Legacy Housing (LEGH) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 05, 2021
Document and Entity Information
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Entity Registrant Name	Legacy Housing Corporation
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38761
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	20-2897516
Entity Address, Address Line One	1600 Airport Freeway
Entity Address, Address Line Two	#100
Entity Address, City or Town	Bedford
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76022
City Area Code	817
Local Phone Number	799-4900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock ($0.001 par value)
Trading Symbol	LEGH
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		24,202,631
Entity Central Index Key	0001436208
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 809	$ 768
Accounts receivable, net	5,907	3,867
Current portion of consumer loans	5,663	5,348
Current portion of notes receivable from mobile home parks ("MHP")	12,178	12,468
Current portion of other notes receivable	1,612	2,054
Inventories	39,702	27,224
Prepaid expenses and other current assets	3,860	3,234
Total current assets	69,731	54,963
Consumer loans, net	110,362	106,572
Notes receivable from mobile home parks ("MHP")	133,606	123,872
Other notes receivable, net	21,098	13,050
Inventories, net	5,042	8,656
Other assets	9,533	8,887
Property, plant and equipment, net	24,422	22,616
Total assets	373,794	338,616
Current liabilities:
Accounts payable	8,193	10,197
Accrued liabilities	14,701	14,860
Customer deposits	5,745	3,620
Escrow liability	8,737	7,729
Total current liabilities	37,376	36,406
Long-term liabilities:
Lines of credit	49,675	36,174
Deferred income taxes	1,971	1,971
Accrued liabilities, net of current portion		630
Dealer incentive liability	4,020	4,242
Total liabilities	93,042	79,423
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $.001 par value, 10,000,000 shares authorized: no shares issued or outstanding
Common stock, $.001 par value, 90,000,000 shares authorized; 24,647,696 and 24,639,125 issued and 24,202,631 and 24,194,060 outstanding at June 30, 2021 and December 31, 2020, respectively	25	25
Treasury stock at cost, 445,065 shares at June 30, 2021 and December 31, 2020	(4,477)	(4,477)
Additional paid-in-capital	175,401	175,293
Retained earnings	109,803	88,352
Total stockholders' equity	280,752	259,193
Total liabilities and stockholders' equity	$ 373,794	$ 338,616

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
CONDENSED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	24,647,696	24,639,125
Common stock, shares outstanding	24,202,631	24,194,060
Treasury stock, shares	445,065	445,065

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net revenue:
Product sales	$ 41,115	$ 39,179	$ 73,389	$ 70,375
Consumer and MHP loans interest	6,734	6,067	13,372	12,491
Other	740	760	1,767	1,414
Total net revenue	48,589	46,006	88,528	84,280
Operating expenses:
Cost of product sales	28,608	28,688	52,632	50,547
Selling, general and administrative expenses	5,165	4,064	9,958	9,676
Dealer incentive	114	186	576	380
Income from operations	14,702	13,068	25,362	23,677
Other income (expense):
Non-operating interest income	429	215	677	451
Miscellaneous, net	34	11	238	48
Gain on settlement, net				1,075
Interest expense	(283)	(239)	(509)	(577)
Total other	180	(13)	406	997
Income before income tax expense	14,882	13,055	25,768	24,674
Income tax expense	(2,454)	(3,015)	(4,317)	(5,611)
Net income	$ 12,428	$ 10,040	$ 21,451	$ 19,063
Weighted average shares outstanding:
Basic	24,202,631	24,201,220	24,200,879	24,260,274
Diluted	24,234,913	24,201,823	24,229,265	24,260,938
Net income per share:
Basic	$ 0.51	$ 0.41	$ 0.89	$ 0.79
Diluted	$ 0.51	$ 0.41	$ 0.89	$ 0.79

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net income	$ 21,451	$ 19,063
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation expense	754	572
Amortization of debt discount and issuance costs	267	18
Provision for loan loss-consumer loans	558	280
Share based payment expense	108	133
Changes in operating assets and liabilities:
Accounts receivable	(2,040)	316
Consumer loans originations	(11,730)	(7,918)
Consumer loans principal collections	6,393	4,915
Notes receivable MHP originations	(23,649)	(37,538)
Notes receivable MHP principal collections	13,428	9,813
Inventories	(8,864)	264
Prepaid expenses and other current assets	(893)	1,928
Other assets	(876)	(1,204)
Accounts payable	(2,004)	(2,560)
Accrued liabilities	(792)	6,412
Customer deposits	2,125	171
Escrow liability, net	1,008	18
Dealer incentive liability	(222)	69
Net cash used in operating activities	(4,978)	(5,248)
Investing activities:
Purchases of property, plant and equipment	(2,330)	(782)
Issuance of notes receivable	(13,554)	(278)
Notes receivable collections	5,940	116
Purchases of loans		(191)
Collections from purchased loans	1,462	721
Net cash used in investing activities	(8,482)	(414)
Financing activities:
Treasury stock purchase		(1,417)
Proceeds from issuance of note payable		6,546
Principal payments on note payable		(6,546)
Proceeds from lines of credit	46,109	30,232
Payments on lines of credit	(32,608)	(23,853)
Net cash provided by financing activities	13,501	4,962
Net increase (decrease) in cash and cash equivalents	41	(700)
Cash and cash equivalents at beginning of period	768	1,724
Cash and cash equivalents at end of period	809	1,024
Supplemental disclosure of cash flow information:
Cash paid for interest	464	$ 553
Cash paid for taxes	$ 5,700

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Treasury stock	Additional paid-in-capital	Retained earnings	Total
Beginning Balance at Dec. 31, 2019	$ 25	$ (3,060)	$ 175,067	$ 50,357	$ 222,389
Beginning Balance (in shares) at Dec. 31, 2019	24,620,079
Share based compensation expense and stock units vested			97		97
Share based compensation expense and stock units vested (in shares)	17,143
Purchase of treasury stock		(682)			(682)
Net income				9,023	9,023
Ending Balance at Mar. 31, 2020	$ 25	(3,742)	175,164	59,380	230,827
Ending Balance (in shares) at Mar. 31, 2020	24,637,222
Beginning Balance at Dec. 31, 2019	$ 25	(3,060)	175,067	50,357	222,389
Beginning Balance (in shares) at Dec. 31, 2019	24,620,079
Net income					19,063
Ending Balance at Jun. 30, 2020	$ 25	(4,477)	175,200	69,420	240,168
Ending Balance (in shares) at Jun. 30, 2020	24,637,222
Beginning Balance at Mar. 31, 2020	$ 25	(3,742)	175,164	59,380	230,827
Beginning Balance (in shares) at Mar. 31, 2020	24,637,222
Share based compensation expense and stock units vested			36		36
Purchase of treasury stock		(735)			(735)
Net income				10,040	10,040
Ending Balance at Jun. 30, 2020	$ 25	(4,477)	175,200	69,420	240,168
Ending Balance (in shares) at Jun. 30, 2020	24,637,222
Beginning Balance at Dec. 31, 2020	$ 25	(4,477)	175,293	88,352	$ 259,193
Beginning Balance (in shares) at Dec. 31, 2020	24,639,125				24,639,125
Share based compensation expense and stock units vested			44		$ 44
Share based compensation expense and stock units vested (in shares)	8,571
Net income				9,023	9,023
Ending Balance at Mar. 31, 2021	$ 25	(4,477)	175,337	97,375	268,260
Ending Balance (in shares) at Mar. 31, 2021	24,647,696
Beginning Balance at Dec. 31, 2020	$ 25	(4,477)	175,293	88,352	$ 259,193
Beginning Balance (in shares) at Dec. 31, 2020	24,639,125				24,639,125
Net income					$ 21,451
Ending Balance at Jun. 30, 2021	$ 25	(4,477)	175,401	109,803	$ 280,752
Ending Balance (in shares) at Jun. 30, 2021	24,647,696				24,647,696
Beginning Balance at Mar. 31, 2021	$ 25	(4,477)	175,337	97,375	$ 268,260
Beginning Balance (in shares) at Mar. 31, 2021	24,647,696
Share based compensation expense and stock units vested			64		64
Net income				12,428	12,428
Ending Balance at Jun. 30, 2021	$ 25	$ (4,477)	$ 175,401	$ 109,803	$ 280,752
Ending Balance (in shares) at Jun. 30, 2021	24,647,696				24,647,696

NATURE OF OPERATIONS

NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 2021
NATURE OF OPERATIONS
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS Legacy Housing Corporation (referred herein as”Legacy”, “we”, “our”, “us”, or the “Company”) was formed on January 1, 2018 as a Delaware corporation through a corporate conversion of Legacy Housing, Ltd. (the “Partnership”), a Texas limited partnership formed in May 2005. Effective December 31, 2019, the Company reincorporated from a Delaware corporation to a Texas corporation. The Company is headquartered in Bedford, Texas. The Company (1) manufactures and provides for the transport of mobile homes, (2) provides wholesale financing to dealers and mobile home parks, (3) provides retail financing to consumers and (4) is involved in financing and developing new manufactured home communities. The Company manufactures its mobile homes at plants located in Fort Worth, Texas, Commerce, Texas and Eatonton, Georgia. The Company relies on a network of dealers to market and sell its mobile homes. The Company also sells homes directly to dealers and mobile home parks. In December 2018, the Company sold 4,000,000 shares of its common stock through an initial public offering (“IPO”) at $12.00 per share. Proceeds from the IPO, net of $4,504 of underwriting discounts and offering expenses paid by the Company, were $43,492. In January 2019, the Company sold an additional 600,000 shares of its common stock as part of the IPO at $12.00 per share. Proceeds from the January 2019 issuance, net of $505 of underwriting discounts and offering expenses paid by the Company, were $6,695. On April 17, 2019, the Company purchased 300,000 shares of its common stock at the price of $10.20 per share, pursuant to the Company’s repurchase program. During the year ended December 31, 2020, the Company purchased 145,065 shares of its common stock at an average price of $9.77 per share, pursuant to the Company’s repurchase program. Under the repurchase program, the Company may purchase up to $10,000 of its common stock. Share purchases may be made from time to time in the open market or through privately negotiated transactions depending on market conditions, share price, trading volume and other factors. Such purchases, if any, will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time to time without prior notice. Corporate Conversion Effective January 1, 2018, the Partnership converted into a Delaware corporation pursuant to a statutory conversion and changed its name to Legacy Housing Corporation. In order to consummate the corporate conversion completed on January 1, 2018, a certificate of conversion was filed with the Secretary of State of the State of Delaware and with the Secretary of State of the State of Texas. Holders of partnership interests in Legacy Housing, Ltd. received an initial allocation, on a proportional basis, of 20,000,000 shares of common stock of Legacy Housing Corporation. Following the corporate conversion, Legacy Housing Corporation continues to hold all property and assets of Legacy Housing, Ltd. and all of the debts and obligations of Legacy Housing, Ltd. On the effective date of the corporate conversion, the officers of Legacy Housing, Ltd. became the officers of Legacy Housing Corporation. As a result of the corporate conversion, the Company is now a federal corporate taxpayer. Basis of Presentation The accompanying unaudited interim condensed financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020, respectively, have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") as required by Regulation S-X, Rule 8-03. In the opinion of management, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company's financial position for the periods presented. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021, or any other period. The accompanying balance sheet as of December 31, 2020 was derived from audited financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2020 (the "Form 10-K"). The accompanying financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K. Use of Estimates The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the reporting period. Material estimates that are susceptible to significant change in the near term primarily relate to the determination of accounts receivable, loans to mobile home parks, consumer loans, other notes receivable, inventory obsolescence, income taxes, fair value of financial instruments and contingent liabilities. Actual results could differ from these estimates. Revenue Recognition Product sales Revenue from product sales is recognized at a point in time when the performance obligation under the terms of a contract with our customer is satisfied, which typically occurs upon delivery and transfer of title of the home, as this depicts when control of the promised good is transferred to our customer. For financed sales by the Company, the individual customer enters into a sales and financing contract and is required to make a down payment. These financed sales contain a significant financing component and any interest income is separately recorded in the statement of operations. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the homes to the customers. Sales and other similar taxes collected concurrently with revenue-producing activities are excluded from revenue. The Company made an accounting policy election to account for any shipping and handling costs that occur after the transfer of control as a fulfillment cost that is accrued when control is transferred. Warranty obligations associated with the sale of a unit are assurance-type warranties for a period of twelve months that are a guarantee of the home’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. The Company has elected to use the practical expedient to expense the incremental costs of obtaining a contract if the amortization period of the asset that the Company would have otherwise recognized is one year or less. Contract costs, which include commissions incurred related to the sale of homes, are expensed at the point-in-time when the related revenue is recognized. For the three months ended June 30, 2021 and 2020, sales to an independent third-party and its affiliates accounted for $2,400 or 5.8% and $14,320 or 36.6% of our product sales, respectively. For the six months ended June 30, 2021 and 2020, sales to an independent third-party and its affiliates accounted for $5,065 or 6.8% and $26,306 or 37.4% of our product sales, respectively. For the three months ended June 30, 2021 and 2020, total cost of product sales included $3,007 and $7,849 of costs, mainly relating to subcontracted production for commercial sales and reimbursed dealer expenses for consignment sales and certain other similar costs incurred for retail store and commercial sales subcontracted production for commercial sales and reimbursed dealer expenses for consignment sales and certain other similar costs incurred for retail store and commercial sales Other revenue Disaggregation of Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 ​ 2021 2020 Product sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct sales ​ $ 5,493 ​ $ 3,850 ​ $ 8,918 ​ $ 6,076 Commercial sales ​ 13,050 ​ 21,059 ​ 25,648 ​ 36,851 Consignment sales ​ ​ 13,889 ​ ​ 9,114 ​ ​ 24,489 ​ ​ 17,924 Retail store sales ​ ​ 6,183 ​ ​ 4,325 ​ ​ 9,508 ​ ​ 7,536 Other (1) ​ 2,500 ​ 831 ​ 4,826 ​ 1,988 Total product sales ​ 41,115 ​ 39,179 ​ 73,389 ​ 70,375 Consumer and MHP loans interest: ​ ​ ​ ​ Interest - consumer installment notes ​ 4,046 ​ 3,820 ​ 8,189 ​ 7,969 Interest - MHP notes ​ 2,688 ​ 2,247 ​ 5,183 ​ 4,522 Total consumer and MHP loans interest ​ 6,734 ​ 6,067 ​ 13,372 ​ 12,491 Other ​ 740 ​ 760 ​ 1,767 ​ 1,414 Total net revenue ​ $ 48,589 ​ $ 46,006 ​ $ 88,528 ​ $ 84,280 (1) Other product sales revenue from ancillary products and services including parts, freight and other services Share-Based Compensation The Company accounts for share-based compensation in accordance with the provisions of ASC 718, Compensation—Stock Compensation The fair value of each option grant with only service-based conditions is estimated using the Black-Scholes pricing model. The fair value of each restricted stock unit (the”RSU”) is calculated based on the closing price of the Company’s common stock on the grant date. The fair value of stock option awards on the date of grant is estimated using the Black-Scholes option pricing model, which requires the Company to make certain predictive assumptions. The risk-free interest rate is based on the implied yield of U.S. Treasury zero-coupon securities that correspond to the expected life of the award. As a recently formed public entity with a small public float and limited trading of its common shares on the NASDAQ Global Market, it was not practicable for the Company to estimate the volatility of its common shares; therefore, management estimated volatility based on the historical volatilities of a small group of companies considered as close to comparable to the Company as available, all equally weighted, over the expected life of the option. Management concluded that this group is more characteristic of the Company’s business than a broad industry index. The expected life of awards granted represents the period of time that the awards are expected to be outstanding based on the “simplified” method, which is allowed for companies that cannot reasonably estimate the expected life of options based on its historical award exercise experience. The Company does not expect to pay dividends on its common stock. Accounts Receivable Included in accounts receivable are receivables from direct sales of mobile homes and sales of parts and supplies to customers, consignment fees and interest receivables. Accounts receivables are generally due within 30 days and are stated at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding longer than the contractual payment terms are considered past due. The Company determines the allowance by considering several factors, including the aging of the past due balance, the customer’s payment history, and the Company’s previous loss history. The Company establishes an allowance for doubtful accounts for amounts that are deemed to be uncollectible. At June 30, 2021 and December 31, 2020, the allowance for doubtful accounts totaled $287 and $97, respectively. Leased Property The Company offers mobile home park operators the opportunity to lease mobile homes for rent in lieu of purchasing the homes for cash or under a longer-term financing agreement. In this arrangement title for the mobile homes remains with the Company. The standard lease agreement is typically for 96 months or 120 months. Under the lease arrangement, the lessee (mobile home park operator) uses the mobile homes as personal property to be rented as a residence at the lessee's mobile home park. The lessee makes monthly, periodic lease payments to the Company over the term of the lease. The lessee is responsible for maintaining the homes during the term of the lease. The lessee is also responsible for repairing all damages caused by force majeure events even in cases of total or partial loss of the property. At the end of the lease term or in the event of default, the lessee is required to deliver to the Company the homes with all improvements in good repair and condition in substantially the same condition as existed at the commencement of the lease. The lessee may terminate the lease with 30 days written notice to the Company and pay a lease termination fee of either 10% of the remaining lease payments or six month’s rent, whichever is greater. The lessee has an option to purchase the homes at the end of the lease term for fair market value based on an agreed upon determination of fair market value by both parties using comparable sales, recent appraisal, or NADA official guidance. The lessee must provide the Company with 30 days written notice prior to expiration of the lease of intent to purchase the property for fair market value. The lease also includes a renewal option whereby the lessee has the option to extend the lease for an additional 48 months (the extended term) at the same terms and conditions as the original lease. The lessee must notify the Company of the intent to exercise the renewal extension option not less than six months prior to expiration of the lease term. The leased mobile homes are included in other assets on the Company’s balance sheet, capitalized at manufactured cost and depreciated over a 15 year useful life. Homes returned to the Company upon expiration of the lease or in the event of default will be sold by the Company through its standard sales and distribution channels. Future minimum lease income under all operating leases for each of the next five years at June 30, 2021, are as follows: ​ ​ ​ ​ ​ 2021 $ 900 2022 ​ 1,803 2023 ​ 1,803 2024 ​ 1,803 2025 ​ 1,803 Thereafter ​ 5,280 Total ​ $ 13,392 ​ Recent Accounting Pronouncements The Company has elected to use longer phase-in periods for the adoption of new or revised financial accounting standards under the JOBS Act as an emerging growth company. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments From time to time, new accounting pronouncements are issued by the FASB and other regulatory bodies that are adopted by the Company as of the specified effective dates. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s Financial Statements upon adoption.

CONSUMER LOANS

CONSUMER LOANS	6 Months Ended
	Jun. 30, 2021
CONSUMER LOANS
CONSUMER LOANS	2. CONSUMER LOANS Consumer loans result from financing transactions entered into with retail consumers of mobile homes sold through independent retailers and company-owned retail locations. Consumer loans receivable generally consist of the sales price and any additional financing fees, less the buyer’s down payment. Interest income is recognized monthly per the terms of the financing agreements. The average contractual interest rate per loan was approximately 13.6% as of June 30, 2021 and 13.8% as of December 31, 2020. Consumer loans receivable have maturities that range from 3 Loan applications go through an underwriting process that considers credit history to evaluate credit risk of the consumer. Interest rates on approved loans are determined based on consumer credit score, payment ability and down payment amount. The Company uses payment history to monitor the credit quality of the consumer loans on an ongoing basis. The Company may also receive escrow payments for property taxes and insurance included in its consumer loan collections. The liabilities associated with these escrow collections totaled $8,737 and $7,729 as of June 30, 2021 and December 31, 2020, respectively, and are included in escrow liability in the balance sheets. Allowance for Loan Losses—Consumer Loans Receivable The allowance for loan losses reflects management’s estimate of losses inherent in the consumer loans that may be uncollectible based upon review and evaluation of the consumer loan portfolio as of the date of the balance sheet. An allowance for loan losses is determined after giving consideration to, among other things, the loan characteristics, including the financial condition of borrowers, the value and liquidity of collateral, delinquency and historical loss experience. The allowance for loan losses is comprised of two components: the general reserve and specific reserves. The Company’s calculation of the general reserve considers the historical loss rate for the last three years, adjusted for the estimated loss discovery period and any qualitative factors both internal and external to the Company. Specific reserves are determined based on probable losses on specific classified impaired loans. The Company’s policy is to place a loan on nonaccrual status when there is a clear indication that the borrower’s cash flow may not be sufficient to meet payments as they become due, which is normally when either principal or interest is past due and remains unpaid for more than 90 days. Management implemented this policy based on an analysis of historical data, current performance of loans and the likelihood of recovery once principal or interest payments became delinquent and were aged more than 90 days. Payments received on nonaccrual loans are accounted for on a cash basis, first to interest and then to principal, as long as the remaining book balance of the asset is deemed to be collectible. The accrual of interest resumes when the past due principal or interest payments are brought within 90 days of being current. Impaired loans are those loans where it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impaired loans, or portions thereof, are charged off when deemed uncollectible. A loan is generally deemed impaired if it is more than 90 days past due on principal or interest, is in bankruptcy proceedings, or is in the process of repossession. A specific reserve is created for impaired loans based on fair value of underlying collateral value, less estimated selling costs. The Company uses various factors to determine the value of the underlying collateral for impaired loans. These factors are: (1) the length of time the unit was unsold after construction; (2) the amount of time the house was occupied; (3) the cooperation level of the borrowers, i.e., loans requiring legal action or extensive field collection efforts; (4) units located on private property as opposed to a manufactured home park; (5) the length of time the borrower has lived in the house without making payments; (6) location, size, and market conditions; and (7) the experience and expertise of the particular dealer assisting in collection efforts. Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the estimated fair value of the home, less the costs to sell. At repossession, the fair value of the collateral is computed based on the historical recovery rates of previously charged off loans; the loan is charged off and the loss is charged to the allowance for loan losses. At each reporting period, the fair value of the collateral is adjusted to the lower of the amount recorded at repossession or the estimated sales price less estimated costs to sell, based on current information. Repossessed homes totaled $724 and $1,395 as of June 30, 2021 and December 31, 2020, respectively, and are included in other assets in the balance sheets. Consumer loans receivable, net of allowance for loan losses and deferred financing fees, consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Consumer loans receivable ​ $ 119,506 ​ $ 115,639 Loan discount and deferred financing fees, net ​ (2,667) ​ (2,814) Allowance for loan losses ​ (814) ​ (905) Consumer loans receivable, net ​ $ 116,025 ​ $ 111,920 ​ The following table presents a detail of the activity in the allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2021 2020 ​ 2021 2020 Allowance for loan losses, beginning of period ​ $ 927 ​ $ 1,020 ​ $ 905 ​ $ 913 ​ Provision for loan losses ​ 23 ​ 65 ​ 558 ​ 280 ​ Charge offs ​ (136) ​ (169) ​ (649) ​ (277) ​ Allowance for loan losses ​ $ 814 ​ $ 916 ​ $ 814 ​ $ 916 ​ ​ The impaired and general reserve for allowance for loan losses consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Total consumer loans ​ $ 119,506 ​ $ 115,639 Allowance for loan losses ​ 814 ​ 905 Impaired loans individually evaluated for impairment ​ 1,368 ​ 1,603 Specific reserve against impaired loans ​ 443 ​ 558 Other loans collectively evaluated for allowance ​ 118,138 ​ 114,036 General allowance for loan losses ​ 371 ​ 347 ​ As of June 30, 2021 and December 31, 2020, the total principal outstanding for consumer loans on nonaccrual status was $1,368 and $1,603, respectively. A detailed aging of consumer loans receivable that are past due as of June 30, 2021 and December 31, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ ​ 2021 ​ % ​ 2020 ​ % Total consumer loans receivable ​ $ 119,506 100.0 $ 115,639 100.0 Past due consumer loans: ​ ​ 31 - 60 days past due ​ $ 259 0.2 ​ $ 954 0.8 61 - 90 days past due ​ 157 0.1 ​ 221 0.2 91 - 120 days past due ​ — — ​ 141 0.1 Greater than 120 days past due ​ 971 0.8 ​ 1,261 1.1 Total past due ​ $ 1,387 1.2 ​ $ 2,577 2.2 ​

NOTES RECEIVABLE FROM MOBILE HO

NOTES RECEIVABLE FROM MOBILE HOME PARKS (MHP Notes)	6 Months Ended
	Jun. 30, 2021
NOTES RECEIVABLE FROM MOBILE HOME PARKS ("MHP Notes")
NOTES RECEIVABLE FROM MOBILE HOME PARKS ("MHP Notes")	3. NOTES RECEIVABLE FROM MOBILE HOME PARKS The notes receivable from mobile home parks (“MHP Notes”) relate to mobile homes sold to mobile home parks and financed through notes receivable. The MHP Notes have varying maturity dates and call for monthly principal and interest payments. The interest rate on the MHP Notes can be fixed or variable. Approximately $121 million of the Notes have a fixed interest rate ranging from 6.9% to 9.5%. The remaining MHP Notes have a variable rate typically set at 4.0% above prime with a minimum of 8.0%. The average interest rate per loan was approximately 7.6% and 7.7% as of June 30, 2021 and December 31, 2020, respectively, with maturities that range from 1 to 20 years. The collateral underlying the MHP Notes are individual mobile homes which can be repossessed and resold. The MHP Notes are generally personally guaranteed by the borrowers. The Company had concentrations of MHP Notes with an independent third-party and its affiliates that equaled 49.5% and 52.9% of the principal balance outstanding, all of which was secured by the mobile homes, as of June 30, 2021 and December 31, 2020, respectively. MHP Notes are stated at amounts due from customers, net of allowance for loan losses. The Company determines the allowance by considering several factors including the aging of the past due balance, the customer’s payment history, and the Company’s previous loss history. The Company establishes an allowance reserve composed of specific and general reserve amounts. There were minimal past due balances on the MHP Notes as of June 30, 2021 and December 31, 2020 and no charge offs were recorded for MHP Notes during the three and six months ended June 30, 2021 and 2020, respectively. Allowance for loan loss is considered immaterial and accordingly no loss is recorded against the MHP Notes as of June 30, 2021 and December 31, 2020.

OTHER NOTES RECEIVABLE

OTHER NOTES RECEIVABLE	6 Months Ended
	Jun. 30, 2021
OTHER NOTES RECEIVABLE
OTHER NOTES RECEIVABLE	4. OTHER NOTES RECEIVABLE Other notes receivable relate to various notes issued to mobile home park owners and dealers, which are not directly tied to sales of mobile homes. The other notes have varying maturity dates and call for monthly principal and interest payments. The other notes are collateralized by mortgages on real estate, units being financed and used as offices, as well as vehicles, and are typically personally guaranteed by the borrowers. The interest rate on the other notes are fixed and range from 6.25% to 12.00%. The Company reserves for estimated losses on the other notes based on current economic conditions that may affect the borrower’s ability to pay, the borrower’s financial strength, and historical loss experience. The balance outstanding on the other notes receivable were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Outstanding principal balance ​ $ 22,784 ​ $ 15,179 Allowance for loan losses ​ (74) ​ (75) Total ​ $ 22,710 ​ $ 15,104 ​

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2021
INVENTORIES
INVENTORIES	5. INVENTORIES Inventories consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Raw materials ​ $ 15,728 ​ $ 12,713 Work in progress ​ 467 ​ 412 Finished goods ​ 29,079 ​ 23,375 Allowance for obsolescence ​ ​ (530) ​ ​ (620) Total ​ $ 44,744 ​ $ 35,880 ​

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2021
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	6. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Land ​ $ 14,715 ​ $ 12,968 Buildings and leasehold improvements ​ 10,975 ​ 10,700 Vehicles ​ 1,682 ​ 1,664 Machinery and equipment ​ 4,417 ​ 4,127 Furniture and fixtures ​ 298 ​ 298 Total ​ 32,087 ​ 29,757 Less accumulated depreciation ​ (7,665) ​ (7,141) Total property, plant and equipment ​ $ 24,422 ​ $ 22,616 ​ Depreciation expense was $261 with $109 included as a component of cost of product sales for the three months ended June 30, 2021 and $252 with $98 included as a component of cost of product sales for the three months ended June 30, 2020. Depreciation expense was $524 with $214 included as a component of cost of product sales for the six months ended June 30, 2021 and $501 with $203 included as a component of cost of product sales for the six months ended June 30, 2020.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2021
OTHER ASSETS
OTHER ASSETS	7. OTHER ASSETS Other assets consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Leased property, net of accumulated depreciation ​ $ 8,548 ​ $ 7,218 Prepaid rent ​ 261 ​ 274 Repossessed homes ​ 724 ​ 1,395 Total ​ $ 9,533 ​ $ 8,887 ​ Depreciation expense for the leased property was $132 and $38 for the three months ended June 30, 2021 and 2020, respectively, and $230 and $71 for the six months ended June 30, 2021 and 2020, respectively.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	6 Months Ended
	Jun. 30, 2021
ACCRUED LIABILITIES.
ACCRUED LIABILITIES	8. ACCRUED LIABILITIES Accrued liabilities consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Warranty liability ​ $ 2,507 ​ $ 2,594 Litigation reserve ​ 562 ​ 899 Federal and state income taxes payable ​ 4,088 ​ 5,603 Accrued expenses & other accrued liabilities ​ 7,544 ​ 6,394 Total ​ $ 14,701 ​ $ 15,490 ​

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
DEBT
DEBT	9. DEBT Lines of Credit Revolver 1 At December 31, 2019, the Company had a revolving line of credit (“Revolver 1”) with Capital One, N.A. with a maximum credit limit of $45,000 and a maturity date of May 11, 2020. On March 30, 2020, the Company entered into an agreement with Capital One, N.A. to replace Revolver 1 with a new revolving line of credit (“New Revolver”). The New Revolver has a maximum credit limit of $70,000 and a maturity date of March 30, 2024. For the period January 1, 2020 through March 30, 2020, Revolver 1 accrued interest at one-month LIBOR plus 2.40%. Amounts available under Revolver 1 were subject to a formula based on eligible consumer loans and MHP Notes and were secured by all accounts receivable, consumer loans and MHP Notes. The New Revolver accrues interest at one-month LIBOR plus 2.00%. The interest rate in effect as of June 30, 2021 and December 31, 2020 was 2.09% and 2.15%, respectively. As with Revolver 1, amounts available under the New Revolver are subject to a formula based on eligible consumer loans and MHP Notes and are secured by all accounts receivable, consumer loans and MHP Notes. The New Revolver requires the Company to comply with certain quarterly financial and non-financial covenants. The amount of available credit under the New Revolver was $20,325 and $33,826 as of June 30, 2021 and December 31, 2020, respectively. In connection with the New Revolver, we paid certain arrangement fees and other fees of approximately $300, which were capitalized as deferred debt issuance costs and will be amortized to interest expense over the life of the New Revolver. For the three months ended June 30, 2021 and 2020, interest expense under the Capital One Revolvers was $283 and $226, respectively. For the six months ended June 30, 2021 and 2020, interest expense under the Capital One Revolvers was $509 and $545, respectively. The outstanding balance as of June 30, 2021 and December 31, 2020 was $49,675 and $36,174, respectively. Revolver 2 In April 2016, the Company entered into an agreement with Veritex Community Bank to secure an additional revolving line of credit of $15,000 (“Revolver 2”). On May 12, 2017, the Company entered into an agreement to increase the line of credit to $20,000. On October 15, 2018, Revolver 2 was amended to extend the maturity date from April 4, 2019 to April 4, 2021. Revolver 2 accrues interest at one month LIBOR plus 2.50% and all unpaid principal and interest is due at maturity on April 4, 2021. Revolver 2 is secured by all finished goods inventory excluding repossessed homes. Revolver 2 requires the Company to comply with certain quarterly financial and non-financial covenants. Amounts available under Revolver 2 are subject to a formula based on eligible inventory. The interest rate in effect as of March 31, 2020 was 4.17%. The amount of available credit under Revolver 2 was $12,028 at March 31, 2020. For the three and six months ended June 30, 2020 interest expense was $0 and $17. In April 2020, this note was paid in full and the facility was terminated. PPP Loan On April 10, 2020, the Company entered into a loan with Peoples Bank as the lender in an aggregate principal amount of $6,545,700 (the “PPP Loan”) pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act. The PPP Loan was evidenced by a promissory note dated April 10, 2020 and had a maturity date of April 10, 2022. The PPP Loan had an interest rate of 1.00% per annum, with the first six months of interest deferred. Principal and interest were payable monthly commencing on November 10, 2020 and could be prepaid by the Company at any time prior to maturity with no prepayment penalties. On May 1, 2020, this loan was paid in full. PILOT Agreement In December 2016, the Company entered into a Payment in Lieu of Taxes (“PILOT”) agreement commonly offered in Georgia by local community development programs to encourage industry development. The net effect of the PILOT agreement is to provide the Company with incentives through the abatement of local, city and county property taxes and to provide financing for improvements to the Company’s Georgia plant (the “Project”). In connection with the PILOT agreement, the Putman County Development Authority provides a credit facility for up to $10,000, which can be drawn upon to fund Project improvements and capital expenditures as defined in the agreement. If funds are drawn, the Company would pay transaction costs and debt service payments. The PILOT agreement requires interest payments of 6.00% per annum on outstanding balances, which are due each December 1st through maturity on December 1, 2021, at which time all unpaid principal and interest are due. The PILOT agreement is collateralized by the assets of the Project. As of June 30, 2021 and December 31, 2020, the Company had not drawn on this credit facility.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	10. SHARE-BASED COMPENSATION Pursuant to the Legacy Housing Corporation 2018 Incentive Compensation Plan (the “Compensation Plan”), the Company may issue up to 10.0 million equity awards to employees, directors, consultants and nonemployee service providers in the form of stock options, stock and stock appreciation rights. Stock options may be granted with a contractual life of up to ten years. At June 30, 2021, the Company had 9.7 million shares available for grant under the Compensation Plan. In February 2019, the Company granted 120,000 restricted shares of its common stock to members of senior management. The shares were granted on February 7, 2019 and had a grant date fair value of $1,636. The shares vest at a rate of 14.3% annually, beginning on February 7, 2019, and becoming fully vested on February 7, 2025. During the second quarter of 2020, 42,857 of these restricted shares were forfeited due to the departure of a member of senior managment. In February 2019, the Company granted 2,936 restricted shares of its common stock to the independent directors on the Company’s Board of Directors. The shares were granted on February 7, 2019 and had a grant date fair value of $40. The shares became fully vested on December 13, 2019. In August 2019, the Company granted 39,526 restricted shares of its common stock to a member of senior management. The shares were granted on August 2, 2019 and had a grant date fair value of $496. The shares vest at a rate of 20.0% annually, beginning on August 2, 2020, becoming fully vested on August 2, 2024. This grant was canceled during the second quarter of 2020 due to the departure of the member of senior managment. In March 2020, the Company granted 1,903 restricted shares of its common stock to the independent directors on the Company’s Board of Directors. The shares were granted on March 27, 2020 and had a grant date fair value of $18. The shares became fully vested on December 13, 2020. In December 2020, the Company granted 2,022 restricted shares of its common stock to the independent directors on the Company’s Board of Directors. The shares were granted on December 2, 2020 and had a grant date fair value of $30. The shares become fully vested on October 4, 2021. The following is a summary of restricted stock units (the “RSU”) activity (in thousands, except per unit data): ​ ​ ​ ​ ​ ​ ​ ​ Number of Units ​ ​ Weighted Average Grant date Fair Value Nonvested, January 1, 2021 ​ 45 ​ $ 13.68 Granted ​ - ​ $ - Vested ​ (9) ​ $ 13.63 Nonvested, June 30, 2021 ​ 36 ​ $ 13.70 ​ As of June 30, 2021, approximately 36,000 RSUs remained unvested. Unrecognized compensation expense related to these RSUs at June 30, 2021 was $431 and is expected to be recognized over 3.54 years. The Company granted 58,694 incentive stock options to a member of senior management. The options were granted on February 7, 2019 at an exercise price of $13.63 per share. The options vest at a rate of 12.5% annually, beginning on February 7, 2019, and becoming fully vested on February 7, 2026. All options expire ten years after the date of grant. Weighted-average assumptions used in the Black-Scholes option pricing model for stock options granted were as follows: risk free interest rate of The Company granted 34,626 incentive stock options to a member of senior management. The options were granted on August 10, 2020 at an exercise price of $14.44 per share. The options vest at a rate of 20.0% annually, beginning on August 10, 2021, and becoming fully vested on August 10, 2025. All options expire ten years after the date of grant. Weighted-average assumptions used in the Black-Scholes option pricing model for stock options granted were as follows: risk free interest rate of ​ The following is a summary of option activity (in thousands, except per unit data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Units Weighted Weighted Weighted Aggregate Outstanding, January 1, 2021, nonvested ​ 35 ​ $ 14.44 ​ $ 8.67 ​ 9.61 ​ ​ ​ Granted ​ — ​ $ — ​ $ — ​ — ​ ​ ​ Exercised ​ — ​ $ — ​ $ — ​ — ​ ​ ​ Outstanding, June 30, 2021, nonvested ​ 35 ​ $ 14.44 ​ $ 8.67 ​ 9.11 ​ $ 86 Exercisable, June 30, 2021 ​ — ​ $ — ​ $ — ​ — ​ $ — ​ As of June 30, 2021, approximately 35,000 options remained nonvested. Unrecognized compensation expense related to these options at June 30, 2021 was $247 and is expected to be recognized over 4.12 years. On March 31, 2020, the Company filed a registration statement on Form S-8 to register with the SEC approximately 2.3 million shares of Legacy common stock available for issuance under the 2018 Incentive Compensation Plan. The registration statement became effective upon filing.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
INCOME TAXES
INCOME TAXES	11. INCOME TAXES The provision for income tax expense for the six months ended June 30, 2021 and 2020 was $4,317 and $5,611, respectively. The effective tax rate for the six months ended June 30, 2021 was 16.8% and differs from the federal statutory rate of 21% primarily due to a federal tax credit for energy efficient construction and partially offset by state income taxes. The effective tax rate for the six months ended June 30, 2020 was 22.7% and differs from the federal statutory rate of 21% due to state income taxes. ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES As of January 1, 2020, the Company instituted a self-insured health benefits plan with a stop-loss policy, which provides medical benefits to employees electing coverage under the plan. The Company estimates and records costs for incurred but not reported medical claims and claim development. This reserve is based on historical experience and other assumptions, some of which are subjective. The Company will adjust its self-insured medical benefits reserve based on actual experience, estimated costs and changes to assumptions. At June 30, 2021 and December 31, 2020, the Company accrued a $192 and $110, respectively, liability for incurred but not reported claims. The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent retailers of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to retailers in the event of default by the retailer. The Company’s obligation under these repurchase agreements ceases upon the purchase of the home by the retail customer. The maximum amount for which the Company was liable under such agreements totalled $3,393 and $2,967 at June 30, 2021 and December 31, 2020, respectively, without reduction for the resale value of the homes. The Company considers its obligations on current contracts to be insignificant and accordingly have not recorded any reserve for repurchase commitment as of June 30, 2021 or December 31, 2020. Leases. Future minimum lease commitments under all non-cancelable operating leases for each of the next five years at June 30, 2021, are as follows: ​ ​ ​ ​ 2021 $ 246 2022 ​ 434 2023 ​ 422 2024 ​ 314 2025 ​ 278 Thereafter ​ 530 Total ​ $ 2,224 ​ Legal Matters The Company is party to certain legal proceedings that arise in the ordinary course and are incidental to its business. Certain of the claims pending against the Company in these proceedings allege, among other things, breach of contract and warranty, product liability and personal injury. Although litigation is inherently uncertain, based on past experience and the information currently available, management does not believe that the currently pending and threatened litigation or claims will have a material adverse effect on the Company’s financial position, liquidity or results of operations. However, future events or circumstances currently unknown to management will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on the Company’s financial position, liquidity or results of operations in any future reporting periods.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	13. DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Derivative Financial Instruments On February 2, 2012, the Company entered into a master interest rate swap agreement. The Company elected not to designate the interest rate swap agreements as cash flow hedges and, therefore, gains or losses on the agreements as well as the other offsetting gains or losses on the hedged items attributable to the hedged risk are recognized in current earnings. Accounting Standards Codification (“ASC”) 815-10, Derivatives and Hedging The Company entered into interest rate swap agreement with Capital One Bank on June 12, 2017 to fix the variable rate portion for Fair Value Measurements The Company accounts for its investments and derivative instruments in accordance with ASC 820-10, Fair Value Measurement, Fair Value Measurement Level I Quoted prices are available in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level II Significant observable inputs other than quoted prices in active markets for which inputs to the valuation methodology include: (1) Quoted prices for similar assets or liabilities in active markets; (2) Quoted prices for identical or similar assets or liabilities in inactive markets; (3) Inputs other than quoted prices that are observable; (4) Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level II input must be observable for substantially the full term of the asset or liability. Level III Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities. The asset or liability fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company has used derivatives to manage risks related to interest rate movements. The Company does not enter into derivative contracts for speculative purposes. Interest rate swap contracts are recognized as assets or liabilities on the balance sheets and are measured at fair value. The fair value was calculated and provided by the lender, a Level II valuation technique. Management reviewed the fair values for the instruments as provided by the lender and determined the related asset and liability to be an accurate estimate of future gains and losses to the Company. The Company is not a party to any interest rate swaps as of June 30, 2021. Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, consumer loans, MHP Notes, other note recievables, accounts payable, lines of credit, notes payable, and dealer portion of consumer loans. The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable approximate their respective fair values because of the short-term maturities or expected settlement dates of these instruments. This is considered a Level I valuation technique. The lines of credit, notes payable, part of the MHP Notes and part of the other note recievables have variable interest rates that reflect market rates and their fair value approximates their carrying value. This is considered a Level II valuation technique. The Company also assessed the fair value of the consumer loans receivable, the fixed rate MHP Notes and the portion of other note recievables with fixed rates based on the discounted value of the remaining principal and interest cash flows. The Company determined that the fair value of the consumer loan portfolio was approximately $117,000 compared to the book value of $116,025 as of June 30, 2021, and a fair value of approximately $115,000 compared to the book value of $111,742 as of December 31, 2020. The Company determined that the fair value of the fixed rate MHP Notes was approximately $119,000 compared to the book value of $120,598 as of June 30, 2021, and a fair value of approximately $108,000 compared to the book value of $109,806 as of December 31, 2020. The Company determined that the fair value of the other notes was approximately $17,600 compared to the book value of $17,731 as of June 30, 2021, and a fair value of approximately $15,000 compared to the book value of $15,104 as of December 31, 2020. This is a Level III valuation technique. ​

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	14. EARNINGS PER SHARE Basic earnings per common share (“EPS”) is computed based on the weighted-average number of common shares outstanding during each reporting period. Diluted EPS is based on the weighted-average number of common shares outstanding plus the number of additional shares that would have been outstanding had the dilutive common shares been issued. The following table reconciles the numerators and denominators used in the computations of both basic and diluted EPS. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 ​ 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (in 000's) ​ $ 12,428 ​ $ 10,040 ​ $ 21,451 ​ $ 19,063 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted-average common shares outstanding ​ ​ 24,202,631 ​ ​ 24,201,220 ​ ​ 24,200,879 ​ ​ 24,260,274 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock grants ​ ​ 11,819 ​ ​ 603 ​ ​ 8,951 ​ ​ 664 Stock options ​ ​ 20,463 ​ ​ — ​ ​ 19,435 ​ ​ — Diluted weighted-average common shares outstanding ​ ​ 24,234,913 ​ ​ 24,201,823 ​ ​ 24,229,265 ​ ​ 24,260,938 Earnings per share attributable to Legacy Housing Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.51 ​ $ 0.41 ​ $ 0.89 ​ $ 0.79 Diluted ​ $ 0.51 ​ $ 0.41 ​ $ 0.89 ​ $ 0.79 ​ The diluted earnings per share calculation excludes 79,459 and 90,783 potential shares for the three and six months ended June 30, 2020, respectively because the effect of including theses potential shares would be antidilutive.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS Bell Mobile Homes, a retailer owned by one of the Company’s significant owners, purchases manufactured homes from the Company. Accounts receivable balances due from Bell Mobile Homes were $27 and $1 as of June 30, 2021 and December 31, 2020, respectively. Accounts payable balances due to Bell Mobile Homes for maintenance and related services were $76 and $61 as of June 30, 2021 and December 31, 2020, respectively. Home sales to Bell Mobile Homes were $695 and $533 for the three months ended June 30, 2021 and 2020, respectively and $1,393 and $1,416 for the six months ended June 30, 2021 and 2020, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS In connection with the preparation of these financial statements, an evaluation of subsequent events was performed through the date of filing and there were no other events that have occurred that would require adjustments to the financial statements.

NATURE OF OPERATIONS (Policies)

NATURE OF OPERATIONS (Policies)	6 Months Ended
	Jun. 30, 2021
NATURE OF OPERATIONS
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020, respectively, have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") as required by Regulation S-X, Rule 8-03. In the opinion of management, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company's financial position for the periods presented. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021, or any other period. The accompanying balance sheet as of December 31, 2020 was derived from audited financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2020 (the "Form 10-K"). The accompanying financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K.
Use of Estimates	Use of Estimates The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the reporting period. Material estimates that are susceptible to significant change in the near term primarily relate to the determination of accounts receivable, loans to mobile home parks, consumer loans, other notes receivable, inventory obsolescence, income taxes, fair value of financial instruments and contingent liabilities. Actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition Product sales Revenue from product sales is recognized at a point in time when the performance obligation under the terms of a contract with our customer is satisfied, which typically occurs upon delivery and transfer of title of the home, as this depicts when control of the promised good is transferred to our customer. For financed sales by the Company, the individual customer enters into a sales and financing contract and is required to make a down payment. These financed sales contain a significant financing component and any interest income is separately recorded in the statement of operations. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the homes to the customers. Sales and other similar taxes collected concurrently with revenue-producing activities are excluded from revenue. The Company made an accounting policy election to account for any shipping and handling costs that occur after the transfer of control as a fulfillment cost that is accrued when control is transferred. Warranty obligations associated with the sale of a unit are assurance-type warranties for a period of twelve months that are a guarantee of the home’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. The Company has elected to use the practical expedient to expense the incremental costs of obtaining a contract if the amortization period of the asset that the Company would have otherwise recognized is one year or less. Contract costs, which include commissions incurred related to the sale of homes, are expensed at the point-in-time when the related revenue is recognized. For the three months ended June 30, 2021 and 2020, sales to an independent third-party and its affiliates accounted for $2,400 or 5.8% and $14,320 or 36.6% of our product sales, respectively. For the six months ended June 30, 2021 and 2020, sales to an independent third-party and its affiliates accounted for $5,065 or 6.8% and $26,306 or 37.4% of our product sales, respectively. For the three months ended June 30, 2021 and 2020, total cost of product sales included $3,007 and $7,849 of costs, mainly relating to subcontracted production for commercial sales and reimbursed dealer expenses for consignment sales and certain other similar costs incurred for retail store and commercial sales subcontracted production for commercial sales and reimbursed dealer expenses for consignment sales and certain other similar costs incurred for retail store and commercial sales Other revenue Disaggregation of Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 ​ 2021 2020 Product sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct sales ​ $ 5,493 ​ $ 3,850 ​ $ 8,918 ​ $ 6,076 Commercial sales ​ 13,050 ​ 21,059 ​ 25,648 ​ 36,851 Consignment sales ​ ​ 13,889 ​ ​ 9,114 ​ ​ 24,489 ​ ​ 17,924 Retail store sales ​ ​ 6,183 ​ ​ 4,325 ​ ​ 9,508 ​ ​ 7,536 Other (1) ​ 2,500 ​ 831 ​ 4,826 ​ 1,988 Total product sales ​ 41,115 ​ 39,179 ​ 73,389 ​ 70,375 Consumer and MHP loans interest: ​ ​ ​ ​ Interest - consumer installment notes ​ 4,046 ​ 3,820 ​ 8,189 ​ 7,969 Interest - MHP notes ​ 2,688 ​ 2,247 ​ 5,183 ​ 4,522 Total consumer and MHP loans interest ​ 6,734 ​ 6,067 ​ 13,372 ​ 12,491 Other ​ 740 ​ 760 ​ 1,767 ​ 1,414 Total net revenue ​ $ 48,589 ​ $ 46,006 ​ $ 88,528 ​ $ 84,280 (1) Other product sales revenue from ancillary products and services including parts, freight and other services
Share-Based Compensation	Share-Based Compensation The Company accounts for share-based compensation in accordance with the provisions of ASC 718, Compensation—Stock Compensation The fair value of each option grant with only service-based conditions is estimated using the Black-Scholes pricing model. The fair value of each restricted stock unit (the”RSU”) is calculated based on the closing price of the Company’s common stock on the grant date. The fair value of stock option awards on the date of grant is estimated using the Black-Scholes option pricing model, which requires the Company to make certain predictive assumptions. The risk-free interest rate is based on the implied yield of U.S. Treasury zero-coupon securities that correspond to the expected life of the award. As a recently formed public entity with a small public float and limited trading of its common shares on the NASDAQ Global Market, it was not practicable for the Company to estimate the volatility of its common shares; therefore, management estimated volatility based on the historical volatilities of a small group of companies considered as close to comparable to the Company as available, all equally weighted, over the expected life of the option. Management concluded that this group is more characteristic of the Company’s business than a broad industry index. The expected life of awards granted represents the period of time that the awards are expected to be outstanding based on the “simplified” method, which is allowed for companies that cannot reasonably estimate the expected life of options based on its historical award exercise experience. The Company does not expect to pay dividends on its common stock.
Accounts Receivable	Accounts Receivable Included in accounts receivable are receivables from direct sales of mobile homes and sales of parts and supplies to customers, consignment fees and interest receivables. Accounts receivables are generally due within 30 days and are stated at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding longer than the contractual payment terms are considered past due. The Company determines the allowance by considering several factors, including the aging of the past due balance, the customer’s payment history, and the Company’s previous loss history. The Company establishes an allowance for doubtful accounts for amounts that are deemed to be uncollectible. At June 30, 2021 and December 31, 2020, the allowance for doubtful accounts totaled $287 and $97, respectively.
Leased Property	Leased Property The Company offers mobile home park operators the opportunity to lease mobile homes for rent in lieu of purchasing the homes for cash or under a longer-term financing agreement. In this arrangement title for the mobile homes remains with the Company. The standard lease agreement is typically for 96 months or 120 months. Under the lease arrangement, the lessee (mobile home park operator) uses the mobile homes as personal property to be rented as a residence at the lessee's mobile home park. The lessee makes monthly, periodic lease payments to the Company over the term of the lease. The lessee is responsible for maintaining the homes during the term of the lease. The lessee is also responsible for repairing all damages caused by force majeure events even in cases of total or partial loss of the property. At the end of the lease term or in the event of default, the lessee is required to deliver to the Company the homes with all improvements in good repair and condition in substantially the same condition as existed at the commencement of the lease. The lessee may terminate the lease with 30 days written notice to the Company and pay a lease termination fee of either 10% of the remaining lease payments or six month’s rent, whichever is greater. The lessee has an option to purchase the homes at the end of the lease term for fair market value based on an agreed upon determination of fair market value by both parties using comparable sales, recent appraisal, or NADA official guidance. The lessee must provide the Company with 30 days written notice prior to expiration of the lease of intent to purchase the property for fair market value. The lease also includes a renewal option whereby the lessee has the option to extend the lease for an additional 48 months (the extended term) at the same terms and conditions as the original lease. The lessee must notify the Company of the intent to exercise the renewal extension option not less than six months prior to expiration of the lease term. The leased mobile homes are included in other assets on the Company’s balance sheet, capitalized at manufactured cost and depreciated over a 15 year useful life. Homes returned to the Company upon expiration of the lease or in the event of default will be sold by the Company through its standard sales and distribution channels. Future minimum lease income under all operating leases for each of the next five years at June 30, 2021, are as follows: ​ ​ ​ ​ ​ 2021 $ 900 2022 ​ 1,803 2023 ​ 1,803 2024 ​ 1,803 2025 ​ 1,803 Thereafter ​ 5,280 Total ​ $ 13,392
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has elected to use longer phase-in periods for the adoption of new or revised financial accounting standards under the JOBS Act as an emerging growth company. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments From time to time, new accounting pronouncements are issued by the FASB and other regulatory bodies that are adopted by the Company as of the specified effective dates. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s Financial Statements upon adoption.
Fair Value Measurements	Fair Value Measurements The Company accounts for its investments and derivative instruments in accordance with ASC 820-10, Fair Value Measurement, Fair Value Measurement Level I Quoted prices are available in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level II Significant observable inputs other than quoted prices in active markets for which inputs to the valuation methodology include: (1) Quoted prices for similar assets or liabilities in active markets; (2) Quoted prices for identical or similar assets or liabilities in inactive markets; (3) Inputs other than quoted prices that are observable; (4) Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level II input must be observable for substantially the full term of the asset or liability. Level III Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities. The asset or liability fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company has used derivatives to manage risks related to interest rate movements. The Company does not enter into derivative contracts for speculative purposes. Interest rate swap contracts are recognized as assets or liabilities on the balance sheets and are measured at fair value. The fair value was calculated and provided by the lender, a Level II valuation technique. Management reviewed the fair values for the instruments as provided by the lender and determined the related asset and liability to be an accurate estimate of future gains and losses to the Company. The Company is not a party to any interest rate swaps as of June 30, 2021.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, consumer loans, MHP Notes, other note recievables, accounts payable, lines of credit, notes payable, and dealer portion of consumer loans. The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable approximate their respective fair values because of the short-term maturities or expected settlement dates of these instruments. This is considered a Level I valuation technique. The lines of credit, notes payable, part of the MHP Notes and part of the other note recievables have variable interest rates that reflect market rates and their fair value approximates their carrying value. This is considered a Level II valuation technique. The Company also assessed the fair value of the consumer loans receivable, the fixed rate MHP Notes and the portion of other note recievables with fixed rates based on the discounted value of the remaining principal and interest cash flows. The Company determined that the fair value of the consumer loan portfolio was approximately $117,000 compared to the book value of $116,025 as of June 30, 2021, and a fair value of approximately $115,000 compared to the book value of $111,742 as of December 31, 2020. The Company determined that the fair value of the fixed rate MHP Notes was approximately $119,000 compared to the book value of $120,598 as of June 30, 2021, and a fair value of approximately $108,000 compared to the book value of $109,806 as of December 31, 2020. The Company determined that the fair value of the other notes was approximately $17,600 compared to the book value of $17,731 as of June 30, 2021, and a fair value of approximately $15,000 compared to the book value of $15,104 as of December 31, 2020. This is a Level III valuation technique.

NATURE OF OPERATIONS (Tables)

NATURE OF OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2021
NATURE OF OPERATIONS
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 ​ 2021 2020 Product sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct sales ​ $ 5,493 ​ $ 3,850 ​ $ 8,918 ​ $ 6,076 Commercial sales ​ 13,050 ​ 21,059 ​ 25,648 ​ 36,851 Consignment sales ​ ​ 13,889 ​ ​ 9,114 ​ ​ 24,489 ​ ​ 17,924 Retail store sales ​ ​ 6,183 ​ ​ 4,325 ​ ​ 9,508 ​ ​ 7,536 Other (1) ​ 2,500 ​ 831 ​ 4,826 ​ 1,988 Total product sales ​ 41,115 ​ 39,179 ​ 73,389 ​ 70,375 Consumer and MHP loans interest: ​ ​ ​ ​ Interest - consumer installment notes ​ 4,046 ​ 3,820 ​ 8,189 ​ 7,969 Interest - MHP notes ​ 2,688 ​ 2,247 ​ 5,183 ​ 4,522 Total consumer and MHP loans interest ​ 6,734 ​ 6,067 ​ 13,372 ​ 12,491 Other ​ 740 ​ 760 ​ 1,767 ​ 1,414 Total net revenue ​ $ 48,589 ​ $ 46,006 ​ $ 88,528 ​ $ 84,280 (1) Other product sales revenue from ancillary products and services including parts, freight and other services
Schedule of future minimum lease income	​ ​ ​ ​ ​ 2021 $ 900 2022 ​ 1,803 2023 ​ 1,803 2024 ​ 1,803 2025 ​ 1,803 Thereafter ​ 5,280 Total ​ $ 13,392

CONSUMER LOANS (Tables)

CONSUMER LOANS (Tables)	6 Months Ended
	Jun. 30, 2021
CONSUMER LOANS
Schedule of consumer loans, net of allowance for loan losses and deferred financing fees	​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Consumer loans receivable ​ $ 119,506 ​ $ 115,639 Loan discount and deferred financing fees, net ​ (2,667) ​ (2,814) Allowance for loan losses ​ (814) ​ (905) Consumer loans receivable, net ​ $ 116,025 ​ $ 111,920
Schedule of allowance for loan losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2021 2020 ​ 2021 2020 Allowance for loan losses, beginning of period ​ $ 927 ​ $ 1,020 ​ $ 905 ​ $ 913 ​ Provision for loan losses ​ 23 ​ 65 ​ 558 ​ 280 ​ Charge offs ​ (136) ​ (169) ​ (649) ​ (277) ​ Allowance for loan losses ​ $ 814 ​ $ 916 ​ $ 814 ​ $ 916 ​
Schedule of impaired and general reserve for allowance for loan losses	​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Total consumer loans ​ $ 119,506 ​ $ 115,639 Allowance for loan losses ​ 814 ​ 905 Impaired loans individually evaluated for impairment ​ 1,368 ​ 1,603 Specific reserve against impaired loans ​ 443 ​ 558 Other loans collectively evaluated for allowance ​ 118,138 ​ 114,036 General allowance for loan losses ​ 371 ​ 347
Schedule of consumer loans receivable that are past due	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ ​ 2021 ​ % ​ 2020 ​ % Total consumer loans receivable ​ $ 119,506 100.0 $ 115,639 100.0 Past due consumer loans: ​ ​ 31 - 60 days past due ​ $ 259 0.2 ​ $ 954 0.8 61 - 90 days past due ​ 157 0.1 ​ 221 0.2 91 - 120 days past due ​ — — ​ 141 0.1 Greater than 120 days past due ​ 971 0.8 ​ 1,261 1.1 Total past due ​ $ 1,387 1.2 ​ $ 2,577 2.2

OTHER NOTES RECEIVABLE (Tables)

OTHER NOTES RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2021
OTHER NOTES RECEIVABLE
Schedule of balance outstanding on the other notes receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Outstanding principal balance ​ $ 22,784 ​ $ 15,179 Allowance for loan losses ​ (74) ​ (75) Total ​ $ 22,710 ​ $ 15,104

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2021
INVENTORIES
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Raw materials ​ $ 15,728 ​ $ 12,713 Work in progress ​ 467 ​ 412 Finished goods ​ 29,079 ​ 23,375 Allowance for obsolescence ​ ​ (530) ​ ​ (620) Total ​ $ 44,744 ​ $ 35,880

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2021
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Land ​ $ 14,715 ​ $ 12,968 Buildings and leasehold improvements ​ 10,975 ​ 10,700 Vehicles ​ 1,682 ​ 1,664 Machinery and equipment ​ 4,417 ​ 4,127 Furniture and fixtures ​ 298 ​ 298 Total ​ 32,087 ​ 29,757 Less accumulated depreciation ​ (7,665) ​ (7,141) Total property, plant and equipment ​ $ 24,422 ​ $ 22,616

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
OTHER ASSETS
Schedule of Other Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Leased property, net of accumulated depreciation ​ $ 8,548 ​ $ 7,218 Prepaid rent ​ 261 ​ 274 Repossessed homes ​ 724 ​ 1,395 Total ​ $ 9,533 ​ $ 8,887

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
ACCRUED LIABILITIES.
Schedule of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2021 ​ 2020 Warranty liability ​ $ 2,507 ​ $ 2,594 Litigation reserve ​ 562 ​ 899 Federal and state income taxes payable ​ 4,088 ​ 5,603 Accrued expenses & other accrued liabilities ​ 7,544 ​ 6,394 Total ​ $ 14,701 ​ $ 15,490

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
SHARE-BASED COMPENSATION
Schedule of restricted stock units activity	The following is a summary of restricted stock units (the “RSU”) activity (in thousands, except per unit data): ​ ​ ​ ​ ​ ​ ​ ​ Number of Units ​ ​ Weighted Average Grant date Fair Value Nonvested, January 1, 2021 ​ 45 ​ $ 13.68 Granted ​ - ​ $ - Vested ​ (9) ​ $ 13.63 Nonvested, June 30, 2021 ​ 36 ​ $ 13.70
Schedule of stock option activity	The following is a summary of option activity (in thousands, except per unit data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Units Weighted Weighted Weighted Aggregate Outstanding, January 1, 2021, nonvested ​ 35 ​ $ 14.44 ​ $ 8.67 ​ 9.61 ​ ​ ​ Granted ​ — ​ $ — ​ $ — ​ — ​ ​ ​ Exercised ​ — ​ $ — ​ $ — ​ — ​ ​ ​ Outstanding, June 30, 2021, nonvested ​ 35 ​ $ 14.44 ​ $ 8.67 ​ 9.11 ​ $ 86 Exercisable, June 30, 2021 ​ — ​ $ — ​ $ — ​ — ​ $ —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
Schedule of future minimum lease commitments	Future minimum lease commitments under all non-cancelable operating leases for each of the next five years at June 30, 2021, are as follows: ​ ​ ​ ​ 2021 $ 246 2022 ​ 434 2023 ​ 422 2024 ​ 314 2025 ​ 278 Thereafter ​ 530 Total ​ $ 2,224

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
EARNINGS PER SHARE
Summary of reconciliation of the numerators and denominators used in the computations of both basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 ​ 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (in 000's) ​ $ 12,428 ​ $ 10,040 ​ $ 21,451 ​ $ 19,063 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted-average common shares outstanding ​ ​ 24,202,631 ​ ​ 24,201,220 ​ ​ 24,200,879 ​ ​ 24,260,274 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock grants ​ ​ 11,819 ​ ​ 603 ​ ​ 8,951 ​ ​ 664 Stock options ​ ​ 20,463 ​ ​ — ​ ​ 19,435 ​ ​ — Diluted weighted-average common shares outstanding ​ ​ 24,234,913 ​ ​ 24,201,823 ​ ​ 24,229,265 ​ ​ 24,260,938 Earnings per share attributable to Legacy Housing Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.51 ​ $ 0.41 ​ $ 0.89 ​ $ 0.79 Diluted ​ $ 0.51 ​ $ 0.41 ​ $ 0.89 ​ $ 0.79

NATURE OF OPERATIONS - IPO and

NATURE OF OPERATIONS - IPO and Corporate Conversion (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 17, 2019	Jan. 01, 2018	Jan. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Nature of operations
Shares issued upon incorporation (in shares)		20,000,000
Shares repurchased	300,000				145,065
Share repurchase price (in dollars per share)	$ 10.20				$ 9.77
Value of shares authorized for repurchase					$ 10,000
IPO
Nature of operations
Shares issued from sale of common stock			600,000	4,000,000
Share price (in dollars per share)			$ 12	$ 12
Offering costs			$ 505	$ 4,504
Proceeds from IPO net of underwriting discounts and offering expenses			$ 6,695	$ 43,492

NATURE OF OPERATIONS - Revenue

NATURE OF OPERATIONS - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue
Incremental costs of obtaining a contract			true
Product sales	$ 41,115	$ 39,179	$ 73,389	$ 70,375
Dealer commission, reimbursed dealer expenses and other similar costs	3,007	7,849	5,189	12,756
Revenue from contract with customer product and service benchmark | Customer concentration risk | Independent third party and affiliates
Disaggregation of Revenue
Product sales	$ 2,400	$ 14,320	$ 5,065	$ 26,306
Concentration risk percentage	5.80%	36.60%	6.80%	37.40%
Minimum
Disaggregation of Revenue
Term of lease agreement	96 months		96 months
Maximum
Disaggregation of Revenue
Term of lease agreement	120 months		120 months

NATURE OF OPERATIONS - Disaggre

NATURE OF OPERATIONS - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue
Product sales	$ 41,115	$ 39,179	$ 73,389	$ 70,375
Consumer and MHP loans interest:
Interest - consumer installments notes	4,046	3,820	8,189	7,969
Interest - MHP notes	2,688	2,247	5,183	4,522
Total consumer and MHP loans interest	6,734	6,067	13,372	12,491
Other	740	760	1,767	1,414
Total net revenue	48,589	46,006	88,528	84,280
Direct sales
Disaggregation of Revenue
Product sales	5,493	3,850	8,918	6,076
Commercial sales
Disaggregation of Revenue
Product sales	13,050	21,059	25,648	36,851
Consignment sales
Disaggregation of Revenue
Product sales	13,889	9,114	24,489	17,924
Retail store sales
Disaggregation of Revenue
Product sales	6,183	4,325	9,508	7,536
Other
Disaggregation of Revenue
Product sales	$ 2,500	$ 831	$ 4,826	$ 1,988

NATURE OF OPERATIONS - Accounts

NATURE OF OPERATIONS - Accounts Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Accounts Receivable
Credit period	30 days
Allowance for doubtful accounts	$ 287	$ 97

NATURE OF OPERATIONS - Leased P

NATURE OF OPERATIONS - Leased Property (Details)	6 Months Ended
	Jun. 30, 2021
Lessor, Description Of Leases [Line Items]
Notice period for lease termination	30 days
Termination fees as a percentage of remaining lease payments	10.00%
Number of month's rent to be paid	6 months
Notice period for purchase of property	30 days
Extended term of lease	48 months
Notice period for exercise of renewal extension	6 months
Useful life	15 years
Minimum
Lessor, Description Of Leases [Line Items]
Term of lease agreement	96 months
Maximum
Lessor, Description Of Leases [Line Items]
Term of lease agreement	120 months

NATURE OF OPERATIONS - Future m

NATURE OF OPERATIONS - Future minimum lease income (Details) $ in Thousands	Jun. 30, 2021USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2021	$ 900
2022	1,803
2023	1,803
2024	1,803
2025	1,803
Thereafter	5,280
Total	$ 13,392

CONSUMER LOANS - Narrative (Det

CONSUMER LOANS - Narrative (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)item	Dec. 31, 2020USD ($)
Average contractual interest rate	13.60%	13.80%
Escrow liability	$ 8,737	$ 7,729
Number of components comprising the allowance for loan losses | item	2
Number of years historical loss rate considers for calculation	3 years
Repossessed assets	$ 724	$ 1,395
Minimum
Consumer loans receivable term	3 years
Maximum
Consumer loans receivable term	30 years

CONSUMER LOANS - Consumer loans

CONSUMER LOANS - Consumer loans receivable, net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
CONSUMER LOANS
Consumer loans receivable	$ 119,506		$ 115,639
Loan discount and deferred financing fees, net	(2,667)		(2,814)
Allowance for loan losses	(814)	$ (927)	(905)	$ (916)	$ (1,020)	$ (913)
Consumer loans receivable, net	$ 116,025		$ 111,920

CONSUMER LOANS - Allowance for

CONSUMER LOANS - Allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSUMER LOANS
Allowance for loan losses, beginning of period	$ 927	$ 1,020	$ 905	$ 913
Provision for loan losses	23	65	558	280
Charge offs	(136)	(169)	(649)	(277)
Allowance for loan losses, end of period	$ 814	$ 916	$ 814	$ 916

CONSUMER LOANS - Impaired and g

CONSUMER LOANS - Impaired and general reserve for allowance for loan losses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
CONSUMER LOANS
Total consumer loans receivable	$ 119,506		$ 115,639
Allowance for loan losses	814	$ 927	905	$ 916	$ 1,020	$ 913
Impaired loans individually evaluated for impairment	1,368		1,603
Specific reserve against impaired loans	443		558
Other loans collectively evaluated for allowance	118,138		114,036
General allowance for loan losses	371		347
Principal outstanding on consumer loans	$ 1,368		$ 1,603

CONSUMER LOANS - Aging of consu

CONSUMER LOANS - Aging of consumer loans receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Past due consumer loans:
Total consumer loans receivable	$ 119,506	$ 115,639
Total consumer loans receivable (as a percent)	100.00%	100.00%
Financial Asset, Past Due [Member]
Past due consumer loans:
Consumer loans receivable past due	$ 1,387	$ 2,577
Consumer loans receivable past due (Percent)	1.20%	2.20%
31 - 60 days past due
Past due consumer loans:
Consumer loans receivable past due	$ 259	$ 954
Consumer loans receivable past due (Percent)	0.20%	0.80%
61 - 90 days past due
Past due consumer loans:
Consumer loans receivable past due	$ 157	$ 221
Consumer loans receivable past due (Percent)	0.10%	0.20%
91 - 120 days past due
Past due consumer loans:
Consumer loans receivable past due		$ 141
Consumer loans receivable past due (Percent)		0.10%
Greater than 120 days past due
Past due consumer loans:
Consumer loans receivable past due	$ 971	$ 1,261
Consumer loans receivable past due (Percent)	0.80%	1.10%

NOTES RECEIVABLE FROM MOBILE _2

NOTES RECEIVABLE FROM MOBILE HOME PARKS (MHP Notes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Notes Receivable from Mobile Home Parks
Notes Receivable
Note receivable with fixed rate of interest	$ 121,000		$ 121,000
Average interest rate per loan (as a percent)			7.60%		7.70%
Charge offs	0	$ 0	$ 0	$ 0
Allowance for loan losses	$ 0		$ 0		$ 0
Accounts receivable | Credit concentration risk | Independent third party and affiliates
Notes Receivable
Concentration risk percentage			49.50%		52.90%
Minimum | Notes Receivable from Mobile Home Parks
Notes Receivable
Fixed rate of interest (as a percent)			6.90%
Variable rate of interest (as a percent)			8.00%
Term of notes receivables			1 year
Minimum | Prime Rate | Notes Receivable from Mobile Home Parks
Notes Receivable
Interest rate spread (as a percent)	4.00%		4.00%
Maximum | Notes Receivable from Mobile Home Parks
Notes Receivable
Fixed rate of interest (as a percent)			9.50%
Term of notes receivables			20 years

OTHER NOTES RECEIVABLE (Details

OTHER NOTES RECEIVABLE (Details) - Other Note Receivable - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Notes Receivable
Outstanding principal balance	$ 22,784	$ 15,179
Allowance for loan losses	(74)	(75)
Total	$ 22,710	$ 15,104
Minimum
Notes Receivable
Interest rate on the other notes	6.25%
Maximum
Notes Receivable
Interest rate on the other notes	12.00%

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
INVENTORIES
Raw materials	$ 15,728	$ 12,713
Work in progress	467	412
Finished goods	29,079	23,375
Allowance for obsolescence	(530)	(620)
Total	$ 44,744	$ 35,880

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
PROPERTY, PLANT AND EQUIPMENT
Total	$ 32,087		$ 32,087		$ 29,757
Less accumulated depreciation	(7,665)		(7,665)		(7,141)
Total property, plant and equipment	24,422		24,422		22,616
Depreciation expense	261	$ 252	524	$ 501
Cost of product sales
PROPERTY, PLANT AND EQUIPMENT
Depreciation expense	109	$ 98	214	$ 203
Land
PROPERTY, PLANT AND EQUIPMENT
Total	14,715		14,715		12,968
Buildings and leasehold improvements
PROPERTY, PLANT AND EQUIPMENT
Total	10,975		10,975		10,700
Vehicles
PROPERTY, PLANT AND EQUIPMENT
Total	1,682		1,682		1,664
Machinery and equipment
PROPERTY, PLANT AND EQUIPMENT
Total	4,417		4,417		4,127
Furniture and fixtures
PROPERTY, PLANT AND EQUIPMENT
Total	$ 298		$ 298		$ 298

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
OTHER ASSETS
Leased property, net of accumulated depreciation	$ 8,548		$ 8,548		$ 7,218
Prepaid rent	261		261		274
Repossessed homes	724		724		1,395
Total	9,533		9,533		$ 8,887
Depreciation expense on leased property	$ 132	$ 38	$ 230	$ 71

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ACCRUED LIABILITIES.
Warranty liability	$ 2,507	$ 2,594
Litigation reserve	562	899
Federal and state income taxes payable	4,088	5,603
Accrued expenses & other accrued liabilities	7,544	6,394
Total	$ 14,701	$ 14,860

DEBT - Lines of Credit (Details

DEBT - Lines of Credit (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	May 12, 2017	Apr. 30, 2016
Revolver 1
Lines of Credit
Maximum borrowing capacity			$ 70,000					$ 45,000
Effective interest rate	2.09%			2.09%		2.15%
Amount of available credit	$ 20,325			$ 20,325		$ 33,826
Interest expense	283	$ 226		509	$ 545
Outstanding balance	$ 49,675			$ 49,675		$ 36,174
Deferred debt issuance costs			$ 300
Revolver 1 | London Interbank Offered Rate (LIBOR)
Lines of Credit
Spread rate			2.40%	2.00%
Revolver 2
Lines of Credit
Maximum borrowing capacity									$ 20,000	$ 15,000
Effective interest rate							4.17%
Amount of available credit							$ 12,028
Interest expense		$ 0			$ 17
Revolver 2 | London Interbank Offered Rate (LIBOR)
Lines of Credit
Spread rate				2.50%

DEBT - PPP Loans (Details)

DEBT - PPP Loans (Details) - USD ($)	Apr. 10, 2020	Dec. 31, 2016
Paycheck Protection Program
Notes Payable
Face amount	$ 6,545,700
Interest rate	1.00%
Period of deferred interest	6 months
Prepayment penalties	$ 0
PILOT Agreement
Notes Payable
Maximum borrowing capacity		$ 10,000,000
Interest rate		6.00%

SHARE-BASED COMPENSATION - Plan

SHARE-BASED COMPENSATION - Plan (Details) - USD ($) $ in Thousands	Dec. 02, 2020	Aug. 10, 2020	Mar. 27, 2020	Aug. 02, 2019	Feb. 07, 2019	Jun. 30, 2020	Jun. 30, 2021
SHARE-BASED COMPENSATION
Number of shares may be issued to employees, directors, consultants and nonemployee service providers in the form of stock options, stock and stock appreciation rights							10,000,000
Number of shares available for grant							9,700,000
Stock options
SHARE-BASED COMPENSATION
Contractual life							10 years
Stock options | Senior management
SHARE-BASED COMPENSATION
Contractual life		10 years			10 years
Vesting percentage		20.00%			12.50%
Restricted shares | Senior management
SHARE-BASED COMPENSATION
Restricted shares granted (in shares)				39,526	120,000
Grant date fair value				$ 496	$ 1,636
Vesting percentage				20.00%	14.30%
Restricted shares forfeited (in shares)						42,857
Restricted shares | Independent directors
SHARE-BASED COMPENSATION
Restricted shares granted (in shares)	2,022		1,903		2,936
Grant date fair value	$ 30		$ 18		$ 40

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted stock units (Details) - Restricted stock units $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Number of units
Nonvested at the beginning | shares	45,000
Vested | shares	9,000
Nonvested at the end | shares	36,000
Weighted average grant date fair value
Nonvested at the beginning (in dollars per share) | $ / shares	$ 13.68
Vested (in dollars per share) | $ / shares	13.63
Nonvested at the end (in dollars per share) | $ / shares	$ 13.70
Unrecognized compensation expense | $	$ 431
Unrecognized compensation expense, recognition period	3 years 6 months 14 days

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock options (Details) - Stock options - $ / shares	Aug. 10, 2020	Feb. 07, 2019	Jun. 30, 2021
Fair value assumptions for options granted
Expiration period			10 years
Senior management
SHARE-BASED COMPENSATION
Stock options granted (in shares)	34,626	58,694
Exercise price (in dollar per share)	$ 14.44	$ 13.63
Vesting percentage	20.00%	12.50%
Fair value assumptions for options granted
Risk free interest rate	0.24%	2.41%
Dividend yield	0.00%	0.00%
Expected volatility	75.00%	65.00%
Expiration period	10 years	10 years
Expected life	6 years 6 months	7 years 10 months 24 days

SHARE-BASED COMPENSATION - Summ

SHARE-BASED COMPENSATION - Summary of Stock options activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Mar. 31, 2020
2018 Incentive Compensation Plan
Weighted Average Remaining Contractual Life and Intrinsic Value
Common stock available for issuance			2,300,000
Stock options
Number of units
Oustanding, nonvested	35,000
Oustanding, nonvested	35,000	35,000
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)	$ 14.44
Outstanding at the end (in dollars per share)	14.44	$ 14.44
Weighted Average Fair Value
Outstanding at the beginning (in dollars per share)	8.67
Outstanding at the end (in dollars per share)	$ 8.67	$ 8.67
Weighted Average Remaining Contractual Life and Intrinsic Value
Outstanding (in years)	9 years 1 month 9 days	9 years 7 months 9 days
Outstanding at the end (in dollars)	$ 86
Non-vested shares	35,000	35,000
Unrecognized compensation expense	$ 247
Unrecognized compensation expense, recognition period	4 years 1 month 13 days

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
INCOME TAXES
Tax expense	$ 2,454	$ 3,015	$ 4,317	$ 5,611
Effective tax rate (as a percent)			16.80%	22.70%
Federal statutory rate			21.00%	21.00%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Commitment
Self-insured liability	$ 192	$ 110
Repurchase agreements | Maximum
Commitment
Repurchase commitment	$ 3,393	$ 2,967

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Leased Assets [Line Items]
Operating lease, term of contract (in years)	10 years		10 years
Rent expense	$ 146	$ 144	$ 402	$ 308
Sublease rental income	91	$ 89	182	$ 182
Future minimum lease commitments
2021	246		246
2022	434		434
2023	422		422
2024	314		314
2025	278		278
Thereafter	530		530
Total	$ 2,224		$ 2,224
Minimum
Operating Leased Assets [Line Items]
Sublease, term of contract (in years)			3 years
Maximum
Operating Leased Assets [Line Items]
Sublease, term of contract (in years)			11 years

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details) - Interest rate swap agreement - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 12, 2017
Derivative instruments
Gain resulted from changes in fair values of the interest rate swap agreement	$ (15)
Line of credit
Derivative instruments
Interest rate swap agreement		$ 8,000

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value | Level 3 | Consumer Loan
Receivables, Fair Value Disclosure [Abstract]
Loans	$ 117,000	$ 115,000
Fair Value | Level 3 | Notes Receivable from Mobile Home Parks
Receivables, Fair Value Disclosure [Abstract]
Notes receivable	119,000	108,000
Fair Value | Level 3 | Other Note Receivable
Receivables, Fair Value Disclosure [Abstract]
Notes receivable	17,600	15,000
Book Value | Consumer Loan
Receivables, Fair Value Disclosure [Abstract]
Loans	116,025	111,742
Book Value | Notes Receivable from Mobile Home Parks
Receivables, Fair Value Disclosure [Abstract]
Notes receivable	120,598	109,806
Book Value | Other Note Receivable
Receivables, Fair Value Disclosure [Abstract]
Notes receivable	$ 17,731	$ 15,104

EARNINGS PER SHARE- Tabular (De

EARNINGS PER SHARE- Tabular (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income (in 000's)	$ 12,428	$ 10,040	$ 21,451	$ 19,063
Denominator:
Basic weighted-average common shares outstanding	24,202,631	24,201,220	24,200,879	24,260,274
Effect of dilutive securities:
Diluted weighted-average common shares outstanding	24,234,913	24,201,823	24,229,265	24,260,938
Earnings per share attributable to Legacy Housing Corporation
Basic	$ 0.51	$ 0.41	$ 0.89	$ 0.79
Diluted	$ 0.51	$ 0.41	$ 0.89	$ 0.79
Restricted stock units
Effect of dilutive securities:
Dilutive securities	11,819	603	8,951	664
Stock options
Effect of dilutive securities:
Dilutive securities	20,463		19,435

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive Securities (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Antidilutive shares excluded from calculation of earnings per share	79,459	90,783

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Bell Mobile Homes - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Accounts receivable related parties	$ 27		$ 27		$ 1
Accounts payable related parties	76		76		$ 61
Home sales to related parties	$ 695	$ 533	$ 1,393	$ 1,416