cash and $57.2 million was inventory. The assets of our VIEs that could be used only to settle obligations of the VIEs as of December 31, 2017 totaled $56.1 million , of which $0.9 million was cash and $47.8 million was inventory. Unconsolidated VIEs Option Contracts The Company evaluates all option contracts to purchase land and land lots to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of counterparts of these option contracts. Although the Company does not have legal title to the optioned land or lots, if the Company is deemed to be the primary beneficiary of or makes a significant deposit for optioned land or lots, it may need to consolidate the land or lots under option at the purchase price of the optioned land or lot. As of September 30, 2018 and as of December 31, 2017 , the Company’s exposure to loss related to its option contracts with third parties primarily consisted of its non-refundable option deposits. Following VIE evaluation, it was concluded that the Company was not the primary beneficiary in any of the VIEs related to the land or lot option contracts. | ||
Class of Stock [Line Items] | |||
Board seats available | 3 | ||
Assets of VIEs that can be used only to settle obligations of the VIEs | $ 65,500 | $ 56,100 | |
Debt issuance costs | $ 1,035 | 1,227 | |
Florida Based Controlled Builder [Member] | |||
Class of Stock [Line Items] | |||
Percent of equity interests acquired | 80.00% | ||
Cash | |||
Class of Stock [Line Items] | |||
Assets of VIEs that can be used only to settle obligations of the VIEs | $ 300 | 900 | |
Inventories | |||
Class of Stock [Line Items] | |||
Assets of VIEs that can be used only to settle obligations of the VIEs | $ 57,200 | $ 47,800 | |
GHO Homes | |||
Class of Stock [Line Items] | |||
Percent of equity interests acquired | 80.00% | ||
Ownership percentage by noncontrolling owners | 20.00% | ||
Variable Interest Entity, Primary Beneficiary | |||
Class of Stock [Line Items] | |||
Board seats available | 2 | ||
Number of individuals required to give approval of an action to the board of managers | 1 | ||
Variable Interest Entity, Primary Beneficiary | Dallas and Atlanta Based Controlled Builders | |||
Class of Stock [Line Items] | |||
Percentage of voting interest | 0.00% |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Provisional Estimate of Fair Value of Assets Acquired and Liabilities Assumed | The following is a summary of fair value of assets acquired and liabilities assumed (in thousands): Assets acquired Cash $ 8,399 Inventory 45,070 Property and equipment 1,462 Intangible assets - trade name 850 Intangible assets - home construction contracts 290 Goodwill (1) 680 Other assets 833 Total assets $ 57,584 Liabilities assumed Note payable $ 300 Accrued expenses and other liabilities 5,486 Customer deposits 9,073 Total liabilities $ 14,859 Redeemable noncontrolling interest $ 6,951 Net assets acquired (2) $ 35,774 (1) Goodwill is expected to be fully deductible for tax purposes. (2) Contingent consideration of $0.5 million is included in the fair value of net assets acquired. |
Net Income Attributable to Gr_2
Net Income Attributable to Green Brick Partners, Inc. Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The computation of basic and diluted net income attributable to Green Brick Partners, Inc. per share is as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income attributable to Green Brick Partners, Inc. $ 12,197 $ 9,280 $ 38,269 $ 23,165 Weighted-average number of shares outstanding —basic 50,686 49,808 50,642 49,274 Basic net income attributable to Green Brick Partners, Inc. per share $ 0.24 $ 0.19 $ 0.76 $ 0.47 Weighted-average number of shares outstanding —basic 50,686 49,808 50,642 49,274 Dilutive effect of stock options and restricted stock awards 92 84 118 73 Weighted-average number of shares outstanding —diluted 50,778 49,892 50,760 49,347 Diluted net income attributable to Green Brick Partners, Inc. per share $ 0.24 $ 0.19 $ 0.75 $ 0.47 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following shares which could potentially dilute earnings per share in the future are not included in the determination of diluted net income attributable to Green Brick Partners, Inc. per common share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Antidilutive options to purchase common stock and restricted stock awards 3 — 7 — |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Real Estate Inventory | A summary of inventory is as follows (in thousands): September 30, 2018 December 31, 2017 Completed home inventory and residential lots held for sale $ 165,107 $ 106,043 Work in process and land under development 480,419 386,181 Land held for sale 2,715 3,830 Total inventory $ 648,241 $ 496,054 |
Summary of Real Estate Inventory Capitalized Interest Costs | A summary of interest costs incurred, capitalized and expensed is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest capitalized at beginning of period $ 12,143 $ 9,425 $ 10,474 $ 9,417 Interest incurred 2,479 1,177 6,113 2,955 Interest charged to cost of sales (1,114 ) (716 ) (3,079 ) (2,486 ) Interest capitalized at end of period $ 13,508 $ 9,886 $ 13,508 $ 9,886 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Builder Operations Land Development Builder Operations Land Development Primary Geographic Market Central $ 59,652 $ 12,363 $ 52,597 $ 5,269 Southeast 77,747 230 55,840 — Total revenues $ 137,399 $ 12,593 $ 108,437 $ 5,269 Type of Customer Homebuyers $ 137,399 $ — $ 108,437 $ — Homebuilders — 12,593 — 5,269 Total revenues $ 137,399 $ 12,593 $ 108,437 $ 5,269 Product Type Residential units $ 137,399 $ — $ 108,437 $ — Land and lots — 12,593 — 5,269 Total revenues $ 137,399 $ 12,593 $ 108,437 $ 5,269 Timing of Revenue Recognition Transferred at a point in time $ 137,399 $ 12,593 $ 108,437 $ 5,269 Total revenues $ 137,399 $ 12,593 $ 108,437 $ 5,269 The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the nine months ended September 30, 2018 and 2017 (in thousands): Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Builder Operations Land Development Builder Operations Land Development Primary Geographic Market Central $ 198,093 $ 27,054 $ 149,977 $ 15,013 Southeast 203,550 4,570 152,202 802 Total revenues $ 401,643 $ 31,624 $ 302,179 $ 15,815 Type of Customer Homebuyers $ 401,643 $ — $ 302,179 $ — Homebuilders — 31,624 — 15,815 Total revenues $ 401,643 $ 31,624 $ 302,179 $ 15,815 Product Type Residential units $ 401,643 $ — $ 302,179 $ — Land and lots — 31,624 — 15,815 Total revenues $ 401,643 $ 31,624 $ 302,179 $ 15,815 Timing of Revenue Recognition Transferred at a point in time $ 401,643 $ 31,624 $ 302,179 $ 15,815 Total revenues $ 401,643 $ 31,624 $ 302,179 $ 15,815 |
Opening and Closing Contract Balances Included in Customer and Builder Deposits on Balance Sheet and Deposits Recognized as Revenue | Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands): September 30, 2018 December 31, 2017 September 30, 2017 December 31, 2016 Customer and builder deposits $ 33,814 $ 21,447 $ 22,756 $ 14,088 The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three and nine months ended September 30, 2018 and 2017 are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Type of Customer Homebuyers $ 6,007 $ 3,650 $ 13,036 $ 6,659 Homebuilders 480 906 711 1,286 Total deposits recognized as revenue $ 6,487 $ 4,556 $ 13,747 $ 7,945 |
Remaining Performance Obligation, Expected Timing of Satisfaction | he Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel, which is expected to occur as follows (in thousands): Total Remainder of 2018 $ 10,631 2019 51,949 2020 37,051 2021 16,227 2022 3,730 Total $ 119,588 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | A summary of the condensed financial information of the unconsolidated entities that are accounted for by the equity method is as follows (in thousands): Balance Sheets (Unaudited) September 30, 2018 December 31, 2017 Assets: Cash $ 15,825 $ 3,981 Accounts receivable 400 1,494 Bonds receivable 5,864 2,850 Inventory 50,731 57,841 Goodwill 4,615 4,615 Noncompete intangible asset 159 202 Other assets 2,652 2,248 Total assets $ 80,246 $ 73,231 Liabilities: Accounts payable $ 4,464 $ 5,060 Accrued expenses and other liabilities 5,373 2,857 Notes payable 34,209 36,923 Total liabilities $ 44,046 $ 44,840 Owners' equity: Green Brick $ 20,476 $ 16,592 Others 15,724 11,799 Total owners' equity $ 36,200 $ 28,391 Total liabilities and owners' equity $ 80,246 $ 73,231 Statements of Income (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenues $ 43,758 $ 21,955 $ 120,710 $ 21,955 Costs and expenses 38,308 20,015 107,328 20,015 Net earnings of unconsolidated entities $ 5,450 $ 1,940 $ 13,382 $ 1,940 Company's share in net earnings of unconsolidated entities $ 2,719 $ 968 $ 6,534 $ 968 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Lines of Credit Outstanding | Lines of credit outstanding, net of unamortized debt issuance costs, consist of the following as of September 30, 2018 and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Revolving credit facility $ 57,500 $ 32,000 Unsecured revolving credit facility 142,500 75,000 Debt issuance costs, net of amortization (1,035 ) (1,227 ) Total lines of credit $ 198,965 $ 105,773 |
Schedule of Notes Payable Outstanding | Notes payable outstanding as of September 30, 2018 and December 31, 2017 consist of the following (in thousands): September 30, 2018 December 31, 2017 Briar Ridge Investments, LTD $ — $ 9,000 Graham Mortgage Corporation 895 926 Bower Hills, LLC 150 — Total notes payable $ 1,045 $ 9,926 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | A summary of changes in stockholders’ equity is as follows (dollars in thousands): Common Stock Additional Paid-in Capital Retained Earnings Total Green Brick Partners, Inc. Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity Shares Amount Balance as of December 31, 2017 50,598,901 $ 506 $ 289,938 $ 125,903 $ 416,347 $ 16,691 $ 433,038 Share-based compensation — — 215 — 215 — 215 Issuance of common stock under 2014 Omnibus Equity Incentive Plan, net of shares withheld for employee taxes 100,983 1 668 — 669 — 669 Amortization of deferred share-based compensation — — 301 — 301 — 301 Common stock issued in connection with the investment in Challenger Homes 20,000 — — — — — — Accretion of redeemable noncontrolling interest — — (115 ) — (115 ) — (115 ) Distributions — — — — — (10,746 ) (10,746 ) Net income — — — 38,269 38,269 8,563 46,832 Balance as of September 30, 2018 50,719,884 $ 507 $ 291,007 $ 164,172 $ 455,686 $ 14,508 $ 470,194 |
Schedule of Changes in Redeemable Noncontrolling Interests in Equity of Consolidated Subsidiary | The following table shows the changes in redeemable noncontrolling interest in equity of consolidated subsidiary during the period April 26, 2018 to September 30, 2018 (in thousands): Balance at beginning of period $ 6,346 Purchase accounting adjustment 605 Adjusted balance at beginning of period 6,951 Net income 775 Accretion of redeemable noncontrolling interest 115 Balance at end of period $ 7,841 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-Based Awards Activity | A summary of shared-based awards activity during the nine months ended September 30, 2018 is as follows: Number of Shares (in thousands) Weighted Average Grant Date Fair Value per Share Nonvested, December 31, 2017 38 $ 10.25 Granted 140 $ 10.45 Vested (144 ) $ 10.03 Forfeited — $ — Nonvested, September 30, 2018 34 $ 12.00 |
Summary of Stock Option Activity | A summary of stock options activity during the nine months ended September 30, 2018 is as follows: Number of Shares (in thousands) Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Options outstanding, December 31, 2017 500 $ 7.49 Granted — — Exercised — — Forfeited — — Options outstanding, September 30, 2018 500 $ 7.49 6.07 $ 1,305 Options exercisable, September 30, 2018 300 $ 7.49 6.07 $ 783 |
Summary of Unvested Stock Options Activity | A summary of unvested stock options activity during the nine months ended September 30, 2018 is as follows: Number of Shares (in thousands) Weighted Average Grant Date Fair Value per Share Unvested, December 31, 2017 200 $ 2.88 Granted — $ — Vested — $ — Forfeited — $ — Unvested, September 30, 2018 200 $ 2.88 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | The reconciliation of the beginning and ending balances for level 3 measurements is as follows (in thousands): Carrying Value Estimated Fair Value Contingent consideration liability, balance as of January 1, 2018 $ — $ — Estimated contingent consideration liability related to the GRBK GHO Homes business combination 628 628 Purchase price adjustment (114 ) (114 ) Contingent consideration liability, balance as of September 30, 2018 $ 514 $ 514 |
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | The carrying value and estimated fair value of our level 2 and 3 financial instruments are as follows (in thousands): September 30, 2018 December 31, 2017 Level in Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Description: Revolving credit facility 2 $ 57,500 $ 57,500 $ 32,000 $ 32,000 Unsecured revolving credit facility 2 $ 142,500 $ 142,500 $ 75,000 $ 75,000 Notes payable 2 $ 1,045 $ 1,045 $ 9,926 $ 9,926 Contingent consideration liability 3 $ 514 $ 514 $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Warranty Activity | Warranty activity consists of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Beginning balance $ 2,539 $ 1,503 $ 2,083 $ 1,210 Additions 569 362 1,697 1,116 Charges (458 ) (324 ) (1,130 ) (785 ) Ending balance $ 2,650 $ 1,541 $ 2,650 $ 1,541 |
Schedule of Annual Minimum Operating Lease Payments | The future annual minimum lease payments under operating leases as of September 30, 2018 are (in thousands): Total Remainder of 2018 $ 278 2019 1,023 2020 1,033 2021 795 2022 582 2023 and thereafter 443 Total $ 4,154 |
Schedule of Expected Land and Lot Purchase Payments Under Option Agreements | If each option contract in place as of September 30, 2018 was exercised, expected purchase payments would be as follows (in thousands): Total Remainder of 2018 $ 61,746 2019 134,550 2020 27,650 2021 12,244 2022 1,680 Total $ 237,870 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Financial information relating to the Company’s reportable segments is as follows. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Revenues: (1) Builder operations Central $ 59,652 $ 52,597 $ 198,093 $ 149,977 Southeast 77,977 55,840 208,120 152,202 Total builder operations 137,629 108,437 406,213 302,179 Land development 12,363 5,269 27,054 15,815 Total revenues $ 149,992 $ 113,706 $ 433,267 $ 317,994 Gross profit: Builder operations Central $ 12,847 $ 12,473 $ 45,296 $ 36,846 Southeast 19,058 13,399 49,727 34,521 Total builder operations 31,905 25,872 95,023 71,367 Land development 2,142 1,749 6,591 4,864 Corporate and other (2) (3,389 ) (2,211 ) (9,208 ) (6,609 ) Total gross profit $ 30,658 $ 25,410 $ 92,406 $ 69,622 Income (loss) before taxes: Builder operations Central $ 6,984 $ 8,171 $ 28,026 $ 24,424 Southeast 12,649 9,861 33,978 24,176 Total builder operations 19,633 18,032 62,004 48,600 Land development 1,292 1,516 4,975 3,894 Corporate and other (3) (818 ) (2,255 ) (6,031 ) (9,274 ) Total income before taxes $ 20,107 $ 17,293 $ 60,948 $ 43,220 September 30, 2018 December 31, 2017 Inventory: Builder operations Central $ 155,154 $ 111,271 Southeast 158,489 99,613 Total builder operations 313,643 210,884 Land development 317,669 272,542 Corporate and other (4) 16,929 12,628 Total inventory $ 648,241 $ 496,054 Goodwill: Builder operations Southeast (5) $ 680 $ — (1) The sum of Builder operations Central and Southeast segments’ revenues does not equal revenue from the sale of residential units included in the consolidated statements of income in periods when our controlled builders have sales of land or lots, which for the three and nine months ended September 30, 2018 were $0.2 million and $4.6 million , respectively, compared to $0.0 million for the three and nine months ended September 30, 2017 . Revenue from such sales is included in builder operations revenue as it relates to builders’ operations, and included in revenue from sale of land and lots in the condensed consolidated statements of income. (2) Corporate and other gross profit is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments. (3) Corporate and other income (loss) before taxes includes results from Green Brick Title, Challenger Homes, Green Brick Mortgage, and Providence Title. (4) Corporate and other inventory consists of capitalized overhead and interest related to work in process and land under development. (5) In connection with the GRBK GHO Homes business combination, the Company recorded goodwill of $0.7 million . |
Significant Accounting Polici_2
Significant Accounting Policies Significant Accounting Policies (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Selling, General and Administrative Expenses [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Depreciation | $ 1.3 | |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Cost of Sales [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Depreciation | $ 0.9 |
Business Combination (Narrativ
Business Combination (Narrative) (Details) - USD ($) | Sep. 30, 2018 | Apr. 26, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Business Acquisition [Line Items] | ||||||||
Homebuilding revenues | $ 149,992,000 | $ 113,706,000 | $ 433,267,000 | $ 317,994,000 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 20,107,000 | $ 17,293,000 | 60,948,000 | $ 43,220,000 | ||||
GHO Homes | ||||||||
Business Acquisition [Line Items] | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 3,000,000 | |||||||
GHO Homes | ||||||||
Business Acquisition [Line Items] | ||||||||
Percent of equity interests acquired | 80.00% | |||||||
Ownership percentage by noncontrolling owners | 20.00% | |||||||
Business Combination, Consideration Transferred | 42,200,000 | $ 44,600,000 | ||||||
Cash paid to previous owner of GHO Homes | 33,200,000 | $ 2,000,000 | ||||||
Contingent consideration | $ 500,000 | $ 600,000 | ||||||
Potential obligation to pay additional contingent consideration if certain annual performance targets are met, period following acquisition date | 3 years | |||||||
Integration costs incurred | $ 500,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 35,774,000 | |||||||
GHO Homes | Previous Owner of GHO Homes | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership percentage by noncontrolling owners | 20.00% | 20.00% | 20.00% | 20.00% | 20.00% | |||
Builder operations | GHO Homes | ||||||||
Business Acquisition [Line Items] | ||||||||
Homebuilding revenues | $ 29,800,000 | |||||||
Florida Based Controlled Builder [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percent of equity interests acquired | 80.00% | 80.00% | 80.00% | 80.00% |
Business Combination (Schedule
Business Combination (Schedule of Fair Value of Assets Acquired and Liabilities Assumed) (Details) - USD ($) | Sep. 30, 2018 | Apr. 26, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Assets acquired | |||||
Goodwill | $ 680,000 | $ 680,000 | $ 0 | ||
GHO Homes | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | $ 42,200,000 | $ 44,600,000 | |||
Assets acquired | |||||
Cash | $ 8,399,000 | ||||
Inventory | 45,070,000 | ||||
Property and equipment | 1,462,000 | ||||
Goodwill | 680,000 | ||||
Other assets | 833,000 | ||||
Total assets | 57,584,000 | ||||
Liabilities assumed | |||||
Note payable | 300,000 | ||||
Accrued expenses and other liabilities | 5,486,000 | ||||
Customer deposits | 9,073,000 | ||||
Total liabilities | 14,859,000 | ||||
Redeemable noncontrolling interest | 6,951,000 | ||||
Net assets acquired | 35,774,000 | ||||
Contingent consideration | $ 500,000 | 600,000 | |||
GHO Homes | Trademarks [Member] | |||||
Assets acquired | |||||
Intangible assets - home construction contracts | 850,000 | ||||
GHO Homes | Home Construction Contracts | |||||
Assets acquired | |||||
Intangible assets - home construction contracts | $ 290,000 |
Net Income Attributable to Gr_3
Net Income Attributable to Green Brick Partners, Inc. Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Green Brick Partners, Inc. | $ 12,197 | $ 9,280 | $ 38,269 | $ 23,165 |
Weighted-average number of shares outstanding —basic (in shares) | 50,686 | 49,808 | 50,642 | 49,274 |
Basic net income attributable to Green Brick Partners, Inc. per share (in dollars per share) | $ 0.24 | $ 0.19 | $ 0.76 | $ 0.47 |
Dilutive effect of stock options and restricted stock awards (in shares) | 92 | 84 | 118 | 73 |
Weighted-average number of shares outstanding —diluted (in shares) | 50,778 | 49,892 | 50,760 | 49,347 |
Diluted net income attributable to Green Brick Partners, Inc. per share (in dollars per share) | $ 0.24 | $ 0.19 | $ 0.75 | $ 0.47 |
Net Income Attributable to Gr_4
Net Income Attributable to Green Brick Partners, Inc. Per Share (Antidilutive Options Excluded From Calculation of Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Antidilutive options to purchase common stock and restricted stock awards (in shares) | 3 | 0 | 7 | 0 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Completed home inventory and residential lots held for sale | $ 165,107 | $ 106,043 |
Work in process and land under development | 480,419 | 386,181 |
Inventory, Land Held-for-sale | 2,715 | 3,830 |
Total inventory | $ 648,241 | $ 496,054 |
Inventory (Capitalization of In
Inventory (Capitalization of Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Real Estate Inventory, Capitalized Interest Costs [Roll Forward] | ||||
Interest capitalized at beginning of period | $ 12,143 | $ 9,425 | $ 10,474 | $ 9,417 |
Interest incurred | 2,479 | 1,177 | 6,113 | 2,955 |
Interest charged to cost of sales | (1,114) | (716) | (3,079) | (2,486) |
Interest capitalized at end of period | $ 13,508 | $ 9,886 | $ 13,508 | $ 9,886 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) | 3 Months Ended | 5 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Apr. 26, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | ||||||
Number of primary revenue sources | 2 | |||||
Revenue recognized | $ 6,487,000 | $ 4,556,000 | $ 13,747,000 | $ 7,945,000 | ||
Revenue recognized from performance obligations satisfied in prior periods | $ 0 | $ 0 | $ 0 | $ 0 | ||
GHO Homes | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Customer deposits acquired | $ 9,073,000 | |||||
Homebuyers | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Duration of contract with customer (less than) | 1 year | 1 year | 1 year | |||
Residential Real Estate [Member] | Individual Counterparty [Member] | GHO Homes | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue recognized | $ 2,500,000 | $ 4,500,000 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 149,992 | $ 113,706 | $ 433,267 | $ 317,994 |
Transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 15,815 | |||
Residential Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 137,399 | 108,437 | 401,643 | 302,179 |
Residential Real Estate [Member] | Transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 137,399 | 108,437 | 401,643 | 302,179 |
Real Estate, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 12,593 | 5,269 | 31,624 | 15,815 |
Real Estate, Other [Member] | Transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 12,593 | 5,269 | 31,624 | |
1531 Operative Builders [Member] | Residential Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
1531 Operative Builders [Member] | Real Estate, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 12,593 | 5,269 | 31,624 | 15,815 |
Individual Counterparty [Member] | Residential Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 137,399 | 108,437 | 401,643 | 302,179 |
Individual Counterparty [Member] | Real Estate, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Central | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 15,013 | |||
Central | Residential Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 59,652 | 52,597 | 198,093 | 149,977 |
Central | Real Estate, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 12,363 | 5,269 | 27,054 | |
Southeast [Domain] | Residential Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 77,747 | 55,840 | 203,550 | 152,202 |
Southeast [Domain] | Real Estate, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 230 | 0 | 4,570 | 802 |
Land development | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 12,363 | 5,269 | 15,815 | |
Land development | Residential Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Builder operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 137,629 | |||
Builder operations | Real Estate, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 200 | 0 | 4,600 | |
Builder operations | Land and Lots [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | $ 0 | 0 | |
Builder operations | Central | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 59,652 | 52,597 | 149,977 | |
Builder operations | Southeast [Domain] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 77,977 | $ 55,840 | $ 152,202 |
Revenue Recognition (Opening an
Revenue Recognition (Opening and Closing Contract Balances Included in Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Revenue from Contract with Customer [Abstract] | ||||
Customer and builder deposits | $ 33,814 | $ 21,447 | $ 22,756 | $ 14,088 |
Revenue Recognition (Deposits R
Revenue Recognition (Deposits Recognized as Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Total deposits recognized as revenue | $ 6,487 | $ 4,556 | $ 13,747 | $ 7,945 |
Residential units | Homebuyers | ||||
Disaggregation of Revenue [Line Items] | ||||
Total deposits recognized as revenue | 6,007 | 3,650 | 13,036 | 6,659 |
Land and Lots [Member] | Homebuilders | ||||
Disaggregation of Revenue [Line Items] | ||||
Total deposits recognized as revenue | $ 480 | $ 906 | $ 711 | $ 1,286 |
Revenue Recognition (Transactio
Revenue Recognition (Transaction Price Allocated to Remaining Performance Obligations) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 10,631 |
Expected timing of satisfaction | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 51,949 |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 37,051 |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 3,730 |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 119,588 |
Expected timing of satisfaction |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities (Summary of Financial Information of Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Assets: | |||||
Cash | $ 15,825 | $ 15,825 | $ 3,981 | ||
Accounts receivable | 400 | 400 | 1,494 | ||
EquityMethodInvestmentsSummarizedFinancialInformationBondsReceivable | 5,864 | 5,864 | 2,850 | ||
Inventory | 50,731 | 50,731 | 57,841 | ||
Goodwill | 4,615 | 4,615 | 4,615 | ||
Noncompete intangible asset | 159 | 159 | 202 | ||
Other assets | 2,652 | 2,652 | 2,248 | ||
Total assets | 80,246 | 80,246 | 73,231 | ||
Liabilities: | |||||
Accounts payable | 4,464 | 4,464 | 5,060 | ||
Accrued expenses and other liabilities | 5,373 | 5,373 | 2,857 | ||
Notes payable | 34,209 | 34,209 | 36,923 | ||
Total liabilities | 44,046 | 44,046 | 44,840 | ||
Owners' equity: | |||||
Green Brick | 20,476 | 20,476 | 16,592 | ||
Others | 15,724 | 15,724 | 11,799 | ||
Total owners' equity | 36,200 | 36,200 | 28,391 | ||
Total liabilities and owners' equity | 80,246 | 80,246 | $ 73,231 | ||
Statements of Income (Unaudited) | |||||
Revenues | 43,758 | $ 21,955 | 120,710 | $ 21,955 | |
Costs and expenses | 38,308 | 20,015 | 107,328 | 20,015 | |
Net earnings of unconsolidated entities | 5,450 | 1,940 | 13,382 | 1,940 | |
Company's share in net earnings of unconsolidated entities | $ 2,719 | $ 968 | $ 6,534 | $ 968 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 16, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Aug. 31, 2017 |
Business Acquisition [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Goodwill | $ 680 | $ 680 | $ 0 | ||||
Investment in unconsolidated entities | 20,806 | 20,806 | $ 16,878 | ||||
Equity in income of unconsolidated entity | $ 2,719 | $ 968 | $ 6,534 | $ 968 | |||
Challenger Homes [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 49.90% | ||||||
Providence Title [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |||||
Green Brick Mortgage [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |||||
Common Stock | Challenger Homes | |||||||
Business Acquisition [Line Items] | |||||||
Common stock issued in connection with the investment in the Challenger Subsidiary (in shares) | 20,000 |
Debt (Schedule of Lines of Cred
Debt (Schedule of Lines of Credit Outstanding) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | ||
Debt issuance costs, net of amortization | $ (1,035) | $ (1,227) |
Total lines of credit | 198,965 | 105,773 |
Johns Creek Carrollton Allen | Inwood National Bank | ||
Line of Credit Facility [Line Items] | ||
Lines of credit, gross | 57,500 | 32,000 |
Unsecured revolving credit facility | Unsecured Debt | Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, Flagstar Bank and JP Morgan Chase | ||
Line of Credit Facility [Line Items] | ||
Lines of credit, gross | $ 142,500 | $ 75,000 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | May 03, 2016 | Dec. 15, 2015 | Mar. 31, 2018 | Oct. 22, 2018 | Sep. 30, 2018 | Jul. 24, 2018 | Apr. 26, 2018 | Mar. 27, 2018 | Dec. 31, 2017 | Dec. 01, 2017 | Oct. 27, 2017 | Sep. 01, 2017 | Mar. 06, 2017 | Dec. 01, 2016 | Nov. 30, 2016 | Aug. 31, 2016 | Jul. 30, 2015 | Dec. 13, 2013 |
Debt Instrument [Line Items] | ||||||||||||||||||
Costs associated with amendment | $ 1,035,000 | $ 1,227,000 | ||||||||||||||||
Notes payable | 1,045,000 | 9,926,000 | ||||||||||||||||
Notes Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes payable | 1,045,000 | 9,926,000 | ||||||||||||||||
Briar Ridge Investments, LTD | Notes Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes payable | 0 | 9,000,000 | ||||||||||||||||
Briar Ridge Investments, LTD | Subsidiary | Notes Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 6.00% | |||||||||||||||||
Face amount | $ 9,000,000 | |||||||||||||||||
Graham Mortgage Corporation | Notes Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes payable | 895,000 | 926,000 | ||||||||||||||||
Graham Mortgage Corporation | Subsidiary | Notes Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 3.00% | |||||||||||||||||
Accrued interest | 100,000 | |||||||||||||||||
Notes payable | $ 1,200,000 | |||||||||||||||||
Bower Hills, LLC | Notes Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes payable | $ 150,000 | $ 0 | ||||||||||||||||
Bower Hills, LLC | Subsidiary | Notes Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes payable | $ 300,000 | |||||||||||||||||
Inwood National Bank | Johns Creek Carrollton Allen | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | |||||||||||||||||
Interest rate at period end | 5.25% | |||||||||||||||||
Borrowing base limitation, total value of land | 50.00% | |||||||||||||||||
Borrowing base limitation, total value of lots owned by certain of the Company's subsidiaries | 65.00% | |||||||||||||||||
Maximum value of land used when calculating borrowing base | 65.00% | |||||||||||||||||
Commitment fee percentage on amount of unused commitments | 0.25% | |||||||||||||||||
Inwood National Bank | Johns Creek Carrollton Allen | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 4.00% | |||||||||||||||||
Inwood National Bank | Johns Creek Carrollton Allen | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 18.00% | |||||||||||||||||
Inwood National Bank | Johns Creek Carrollton Allen | Subsidiary | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 75,000,000 | $ 50,000,000 | ||||||||||||||||
Maximum loan-to-value ratio during temporary borrowing base waiver | 70.00% | |||||||||||||||||
Inwood National Bank | Johns Creek Carrollton Allen | Other Assets | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Costs associated with amendment | $ 100,000 | |||||||||||||||||
Citibank, N.A. and Credit Suisse AG, Cayman Islands Branch | Unsecured revolving credit facility | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 75,000,000 | |||||||||||||||||
Commitment fee percentage on amount of unused commitments | 0.45% | |||||||||||||||||
Borrowings on lines of credit | $ 40,000,000 | |||||||||||||||||
Unrestricted cash on borrowing base limitation | 100.00% | |||||||||||||||||
Borrowing base limitation for unrestricted cash | $ 15,000,000 | |||||||||||||||||
Percentage book value of model homes, construction in progress homes, completed sold homes and completed speculative homes | 85.00% | |||||||||||||||||
Percentage book value of finished lots and land under development | 65.00% | |||||||||||||||||
Percentage book value of entitled land | 50.00% | |||||||||||||||||
Citibank, N.A. and Credit Suisse AG, Cayman Islands Branch | Unsecured revolving credit facility | Unsecured Debt | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate at period end | 4.56% | |||||||||||||||||
Citibank, N.A. and Credit Suisse AG, Cayman Islands Branch | Unsecured revolving credit facility | Unsecured Debt | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate at period end | 4.58% | |||||||||||||||||
Citibank, N.A. and Credit Suisse AG, Cayman Islands Branch | Unsecured Revolving Credit Facility, Base Rate Advances | Unsecured Debt | Federal Funds Effective Swap Rate | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||||||||
Citibank, N.A. and Credit Suisse AG, Cayman Islands Branch | Unsecured Revolving Credit Facility, Base Rate Advances | Unsecured Debt | London Interbank Offered Rate (LIBOR) | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 1.00% | |||||||||||||||||
Citibank, N.A. and Credit Suisse AG, Cayman Islands Branch | Unsecured Revolving Credit Facility, Base Rate Advances | Unsecured Debt | Base Rate | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 1.50% | |||||||||||||||||
Citibank, N.A. and Credit Suisse AG, Cayman Islands Branch | Unsecured Revolving Credit Facility, Eurodollar Rate Advances | Unsecured Debt | London Interbank Offered Rate (LIBOR) | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 2.50% | |||||||||||||||||
Citibank, N.A. | Unsecured revolving credit facility | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Costs associated with amendment | $ 100,000 | |||||||||||||||||
Borrowings on lines of credit | $ 25,000,000 | $ 35,000,000 | ||||||||||||||||
Increase in commitment | 5,000,000 | |||||||||||||||||
Credit Suisse AG, Cayman Islands Branch | Unsecured revolving credit facility | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Borrowings on lines of credit | $ 15,000,000 | $ 25,000,000 | ||||||||||||||||
Increase in commitment | 5,000,000 | |||||||||||||||||
Flagstar Bank | Unsecured revolving credit facility | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Borrowings on lines of credit | 70,000,000 | $ 35,000,000 | $ 20,000,000 | |||||||||||||||
Flagstar Bank | Unsecured revolving credit facility | Other Assets | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Costs associated with amendment | 100,000 | |||||||||||||||||
Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, and Flagstar Bank | Unsecured revolving credit facility | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | 200,000,000 | 110,000,000 | ||||||||||||||||
Borrowings on lines of credit | 130,000,000 | $ 85,000,000 | $ 70,000,000 | $ 60,000,000 | ||||||||||||||
Upfront fee, percent of aggregate amount of extended commitments | 0.15% | 0.15% | ||||||||||||||||
Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, and Flagstar Bank | Unsecured revolving credit facility | Other Assets | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Costs associated with amendment | $ 400,000 | |||||||||||||||||
JPMorgan Chase Bank , N.A. | Unsecured revolving credit facility | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Borrowings on lines of credit | $ 30,000,000 | |||||||||||||||||
Increase in commitment | 5,000,000 | |||||||||||||||||
Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, Flagstar Bank and JP Morgan Chase | Unsecured revolving credit facility | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Borrowings on lines of credit | 160,000,000 | |||||||||||||||||
Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, Flagstar Bank and JP Morgan Chase | Unsecured revolving credit facility | Unsecured Debt | Subsequent Event | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Borrowings on lines of credit | $ 175,000,000 | |||||||||||||||||
Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, Flagstar Bank and JP Morgan Chase | Unsecured revolving credit facility | Other Assets | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Costs associated with amendment | 200,000 | |||||||||||||||||
Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, and JPMorgan Chase | Unsecured revolving credit facility | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Increase in commitment | $ 15,000,000 | |||||||||||||||||
Chemical Financial Corporation [Member] | Unsecured revolving credit facility | Unsecured Debt | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Borrowings on lines of credit | $ 25,000,000 | |||||||||||||||||
Chemical Financial Corporation [Member] | Unsecured revolving credit facility | Unsecured Debt | Subsequent Event | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Borrowings on lines of credit | $ 200,000,000 |
Debt (Schedule of Notes Payable
Debt (Schedule of Notes Payable Outstanding) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Notes payable | $ 1,045 | $ 9,926 |
Notes Payable | ||
Debt Instrument [Line Items] | ||
Notes payable | 1,045 | 9,926 |
Notes Payable | Briar Ridge Investments, LTD | ||
Debt Instrument [Line Items] | ||
Notes payable | 0 | 9,000 |
Notes Payable | Graham Mortgage Corporation | ||
Debt Instrument [Line Items] | ||
Notes payable | 895 | 926 |
Notes Payable | Bower Hills, LLC | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 150 | $ 0 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | shares | 50,598,901 |
Beginning balance | $ 433,038 |
Share-based compensation | 215 |
Issuance of common stock under 2014 Omnibus Equity Incentive Plan, net of shares withheld for employee taxes | 669 |
Amortization of deferred share-based compensation | 301 |
Common stock issued in connection with the investment in Challenger Homes | 0 |
Accretion of redeemable noncontrolling interest | (115) |
Distributions | (10,746) |
Net income | $ 46,832 |
Ending balance (in shares) | shares | 50,719,884 |
Ending balance | $ 470,194 |
Total Green Brick Partners, Inc. Stockholders’ Equity | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 416,347 |
Share-based compensation | 215 |
Issuance of common stock under 2014 Omnibus Equity Incentive Plan, net of shares withheld for employee taxes | 669 |
Amortization of deferred share-based compensation | 301 |
Accretion of redeemable noncontrolling interest | (115) |
Net income | 38,269 |
Ending balance | $ 455,686 |
Common Stock | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | shares | 50,598,901 |
Beginning balance | $ 506 |
Issuance of common stock under 2014 Omnibus Equity Incentive Plan, net of shares withheld for employee taxes (in shares) | shares | 100,983 |
Issuance of common stock under 2014 Omnibus Equity Incentive Plan, net of shares withheld for employee taxes | $ 1 |
Common stock issued in connection with the investment in Challenger Homes (in shares) | shares | 20,000 |
Ending balance (in shares) | shares | 50,719,884 |
Ending balance | $ 507 |
Additional Paid-in Capital | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 289,938 |
Share-based compensation | 215 |
Issuance of common stock under 2014 Omnibus Equity Incentive Plan, net of shares withheld for employee taxes | 668 |
Amortization of deferred share-based compensation | 301 |
Accretion of redeemable noncontrolling interest | (115) |
Ending balance | 291,007 |
Retained Earnings | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 125,903 |
Net income | 38,269 |
Ending balance | 164,172 |
Noncontrolling Interests | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 16,691 |
Net income | 8,563 |
Ending balance | $ 14,508 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 26, 2018 | Mar. 16, 2018 | Mar. 27, 2014 | Sep. 30, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock, shares issued (in shares) | 50,719,884 | 50,598,901 | |||
Common stock, shares outstanding (in shares) | 50,719,884 | 50,598,901 | |||
Stock Repurchase Program, Authorized Amount | $ 30 | ||||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Preferred stock, shares issued (in shares) | 0 | 0 | |||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||
GHO Homes | |||||
Class of Stock [Line Items] | |||||
Ownership percentage by noncontrolling owners | 20.00% | ||||
Period of financial results prior to exercise of option used to determine exercise price | 3 years | ||||
Fair value of estimated payment to repurchase shares | $ 7 | ||||
Option to repurchase interest from partner if put option not exercised by controlled builder, percent of interest | 20.00% | ||||
Common Stock | Challenger Homes | |||||
Class of Stock [Line Items] | |||||
Common stock issued in connection with the investment in the Challenger Subsidiary (in shares) | 20,000 | ||||
Preferred Share Purchase Right | |||||
Class of Stock [Line Items] | |||||
Preferred stock, par value (in dollars per share) | $ 0.01 | ||||
Preferred share purchase right dividend (in shares) | 1 | ||||
Exercise price of rights (in dollars per share) | $ 30 | ||||
Series B Junior Participating Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Number of securities called by each right (in shares) | 0.001 | ||||
Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Number of securities called by each right (in shares) | 0.001 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Changes in Redeemable Noncontrolling Interest) (Details) $ in Thousands | 2 Months Ended |
Jun. 30, 2018USD ($) | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Balance as of beginning of period | $ 6,346 |
Net income | 775 |
Accretion of redeemable noncontrolling interest | $ 115 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted (in shares) | 0 | 0 | ||
Share-based compensation expense | $ 200 | $ 200 | $ 1,597 | $ 2,242 |
Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost not yet recognized | 300 | $ 300 | ||
Period for recognition | 7 months 22 days | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost not yet recognized | $ 300 | $ 300 | ||
Period for recognition | 1 year 27 days | |||
Named Executive Officers | Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards vested and forfeitable at time of grant | 100.00% | |||
Withholdings from vesting of restricted stock awards (in shares) | 39,228 | |||
Withholdings from vesting of restricted stock awards | $ 400 | |||
BOD | Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of annual retainer fee, chairman fees and meeting fees elected to defer in the form of common stock | 100.00% | |||
BOD | Restricted Stock Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over which awards granted become fully vested | 1 year |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of Share-Based Awards Activity) (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Number of Shares | |
Nonvested, beginning of period (in shares) | shares | 38 |
Granted (in shares) | shares | 140 |
Vested (in shares) | shares | (144) |
Forfeited (in shares) | shares | 0 |
Nonvested, end of period (in shares) | shares | 34 |
Weighted Average Grant Date Fair Value per Share | |
Nonvested, beginning of period (in dollars per share) | $ / shares | $ 10.25 |
Granted (in dollars per share) | $ / shares | 10.45 |
Vested (in dollars per share) | $ / shares | 10.03 |
Forfeited (in dollars per share) | $ / shares | 0 |
Nonvested, end of period (in dollars per share) | $ / shares | $ 12 |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Number of Shares | ||
Options outstanding, beginning balance (in shares) | 500,000 | |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Options outstanding, ending balance (in shares) | 500,000 | |
Options exercisable (in shares) | 300,000 | |
Weighted Average Exercise Price per Share | ||
Options outstanding, beginning balance (in dollars per share) | $ 7.49 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 0 | |
Options outstanding, ending balance (in dollars per share) | 7.49 | |
Options exercisable (in dollars per share) | $ 7.49 | |
Options outstanding, weighted average remaining contractual term (in years) | 6 years 27 days | |
Options exercisable, weighted average remaining contractual term (in years) | 6 years 27 days | |
Options outstanding, aggregate intrinsic value | $ 1,305 | |
Options exercisable, aggregate intrinsic value | $ 783 |
Share-Based Compensation (Sum_3
Share-Based Compensation (Summary of Unvested Stock Options Activity) (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Number of Shares | |
Unvested, beginning balance (in shares) | shares | 200 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Unvested, ending balance (in shares) | shares | 200 |
Weighted Average Grant Date Fair Value per Share | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 2.88 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 2.88 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 4,734 | $ 5,364 | $ 13,341 | $ 13,635 |
Effective tax rate | 23.50% | 31.00% | 21.90% | 31.50% |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 31 Months Ended | ||||||||
Feb. 28, 2017USD ($) | Sep. 30, 2016 | Jun. 30, 2016USD ($)lottownhome | Sep. 30, 2018USD ($)board_seat | Dec. 31, 2017USD ($)lot | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)board_seat | Sep. 30, 2018USD ($)board_seat | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)lot | Dec. 31, 2015USD ($) | Sep. 30, 2018USD ($)board_seat | Mar. 31, 2016lottownhome | Sep. 30, 2015lottownhome | |
Related Party Transaction [Line Items] | ||||||||||||||
Noncontrolling interests | $ 14,508,000 | $ 16,691,000 | $ 14,508,000 | $ 14,508,000 | $ 16,691,000 | $ 14,508,000 | ||||||||
Board seats available | 3 | 3 | 3 | 3 | ||||||||||
Suwanee Station | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Board seats held | board_seat | 2 | 2 | 2 | 2 | ||||||||||
Board seats available | board_seat | 3 | 3 | 3 | 3 | ||||||||||
Centre Living | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Ownership percentage by parent | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||
Ownership percentage by noncontrolling owners | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||
Percentage of voting interest | 51.00% | 51.00% | 51.00% | 51.00% | ||||||||||
Percent of centre living operations consolidated | 100.00% | |||||||||||||
Centre Living | Richard A. Costello | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Proceeds from sale of developed lot | 0 | |||||||||||||
Related party deposit liabilities | $ 0 | |||||||||||||
Centre Living | Jed Dolson | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Proceeds from sale of developed lot | 0 | |||||||||||||
Related party deposit liabilities | $ 0 | |||||||||||||
Centre Living | Developed Lots | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of real estate properties | 1 | |||||||||||||
Proceeds from sale of developed lot | $ 400,000 | |||||||||||||
Cost of developed lot sold | $ 300,000 | |||||||||||||
Contract price employee discount premium | 13.00% | |||||||||||||
Development in Process | $ 600,000 | $ 600,000 | ||||||||||||
Investee | The Parc at Cogburn | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of real estate properties | lot | 11 | |||||||||||||
Number of units in real estate property | townhome | 19 | |||||||||||||
Payments to acquire real estate | $ 0 | $ 1,000,000 | $ 1,800,000 | |||||||||||
Number of lots remaining to be purchased | lot | 0 | 0 | ||||||||||||
Investee | Academy Street | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Ownership percentage by parent | 80.00% | |||||||||||||
Ownership percentage by noncontrolling owners | 20.00% | |||||||||||||
Number of real estate properties | lot | 83 | |||||||||||||
Capital contributions made | 0 | $ 0 | 400,000 | $ 11,700,000 | ||||||||||
Distributions received | $ 900,000 | 900,000 | 2,700,000 | $ 5,800,000 | ||||||||||
Payment for capital contributions, percent paid by the Company | 80.00% | |||||||||||||
Investee | Academy Street | Partnership Distributions | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Amount of transaction | 1,100,000 | 1,100,000 | 3,300,000 | $ 7,300,000 | ||||||||||
Investee | Suwanee Station | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of real estate properties | townhome | 73 | |||||||||||||
Capital contributions made | 300,000 | 0 | 400,000 | 2,500,000 | ||||||||||
Distributions received | 400,000 | 200,000 | ||||||||||||
Contributions to the partnership contributed by the Company | 400,000 | 200,000 | ||||||||||||
Investee | Suwanee Station | Parent Company | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||
Investee | Suwanee Station | Affiliated Entity | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||
Investee | Suwanee Station | Partnership Distributions | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Amount of transaction | 200,000 | $ 0 | 900,000 | 400,000 | ||||||||||
Investee | Dunwoody Towneship | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of real estate properties | lot | 14 | 26 | 26 | |||||||||||
Number of units in real estate property | townhome | 40 | |||||||||||||
Payments to acquire real estate | $ 2,300,000 | $ 3,300,000 | ||||||||||||
Chief Financial Officer | Townhome | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Contract price employee discount premium | 13.00% | |||||||||||||
Named Executive Officers | Townhome | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Contract price employee discount premium | 13.00% | |||||||||||||
Affiliated Entity | Office Space Lease Agreements | GHO Homes | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Rent expense incurred | $ 0 | |||||||||||||
Amounts due to affiliates | 0 | 0 | 0 | 0 | ||||||||||
Affiliated Entity | Title Closing Services | GHO Homes | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Amounts due to affiliates | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Carrying Value and Estimated Fair Value of Financial Instruments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Carrying Value | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notes payable | $ 9,926 |
Carrying Value | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Contingent consideration liability | 0 |
Carrying Value | Revolving credit facility | Secured | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Revolving credit facility | 32,000 |
Carrying Value | Revolving credit facility | Unsecured | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Revolving credit facility | 75,000 |
Estimated Fair Value | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notes payable | 9,926 |
Estimated Fair Value | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Contingent consideration liability | 0 |
Estimated Fair Value | Revolving credit facility | Secured | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Revolving credit facility | 32,000 |
Estimated Fair Value | Revolving credit facility | Unsecured | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Revolving credit facility | $ 75,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | ||
Fair value adjustment to assets | $ 0.1 | $ 0 |
Fair value adjustment to liabilities | $ 0.1 | $ 0 |
Commitments and Contingencies
Commitments and Contingencies (Warranty activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Letters of credit outstanding | $ 200 | $ 200 | $ 200 | ||
Accrued Expenses | |||||
Movement in Standard Product Warranty Accrual [Roll Forward] | |||||
Beginning balance | 2,539 | $ 1,503 | 2,083 | $ 1,210 | |
Additions | 569 | 362 | 1,697 | 1,116 | |
Charges | (458) | (324) | (1,130) | (785) | |
Ending balance | 2,650 | $ 1,541 | $ 2,650 | $ 1,541 | |
Home Warranty, Defects and Products Used | |||||
Product Warranty Liability [Line Items] | |||||
Term of warranty | 1 year | ||||
Home Warranty, Electrical, Mechanical and Plumbing Systems | |||||
Product Warranty Liability [Line Items] | |||||
Term of warranty | 2 years | ||||
Home Warranty, Qualified and Defined Structural Defects | |||||
Product Warranty Liability [Line Items] | |||||
Term of warranty | 10 years | ||||
Developed Lots Warranty | |||||
Product Warranty Liability [Line Items] | |||||
Term of warranty | 1 year | ||||
Performance Bonds | |||||
Product Warranty Liability [Line Items] | |||||
Amount of performance bonds outstanding | $ 5,800 | $ 5,800 | $ 3,600 |
Commitments and Contingencies_2
Commitments and Contingencies (Schedule of Annual Minimum Operating Lease Payments) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2018 | $ 278 |
2,019 | 1,023 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,033 |
2,020 | 795 |
2,021 | 582 |
2,022 | 443 |
Total | $ 4,154 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Expected Land and Lot Purchase Payments Under Option Agreements) (Details) $ in Thousands | Sep. 30, 2018USD ($)lot | Dec. 31, 2017lot |
Commitments and Contingencies Disclosure [Abstract] | ||
Lots under option | lot | 2,672 | 1,724 |
Remainder of 2018 | $ 61,746 | |
2,019 | 134,550 | |
2,020 | 27,650 | |
2,021 | 12,244 | |
2,022 | 1,680 | |
Total | $ 237,870 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2018 | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||||
Entity Emerging Growth Company | false | |||||
Number of Operating Segments | 3 | |||||
Number of Reportable Segments | 2 | |||||
Revenues: | ||||||
Total revenues | $ 149,992 | $ 113,706 | $ 433,267 | $ 317,994 | ||
Gross profit: | ||||||
Gross Profit | 30,658 | 25,410 | 92,406 | 69,622 | ||
Income (loss) before taxes: | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 20,107 | 17,293 | 60,948 | 43,220 | ||
Inventory: | ||||||
Total inventory | 648,241 | 648,241 | $ 496,054 | |||
Goodwill: | ||||||
Goodwill | 680 | 680 | 0 | |||
Central | ||||||
Revenues: | ||||||
Total revenues | 15,013 | |||||
Builder operations | ||||||
Revenues: | ||||||
Total revenues | 137,629 | |||||
Gross profit: | ||||||
Gross Profit, Home Building | 31,905 | 25,872 | 95,023 | 71,367 | ||
Inventory: | ||||||
Total inventory | 313,643 | 313,643 | 210,884 | |||
Builder operations | Southeast [Domain] | ||||||
Revenues: | ||||||
Total revenues | 77,977 | 55,840 | 152,202 | |||
Gross profit: | ||||||
Gross Profit, Home Building | 19,058 | 13,399 | 49,727 | 34,521 | ||
Income (loss) before taxes: | ||||||
Results of Operations, Income before Income Taxes | 12,649 | 9,861 | 33,978 | 24,176 | ||
Inventory: | ||||||
Total inventory | 158,489 | 158,489 | 99,613 | |||
Goodwill: | ||||||
Goodwill | 680 | 680 | 0 | |||
Builder operations | Central | ||||||
Revenues: | ||||||
Total revenues | 59,652 | 52,597 | 149,977 | |||
Gross profit: | ||||||
Gross Profit, Home Building | 12,847 | 12,473 | 45,296 | 36,846 | ||
Income (loss) before taxes: | ||||||
Results of Operations, Income before Income Taxes | 6,984 | 8,171 | 28,026 | 24,424 | ||
Inventory: | ||||||
Total inventory | 155,154 | 155,154 | 111,271 | |||
Land development | ||||||
Revenues: | ||||||
Total revenues | 12,363 | 5,269 | 15,815 | |||
Gross profit: | ||||||
Gross Profit on Land and Lots | 2,142 | 1,749 | 6,591 | 4,864 | ||
Income (loss) before taxes: | ||||||
Results of Operations, Income before Income Taxes | 1,292 | 1,516 | 4,975 | 3,894 | ||
Inventory: | ||||||
Total inventory | 317,669 | 317,669 | 272,542 | |||
Corporate and Other [Member] | ||||||
Gross profit: | ||||||
Other General Expense | (3,389) | (2,211) | (9,208) | (6,609) | ||
Income (loss) before taxes: | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (818) | (2,255) | (6,031) | (9,274) | ||
Inventory: | ||||||
Total inventory | 16,929 | 16,929 | $ 12,628 | |||
Real Estate, Other [Member] | ||||||
Revenues: | ||||||
Total revenues | 12,593 | 5,269 | 31,624 | 15,815 | ||
Real Estate, Other [Member] | Southeast [Domain] | ||||||
Revenues: | ||||||
Total revenues | 230 | 0 | 4,570 | 802 | ||
Real Estate, Other [Member] | Central | ||||||
Revenues: | ||||||
Total revenues | 12,363 | 5,269 | 27,054 | |||
Real Estate, Other [Member] | Builder operations | ||||||
Revenues: | ||||||
Total revenues | $ 200 | $ 0 | $ 4,600 | |||
Real Estate, Other [Member] | Builder operations | Operating Segments [Member] | ||||||
Revenues: | ||||||
Total revenues | $ 0 |