Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'TPH | ' |
Entity Registrant Name | 'TRI Pointe Homes, Inc. | ' |
Entity Central Index Key | '0001561680 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 31,597,907 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $32,303 | $19,824 |
Marketable securities | 29,928 | ' |
Real estate inventories | 359,878 | 194,083 |
Contracts and accounts receivable | 533 | 548 |
Other assets | 8,326 | 3,061 |
Total Assets | 430,968 | 217,516 |
Liabilities and Equity | ' | ' |
Accounts payable | 14,598 | 7,823 |
Accrued liabilities | 11,072 | 3,172 |
Notes payable | 92,452 | 57,368 |
Total Liabilities | 118,122 | 68,363 |
Commitments and contingencies (Note 7) | ' | ' |
Equity: | ' | ' |
Members equity | ' | 149,153 |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares outstanding as of September 30, 2013 | ' | ' |
Common stock, $0.01 par value, 500,000,000 shares authorized, 31,597,907 shares issued and outstanding as of September 30, 2013 | 316 | ' |
Additional paid-in capital | 309,852 | ' |
Retained earnings | 2,769 | ' |
Accumulated other comprehensive loss | -91 | ' |
Total Stockholders' equity | 312,846 | ' |
Total Equity | 312,846 | 149,153 |
Total Liabilities and Equity | $430,968 | $217,516 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 |
Statement Of Financial Position [Abstract] | ' |
Preferred stock, par value | $0.01 |
Preferred stock, shares authorized | 50,000,000 |
Preferred stock, shares outstanding | ' |
Common stock, par value | $0.01 |
Common stock, shares authorized | 500,000,000 |
Common stock, shares issued | 31,597,907 |
Common stock, shares outstanding | 31,597,907 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Home sales | $56,801 | $9,953 | $128,115 | $22,277 |
Fee building | 1,738 | 107 | 9,399 | 244 |
Total revenues | 58,539 | 10,060 | 137,514 | 22,521 |
Expenses: | ' | ' | ' | ' |
Cost of home sales | 43,765 | 8,784 | 101,532 | 19,663 |
Fee building | 1,575 | 95 | 8,595 | 206 |
Sales and marketing | 2,047 | 1,061 | 5,168 | 2,351 |
General and administrative | 4,148 | 1,504 | 11,569 | 4,155 |
Total expenses | 51,535 | 11,444 | 126,864 | 26,375 |
Income (loss) from operations | 7,004 | -1,384 | 10,650 | -3,854 |
Other income (expense), net | -509 | -96 | -248 | -86 |
Income (loss) before income taxes | 6,495 | -1,480 | 10,402 | -3,940 |
Provision for income taxes | -1,809 | ' | -3,371 | ' |
Net income (loss) | $4,686 | ($1,480) | $7,031 | ($3,940) |
Net income (loss) per share (Note 2) | ' | ' | ' | ' |
Basic | $0.15 | ($0.10) | $0.23 | ($0.28) |
Diluted | $0.15 | ($0.10) | $0.23 | ($0.28) |
Weighted average number of shares (Note 2) | ' | ' | ' | ' |
Basic | 31,597,907 | 15,484,663 | 30,499,006 | 14,278,384 |
Diluted | 31,618,085 | 15,484,663 | 30,514,516 | 14,278,384 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $4,686 | ($1,480) | $7,031 | ($3,940) |
Unrealized gain (loss) on marketable securities available for sale: | ' | ' | ' | ' |
Unrealized holding gain (loss) arising during the period | 91 | ' | -72 | ' |
Reclassification adjustment for gains included in net income | ' | ' | -19 | ' |
Unrealized gain (loss) on marketable securities, net | 91 | ' | -91 | ' |
Comprehensive income (loss) | $4,777 | ($1,480) | $6,940 | ($3,940) |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total Stockholders' Equity [Member] | Members' Equity [Member] |
In Thousands, except Share data | |||||||
Beginning Balance at Dec. 31, 2012 | $149,153 | ' | ' | ' | ' | ' | $149,153 |
Beginning Balance, Number of Common Shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' |
Net income | 7,031 | ' | ' | 7,031 | ' | 7,031 | ' |
Unrealized loss on available-for-sale marketable securities | -91 | ' | ' | ' | -91 | -91 | ' |
Total comprehensive income | 6,940 | ' | ' | ' | ' | 6,940 | ' |
Conversion of members' equity into common stock | ' | 216 | 153,199 | -4,262 | ' | 149,153 | -149,153 |
Conversion of members' equity into common stock, Number of Common Shares | ' | 21,597,907 | ' | ' | ' | ' | ' |
Issuance of common stock, net of issuance costs | 155,408 | 100 | 155,308 | ' | ' | 155,408 | ' |
Issuance of common stock, net of issuance costs, Number of Common Shares | ' | 10,000,000 | ' | ' | ' | ' | ' |
Stock-based compensation expense | 1,345 | ' | 1,345 | ' | ' | 1,345 | ' |
Ending Balance at Sep. 30, 2013 | $312,846 | $316 | $309,852 | $2,769 | ($91) | $312,846 | ' |
Ending Balance, Number of Common Shares at Sep. 30, 2013 | 31,597,907 | 31,597,907 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income (loss) | $7,031 | ($3,940) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 342 | 191 |
Amortization of stock-based compensation | 1,345 | 349 |
Gain on sales of marketable securities | -19 | ' |
Changes in operating assets and liabilities: | ' | ' |
Real estate inventories | -165,795 | -66,445 |
Contracts and accounts receivable | 15 | -152 |
Other assets | -5,235 | -152 |
Accounts payable | 6,775 | 1,195 |
Accrued liabilities | 7,900 | -414 |
Net cash used in operating activities | -147,641 | -69,368 |
Cash flows from investing activities | ' | ' |
Purchases of furniture and equipment | -372 | -102 |
Purchases of marketable securities | -125,000 | ' |
Sales of marketable securities | 95,000 | ' |
Net cash used in investing activities | -30,372 | -102 |
Cash flows from financing activities | ' | ' |
Net proceeds from issuance of common stock | 155,408 | ' |
Cash contributions from member | ' | 29,000 |
Financial advisory fee paid on capital raised | ' | -1,015 |
Cash from common units subject to redemption | ' | 37,000 |
Borrowings from notes payable | 123,474 | 63,253 |
Repayments of notes payable | -88,390 | -23,690 |
Net cash provided by financing activities | 190,492 | 104,548 |
Net increase in cash and cash equivalents | 12,479 | 35,078 |
Cash and cash equivalents - beginning of period | 19,824 | 10,164 |
Cash and cash equivalents - end of period | 32,303 | 45,242 |
Supplemental disclosure of cash flow information | ' | ' |
Interest paid, net of amounts capitalized | ' | ' |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Organization and Basis of Presentation | ' | |
1 | Organization and Basis of Presentation | |
Organization | ||
TRI Pointe Homes, Inc. is engaged in the design, construction and sale of innovative single-family homes in planned communities in major metropolitan areas located throughout Southern and Northern California and Colorado. | ||
Initial Public Offering | ||
In January 2013, the Company completed its initial public offering (“IPO”) in which it issued and sold 10,000,000 shares of common stock at the public offering price of $17.00 per share. The Company received proceeds of $155.4 million in net proceeds after deducting underwriting discounts and commissions of $11.9 million and other net offering expenses of $2.7 million. The offering also included 5,742,350 shares of our common stock sold by a selling stockholder for $90.8 million, in net proceeds after deducting underwriting discounts and commissions of $6.8 million. In preparation of the IPO, the Company reorganized from a Delaware limited liability company into a Delaware corporation and was renamed TRI Pointe Homes, Inc. Upon the close of the IPO and as of September 30, 2013, the Company had 31,597,907 common shares outstanding. | ||
Basis of Presentation | ||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts have been eliminated upon consolidation. Subsequent events have been evaluated through the date the financial statements were issued. | ||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The accompanying unaudited condensed financial statements include all adjustments (consisting of normal recurring entries) necessary for the fair presentation of our results for the interim periods presented. Results for the interim periods are not necessarily indicative of the results to be expected for the full year. | ||
Unless the context otherwise requires, the terms “we”, “us”, “our” and “the Company” refer to TRI Pointe Homes, Inc. (and its consolidated subsidiaries). | ||
Use of Estimates | ||
The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies. Accordingly, actual results could differ materially from these estimates. | ||
Recently Issued Accounting Standards | ||
On February 5, 2013, the FASB issued Accounting Standards Update 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”), which adds additional disclosure requirements for items reclassified out of accumulated other comprehensive income (loss). We adopted ASU 2013-02 during the nine months ended September 30, 2013. |
Income_Loss_Per_Share
Income (Loss) Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Income (Loss) Per Share | ' | ||||||||||||||||
2 | Income (Loss) Per Share | ||||||||||||||||
Basic and diluted income (loss) per share for the three and nine months ended September 30, 2013 and 2012 give effect to the conversion of the Company’s members’ equity into common stock on January 30, 2013 as though the conversion had occurred as of the beginning of the reporting period or the original date of issuance, if later. The number of shares converted was based on the actual initial public offering price of $17.00 per share. | |||||||||||||||||
The following table sets forth the components used in the computation of basic and diluted income (loss) per share (dollars in thousands, except share and per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | 4,686 | $ | (1,480 | ) | $ | 7,031 | $ | (3,940 | ) | |||||||
Denominator: | |||||||||||||||||
Basic weighted-average shares outstanding | 31,597,907 | 15,484,663 | 30,499,006 | 14,278,384 | |||||||||||||
Effect of dilutive shares: | |||||||||||||||||
Unvested restricted stock units(1) | 20,178 | — | 15,510 | — | |||||||||||||
Diluted weighted-average shares outstanding | 31,618,085 | 15,484,663 | 30,514,516 | 14,278,384 | |||||||||||||
Basic income (loss) per share | $ | 0.15 | $ | (0.10 | ) | $ | 0.23 | $ | (0.28 | ) | |||||||
Diluted income (loss) per share(1) | $ | 0.15 | $ | (0.10 | ) | $ | 0.23 | $ | (0.28 | ) | |||||||
-1 | For periods with a net loss, no stock options or unvested restricted stock units are included in the dilution calculation as all options and unvested restricted stock units outstanding are considered antidilutive. For the three and nine months ended September 30, 2013, no stock options were included in the diluted income per share calculation as the effect of their inclusion would be antidilutive. There were no outstanding options or non-vested shares in 2012. |
Real_Estate_Inventories_and_Ca
Real Estate Inventories and Capitalized Interest | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||||||
Real Estate Inventories and Capitalized Interest | ' | ||||||||||||||||
3 | Real Estate Inventories and Capitalized Interest | ||||||||||||||||
Real estate inventories consisted of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Inventories owned: | |||||||||||||||||
Deposits and pre-acquisition costs | $ | 21,240 | $ | 12,285 | |||||||||||||
Land held and land under development | 221,546 | 129,621 | |||||||||||||||
Homes completed or under construction | 101,723 | 40,955 | |||||||||||||||
Model homes | 15,369 | 11,222 | |||||||||||||||
$ | 359,878 | $ | 194,083 | ||||||||||||||
Model homes, homes completed, and homes under construction include all costs associated with home construction, including land, development, indirects, permits, and vertical construction. Land under development includes costs incurred during site development such as land, development, indirects, and permits. Land is classified as held for future development if no significant development has occurred. | |||||||||||||||||
Interest incurred, capitalized and expensed were as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest incurred | $ | 698 | $ | 650 | $ | 2,011 | $ | 1,297 | |||||||||
Interest expensed | — | — | — | — | |||||||||||||
Capitalized interest in beginning inventory | $ | 1,919 | $ | 680 | $ | 1,364 | $ | 159 | |||||||||
Interest capitalized as a cost of inventory | 698 | 650 | 2,011 | 1,297 | |||||||||||||
Interest previously capitalized as a cost of inventory, included in cost of sales | (690 | ) | (85 | ) | (1,448 | ) | (211 | ) | |||||||||
Capitalized interest in ending inventory | $ | 1,927 | $ | 1,245 | $ | 1,927 | $ | 1,245 | |||||||||
Interest is capitalized to real estate inventory during development and other qualifying activities. Interest that is capitalized to real estate inventory is included in cost of sales as related units are closed. |
Warranty_Reserves
Warranty Reserves | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||
Warranty Reserves | ' | ||||||||||||||||
4 | Warranty Reserves | ||||||||||||||||
Warranty reserves consisted of the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Warranty reserves, beginning of period | $ | 1,939 | $ | 991 | $ | 1,593 | $ | 985 | |||||||||
Warranty reserves accrued | 721 | 104 | 1,449 | 226 | |||||||||||||
Warranty expenditures | (244 | ) | (49 | ) | (626 | ) | (165 | ) | |||||||||
Warranty reserves, end of period | $ | 2,416 | $ | 1,046 | $ | 2,416 | $ | 1,046 | |||||||||
Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Amounts accrued are based upon historical experience rates. Indirect warranty overhead salaries and related costs are charged to the reserve in the period incurred. We assess the adequacy of our warranty accrual on a quarterly basis and adjust the amounts recorded if necessary. Our warranty accrual is included in accrued liabilities in the accompanying consolidated balance sheets. |
Notes_Payable
Notes Payable | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Notes Payable | ' | ||||||||
5 | Notes Payable | ||||||||
Notes payable consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Revolving credit facilities | $ | 31,683 | $ | 6,855 | |||||
Acquisition and development loans | 37,736 | 37,996 | |||||||
Construction loans | 23,033 | 12,517 | |||||||
$ | 92,452 | $ | 57,368 | ||||||
The Company has a secured revolving credit facility which has a maximum loan commitment of $30 million, an initial maturity date of April 19, 2014 and a final maturity date of April 19, 2015. The Company may borrow under the facility in the ordinary course of business to fund its operations, including its land development and homebuilding activities. The amount the Company may borrow is subject to applicable borrowing base provisions and concentration limitations, which may also limit the amount available or outstanding under the facility. The facility is secured by deeds of trust on the real property and improvements thereon, and borrowings are repaid with the net sales proceeds from the sales of homes, subject to a minimum release price. Interest rates charged under the facility include applicable LIBOR and prime rate pricing options, subject to a minimum interest rate floor. As of September 30, 2013, the outstanding balance was $2.0 million with an interest rate of 3.75% per annum, and $27.4 million of availability under the facility after considering the borrowing base provisions and outstanding letters of credit. | |||||||||
In July 2013, the Company entered into an additional secured, three-year revolving credit facility with the potential for a one-year extension of the term of the loan, subject to specified conditions and payment of an extension fee. The facility provides for a maximum loan commitment of $125 million. Borrowings under the facility are secured by a first priority lien on borrowing base properties and will be subject to, among other things, a borrowing base formula. Subject to the satisfaction of the conditions to advances set forth in the facility, the Company may borrow solely for the payment or reimbursement of costs or return of capital related to: (a) land acquisition, development and construction of single-family residential lots and homes on and with respect to borrowing base properties (as defined in the facility), or (b) paying off any existing financing secured by the initial borrowing base properties. The interest rate on borrowings will be at a rate based on applicable LIBOR plus a margin, ranging from 250 to 370 basis points depending on our leverage ratio. As of September 30, 2013, the outstanding balance was $29.7 million with an interest rate of 2.69% per annum, and $55.1 million of availability under the facility after considering the borrowing base provisions and outstanding letters of credit. | |||||||||
The Company enters into secured acquisition and development loan agreements to purchase and develop land parcels. In addition, the Company enters into secured construction loan agreements for the construction of its model and production homes. The acquisition and development loans will be repaid as lots are released from the loans based upon a specific release price, as defined in each respective loan agreement. The construction loans will be repaid with proceeds from home closings based upon a specific release price, as defined in each respective loan agreement. | |||||||||
As of September 30, 2013, the Company had $50.3 million of aggregate acquisition and development loan commitments and $48.2 million of aggregate construction loan commitments, of which $37.7 million and $23.0 million was outstanding, respectively. The loans have maturity dates ranging from March 2014 and January 2016, including the six month extensions which are at our election (subject to certain conditions) and bear interest at a rate based on applicable LIBOR or Prime Rate pricing options plus an applicable margin, with certain loans containing a minimum interest rate floor of 4.0%. As of September 30, 2013, the weighted average interest rate was 3.3% per annum. | |||||||||
As of December 31, 2012, the Company’s secured revolving credit facility with a maximum loan commitment of $30.0 million, of which $6.9 million was outstanding, had $21.4 million of availability and an interest rate of 5.5% per annum. In addition, the Company had $68.1 million of aggregate acquisition and development loan commitments and $25.4 million of aggregate construction loan commitments, of which $38.0 million and $12.5 million were outstanding, respectively. The loans had maturity dates ranging from August 2013 to February 2015, including the six month extensions which are at our election (subject to certain conditions) and bear interest at a rate based on applicable LIBOR or Prime Rate pricing options, with interest rate floors ranging from 4.0% to 6.0%. As of December 31, 2012, the weighted average interest rate was 5.2% per annum. | |||||||||
During the three months ended September 30, 2013 and 2012, the Company incurred interest of $698,000 and $650,000, respectively, related to its notes payable. During the nine months ended September 30, 2013 and 2012, the Company incurred interest of $2.0 million and $1.3 million, respectively, related to its notes payable. All interest incurred during the three and nine months ended September 30, 2013 and 2012 was capitalized to real estate inventories. | |||||||||
Under the revolving credit facility and construction notes payable, the Company is required to comply with certain financial covenants, including but not limited to (i) a minimum tangible net worth; (ii) a maximum total liabilities to tangible net worth ratio; (iii) a minimum liquidity amount; (iv) maximum fixed charge coverage ratio; and (v) maximum land assets to tangible net worth ratio. The Company was in compliance with all financial covenants as of September 30, 2013 and December 31, 2012. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||||
6 | Fair Value Disclosures | ||||||||||||||||||
ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories: | |||||||||||||||||||
• | Level 1—Quoted prices for identical instruments in active markets | ||||||||||||||||||
• | Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date | ||||||||||||||||||
• | Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date | ||||||||||||||||||
The following table presents book values and estimated fair values of financial instruments (in thousands): | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Hierarchy | Cost | Fair Value | Cost | Fair Value | |||||||||||||||
Marketable Securities(1) | Level 1 | $ | 30,019 | $ | 29,928 | $ | — | $ | — | ||||||||||
Notes payable | |||||||||||||||||||
Revolving credit facility(2) | Level 3 | $ | 31,683 | $ | 31,683 | $ | 6,855 | $ | 6,855 | ||||||||||
Acquisition and development loans(2) | Level 3 | 37,736 | 37,736 | 37,996 | 37,996 | ||||||||||||||
Construction loans(2) | Level 3 | 23,033 | 23,033 | 12,517 | 12,517 | ||||||||||||||
Total notes payable | $ | 92,452 | $ | 92,452 | $ | 57,368 | $ | 57,368 | |||||||||||
(1) | Marketable securities consist of mutual fund equity securities with quoted prices in active markets. As of September 30, 2013, the Company’s marketable securities were treated as available-for-sale investments and changes in fair value were recorded as a component of accumulated other comprehensive loss. As of September 30, 2013, the Company’s marketable securities were in an unrealized loss position of $(91,000). During the nine months ended September 30, 2013, the Company realized a $19,000 gain from the sale of marketable securities that was recorded to other income (expense), net in the consolidated statements of operations. The Company did not hold any marketable securities as of December 31, 2012. | ||||||||||||||||||
(2) | Estimated fair values of the outstanding revolving credit facility, acquisition and development loans, and construction loans at September 30, 2013 and December 31, 2012 were based on cash flow models discounted at market interest rates that considered underlying risks of the debt. Due to the short term nature of the revolving credit facility, acquisition and development loans and construction loans, book value approximated fair value at September 30, 2013 and December 31, 2012. | ||||||||||||||||||
Nonfinancial assets and liabilities include items such as inventory and long lived assets that are measured at fair value when acquired and resulting from impairment, if deemed necessary. During the three and nine months ended September 30, 2013 and 2012, the Company did not record any fair value adjustments to those financial and nonfinancial assets and liabilities measured at fair value on a nonrecurring basis. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
7 | Commitments and Contingencies | |
Lawsuits, claims and proceedings have been or may be instituted or asserted against us in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, employment practices and environmental protection. As a result, we are subject to periodic examinations or inquiry by agencies administering these laws and regulations. | ||
We record a reserve for potential legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. We accrue for these matters based on facts and circumstances specific to each matter and revise these estimates when necessary. | ||
In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, we generally cannot predict their ultimate resolution, related timing or eventual loss. If our evaluations indicate loss contingencies that could be material are not probable, but are reasonably possible, we will disclose their nature with an estimate of possible range of losses or a statement that such loss is not reasonably estimable. At September 30, 2013 and December 31, 2012, the Company did not have any accruals for asserted or unasserted matters. | ||
We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. As of September 30, 2013 and December 31, 2012, the Company had outstanding surety bonds totaling $33.1 million and $11.9 million, respectively. The beneficiaries of the bonds are various municipalities. In the unlikely event that any such surety bond issued by third parties are called because the required improvements are not completed, the Company could be obligated to reimburse the issuer of the bond. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
8 | Stock-Based Compensation | ||||||||||||||||
The Company’s stock compensation plan, the 2013 Long-Term Incentive Plan (“2013 Incentive Plan”), was adopted by our board of directors in January 2013. The 2013 Incentive Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, common stock, restricted stock, restricted stock units and performance awards. The 2013 Incentive Plan will automatically expire on the tenth anniversary of its effective date. Our board of directors may terminate or amend the 2013 Incentive Plan at any time, subject to any requirement of stockholder approval required by applicable law, rule or regulation. | |||||||||||||||||
The number of shares of our common stock that may be issued under the 2013 Incentive Plan is 2,527,833 shares. To the extent that shares of our common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the 2013 Incentive Plan or any predecessor plan are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or the settlement of such award in cash, then such shares of our common stock generally shall again be available under our the 2013 Incentive Plan. | |||||||||||||||||
The Company has issued stock option awards and restricted stock unit awards against the 2013 Incentive Plan. The exercise price of our stock-based awards may not be less than the market value of our common stock on the date of grant. The fair value for stock options is established at the date of grant using the Black-Scholes model for time based vesting awards. Our stock option awards typically vest over a one to three year period and expire ten years from the date of grant. Our restricted stock awards are valued based on the closing price of our common stock on the date of grant and typically vest over a one to three year period. | |||||||||||||||||
On January 31, 2013, the Company granted an aggregate of 282,201 stock options, with an exercise price per share of $17.00, and 71,176 restricted stock units to members of the management team, officers and directors. On March 1, 2013, the Company granted an aggregate of 72,300 restricted stock units to its employees. Each of the aforementioned awards vest ratably annually on the anniversary of the grant date over a three year period. On March 21, 2013, the Company granted an aggregate of 3,699 stock options with an exercise price per share of $19.95 and 4,512 restricted stock units to members of our independent board of directors as part of their annual compensation as directors. All stock option and restricted stock unit awards cliff vest on the one year anniversary of the grant date. There were no stock option exercises or restricted stock unit vesting during the three and nine months ended September 30, 2013. There were 5,150 restricted stock units forfeited during the nine months ended September 30, 2013. | |||||||||||||||||
On September 24, 2010, the Company granted equity based incentive units to management. In connection with the IPO, the incentive units converted into shares of common stock. The recipients of the equity based incentive units have all the rights of a stockholder, including the rights to vote those shares and receive any dividends or distributions made with respect to those shares and any shares or other property received in respect of those shares; provided, however, any non-cash dividend or distribution with respect to the common stock shall be subject to the same vesting provisions as the incentive units. The vesting terms of the equity based incentive units are as follows: (1)18.75% of such units vested, subject to limitation in (3) below on the date following the first-year anniversary of the date of such officer’s employment; (2) 56.25% of such units vest, subject to limitation in (3) below in equal quarterly installments between the first and fourth-year anniversary of the date of such officer’s employment; (3) 25% of the awards granted in (1) and (2) will vest upon a liquidity event as defined; and (4) 25% of such units will be converted into a number of shares of restricted stock prior to a liquidity event, as defined. The grant-date fair value of the equity based incentive units granted during the period ended December 31, 2010 was $3.3 million. | |||||||||||||||||
The following table presents compensation expense recognized related to all stock-based awards (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock options | $ | 170 | $ | — | $ | 449 | $ | — | |||||||||
Restricted stock units | 214 | — | 547 | — | |||||||||||||
Equity based incentive units | 117 | 117 | 349 | 349 | |||||||||||||
Total stock-based compensation | $ | 501 | $ | 117 | $ | 1,345 | $ | 349 | |||||||||
The following table presents the remaining unrecognized compensation expense related to all stock-based awards and the weighted term over which the expense will be recognized (dollars in thousands): | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Unrecognized | Weighted | ||||||||||||||||
Expense | Average | ||||||||||||||||
Period (Years) | |||||||||||||||||
Stock options | $ | 1,531 | 2.3 | ||||||||||||||
Restricted stock units | 1,882 | 2.3 | |||||||||||||||
Equity based incentive units | 1,914 | 1 | |||||||||||||||
Total stock-based compensation | $ | 5,327 | 1.2 | ||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
9 | Income Taxes | |
The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”), which requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statements and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for the years in which taxes are expected to be paid or recovered. Further, we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not to be unrealizable. Our assessment considers, among other things, the nature, frequency and severity of our current and cumulative losses, forecasts of our future taxable income, the duration of statutory carryforward periods and tax planning alternatives. | ||
As discussed in Note 1, during 2012 and for the first 30 calendar days of 2013, the Company was a Delaware limited liability company which was treated as partnership for income tax purposes and was subject to certain minimal taxes and fees; however, income taxes on taxable income or losses realized by the Company were the obligation of the members. The Company has concluded that there were no significant uncertain tax positions requiring recognition in its financial statements, nor has the Company been assessed interest or penalties by any major tax jurisdictions related to the first 30 calendar days of 2013 or fiscal 2012. | ||
On January 30, 2013, the Company reorganized from a Delaware limited liability company into a Delaware corporation and was renamed TRI Pointe Homes, Inc. As a result of this change in tax status, the Company recorded $906,000 of deferred tax assets related to various temporary differences and a full valuation allowance, primarily due to Company being in a cumulative loss position. At September 30, 2013, the Company determined that it was more likely than not that its deferred tax assets will be realized, which resulted in a $906,000 reversal of the valuation allowance against its deferred tax assets during the third quarter of 2013. | ||
The Company evaluated both positive and negative evidence to determine its ability to realize its deferred tax assets. In its evaluation, the Company gave more significant weight to the objective evidence as compared to the subjective evidence. Also, more significant weight was given to evidence that directly related to the Company’s current financial performance than to indirect or less current evidence. The Company gave the most significant weight in its evaluation to objective, direct positive evidence related to its recently improved financial results, including its three year cumulative gain position; pretax income recorded in fiscal 2012; pretax income forecasted for fiscal 2013; significant growth in net sales orders, backlog and average closing price; increased community count; and its strong balance sheet and liquidity position. Additionally, the Company considered, at a lower weighting, subjective, direct positive evidence that it expects to increase its pretax income in future years by utilizing its strong balance sheet and liquidity position to invest in opportunities that will sustain and grow its operations. If industry conditions weaken, the Company expects to be able to adjust its operations to maintain long-term profitability and still realize its deferred tax assets. The Company estimated that if its annual pretax income remains at 2013 levels in future years, it will realize all of its temporary differences, primarily related to warranty accruals within the next three to five tax years. | ||
Prior to the quarter ended September 30, 2013, the Company gave significant weight to the negative, direct evidence of its three-year cumulative pretax loss position that resulted from prior losses incurred while the Company was ramping up operations. Other negative, indirect evidence, such as negative macroeconomic conditions that included unemployment and consumer confidence, as well as a more restrictive mortgage lending environment, was considered at a lower weighting because the Company’s recent financial performance has been achieved in this environment. | ||
Based on its evaluation of the positive and negative evidence described above at September 30, 2013, the Company concluded that the positive evidence outweighed the negative evidence and that it was more likely than not that all of its deferred tax assets will be realized. These significant changes in evidence at September 30, 2013, led the Company to determine that it was appropriate to reverse all of the valuation allowance against its deferred tax assets. | ||
The Company continues to evaluate both positive and negative evidence in determining the need for a valuation allowance against its deferred tax assets. Changes in positive and negative evidence, including differences between the Company’s future operating results and the estimates utilized in the determination of the valuation allowance, could result in changes in the Company’s estimate of the valuation allowance against its deferred tax assets. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation allowance against the Company’s deferred tax assets. | ||
The Company has recorded a tax provision of $1.8 million for the three months ended September 30, 2013 based on an effective tax rate of 28%. For the nine months ended September 30, 2013, the Company recorded a tax provision of $3.4 million based on an effective tax rate of 32% on the pretax income generated for the period from January 31, 2013 to September 30, 2013. Both the effective tax rate for the three and nine months ended September 30, 2013 were benefited by the reversal of our valuation allowance discussed above. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
10 | Segment Information | ||||||||||||||||
The Company’s operations are organized into two reportable segments: homebuilding and construction services. In accordance with ASC 280, Segment Reporting, in determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. | |||||||||||||||||
Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Financial information relating to reportable segments was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues | |||||||||||||||||
Homebuilding | $ | 56,801 | $ | 9,953 | $ | 128,115 | $ | 22,277 | |||||||||
Fee building | 1,738 | 107 | 9,399 | 244 | |||||||||||||
Total | $ | 58,539 | $ | 10,060 | $ | 137,514 | $ | 22,521 | |||||||||
Gross profit | |||||||||||||||||
Homebuilding | $ | 13,036 | $ | 1,169 | $ | 26,583 | $ | 2,614 | |||||||||
Fee building | 163 | 12 | 804 | 38 | |||||||||||||
Total | $ | 13,199 | $ | 1,181 | $ | 27,387 | $ | 2,652 | |||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets | |||||||||||||||||
Homebuilding | $ | 429,662 | $ | 216,667 | |||||||||||||
Fee building | 1,306 | 849 | |||||||||||||||
Total | $ | 430,968 | $ | 217,516 | |||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Subsequent Events [Abstract] | ' | |||
Subsequent Events | ' | |||
11 | Subsequent Events | |||
On November 3, 2013, we entered into a Transaction Agreement (the “Transaction Agreement”) with Weyerhaeuser Company, a Washington corporation (“Weyerhaeuser”), Weyerhaeuser Real Estate Company, a Washington corporation and an indirect wholly owned subsidiary of Weyerhaeuser (“WRECO”), and Topaz Acquisition, Inc. (“Merger Sub”), a Washington corporation and a wholly owned subsidiary of the Company, pursuant to which the Company will acquire the homebuilding business of WRECO through a Reverse Morris Trust transaction (the “WRECO Transaction”). | ||||
Pursuant to the Transaction Agreement, Weyerhaeuser will distribute all the shares of common stock of WRECO (the “WRECO Common Shares”) to its shareholders (i) on a pro rata basis, (ii) in an exchange offer, or (iii) in a combination thereof (the “Distribution”). Weyerhaeuser will determine which approach it will take to consummate the Distribution prior to closing the WRECO Transaction and no decision has been made at this time. Immediately following the Distribution, Merger Sub will merge with and into WRECO (the “Merger”), with WRECO surviving the Merger and becoming a wholly owned subsidiary of the Company. As a result of the Merger, the common stock of the Company (the “Company Common Stock”) will be held as follows: | ||||
• | WRECO Common Shares will be converted into the right to receive, in the aggregate, approximately 79.6% of the Company Common Stock. | |||
• | The currently outstanding Company Common Stock will represent approximately 19.4% of the Company Common Stock. | |||
• | Outstanding equity awards issued to Company employees and equity awards to be issued to WRECO employees will represent the remaining 1% of the Company Common Stock. | |||
Completion of the WRECO Transaction is subject to approval by the Company’s stockholders, the receipt of certain regulatory approvals and tax opinions, as well as other customary closing conditions. Subject to these conditions, we anticipate closing the WRECO Transaction during the second quarter of 2014. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policies) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Organization | ' | |||
Organization | ||||
TRI Pointe Homes, Inc. is engaged in the design, construction and sale of innovative single-family homes in planned communities in major metropolitan areas located throughout Southern and Northern California and Colorado. | ||||
Initial Public Offering | ' | |||
Initial Public Offering | ||||
In January 2013, the Company completed its initial public offering (“IPO”) in which it issued and sold 10,000,000 shares of common stock at the public offering price of $17.00 per share. The Company received proceeds of $155.4 million in net proceeds after deducting underwriting discounts and commissions of $11.9 million and other net offering expenses of $2.7 million. The offering also included 5,742,350 shares of our common stock sold by a selling stockholder for $90.8 million, in net proceeds after deducting underwriting discounts and commissions of $6.8 million. In preparation of the IPO, the Company reorganized from a Delaware limited liability company into a Delaware corporation and was renamed TRI Pointe Homes, Inc. Upon the close of the IPO and as of September 30, 2013, the Company had 31,597,907 common shares outstanding. | ||||
Basis of Presentation | ' | |||
Basis of Presentation | ||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts have been eliminated upon consolidation. Subsequent events have been evaluated through the date the financial statements were issued. | ||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The accompanying unaudited condensed financial statements include all adjustments (consisting of normal recurring entries) necessary for the fair presentation of our results for the interim periods presented. Results for the interim periods are not necessarily indicative of the results to be expected for the full year. | ||||
Unless the context otherwise requires, the terms “we”, “us”, “our” and “the Company” refer to TRI Pointe Homes, Inc. (and its consolidated subsidiaries). | ||||
Use of Estimates | ' | |||
Use of Estimates | ||||
The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies. Accordingly, actual results could differ materially from these estimates. | ||||
Recently Issued Accounting Standards | ' | |||
Recently Issued Accounting Standards | ||||
On February 5, 2013, the FASB issued Accounting Standards Update 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”), which adds additional disclosure requirements for items reclassified out of accumulated other comprehensive income (loss). We adopted ASU 2013-02 during the nine months ended September 30, 2013. | ||||
Fair Value | ' | |||
ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories: | ||||
• | Level 1—Quoted prices for identical instruments in active markets | |||
• | Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date | |||
• | Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date | |||
Segment Reporting | ' | |||
In accordance with ASC 280, Segment Reporting, in determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. |
Income_Loss_Per_Share_Tables
Income (Loss) Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Income (Loss) Per Share | ' | ||||||||||||||||
The following table sets forth the components used in the computation of basic and diluted income (loss) per share (dollars in thousands, except share and per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | 4,686 | $ | (1,480 | ) | $ | 7,031 | $ | (3,940 | ) | |||||||
Denominator: | |||||||||||||||||
Basic weighted-average shares outstanding | 31,597,907 | 15,484,663 | 30,499,006 | 14,278,384 | |||||||||||||
Effect of dilutive shares: | |||||||||||||||||
Unvested restricted stock units(1) | 20,178 | — | 15,510 | — | |||||||||||||
Diluted weighted-average shares outstanding | 31,618,085 | 15,484,663 | 30,514,516 | 14,278,384 | |||||||||||||
Basic income (loss) per share | $ | 0.15 | $ | (0.10 | ) | $ | 0.23 | $ | (0.28 | ) | |||||||
Diluted income (loss) per share(1) | $ | 0.15 | $ | (0.10 | ) | $ | 0.23 | $ | (0.28 | ) | |||||||
-1 | For periods with a net loss, no stock options or unvested restricted stock units are included in the dilution calculation as all options and unvested restricted stock units outstanding are considered antidilutive. For the three and nine months ended September 30, 2013, no stock options were included in the diluted income per share calculation as the effect of their inclusion would be antidilutive. There were no outstanding options or non-vested shares in 2012. |
Real_Estate_Inventories_and_Ca1
Real Estate Inventories and Capitalized Interest (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Real Estate Inventories | ' | ||||||||||||||||
Real estate inventories consisted of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Inventories owned: | |||||||||||||||||
Deposits and pre-acquisition costs | $ | 21,240 | $ | 12,285 | |||||||||||||
Land held and land under development | 221,546 | 129,621 | |||||||||||||||
Homes completed or under construction | 101,723 | 40,955 | |||||||||||||||
Model homes | 15,369 | 11,222 | |||||||||||||||
$ | 359,878 | $ | 194,083 | ||||||||||||||
Summary of Interest Incurred, Capitalized and Expensed | ' | ||||||||||||||||
Interest incurred, capitalized and expensed were as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest incurred | $ | 698 | $ | 650 | $ | 2,011 | $ | 1,297 | |||||||||
Interest expensed | — | — | — | — | |||||||||||||
Capitalized interest in beginning inventory | $ | 1,919 | $ | 680 | $ | 1,364 | $ | 159 | |||||||||
Interest capitalized as a cost of inventory | 698 | 650 | 2,011 | 1,297 | |||||||||||||
Interest previously capitalized as a cost of inventory, included in cost of sales | (690 | ) | (85 | ) | (1,448 | ) | (211 | ) | |||||||||
Capitalized interest in ending inventory | $ | 1,927 | $ | 1,245 | $ | 1,927 | $ | 1,245 | |||||||||
Warranty_Reserves_Tables
Warranty Reserves (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||
Schedule of Warranty Reserves | ' | ||||||||||||||||
Warranty reserves consisted of the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Warranty reserves, beginning of period | $ | 1,939 | $ | 991 | $ | 1,593 | $ | 985 | |||||||||
Warranty reserves accrued | 721 | 104 | 1,449 | 226 | |||||||||||||
Warranty expenditures | (244 | ) | (49 | ) | (626 | ) | (165 | ) | |||||||||
Warranty reserves, end of period | $ | 2,416 | $ | 1,046 | $ | 2,416 | $ | 1,046 | |||||||||
Notes_Payable_Tables
Notes Payable (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of Notes Payable | ' | ||||||||
Notes payable consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Revolving credit facilities | $ | 31,683 | $ | 6,855 | |||||
Acquisition and development loans | 37,736 | 37,996 | |||||||
Construction loans | 23,033 | 12,517 | |||||||
$ | 92,452 | $ | 57,368 | ||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Book Values and Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||
The following table presents book values and estimated fair values of financial instruments (in thousands): | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Hierarchy | Cost | Fair Value | Cost | Fair Value | |||||||||||||||
Marketable Securities(1) | Level 1 | $ | 30,019 | $ | 29,928 | $ | — | $ | — | ||||||||||
Notes payable | |||||||||||||||||||
Revolving credit facility(2) | Level 3 | $ | 31,683 | $ | 31,683 | $ | 6,855 | $ | 6,855 | ||||||||||
Acquisition and development loans(2) | Level 3 | 37,736 | 37,736 | 37,996 | 37,996 | ||||||||||||||
Construction loans(2) | Level 3 | 23,033 | 23,033 | 12,517 | 12,517 | ||||||||||||||
Total notes payable | $ | 92,452 | $ | 92,452 | $ | 57,368 | $ | 57,368 | |||||||||||
(1) | Marketable securities consist of mutual fund equity securities with quoted prices in active markets. As of September 30, 2013, the Company’s marketable securities were treated as available-for-sale investments and changes in fair value were recorded as a component of accumulated other comprehensive loss. As of September 30, 2013, the Company’s marketable securities were in an unrealized loss position of $(91,000). During the nine months ended September 30, 2013, the Company realized a $19,000 gain from the sale of marketable securities that was recorded to other income (expense), net in the consolidated statements of operations. The Company did not hold any marketable securities as of December 31, 2012. | ||||||||||||||||||
(2) | Estimated fair values of the outstanding revolving credit facility, acquisition and development loans, and construction loans at September 30, 2013 and December 31, 2012 were based on cash flow models discounted at market interest rates that considered underlying risks of the debt. Due to the short term nature of the revolving credit facility, acquisition and development loans and construction loans, book value approximated fair value at September 30, 2013 and December 31, 2012. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Compensation Expense Recognized Related to all Stock-Based Awards | ' | ||||||||||||||||
The following table presents compensation expense recognized related to all stock-based awards (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock options | $ | 170 | $ | — | $ | 449 | $ | — | |||||||||
Restricted stock units | 214 | — | 547 | — | |||||||||||||
Equity based incentive units | 117 | 117 | 349 | 349 | |||||||||||||
Total stock-based compensation | $ | 501 | $ | 117 | $ | 1,345 | $ | 349 | |||||||||
Unrecognized Compensation Expense Related to all Stock-Based Awards | ' | ||||||||||||||||
The following table presents the remaining unrecognized compensation expense related to all stock-based awards and the weighted term over which the expense will be recognized (dollars in thousands): | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Unrecognized | Weighted | ||||||||||||||||
Expense | Average | ||||||||||||||||
Period (Years) | |||||||||||||||||
Stock options | $ | 1,531 | 2.3 | ||||||||||||||
Restricted stock units | 1,882 | 2.3 | |||||||||||||||
Equity based incentive units | 1,914 | 1 | |||||||||||||||
Total stock-based compensation | $ | 5,327 | 1.2 | ||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Financial Information Relating to Reportable Segments | ' | ||||||||||||||||
Financial information relating to reportable segments was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues | |||||||||||||||||
Homebuilding | $ | 56,801 | $ | 9,953 | $ | 128,115 | $ | 22,277 | |||||||||
Fee building | 1,738 | 107 | 9,399 | 244 | |||||||||||||
Total | $ | 58,539 | $ | 10,060 | $ | 137,514 | $ | 22,521 | |||||||||
Gross profit | |||||||||||||||||
Homebuilding | $ | 13,036 | $ | 1,169 | $ | 26,583 | $ | 2,614 | |||||||||
Fee building | 163 | 12 | 804 | 38 | |||||||||||||
Total | $ | 13,199 | $ | 1,181 | $ | 27,387 | $ | 2,652 | |||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets | |||||||||||||||||
Homebuilding | $ | 429,662 | $ | 216,667 | |||||||||||||
Fee building | 1,306 | 849 | |||||||||||||||
Total | $ | 430,968 | $ | 217,516 | |||||||||||||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation - Additional Information (Detail) (USD $) | 1 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2013 |
Organization And Basis Of Presentation [Line Items] | ' | ' |
Common stock shares issued and sold | ' | 31,597,907 |
Net proceeds from common stock sold | $90.80 | ' |
Underwriting discounts and commissions | 6.8 | ' |
Common stock shares sold | 5,742,350 | ' |
Common stock, outstanding shares | ' | 31,597,907 |
Initial public offering [Member] | ' | ' |
Organization And Basis Of Presentation [Line Items] | ' | ' |
Common stock shares issued and sold | 10,000,000 | ' |
Common stock public offering price | $17 | ' |
Net proceeds from common stock sold | 155.4 | ' |
Underwriting discounts and commissions | 11.9 | ' |
Net offering expenses | $2.70 | ' |
Common stock, outstanding shares | ' | 31,597,907 |
Income_Loss_Per_Share_Addition
Income (Loss) Per Share - Additional Information (Detail) (Initial public offering [Member], USD $) | Jan. 31, 2013 |
Initial public offering [Member] | ' |
Class of Stock [Line Items] | ' |
Common stock public offering price | $17 |
Income_Loss_Per_Share_Computat
Income (Loss) Per Share - Computation of Basic and Diluted Income (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income (loss) | $4,686 | ($1,480) | $7,031 | ($3,940) |
Denominator: | ' | ' | ' | ' |
Basic weighted-average shares outstanding | 31,597,907 | 15,484,663 | 30,499,006 | 14,278,384 |
Effect of dilutive shares: | ' | ' | ' | ' |
Unvested restricted stock units | 20,178 | ' | 15,510 | ' |
Diluted weighted-average shares outstanding | 31,618,085 | 15,484,663 | 30,514,516 | 14,278,384 |
Basic income (loss) per share | $0.15 | ($0.10) | $0.23 | ($0.28) |
Diluted income (loss) per share | $0.15 | ($0.10) | $0.23 | ($0.28) |
Real_Estate_Inventories_and_Ca2
Real Estate Inventories and Capitalized Interest - Summary of Real Estate Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories owned: | ' | ' |
Deposits and pre-acquisition costs | $21,240 | $12,285 |
Land held and land under development | 221,546 | 129,621 |
Homes completed or under construction | 101,723 | 40,955 |
Model homes | 15,369 | 11,222 |
Total real estate inventories | $359,878 | $194,083 |
Real_Estate_Inventories_and_Ca3
Real Estate Inventories and Capitalized Interest - Summary of Interest Incurred, Capitalized and Expensed (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Real Estate Inventory, Capitalized Interest Costs [Roll Forward] | ' | ' | ' | ' |
Interest incurred | $698 | $650 | $2,011 | $1,297 |
Interest expensed | ' | ' | ' | ' |
Capitalized interest in beginning inventory | 1,919 | 680 | 1,364 | 159 |
Interest capitalized as a cost of inventory | 698 | 650 | 2,011 | 1,297 |
Interest previously capitalized as a cost of inventory, included in cost of sales | -690 | -85 | -1,448 | -211 |
Capitalized interest in ending inventory | $1,927 | $1,245 | $1,927 | $1,245 |
Warranty_Reserves_Schedule_of_
Warranty Reserves - Schedule of Warranty Reserves (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' | ' | ' |
Warranty reserves, beginning of period | $1,939 | $991 | $1,593 | $985 |
Warranty reserves accrued | 721 | 104 | 1,449 | 226 |
Warranty expenditures | -244 | -49 | -626 | -165 |
Warranty reserves, end of period | $2,416 | $1,046 | $2,416 | $1,046 |
Notes_Payable_Components_of_No
Notes Payable - Components of Notes Payable (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Notes payable | $92,452 | $57,368 |
Acquisition and development loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 37,736 | 37,996 |
Construction loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 23,033 | 12,517 |
Revolving credit facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | $31,683 | $6,855 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Notes payable [Member] | Notes payable [Member] | Notes payable [Member] | Notes payable [Member] | Acquisition and development loans [Member] | Acquisition and development loans [Member] | Construction loans [Member] | Construction loans [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Three-year revolving credit facility [Member] | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan commitments | $30,000,000 | $30,000,000 | ' | $30,000,000 | ' | $125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,300,000 | $68,100,000 | $48,200,000 | $25,400,000 | ' | ' | ' | ' |
Initial maturity date | ' | 1-Aug-13 | ' | 1-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19-Apr-14 | ' | ' |
Final maturity date | ' | 28-Feb-15 | ' | 31-Jan-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19-Apr-15 | ' | ' |
Outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | 29,700,000 |
Interest rate on revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | 2.69% |
Available secured revolving credit facility | ' | 21,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,400,000 | ' | 55,100,000 |
Maturity term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' |
Extension period of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' |
LIBOR interest rate | ' | ' | ' | ' | ' | ' | 2.50% | 4.00% | 4.00% | 3.70% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan commitments outstanding | 92,452,000 | 57,368,000 | ' | 92,452,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,736,000 | 37,996,000 | 23,033,000 | 12,517,000 | ' | 31,683,000 | 6,855,000 | ' |
Weighted average interest rate | 3.30% | 5.20% | ' | 3.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on credit facility | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest capitalized to real estate inventories | $698,000 | ' | $650,000 | $2,011,000 | $1,297,000 | ' | ' | ' | ' | ' | ' | $698,000 | $650,000 | $2,000,000 | $1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Disclosures_Book_Va
Fair Value Disclosures - Book Values and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Notes payable | ' | ' |
Notes payable, Cost | $92,452 | $57,368 |
Notes payable, Fair Value | 92,452 | 57,368 |
Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable Securities, Cost | 30,019 | ' |
Notes payable | ' | ' |
Marketable Securities, Fair Value | 29,928 | ' |
Revolving credit facility [Member] | Level 3 [Member] | ' | ' |
Notes payable | ' | ' |
Notes payable, Cost | 31,683 | 6,855 |
Notes payable, Fair Value | 31,683 | 6,855 |
Acquisition and development loans [Member] | ' | ' |
Notes payable | ' | ' |
Notes payable, Cost | 37,736 | 37,996 |
Acquisition and development loans [Member] | Level 3 [Member] | ' | ' |
Notes payable | ' | ' |
Notes payable, Cost | 37,736 | 37,996 |
Notes payable, Fair Value | 37,736 | 37,996 |
Construction loans [Member] | ' | ' |
Notes payable | ' | ' |
Notes payable, Cost | 23,033 | 12,517 |
Construction loans [Member] | Level 3 [Member] | ' | ' |
Notes payable | ' | ' |
Notes payable, Cost | 23,033 | 12,517 |
Notes payable, Fair Value | $23,033 | $12,517 |
Fair_Value_Disclosures_Book_Va1
Fair Value Disclosures - Book Values and Estimated Fair Values of Financial Instruments (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Unrealized loss on marketable securities | $91 | ' | ($91) | ' |
Gain on sale of marketable securities | ' | ' | $19 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Commitment And Contingencies [Line Items] | ' | ' |
Accruals for asserted or unasserted matters | $0 | $0 |
Surety bonds [Member] | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Outstanding surety bonds | $33,100,000 | $11,900,000 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Jan. 31, 2013 | Mar. 21, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Mar. 01, 2013 | Mar. 21, 2013 | Sep. 24, 2010 | Dec. 31, 2010 | Sep. 24, 2010 | Sep. 24, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Stock options [Member] | Stock options [Member] | Stock options [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Equity based incentive units [Member] | Equity based incentive units [Member] | Equity based incentive units [Member] | Equity based incentive units [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | 2013 Incentive Plan [Member] | |
Management team, officers and directors [Member] | Board of Directors [Member] | Management team, officers and directors [Member] | Employees [Member] | Board of Directors [Member] | First-year anniversary [Member] | First and fourth-year anniversary [Member] | Stock options [Member] | Restricted stock units [Member] | Stock options [Member] | Restricted stock units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,527,833 |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | '3 years | '3 years | ' |
Expiration from the date of grant | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate stock options granted | ' | 282,201 | 3,699 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate stock options granted exercise price per share | ' | $17 | $19.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate restricted stock units granted | ' | ' | ' | ' | 71,176 | 72,300 | 4,512 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock units forfeited | ' | ' | ' | 5,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting terms description | ' | ' | ' | ' | ' | ' | ' | 'The vesting terms of the equity based incentive units are as follows: (1)18.75% of such units vested, subject to limitation in (3) below on the date following the first-year anniversary of the date of such officerbs employment; (2) 56.25% of such units vest, subject to limitation in (3) below in equal quarterly installments between the first and fourth-year anniversary of the date of such officerbs employment; (3) 25% of the awards granted in (1) and (2) will vest upon a liquidity event as defined; and (4) 25% of such units will be converted into a number of shares of restricted stock prior to a liquidity event, as defined | ' | ' | ' | ' | ' | ' | ' | ' |
Equity based incentive granted | ' | ' | ' | ' | ' | ' | ' | ' | $3.30 | ' | ' | ' | ' | ' | ' | ' |
Vested units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.75% | 56.25% | ' | ' | ' | ' | ' |
Awards granted | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Compensation Expense Recognized Related to all Stock-Based Awards (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Recognized compensation expense | $501 | $117 | $1,345 | $349 |
Stock options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Recognized compensation expense | 170 | ' | 449 | ' |
Restricted stock units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Recognized compensation expense | 214 | ' | 547 | ' |
Equity based incentive units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Recognized compensation expense | $117 | $117 | $349 | $349 |
StockBased_Compensation_Unreco
Stock-Based Compensation - Unrecognized Compensation Expense Related to all Stock-Based Awards (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Expense | $5,327 |
Weighted Average Period (Years) | '1 year 2 months 12 days |
Stock options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Expense | 1,531 |
Weighted Average Period (Years) | '2 years 3 months 18 days |
Restricted stock units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Expense | 1,882 |
Weighted Average Period (Years) | '2 years 3 months 18 days |
Equity based incentive units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Expense | $1,914 |
Weighted Average Period (Years) | '1 year |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Deferred tax assets | $906,000 | $906,000 |
Provision for income tax | ($1,809,000) | ($3,371,000) |
Effective tax rate on the pretax income | 28.00% | 32.00% |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Segment_Information_Summary_of
Segment Information - Summary of Financial Information Relating to Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Revenues | ' | ' | ' | ' | ' |
Total revenues | $58,539 | $10,060 | $137,514 | $22,521 | ' |
Gross profit | ' | ' | ' | ' | ' |
Gross profit | 13,199 | 1,181 | 27,387 | 2,652 | ' |
Assets | ' | ' | ' | ' | ' |
Assets | 430,968 | ' | 430,968 | ' | 217,516 |
Homebuilding [Member] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Total revenues | 56,801 | 9,953 | 128,115 | 22,277 | ' |
Gross profit | ' | ' | ' | ' | ' |
Gross profit | 13,036 | 1,169 | 26,583 | 2,614 | ' |
Assets | ' | ' | ' | ' | ' |
Assets | 429,662 | ' | 429,662 | ' | 216,667 |
Fee building [Member] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Total revenues | 1,738 | 107 | 9,399 | 244 | ' |
Gross profit | ' | ' | ' | ' | ' |
Gross profit | 163 | 12 | 804 | 38 | ' |
Assets | ' | ' | ' | ' | ' |
Assets | $1,306 | ' | $1,306 | ' | $849 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member]) | Nov. 03, 2013 |
Subsequent Event [Line Items] | ' |
Currently outstanding common stock as percentage of company common stock | 19.40% |
Weyerhaeuser [Member] | ' |
Subsequent Event [Line Items] | ' |
Common stock convertible into the right to receive, as percentage of the company common stock | 79.60% |
Outstanding equity awards issued to company employees and equity awards to be issued to WRECO employees representing remaining company's common stock | 1.00% |